Topic: [closed] Zeta Bitcoin Mining (Read 12991 times)

So you think you should get the pending dividends and a cash-out option to sell your shares for more than twice they are worth? You for sure can ask for that, but sorry: that's not the deal.

We discussed this in detail over email; if you changed your mind and would like to chose the dividends, please contact me. We can reverse the cash-out any time and you will get the accumulated and all future dividend payments instead. From the feedback received I'm pretty sure that this dealing was in the investors' best interest, and I'll do anything to counter your doubts about that.


Finally, it would be fair if you could please stop claiming that I forced you or anyone else to cash-out, since that's just not true (and evident from everyone's confirmation email).


Thanks,
Zefir

You didn't paid dividend for the time Nefario holding assets.
You just sent email explaining about dividend returns & asked/forced them sell.
Bonds bought with out giving dividend for more than a month.

Dear (ex-)investors,

while I was catching up this forum threads, I stumbled on this post that affected me personally: the author accuses security issuers of misusing the GLBSE fiasco to push investors out of their shares through buy-back-offers. AFAIK so far I am the only one who offered a cash-out option, therefore I feel personally attacked and indirectly charged with fraud / scam.

In my emails to investors and in this thread, for several times I explained why 1MHps will never make you more than 0.1BTC mining income over its remaining lifetime. I hoped for your understanding and your appreciation of that offer as my way to thank you for your support. In no way I did force anyone of you to take that offer, that's why I can't accept any allegations harming my integrity.


If anyone believes that this was a bad deal and expects to earn more through mining, I am willing to back my expectation with hashing power: 1GHps for 50BTC. That is, I'll sell you perpetual mining contracts for half the price I bought your ZETA-MINING shares back some days ago. If your math works for you, feel free to contact me for further details.



Cheers,
Zefir

Update: all claimed shares bought back; winding up almost complete


Dear (ex-)investors,

winding up ZETA-MINING is almost done: from the 4000 outstanding shares before GLBSE closed, I bought back all but 239 for 0.1BTC per share. Those remaining ones will remain claimable until end of Q1/2013 and will be granted the cash-out option. With that few shares left and no reasonable incentive to refuse the cash-out option for the remaining investors, I quit calculating and accounting of further dividends. With it, ZETA-MINING is effectively closed.


Thank you all for the great support. I wish you the best of luck with your further investments and your remaining claim processes with other assets. I am very sorry that your investment in ZETA was a loss (like any other mining investment in 2012). For sure it is no comfort to me, but if it makes you feel better: I lost way more than anyone of you. On the other hand, I learned a lot - not only technical aspects but also a lot on human nature and its dark side.

As soon as I receive my electricity bill at the end of this year, I plan to do a final revision and present you how this mining venture went from the issuer's / operator's perspective.



Cheers,
Zefir

Thanks zefir
got email
All the best in your future ventures
You know where to find me
Best wishes
Graet

Thanks folks for your support and the kind words.

Claim confirmation is progressing quite well: all but ~300 bonds from the GLBSE provided list are claimed. Additionally, I double checked that those investors that already cashed out without being on the list are missing for good reasons (i.e. pending return of double-payments or pending GLBSE claim). With this confirmation there is almost no risk left to be hit by new claims when Nefario updates the lists. Along with the fact that the deltas of the private claims were mostly in the investors' disadvantage (i.e. claimed less than they hold), I am very pleased to state that all ZETA-MINING investors are honest Bitcoiners

As for the claims, I did not confirm via email but instead added a status column to the online spreadsheet, along with a column for an updated address. If you need to distinguish between your claims / GLBSE paybacks, you can request a new payout address. Signing that request with the original address would be ideal, but I will also accept your request if it comes from your email address on file.

As you can see from that spreadsheet, all but one investor chose to cash-out. I hoped the buyback offer was clear, but since I had several investors asking, I want to clarify once again:

What's with the 2012-12-15 deadline?
That deadline was explicitly tagged as 'if we do not hear from Nefario'. We did and that's why it is void now and I will start payment this week.

Why can't I get the pending dividends and then cash-out?
Because that's the deal: I want to save myself from manually calculating who earns what (or writing scripts to do, or risking wrong payments caused by bugs / errors, or whatever) and am therefore willing to come clean with you by paying 0.1BTC per bond before I start calculating dividends. Therefore the choice for dividend payments or cash-out is an XOR decision. Your alternative dividend payment way would be: collect the accumulated dividends since GLBSE shutdown of 0.018BTC per bond, followed by mining income paid out every 2 weeks. If difficulty remains where it is now, it will take you ~2 years to make it to 0.1BTC per bond, but we know it will skyrocket soon and 1MHps most probably will take you forever to make that amount of coins. Do your math and realize that you need very good reasons not to cash out.

What's with your contractual forced buy-back option?
It was exactly meant for the situation we have now: so little outstanding bonds causing so much effort to be correctly handled. But we have no 120% of the 7d GLBSE averaged price, so this is no option anymore. Generally, I am not going to force anyone, but prefer to make offers you can't refuse

What happens to the unclaimed coins?
As for those on the GLBSE list, there I am a bit in a dilemma. From the original idea I should take the list for granted and just pay the dividends to the given addresses. After contacting investors directly to confirm the claims, I can only think of very little reasons not to reply a short ACK/NACK: a) after all the past drama people might have left the Bitcoin community, b) have been involved in dubious business and prefer to remain silent, c) are just AFK. While it is not on me to judge, I am not going to potentially destroy BTC by sending to some forgotten address. Therefore, I'll just wait and remind the silent investors to confirm. The buy-back option will be valid for them for some time, but not forever.

As for those still missing on the GLBSE list: including those I paid out before the list was sent, there are 145 bonds left unclaimed. So we are talking about 14.5BTC at the most, but more realistically about 10BTC over the next year. I think I will follow others and donate the coins when all pending claims are closed, or a wait period of at least six months has passed.



That's all for now. According to latest predictions for block reward halving, payments will start in two days.
Zefir

got the email and numbers match up. reply sent

QFT

Responded to the email aswell.

Responded to email.
Thank you for choosing a sane way to handle this - I realise it has been a strassful time for you, well done:)
Best wishes
Graeme

Yep, luckily I hold some PUREMINING bonds and was already pointed by Meni to the process he is using. Thanks for the heads-up!


Update: (Partial) investors' list received from GLBSE; payouts to restart after block reward halving

So, finally (and just when most of us started loosing hope) I received the ZETA-MINING investors' list from GLBSE. It is incomplete due to some folks did not file their claims or received double payments that need to be send back to show up in the list. From the 4000 outstanding bonds ~1300 are missing in the list, at the same time I bought back ~1150 bonds from people not on the list. Assuming that privately collected data was more or less accurate, I expect no big surprises popping up with the final list.

Although the total number of the privately collected claims and those from the GLBSE list are more or less matching, some individual claims have significant deltas. I therefore prepared a GoogleDoc spreadsheet and emailed all investors to ask for a final confirmation of their claims. At the same time I pointed to the buy-back option I offered two posts above. Obviously many investors do not read this thread, since the majority of the confirmations so far accepted that (new to them) offer.

So, what's next
The day after the block reward halving (which should be this Wednesday, 2012-11-28), I will
  a) pay those investors accepting the buy-back 0.1BTC per bond
  b) update the pending dividends since GLBSE downfall up to the block reward halving
  c) pay those that want to remain investors their portion of the accumulated dividends
  d) pay unclaimed dividends to a temporary address for later payout



Have a nice week,
Zefir

thanks for the update

https://bitcointalksearch.org/topic/m.1356246 is a suggestion to use sendmany to avoid paying extra txn fees when sending bulk payments

Best wishes
Graet

Back from LinuxCon Europe, with some mixed feelings. While it is always fun to see and meet such a huge bunch of nerds, the sentiment in the Linux movement is subtly changing when compared to last year's LinuxCon North America held in Vancouver. At that times all big players in the IT business jumped on the open source bandwagon and praised their belief in the free community and binding commitments to support the movement - we pretty much were in the euphoric phase. Almost all of that positive spirit vanished during the past 14 months - mainly driven by the fact that at the end of the day companies need to make money and some still don't see how collaboration will win over competition in the long run.


Back to topic:

Updates: claim process closing; accounting change; buyback offer

Needless to say: no news from GLBSE.

As for the claim process, the ratio reached 70-90% (variance due to uncertain number of bonds held). Although I feel uncomfortable with such a considerable amount of unverifiable claims, I want to end the drama soon and start dividend payments by 2012-12-15 if we do not hear from Nefario. At the same time the claim process will be closed, so if you have not yet claimed your shares so far - please do it now. Claims will not be accepted after this deadline.

At GLBSE times I did weekly dividend calculations, which I changed to difficulty period based now for easier processing. This started effectively from the difficulty period 102 (starting with block 205632), the calculations are done on a separate sheet in the Google Docs spreadsheet.

From the number of investors and their claimed shares it is evident that processing manual payments will be a PITA. Some positions are so small that even with monthly payments the fees will be higher than the amount transferred. To save investors from scattered payments and myself from some work, I hereby provide you a limited buyback offer of 0.1BTC per share. This offer is valid until the above mentioned deadline 2012-12-15, but no later than the confirmed shipment date for any ASIC based Bitcoin mining device. This offer includes the accumulated dividends since GLBSE shutdown at this address (which for 4000 accounted shares is worth 1.4 Bitcents), i.e. you either take the buyback offer or you take the dividends. For a better estimate: at current difficulty, you need to hold one 1MHps bond for 50+ weeks to earn 0.1BTC - given that ASICs are around the corner I'd say this is a more than fair offer. If you want to take it, just email me and I'll send you the coins to the address you gave me with your claim.


Cheers,
Zefir

Thanks for keeping us updated - even if there is no news 
Enjoy  LinuxCon
Best wishes
Graet

Update: No major news; being off week 44.2012 for LinuxCon


Dear Investors,

you are following the GLBSE status and already know that there were no relevant news since last week

As for the private claims, I think we passed 50% with some left uncertainty (since some investors don't know their exact number). That's not yet enough to start manual payment of the accumulated dividends, so I'll wait a little bit more.


I am heading to the airport today to attend LinuxCon Europe in Barcelona next week, and will not be able to deal with Bitcoin related stuff. I'll confirm new claims when I'm back, thanks for your patience.


Have a nice week,
Zefir

Update: No news from GLBSE; slow claim process


Dear Investors,

paid the 4th dividend to the temporary address (1zetan) without hearing anything from GLBSE for a month.

At the same time the direct claim process is not progressing very well: so far, I have claims for less than 40% of outstanding shares. For obvious reasons we need to pass the claim phase before I can start with manual payments. This would require a defined threshold to be reached (say somewhere between 80 and 95%), therefore I'd like to remind you to file your claim if not done yet.

I know for sure that quite some Bicoiners were sick of drama after GLBSE closing and just left the scene, but I don't expect that 60% of ZETA-MINING investors went 'poof'. Also don't expect that 60% were sold back to me during the last days of GLBSE (when I was not active there but had a bid wall for all outstanding bonds somewhere at 0.09).

In some claims investors lost track on how many shares they exactly had - even then, please give me some rough estimate, I am not going to dispute for +/-1 share. Still hoping for Nefario to provide me with the required information.


Keep the faith and have a nice week,
Zefir

I am seeing lot of texts like this "< class="field field-name-body field-type-text-with-summary field-label-hidden view-mode-full">" in the above site.

https://ozcoin.net/content/luck-bitcoin - seems to be working atm 

email sent
working on luck
cheers
Graet