7-day auction: 1784.38 BTC in Shakaru debt

[Jake]

37 BTC.

[BurtW]

It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt

burt=shakaru -    that's one of the funniest things I have ever heard

would bid but not against friends...

You can bid now!  Unless Jake is another friend...

[reeses]

At the right price, it becomes worth it to me (or anyone) to seize his property or provide material support to imsaguy (if this debt is no longer severable from the class of creditors) to do the same.  I'll take a chunk of the restitution funded by the forfeiture of his car, his computer, or his vintage prurient daguerrotype collection, if such were to exist.

Since there is no security in place through a binding contract any such action would get you arrested.

I love Internet lawyers.  Especially ones who make up laws in their heads.

[reeses]

Not knowing all the terms of the pooled repayment system that imsaguy worked out with creditors, what leverage is there in terms of collections?

By this I mean purely legal means, not illegal harassment.

As with anything BTC related absolutely nothing guarantees it he can walk away from his obligations any time he wants.

That's not at all true.

I'm asking about the original contract.  If I'm burdened by clauses such as "I will never file a lien against your property or seize assets," my ability to apply pressure to encourage remuneration is reduced, as would be my bid for this debt.

At the right price, it becomes worth it to me (or anyone) to seize his property or provide material support to imsaguy (if this debt is no longer severable from the class of creditors) to do the same.  I'll take a chunk of the restitution funded by the forfeiture of his car, his computer, or his vintage prurient daguerrotype collection, if such were to exist.

So, DILLIGAF, since you don't know anything about the question I asked, I will ask more specifically.

payb.tc or imsaguy, were there any agreed upon or otherwise implied terms limiting the means of recapture of value in the event of a default?  Was the original agreement priced in fiat, even indirectly?  (As in "x USD in BTC")

Gracias!

the original contract was for a 20GH/s rig for 6 months. i paid 1800 BTC for this back in september. there was no paper agreement, no signatures. this was done through the forum and a little conversation over the phone.

although the initial price was worked out on the basis of his USD figures, the original rounded price quoted to me and paid by me was the flat BTC figure. the returns to be generated were purely going to coins coming off the hashes... at no stage did i ever figure USD into my investment, i just wanted to grow my coinage.

Perfect, thanks.

[stochastic]

It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt

Is he even allowed to bid?

I thought about this, him bidding on his own debt will only push up the amount higher. Assuming he has the money he should let someone else win, then just pay it off. Why keep bidding it up, seems silly:/

People do this often.  Shakaru still owes the total original debt and anyone that purchases the debt is entitled for shakaru to pay them all the debt that shakaru now owes the new loan holder.  Just because someone buys the debt for any amount below the original debt amount does not mean shakaru can lessen the debt he owes.

In America, people lose their homes if they don't pay their mortgage or property tax bill and the property is auctioned off.  The owner is entitled to bid on the house and is usually encouraged to do so by their lawyer.

[BurtW]

37 BTC.

I am off the hook.  Now Jake = shakaru

[jamesg]

50 BTC

[znort987]

55 BTC

[likuidxd]

50 BTC

 
Just last week you wanted out of this

[jamesg]

50 BTC

 
Just last week you wanted out of this

To good a deal to pass up at 50 BTC.

[El Cabron]

It would be one of the greatest heists in the bitcoin community if shakaru ends up winning this auction below his original debt

Is he even allowed to bid?

I thought about this, him bidding on his own debt will only push up the amount higher. Assuming he has the money he should let someone else win, then just pay it off. Why keep bidding it up, seems silly:/

People do this often.  Shakaru still owes the total original debt and anyone that purchases the debt is entitled for shakaru to pay them all the debt that shakaru now owes the new loan holder.  Just because someone buys the debt for any amount below the original debt amount does not mean shakaru can lessen the debt he owes.

In America, people lose their homes if they don't pay their mortgage or property tax bill and the property is auctioned off.  The owner is entitled to bid on the house and is usually encouraged to do so by their lawyer.

Yeah. My brain was not working when I said that. I'm normally pretty sharp on this sorta stuff, lol. Sorry for the fail.

[John (John K.)]

I see so much shakarus 

[teek]

60 btc

[Brian DeLoach]

75 btc

[Clipse]

7500 mBTC

[Freeway]

7500 mBTC

lol...watching

[Bitsinmyhead]

Posting this summary about the shakaru situation here so everyone has the same info about this debt:

-August 2011 shakaru sold mining contracts for 45+GH/s, for a total of more than $20 0000.
-Shakaru also started the two GLBSE companies SDM and SDM.LEVA, I am not sure how much he got from this, but he never bought the mining equipment the company contracts stated he was supposed to buy. These contracts are very clear and shakaru took the money from the IPOs and used it on personal stuff. Clear theft.
-Only a few of the smaller contracts ever started up, but they did not run for long.
-I had paid extra to be able to log into my mining rig remotely. I tried to do this one day after the rig had not been working for a few days. What I found was the rig mining on shakaru's own deepbit account.
-Shakaru has given various excuses for the problems, often changing his story, blaming it on other people scamming him, blaming it on the electricity company etc. Many of the stories have been totally unrealistic and many of them have been exposed as pure lies. For example, he blamed the forum user mrbashfoo for running of with 4 4U racks of hardware, 15 x 5830 graphic cards and more, but it turned out the only hardware mrbashfoo had gotten from shakaru was some stuff he was going to throw away.
-Trying to get shakaru to pay his debt has been a pure nightmare. Him dodging PMs, e-mails and Skype IMs. Always lying about when he could send you a few coins etc.
-It turns out that in addition to selling the mining contracts he has also been taking loans from various forum members, even when he knew he could not pay them back.

From freeway we have learned:
-Shakaru stole rent money that was given to him, and did not pay the rent resulting in them being evicted.
-He has  spent a lot of money at the bar during this period.
-Shakaru bought a lot of very nice Christmas gifts this past Christmas.
-He never had mining equipment that could produce anywhere near the 45GH/s contracts he sold.
-At the moment he does not have anything of value or any mining rigs, he is broke.

All in all shakaru is a theif, pathological liar and a scammer. I do not think anything he says should be trusted. The only way I see him getting hold of any money to pay back his debt is if he runs another big scam here. That is why I am warning everyone about him. I do not like that he is running a trading bot at GLBSE and I think there is a good chance he will just steal all the money put into it.

[payb.tc]

again thanks everyone for bumping the thread... i should get this kind of drama going in all my auctions

blah blah blah

[eroxors]

Interesting thread. Best of luck to you payb.tc.

[payb.tc]

Interesting thread. Best of luck to you payb.tc.

thanks! and thanks to amazingrando it just got ~3 btc more valuable: https://bitcointalk.org/index.php?topic=65989.msg837285