Starfish BCB - Loans and Deposits

[PatrickHarnett]

Hmmm...On the one hand we have Micon's unqualified opinions and on the other - a starfish with a masters degree in commerce. It's down to the wire but I think the starfish has the tiniest edge re. credibility.

Sorry to chime in, but I have a masters in finance, and work for a banking entity, so have experience in lending and such, and this starfish thing also doesn't seem right to me. From what I've read, it doesn't seem that Patrick is trying to deliberately scam people, but it very much looks like he is promising something that will be impossible to deliver.

Welcome to the "debate".  All I am promising currently is 1% per week (about 160BTC/week).  I do a lot of business that never gets to the forum, and I expect it to stay that way.  Probably why I was able to do a 3000 coin loan recently (I didn't have the spare to do the full 6k so split it with someone else, but I was offered 3.5%/week on that).

Going forward, the plan is to reduce the level of deposits because the lending market is changing quite a lot.  I can do that pretty easily by reducing the fixed rate paid, or by simply returning accounts until I have a particular set of customers (and I would give preference to the older accounts because I'm like that).  It's also because sensible business is being systematically excluded, but that happens from time to time.

[Micon]

Do I claim to have 17000 in profit, not at the moment, the M2M is about 13,200.

Ok so you claim to have 13,200 in profit - so I assume you will never need to take another investor deposit now?   or will somehow a spot open up for someone new very soon?  Why not use some profit and return depositor funds?  why keep paying them 1% each week?

[finkleshnorts]

Do I claim to have 17000 in profit, not at the moment, the M2M is about 13,200.

I assume you will never need to take another investor deposit now?   or will somehow a spot open up for someone new very soon? 

Do you know how to read?

[sadpandatech]

Do I claim to have 17000 in profit, not at the moment, the M2M is about 13,200.

Ok so you claim to have 13,200 in profit - so I assume you will never need to take another investor deposit now?   or will somehow a spot open up for someone new very soon?  Why not use some profit and return depositor funds?  why keep paying them 1% each week?

Do you have any accounting background at all?  You do realize that the 'investments' portion of net assets includes princple on outstanding loans.

I agree, you are missing a breakdown of such, writtin in 'plain' english so you could calculate his profit but it's not rocket science to get a pretty good idea from what is listed.

And next time you want to compare lending here to BoA, you should probably actually read the report you link to. It looks like shit and lacks a LOT of information. Just looking at 2008, BoA total liabilities were more than 88% of their total assets. It would also be nice to see what their assets are, but I guess we'll just take them for their word that they really have the 1.8 trillion in total assets though they only have listed ~450 billion worth in the line items they did include...  BCB liabilities are 53% of total assets for last month....


@rassah shame on you :/

[WifeOfStarfish]

Ok so you claim to have 13,200 in profit - so I assume you will never need to take another investor deposit now?   or will somehow a spot open up for someone new very soon?  Why not use some profit and return depositor funds?  why keep paying them 1% each week?


[/quote]

What - only 4 more questions? (She asks questioningly). You're off your game buddy. No respect for you Mighty Troll.

[Bitcoin Oz]

Hmmm...On the one hand we have Micon's unqualified opinions and on the other - a starfish with a masters degree in commerce. It's down to the wire but I think the starfish has the tiniest edge re. credibility.

Sorry to chime in, but I have a masters in finance, and work for a banking entity, so have experience in lending and such, and this starfish thing also doesn't seem right to me. From what I've read, it doesn't seem that Patrick is trying to deliberately scam people, but it very much looks like he is promising something that will be impossible to deliver.

I think it would be a scam if you took BTC and invested it into a normal bank term deposit because after a little while your clients would lose most of their bitcoin value 

[PatrickHarnett]

Hmmm, well, I've got a domain and a couple of email addresses set up (some weeks ago), and people know how to contact me (and a not very.functional page set up), so it's getting close to the right time to lock this thread.  It's a shame how far downhill things have gone, but I suppose Micon will see that as a victory.  I notified Theymos about it earlier, and it's not worth the effort to deal with one misguided person when I have two hundred other people to look after.

(apparently, 3%/week is abhorrent to a "man of science".  I guess that's why they're poor - it made me laugh when I read it)

and a btw - I was thinking about the "how BS&T could have done it" because I know there are some that would like to know.  I don't want to take away from Trendon (even it is is still uncertain), but I did think about charging for the outline, explaining how the money flows work. 

[Buffer Overflow]

I agree; time to lock this thread. Whatever you reply or say, Micon won't agree with you. You'll be better off talking to a brick walk.

His motivations on this forum aren't clear. It's becoming quite obvious it's not to protect BTC from scams, as claimed. Maybe jealously, or maybe something to do with this poker site thing. We'll find out eventually I guess.

Maybe he wants everyone to pull out their funds and start pumping it into poker games with him. LOL. Nice try buster.

[Bitcoin Oz]

Hmmm, well, I've got a domain and a couple of email addresses set up (some weeks ago), and people know how to contact me (and a not very.functional page set up), so it's getting close to the right time to lock this thread.  It's a shame how far downhill things have gone, but I suppose Micon will see that as a victory.  I notified Theymos about it earlier, and it's not worth the effort to deal with one misguided person when I have two hundred other people to look after.

(apparently, 3%/week is abhorrent to a "man of science".  I guess that's why they're poor - it made me laugh when I read it)

and a btw - I was thinking about the "how BS&T could have done it" because I know there are some that would like to know.  I don't want to take away from Trendon (even it is is still uncertain), but I did think about charging for the outline, explaining how the money flows work. 

Implement a competing service. Thats how capitalism works 

[RoloTonyBrownTown]

Patrick, forget about Micon, he's clearly pyschotic.   Keep doing what you do best, you have more respect around these parts than he'll ever have.

[sadpandatech]

Patrick, forget about Micon, he's clearly pyschotic.   Keep doing what you do best, you have more respect around these parts than he'll ever have.

+1

Although I don't like using it, the ignore button works great.

[P4man]

You all said the same when Micon outed Pirate and Pirate was the highly respected and trusted "businessman".

Some people never learn.

The more I read about starfish, the more Im leaning towards Micon. And even if its not an outright scam, someone who claims to know pirate personally, vouched for him, gives AAA credit ratings to obvious scams, is not someone I would entrust to manage my funds.

[sadpandatech]

You all said the same when Micon outed Pirate and Pirate was the highly respected and trusted "businessman".

I did??

The more I read about starfish, the more Im leaning towards Micon. And even if its not an outright scam, someone who claims to know pirate personally, vouched for him, gives AAA credit ratings to obvious scams, is not someone I would entrust to manage my funds.

links please

And I'm sorry, i know a lot of people lost cred because of Pirate but that does not change the fact that a lot of those people were scammed just the same......

Why arn't you in Giga, Copumpkin, Reeses, BitPay, Kluge, Notme threads or stating how much you think they lost cred with you now too for supporting Pirate??

Seeing you be one of the first one's in Micon's threads lost you a lot of credit with me. I really had thought you more capable of being a non biased observer.. :/

[PatrickHarnett]

You all said the same when Micon outed Pirate and Pirate was the highly respected and trusted "businessman".

Some people never learn.

The more I read about starfish, the more Im leaning towards Micon. And even if its not an outright scam, someone who claims to know pirate personally, vouched for him, gives AAA credit ratings to obvious scams, is not someone I would entrust to manage my funds.

Pirate is hardly "outed" and Micon should certainly not take credit for that.

As mentioned, I'm not going to make everyone happy all the time.  Obviously you have chosen one set of information, and I have another.  The ratings are a regurgitation of what's available rather than "outlandish claims", and I would therefore encourage you to ignore them if that is your view and I actively encourage people to do their own research - including on Starfish and me personally.  That is an issue separate to this thread.  there are 50,000 forum members and so far 49,999 haven't bothered to produce something better (artistic licence with the number, it's 62.9423 members).

I'm yet to have an example given where I am carry the responsibility for someone losing money, and perhaps it is a "scam" system where the people making the claims don't have any first hand experience.  I have had a few complaints over the past year, and I am not immune from making mistakes.  Not aware of anyone I've short-changed.

For Starfish, I pay weekly interest for some, have a nice mining operation, some steady dividend paying investments and a decent loan book with the majority sourced outside of this forum.  It's interesting watching the developments, and there are some negative elements creeping in to.  That is part of theymos's plan for the place and I respect him for providing an interesting place for people to exchange ideas.

I'll make the occasional update post here, but as I've said, anyone that needs to get in touch knows how to do so.

[PatrickHarnett]

I agree; time to lock this thread. Whatever you reply or say, Micon won't agree with you. You'll be better off talking to a brick walk.

Well, that was interesting.  Other than having a few quiet hours without random rubbish being posted, I received a withdrawal request because locking the thread was viewed as being non-transparent.

So I organised about 2200BTC and paid in about an hour of receiving the request (and no I'm not disclosing the transactions, my customer wouldn't like that).

[mb300sd]

I agree; time to lock this thread. Whatever you reply or say, Micon won't agree with you. You'll be better off talking to a brick walk.

Well, that was interesting.  Other than having a few quiet hours without random rubbish being posted, I received a withdrawal request because locking the thread was viewed as being non-transparent.

So I organised about 2200BTC and paid in about an hour of receiving the request (and no I'm not disclosing the transactions, my customer wouldn't like that).

Does this mean you have some room for deposits? Would like to add some additional BTC.

[PatrickHarnett]

Does this mean you have some room for deposits? Would like to add some additional BTC.

If you would like to increase your deposit balance, please pm me.


Disclaimer (the less serious version)
LMFAO - what, you want to deposit?  Do you have permission from the guardians of the forum?  Do you know it might be a scam and I'll steal your money?  Any credit information you've seen could have been made up, falsified and used for a sixth grade economics project about the failure of the US banking system.

[Bitcoin Oz]

You could always take preorders on an imaginary product and get hundreds of people to give you interest free loans for months at a time. Clearly thats not a scam whereas paying people for using their coins is a scam 

Logic ftw!

[skydust]

just made my first small deposit
tx: 40ce4491769abdb85fdeae2b190fd1cd4b10f64a4e303044d7bedf7b5aa53ab7
payment address: 1sky4vMh7e4FCBf9H3jnq5XkRXknLuq53

thanks

[Micon]

Does this mean you have some room for deposits? Would like to add some additional BTC.

If you would like to increase your deposit balance, please pm me.


Disclaimer (the less serious version)
LMFAO - what, you want to deposit?  Do you have permission from the guardians of the forum?  Do you know it might be a scam and I'll steal your money?  Any credit information you've seen could have been made up, falsified and used for a sixth grade economics project about the failure of the US banking system.

It is always important to ask a guy that claims to have a very profitable business why he continues to borrow money at 1%/wk