"When he likes" in my country means never.
And how about this part of the contract (already breached):
Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs (both minimal due to using ONLY low energy use FPGAs procured in bulk at significant discount). Coupon payments will be made Monday for the previous 7 days of mining activity
Seems that if he will no longer mine what dividends will there be to pay?
He says he is using funds from mining (as well as bought coins) to buyback shares).
I am slowly buying shares back from mining profits and from my own cash I am buying bitcoins with. I am not trying to cheat anyone, I just can't buy them all at once. For those that I can't buy immediately, I am treating it as a loan,paying interest, until all can be paid back. This is more cost effective than liquidating the FPGAs I have.
Also, although the IPO was at 1.0, very very few were sold at that level. I am one of the few people that invested at that price level via my investment acct. Most shares were bought initially between 0.75-0.83. They may have traded less than that though.
Slowly but surely i am paying back.
I am not a Pirateat40.
This not how he should make it according to contract. But I still wouldn't call him a scammer as at least his intentions seem right. He seems not to have the intention to damage anyone, which (at least for me) is also something that defines a scammer.
For me it remains to be seen if he really buys back my shares to a price where no financial damage is done to me, or if he buys back to the average price, which has significantly dropped due to his announcement.
