Topic: Diablo Mining Company - page 13. (Read 96370 times)

A PGP key only used once.

Regarding re-listing, I'd encourage you to check out btct.co as well.

Cheers.

What is a single-use PGP key?

I hear the market calls for 1 BTC per.

I'm letting the market price that out. It worked for the first half of the shares I bought, so it should work well for the second half.

How much are you planning on buying them back for?

Hey all.

Nefario, after stalling for two months, has finally sent me the shareholder lists.

According to his list, there are 11589 DMC shares still in the wild, my last count before GLBSE was shutdown was 11909. So, theres 320 that have not been claimed out there in the wild. If you have not submitted a claim, please do so.

Oh, and btw, the asset list is still:
106 BTC-MINING
1000 BTCMC
1000 ASICMINER

Neither BTC-MINING nor BTCMC have been able to pay back dividends to any shareholders, and both are planning on liquidating and paying that out at some future time. ASICMINER is still hoping to get their hardware before the Chinese New Year and is planning on opening their own exchange just for their assets if necessary.

I think I am going to relist DMC on Bitfunder and continue the buyback as I was. Bitfunder is Ukto's exchange, so it should remain stable and sane until at least after the buyback has been completed.

Before the shutdown I bought back around half the shares, and I should be able to buy back all of the rest within a year.

After that, I want to try relaunching DMC. I think the plan is sound and can work, as long as I don't have the stone of Nefario around my neck dragging me down. But this can't happen until these shares have all been bought back.

I'm considering issuing zero coupon non-callable corporate bonds as a registered company, a real legal entity. No more shares, no more dividends, and a maturity time of 5 or 10 years. They will be issued as PGP signed serial numbered documents using a single use PGP key that will be locked in a safe afterwards, thus preventing any possibility of forgeries. The OID will be on the order of equiv to 5% APY.

I think the Bitcoin investment community is still ready for a $5-10 million dollar project to come and put Bitcoin on the map. I still think DMC is that project. I know a lot of other people think DMC is still worth pursuing.

I definitely agree, DMC has had some terrible luck in its short lifetime. It sucks to have no options other than to play the waiting game, for now.

The situation is complex because all of our assets held are ON glbse. The most important of the two are BTCMC and ASICMINER, and yochdog and friedcat are both trying to figure out how to fix it for their shareholders.

An even bigger problem is I need to sell my BTCMC stake, and without GLBSE I can't. That would have provided enough money to buy back around 2/3rds of the shares still out there, the rest could have been mopped up with the upcoming ASICMINER dividends.

I think if you look up "nothing has gone right" in the dictionary, DMC will be the example given.

It's sad that DMC and all the others have fallen victim to GLBSE's shutdown. Nefario is far from anonymous, and enough people are involved in GLBSE that he surely wouldn't get away with defrauding GLBSE's users. US users obviously won't have much ground to stand on in a lawsuit against him, though.

As for DMC's situation, if Nefario gives shareholders a way to uniquely confirm to you that they own a specific number of DMC shares, you will be able to buy them back. We'll just have to wait and see.

I'm predicting a situation where ALL assets previously listed on GLBSE will take the course of Goat's assets. That would seriously suck for both the asset issuers and the asset holders, but it would put you in a position to be able to shut DMC down safely.

There's been some drama between DMC, Nefario, and others in the past. I implore you to make your best effort to make the shut-down process as painless as possible for the shareholders, Diablo.

So now it all becomes clear.

In the end, DMC gets scammed, stolen from, victimized, and now I can't even safely shut it down.

nefario apparently has admitted the SEC has already contacted him about Pirate, although I'm not sure if he as done so publicly.

Its not that mining went down in value, its that there is more than one case where people "proved" they had mining hardware with lots of photos, and then they either just keep printing bonds for hardware that didn't exist at cheap prices (way below both their IPO price and the current market price) to go invest the money in either Pirate or simply just pocket it and pyramid pay it out until they could buy ASIC hardware cheap (so they end up with both the money (having spent a tiny fraction of it on the ASIC hardware) and then a large part of the AISC output because they didn't issue 100% of the ASIC in bonds, only half or less).

The mining part of the market collapsed because of these people. Even on bond issuers that were legit and didn't abuse investors, their prices went down because people were willing to sell the bonds they bought at half what they paid for them because they could buy the same hash power at half of what they threw those bonds out for (so they lost half their investment value but doubled their dividends). I was able to triple the mhash DMC held because of people throwing their bonds out, but the prices crashed so hard that I would have had to increase it 5x or 6x to not lose value.

zapeta claimed I didn't do enough due diligence, but there is only so much due diligence you can do with people you've never met. You can claim nefario did do enough to protect investors on his end, and maybe its true, but its not what I believe. Although GLBSE may not be coming back at all (which a lot of people in #bitcoin-assets think), maybe going forwards nefario can force bond issuers to hand over a large sum of BTC for collateral and also put a lock on the number of shares they can issue (as to not exceed the actual hardware) and also require frequent timestamped photos of the hardware. This would have been enough to prevent a lot of the bond issuer abuse.

A software update for the launch of GLBSE 3.0 is plausible.... just so is the SEC extraditing him from the UK to stand trial in the US.

Sorry Diablo, but i dont like how you speak here. You say the SEC is coming as if you knew it, but you dont know. You then try to say that nefario is the reason why all projects on glbse are losing value. Its not. Miningprojects have to go down in value simply because the dividend goes down because of rising difficulty. And your project going down has nothing to do with nefario. Nefarios actions didnt made the share price drop in any way. In fact it grew because people were in hope that something will be better now. And nefario didnt do anything before to drop your shares price. So dont claim he is the reason.

Then... nefario detailed everything what he knew about the owners of a security. Every investor could decide if its worth the risk.

Nefario was right here. Unfortunately he wasnt able to do it properly. But you cant blame him in any way. So please dont do it. Its simply not fair to blame him because its plain wrong that he is the bad guy that made all broken.

I would like to see you be fair at least.

So, basically you are now trying to blame your failure on nefario?  If anyone out there invested in assets on GLBSE thinking that nefario had vested each one and didn't bother to do any sort of due diligence of their own that is just plain stupid.  The fact that you were supposed to be running a company and didn't (obviously) bother to do your own due diligence before performing your crazy asset swaps is both stupid and negligent, hence why investors have now taken a 93% loss based on your IPO and buyback prices.  There are plenty of assets on GLBSE that are well managed, but obviously nefario doesn't run each asset and I don't know why you'd expect him to police how each asset is run.  In fact, he did suspend DMC which was probably the worst managed asset out there!  I don't know why you'd think that anything on GLBSE is anything but poorly managed if you consider how you've managed to run your "asset" in to the ground.    

If you read it on IRC, it must be true

People on IRC.

First I've heard of software update, where did you hear/read that?

Yeah, it sees nefario took it down. He claims software update, I wonder if the SEC just arrested him and took the site down.