Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 107.

Lab_Rat

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Quote from: sparky999 on March 08, 2014, 02:50:50 PM

I can't see why this wouldn't work if no new bond holders are allowed to join. I'm not an expert on your local law though. I think I know the issue your having and as long as money changes hands for new bonds there shouldn't be an issue. Capping purchases at a proportional amount to ownership May be an issue but bond holders could hv a hand shake agreement to only purchase their fair share

There are multiple issues, local and federal. The main issue is specifically pertaining to variable payout though. I'm not a lawyer so I'm waiting for my legal rep to put it all in legal terminology before laying it out there.

goddardnet

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Quote from: Lab_Rat on March 08, 2014, 02:29:06 PM

Quote from: countduckula on March 08, 2014, 02:27:24 PM

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

I've stated I'm working on the specifics of this.

The 'original' IPO contract states 0.25 BTC for a 'minimum' of 100MH/s.

This works both ways, you refund all bonds held at 100MH/s at a price of 0.25 BTC for however long that takes with future hardware purchases bought with BTC invested.

Failing that refund all bonds at their original purchase price you can interrogate the blockchain - that is what it is there for.

Legally the IPO is not 'fit for purpose' so a refund 'at any time' of all investments means no one is out of pocket - a great idea crushed by 'the man'. Effectively unwinding all financial possitions held.

The honorable thing to do, no?

zibrus

newbie

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I was about to begin the full liquidation of my LRM bonds, as I recognized the math wasn't working in anyone's favor and LR wasn't able to hold the difficulty increase. However, I wait 3 days on the trading forum and still no reply to sell a minuscule 10 shares...

With no practical exchange, there is no way out. Not that it matters anymore the cat's out of the bag for all to see.

I'm with epoch, the best strategy for the bondholders is to liquidate all assets and distribute the coinage proportionately to holdings.

z

sparky999

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Quote from: Lab_Rat on March 08, 2014, 02:45:00 PM

Quote from: sparky999 on March 08, 2014, 02:41:05 PM

Quote from: Lab_Rat on March 08, 2014, 02:29:06 PM

Quote from: countduckula on March 08, 2014, 02:27:24 PM

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

I've stated I'm working on the specifics of this.

Could existing bond holders buy more bonds at a proportional rate to their existing holding for say 1 satoshi. This would solve the problem, no? Would prob mean no new bondhders though.

I have considered something like this and will be presenting more information as I determine the legality of certain methods I'd like to use to ease the transition.

I can't see why this wouldn't work if no new bond holders are allowed to join. I'm not an expert on your local law though. I think I know the issue your having and as long as money changes hands for new bonds there shouldn't be an issue. Capping purchases at a proportional amount to ownership May be an issue but bond holders could hv a hand shake agreement to only purchase their fair share

Bigrah

newbie

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Sorry but this is absolutly shit!

We are now mining at 280MH/s and we have incoming Hardware for over 1GH/s for which WE!!!! paid with our dividends over 4 or 5 weeks.. (the 2 weeks was just a joke..) and now the days before this hardware should arrive you want to tell us it will not mine for us???

I could only say:

Cancel BFL orders, sell all Hardware you have and you get for the Max price and close the company! Pay all you get to the shareholders.

I could have never imagined such a joke.. This really pisses me off at the moment.. Or simply move to another location an scam us all the old way... Because this is simply Scam only in new cloth...

sparky999

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Re-sell the incoming hardware at as close to retail as possible and distribute divs is the only other reasonable solution I can think of

Lab_Rat

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Token/ICO management

Quote from: sparky999 on March 08, 2014, 02:41:05 PM

Quote from: Lab_Rat on March 08, 2014, 02:29:06 PM

Quote from: countduckula on March 08, 2014, 02:27:24 PM

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

I've stated I'm working on the specifics of this.

Could existing bond holders buy more bonds at a proportional rate to their existing holding for say 1 satoshi. This would solve the problem, no? Would prob mean no new bondhders though.

I have considered something like this and will be presenting more information as I determine the legality of certain methods I'd like to use to ease the transition.

Lab_Rat

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Activity: 599

Merit: 502

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Quote from: Frankthechicken on March 08, 2014, 02:40:40 PM

I'd like to know more on the specifics of the 'legal pressure'. I'm really surprised that bitcoin is having such a tough time considering most politicians and lobbyists seem to LOVE suitcases full of cash... they should REALLY love bitcoin... anyway, I digress.

Considering bondholders have just seen their bond values slashed by about 85% or so with this announcement, I'm in the mood for some beer I think.

Would liquidating the hardware and distributing the proceeds to bondholders to recoup a decent portion of the bitcoin we invested be an option as epoch suggested? Whatever the cause, a significant amount of joy has been killed for bondholders and I am sure Lab_Rat as well.

I was thinking run instead of beer, but the idea is the same. I promise the joy was killed for me the first time this issue was presented to me and I tried to find loopholes to avoid it.

Liquidating and distributing would pay out an equal or less amount that just paying dividends due to the decrease in value of hardware since the beginning of the company.

sparky999

sr. member

Activity: 473

Merit: 250

Quote from: Lab_Rat on March 08, 2014, 02:29:06 PM

Quote from: countduckula on March 08, 2014, 02:27:24 PM

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

I've stated I'm working on the specifics of this.

Could existing bond holders buy more bonds at a proportional rate to their existing holding for say 1 satoshi. This would solve the problem, no? Would prob mean no new bondhders though.

Frankthechicken

member

Activity: 112

Merit: 10

I'd like to know more on the specifics of the 'legal pressure'. I'm really surprised that bitcoin is having such a tough time considering most politicians and lobbyists seem to LOVE suitcases full of cash... they should REALLY love bitcoin... anyway, I digress.

Considering bondholders have just seen their bond values slashed by about 85% or so with this announcement, I'm in the mood for some beer I think.

Would liquidating the hardware and distributing the proceeds to bondholders to recoup a decent portion of the bitcoin we invested be an option as epoch suggested? Whatever the cause, a significant amount of joy has been killed for bondholders and I am sure Lab_Rat as well.

Lab_Rat

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Quote from: fractal02 on March 08, 2014, 02:29:25 PM

I'm asking myself how Buzzdave from megabigpower can run the 100 th mine and build one of the biggest Mine in US and you...you don't...

Buzzdave and I run 2 COMPLETELY different businesses.

fractal02

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$Profile photo of fractal02$

Quote from: sparky999 on March 08, 2014, 02:27:12 PM

Sigh, sad to be proved right.

Oh man...right on all the line...

fractal02

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$Profile photo of fractal02$

So LRM will be stuck ad viternam at 23 TH/s ? is that ?

I'm asking myself how Buzzdave from megabigpower can run the 100 th mine and build one of the biggest Mine in US and you...you don't...where is the problem ? The law ? the greed ? the amateurish way ?

No offense Zach, but i put some money here and others even more than me...We trusted you, you announced a lot of amazing things and patiently trusted you...and now that (just after MT.gox fiasco)....Sorry but for early buyers like me...i feel really scammed... Angry

Lab_Rat

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Quote from: countduckula on March 08, 2014, 02:27:24 PM

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

I've stated I'm working on the specifics of this.

countduckula

full member

Activity: 140

Merit: 100

Good, im talking more about indefinitely free.

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

sparky999

sr. member

Activity: 473

Merit: 250

Sigh, sad to be proved right.

Lab_Rat

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Quote from: countduckula on March 08, 2014, 02:18:49 PM

You know we're standing at nearly 500mh per bond and with incoming hardware we were heading up to more than 1.5gh per bond?

Previous payouts have been in the range of ~280MH/s per contract so it's actually a 20 MH/s increase.

mufa23

legendary

Activity: 1022

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I'd fight Gandhi.

Wait, I'm confused. Are bonds only be paid at 100MH/s? I thought we were up to 1GH/s per bond or something now. What did I miss?

Lab_Rat

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Quote from: countduckula on March 08, 2014, 02:23:58 PM

Can we pick if you deserve to be paid managament , if you call this management?

I haven't paid myself in over 8 weeks.

Lab_Rat

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Quote from: maqifrnswa on March 08, 2014, 02:23:07 PM

Quote from: Lab_Rat on March 08, 2014, 02:20:49 PM

This is correct, the management, power, internet, hosting, etc. fees are taken out before the 100MH/s per contract payout.

This is the only way to continue operating LRM.

thanks - I deleted my previous post when I realized investors did pay for the hardware that has not arrived yet but are only getting "credit" for the hardware in hand. That's a loose end that should get tied up.

I'm working on that.

Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 107. (Read 452224 times)