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Author Topic: Starfish BCB - Loans and Deposits  (Read 56165 times)
PatrickHarnett
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August 21, 2012, 11:04:34 PM
 #201

Just sent my first deposit of 1BTC to Patrick, waiting for confirmation.

Received.
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August 21, 2012, 11:05:06 PM
 #202

My rep can't add much to Patrick's, but I'd like to say this anyways:
When Patrick announced that he would be lowering the interest rate, I PM'ed him saying that I would like to withdraw once the interest rate dropped to 1% weekly. He was perfectly fine with this, but asked that I PM him again when I wanted to withdraw (he announced weeks in advance). That time rolled around, but instead of withdrawing, I ~doubled my investment.

Granted, it's not very much I have with him (I keep the vast majority of my BTC in a secure cold-storage system, and the rest is spread between GLBSE, loose spending money, Patrick, and various other deposit-takers (in descending order)), but I welcome the opportunity he provides acting as a low-risk short-notice interest-accruing money-holder.

Investors beware that every major loss in the history of Bitcoin (Mybitcoin, Bitcoinica, possibly BS&T (don't talk about that here please), various defaulted loans, etc) has involved someone else holding others' coins. I advise that you hold most of your own BTC and use it for transactions. That being said, it is my personal opinion that PatrickHarnett offers the lowest risk Bitcoin investment opportunity, period.

Thanks Patrick for your services, and I hope this post doesn't make me look like a sock-puppet Wink

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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August 21, 2012, 11:32:02 PM
 #203

I think I should respond, but not sure how best to.  I'm sure WifeofStarfish will let me know when she gets to your post.

I am not 100% sure what is going to happen this week, let alone next month.  I am holding things stable, and reserving a small quantity of coins for transactions, and have invested in some short-term opportunities too.  I have taken a couple of new/small deposit accounts, and have had offers for some quite large transactions, but buying up BS&T debt, while lucrative, is not in the mandate of the deposit account funds.  Similarly, I have chosen not to swap BS&T debt for Starfish deposits as that also doesn't fit with the self imposed rules.

Most of the deposited coins are out actively working to cover the 1%/week that I pay, so it's not like there is 20k BTC sitting on a web site to be hacked.  Also, while some people consider the total funds under management to be a lot (approximately  51,981.5BTC), it's not really and some of that is likely to wind out over the next couple of weeks.
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August 22, 2012, 01:01:54 AM
 #204

I think I should respond, but not sure how best to.  I'm sure WifeofStarfish will let me know when she gets to your post.
Lol  Smiley It's just a vote of confidence. Unless you were responding to
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Investors beware that every major loss in the history of Bitcoin has involved someone else holding others' coins.
with
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it's not like there is 20k BTC sitting on a web site to be hacked.
In which case I'd say that the biggest risk to my coins with you is you defaulting on them, not you getting hacked.

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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August 22, 2012, 03:52:13 AM
 #205

I think I should respond, but not sure how best to.  I'm sure WifeofStarfish will let me know when she gets to your post.

Let's just say I think Starfish BCB is doing a great job (and also that this photo summarises the character of the man I married more eloquently than any words could do...


Wife of Starfish since 1986
PatrickHarnett
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August 22, 2012, 03:54:02 AM
 #206

wtf - that's not me
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August 22, 2012, 04:16:28 PM
 #207

Must be an imposter! Get him!

PatrickHarnett
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August 23, 2012, 08:01:18 PM
 #208

Updated balance list at https://bitcointalk.org/index.php?topic=61262.msg981017#msg981017

20,051 in deposits.
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August 24, 2012, 03:32:42 AM
 #209

Are we still allowed to send you deposits up to 100 BTC? Or is that on hold?  Smiley

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August 24, 2012, 04:50:22 AM
 #210

Are we still allowed to send you deposits up to 100 BTC? Or is that on hold?  Smiley

I think that will be ok.  I wanted to slow things down a bit while the BS&T process was rumbling through and until the lending/securities/debt markets were in a high degree of turmoil.  

Over the past week or so I've paid out somewhere around 9000 coins, but received many less so I do have one withdrawal request partly paid and recalling a loan to cover the difference (and I have advised the customer of this).  Just means things are a little more interesting than usual.

Edit: Partial withdrawal fulfilled - had an early repayment.
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August 24, 2012, 04:58:53 AM
 #211

Sounds really exciting. I'll continue to send coins in. I actually have a goal of hitting 100 coins with you. I'm working towards it  Grin

About half-way there-ish it seems!!!  Grin Grin Grin

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August 24, 2012, 12:48:04 PM
 #212

I think I should respond, but not sure how best to.  I'm sure WifeofStarfish will let me know when she gets to your post.

Let's just say I think Starfish BCB is doing a great job (and also that this photo summarises the character of the man I married more eloquently than any words could do...




BTC 1JASiNZxmAN1WBS4dmGEDoPpzN3GV7dnjX DVC 1CxxZzqcy7YEVXfCn5KvgRxjeWvPpniK3                     Earn Devcoins Devtome.com
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August 27, 2012, 08:43:11 AM
 #213

Going slightly back on topic, I am looking at restarting new accounts and deposits for the non-BS&T business that is occurring, and adding some liquidity back into the lending section.  Without quite knowing what the demand is, I'll see what materialises in the inbox.
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August 27, 2012, 11:45:15 PM
 #214

I added 5.5 more to my deposit...
PatrickHarnett
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August 28, 2012, 03:52:40 AM
 #215

I added 5.5 more to my deposit...

Thanks - added.
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August 30, 2012, 09:12:03 PM
 #216

Updated balance list at https://bitcointalk.org/index.php?topic=61262.msg981017#msg981017

Total on deposit 20503.  At the request of/and as a favour to three users, this includes 4173 tied up in BS&T.
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August 30, 2012, 09:26:47 PM
 #217

I think I should respond, but not sure how best to.  I'm sure WifeofStarfish will let me know when she gets to your post.

Let's just say I think Starfish BCB is doing a great job (and also that this photo summarises the character of the man I married more eloquently than any words could do...






Ahhhhh,,, Nice pic Cheesy
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August 30, 2012, 09:29:35 PM
 #218

Updated balance list at https://bitcointalk.org/index.php?topic=61262.msg981017#msg981017

Total on deposit 20503.  At the request of/and as a favour to three users, this includes 4173 tied up in BS&T.

Very comforting (and not surprising to me atleast) to see your exposure to BS&T is on the low end % of your totals. Hope all works out well there.

In the mean time, business continues.

If it helps in your demand assessment, I will likely be requesting a 75-125BTC loan some time here in the next few days. I'll have my books closed out by Sunday at the latest, so will know by then. Also, need to catch up on what your current rates are, etc.

Cheers

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GA
It is being worked on by smart people. -DamienBlack
PatrickHarnett
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August 30, 2012, 10:04:46 PM
 #219

Updated balance list at https://bitcointalk.org/index.php?topic=61262.msg981017#msg981017

Total on deposit 20503.  At the request of/and as a favour to three users, this includes 4173 tied up in BS&T.

Very comforting (and not surprising to me atleast) to see your exposure to BS&T is on the low end % of your totals. Hope all works out well there.

Cheers

While deposits are not exposed to BS&T, being backed by a mixture of long-term investments, assets and stocks on GLBSE, I do have a personal account with BS&T and that is no secret.  I also have the wind out of the PPT.x series of bonds to take care of and that is making life more complicated this week as I have been honouring the commitments I have there and that has sucked a lot of my spare coins.  I also consider my decision to restrict deposits over the past two weeks was the correct one to take, although that makes things tighter than I would have liked.

I was asked directly today if I could provide a maximum pay-back time for deposits.  As mentioned above, some of the backing is in the form of loans and these are various terms, some running monthly, some three months and I have some that run six months.  Those are no able to be recalled on a moment's notice.  The other important issue is that the liquidity in GLBSE is quite limited even for good quality stocks.  Little buy interest means it is difficult to sell a large position and I notice DeadTerra was having this issue recently too. 

To date meeting withdrawal requests has still been achieved reasonably quickly (basically within a day).  If I was to receive a request for 2k from one of my largest depositors, I do not see a good reason why that would or could extend beyond a couple of weeks allowing me to sensibly move or liquidate some assets.  If everyone asked for their funds back (16k), that would take a lot longer.
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August 30, 2012, 10:51:03 PM
 #220

Just on liquidity - because I was asked about this while processing a withdrawal just now, here's a summary of the last two weeks:

22 deposits for 1624BTC
21 withdrawals for 4053BTC
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