As for him paying back slowly; so are a few other labeled scammers. Im all for removing the tags once they paid everything back.
Exactly. The problem here is that he's not even making enough payments to cover interest.
Here's his scam in simple terms:
I. Do the Peter Lambert thing: pretend like you know what you're doing, give out ratings, all that jazz.
II. Take deposits, recallable on demand, at a reasonable rate (1% was, back in August, pretty much tiny).
III. Refuse to repay deposits.
IV. Make a "best effort" repayment of about .9% a week.
This is an out and out scam. Better designed than pirate's, sure, but just as much a scam.
The only other way you could look at it would be "How to sell miner bonds without any miner gear, and without the risk of difficulty dropping". Also a scam.
I'd say there's a bit a difference between PH who's paid back half the money and is making reasonable progress
To date, he's paid
less than half the interest or something like 3% of the money. Do the math eh?
Each side had substantially the same information and made substantially the same mistake.
No, seriously, what are you talking about? How does each side have substantially the same information?
At this point, what exactly is your relationship to the scammer? Are you being paid to shill?
Patrick claims he has been making reasonable payments on all his outstanding debt. I have no idea how much debt he has outstanding or what kinds of payments he has been making.
Quite willful ignorance from someone who's contributed half the words to this thread. The numbers are staring you in the face: 500 BTC going out from lender to borrower. ~15-20 BTC coming out from borrower to lender, two-three months later.
500 * 1.01^14 = 574.7371066; 20 / 574.737106619 = 0.034798519. Was that so hard?
And finally, to the scammer himself, who "is not going to fan the flames": fuck you, asshole.