Topic: Diablo Mining Company - page 15. (Read 96370 times)

tl
and how do you plan to do that with your "5" shares?

Shared negativity!

Well, it's been about 20 weeks since the IPO, so to get the NAV down to about 0.062 from 1 you'd have to burn 13% of the coins per week. We'll have to split the difference.

7% a week. Let's not get greedy here.

I'm crossquoting this from the TYGRR delisting thread

This thread makes me cry on the inside. Up until this last little deal with Usagi, it really looks like Diablo was trying. For those saying it doesn't matter if Diablo is an investment genius as long as he would be a good DC operator, it does when the entire DMC mining operation is an investment portfolio. This portfolio was managed with such monumental incompetence that it would have been better if the coins were kept liquid and each week 20% were sent to 1BitcoinEaterAddressDontSendf59kuE.

*facepalm* What a shark tanke... It really looks like glbse needs some stricter rules to protect shareholders. For example the force that ipo-price cant be changed once its set or the first share is sold. Or that an ipo cant go on forever. Maybe a month only or so.

Unfortunately a hardcoded price wouldnt be a help when simply moving shares to another account. This had to be disabled then to give more protection. But i doubt that can be done.

But when a solution could be found this could give at least some protection. The rest, regarding the investmentabilities of the securityowner, is a risk that cant be taken down.

When enforcing such a rule one cant buy himself voters anymore for cheap. So when someone is claiming to run this business one way and is doing another thing afterwards a motion would ensure that every share that can vote has the same value.

GLBSE is young... so ok... its not as secure as it could be. On the other hand it looks like its really hard to really secure it. So when someone wants to be sure he should really really only buy shares from old established projects where he knows what the past showed. But on the other hand this would be the dead to all new projects.

You know what they say? You gotta pay your debts first, puppet...

cross post from usagi thread

Im calling shenanigans.

What really happened here? First, Diablo inexplicably and indefensibly sold 4000+ DMC shares to Usagi and an even bigger amount to someone else (obsi?) at less than 10% of their market value, robbing and infuriating DMC's actual shareholders who got  wiped out and got nothing in return.

Then, when DMC got  suspended for suspected fraud, after berating Diablo for being the bloody idiot he is, Usagi inexplicably change his tune 180 degrees and began backing up Diablo as if he is the greatest CEO of all times, including presenting a "plan" that is beyond indefensible, even allowing Diablo to steal all of his shareholders coins.

Diablo predictably wins the motion against him with the help of his 2 new majority shareholders who got their shares for nothing, leaving his investors, who were the only ones to really cough up coins, completely empty handed.

So DMC gets unblocked, Obsi pays out Diablo, his majority shareholder, for one of his bonds. The same day, again inexplicably and indefensibly, Diablo spends almost every coin repurchasing his own bonds all the way up 2x his own published  NAV, even though DMC is simply a holding company holding like 3 shares. Why on earth did he overpay for his own shares like that, instead of buying more of the assets he owns?

Well, now we know. Usagi got repaid for his services;
https://bitcointalksearch.org/topic/glbse-nyancat-financial-your-friend-for-life-see-post-2-for-faq-97178

Good job robbing DMCs shareholders blind, I hope you are all proud.

Im gonna call on Nefario to investigate this, too many things here dont make the slightest sense, unless you look at the outcome: good for Usagi, good for Diablo, probably good for Obsi, HORRIBLE for DMC investors.

Where do you get its NAV from?
All I can tell from what I read on that thread is that BTC-Mining is essentially a passthrough to amazingrando. Now I dont distrust amazingrando, but he just sells a fixed MH mining bond that IMO is grossly overvalued (~.17 BTC per MH with no upgrade path to asics).

BTC-Mining itself is this:



Before and after IPO, lol I love that picture.


Agreed. And those are shares, not bonds, as far as mining investments go, this is not a bad investment (which is why Im surprised Diablo hasnt traded it for something toxic yet).

Exactly the right conclusion.

That is why I took this chance to get out.

Most of them were purchased at below 0.07.

Pray tell what on earth makes you think its a good idea to buy your own shares at 50% over NAV, when you could just as well have bought more of the exact same shares DMC holds  50% cheaper?

0.10. Some other guy is buying them past that, dunno who.

Actually, smickles wants to have DMC as his first customer of his accounting firm. Problem is, he won't have shop setup until after the first, so we might have to suffer through my horrible monthly reports one last time.

D3, can you please start using some type of accounting/portfolio management software so you can generate reports with proper content in the future?
Someone has to be the fist to show the way

Wait,  yesterday you had 949.53 BTC in "cash" on top of your BTMC shares,
and today you only have 835.50 BTC worth of assets?

Oh right, you have been repurchasing shares. An act of mercy for those who had outstanding asks, since you bought them up to 0.12 while your assets are wortrh only 835/12773 =  0.065/share.

Good job, keep it up!

BTW, right on track:

Current DMC holdings:
106 BTC-MINING
1000 BTCMC
1000 ASICMINER
86.97 BTC

Total valuation: 835.50 BTC

12773 shares outstanding

20909 before the buyout, 12773 after. There is still a standing order for the last ~2000.

Do any of you have older shares outstanding data (this is not the same as issued)?
GLBSE shows that DMC has 12773 shares outstanding
 Diabolo announced today: