Dank Bank Deposits - dank's soul is claimed! - New music Nov 30th

[AndyRossy]

4 BTC of it.  I have 45.81 50 BTC in a my wallet. dank banks wallet to cover the 212BTC deposited. Which is, like the other 162BTC, being invested.

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[dank]

http://www.2shared.com/audio/xpWArMZJ/Untitled__53_.html
http://www.2shared.com/audio/_jeDqlKZ/Untitled__54_.html
http://www.2shared.com/audio/jvg61B78/Untitled__62_.html
http://www.2shared.com/audio/HHJHhtvX/Untitled__59_.html
http://www.2shared.com/audio/NNU24HQD/Untitled__58_.html
http://www.2shared.com/audio/bDG0wckL/Untitled__56_.html
http://www.2shared.com/audio/iFUd2XnD/Untitled__55_.html

[Vod]

4 BTC of it.  I have 45.81 50 BTC in my wallet.

The definition of ponzi is using new money to pay back old debts.

You've just admitted you are running an (illegal) ponzi scheme.   

[dank]

Are you saying you'd prefer if I had lied instead?

Edit: see previous post.

[Rassah]

4 BTC of it.  I have 45.81 50 BTC in my wallet.

The definition of ponzi is using new money to pay back old debts.

You've just admitted you are running an (illegal) ponzi scheme.   

Thought this at first, too, but it's more complicated than that. Banks who only hold 10% of total deposits on reserve pay those wishing to withdraw with money from new depositors, too. I don't know how to differentiate that from a ponzi exactly.

[repentance]

4 BTC of it.  I have 45.81 50 BTC in my wallet.

The definition of ponzi is using new money to pay back old debts.

You've just admitted you are running an (illegal) ponzi scheme.   

Thought this at first, too, but it's more complicated than that. Banks who only hold 10% of total deposits on reserve pay those wishing to withdraw with money from new depositors, too. I don't know how to differentiate that from a ponzi exactly.

It's a bit more complicated than that.  Pure ponzis generally have few or no actual money-making operations - they're not paying their investors from returns on the money taken in but almost purely from the funds of new subscribers.

What dank seems more likely to be doing at the moment is more akin to taking out pay-day loans.  When his income from all sources is insufficient to meet his interest/repayments, he uses a portion of new loans to cover the short-fall.  As with real world pay-day loans, this can become a vicious cycle which will collapse on itself unless dank can dramatically increase his income from all sources without increasing his debt.  The fact that he needs to use any portion of new loans to pay back old ones means that his basic model is unsound - if it wasn't, there'd be no shortfall in the first place.

[dank]

Yes, which is what I'll do.  It's sound though, because it works off karma.  As long as I don't put out bad karma, Dank Bank will continue to successfully provide the funds needed in my life.

[repentance]

Yes, which is what I'll do.  It's sound though, because it works off karma.  As long as I don't put out bad karma, Dank Bank will continue to successfully provide the funds needed in my life.

So what bad karma did you put out to attract the shortfall last time?

[dank]

Yes, which is what I'll do.  It's sound though, because it works off karma.  As long as I don't put out bad karma, Dank Bank will continue to successfully provide the funds needed in my life.

So what bad karma did you put out to attract the shortfall last time?

What shortfall?

[repentance]

Yes, which is what I'll do.  It's sound though, because it works off karma.  As long as I don't put out bad karma, Dank Bank will continue to successfully provide the funds needed in my life.

So what bad karma did you put out to attract the shortfall last time?

What shortfall?

You had to use 4BTC of a new investment to pay an old loan.  That is a shortfall.

[dank]

I had over $200 in my bank account and BTC invested in other commodities.  That's not a shortfall.

[repentance]

I had over $200 in my bank account and BTC invested in other commodities.  That's not a shortfall.

At the very least it's a liquidity problem.  You were not able to meet your obligations without using a new investor's funds.  You are paying weekly interest on that 4 BTC even though you no longer have it and it's not being invested on your latest depositor's behalf - which means that you now have to find a way to fund the interest on those 4 BTC and eventually return the 4 BTC themselves, so you need to invest your last depositor's remaining BTC at a rate which will cover the missing 4 BTC plus the interest you've promised on them for the life of the loan.

If your system was working properly, the funds from your current investments would be sufficient to pay interest as it falls due and return principal when it's due without having to dip into the funds of new depositors.  If you can't do that and earn a profit for yourself on top of what you owe your depositors, then your scheme is not working properly. 

[Shadow383]

I had over $200 in my bank account and BTC invested in other commodities.  That's not a shortfall.

Question: Why do you need new deposits? I still don't understand what you're supposedly doing with all these funds.

[Bitcoin Oz]

I had over $200 in my bank account and BTC invested in other commodities.  That's not a shortfall.

Question: Why do you need new deposits? I still don't understand what you're supposedly doing with all these funds.

To pay out his old investors of course 

[repentance]

I still don't understand what you're supposedly doing with all these funds.

To be fair, it's not really "all these funds".  If dank's telling the truth, there's a whopping 212 BTC invested with him at the moment.  He claims to have some BTC invested in unspecified "commodities", and even average quality guitars don't come cheap.  Nor does babby's first rental home.  Someone has to pay the bills for our budding entrepreneur so he can sit around and be creative.

[dooglus]

It's sound though, because it works off karma.

That's all I needed to hear about the Dank Bank to decide whether to invest or not.

[🏰 TradeFortress 🏰]

RISKY

Dank has had problems paying back loans before
Reports of dank scamming people via graphics design jobs
Collateral is karma - yeah right.

[greyhawk]

Reports of dank scamming people via graphics design jobs

This is news to me and I can't stand being uninformed. Got a link?

[dank]

I had over $200 in my bank account and BTC invested in other commodities.  That's not a shortfall.

At the very least it's a liquidity problem.  You were not able to meet your obligations without using a new investor's funds.  You are paying weekly interest on that 4 BTC even though you no longer have it and it's not being invested on your latest depositor's behalf - which means that you now have to find a way to fund the interest on those 4 BTC and eventually return the 4 BTC themselves, so you need to invest your last depositor's remaining BTC at a rate which will cover the missing 4 BTC plus the interest you've promised on them for the life of the loan.

If your system was working properly, the funds from your current investments would be sufficient to pay interest as it falls due and return principal when it's due without having to dip into the funds of new depositors.  If you can't do that and earn a profit for yourself on top of what you owe your depositors, then your scheme is not working properly.  

I had money to cover the remaining 4 BTC, it just was in my bank account, not my wallet.  I really did not need the 4 BTC and it is my error for stating so.

I had over $200 in my bank account and BTC invested in other commodities.  That's not a shortfall.

Question: Why do you need new deposits? I still don't understand what you're supposedly doing with all these funds.

Because I am trying to expand as a person, more investments as business increases helps.

Dooglus, I suppose you don't believe in it then?

TradeFortress, let's not spread misinformation.  I haven't had an issue paying back a loan in over 4-6 months.  There was one (singular) report of a unsatisfied graphic design client, though if you read our discussions, you can clearly tell it was his fault for not replying to the preview I sent him.  I made the last communication and he never responded, then he accused me of scamming him when I very clearly was asking if the updated preview was sufficient to start coding.  I wouldn't start coding a project without knowing if it was to my client's standards.

[coinpeculiator]

Please would you name all your depositors so we can have their testimony, I'm sure they're all very happy and that would boost confidence in your Bank.