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Author Topic: Starfish BCB - Loans and Deposits  (Read 56209 times)
PatrickHarnett
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September 23, 2012, 07:51:20 PM
 #501

I don't expect people like Gene to leave, or some of the other newer people that like to save everyone else from me.  It happens that I'm one of their favourite targets, and that comes with the territory and Bitcoin. 

I was interested in learning the mechanics of the long con Micon thinks I'm pulling because I'm obviously too retarded to have worked it out for myself.  But it does seem that I'm not running a ponzi (after several months of accusations - unless I read that wrong).
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September 23, 2012, 07:57:54 PM
 #502

I was interested in learning the mechanics of the long con Micon thinks I'm pulling because I'm obviously too retarded to have worked it out for myself.  But it does seem that I'm not running a ponzi (after several months of accusations - unless I read that wrong).

Don't take the bait Patrick, it's just what they're after.

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September 23, 2012, 08:35:12 PM
 #503

I was interested in learning the mechanics of the long con Micon thinks I'm pulling because I'm obviously too retarded to have worked it out for myself.  But it does seem that I'm not running a ponzi (after several months of accusations - unless I read that wrong).

Don't take the bait Patrick, it's just what they're after.

Consider it a weak, idle moment.
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September 23, 2012, 08:36:31 PM
 #504

Careful of that hook patrick it looks suspicious.


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September 23, 2012, 09:21:57 PM
 #505

I was interested in learning the mechanics of the long con Micon thinks I'm pulling because I'm obviously too retarded to have worked it out for myself.  But it does seem that I'm not running a ponzi (after several months of accusations - unless I read that wrong).

I think you did read it wrong, and it would still seem you are running a ponzi, unless I misread something about your kraken fund.

The mechanics seem pretty simple. BCB is insolvent as a result of pirate and pirate related defaults, I dont even think you deny that any longer (do you?).
You stopped accepting deposits to prove you werent running a ponzi, but then you start kraken to attract new deposits. With those funds you bought a bug chunk of pirate debt, probably some/most of the toxic pirate related BCB debt, allowing you to keep reimbursing BCB customers and keep your fanclub happy and loyal. So much so that even some of the very same BCB customers happily invest in kraken even though they werent paid out for BCB yet. Thats the ponzi part, paying old investors with new investors money.

So this buys you time, but the problem now shifts to Kraken obviously. You still seem to have hopes pirate will actually pay out. So you limit your investors profits for kraken to 2.5%. Should the unthinkable happen, and pirate pays out, you get to keep almost all the loot, you can reimburse everyone and become the forum hero.

If pirate doesnt pay out a dime, your kraken investors are screwed, but since its "totally independent" of starfish, most of your fans will still not connect the dots when kraken defaults. After all, you would have honestly paid out some/most of BCB deposits. You just didnt tell them it was with their kraken deposits.

Anyway, thats what I think is currently the most plausible theory.
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September 24, 2012, 02:31:13 AM
 #506

But it does seem that I'm not running a ponzi (after several months of accusations - unless I read that wrong).
From what you've publicly disclosed, it appears you were running a Ponzi and still are.

Previously, people were borrowing money from you to give to Pirate so that Pirate could give them other investor's money back to repay you. There was no evidence of any legitimate investment. Money was just moving from person to person with new investors paying off old investors. A profit was impossible, except at the expense of other investors who lost. So that was a Ponzi. Perhaps you didn't know it at the time, but it was.

Now, people who invest in Kraken are buying your own bad Pirate debt, allowing you to pay off old investors. Using new investment money to pay off old investors is a Ponzi, unless you believe there's a legitimate investment in the chance of a Pirate payback.

So essentially, you're back where you started, getting people to invest in the hopes Pirate will pay off and using money from new investors to pay back old investors.

Please correct me if my understanding is wrong. Details on Kraken are sparse, so all I can do is speculate. It seems that before you were passing on a con (not realizing people were borrowing to invest in Pirate, not realizing Pirate was totally unreliable), but it now seems you are running the con (you know Pirate is totally unreliable and yet you are selling his debt to pay off past investors who you've already defaulted on).

I am an employee of Ripple.
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September 24, 2012, 02:38:13 AM
 #507

Seems Kraken has failed to pay any interest this week.

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September 24, 2012, 06:59:59 AM
 #508

Seems Kraken has failed to pay any interest this week.

Incorrect

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September 24, 2012, 07:26:36 AM
 #509

Seems Kraken has failed to pay any interest this week.

Newsletter has just been sent, and about to do the payments for the week (0.4826%).

Patrick sent out interest less than 2 days ago.  You were the very next person to reply in the Kraken thread after he made the payment statement.
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September 24, 2012, 09:02:35 AM
 #510

Hello,

I was linked here by member Chang Hum who told me you may be able to help me with a 100 BTC loan...

I am willing to provide my name, address, phone number, email, HD color photo of my ID, HD color photo of my Social Security card and references along with video/photo proof that I am the person I am identifying myself to be (i.e. a picture or photo of me holding my identification with a name card proving my forum identity).

Additional details on my loan request are posted here: https://bitcointalk.org/index.php?topic=110905.0

Thank you for your time and consideration!!!
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September 24, 2012, 08:34:38 PM
 #511

Hello,

I was linked here by member Chang Hum who told me you may be able to help me with a 100 BTC loan...

I am willing to provide my name, address, phone number, email, HD color photo of my ID, HD color photo of my Social Security card and references along with video/photo proof that I am the person I am identifying myself to be (i.e. a picture or photo of me holding my identification with a name card proving my forum identity).

Additional details on my loan request are posted here: https://bitcointalk.org/index.php?topic=110905.0

Thank you for your time and consideration!!!

What's wrong with you

c4n10
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September 25, 2012, 12:51:08 AM
 #512

Hello,

I was linked here by member Chang Hum who told me you may be able to help me with a 100 BTC loan...

I am willing to provide my name, address, phone number, email, HD color photo of my ID, HD color photo of my Social Security card and references along with video/photo proof that I am the person I am identifying myself to be (i.e. a picture or photo of me holding my identification with a name card proving my forum identity).

Additional details on my loan request are posted here: https://bitcointalk.org/index.php?topic=110905.0

Thank you for your time and consideration!!!

What's wrong with you

Well, when I read the sticky thread at the top of the board (the one labeled "How to Request a Loan" it says to be ready to give my SSN. When trying to borrow money?BTC it is important to be able to establish your identity...
Trance104
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September 25, 2012, 03:33:32 AM
 #513

I noticed that you're still paying interest to the accounts.

Perhaps you should consider lowering it to 0.5% weekly as opposed to 1%.

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PatrickHarnett
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September 25, 2012, 03:34:59 AM
 #514

I noticed that you're still paying interest to the accounts.

Perhaps you should consider lowering it to 0.5% weekly as opposed to 1%.

Currently 0.25% per week.
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September 25, 2012, 08:49:34 AM
 #515

I noticed that you're still paying interest to the accounts.

Perhaps you should consider lowering it to 0.5% weekly as opposed to 1%.

Currently 0.25% per week.

OP still says 1.0%.

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September 25, 2012, 03:19:51 PM
 #516

Per month.
PatrickHarnett
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September 25, 2012, 07:47:47 PM
 #517

Per month.

Fixed - the original post is buried somewhere in the preceding pages, and the clarification regarding monthly versus weekly didn't get updated in the OP.
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September 27, 2012, 09:56:02 PM
 #518

I just love this weekday.  Wink
Its always good to see some BTC coming in
PatrickHarnett
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September 27, 2012, 10:04:27 PM
 #519

Currently processing payments (and waiting for some confirms) -both the scheduled interest and withdrawal requests.  I am also repaying several small accounts (less than 10 coins).  Balance table will updated shortly (done).
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September 27, 2012, 11:15:11 PM
 #520

Currently processing payments (and waiting for some confirms) -both the scheduled interest and withdrawal requests.  I am also repaying several small accounts (less than 10 coins).  Balance table will updated shortly (done).

Are you still paying interest on outstanding balances?  If so, how often?

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