Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 105. (Read 452224 times)

I was under the impression that changing the rules of an agreement solely to gain from the change was fraudulent. If this is the case you need to get a scammer tag under your name.

SO LETS DO SOME CALCULATIONS!!!!

Current hashrate is about 23-24 TH? Some of hashrate isnt even pointed to GHASH.IO.
Also we had about 25 TH hardware of BFL Monarch. That BFL Monarch order will turn in best way 25TH/0.6(Monarch hashrate)*1TH(Imperial Hashrate)+25TH(bonus hashrate on end of queue)= 66,66TH
So overall it makes about 91TH.
So its 191 TH MINIMUM hashrate that is paid from OUR POCKETS. Its the totally MINIMUM!!!

191 TH/58792 Bonds=3.24GH/bond. And u offering??? 300MH per bond?? And say "that is 20 mh increase"?
I have bought bonds for 0.15 BTC, 0.25 BTC and some of lower priced bonds. It makes that price per bond was about 0.15 BTC/Bond.
I own 355 bonds. It makes about 53.25 BTC. So u gonna say that u have sold to me 106 GHash for 23850€(current btc price)?

If u going to give everyone 300 MH per current bond, its make only 17.6GH.  What about 6 GH that is mining somewhere? What about BFL Monarch order? Is is over 200k$ invest, its our money, what u going to do with them? Keep??
BF order that is made already as i understand. Atleast 100TH. It should cost to u atleast 400k$. U going to keep them too?

*
Added:
Also as i remember u have invested LRM OUR money to coinseed?

I'm terribly sorry to say this, because up until right now I really did believe in LabRat, and I hate to sound like a troll, but this is outright theft.
Even if it really is some kind of legally mandated theft, it's still theft. 

As others have noted, this means the immediate loss of the majority of our equity value. 300 Mh/s are worth about BTC0.006 at current cex.io prices, which is 4% of the IPO price. Up until now, I think we've received something like 10% of the IPO price in dividends (please correct me if I'm wrong). This means a total loss of ~86%. Obviously, the current value of the bonds does not stem from the current hash rate, but rather from the expectation of higher return in the future due to reinvestment, an expectation which has now been crushed.


If LabRat is keen on using some ill-defined legal obligations to take our money, here are a couple of legal points to consider:

1. LRM is bound by contract. We did not sign up for 100 Mh/s, or 300 Mh/s, or any other hash rate. What we signed up for is 75% of all proceeds generated by the hardware purchased with our money, as well as any proceeds generated by any future hardware purchased with the reinvestment money generated by our hardware (with a lower bound of 100 Mh/s).
Just now, when LRM is about to receive hundreds of Th/s, we are suddenly limited to 300 Mh/s, and any other proceeds and future reinvestment is owned by LabRat?
Please ask your lawyer about breach of contract.

2. Let's assume that, for some reason, LRM is indeed legally bound to distribute fixed dividends. How is 300 Mh/s a fixed sum?
In the world of bitcoin mining, with difficulty in a consistent exponential incline which is not expected to end in the immediate future, the only way to ensure a fixed dividend is to stick to a certain percentage of total network hashrate. For example, 300 Mh/s is currently equal to about 0.000001% of the network hashrate. If LRM would ensure that percentage for each bond regardless of the change in difficulty, we would get fixed dividends each week, and LabRat would have extra incentive to buy more hardware because any growth in LRM hardware above the overall growth rate of the network would go straight to LabRat's pocket.
By fixing the bonds to 300 Mh/s, bondholders are not given a fixed dividend, but rather an exponentially decreasing one. It escapes me how a fixed hashrate is consistent with the law, while a fixed percentage isn't.

+1

He didn't sell his bonds because he would have been acting on insider information. Insider trading is illegal. You should know that.

Zach, when you make statements like this it just reinforces the sense that, even after all this time, you are still not treating your LRM responsibilities seriously. This isn't a joke. You are not playing with Monopoly money, sitting across the table with paper cutout dummies. Real people have invested real money with you. They are not some anonymous internet avatars; they are real people with real lives and real families with real bills to pay. They gave you their money because you convinced them to trust you. Now you are telling them they can kiss their investment goodbye.

It is obvious that your investors will never recover their initial BTC investment. Real people have lost real money and value. What are you going to do about that, if anything? You know that the only person who will make out positively from this mess is you. At the expense of everyone else. But you can change that. Nothing (other than personal greed, perhaps) is stopping you. But I guess that knowledge doesn't keep you up at night.

Why the 80% drop in Divs this week?  Another payout issue?  What happened to all the new hardware we paid for?

From the 1st post: "It is intended installments in the operation will continue to occur which will provide more value to the company as well as more value to each individual bond as the company matures.  These expansions, if they occur, will likely grow the company and our mining capacity in size which will provide further expanded payouts in the form of dividends (or increased dividends to investors).  It is currently intended a portion of the money the company receives in revenue from bond sales and mining will be used to expand the operation which will further increase dividends per bond.  It is currently intended the company will be adding to the bondholders hashrate on a regular basis as the company expands so one should expect to receive greater dividends than those explained above"."


Hmm.

I remember "black Friday" in the online poker world. when American poker players where not allowed to play anymore. 2 things happened the online sites moved to Europe. And the winning poker players just moved to places like Canada, Australia and so on...

The point is that this things happen and then you move. Why does one have live in a country where there are to many laws that don't make sense?

What you are now saying is that you have to do the opposite what you believed fixed hash rate rather than progressive. Why is this the best solution?

Why would you want to run LRM in a way that you don't believe in yourself. Surly this cannot even be considered a solution! There are a lot better ones posted!   

So because of "statutes" bond holders get a haircut? Why are you allowing trading for LRM while you do not know the outcome of pending laws?

+1 .. Came here to say just that. It's so obviously the final piece of the scam. I think buying back people's shares at some agreed upon rate is the only proper thing to do.

As I said. We know this will take time, but that is all we now have...

You can get the 60% small shareholders off the books relatively quickly.

It's coming:




grnbrg.

This simply does not work.

We need more details. A full explanation from your lawyer and an answer/proposal re the incoming hardware we paid for.

How about instead of paying divs to me, buy back my bonds by sending me ~77gh of mining hardware?

So we are stuck with worthless bonds and Mr Zach will receive 150 TH/s BF + Buttefly Monarch...fully "crowfunded" by holders...

We need official paper about this issue.
And fire your piece of s**t that serve you as a lawyer...

Law evolve but not as quickly as this timeframe.period.

You really deserve a scammer tag and your name in red in Bitcoin community for being silent about that situation.

Another BTC operation down the drain.

Please buy back our bonds at 0.15 and keep mining for yourself.

I feel like I have been defrauded.  hmmmmm

I hope that is what he means because anything else sounds like straightforward theft.

And another thing:

If you really have to make that fixed Hashrate the least thing to do is to give everyone its share on all incoming Hardware.. Wich will be 25 to 30 100Mhs Bonds for each bond today if the others calculated right...

And only if you do that it can be seen as legal issue and not as scam.. wich i really think will lead to a court by the higher bond holders..

Seems to me the split is the correct move... it indeed matches our CURRENT investment rate to what is actually hashing.

Moving forward, there should be NO MORE BONDS SOLD FROM LRM TO ANY ENTITY PERIOD! Total bonds available from LRM should be capped to represent MINIMUM total hashrate yet to be delivered, and as those pieces of hardware are put online, current holders should benefit from ANOTHER split to increase their total 100 MH/s bonds to match total hashrate.

Basically... Zach cannot legally allow our bond hashrate to increase due to the contract per the legality he will divulge soon. I do not know exactly why that is but his lawyer will be able to explain it.

Legally, since it was our funds that pre-ordered the due equipment, LRM is obligated to put those resources to work for each of us, and the only way to bring those new resources into our hands (divs) would be to allocate the "pending" 100 MH/s bonds to our ownership as the equipment is put online.

Do I have that correct Lab_Rat?