Starfish BCB - Loans and Deposits

[sadpandatech]

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

I couldn't agree more. And in this case, it was made clear 2,000 bitcoins left the lending pool. He continues to borrow at 1%/week because he continues to earn >1% per week on the borrowed BTC.....

back to ignore you go. My human side had mistakingly hoped you actualy had an informed or intelligent post......

[PatrickHarnett]

I've been thinking about what to do with Starfish for a while.  This partly because of timing over the last few weeks with net withdrawals being high including a net 1700 in the past week.  This is on top of honouring 6000BTC of BS&T payments after Pirate inopportunely froze fund transfers.  I have also been addressing some particular questions about repayment times because many of the Starfish assets are longer term loans or investments.

Options have included forced withdrawals, lowering rates, setting fixed repayment times/delays.  What I intend doing is allow the outstanding loans to be repaid on their current schedule and use the funds to continue to meet withdrawal requests as and when they occur.  As some of these extend three to six months, it is going to take a while as borrowers are not able to magically come up with funds, otherwise they would not have borrowed in the first place.

I have a commitment to return 750BTC at the end of the month for someone already that will be met,  Otherwise, withdrawals will be processed in order with the balance to be paid confirmed at the time the request is made.  I am not accepting new accounts or deposits.

[zebedee]

I've been thinking about what to do with Starfish for a while.  This partly because of timing over the last few weeks with net withdrawals being high including a net 1700 in the past week.  This is on top of honouring 6000BTC of BS&T payments after Pirate inopportunely froze fund transfers.  I have also been addressing some particular questions about repayment times because many of the Starfish assets are longer term loans or investments.

Options have included forced withdrawals, lowering rates, setting fixed repayment times/delays.  What I intend doing is allow the outstanding loans to be repaid on their current schedule and use the funds to continue to meet withdrawal requests as and when they occur.  As some of these extend three to six months, it is going to take a while as borrowers are not able to magically come up with funds, otherwise they would not have borrowed in the first place.

I have a commitment to return 750BTC at the end of the month for someone already that will be met,  Otherwise, withdrawals will be processed in order with the balance to be paid confirmed at the time the request is made.  I am not accepting new accounts or deposits.

Thanks for the update.

So you're planning to gradually wind it up entirely?

[Carnth]

So you're planning to gradually wind it up entirely?

I hope not. I have enjoyed the service Patrick has provided: Send a PM and done.
I like the weekly updates that show how my BTC has grown. I also like the updates that show where the entire operation is . I find it interesting how my deposit, along with others and help other people in the form of loans.

So, if I had a choice, I would choose to keep my deposit with Starfish. But I understand that situations arise, and tough decisions need to be made.

[sp0rus]

So you're planning to gradually wind it up entirely?

I hope not. I have enjoyed the service Patrick has provided: Send a PM and done.
I like the weekly updates that show how my BTC has grown. I also like the updates that show where the entire operation is . I find it interesting how my deposit, along with others and help other people in the form of loans.

So, if I had a choice, I would choose to keep my deposit with Starfish. But I understand that situations arise, and tough decisions need to be made.

I agree, if at all possible, I'd like to see Patrick continue this operation (even if it's on a smaller scale), but I do understand if he does feel the need to close things out.

[geod]

Are deposits still being accepted?

[Scott J]

Are deposits still being accepted?

I am not accepting new accounts or deposits.

[PatrickHarnett]

Updated balance list https://bitcointalk.org/index.php?topic=61262.msg981017#msg981017
Weekly interest payments for non-compounding accounts issued

Total on deposit @ Starfish = 15,250.

[Trance104]

I hate to see it go! My goal was to reach 100 coins with you! Oh well!


 

[PatrickHarnett]

I hate to see it go! My goal was to reach 100 coins with you! Oh well!


 

On straight compounding that'll take a while

[Bjork]

I've been thinking about what to do with Starfish for a while.  This partly because of timing over the last few weeks with net withdrawals being high including a net 1700 in the past week.  This is on top of honouring 6000BTC of BS&T payments after Pirate inopportunely froze fund transfers.  I have also been addressing some particular questions about repayment times because many of the Starfish assets are longer term loans or investments.

Options have included forced withdrawals, lowering rates, setting fixed repayment times/delays.  What I intend doing is allow the outstanding loans to be repaid on their current schedule and use the funds to continue to meet withdrawal requests as and when they occur.  As some of these extend three to six months, it is going to take a while as borrowers are not able to magically come up with funds, otherwise they would not have borrowed in the first place.

I have a commitment to return 750BTC at the end of the month for someone already that will be met,  Otherwise, withdrawals will be processed in order with the balance to be paid confirmed at the time the request is made.  I am not accepting new accounts or deposits.

Curious as to how long it will take for requested withdrawals to be processed?  Days, weeks, a month??  It does not seem reasonable to stop paying interest if it is going to take a long time for the withdrawal to go through.

[salty]

Withdrawal requested and recieved same day, thanks Patrick.

[PatrickHarnett]

Withdrawal requested and recieved same day, thanks Patrick.

Note, this was advised about a week ago, so it was expected.

[Bjork]

Withdrawal requested and recieved same day, thanks Patrick.

I'm not trying to neg Patrick at all, he does provide a great service.  Just wondering how backed up we are so I can have some approximation of when the funds will clear.  If it will be a week that is fine by me, I would just like to know when to expect it.

[salty]

Withdrawal requested and recieved same day, thanks Patrick.

I'm not trying to neg Patrick at all, he does provide a great service.  Just wondering how backed up we are so I can have some approximation of when the funds will clear.  If it will be a week that is fine by me, I would just like to know when to expect it.

As Patrick said, I notified him last week I would be needing the money this week, I've got a Cairnsmore mining board to collect on monday

[Bjork]

Just wanted to add that I talked with Pat via PM and everything's peachy.

[PatrickHarnett]

As an update, I will be writing to all of the people that currently have loans from Starfish over the next few days.  The purpose is to determine which loans can be recalled early, and which ones can not and need to run the agreed terms. 

[bitcoinBull]

Edit 15 August 2012: New deposits up to 100BTC are still welcome as this is a service I believe should be provided to the community. Deposits from existing customers beyond 500BTC will be permitted based on the age of the account - you will need to contact me.

[PatrickHarnett]

Thanks for the reminder to update the OP, but deposits have been restricted/disallowed for several weeks now.  Otherwise bitcoinbull's post is rather irrelevant.

[Micon]

Thanks for the reminder to update the OP, but deposits have been restricted/disallowed for several weeks now.  Otherwise bitcoinbull's post is rather irrelevant.

so again, why would you ever need to take new deposits if you have run such a successful business?  start paying back the 1%/wk debt, right?