Quote from: JoelKatz on November 10, 2012, 02:53:22 AM

Quote from: Deprived on November 10, 2012, 02:23:55 AM

Your argument is that Patrick's business method was sound, he just couldn't quite figure out how to get it right. Perhaps he used the wrong magic words. Perhaps there was one little thing he forgot to do. If he had just asked one more question, checked one more reference, it all would have worked. You have learned absolutely nothing from this fiasco. I hope you are in the minority.

No, my argument is NOT that PH's business method was sound. My argument is that you aren't entitled to assume that everyone KNEW that he was exposed to pirate risk. And you sure aren't entitled to expect those PH owes money to to take a large haircut just because somewhere on the forums you and/or your friends posted that PH was incompetent and/or exposed to pirate so they should have taken your word for it over PH's.

I've never invested in ANY of the loan/undisclosed businesses - be it pirate, PH or whoever (sole exception being trading OBSI.HRPT AFTER it had collapsed). In an anonymous arena like bitcoin I'm just not interested in investing in undisclosed businesses - and loan companies here are undisclosed businesses one step removed from me. If I don't have the information to assess the risks myself then I simply don't invest (and I invest short-term rather than long-term anyway as most 'businesses' here will never make a profit for long-term investors anyway - e.g. nearly all mining bonds/stocks).

I object to your insistence that you have the right to assert that something was common knowledge whilst, at the same time, also insisting that those directly involved didn't know it. I also object to you attempting to make some kind of defence for PH which he's never raised or supported himself. If he has a defence against the claims against him then HE should make it - rather than you dragging his name through the mud claiming he was so obviously incompetent that everyone on the forums knew he was exposed to pirate except himself and MP. And I finally object to your claim that if someone misrepresents the nature of their assets when making a deal then it's the fault of the other party if that party chooses to believe them.

That's why I'm posting - not because I invested in pirate or PH - so not quite sure what lesson it is I'm supposed to have learned but haven't.