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Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

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Author Topic: Starfish BCB - Loans and Deposits  (Read 56212 times)
gsan
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October 04, 2012, 07:59:29 AM
 #541

Received a large payment today, ~20% of my deposit. I'm confident Patrick will pay the rest back in an acceptable timeframe.

Same here. I submitted my withdrawal request two weeks ago, and this is the second chunk I received. I'm also still receiving interest. Patrick's situation is clear, and I'm content with how he's handling things.

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October 04, 2012, 08:36:21 AM
 #542

I want to know what date he plans on completing this by.  I want to know for 2 reasons:

I imagine this depends on how many of his creditors default on their debts to him.

I just today received 20% of my principal back from Patrick, and over the last 4 weeks have received a total of almost 40% back.  I don't see why he would continue paying back his lenders if he was running a scam.  It looks to me like Patrick is trying his best to repay what he owes when he can.

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October 04, 2012, 10:52:10 AM
 #543

I've trolled this thread a bit, I must say looking at the way the deposit lists going down I'm starting to think maybe crazy money loosing business but not a scam?
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October 04, 2012, 11:05:54 AM
 #544

I've trolled this thread a bit, I must say looking at the way the deposit lists going down I'm starting to think maybe crazy money loosing business but not a scam?
It can be very hard to tell the difference. It depends how much of the payback deficit is caused by genuine investment and operating losses. His investors had substantially the same information he did, so it's not unreasonable for them to bear the losses. That is, after all, the purpose of investors. (And I think we all understand that the line between a loan and an investment is thoroughly blurred at interest rates this high. It was clear he was loaning the funds out and clear that there's always a risk of bad loans.)

I am an employee of Ripple.
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October 04, 2012, 11:18:35 AM
 #545

And I think we all understand that the line between a loan and an investment is thoroughly blurred at interest rates this high. It was clear he was loaning the funds out and clear that there's always a risk of bad loans.

I think it depends on the agreement between the loaner and BCB. The fact that there is high risk that one side of the contract might default doesn't make the line more blurry. IMHO.
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October 04, 2012, 11:43:28 AM
 #546

I've trolled this thread a bit, I must say looking at the way the deposit lists going down I'm starting to think maybe crazy money loosing business but not a scam?
It can be very hard to tell the difference. It depends how much of the payback deficit is caused by genuine investment and operating losses. His investors had substantially the same information he did, so it's not unreasonable for them to bear the losses. That is, after all, the purpose of investors. (And I think we all understand that the line between a loan and an investment is thoroughly blurred at interest rates this high. It was clear he was loaning the funds out and clear that there's always a risk of bad loans.)


Joel,

It seems to me the refusal to answer the question "when will everyone be paid back in full" is directly related to "I'm still paying you guys interest"

he is adding debt on top of debt he cannot pay any time soon, if ever.

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October 04, 2012, 11:51:04 AM
 #547

he is adding debt on top of debt he cannot pay any time soon, if ever.

This is standard practice. When you cannot reimburse a loan on time, you get late penalties on top of that. People report getting almost 40% of their investment back during the last 4 weeks, while the added interest would be a mere 1%. Doing that increases the cost of the loan for Patrick, but does not make the debt grow, added interests are fortunately much smaller than what is reimbursed during the same period.

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October 04, 2012, 10:35:02 PM
 #548

It seems to me the refusal to answer the question "when will everyone be paid back in full" is directly related to "I'm still paying you guys interest"

he is adding debt on top of debt he cannot pay any time soon, if ever.
His only alternative is to disclaim debt that he might be able to pay back. However, I definitely agree that more communication would be better. It's entirely possible he's actually trying to assume a larger share of the burden for the bad loans than is fair. But if he wants to convince people of that, he needs to make a clear and complete case. (Because it's also very easy to say "80% of my loans went bad, and I'll split that cost with my investors" when only 15% of the loans went bad to basically steal from your investors.) Transparency helps credibility, but if you're lying, you take the risk you'll get caught in the lie.

However, if he's going to ask his investors take the all or most of the burden for a bad loan, I believe they have the right to know who defaulted. And if those who defaulted want to claim that he's lying, they should be given that opportunity so the investors can assess whether they're actually being treated fairly.

I am an employee of Ripple.
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October 05, 2012, 12:16:01 AM
 #549

Largish payments have been appearing in my wallet since this whole thing started.  I am very close to being paid off, complete with interest.  I had money invested with pirate and hashking and sold those debts immediately when it hit the fan.  I choose to keep my Starfish debt because Patrick seemed very trustworthy and am very glad I did.  Thank you Patrick.  Kiss

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October 05, 2012, 12:25:31 PM
 #550

In addition to the consistent weekly payments that I've been getting, I just noticed that a largish payment arrived in my wallet on 10/3.
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October 05, 2012, 09:58:18 PM
 #551

Just picking up a point that Joel made, it's not simply a case of bad loans (people refusing to pay or those that invested into Pirate and then defaulted).  There are also a range of GLBSE assets that have been used to generate income since the start of the year.  Some have proven to be very good, others have tanked recently and I'm not keen to sell those at a huge loss unnecessarily, and others have been much more at the scammy end.  In looking after this, it's not a case of taking a knee-jerk reaction and panicing and yes, to-date I have taken significant losses.  That wasn't helped by losing 8000+BTC of some other obligations that I had relating to PPT, but being one of the few who made good on those promises is separate to this thread.  I have also injected a large quantity of cash into the system to cover obligations.

Today, seeing the GLBSE is doing whatever it's doing reinforces the non-panic approach.

As for Micon, he's looking for something in particular, and if he bothered to actually understand what was written in this thread he would have realised I have answered his question, just not the way he would like me to.  As a non-customer, he's not entitled to a better answer than that.
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October 06, 2012, 05:58:59 AM
 #552

GLBSE assets

Isn't that an oxymoron?
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October 06, 2012, 08:27:40 AM
 #553


For the second week in a row I got a good part of my medium sized deposit back. Including Interest. Thanks Patrick.
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October 06, 2012, 11:07:21 AM
 #554

Just picking up a point that Joel made, it's not simply a case of bad loans (people refusing to pay or those that invested into Pirate and then defaulted).  There are also a range of GLBSE assets that have been used to generate income since the start of the year.  Some have proven to be very good, others have tanked recently and I'm not keen to sell those at a huge loss unnecessarily, and others have been much more at the scammy end.  In looking after this, it's not a case of taking a knee-jerk reaction and panicing and yes, to-date I have taken significant losses.  That wasn't helped by losing 8000+BTC of some other obligations that I had relating to PPT, but being one of the few who made good on those promises is separate to this thread.  I have also injected a large quantity of cash into the system to cover obligations.

Today, seeing the GLBSE is doing whatever it's doing reinforces the non-panic approach.

As for Micon, he's looking for something in particular, and if he bothered to actually understand what was written in this thread he would have realised I have answered his question, just not the way he would like me to.  As a non-customer, he's not entitled to a better answer than that.

ur playing great kiddo / keep up the good work.

PM me next time you give an AAA+ rating to a scammer or start the next Janken fund.

seriously pack it in home boy.   maybe you are a plain 'ole scammer / maybe you are just too stupid to handle bitcoins / either way stop fucking people out of money and funneling "investor" funds into random scams and unlicensed securities.

"oops I lost another $90k" 

goooooooo Starfish!   (do you know starfish is a slang term for asshole?)

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October 06, 2012, 01:12:53 PM
 #555

Just picking up a point that Joel made, it's not simply a case of bad loans (people refusing to pay or those that invested into Pirate and then defaulted).  There are also a range of GLBSE assets that have been used to generate income since the start of the year.  Some have proven to be very good, others have tanked recently and I'm not keen to sell those at a huge loss unnecessarily, and others have been much more at the scammy end.  In looking after this, it's not a case of taking a knee-jerk reaction and panicing and yes, to-date I have taken significant losses.  That wasn't helped by losing 8000+BTC of some other obligations that I had relating to PPT, but being one of the few who made good on those promises is separate to this thread.  I have also injected a large quantity of cash into the system to cover obligations.

Today, seeing the GLBSE is doing whatever it's doing reinforces the non-panic approach.

As for Micon, he's looking for something in particular, and if he bothered to actually understand what was written in this thread he would have realised I have answered his question, just not the way he would like me to.  As a non-customer, he's not entitled to a better answer than that.

ur playing great kiddo / keep up the good work.

PM me next time you give an AAA+ rating to a scammer or start the next Janken fund.

seriously pack it in home boy.   maybe you are a plain 'ole scammer / maybe you are just too stupid to handle bitcoins / either way stop fucking people out of money and funneling "investor" funds into random scams and unlicensed securities.

"oops I lost another $90k" 

goooooooo Starfish!   (do you know starfish is a slang term for asshole?)

CONFIRMED - Micon had no reply to Patrick, so he had to resort to personal insults. Micon's true colours shining through.

"I'm not the law, but I represent justice." Oh please. LOL  Cheesy


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October 06, 2012, 01:20:19 PM
 #556

Micon - "I am not the law, but my parents were siblings" *

*Yes I am fighting him at his level, perhaps then he'll leave?

BadBitcoin (James Sutton)
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October 06, 2012, 06:11:41 PM
 #557

Micon - "I am not the law, but my parents were siblings" *


that's going in my signature.

Take a look at my  machine learning/economics/engineering blog!
www.learningann.wordpress.com
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October 06, 2012, 08:03:29 PM
 #558

Remember the old 80's UK gameshow 'Blankety Blank'?
Les Dawson may not be with us no more, but the fun and merriment can still continue.

 "I'm not the law, but I represent .................."

Fill in the blank.

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October 06, 2012, 09:36:07 PM
 #559

Micon - "I am not the law, but my parents were siblings" *

*Yes I am fighting him at his level, perhaps then he'll leave?

It's funny how you insult people by calling them "inbred", implying some kind of intellectual deficiency.

Don't you see how ridiculous that is when those you insult still have all their coins, yet you were dumb enough to invest in every single ponzi available?

If you had listened to Bryan Micon instead of insulting him, you would still have your coins. Now, because you were so ignorant and unwise, you have lost god knows how many.

Micon is a little bit crazy. Most pro poker players are. However, he had the wisdom, the foresight and the kindness to warn everyone about these ponzi schemes. The fact that you chose to ignore him is testament to your own lack of wisdom. A fool and his money are easily parted.

I just can't believe that, considering the embarrassing position you have put yourself in, you have the audacity to insult him or anyone else. Maybe it's some pathetic way to regain some dignity in this situation? I can't believe that you have lost so much money and instead of thinking "Fuck maybe I should have listened to that guy who was telling everyone it was a big scam" you are like "I am going to insult a guy who tried to warn me." It's beyond juvenile and beyond stupid.

It actually makes so little sense that you have me wondering if your parents actually are related in some way and your comments are some kind of projection to deal with the shame of losing money in obviously unsound "investments" and the worry that it might somehow be connected to the fact that your folks were 2nd cousins or something. I don't know, I am just speculating about why you are acting in such a bizarre and obnoxious way.
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October 06, 2012, 09:47:43 PM
 #560

Micon is a little bit crazy. Most pro poker players are. However, he had the wisdom, the foresight and the kindness to warn everyone about these ponzi schemes. The fact that you chose to ignore him is testament to your own lack of wisdom. A fool and his money are easily parted.

If he was actually decent at poker he'd knew the flaws of result oriented thinking. With the same knowledge I would make the same choices.

Oh and btw, you and Micon are both retarded and should fuck off.

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