In fact it has been long established legal practice (where "long" means > 100 years) in both civil and common law that any exchange which shows agreement between businessmen of the sort they would normally employ in the usual course of their trade is sufficient and binding as a contract. These aren't retail investors dealing here.
You are clever only to do claims. As I had already admitted, you fail to understand the meaning of evidence. Since you only have a IRC log, that does not count as contract, but as evidence for a mutual agreement. Without a physical or digital signature from both parties, there is not a method to determine if both parties have changed the contract after the initial agreement. That means you or Patrick cannot prove which party is providing the legitimate contract.
Do you like old books? I suggest you read this before you send another 500 Bitcoins to an Internet user:
Handbook of the law of contracts (Open Library)
http://www.archive.org/stream/lawrencecontracts00clar#page/n3/mode/2upI actually have an old book on contract law, and yes, I love old books, being that I own quite a few. You would be surprised what you can get for under $10 on Amazon if you know what your looking for.
In regards to this, we need to understand that we have no regulations other than this forum and people's personal knowledge of different events. Kinda like a social credit rating. I read the response above from the OP, thank you for your reply. I understand what you are saying and if you feel that strongly about the issue then I can see why you think the "Scammer" tag is appropriate. I did not know his debt was that large (
BTC20K ~ can someone verify this?). I have been doing some reading on here and at least from what I have seen, there is no doubt he is in "Default" and the mods should have this tag available in conjunction with "Scammer".
I still don't think the bar has been met to apply the latter. It just doesn't seem that much of a no-brainer....at this point. If it was a slam dunk, I mean he has truly disappeared or didn't immediately starting paying back debts, I would agree with you.
Outstanding Question in my mind: I would like to hear more about Patrick's deposit guarantee, what stipulations it had and what "his" explanation why he got so leveraged that he didn't keep up with his deposit guarantee. I will say this, why I was looking at all the offers out there, that guarantee was the most attractive offer available at that point, he did seem to have his s**t together, I knew there was risk though, because I knew he was speculating & lending and I figured some of the people were not the best of character. What I also figured is that he knew what he was doing and he was the least risky of the bunch, but if you had to ask me what his rating was that would make it the highest at that point... rating: BBB-