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Author Topic: Hashkings Lending,Deposit 1.25% INSURED, ALL PPT ACCOUNTS CLOSING ON 8/19  (Read 87501 times)
JoelKatz
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September 08, 2012, 10:35:14 AM
 #401

If assistance is given to HK from other lenders then it makes sense to declare a default. People will then sell their debt back to the lending cartel at reduced rate.
I think that could be disastrous. A full default of an insured fund would cause even more of a run as people withdraw their bitcoins from everywhere because they don't know who will default next.

I am an employee of Ripple.
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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1481061998
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Bitcoin Oz
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Wat


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September 08, 2012, 11:54:11 AM
 #402

If assistance is given to HK from other lenders then it makes sense to declare a default. People will then sell their debt back to the lending cartel at reduced rate.
I think that could be disastrous. A full default of an insured fund would cause even more of a run as people withdraw their bitcoins from everywhere because they don't know who will default next.



This could get very nasty very fast.

BTCHero
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September 08, 2012, 03:01:15 PM
 #403

10:23:39 < hashking> I'm not running like pirate.  That is for sure.

The flip side.  Huh

Still selling my hashking debt 85 btc for 109+ hashking debt.

salty
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September 08, 2012, 05:03:06 PM
 #404


from #btcst an hour ago...

hashking> Go ahead Bane.  I would like to see what judge wouldn't laugh you out of the court room when you try and sue someone for bitcoin.




I have a bad feeling about this Sad

I've been logging #bitcoin-otc all day looking for news and he's on #btcst Sad That's typical of me.
greyhawk
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September 08, 2012, 05:11:08 PM
 #405

who will default next.


All of them.
OneEyed
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September 08, 2012, 05:23:09 PM
 #406

It appears that interest payments have been stopped on all accounts.
Looking forward to the update from HK.

I'm not looking forward to the update.

from #btcst an hour ago...

hashking> Go ahead Bane.  I would like to see what judge wouldn't laugh you out of the court room when you try and sue someone for bitcoin.

I have a bad feeling about this Sad

In France, for any criminal case (theft is one of them), the district attorney decides whether an investigating magistrate should be designed to supervise the investigations or not (in which case, it means the state is not willing to go after the alleged, known or unknown, perpetrator). However, in case of a negative answer, the victim can choose to go forward anyway. In this case, the district attorney must design an investigating judge, and the judge must do whatever it takes to identify the alleged perpetrator such as asking for connection logs, domain name ownership information, and so on (even if he lives abroad, thanks to treaties between cooperating countries).

At the end of the investigation, the judge decides if the alleged perpetrator (if he has been identified) should be sent to trial or not, according to what has been uncovered. But in any case, the plaintiff and his lawyers will be given access to the investigation results. They may even request that the investigating judge starts some procedures that they deem useful to retrieve the identity of the alleged perpetrator, or to prove that the criminal behavior took place.

If the alleged perpetrator does not attend his trial, he can be sentenced anyway, and a warrant will be issued if he got jail time.

Buffer Overflow
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September 08, 2012, 05:49:11 PM
 #407

I will post an update tomorrow.  

We are ready when you are for the update hashking.

hashking
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September 08, 2012, 09:13:53 PM
 #408

I will currently be suspending all interest payments and withdrawals.  
As I receive coins from the various things that I have going on I will start sending people's principal back.  I will also be purchasing coins from my personal
funds.  Interest that has been paid out will be deducted from the current principal.  The reason for this is I would like to get everyone's principal
back before anyone receives anymore interest.  I am not able to give a timeframe on the repayment as there is alot of factors that can effect it.  I know for sure it won't be
weeks or months, but more then likely in the ballpark of 3 years.  

Why did this happen?

Over the last several weeks, I have had alot of depositors request their funds back with no new deposits.  I have been able to process these requests up until now.  I was also buying mining equipment and had some bad luck with some of the new vendors on the forum.  I put in some large orders that I never received the equipment in a timely manner, received equipment that really didn't work up to spec, or was forced to take a refund at a higher BTC price.  Finally I did make a mistake and invest a portion of the funds in BTCST along with with some personal funds.  

I do feel very bad that this has turned out this way.  I will do whatever I can to get everyone paid back.  I am also at a personal loss.  Payments will start going out Monday 9/8/12 9/10/12 EDIT.  This will be a slow process, so please be
patient.  
TehZomB
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September 08, 2012, 09:18:22 PM
 #409

I will currently be suspending all interest payments and withdrawals.  
As I receive coins from the various things that I have going on I will start sending people's principal back.  I will also be purchasing coins from my personal
funds.  Interest that has been paid out will be deducted from the current principal.  The reason for this is I would like to get everyone's principal
back before anyone receives anymore interest.  I am not able to give a timeframe on the repayment as there is alot of factors that can effect it.  I know for sure it won't be
weeks or months, but more then likely in the ballpark of 3 years.  

Why did this happen?

Over the last several weeks, I have had alot of depositors request their funds back with no new deposits.  I have been able to process these requests up until now.  I was also buying mining equipment and had some bad luck with some of the new vendors on the forum.  I put in some large orders that I never received the equipment in a timely manner, received equipment that really didn't work up to spec, or was forced to take a refund at a higher BTC price.  Finally I did make a mistake and invest a portion of the funds in BTCST along with with some personal funds.  

I do feel very bad that this has turned out this way.  I will do whatever I can to get everyone paid back.  I am also at a personal loss.  Payments will start going out Monday 9/8/12.  This will be a slow process, so please be
patient.  


At the very least, I appreciate you being transparent and sticking around. Hopefully it won't take 3 years to pay everyone back, but better late than never. This still doesn't excuse you lying to get deposits.

LoweryCBS
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September 08, 2012, 09:19:11 PM
 #410



Good, you will personally make sure we get our principal BACK - that's the "Insured" part, or return OF principal.

Ok, so we are still ACCRUING interest on unpaid balances? That would be the "Guaranteed" part, or return ON principal.


I will currently be suspending all interest payments and withdrawals.  
As I receive coins from the various things that I have going on I will start sending people's principal back.  I will also be purchasing coins from my personal
funds.  Interest that has been paid out will be deducted from the current principal.  The reason for this is I would like to get everyone's principal
back before anyone receives anymore interest.  I am not able to give a timeframe on the repayment as there is alot of factors that can effect it.  I know for sure it won't be
weeks or months, but more then likely in the ballpark of 3 years.  

Why did this happen?

Over the last several weeks, I have had alot of depositors request their funds back with no new deposits.  I have been able to process these requests up until now.  I was also buying mining equipment and had some bad luck with some of the new vendors on the forum.  I put in some large orders that I never received the equipment in a timely manner, received equipment that really didn't work up to spec, or was forced to take a refund at a higher BTC price.  Finally I did make a mistake and invest a portion of the funds in BTCST along with with some personal funds.  

I do feel very bad that this has turned out this way.  I will do whatever I can to get everyone paid back.  I am also at a personal loss.  Payments will start going out Monday 9/8/12.  This will be a slow process, so please be
patient.  

peasant
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September 08, 2012, 09:19:51 PM
 #411

Good luck, hope you get it figured out.
gene
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September 08, 2012, 09:30:57 PM
 #412

I am not able to give a timeframe on the repayment as there is alot of factors that can effect it.  I know for sure it won't be weeks or months, but more then likely in the ballpark of 3 years.

[...]

This will be a slow process, so please be patient. 

 Smiley

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dust
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September 08, 2012, 09:34:22 PM
 #413

To be fair, he said the deposits were insured, but didn't specify the timeframe that the insurance would be paid out over.  You are lucky it isn't 30 years.   Roll Eyes

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gene
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September 08, 2012, 09:37:20 PM
 #414

To be fair, he said the deposits were insured, but didn't specify the timeframe that the insurance would be paid out over.  You are lucky it isn't 30 years.   Roll Eyes

 Cheesy

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TehZomB
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September 08, 2012, 09:42:45 PM
 #415

To be fair, he said the deposits were insured, but didn't specify the timeframe that the insurance would be paid out over.  You are lucky it isn't 30 years.   Roll Eyes

I don't think I've seen a post where your avatar has been more appropriate.

P4man
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September 08, 2012, 09:44:30 PM
 #416

3 years? LOL. What happens if bitcoin goes over $100 in 3 years, it becomes 30 years?

salty
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September 08, 2012, 09:45:25 PM
 #417



Good, you will personally make sure we get our principal BACK - that's the "Insured" part, or return OF principal.

Ok, so we are still ACCRUING interest on unpaid balances? That would be the "Guaranteed" part, or return ON principal.


Well principal only is 'good enough', a bit inconvenient, but hey. On the bright side, what's your deposit going to be worth in 3 years? Hang on.... I see a problem....
alexmat
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September 08, 2012, 09:46:42 PM
 #418

What kind of numbers are you dealing with?

What is the total amount of BTC you need to repay?

BorderBits
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September 08, 2012, 09:46:59 PM
 #419

"Insured" lmao.  Funny how insured in BTC-land means "Don't worry, I totally won't just rip you off!  I PROMISE!"  If these deposits are "insured," why wouldn't the entity insuring them start processing claims immediately?  
wachtwoord
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September 08, 2012, 10:08:18 PM
 #420

To be honest I am quite angry at this. By investing the funds with BS&T yo were essentially defrauding your lenders. I would have preferred investing it with Pirate for 7% instead of the 1.9% I got now (at the same risk!) for my locked in period of 8 weeks which would expire in 1.5 week (in fact I could have better invested in your PSTs). I invested with you to spread my risk which I appearently havent done thus far.

But having sad this, what i your actual repayment plan (as in repayment percentage per week and total outstanding obligations)? You're saying you are deducting interest from the current balnce to retun to principal but are you intending to only repay that? In tun having acquired a free loan to gamble at my expense. Additionally, are you proposing to pay interest on the outstandin balances? Finally becaue  did not invest in a PST via you I would also like my repayment to have precedence aboce those hat do.

You are handling this better and more transparent tha Pirate but at this point that is the only positve thing I can ay. I feel I have been scammed.

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