Topic: Closing: Bitsmith Virtual Mining [BSVM]@ [CRYPTOSTOCKS] (Read 3329 times)

Partially agree.

This is what happens when a mediator gets into the investor and the company. In FIAT world, we call it bank. In bitcoin world we have seen GLBSE before. Now that place has been taken by CRYPTOSTOCKS, HaveLock etc. Though it gives a sense of security, it actually does not work at need. I remember, a few days ago, BTC Jam announced that one project has turned out to be scam and investors may unite to file a case. They cant do anything. In FIAT world, bank has some power. But in crypto world these mediators have no power. That is why, I think, if we have to invest bitcoin, we should directly deal with the company.

Last update from BSVM was at 22 Nov  .
Since 27 Nov no dividends were payed.

Dear [BSVM] Operator, how things are going?

I hope a BSVM guy read this.

If he can prove that they are his, a cop should let him in to get his equipment. I bet he can prove that he purchased the equipment and make sure that what miners still work can get hashing. They should let them solve this in divorce court..

lol, thats how you guys can recoup some of your investment, have them show up on one of those court shows.. it would be entertaining at the very least..

If the story wasn't so unbelievable I wouldn't believe it..

Gross negligence is a poor substitute for an outright scam, unfortunately :/

At any rate, this update says that BSVM isn't a scam. So, my best wishes to the poor admin.

They have lost over half of their mining operation back in June due to a power failure (aka fire as we found out later) which now makes perfect sense, as well as admin's wife being super pissed since she probably had to run around the burning house with the fire extinguisher.  Pretty hilarious actually. It was an entertaining stock to hold.

Latest update for BSVM from CS:

Ticker    BSVM - Bitsmith Virtual Mining (SHA256)
Date    04 Sep 12:22
Update on whats going on
Long story short the admin that was running the equipment and been thrown out of  his house that he shared with his wife and his wife is refusing to let him get anything of his she wants it all, we have a small reserve for recovery that as been bult up but the miners are currently unplugged and unreachable at this time, this is not a end to us but a road block that can be over come this admin is fine and is getting better day by day we will be slow on the dividends for a little while until we can get what miners that are still left. we just ask for acceptant on this and  there will not be a trade stop 


*So apparently now the excuse is the admin's wife throwing him out and refusing him to gain access to the equipment.  'She want's it all!'  I think I've now officially heard everything.  Naw, I'm sure I'll be surprised by yet another one of my bone-head investment decisions.  Sheesh.  Seem's as though there isn't a single individual that can run an honest asset anywhere in the land of Bitcoin that i've explored thus far.  Time to start seeking out some new territory I'm thinkin.

If you guys decide to hold your BSVM shares, best of luck to you.  I suspect you'll be needing it at this rate.  Oh yeah, and if the 'admin' was running these things out of his house, you can almost rest assured they probably didn't invest in any sort of surge protection gear whatsoever.

These seem like basic precautions to take when you are a professional mining company! And now they've announce they'd take 3 or 4 years to buy-back the 160 BTC worth of shares... It's incredible how fishy these securities can be.

Yes, in theory Being in IT for over 20 years I haven't seen such a massive equipment failure but it's possible, especially if no surge protectors or UPS backups are used.

Can a power failure truly destroy 14 Antminers?

You highlighted good parts... Lol

 Full announcement (published @ Cryptostocks 01 Jun 16:10):