Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 212. (Read 452224 times)

+1

Lab_rat,

As hostile as Jake sounds, I'm inclined to agree with him. You're already taking out a 25% fee for hosting/maintenance. Manually paying out a little under 300 addresses shouldn't be terribly difficult, and can be done in a matter of hours. Even though it's only a few bitcoins in total, it's the principle that matters. Whether it is only a few, or a few hundred coins, investors don't deserve that.

   -Mufa

This 0.025BTC fee is horse crap.  I don't thank you for this mining service you provide, I FREAKING PAID FOR IT!  And now this is your current thinking:

Unfortunately it will take me a few hours of manual work to get people their dividends.  I know!  I will just make hundreds of dollars an hour doing it!

Aren't your investors getting dicked over enough with this bitfunder garbage?  We gave you money and a percentage for you to work for us.  We expect you to work for us.  Stop stealing from us.  Work really damn hard.  Don't sleep.  Make it right.  You absolutely owe us.  We paid for it.

We just need some good news... Lets hope the bitfury arrival will put smiles on our faces!!!!

Does anyone know if multibit wallet needs to backed up regularly? or is it one of those, one time and your done, unless you add receiving addresses? Ive been playing with multibit and am starting to like it.. easy to back up, easy to use, etc..

There's 198 different address with 20 Shares or less.

1422 Shares Total from those holders

BTC1.84623948 in dividends from those shares.

187 Shareholders above 20 Shares

BTC4.675 worth of Fees taken out

BTC6.52123948 Total BTC in Fees/Unsent Dividends Minus whatever the actually fees were for sending the transactions (0.0005 transaction fee usually so BTC0.0935 cost to send manually.)

BTC6.42773948 Leftover

This from the asset list as it was roughly 2 minutes ago.

It's very easy to get this, just copy from Bitfunder - Paste into Excel - Sort from Smallest to Largest and there you go.

Or what would happen if the air conditioning need to be fixed. Would it come from our dividends or the 25 percent management fee? Common sense would say from the management fee since thats one of the reasons he charging 25 percent.. Thats why I believe not much, if any, of the 25 percent is going towards future hashing power... Hence we need more transparency....

I did a quick figuring and I could be way off, but I think its around 1600 bonds.. Again, I didn't have time to sift thru every one, so I could be off, so its a rough estimate. So, it would be nice to know what happened to the non payed dividends since they werent sent. It would have been around 2 coins in dividends... Again, im just talking about transparency, 2 bitcoins is not much in the scheme of things. But im sure someone can go thru it with a find tooth comb and  take each holder that has 20 or less and add them up... those apparently weren't paid, so what were the coins used for?

exactly, we don't know the answer to any of those questions - nor how much Zach personally invested, nor if this is a sustainable business model.

I'm 100% confident LabRat is not running a scam, but I'm also 100% confident he has no private equity/start-up/entrepreneurial/finance experience.

Well this sucks a bit.

So, care to share how much of the 'would-be-dividends' are actually being kept now as a result of this impromptu payout limit?

This doesn't answer why the fee shouldn't come from the 25% taken for the exact purposes of paying Zach, operational costs and what's left being for re-investment.

Think about it also like this, if he wanted to relocate all the equipment to another location, should he take extra fee's from the 75% that is designated for dividends?
..or... From the 25% that is designated for fee's and operational costs? ... I know, tough question.  

1) 20% of all IPO (~$20,000, what did we get for that much money? Why did we have to pay for a lawyer? That's Zach's responsibility since we don't own the company)

This paid for setting up the mine including air con, installation etc( this process is still going on for the next batch of equipment).

2) 25% of weekly dividends (we get some hardware, but total is unknown - how much goes to management?)

This pays for electricity, maintenance, installation of new equipment and rent for mine.  Not sure if Zach is going to divulge this but a public reinvestment fund wallet might be an option?

3) .025 BTC per account, one time

This was for the time to pay manually, I think Zach said he worked on the weekend to do this. Plus I think the cost included setting up an automatic process for next time.

4) .025 BTC per account per year is transaction fees

Not sure about this?

I think this is a full time job for Zach so you have to take into account the man hours involved to manage the mine.  Zach also said that he used some of his own funds to set this all up before the IPO.

I do agree that more transparency would be better especially in this climate of closures and scams happening all around.

Im going to have to agree with you on this one. The 25 percent management fee should have covered the manual send of the dividends.. Its not the amount that Im worried about,  i mean, .025 of a coin, thats like 3 dollars, its the principle.. Also, its not too hard to do the math, 55k bonds were sold... thats a lot of coin..

If there was more transparency, our bonds would be worth a lot more. there are other mining companies that have already announced that they are setting up their own way to sell/buy bonds.. Im sure there will be a platform where we can sell/buy bonds, but transparency is key. I see the grumbling already starting...

But, we are still waiting on a lot of equipment... So my bet is that we will be okay and these little "bumps" in the road will be an afterthought, If everything goes as planned, we will be very thankful that we did this investment.. but in the mean time  these issues that come up aren't good for any type of company, they seem to fester and grow out of control..

One thing im pretty sure of, now, this is purely guessing, but im betting not much of that 25 percent is going towards future equipment(if we have to pay a fee for our dividends). I think we all realize that Zach shouldnt be doing this for free and he deserves compensation, but I dont understand why there isnt an accounting for every bitcoin brought in and spent. He must have his reasons.. Lets hope his reasons are good for us...

Bottom line, we are going to have to trust Zach, thats all there is to it.. We have no choice...

Ok, so total fees:
1) 20% of all IPO (~$20,000, what did we get for that much money? Why did we have to pay for a lawyer? That's Zach's responsibility since we don't own the company)
2) 25% of weekly dividends (we get some hardware, but total is unknown - how much goes to management?)
3) .025 BTC per account, one time
4) .025 BTC per account per year is transaction fees

Thank you Ashitank 

Got it : "and by mid Oct it should have a virtual boatload of BitFury gear hashing away in it"

So the "493mh/s per bonds" is for early November (in best case).

Lab_rat did not mention any thing about delivery of Bitfury gear which would be spread in 2 batches & also 2 weeks of mining on new gear as per THE PROPOSITION

If i understand, this week dividends were the last scooped div' .

The next dividends will be the "493MH/s" per bonds or i'm wrong ?

+1. Dividend is the sole reason for getting into LRM , any -ve news on dividends hurts  , particularly for early adopters who bought @ 0.15 ~ 0.16 per bond 

Any idea on how the trading of bonds will be done after bitfunder? Another exchange, LRM main website or ....Craigslist?

Yeah that fee is beyond a joke especially when it could have just been sent through bitfunder as normal this week and then use your auto pay out method next week.

I know this is temporary. But this fee, taken out of bond holder dividends, appears to be wrong no matter how you slice it. For two seemingly obvious reasons:

1) 25% of all mining is taken out for exactly for this kind of expense. Labrat fee's and operational costs and whatever is left is suppose to be for re-investment. How could this not be a LabRat fee or operational cost? So, if it ends up that there is a little less for re-investment, that's just the way the 25% cut got allotted out this time.
2) Even if #1 could be explained away, which seems very unlikely, being paid more on (undisclosed) LabRat fee's an extra $700 to essentially do data entry for about two  hundred bond holders seems very expensive. I imagine it could be done in three hours; and that would come out to about $230/hour doing essentially data entry.

All that said. I do think you wanted to be fair, or at the least wanted to do what is best for LRM. But this seems to be an oversight that directly conflicts with any such positive intention. So, if I'm missing something obvious or key, then sorry, but let us know.