[GLBSE] BDT - 3% weekly interest bond, backed by Bitdaytrade

[Bjork]

Today I went to the police station and report him for fraud!

I hope not, because he (maybe?) looks like he is committing to paying back the debt.

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[bitdaytrade]

Today I went to the police station and report him for fraud!

This will only slow down debt repayment process as i will have to eventually allocate funds for legal defense/attorney.

[Eisenhower34]

Today I went to the police station and report him for fraud!

This will only slow down debt repayment process as i will have to eventually allocate funds for legal defense/attorney.

Or maybe you show some good faith and pay back a more significant amount. 2% dept repayment in like 4 months aint much considering all the cutbacks we accepted. (no 3% weekly interest, redenomination in USD with a pretty low exchange rate) Im sure BTCGOLD will back down.

[exahash]

Today I went to the police station and report him for fraud!

This will only slow down debt repayment process as i will have to eventually allocate funds for legal defense/attorney.

You're looking at it all wrong.

If you *hurry up* and make good on your debt, you won't have to hire an attorney. 

Paying sooner is what will save you money.

[IIOII]

To sum up the current situation:

The scammer Alberto Armandi got effective debt relief from Meni by negotiating a fixed BTC exchange rate at $12 on his promise to pay back funds on a reliable schedule.

The scammer Alberto Armandi promised on or before 5th of December to repay BTC 200 within a week.

The scammer Alberto Armandi has payed BTC 100 so far.

The scammer Alberto Armandi has promised to pay a further BTC 150 within a few days.

Until now, the scammer Alberto Armandi has not payed.

The scammer Alberto Armandi threatens to use funds owed for his legal defence.

[Meni Rosenfeld]

Alberto has paid additional 25 BTC, and says more should come soon.

In other news, I got a full list of bondholders from Nefario. A few payment addresses are still missing which I am working on reconstructing by mailing the bondholders. In a few days I should finish integrating the new data and dispense the latest payment to previously and newly confirmed bondholders.

[Equilux]

Alberto has paid additional 25 BTC, and says more should come soon.

In other news, I got a full list of bondholders from Nefario. A few payment addresses are still missing which I am working on reconstructing by mailing the bondholders. In a few days I should finish integrating the new data and dispense the latest payment to previously and newly confirmed bondholders.

Good to hear Meni, at least the GLBSE part will be behind us.

[Bjork]

Anything new?

[Meni Rosenfeld]

Anything new?

Not yet.

[IIOII]

As it turns out again, Alberto's word is worth nothing.

He negotiated debt relief (fixed USD/BTC exchange rate) based on empty promises. If he ever pays any significant amount it will be certainly only at a much higher USD/BTC exchange rate - allowing him to retain most of his fraudulently obtained BTC.

I will not accept this. I've set my personal deadline in this case. After the deadline without significant and reliable progress in repayment, irreversible action will be taken without further announcement.

[Meni Rosenfeld]

He negotiated debt relief (fixed USD/BTC exchange rate) based on empty promises. If he ever pays any significant amount it will be certainly only at a much higher USD/BTC exchange rate - allowing him to retain most of his fraudulently obtained BTC.

This argument makes no sense. The USD/BTC exchange rate can either go up or down. Fixing the debt at a given USD/BTC rate is the logical thing to do, not having done that sooner was a mistake.

I will not accept this. I've set my personal deadline in this case. After the deadline without significant and reliable progress in repayment, irreversible action will be taken without further announcement.

I'm trying to work towards people getting back as much of the debt as possible. Can you explain what your proposed course of action would accomplish?

[IIOII]

He negotiated debt relief (fixed USD/BTC exchange rate) based on empty promises. If he ever pays any significant amount it will be certainly only at a much higher USD/BTC exchange rate - allowing him to retain most of his fraudulently obtained BTC.

This argument makes no sense. The USD/BTC exchange rate can either go up or down. Fixing the debt at a given USD/BTC rate is the logical thing to do, not having done that sooner was a mistake.

It makes perfect sense, since Alberto did not agree or does not comply to a reliable repayment schedule. So (if he does at all) he will repay only if the exchange rate is in his favor.

I will not accept this. I've set my personal deadline in this case. After the deadline without significant and reliable progress in repayment, irreversible action will be taken without further announcement.

I'm trying to work towards people getting back as much of the debt as possible. Can you explain what your proposed course of action would accomplish?

I appreciate your efforts. But I think they lack effectiveness. As my expectation of repayment of any significant proportion of the funds decreases, the importance of holding the fraudster liable increases regardless of a possible influence on the chances of repayment.
Alberto can still stick to his words and implement a more reliable repayment schedule. But I certainly will not watch the current delaying game go on forever.

[Meni Rosenfeld]

I will not accept this. I've set my personal deadline in this case. After the deadline without significant and reliable progress in repayment, irreversible action will be taken without further announcement.

I'm trying to work towards people getting back as much of the debt as possible. Can you explain what your proposed course of action would accomplish?

I appreciate your efforts. But I think they lack effectiveness. As my expectation of repayment of any significant proportion of the funds decreases, the importance of holding the fraudster liable increases regardless of a possible influence on the chances of repayment.
Alberto can still stick to his words and implement a more reliable repayment schedule. But I certainly will not watch the current delaying game go on forever.

There are some plans he told me about, I will bring your feedback to his attention and see if he has any ability to expedite the plans or to affirm his intention to go along with them.

[Eisenhower34]

I will bring your feedback to his attention and see if he has any ability to expedite the plans or to affirm his intention to go along with them

Like his word would count anything anymore... He missed several of his own deadlines. Maybe he should let actions follow his words and start to pay some more significant amounts...

[dopamine]

Is this guy in jail yet?

[Meni Rosenfeld]

Alberto sent 50 additional BTC, which I will soon distribute. He asked me to relay that he is working hard on obtaining more, which I hope will soon follow.

Update Jan 27 2013: Sent, http://blockchain.info/tx/cf12de9dd02e04a3eea509146c261fc9bc5548ff88eb75a90cb592a10b4778f8. Counts as $0.12 per bond, $11.5656 remaining.

[Bjork]

Alberto sent 50 additional BTC, which I will soon distribute. He asked me to relay that he is working hard on obtaining more, which I hope will soon follow.

At least he is still trying. 

[memvola]

Alberto sent 50 additional BTC, which I will soon distribute. He asked me to relay that he is working hard on obtaining more, which I hope will soon follow.

At least he is still trying. 

If you are a cold blooded swindler, you could put a few hundred coins aside from your plunder to feed the claimants slowly until they get tired and lose focus. I'm not saying this is the case, but if it is, being sympathetic to his situation only helps.

[IIOII]

Alberto sent 50 additional BTC, which I will soon distribute. He asked me to relay that he is working hard on obtaining more, which I hope will soon follow.

At least he is still trying. 

If you are a cold blooded swindler, you could put a few hundred coins aside from your plunder to feed the claimants slowly until they get tired and lose focus. I'm not saying this is the case, but if it is, being sympathetic to his situation only helps.

+1

What we've seen so far is the classical pattern of one of the most common scamming strategies:

1. Being always nice to creditors.
2. Pointing at special circumstances and extraordinary difficulties which hinder repayment.
3. Nonetheless emphasizing one's will to repay.
4. Making up stories how repayment could be accomplished. (Which never materialize.)
5. Promising to pay "soon", but never agreeing on a reliable schedule.
6. Doing minuscule repayments in an irregular fashion with increasing time span in between and decreasing amounts.

All this serves the purpose for the scammer to present himself as a victim of adverse fate to prevent serious action by the creditors. At the same time creditors get exhausted crawling towards the Fata Morgana of repayment created by the scammer.

Time = money. Thats a simple equation which is also valid for scammers.
(In this case even more so, as the BTC debt has been converted to USD.)

[MPOE-PR]

All this serves the purpose for the scammer to present himself as a victim of adverse fate to prevent serious action by the creditors. At the same time creditors get exhausted crawling towards the Fata Morgana of repayment created by the scammer.

It also only works on idiots.