Hashkings Lending,Deposit 1.25% INSURED, ALL PPT ACCOUNTS CLOSING ON 8/19

[runeks]

I have a pending "group repayment" of 0.00058447 BTC from my 10 BTC deposit.

[IveBeenBit]

All of a sudden, I'm really glad that I sold my "guaranteed" debt  (or is that "guaranteed debt?") @ 25% the day after HK announced.

[Vorksholk]

More than likely, he is doing just a 1BTC test payment for making sure the system is working correctly before dumping 300 BTC into a system he doesn't know will work right.

[throwaway]

Code:

Viewing deposit
Deposit of 50 btc.
Deposit made on: 2012-07-13
Weekly interest rate: 0%
Weekly or compound interest: Compound
Current total(deposit + interest earned): 49.99707762 btc

Payments sent
Details		Time			Address			Amount		Status
Group Repayment	2012-10-01 22:25:01	1L3qrm...Tbz7jbp	0.00292238 btc	Pending

Here's mine.

Edit: deposit #424

[drlatino999]

Deposit 64, 741, and 747 are all pending at this time.

[MrTeal]

More than likely, he is doing just a 1BTC test payment for making sure the system is working correctly before dumping 300 BTC into a system he doesn't know will work right.

Hope not, since a 1BTC test payment implies he still owes 17,109BTC. That's going to take a long time to mine.

[throwaway]

Just received the first payment.

[hashking]

The payment I sent out was a small test payment to everyone to make sure that everything works correctly. 

[Jurek]

Got it too.

[Buffer Overflow]

I see hashking sent the group payment in one transaction with multiple outputs. That means all the withdraw addresses have been revealed, so the total debt can be calculated.

http://blockchain.info/tx/3fa1ce3a403b19226a02223ca120aeca69fa1c535f4b6e41a364be103a09dec4

Of course, one of those outputs might not be a withdraw address and very likely a change address. Probably the 3.43700101 BTC output one.

I don't have time (or the will) to do all the percentages to work out the amount owed on each account. Anyone fancy doing it?

[wachtwoord]

I have received the test Payment, thank you Hashking.

Based on the info in the previous post total outstanding debt is ~34k BTC

[Buffer Overflow]

Based on the info in the previous post total outstanding debt is ~34k BTC

34K !!!   That explains why he kept quiet about it.

To keep within our 3 year target, he needs to payout approx BTC218 per week.

With difficulty about to explode into orbit, if he hasn't got some bad boy ASICs in the pipeline, I think we can all scrub out this 3 year plan. More like 300 years.  

[memvola]

34K !!!   That explains why he kept quiet about it.

To keep within our 3 year target, he needs to payout approx BTC218 per week.

With difficulty about to explode into orbit, if he hasn't got some bad boy ASICs in the pipeline, I think we can all scrub out this 3 year plan. More like 300 years.  

Even with ASICs, it's very hard to do through mining if Bitcoin continues to gain popularity.

One thing that can be done is an option to convert the debt to other currencies. Basically Hash agrees to convert Alice's 100 BTC debt to 1000 EUR. Alice buys 100 BTC with her 1000 EUR today, thereby making her initial 'BTC' investment whole. She then converts every payment she gets from Hash to EUR upon receipt. The obligation ends when Alice has been paid 1000 EUR.

If the payment will be made through mining, this will be the only approach to make it viable. Of course Alice will get more than 100 BTC if EUR/BTC exchange rate goes down, but it doesn't affect Hash because he will also be making more by mining.

The pro rata algorithm can remain based on the conventional "remaining BTC" balance and the converted account can be checked in parallel. This way, converting your account to an inflating currency would be favored.

[Jurek]

And how exactly did you

Based on the info in the previous post total outstanding debt is ~34k BTC

How exactly did you calculate that number?

[riX]

And how exactly did you

Based on the info in the previous post total outstanding debt is ~34k BTC

How exactly did you calculate that number?

Multiply every payout with [his deposit excluding paid out interest]/[his payout]. Exclude the change (3.43700101 BTC).
Total debt excluding interest 34218.52 BTC (might have some rounding error).

[Jurek]

Thanks.

Well that looks really bad, but why would he stay and send partial payments if he couldn't pay it? I hope hash knows what he is doing.

[Buffer Overflow]

Thanks.

Well that looks really bad, but why would he stay and send partial payments if he couldn't pay it? I hope hash knows what he is doing.

Well, his name and address is known. Also I don't think he's a bad guy. Just fucked up big time that's all.

Also I guess he's waiting for pirate to bail him out. 12th Oct will come and go. Another stall from pirate will materialize. Waiting for pirate is not an option.

[Jurek]

Also I guess he's waiting for pirate to bail him out. 12th Oct will come and go. Another stall from pirate will materialize. Waiting for pirate is not an option.

I agree.

I wonder though, why do pirate come back and promises to pay back if he can just run? Pirate's identity isn't known.

[HDSolar]

Also I guess he's waiting for pirate to bail him out. 12th Oct will come and go. Another stall from pirate will materialize. Waiting for pirate is not an option.

I agree.

I wonder though, why do pirate come back and promises to pay back if he can just run? Pirate's identity isn't known.

Are you kidding me, there are threads that not only list his identity but pictures of him and even people tracking down his family for answers.  If the person they are hunting down is not pirate there is a whole lot of people messing with some guys life in Texas for nothing.  Search for it, it is high drama.   

[Shadow383]

If it turns out that pirate was passing funds through to Zeek (which seems likely given his stated returns and the timing of his shutdown, just hours after Zeek fell) then it's possible that some part of the principle may be recoverable. Now, that's principle, not including massive interest payments, and even then only some small portion of it, and probably not for years yet.