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Author Topic: Starfish BCB - Loans and Deposits  (Read 59756 times)
CharlieContent
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November 04, 2012, 04:20:41 AM
 #641

Patrick someone is calling you out as a scammer in the accusation forum.

https://bitcointalk.org/index.php?topic=121915.0
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There are several different types of Bitcoin clients. Server-assisted clients like blockchain.info rely on centralized servers to do their network verification for them. Although the server can't steal the client's bitcoins directly, it can easily execute double-spending-style attacks against the client.
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November 04, 2012, 08:27:34 AM
 #642

Patrick someone is calling you out as a scammer in the accusation forum.

https://bitcointalk.org/index.php?topic=121915.0

I've been informed that Patrick has considered the charges against him and has since downgraded his investment program to AAA-   Within five days, if Patrick continues to fail to respond to the accusations, he will recalculate his rating to be AAA+ 
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November 04, 2012, 06:55:16 PM
 #643

Patrick someone is calling you out as a scammer in the accusation forum.

https://bitcointalk.org/index.php?topic=121915.0

Yes, I've seen that.  I have no intention of fanning the flames over there.  I find it interesting that one of the replies commending the accusation is someone I've never dealt with.  I did also note that there is a claim that the coins haven't moved, which shows someone doesn't know how to view the block chain.  That account is being paid back on the same basis as everyone else.

Note to BorderBits: Try harder, that's neither an effective troll or humour.  Micon was better.
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November 05, 2012, 01:16:32 AM
 #644

So roughly what percentage has now been paid back?
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November 05, 2012, 02:03:15 AM
 #645

So roughly what percentage has now been paid back?

In my case, 43.37% of the initial investment, so far.

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November 06, 2012, 11:55:44 PM
 #646

By the way, this was the same type of missed risk that resulted in the mortgage collapse. People who thought they were "diversified" didn't realize that a significant fraction of their assets were vulnerable to a drastic drop in the housing market because they were all ultimately tied to residential mortgages.

I'm glad you think it's the same. There have been hundreds of bank failures since 2008 in the USA due to correlated loans that went bad (mortgages). The FDIC guaranteed bank deposits. This guarantee was honored, regardless of whether the bad loans were correlated or not. Patrick also guaranteed his deposits.

http://www.fdic.gov/bank/individual/failed/banklist.html
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November 07, 2012, 12:39:58 AM
 #647

By the way, this was the same type of missed risk that resulted in the mortgage collapse. People who thought they were "diversified" didn't realize that a significant fraction of their assets were vulnerable to a drastic drop in the housing market because they were all ultimately tied to residential mortgages.

I'm glad you think it's the same. There have been hundreds of bank failures since 2008 in the USA due to correlated loans that went bad (mortgages). The FDIC guaranteed bank deposits. This guarantee was honored, regardless of whether the bad loans were correlated or not. Patrick also guaranteed his deposits.

http://www.fdic.gov/bank/individual/failed/banklist.html
The FDIC is specifically insurance and specifically assumes the risk of bank failures. In addition, there was no mistake on the part of the people whose funds the FDIC insured. So it would not have been equitable for the FDIC to split the losses with those it insures. (Also, even if equitable, it would have been politically infeasible. Any loss of confidence in the FDIC would defeat the point of the FDIC.)

Yes, Patrick guaranteed his deposits. But as he made quite clear, that guarantee was predicated on his belief that there was no significant correlated risk. (The transcript in the scammer accusation thread makes this clear.) So against someone who didn't make that same mistake, it would be enforceable. But against someone who did, it isn't. If Patrick is responsible for losses caused directly by this mistaken belief, so are others who have that same mistaken belief and it causes the same type of loss. (Unless the agreement was otherwise. It's possible he had different loans with different terms and some weren't predicated on the shared belief that he had limited Pirate exposure. You'd have to look on a case by case basis and decide in each case how to equitably divide the losses.)

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November 07, 2012, 12:56:55 AM
 #648

The FDIC is specifically insurance and specifically assumes the risk of bank failures.

Patrick specifically insured his deposits and specifically assumed the risk of loan failures.

In addition, there was no mistake on the part of the people whose funds the FDIC insured. So it would not have been equitable for the FDIC to split the losses with those it insures.

If the FDIC were named Patrick, you would probably say the depositors made the assumption that the banks loans weren't correlated, and thus should share in the losses. You would probably say that regardless of whether the depositors actually made that assumption.

It's possible he had different loans with different terms and some weren't predicated on the shared belief that he had limited Pirate exposure. You'd have to look on a case by case basis and decide in each case how to equitably divide the losses.)
Agreed. My deposit wasn't predicated on shared beliefs of what he would do with his loans, it was predicated on the shared belief that he guaranteed his deposits. He didn't specify exactly what he was going to do with the deposits, or who he was going to loan money to, so we couldn't have had shared beliefs on correlation which is irrelevant anyway. If he spent the money on hookers and blow, I would still expect him to honor the shared belief that he guaranteed his deposits.
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November 09, 2012, 05:01:26 AM
 #649

What has become obvious - in hindsight - is that the average level of honesty just isn't high enough.  That's without the scams, thefts, hacks and other crap that goes on.

The second layer of the pyramid defends the integrity of the first layer. Surprise, surprise. As fellow scammers you are quite concerned with protecting your bosses' rep. After all, keeping a steady stream of fish flowing in is how you make money. I see that some of you have reduced your cut over time. Not surprising, since you will need more and more inflows over time to support the pyramid. Can't wait till this blows up.

How much bitcoin is tied up with the scam, anyways? The blow up will negatively affect bitcoin prices if the scam is large scale and some of the fish have taken on bank debt in order to participate. Bitcoin debt crisis causes bitcoin price collapse. Fun times!

edited out some unnecessary stuff
The second layer of the pyramid defends the integrity of the first layer. Surprise, surprise.  Can't wait till this blows up.


I'm interested in your motivation - is it just to stir shit, you want to see those that can't afford to lose their bitcoin suffer, or do you want to gloat when it fails. Your posts do not appear to be genuine in warning (and has the impression of some religious crusade against evil).

(and while starfish are often idiots, this one expects some sort of disruption to the economy when BS&T finally closes it's doors)


In answer to your question, I wanted to help people get out while they still could. However, since most of you chose to ignore me. And now that my predictions have become
obvious - in hindsight -
I will have to settle for
gloat when it fails

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November 09, 2012, 05:05:52 AM
 #650

The above quotes were with reference to BS&T, but I don't expect people to bother to differentiate, and I also expect that you did have your moment of happiness when Pirate disappeared.
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November 09, 2012, 05:50:53 AM
 #651

(and while starfish are often idiots, this one expects some sort of disruption to the economy when BS&T finally closes it's doors)

obvious - in hindsight -

FTFY. Apparently you have a selective memory.

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November 15, 2012, 03:31:53 AM
 #652

I didn't receive a payment this week or last week.  Did I miss an announcement about this, or is it an oversight?

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November 16, 2012, 08:40:06 AM
 #653

I didn't receive a payment this week or last week.  Did I miss an announcement about this, or is it an oversight?

Don't worry, Patrick rated himself AAA+ so he's sure to pay out.  What could possibly go wrong? 
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November 16, 2012, 05:25:18 PM
 #654

The payments from hashking and patrick stopped at about the same time and they both disappeared... Whats the chances their the same guy and/or working together?

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November 16, 2012, 05:35:24 PM
 #655

Whoa, Patrick has a scammer tag?  Why, who ever could have seen the fact that he was a scammer well before all of this?

I do wonder.

I wonder how long my contrary viewpoint will last this time before someone erases it like the good little fascists they are.
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November 16, 2012, 05:57:40 PM
 #656



I wonder how long my contrary viewpoint will last this time before someone erases it like the good little fascists they are.

Please, this is a libertarian forum.

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November 16, 2012, 06:18:27 PM
 #657

It's weird he paid back so much...in for a penny in for a pound!

Well I hope having scammer written underneath your online pseudonym on a forum you no longer participate in has taught you a valuable lesson not to steal thousands of dollars from strangers on the internet Patrick!!
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November 16, 2012, 09:24:43 PM
 #658

Can someone briefly explain why Patrick got a scammer tag, hopefully without the snide remarks? I'm guessing it's something other than this deposit scheme, or am I wrong?
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November 16, 2012, 09:30:38 PM
 #659

Can someone briefly explain why Patrick got a scammer tag, hopefully without the snide remarks? I'm guessing it's something other than this deposit scheme, or am I wrong?
https://bitcointalk.org/index.php?topic=124152.0
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November 16, 2012, 11:14:10 PM
 #660

Can someone briefly explain why Patrick got a scammer tag, hopefully without the snide remarks? I'm guessing it's something other than this deposit scheme, or am I wrong?

He basically gave himself a bailout.

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