Starfish BCB - Loans and Deposits

[JoelKatz]

But it does seem that I'm not running a ponzi (after several months of accusations - unless I read that wrong).

From what you've publicly disclosed, it appears you were running a Ponzi and still are.

Previously, people were borrowing money from you to give to Pirate so that Pirate could give them other investor's money back to repay you. There was no evidence of any legitimate investment. Money was just moving from person to person with new investors paying off old investors. A profit was impossible, except at the expense of other investors who lost. So that was a Ponzi. Perhaps you didn't know it at the time, but it was.

Now, people who invest in Kraken are buying your own bad Pirate debt, allowing you to pay off old investors. Using new investment money to pay off old investors is a Ponzi, unless you believe there's a legitimate investment in the chance of a Pirate payback.

So essentially, you're back where you started, getting people to invest in the hopes Pirate will pay off and using money from new investors to pay back old investors.

Please correct me if my understanding is wrong. Details on Kraken are sparse, so all I can do is speculate. It seems that before you were passing on a con (not realizing people were borrowing to invest in Pirate, not realizing Pirate was totally unreliable), but it now seems you are running the con (you know Pirate is totally unreliable and yet you are selling his debt to pay off past investors who you've already defaulted on).

[Bitcoin Oz]

Seems Kraken has failed to pay any interest this week.

[wachtwoord]

Seems Kraken has failed to pay any interest this week.

Incorrect

[bigbox]

Seems Kraken has failed to pay any interest this week.

Newsletter has just been sent, and about to do the payments for the week (0.4826%).

Patrick sent out interest less than 2 days ago.  You were the very next person to reply in the Kraken thread after he made the payment statement.

[c4n10]

Hello,

I was linked here by member Chang Hum who told me you may be able to help me with a 100 BTC loan...

I am willing to provide my name, address, phone number, email, HD color photo of my ID, HD color photo of my Social Security card and references along with video/photo proof that I am the person I am identifying myself to be (i.e. a picture or photo of me holding my identification with a name card proving my forum identity).

Additional details on my loan request are posted here: https://bitcointalk.org/index.php?topic=110905.0

Thank you for your time and consideration!!!

[BTCHero]

Hello,

I was linked here by member Chang Hum who told me you may be able to help me with a 100 BTC loan...

I am willing to provide my name, address, phone number, email, HD color photo of my ID, HD color photo of my Social Security card and references along with video/photo proof that I am the person I am identifying myself to be (i.e. a picture or photo of me holding my identification with a name card proving my forum identity).

Additional details on my loan request are posted here: https://bitcointalk.org/index.php?topic=110905.0

Thank you for your time and consideration!!!

What's wrong with you

[c4n10]

Hello,

I was linked here by member Chang Hum who told me you may be able to help me with a 100 BTC loan...

I am willing to provide my name, address, phone number, email, HD color photo of my ID, HD color photo of my Social Security card and references along with video/photo proof that I am the person I am identifying myself to be (i.e. a picture or photo of me holding my identification with a name card proving my forum identity).

Additional details on my loan request are posted here: https://bitcointalk.org/index.php?topic=110905.0

Thank you for your time and consideration!!!

What's wrong with you

Well, when I read the sticky thread at the top of the board (the one labeled "How to Request a Loan" it says to be ready to give my SSN. When trying to borrow money?BTC it is important to be able to establish your identity...

[Trance104]

I noticed that you're still paying interest to the accounts.

Perhaps you should consider lowering it to 0.5% weekly as opposed to 1%.

[PatrickHarnett]

I noticed that you're still paying interest to the accounts.

Perhaps you should consider lowering it to 0.5% weekly as opposed to 1%.

Currently 0.25% per week.

[Haplo]

I noticed that you're still paying interest to the accounts.

Perhaps you should consider lowering it to 0.5% weekly as opposed to 1%.

Currently 0.25% per week.

OP still says 1.0%.

[peasant]

Per month.

[PatrickHarnett]

Per month.

Fixed - the original post is buried somewhere in the preceding pages, and the clarification regarding monthly versus weekly didn't get updated in the OP.

[PatrickHarnett]

Currently processing payments (and waiting for some confirms) -both the scheduled interest and withdrawal requests.  I am also repaying several small accounts (less than 10 coins).  Balance table will updated shortly (done).

[dooglus]

Currently processing payments (and waiting for some confirms) -both the scheduled interest and withdrawal requests.  I am also repaying several small accounts (less than 10 coins).  Balance table will updated shortly (done).

Are you still paying interest on outstanding balances?  If so, how often?

[imsaguy]

Are you still paying interest on outstanding balances?  If so, how often?

He quite literally just answered this question:

I noticed that you're still paying interest to the accounts.

Perhaps you should consider lowering it to 0.5% weekly as opposed to 1%.

Currently 0.25% per week.

[PatrickHarnett]

Currently processing payments (and waiting for some confirms) -both the scheduled interest and withdrawal requests.  I am also repaying several small accounts (less than 10 coins).  Balance table will updated shortly (done).

Are you still paying interest on outstanding balances?  If so, how often?

dooglus has a valid point that I will correct for next week - the accounts in the withdrawal pool were not accumulating interest (although I thought that point had been made), but given the greater length of time necessary to recover funds from people, that is unreasonable so I'll change it.

[dooglus]

Are you still paying interest on outstanding balances?  If so, how often?

He quite literally just answered this question:

I saw that answer, but I've not been getting interest.  Hence my question.

[Micon]

Patrick - Since you are still crediting Starfish accounts with interest, does this mean you plan to pay back all investors, in full (principle + interest) ?

If so when do you estimate you will complete the process? 

[jasinlee]

Holy crap, did you just see Micon ask a question that was like a non jerk would ask? Someone needs to block his account, it must have been hacked.

[Buffer Overflow]

Patrick - Since you are still crediting Starfish accounts with interest, does this mean you plan to pay back all investors, in full (principle + interest) ?

If so when do you estimate you will complete the process? 

Translation: "Patrick's still paying interest, that *really* irritates me. I know, I'll ask a innocent looking question so when he replies I can just retort with my same old stuff I've repeated over and over and over and over and over and over again. P.S. I hope it collapses soon. Won't affect me, but the temporary fun will fill a much needed void in my life."