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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 56249 times)
eroxors
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November 24, 2012, 03:54:00 AM
 #681

I had a brief conversation with him last friday via. Email. If you're an investor I would suggest contacting him that way.

Don't get caught up in the game and have a nice day!
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November 24, 2012, 04:23:54 AM
 #682


100% confirmed, spoke via email at his srgexpert address.

Basically more payments will be sent when coins come in from his debtors.
(Which is unlikely because most of his debtor's have done a runner.)

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November 24, 2012, 06:48:39 AM
 #683

Basically more payments will be sent when coins come in from his debtors.

Umm... Was this the deal? No.

What a shame...

What is his rationale? He was accused of being a scammer, got pissed and decided to become a scammer?
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November 24, 2012, 09:54:06 PM
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Trilema is Mircea Popescu's blog.
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November 24, 2012, 10:40:31 PM
 #685

It was inevitable that someone was going to report Patrick's off-duty acitivities to his employer.  I'm surprised the email wasn't copied to the two professional associations named in his SRG profile as well.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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November 29, 2012, 09:47:55 AM
 #686

i deposited 5BTC waybackwhen
just stumbled over these scammer-thingies.

oh well.

requested a payout nonetheless. see how that goes.
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December 07, 2012, 05:46:18 PM
 #687

Well, Pat?

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December 18, 2012, 11:15:07 PM
 #688

Who would've thought that this wonderful offer would be a scam? I mean its not like there were any warning signs.

Except the giant one with flashing neon lights that said "WARNING! To good to be true!!!"

But other than that, there was definitely no way to know that it was scam. (Besides all the people yelling "scam")

"It may be laid down as a primary position, and the basis of our system, that every Citizen who enjoys the protection of a Free Government, owes not only a proportion of his property, but even of his personal services to the defense of it." -George Washington
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December 19, 2012, 05:53:30 PM
 #689

Who would've thought that this wonderful offer would be a scam? I mean its not like there were any warning signs.

Except the giant one with flashing neon lights that said "WARNING! To good to be true!!!"

But other than that, there was definitely no way to know that it was scam. (Besides all the people yelling "scam")

Who were trolls and deserve to be shot!
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January 01, 2013, 05:54:18 AM
 #690

Who would've thought that this wonderful offer would be a scam? I mean its not like there were any warning signs.

Except the giant one with flashing neon lights that said "WARNING! To good to be true!!!"

But other than that, there was definitely no way to know that it was scam. (Besides all the people yelling "scam")

Who were trolls and deserve to be shot!


/sarcasm

told ya so.

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January 24, 2013, 05:01:03 PM
 #691

Just thought I would follow up on this one; after giving things time to settle down. 

It makes more sense to close down once all incentives to stay are removed.  Hence, I expect any reasonable individual who gets a Bitcoin talk scammer tag, and can't remedy the situation after considering all the facts, they will eventually stop interacting with the Bitcoin talk community. 

I have to say anyone who gets banned, has even less reason to stick around. 

Starfish BCB was probably run by an individual who had the very honest intentions, but his understanding of western banking lacked.  It's sort of sad because of the social nature of bitcoin talk. So far, the scammer tag is the only way moderators have come up with to administer punishment for promises that are broken.  For a person that truly believes they are honest, receiving a scammer tag must be very painfully.  Expecting someone to stick around to face the pain is not something normal people would do.

In some ways, it's really a moral weakness in the Bitcoin world.  What I mean by this, is there is no way to punish only the business side, ie spare the individual.  It's a step backwards in time, since the scammer tag is the same as social isolation via a bitcoin debtors prison.  I also happen to think this system appeals to some bitcoin supporters.

Banks are really, a systemic problem within Bitcoin.  Banks as we know them cannot function in the world of bitcoin in the same way.  Banks function in the western world because they can obtain funding based on their deposits, ie loans from a central bank, which multiples their ability to lend and make money; they use this multiplier to boost profits, which in turn allow them to write down bad loans and not reduce their capital base.  Plus, there is no way efficient way to recover funds from a bad debt, not to mention the lack of statistics to even calculate loan loss provisions for a given business type/size.

Summary: Bitcoin mining & payment acceptance/currency exchange are the only legitimate revenue generating opportunities.  If you mine, invest in ASICs and go big to ensure profitability.  The long term viability of all other pure bitcoin businesses is questionable both from a legal and profitability outlook.
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January 24, 2013, 05:36:24 PM
 #692

Just thought I would follow up on this one; after giving things time to settle down. 

It makes more sense to close down once all incentives to stay are removed.  Hence, I expect any reasonable individual who gets a Bitcoin talk scammer tag, and can't remedy the situation after considering all the facts, they will eventually stop interacting with the Bitcoin talk community. 

I have to say anyone who gets banned, has even less reason to stick around. 

Starfish BCB was probably run by an individual who had the very honest intentions, but his understanding of western banking lacked.  It's sort of sad because of the social nature of bitcoin talk. So far, the scammer tag is the only way moderators have come up with to administer punishment for promises that are broken.  For a person that truly believes they are honest, receiving a scammer tag must be very painfully.  Expecting someone to stick around to face the pain is not something normal people would do.

In some ways, it's really a moral weakness in the Bitcoin world.  What I mean by this, is there is no way to punish only the business side, ie spare the individual.  It's a step backwards in time, since the scammer tag is the same as social isolation via a bitcoin debtors prison.  I also happen to think this system appeals to some bitcoin supporters.

Banks are really, a systemic problem within Bitcoin.  Banks as we know them cannot function in the world of bitcoin in the same way.  Banks function in the western world because they can obtain funding based on their deposits, ie loans from a central bank, which multiples their ability to lend and make money; they use this multiplier to boost profits, which in turn allow them to write down bad loans and not reduce their capital base.  Plus, there is no way efficient way to recover funds from a bad debt, not to mention the lack of statistics to even calculate loan loss provisions for a given business type/size.

Great post.

It's really a tragic story, because Patrick and his wife really do/did volunteer at and donate to a homeless shelter. If you do enough digging online you can find an article about Wendy. I think Patrick was a nice man who ended up between a rock and a hard place. Unfortunately he appears to have disappeared for good, which makes him more of crook than just a bankrupt man.

Though a petty analogy, it's far better that the "bitcoin bank" fail than to receive a bailout from the government. Amen?
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January 26, 2013, 02:56:44 PM
 #693

Though a petty analogy, it's far better that the "bitcoin bank" fail than to receive a bailout from the government. Amen?

I have to apologize, I think I have hijacked this thread, but I think at this point it doesn't matter to the OP.

In the real world, Yes and no.  It depends on how much you value a aristocratic economy over a equal access credit based one.  I think a lot of people in the real world have forgotten what banks should do, this includes the banks themselves.  One of the problems with banks, is they no longer serve the community, by this I mean, the large for profit banks, have to charge fees when they catch someone making a mistake - and everyone makes a mistake, so most people who have interacted with a bank would like to see the banks fail.  However, if you view the bank as a necessary part of any large scale credit based economy, then banks serve a few critical purposes.  Everything regarding banks has been twisted around in the last 20 years or so with the merging of wealth management banks with community banks.  But, I don't see a way back when loan interest rates seem to permanently below 6-8%.

My personal opinion, is banks serve a very important moral purpose, and need to be supported.  In a credit based economy, banks are critical to the movement of money.  Support can come from individuals, community, capital markets and a central bank; generally in that order.  Access to credit is actually the great equalizer in our modern world.  At a certain point in the development of an economy, when a few entities have accumulated large amounts of capital, only the very rich would stay rich, since they would be the only ones able to expand their businesses, and use their capital to buy or undercut any capital poor folks who tried to compete (at least until the competition fails).  An entity here can be an individual, company, family, etc, basically a closed group.

It would have been very nice to see the big miners or supporters of bitcoin, step in and support the honest banks.  I am not advocating any bitcoin banks modeled after pure western banking due to the insufficient loss statistics and lack of efficient recovery mechanisms(debt collection).  For various legal or other reasons, at this time the bitcoin world can't support a bank using capital markets or a central bank.

Summary: Bitcoin mining & payment acceptance/currency exchange are the only legitimate revenue generating opportunities.  If you mine, invest in ASICs and go big to ensure profitability.  The long term viability of all other pure bitcoin businesses is questionable both from a legal and profitability outlook.
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