Topic: Diablo Mining Company - page 14. (Read 96370 times)

Uh have you tried to connect to GLBSE lately??  like in the last few hours?

I'm announcing the end of Diablo Mining Company.

Although DMC was started to show the world that Bitcoin is ready for large scale business, the actions of several people in our community has proven we're just not ready for this yet.

nefario misrepresented his asset vetting process, he misrepresented the legality of GLBSE as a stock exchange, and he misrepresented his ownership of GLBSE. The SEC is now investigating nefario and GLBSE for fraud for his actions over supporting the Pirate scam. Many people have repeatedly requested a scammer tag for nefario and a URL filter for GLBSE links, and this may come to pass because of his actions.

Pretty much everything on GLBSE except for maybe 5 assets have proven to be either scams or badly managed, and DMC invested in some of this on good faith and the belief nefario knew what he was doing and had properly vetted them before allowing them on GLBSE. nefario has cost not only the Bitcoin investment community a unique opportunity, but he has tarnished the name of Bitcoin itself.

Although I could just reopen DMC on another exchange, nefario's actions has also damaged the DMC name and enticed trolls to attack anyone who DMC has invested in, anyone who has invested in DMC, or anyone even associated with me. Forum drama is not profitable.

I am going to put a bid wall up at 0.0666 as money comes in, it will be first come first serve. If you want out before I finish liquidating assets at the very end, I suggest you sell into that wall now. It may take several months to buy everything back.

ASICMINER trades at 0.12 consistently, not familiar with other stock. He is on the money on that...
That will come up when considering they are not bullshitting about their miner.

Though, it seems like BFL (though also full of uncertainty) is doing better than AM.

Maybe Diablo should hustle them

It looks like Diablo has been to the Usagi school of accounting, where you value assets at whatever you feel like and hope nobody notices.

How exactly does Diablo not have a scammer tag yet?

Where are you getting a .59 valuation for BTCMC, lowest ask? There's no 24hr volume, only 27BTC 5day volume @ .521, last price and best bid are 0.45, and there's a grand total of 68 shares worth of bid above 0.00011.
At least BTC-MINING and ASICMINER have enough 5-day volume to cover your position, but almost 3/4 of your portfolio is tied up in a stock you couldn't sell for anything near what you're valuing at unless you can find a bigger fool to unload it on.

Today is the first, the report is going to be late.

The short version is:
106 BTC-MINING * 0.975 = 103.35 BTC
1000 BTCMC * 0.590 = 590.00 BTC
1000 ASICMINER * 0.112 = 112 BTC
0.572 BTC uninvested

805.922 total.

11909 shares trading.

I haven't bothered previously pointing out just how retarded this whole line of argument is.  But here's what usagi and Diablo both missed when using it:

IF the asicminer deal was for XXXMhash/share NOW then it would be a great deal.  But it's not.

When asics come online guess what?  The power of the network is going to massively increase.  And  each MH/Share THEN will only be generating the same BTC as a small percentage of that MH/Share generates now - and that's totally ignoring that difficulty will likely increase anyway (even if ASICs never show up) and block-halving.

IF asicminer gets its ASICs out significantly before any other ASIC producer then they'll be a great investment (and likely that trade would have worked out OK).  In all other scenarios there's no way that trade would ever be anywhere near a decent one.  Treating the first scenario as a certainty is entirely stupid.

Aside from anything else the trade valued ASICMINER at about 10 times their market value.  If that happened to be true then why:

a) didn't anyone else spot it?
b) didn't all of usagi's companies sell all their other assets and buy ASICMINER?
c) didn't Diablo just sell off some of the DMC shares on the market and BUY ASICMINEr shares for a fraction of the price he ascribed to them in his handouts?
d) didn't it ever cross usagi's mind that "I've been wrong in just about every other mining share I've valued (e,g, buying tons of fixed MH/s mining bonds at prices which could NEVER be profitable with ANY realistic model of future difficulty)- so likely I'm just full of shit as usual this time"?

The only sensible answer is that usagi isn't actually as totally brain-dead as its justification of the deal makes it appear.  Rather, usagi KNEW the deal was terrible for DMC but managed to talk Diablo into it (and also, apparently, convince nefario it was legit - which means little given that he believes losing 95% of a company's value without any records is perfectly fine).  And now usagi has to continue feeding the totally stupid justification for teh deal out so as to be able to continue to exploit Diablo's total lack of business sense again (e.g. talking him into buying back its shares at double nav).

Try not to forget you already shafted your shareholders for 95% of their investment.

I think its up to nefario on this one. If he ends up just closing GLBSE and shafting asset creators and shareholders, then its game over.

I'm not avoiding the question, you just didn't make clear thats what your question was.

To be honest, with our current government, EVERYTHING might be a problem and be illegal in the future. Congress has repeatedly voted against small business owners (the same businesses that employ 60% of this country) and do everything possible to stop innovation and entrepreneurship especially when it comes to technology.

I can't hide in fear because Congress is going to come and take my business away on a whip, if I do that, they win.

Yeah. I don't think anyone has an answer.  I think its foolish to move ahead with a company, especially one that Diablo wants to be so large, without some sort of idea of the legal problems ahead.

My question has nothing to do with Goat.  It has to do with you selling shares on an unregulated exchange as an American for an American company.  Do you not think this has a potential to be a problem in the future? It seems to me that you are avoiding answering.

I don't hold any Goat assets, so what hes talking about doesn't apply to me I think.

I think both parts are important.  Do you not have an answer?

I was quoting that more for the whole "nefario was fired from intersango" part than the "Americans are fucked" part.

So you are an American building the company in America.  Do you have any response to this?  Sounds pretty important if the company is going to keep going ahead with building a DC.

Ironically, the scenario actually fits a lot of people.

Man, it's not about making you believe anything. It's about having some faith that Diablo as a CEO will figure this one out. WTF, is the point of your flame posts anyway?

If you follow the books ( or whatever there is on DMC's holdings) there was either a bad judgement call on investments or you have to be patient.
There was no scam. Are you even invested in this?

Another perspective;  judging by Pirate debt prices,  someone who invested in Pirate at the same time DMC IPO'd, never withdrew a penny, always reinvested his dividends, got caught by total surprise when pirate defaulted, waited more than a month after the default before accepting this reality and selling his worthless debt, would still have lost less than someone who bought in to DMC.  And yet we are supposed to believe there is no wrong doing here.