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Author Topic: Hashkings Lending,Deposit 1.25% INSURED, ALL PPT ACCOUNTS CLOSING ON 8/19  (Read 93214 times)
hashking
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September 08, 2012, 09:13:53 PM
 #401

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.  
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TehZomB
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September 08, 2012, 09:18:22 PM
 #402

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
 #403



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.  

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September 08, 2012, 09:19:51 PM
 #404

Good luck, hope you get it figured out.
gene
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September 08, 2012, 09:30:57 PM
 #405

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
 #406

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
 #407

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
 #408

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
 #409

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
 #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.


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
 #411

What kind of numbers are you dealing with?

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

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BorderBits
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September 08, 2012, 09:46:59 PM
 #412

"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
 #413

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.
P4man
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September 08, 2012, 10:12:12 PM
 #414

I feel I have been scammed.

Thats probably because you have been scammed:

Quote
If someone is in need to make a withdrawl of bitcoins there is a 24 hour waiting period.  Most withdrawls will be returned sooner as long as I'm not sleeping.  All my depositers funds are 100% guaranteed and will not lose any funds due to any defaults

alexmat
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September 08, 2012, 10:15:18 PM
 #415

Yeah, things are looking pretty bleak. Let's see what happens Monday.

@@ BM-2cStAtc2gJmss5gr1EX8sQj3LvaaPFW2Zn @@
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September 08, 2012, 10:19:07 PM
 #416

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.

I agree with the one above. I was miss leaded. I did put some money to pirate too but I know that  is not insured, so will be tricky. The money I gave you I did not want to go to pirate. If I want that I could do that without transferring the extra 5% profit to you.

If you deliver on your newest promises at least we will be covered partly for the guarantee you claimed we have. In this case you cheated some interest free loan "only"

Provide us with a detailed plan as soon as you can. If I would not be scammed I would put a please at the and of it, but I did not want to give you interest free loan at all so do everything you can to cover us.
alexmat
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September 08, 2012, 10:21:37 PM
 #417

If only there was a Bitcoin Central Bank that could print some more bitcoins to socialize our losses.

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gene
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September 08, 2012, 10:26:40 PM
 #418

I was miss leaded.

Maybe. But you allowed yourself to be mislead.

If only there was a Bitcoin Central Bank that could print some more bitcoins to socialize our losses.

This is one of the best features of bitcoin. I'll never be forced to subsidize the greed or idiocy of others.

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BadBitcoin (James Sutton)
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September 08, 2012, 10:27:11 PM
 #419

If only there was a Bitcoin Central Bank that could print some more bitcoins to socialize our losses.

and so the cycle continues.

Inb4 bitcoin fed
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September 08, 2012, 10:28:23 PM
 #420

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

I doubt it. It will collapse under the weight of scams and theft long before that.

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