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

[vandordeak]

I will post an update tomorrow. 

I have 50 btc insured deposit with you too, which I can not withdraw. I am looking forward for the update tomorrow!

[nimda]

Hashking, why has my 8-week deposit of 1.9% dropped to

Weekly interest rate: 0%

Without notice?

[Puppet]

Another one bites the dust?

[Justin00]

Is it just me... or do alot of the investing ppls seem to be having issues... around the same time... pirate... has issues.... ?
I'm not implying anything.. just seems strange is all... Perhaps its what Kluge was saying about everyone wanting to withdraw at the same time.

I dont have anything with hashking, so apologies if my comments are out of line... just giving my observations... =)

[matthewh3]

If you mean the PPT, you can pretty much write that one off. It's becoming suspiciously clear that pirate was putting all the money in the 'ZeekRewards' ponzi. It could take months/years for pirate to claim back any money which would be in USD. He then would have to buy bitcoins with it to pay us. The price of bitcoins could be anything then.

If its any consolation pirate probably has very little money left as it would all be invested.....

Yeah but he probably made 'lots' on the back of everyone else.  I wouldn't be surprised if he had at least $1,000,000 in cash or bitcoin profits he made hidden away.

[DeaDTerra]

Is it just me... or do alot of the investing ppls seem to be having issues... around the same time... pirate... has issues.... ?
I'm not implying anything.. just seems strange is all... Perhaps its what Kluge was saying about everyone wanting to withdraw at the same time.

I dont have anything with hashking, so apologies if my comments are out of line... just giving my observations... =)

It's basically a bank run which causes a liquidity squeeze. Normally when this happens in real life we start printing money xD
But we are in the Bitcoin world so that's not really a option :8
//DeaDTerra

[Buffer Overflow]

Yes, my guess is he's definitely having liquidity issues. Looks like we're going to have to test out the old 'Guaranteed Fully Insured' part of the deal.

But lets wait till tomorrow till he posts his update, and we'll know more.

[BTCHero]

Selling my hashking debt.  Approximately 109 btc.  I want 95.

[Vorksholk]

Odd, I have a deposit with 0% interest?

Deposit of 31    btc.
Deposit made on: 2012-07-16
Weekly interest rate: 0%
Weekly or compound interest: Compound
Current total(deposit + interest earned): 35.36559603    btc
Locked in until: 2012-09-10

[blazing]

Odd, I have a deposit with 0% interest?

Deposit of 31    btc.
Deposit made on: 2012-07-16
Weekly interest rate: 0%
Weekly or compound interest: Compound
Current total(deposit + interest earned): 35.36559603    btc
Locked in until: 2012-09-10

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

[Buffer Overflow]

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.

[blazing]

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.

[JoelKatz]

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.

[Bitcoin Oz]

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]

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

The flip side. 

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

[salty]

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

I've been logging #bitcoin-otc all day looking for news and he's on #btcst That's typical of me.

[greyhawk]

who will default next.

All of them.

[OneEyed]

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

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]

I will post an update tomorrow.  

We are ready when you are for the update hashking.

[hashking]

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.