However, I truly hate to see Patrick's name being drug through the mud.
When you run a high-profile "credit-rating" and "investment" operation without explaining what is going on and failing to answer simple questions, you must expect your reputation to suffer.
FWIW, I don't think for a second think he is scamming anybody. I know everybody said the same thing about Pirate, but I believe that 1% a week (R.I.P. Starfish 
), as outrageous an IRL rate as it may be, is very manageable given what I've gathered about the lending economy here. For now, at least. Of course it isn't (wasn't) risk-free, but Patrick seems intent on treating his depositors right, even when it costs him.
Why anyone (besides a miner) would borrow bitcoins is beyond me, though. Scary bull market is scary.
), as outrageous an IRL rate as it may be, is very manageable given what I've gathered about the lending economy here. For now, at least. Of course it isn't (wasn't) risk-free, but Patrick seems intent on treating his depositors right, even when it costs him.Why anyone (besides a miner) would borrow bitcoins is beyond me, though. Scary bull market is scary.
"Ourageous" yet "very manageable."
What is it about bitcoin that makes people suspend all disbelief and take on magical, pixie dust thinking?Look, the reality is simple but ugly: the "lending economy" here is a cesspool of scams.