Topic: Diablo Mining Company - page 11. (Read 96370 times)

Just admit it, you're a loser. Your company failed because of you.

Think you misunderstood me there - I wasn't criticising you.

Rather I was pointing out to the previous poster than you (and I) believe ASICMINER is worth more than .36 - hence you buying more yourself and also you not selling the DMC ones that cheaply.

What I do with my own money is my own business. If I want to buy ASICMINER for my own ownership separate from DMC's ownership, I can.


Because that is the contract DMC agreed to with the shareholders.


I've reconsidered your request for the trade. I'll trade 11 DMC for 1 ASICMINER, and I'll offer this to any shareholder. Priority will be number of shares traded. Trade will happen when the ASICMINER exchange comes online, so everyone has until then to figure out what they're going to do. Requests for trade must be made in public.


I had wanted to shut down the company, but the outpouring of support from he community after it came to light what nefario did to not only DMC but all Bitcoin investors changed my mind. I really do want DMC to succeed, but the only way to do this is to clean up the mess and start over, doing everything by the book. The first step to this is buying back all the shares.

Wow, quite the hostile tone there.

Yes, its my own personal money I am using to buy ASICMINER shares.

No, simply handing the BTC over to shareholders would not really fix the problem nefario made. Most shareholders are not willing to sell at that low of a bid and I would need to be able to buy ALL outstanding shares at that price to make it worthwhile. I also think that this is unfair to shareholders to even go down this route.

DMC is not, nor has ever, been in a death spiral. The DMC IPO never finished, and thanks to nefario's antics, it won't be in its current form. The only reason I'm buying back shares is because I want to issue corporate bonds who's contracts are backed by a real registered with the government company that pays taxes and everything. I want DMC to continue in a completely legal way, and not let nefario's bullshit undermine the company.

You call them soon-to-be-ex-shareholders, yet many of them have shown interest in continuing DMC and buying into those corporate bonds. Your claim that there is "ongoing risk of exposure to me and my willingness to do the right thing" is a strange claim. I always have been doing the right thing, even when everyone else isn't.

Diablo believes (and I agree) that ASICMINER shares are worth significantly more than 0.36 - which is why he's buying them up.

I recently BOUGHT a bunch of DMC because of the ASICMINER it holds.  I'd definitely be very pissed off if he sold those to himself at 0.36.  As far as I knw his plan is to sell them at what he believes a fair price once proper trading on them is possible.

What I don't understand is why he's only paying half of dividends out and intending to use rest to buy back shares.  I thought DMC was in liquidation - where all proceeds should jsut be dividended out (and assets sold off) until there's no assets left.  That's only way to ensure all shareholders get the same (other than the ones than already got bought out at 0.1 leaving little for everyone else of course).

Note as well that I've offered to trade in my DMC shares for JUST the asicminer shares they own - which means I'd actually take less than the value of my shares and leave more for the others (the BTCMC have some value - there's 15 BTC from them received already).

I honestly don't know what Diablo's doing - he seems to want to shut down the company but in a non-transparent way where noone can work out who is going to get what.  I'm just hoping he doesn't do any more dumb trades and give away 95% of the 2-5% of value still left.  I took a calculated risk buying in (the assets are worth more than I paid but Diablo could do something dumb at any time) - just hope I did my math right.

DiabloD3, I noticed you leaving bids on some of the ASICMINER auction threads.  Seems like you've got some spare coins jingling around, is it right to assume you are bidding for your own personal investment?

What I don't understand is the following: if you are willing to bid 0.36 BTC for a share of ASICMINER, shouldn't you be willing to pay at least 0.36 * 1000 / 11,579 = 0.031 BTC/share to buy back DMC from your long beleaguered shareholders?  In fact, given the black hole that DMC has been for investors since the IPO, the dilution death spiral, the freezing of your account, suspension of DMC "operations", the closure of GBLSE, and the 3-4 month transfer limbo to BitFunder, if you are buyer of ASICMINER and have the spare change couldn't you afford to be even a little more generous with your soon-to-be-ex-shareholders, or is that you holding out for 0.02?

Even if you assume the other two DMC holdings are worthless, shouldn't DMC be worth at least that much to you in ASICMINER shares alone, unless I'm missing something?

Of course I can absolutely understand why SOMEONE ELSE wouldn't be buying up the remaining DMC shares, as there's ongoing risk of exposure to you and your willingness to do the right thing and pass along the ASICMINER shares, but I can't figure out why YOU yourself wouldn't do this?

He paid out 15 BTC, or about one month's worth. Its too late to pay it as a dividend for Jan (Feb 1st), so Feb (March 1st) should see a 7.5 BTC dividend.

Possibly - it doesn't say anything about what he's doing in respect of his debt to namworld/BTC-MINING.  Given what he DOES say it seems highly unlikely he'll be making any significant repayment of capital - probbaly just some dribble of dividends over the next while that won't be a lot of comfort to BTC-MINING investors.

Better news for DMC is that BTCMC have paid (or claimed to pay) the old dividend they owed - so at least it seems likely that isn't a total scam.  I still expect yochdog to claim his expenses ate up nearly all the mined coins for the last few months though.

Please less scapegoating and more real work...

Not sure, but this seems like good news for DMC:

We lost out again.

I had about 240 BTC of my own money to grab 3 Avalon units. Avalon botched the launch, and apparently they're now sold out even though no one could order any units and there have been no confirmed orders. On top of that, Walletbit stole 2.2 BTC as a "fee" to deposit money, even though this seems to be listed nowhere.

I'm seriously considering scammer threads for both of them.

Speaking of which, any updates? If it's really about 2,000 BTC he's saved up I think we're going to need an update now.

No, don't get me wrong, I'd actually like to know how much BTC has been saved up thus far. Should be enough for a couple Avalon rigs.

Edit: I asked yochdog to do a statement Feb 1st. I'm estimating BTCMC should have in the neighborhood of 2000 BTC, which at $20 BTC prices and $1500 second run Avalon prices, that should be at least 26 Avalons, or at 66gh each, at least 1700 gh.

Even if you hold 99% of shares you can't just pass a motion without a vote.  There's two reasons for this:

1.  Holding a proper motion/vote gives smaller investors a chance to point out things which may change the majority shareholder's vote.
2.  Without a vote there's not any proof that someone actually DOES hold a majority of shares.

If he was holding back all cash that should have been dividended then that's actually MORE reason to keep accounts updated - as cash in hand is rising quickly.  Without accounts no investors can value the shares for their books.

Hopefully I'm wrong about him - but when someone refuses to provide up to date accounts it's hard to assume anything other than that they're scamming.

Your situation was slightly different - as you weren't actually doing anything or generating any income so there was nothing to update accounts with.

No, the BTCMC guy passed a motion to suspend dividends to save up money to buy ASIC gear. Since he owns a majority of the shares in BTCMC, he can pass the motion unilaterally. I have not seen an indication that he has squandered the money. He now has an opportunity to buy ASICs now that Avalon has proven themselves and is gearing up for a second batch.

I do agree that it'd be nice if he kept continuing producing reports, but even I slacked off on those when GLBSE went bust. Whats the point in doing them if you have no dividends generated and you couldn't distribute them even if you wanted to and theres no new information to disseminate?

I plan on buying them back as cash comes in, but do the timing in a way that prevents some investors from gaming it to make it unfair to other investors. I'd like to buy them all back today, but that won't happen. The sooner I buy these back, the sooner I can start on DMC 2.0, and thats probably more than a year away.

IF amazingrando has resurfaced then that changes things a bit - will have to reassess DMC value when we see what happens there.  I don't have much hope for BTCMC at all - it's pretty obvious the guy has just been spending what was mined and has now been stalling for months: There's no reason why GLBSE going down should stop him producing his accounts like before.

Is there any date by which you plan to buy back - or is plan just to wait until people get bored and sell back for tiny amounts, leaving cash left over for you?

Anyway, thanks for the answer - I have eough info to go on now.

Unless you managed to buy ALL 11579 DMC shares to trade for all the ASICMINER, I wouldn't consider the trade.

Yeah, it seems BTC-MINING and BTCMC didn't turn out the way I hoped. ASICMINER dividends will be split 50/50 as per the contract, half will be paid as dividends to DMC, the other half will be used to buy back DMC.

By the way, Amazingrando has come out of hiding and is talking to the guy who owns BTC-MINING, so I'm hoping something good comes out of this.

Your asset list is currently:

106 BTC-MINING
1000 BTCMC
1000 ASICMINER

Of these BTC-MINING is next to worthless (loaned their funds to AmazingRando who ran off with them) and BTCMC looks like becoming a scam (owner hasn't produced financial reports since September, decided tostop paying dividends and is basically doing nothing).

But obviously ASICMINER is worth a decent bit.  If I bought some DMC shares would you be willing to accept them back in return for ASICMINER shares (you can keep the other junk)?

There's 11579 DMC shares outstanding - so a trade of 116 DMC for 10 ASICMINER or 12 DMC for 1 ASICMINER would be correct.  That would leave DMC with more assets per share (slightly more ASICMINER/share and a lot more of the other 2 junk ones).

I value ASICMINER at somewhere in the .5 - 1 BTC range right now (there's trades actually occurred in that range that I know of).

If I value ASICMINER shares at 0.5 that would make DMC shares worth 0.043
If I value ASICMINER shares at 1.0 that would make DMC shares worth 0.086

Obviously we couldn't actually do the swap until we're able to trade ASICMINER - but would like to know if the trade is fine with you.  I'm not sure what your plan is otherwise - if you intend to sell the ASICMINER and dividend out the proceeds then I'd be fine with just hanging onto DMC.

Hey guys,

There was an email backlog that held some things back. I changed that part of the system to be much more efficient at mail/throttling.

Most everyone should have their emails by now. If you do not have one within an hour of this post, PM me your email address and I will take a look for you.
Also, be sure to check your spam folder. I have not had any complains of this, but you never know.

I don't know, but I think someone recorded a lot of the assets before the shutdown.