Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 269. (Read 452224 times)

@Lab_Rat: who are you, where are you, and what makes you believe you are qualified to carry the responsibility of your proposed venture? When things go sour, your investors will want to know where and how they can get hold of you. So please provide that information here, for transparency's sake.

Reading your posts here and on the BFL forums, you strike me as being quite young. At least mentally (no offense intended). What are your qualifications for managing such an offering, and why should anyone trust you?

There is fellow here, Hashking, a Hero member registered 18 months ago, who was well-regarded here for a long time. He carries a SCAMMER tag now, and he's just one person I'm using as an example; there are numerous cases just like this here recently, including several people trying (and eventually failing) to run mining bond/share companies (e.g. Amazingrando, for a start). These ventures fail because the people attempting to run them are inexperienced, underestimate the required scope, and make bad decisions as a result.

Now, Hashking managed a lot of BTC for a lot of people because they trusted him. Turns out he is just a high-school kid, and mis-managed the trust given to him by his investors who are now out of pocket big time. Guess what: he was inexperienced, got in over his head, lied to his investors, made some bad decisions, and things went south. Simple as that. Shouldn't have surprised anyone, if only they knew who he was.

Or how about PatrickHarnett? Arguably the most respected and trusted member here for years. Seemingly beyond reproach. He didn't run a mining operation, but he did manage thousands of BTC for people. Just like you are attempting to do. Now Patrick is carrying a SCAMMER tag. And I'm not even going to mention what happened with Pirateat40.

There are endless examples of people who may or may not have had good intentions from the start, that inevitably ended up saving their own skins at the expense of their investors. That seems to be par for the course in this 'anonymous bitcoin club' we find ourselves in. But I think a growing portion of us has seen, experienced, and been affected by enough scams that we refuse to accept the call of some random nameless, faceless, internet persona screaming "give me your money!" for whatever the promise-of-the-day happens to be.

So who are you? Convince us that you are different. Or tell us you are not.

I have been working on it and I am hiring grnbrg to do this for me.  He offered to do it for free, but I find that unfair.  He has already begun setting up alternate forms of delivering information to investors as well.

I have been available in at least one place for close to 16 hours a day (some days 20 hours) the past 3-4 weeks, but it will now likely be much easier to get all the required information out.  I have also stated at least 20-30 times across the internet that the best way to get ahold of me, just in case I am away from the computer, is to email me directly. [email protected]

I didn't mean to appear to have an attitude toward the potential investors.  I have no problem with those asking questions, but with the people assuming and blaring false information, I don't appreciate it.  There is a fine line between criticism and trolling when it comes to the internet as interpreting the context of a statement may be a challenge. I hope you can understand this much.

Hi Lab-Rat thanks for providing answers to the questions. Some answers were not provided initially though things are more transparent now. However, I disagree with your attitude in regards to us demanding speculators and investors. I assume you've traded shares before and therefore understand the billions of dollars listed companies pay in admin and investor relation fees every year.  You admit yourself that you are only human and find it difficult to field questions 24/7, this bothers me a lot because most 'company' managers such as yourself are focussed on securing $10,000 to over $100,000 yet can't provide the basic and timely necessary information to investors. It's not just a criticism to you but all 'companies' and the asset exchanges.

I understand you want to be the manager and spend your time operating the business but this is why I can't understand why these 'companies' don't hire someone for say BTC1-2 a month to do admin/investor relations tasks for the business so that the manager spends more time on important issues rather than admin. We never receive most of the company's information and some of the stuff these 'companies' do provide to us is rubbish and just unreadable financial statements.

Wow... ppl still take this kid seriously.... by the amount of questions asked here...

To sum it up to you, this company just want to sell pre-orders at markup price. The OP also want to buy some of those mining equipment without spending a cent.

I'm not avoiding questions, you could answer them yourself if you read.

1. Do bondholders own the equipment they are paying for?
2. Will there be any transparency for purchase prices? Proof of purchases?
3. Does the company have any assets or experience to justify such a large fundraising effort?
4. What pool will you mine on to prove your work?
5. Why on earth would anyone want to buy into stale BFL orders? Why order from any company that has not demonstrated reliable delivery?
6. When does mining start?
7. What's in it for Lab Rat?

1. No, just the hashrate.
2. Yes (this one I haven't actually answered) I won't be giving out exact info, but Josh and Dave will likely confirm that I have the orders in place.
3. How does one prepare for a large scale mining operation? I have some datacenter experience and know quite a lot about mining.  Is that the kind of answer you're looking for?
4. I will be mining on a private pool to provide security against attackers.  Someone DDoSing pools to mess with the company is not an option, but if you'd like to check my numbers of what I'm paying out you can average a few weeks pay and run a calculator yourself.
5. I will be making purchases with other companies other than BFL.  But I would like to know which company has demonstrated reliable delivery... None of them have delivered consistently or reliably.
6. Mining will hopefully start within 2-4 weeks, but to be conservative I'll say 3-6.  I have a few people with June/July 2012 BFL orders expecting gear soon looking to trade HW for bonds.
7. I will be purchasing an amount of hardware on the side to pay hosting and electrical costs as well as some profit.  If you don't believe I should make a profit for putting together such a company then you may be the one that is unreasonable.

I am trying to be transparent and I'm not ignoring questions... I'm human. I went out for dinner to celebrate my IPO.  Is that such a bad thing? I apologize and will try to be readily available on 6 or 7 forms of internet communication 24/7 from now on.

Saying that electricity and management doesn't come out of mining revenue, acting as if equipment won't depreciate and eventually break, randomly "magically bumping up" mh/s just for the hell of it, and avoiding answering all real criticisms......

Red flags.

Red flags everywhere.

Ok seeing what is going on I would like to say.
Do not invest in this.

These are the answers we all need to know. It bothers me that these 'companies' can get away with raising over $100,000 USD and essentially have no liability if it goes bust yet there is minimal regulations on investor relations. If you're too busy to field questions and create financial statements then hire a company secretary with all the money you raised to do this for you. I'm sorry to be harsh but I don't see a business whatsoever, I just see a "I'm going to buy equipment with your $120,000" statement. Most people need more than that.

haha. I was wondering this myself.

how old are you?
Avoiding questions and confusing concepts.

I have decided to give the bondholders a nice juicy bonus due to such a wonderful opening sale. For every 20k bonds sold I will guarantee a minimum of a 10MH/s per bond increase.

20k sold 110MH/s
40k sold 120MH/s
60k sold 130MH/s
80k sold 140MH/s
100k sold 150MH/s

Those are minimum hashrates and will likely increase once I get to meet Dave. As if LabRatMining wasn't being competitive enough in the market, just had to make the deal that much better.

Because Asicminer is not issuing fixed MH/s bonds, they keep adding hardware to maintain a minimum stable network percentage. It's the network percentage represented by each share that guarantees its value, not hashrate. On this scenario, with Asicminer, you have a minimum guarantee that when you want to get out, your shares are worth at least the price you paid for them first.

LabRatMining bonds, on the current terms, are losing network percentage every time the network grows, since they represent a fixed hashrate, so their dividend income and their intrinsic value keeps going down, just like any other offer out there that offers a fixed MH/s per share.

There are cases where fixed MH/s shares can be profitable, depending on the network difficulty rise, as they are most profitable when difficulty is almost steady, so an investor can buy and get more in dividends than the share decreases in value, during a specific time-period.

MPOE-PR isn't trolling- she is being honest. Anyone with any knowledge of the subject should be criticizing the hell out of this lousy offering.

From any aspect you look at Lab rat ,I think it is much like BFMINE 2.0 ,but with more attractive contracts. both of these two bond contract sharing one attribute which is they all get possibility for return nothing for its investors, because either Bitfury or Metabank could be BFL 2.0.

Pays dividend today is totally different with pays dividend in the future (especially when the date is unpredictable)

AM is not the topic here. Their IPO was at .1, there's no markup to speak of.

Could you answer my questions please?

ASICMiner shares should not be compared with bonds.

Even if it is appropriate to compare them (which it isn't), saying "they are ridiculously marked-up, so why shouldn't we be?" is a terrible argument.

Please explain to me where having a 4.3BTC share in Asicminer will pay for itself in a reasonable amount of time? 4.3BTC / 0.025BTC per share per week = 172 weeks... Why shouldn't LabRatMining bonds be worth the same ridiculous mark-up as Asicminer?  You're missing the point that some people don't want to have to host hardware and want to enjoy the benefits of mining.  I'm not only offering you the benefits of mining, but at a 7 fold rate compared to most other bond issuers.  You have to consider the fact that mining isn't a sprint, it's a marathon.  Don't ever purchase anything looking for it to pay itself off in 2 weeks...

1. Do bondholders own the equipment they are paying for?
2. Will there be any transparency for purchase prices? Proof of purchases?
3. Does the company have any assets or experience to justify such a large fundraising effort?
4. What pool will you mine on to prove your work?
5. Why on earth would anyone want to buy into stale BFL orders? Why order from any company that has not demonstrated reliable delivery?
6. When does mining start?
7. What's in it for Lab Rat?