Starfish BCB - Loans and Deposits

[Carnth]

http://betsofbitco.in/item?id=696
I bet 1 bitcoin that PatrickHarnett does not pay back all investors in this program by the end of this year. 

[...]

let's see how much you trust him in terms of BTC bet

(Bold emphasis mine)

For as much as you talked/trolled/screamed/pleaded in this thread... you bet only 1 BTC? It seems you don't trust yourself that much either.

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[Micon]

I'm a dirty whore, here to make a buck from your lack of trust

So if we bet either way you get a commission on it, no thanks.

+1

1)  If I lose the bet, I'll give the 5% commission directly to a hash of PatrickHarnett's choosing.   Next excuse for not betting me now?

2)  Sadpanda and others that hate me & love PattrickHarnet:  I know you will disregard these words now, but I do hope in the future you can look at this post and again understand I'm trying to help you here:  This is a "Confidence scam"  or "confidence trick"

http://en.wikipedia.org/wiki/Confidence_trick 

PatrickHarnet has worked extremely hard to foster a community of supporters, currently there exists an almost Catholic level of allegiance to this user.  It is transparent to some users familiar with these types of scams.  Sandpanda + others - you will hate me right now because of the confidence trick, but please in a few months I really hope you return here and see I was working for good.

[TheOtherGuy]

I'm a dirty whore, here to make a buck from your lack of trust

So if we bet either way you get a commission on it, no thanks.

+1

1)  If I lose the bet, I'll give the 5% commission directly to a hash of PatrickHarnett's choosing.   Next excuse for not betting me now?

2)  Sadpanda and others that hate me & love PattrickHarnet:  I know you will disregard these words now, but I do hope in the future you can look at this post and again understand I'm trying to help you here:  This is a "Confidence scam"  or "confidence trick"

http://en.wikipedia.org/wiki/Confidence_trick 

PatrickHarnet has worked extremely hard to foster a community of supporters, currently there exists an almost Catholic level of allegiance to this user.  It is transparent to some users familiar with these types of scams.  Sandpanda + others - you will hate me right now because of the confidence trick, but please in a few months I really hope you return here and see I was working for good.

I am not a Micon hater and love is not how I would describe how I feel about PatrickHarnett but a 1 btc bet is very weak.

You describe his supporters as having "an almost Catholic level of allegiance". I don't know many Catholics so that doesn't translate well to any real life experience for me but I assume you mean great passion or something of the sort. Your words regarding PatrickHarnett are very passionate but the size of the bet doesn't support that passion.

[Buffer Overflow]

Bold statement from Micon. Unfortunately when the time comes round to put money on the table backing it up, he falls flat on his face.

1 BTC my arse.

[MrTeal]

Bold statement from Micon. Unfortunately when the time comes round to put money on the table backing it up, he falls flat on his face.

1 BTC my arse.

Maybe poker hasn't been too good to him lately and 1BTC is a big sum of cash?

[matthewh3]

1)  The cries of "I'm going to leave my coins with you as long as possible to help you out" is just insane.  None of you will ever read this post later after many months have passed and you have long forgotten about this loss.  

2)  A "Bank Run" is very different than a Ponzi coming to close.  Joel Katz likely can explain it if he hasn't already.  

3)  not much in the way of a Starfish statement recently.  This should scare you if you still have coins tied up in this scam.

1)  It's money I invested as a high risk gamble due to bitcoins nature and can afford to loose it.

2)  I very doubt Patrick was running a Ponzi and just trusted Pirate to much like many established members of this forum

3)  "Nada nada chatting s@#t" *Got lucky on the Pirate collapse and thinks he's a hero  

Edit:  Like special skills to free bitcoin from scams yeah right.  One lucky hand with the Pirate collapse and he thinks has the nut's on the bitcoin economy. 

[dooglus]

PatrickHarnet has worked extremely hard to foster a community of supporters, currently there exists an almost Catholic level of allegiance to this user.  It is transparent to some users familiar with these types of scams.  Sandpanda + others - you will hate me right now because of the confidence trick, but please in a few months I really hope you return here and see I was working for good.

The thing is, Patrick is no longer accepting deposits, and is still paying off his debts.

Why would a scammer ever do that?  Wouldn't he just cut and run at this point?

[jasinlee]

Lots of honest scammers on here apparently. Did you know they also give back any extra change they are given by cashiers?

[JoelKatz]

The thing is, Patrick is no longer accepting deposits, and is still paying off his debts.

Why would a scammer ever do that?  Wouldn't he just cut and run at this point?

I heard Pirate paid a couple of small accounts back. Not only that, in Las Vegas witnesses said that he passed a cat without kicking it.

I don't think Patrick's a scammer, but I can still recognize a bad argument when I see one.

[MrTeal]

The thing is, Patrick is no longer accepting deposits, and is still paying off his debts.

Why would a scammer ever do that?  Wouldn't he just cut and run at this point?

I heard Pirate paid a couple of small accounts back. Not only that, in Las Vegas witnesses said that he passed a cat without kicking it.

I don't think Patrick's a scammer, but I can still recognize a bad argument when I see one.

Those witnesses were shills. It's well known Pirate doubled back later and kicked that cat onto a craps table.

[jasinlee]

You mean he kicked the crap out of the cat.

[Puppet]

1)  The cries of "I'm going to leave my coins with you as long as possible to help you out" is just insane.  None of you will ever read this post later after many months have passed and you have long forgotten about this loss.  

2)  A "Bank Run" is very different than a Ponzi coming to close.  Joel Katz likely can explain it if he hasn't already.  

3)  not much in the way of a Starfish statement recently.  This should scare you if you still have coins tied up in this scam.

1)  It's money I invested as a high risk gamble due to bitcoins nature and can afford to loose it.

2)  I very doubt Patrick was running a Ponzi and just trusted Pirate to much like many established members of this forum

3)  "Nada nada chatting s@#t" *Got lucky on the Pirate collapse and thinks he's a hero  

Edit:  Like special skills to free bitcoin from scams yeah right.  One lucky hand with the Pirate collapse and he thinks has the nut's on the bitcoin economy. 

There was nothing lucky about pirate (and hashking, and all the others). It was common sense. The same common sense that says Patrick was running a ponzi (pass through) even though he may not have realized it. The market is full of ponzis attracting depositors that will gladly borrow money at a lower interest rate than what is offered by those ponzi's. If patrick is not a scammer than he was.. not very smart to not see this coming.

[PatrickHarnett]

Interesting to see that there are now some minor bets going on.  The three month date is rather arbitrary and I would suggest people don't waste their time/effort/money on it.  Having accepted deposits and catering to the demand of people that didn't want to get into the loan or investing market directly means (and has always meant) coins would be put into various places.  That includes HashKing and Nckrazze.  It also included a JRO investment (which was suspended a few weeks ago) and some other GLBSE where recent panic has tanked prices or scared away liquidity.  There are also those loans that were not pass-throughs that have decided to simply refuse to repay due to ineptitude of the people concerned.

I do read the interesting array of comments, fair or misguided, but the effort in trying to explain rationale has been proven to be largely pointless.  I did honour a bunch of PPT obligations in August that severely affected the spare coins that I had available (allocating about 10,000 coins), and I continue to turn down lending business that would actually help support the repayment of funds more quickly.  Not because of the likes of Puppet, Micon or many others that like to claim how foolish I am providing a service, but because of my obligations to people that have entrusted funds too me.  So for now, the payment process will continue as outlined.

[jasinlee]

I think foolish is the operating word here, their trolling has grown tiresome to look at already. To the trolls, you do realize if you have a bank account, you take your money and place it in savings. What do you think the bank does with that money? They invest it in a very diversified set of securities so that you can get your small % of interest. That is essentially what patrick does, I suggest you get out your big poster boards and stand outside bank of america and wells fargo and yell at them about how big of a ponzi they are running.

[Chang Hum]

I think foolish is the operating word here, their trolling has grown tiresome to look at already. To the trolls, you do realize if you have a bank account, you take your money and place it in savings. What do you think the bank does with that money? They invest it in a very diversified set of securities so that you can get your small % of interest. That is essentially what patrick does, I suggest you get out your big poster boards and stand outside bank of america and wells fargo and yell at them about how big of a ponzi they are running.

a) Banks are financed without borrowing money at 168% a year
b) Banks charge interest between 3% and 29% (in the case of expensive credit cards, if you paid the minimum payment at this rate on a $5000 credit it would take 41 years to clear)
c) Patrick by comparison charges 281% Apr which is far worse then 10 times the most expensive credit card when you factor in that it's being lent from a deflationary currency.
d) Regarding banks, their business model is comparatively closer to making sense and have you watched the news in the last 5 years? who's going to print bitcoins for Patrick.

This is my third post explaining the situation clearly I think it's funny I haven't had a response picking apart my argument!!

[JoelKatz]

If patrick is not a scammer than he was.. not very smart to not see this coming.

Exactly, just like everyone who invested with Pirate. In fairness to Patrick, his issue was a bit more subtle -- not realizing that he had much more Pirate exposure than he thought. Though lots of people were telling him exactly that.

[Micon]

Interesting to see that there are now some minor bets going on.  The three month date is rather arbitrary and I would suggest people don't waste their time/effort/money on it.  Having accepted deposits and catering to the demand of people that didn't want to get into the loan or investing market directly means (and has always meant) coins would be put into various places.  That includes HashKing and Nckrazze.  It also included a JRO investment (which was suspended a few weeks ago) and some other GLBSE where recent panic has tanked prices or scared away liquidity.  There are also those loans that were not pass-throughs that have decided to simply refuse to repay due to ineptitude of the people concerned.

I do read the interesting array of comments, fair or misguided, but the effort in trying to explain rationale has been proven to be largely pointless.  I did honour a bunch of PPT obligations in August that severely affected the spare coins that I had available (allocating about 10,000 coins), and I continue to turn down lending business that would actually help support the repayment of funds more quickly.  Not because of the likes of Puppet, Micon or many others that like to claim how foolish I am providing a service, but because of my obligations to people that have entrusted funds too me.  So for now, the payment process will continue as outlined.

so you're basically saying not to bet that you will bet all of your obligations because you shot off all the coins on other ponzi schemes lik Hashking, Pirate, and NckRazze. 

Did you personally profit from this program Patrick?  do you think it's fair if you did?

[Justin00]

Micon and co -  why don't you all go after people who are not making any attempts to give people back money ?
What are you peoples hoping to achieve in this thread ?

[Chang Hum]

Micon and co -  why don't you all go after people who are not making any attempts to give people back money ?

It's too late for them, we did before they defaulted!

What are you peoples hoping to achieve in this thread ?

Save fools money, to stop the ongoing propagation of scams that will ruin bitcoin for everyone else

[Justin00]

Just seems strange no one in this thread seems to be complaining about not getting there money back... the only ones complaining are the ones who weren't involved ??

but with 1 or 2 other lenders, people are complaining they have not received anything back and the lenders don't seem to be saying anything... and all you people don't seem to worried about that.