Topic: Diablo Mining Company - page 27. (Read 96370 times)
This is a bit sad to watch. He seems to be under the impression that DMC is his company.
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
What I want to see is how nefario is going to steal other assets that belong to DMC. Is he going to call up companies we do business with and demand that they play along with this farce and hand stuff over? GLBSE is not a law enforcement agency and has no authority to do this.
WTF are you blabbering about? Where are "the other assets" and when did you acquired those?
Not only you have skipped including earned dividends in your reports, you have excluded BTC transfers and any assets acquired outside of GLBSE.
DiabloD3, you have to understand, that this is not YOUR BTC, it's OUR coin - all the investors including you and ONLY!, if you own any shares in DMC. You can not just transfer coins out and prance to the fkn sunset with it. This is theft! As simple as that.
As I said in my response to nefario, I am announcing ahead of time that DMC will be dealing with the data center part of the plan top down instead of bottom up, and we will begin selling dedicated server and cloud services soon.
There is nothing to include on the report yet, and no BTC has been transfered out of GLBSE to support the dedi/cloud service sales. Everything involved with this is coming out of my own pocket.
Accusing me of theft is no different than saying "I know what you are, but what am I?" like a child in kindergarten; shilling for nefario is not going to help his case.
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
What I want to see is how nefario is going to steal other assets that belong to DMC. Is he going to call up companies we do business with and demand that they play along with this farce and hand stuff over? GLBSE is not a law enforcement agency and has no authority to do this.
Where in your contract does it say you can swap shares for other companies for below 1btc per share value ?
I swapped shares for other companies on a ~1BTC to 1BTC basis. Do not confuse this with when I sold fixed mhash bonds at a loss to prevent bond issuers from further destroying DMC's asset value by turning fixed mhash bonds into their own personal ponzi schemes.
nefario continues to refuse to investigate bond issuers.
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
What I want to see is how nefario is going to steal other assets that belong to DMC. Is he going to call up companies we do business with and demand that they play along with this farce and hand stuff over? GLBSE is not a law enforcement agency and has no authority to do this.
WTF are you blabbering about? Where are "the other assets" and when did you acquired those?
Not only you have skipped including earned dividends in your reports, you have excluded BTC transfers and any assets acquired outside of GLBSE.
DiabloD3, you have to understand, that this is not YOUR BTC, it's OUR coin - all the investors including you and ONLY!, if you own any shares in DMC. You can not just transfer coins out and prance to the fkn sunset with it. This is theft! As simple as that.
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
What I want to see is how nefario is going to steal other assets that belong to DMC. Is he going to call up companies we do business with and demand that they play along with this farce and hand stuff over? GLBSE is not a law enforcement agency and has no authority to do this.
Where in your contract does it say you can swap shares for other companies for below 1btc per share value ?
He has not suspended trading. People are free to buy and sell DMC. What he has done is locked my GLBSE account, thus preventing me from managing DMC assets and paying dividends.
You werent going to pay dividends for 3 months. As for being unable to trade. GOOD.
Quote
9. The Exchange reserves the right to suspend trading of any asset, or suspend access to an asset creator's account, for failure of an asset creator to provide requested information, or in the event of suspected fraud.
He has the right to.He has not suspended trading. People are free to buy and sell DMC. What he has done is locked my GLBSE account, thus preventing me from managing DMC assets and paying dividends.
I think, i have some words to share about Nefario.
Nefario's most high priority wish is to run an exchange in Bitcoins only, which will be equal to the fiat currency exchanges.
Running an exchange or business in Internet only, is not like a exchange or business in real.
Some times, you can't compare even apples to apples, if you got it from different country.
Everything here, in Internet & Bitcoin world, it is very easy to start & close, which cannot be possible in real world.
As my above post pointed, he has the right to control, when something bad happens.
When i failed & cant able to run DISHWARA, as a friend, he helped me to close successfully.
I thinks DISHWARA was the first to close with out any problems.
For Bitcoins sake, he has some special needs & powers to control & take decisions.
Actually he went to behind, when his wish was started gaining & showing positive results.
Some secret have to be kept secret forever, to protect the most valuable things.
Nefario's most high priority wish is to run an exchange in Bitcoins only, which will be equal to the fiat currency exchanges.
Running an exchange or business in Internet only, is not like a exchange or business in real.
Some times, you can't compare even apples to apples, if you got it from different country.
Everything here, in Internet & Bitcoin world, it is very easy to start & close, which cannot be possible in real world.
As my above post pointed, he has the right to control, when something bad happens.
When i failed & cant able to run DISHWARA, as a friend, he helped me to close successfully.
I thinks DISHWARA was the first to close with out any problems.
For Bitcoins sake, he has some special needs & powers to control & take decisions.
Actually he went to behind, when his wish was started gaining & showing positive results.
Some secret have to be kept secret forever, to protect the most valuable things.
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
What I want to see is how nefario is going to steal other assets that belong to DMC. Is he going to call up companies we do business with and demand that they play along with this farce and hand stuff over? GLBSE is not a law enforcement agency and has no authority to do this.
Why is Nefario involved in this???
Because DMC shareholders, for weeks have been demanding I take actionHe's the police, the SEC, the judge, the jury, and the exchange operater??
IMO Nefario should stick to operating the exchange, the market will sort out the scammers..
This is me running the exchange, this isn't a free for all, there are rules you know. Also I'm not judging anyone, DMC shareholders (as per my post) will be the ones to decide, not me.IMO Nefario should stick to operating the exchange, the market will sort out the scammers..
Many peeps sold their DMC as it was obvious what Diablo was doing and got out, thats how markets are supposed to work.
Let the market work......
Let the market work......
The company belongs to the shareholders (depending on the contract), GLBSE is not only an exchange it's also where asset contracts are listed, it's integrated, it's not a simply a market and shareholders, as outlined in the contract (which Diablo has broken on numerous occasions) have rights.
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
When a director of a company runs it into the ground, the shareholders (to whom the company belongs) have the power to remove and replace them, the market is the method used to value a company and help it acquire capital but it doesn't run or own the company.
At the end of the day, certainly in this case the shareholders are both the judge and jury and will decide the fate of DMC.
Thx for the reply.
I don't agree with what your doing here, but its all new territory I guess, we will see how it plays out, lol. People bet on Diablo, they bet wrong, end of story..
Why is Nefario involved in this???
Because DMC shareholders, for weeks have been demanding I take actionHe's the police, the SEC, the judge, the jury, and the exchange operater??
IMO Nefario should stick to operating the exchange, the market will sort out the scammers..
This is me running the exchange, this isn't a free for all, there are rules you know. Also I'm not judging anyone, DMC shareholders (as per my post) will be the ones to decide, not me.IMO Nefario should stick to operating the exchange, the market will sort out the scammers..
Many peeps sold their DMC as it was obvious what Diablo was doing and got out, thats how markets are supposed to work.
Let the market work......
Let the market work......
The company belongs to the shareholders (depending on the contract), GLBSE is not only an exchange it's also where asset contracts are listed, it's integrated, it's not a simply a market and shareholders, as outlined in the contract (which Diablo has broken on numerous occasions) have rights.
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
When a director of a company runs it into the ground, the shareholders (to whom the company belongs) have the power to remove and replace them, the market is the method used to value a company and help it acquire capital but it doesn't run or own the company.
At the end of the day, certainly in this case the shareholders are both the judge and jury and will decide the fate of DMC.
Why is Nefario involved in this???
He's the police, the SEC, the judge, the jury, and the exchange operater??
He's the police, the SEC, the judge, the jury, and the exchange operater??
He is giving the last word to the shareholders, which makes complete sense. I for one, appreciate what he is doing and I would rather trade on a market thats "policed" to some extend. If you dont like how nefario runs the exchange, start your own. Thats how free markets work.
Why is Nefario involved in this???
He's the police, the SEC, the judge, the jury, and the exchange operater??
IMO Nefario should stick to operating the exchange, the market will sort out the scammers..
Diablo definatly hasn't done the best job, but people were investing in him, and it was very apparent that he was erroding initial shareholder value to "grow" the amount of capitol that he directed, but how is that something that Nefario as the exchange operater needs to police, judge, and control???
Many peeps sold their DMC as it was obvious what Diablo was doing and got out, thats how markets are supposed to work.
Let the market work......
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
He's the police, the SEC, the judge, the jury, and the exchange operater??
IMO Nefario should stick to operating the exchange, the market will sort out the scammers..
Diablo definatly hasn't done the best job, but people were investing in him, and it was very apparent that he was erroding initial shareholder value to "grow" the amount of capitol that he directed, but how is that something that Nefario as the exchange operater needs to police, judge, and control???
Many peeps sold their DMC as it was obvious what Diablo was doing and got out, thats how markets are supposed to work.
Let the market work......
When a company makes a series of bad moves and their share price drops, does the NYSE step in and go over the companies books, reverse trades, investigate what happened, make a judgement to put in a new CEO of the company??
Quote
(19:31:02) nefario: Diablo, are you actually doing any mining yourself? Or do you have any physical assets that belong to DMC?
(19:31:36) Diablo-D3: yes, and you cant touch them.
(19:31:36) Diablo-D3: yes, and you cant touch them.
Since when?
Can you point me to monthly statement that lists those assets?
Anyone?
Nefario, one more thing. Can we somehow get the trade report as the full account history from GLBSE so I or anyone else can run it trough parser script for google spreadsheets written by znort987 (if I am not mistaken)
Diablo told me some bs how "Get your full account history as a CSV" in GLBSE is not working or is incomplete blaa blaa blaa.
POSTSCRIPT:
Nefario has advised me that I may need to give back some shares of DMC. I don't mind doing that. However everyone needs to be aware of the situation. When Diablo did the ASICMINER trade I was a 60% shareholder and there were 2500 shares of DMC out. I traded for 4500 shares of DMC or maybe 5000 or so. That means he traded around 14,500 shares with other people, presumably for the same amount. I don't mind returning shares as long as it is done fairly and equallty among those who did trades with diablo. Secondly, since I have the 4,500 shares of DMC essentially still sitting in NYAN.B, I would want my 500+ shares of ASICMINER back. See, this is the problem; the trade was done with too many people and too long ago. Reversing the trades now is probably not feasable fairly. I have already returned the value of these trades to NYAN.B shareholders as well; my personal profit from the deal was zero since I take no management fees from NYAN.B. (really. I take a small management fee of 5% of profits from NYAN only, not the component funds).
So WRT returning ASICMINER shares, I will respect and follow Nefario's final decision without complaint. I only ask that it be done fairly and equally among everyone who traded, and that we recieve back what we traded for. If that's impossible then we just deserve an equal right to the assets of DMC like every other shareholder. Me especially, being 50% majority holder or more from day one. But that's not really relevant I guess, every shareholder is equal. So, I will leave that decision to Nefario.
P.P.S.
I have exact records for every trade done in NYAN, BMF, and CPA. I can provide and explain these records upon demand, as anyone else who did the trades would be expected to do. For one, everyone has the .CSV files available from GLBSE. So there will be no issue with fairness and accountability, on either side of this.
Snipped the rest.
If you have to return the shares I totally agree you should get back ASICMINER shares in same ratio as you traded for the DMC. i.e. if you return 90% of the DMC you traded for then you should get back 90% of the ASICMINER shares you traded for them. Like you, I suspect unwinding all the trades (that should never happened) won't be easy and maybe won't even be possible.
What was the rationale for that swap? Clearly it was terrible for all existing shareholders - as it (and the other 10k or so newly issued shares) totally diluted what little value he'd still got left in the company. Why did he need 50 BTC so badly as to totally screw over his existing shareholders? And what blackhole did that 50 BTC vanish into?
No such swap happened. What I did swap was a 10:1 swap for ASICMINER he held because I believe ASICMINER is worth more than 0.1 in the long run, maybe over 10 BTC including dividends. I have since traded my Obsi.1mhs for 1:1 ABMO and ASICMINER for 2:1 ABMO to become owner of half of ABMO while retaining most of the future ASICMINER profit.
That makes a bit more sense except:
The nav/share of DMC at the time was over 0.05
You made a trade which valued them at under 0.015
there's ALWAYS been strong depth of ASICMINER available at .15 or lower (I've traded those myself) - so why would you issue new shares which were backed by a NAV of 0.5-1.0 (per 10) to trade for something which could be bought for .15 or lower?
DMC did not have the money to purchase them, and usagi wanted to swap them at the then current rate. If I am right about their true value, then by the time DMC could afford to buy that many they would have already gone up in value. In other words, instead of trading a few thousand shares of DMC for tens of thousands of BTCs worth of assets and dividends, we would have a tiny fraction of that and no dividends to show for it.
What was the "then current rate"? For ASICMINER and for DMC
You traded 10 10 DMC for 1 ASICMINER (you said so just now)
You could only issue at DMC at 1 BTC each (you said so just now)
Where do you get a "Then current rate" of 10 BTC for 1 ASICMINER from?
Or even a "Then current rate" of 1 BTC for ASICMINER from?
You DO realise everyone can just look at GLBSE and SEE what price ASICMINER has been trading at? Other than a brief spike to 0.25 (just after its IPO - i.e. well before your swap) it's been pretty much in the 0.1-0.15 range (occasionally going up briefly to 0.16 on small volume outlier trades).
SO if you told the truth about only issuing at 1 BTC per DMC you paid 60-70 times the "then current rate" for ASICMINER.
If, on the other hand, you lied about that then you ONLY paid maybe 5-7 times the "Then current rate" - which assumes DMC shares only to be worth nav/share.
You'll note that your OP says DMC sahres will be issued at 1 BTC. Not that they'll be issued in return for a promise of 1 BTC. Not that they'll be issued in return for a hope of 1 BTC. To issue new shares in return for anything other than 1 BTC currency would require you to put a motion to your shareholders - as it would constitute a change in your contract.
But notice it went back into the company. It did not go into my pocket.
Where did those purchased shares go?
Did you destroy them to the benefit of all other shareholders? Or do they sit in your personal portfolio.
I am willing to bet they are in your personal portfolio adding no value to DMC.
I do not maintain a personal portfolio. The only shares of anything on GLBSE I own is DMC itself.
I have made zero profit from DMC. Even the dividends from my own shares, which I purchased with my own money, have only gone back into the company to buy more shares.
Then you have made a profit, and you have chosen to reinvest it.
But notice it went back into the company. It did not go into my pocket.
If nefario does decide to go ahead with the asset theft, I lose my money along with everyone else.
Still havent heard what the other 10k new shares were swapped for - presumably fixed-share mining bonds (that can only drop in value) that he believed would go from 0.1 to 10.0 BTC in the future (in some parallel universe where difficuly decreases etc).
Which isn't a dig at ASICMINER - they're a decent share which if everything went perfectly (their protype works, they get to market first, they mine a good chunk before selling any, competitors fail to deliver on time etc etc) COULD go to 10 BTC. It could equally easily never go above its previosu peak of 0.16 (prototype doesn't work etc). It's a speculative investment with potential for extremely good returns and a commensurate risk of never making anything significant back - and it's priced accordingly (by everyone other than Diablo).
Which isn't a dig at ASICMINER - they're a decent share which if everything went perfectly (their protype works, they get to market first, they mine a good chunk before selling any, competitors fail to deliver on time etc etc) COULD go to 10 BTC. It could equally easily never go above its previosu peak of 0.16 (prototype doesn't work etc). It's a speculative investment with potential for extremely good returns and a commensurate risk of never making anything significant back - and it's priced accordingly (by everyone other than Diablo).
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