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Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 33. (Read 452170 times)

hero member
Activity: 599
Merit: 502
Token/ICO management
To anyone concerned about FinCEN, my lawyer has deeply reviewed the subject to the point of making calls to DC and has determined that with the moves we've made, we are 100% in compliance.  We will continue to monitor the situation as we all know it could change at any moment.
member
Activity: 116
Merit: 10
Seizure of website - no one would lose any sleep over that. It would also be exceptionally easy to prevent. If you don't know how/don't think so - forget it Wink

As for fincen I'm positive the lawyer he's been dealing with when asked about it would've shrugged it off and not looked into it, and if ya believe that I've got some land at the bottom of Australia I'm trying to sell.
Gotta love the absolute idiotic mire that is bureaucracy over there (not saying here is in any way exempt either).

I probably wouldn't spend the time putting forward documents either if it wasn't required to be public with them (if they are/were required) and instead invest my time a bit better.
sr. member
Activity: 672
Merit: 251
I am not sure why we keep arguing about Fincen.  Rightly or wrongly, LRM already made a decision, and that will not change until new guidance is issued, a state contacts LRM, or Fincen contacts LRM. (That is assuming his assessment of the regulation is wrong and the business is not compliant.)
hero member
Activity: 630
Merit: 500
The ruling makes it clear that both my operations as well as those of Lab_Rat would be considered to be Money Transmitters, requiring FIN-Cen registration as well as licencing as a money transmitter in each and every state that has money transmitter laws in which we would do business.

Toldja.

I feel you are being unfair, biased and a bit broad in these statements... as I also feel the Final Rule is also still a bit broad and needs to be further defined... here is what I see...

Quote
An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations, unless a limitation to or exemption from the definition applies to the person.

Two things here... 1) LRM only accepts virtual currencies from users as part of the buy in process to participate in the mining operation... LRM only transmits those funds to pay bills and buy equipment as a USER by definition and then 2) the definitions above do not take into consideration the POOL aspect of minting... this deficiency is the main reason why there is still need for clarification of what is an MSB... if LRM was not using a pool then it would be clear... LRM never ACCEPTS virtual currency in its day to day mining... it MINTS IT. I see no place where minting is defined properly. FinCen is lacking substance here.

Quote
FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.

Here I clearly see that without defining the difference between receiving payouts from a pool or solo mining, or defining that they are both technically the same mnting process AND NOT money transmission, LRM never takes currency from one person to send to another... LRM is involved in the MINTING of said currency and is the original owner (other than the lacking pool definition aspect) and therefore is not accepting the payout currency from anyone... it OWNS it and then PAYS it which should clearly be an exception in the eyes of FinCen.

Quote
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.

Again, here FinCen attempts to define all methods of de-centralized minting, but fails miserably because they do not understand the entire process... LRM is a pool mining participant and receives payouts from the pool itself so by this bad definition would seem to be an MSB, but it will eventually be redefined after someone is litigated to reflect that mining operations, rather by pool or solo, are minting and thus OWN the coins before they distribute them, and the distribution is not resale in any way.

This may get flipped on us soon and pools and mining operations will become MSBs one day... but as it stands now, LRM is in good standing and NOT an MSB as FinCen has yet to satisfactorily define how a pool or mining operation that rewards its participants is to be treated as neither fall under the definitions as they have been presented.
full member
Activity: 453
Merit: 101
RISE WITH RAYS FOR THE FUTURE
M31
full member
Activity: 139
Merit: 100
Nice job grnbrg.  Thanks.
hero member
Activity: 509
Merit: 500
Official LRM shill
Pix!  Let's see if BitcoinTalk craps on all of these.  Or my webserver....

Edit:  This isn't working well.  You're all going to have to click for the pix.


Secret Data Centre Number 1


DC1-1

DC1-2

DC1-3

DC1-4

DC1-5

DC1-6


Secret Data Centre Number 2


DC2-1

DC2-2

The last of the BFL Singles:
DC2-3

Waiting for the Moarchs.  (Just two more weeks!)
DC2-4

DC2-5

It's a box of fans!
DC2-6

DC2-7

DC2-8


All in all, about what you'd expect from a data centre (or two) built fast and cheap.  Wire shelving, box fans, piles of power supply boxes stacked in the corners.  Netbooks and network gear strewn about.  Reasonably tame snarls of CAT-5 spaghetti.  Smiley  What I was surprised by was the electrical stuff, which was all done "correctly" -- conduit for the cables, everything well attached, nothing warm to the touch.  Lab_Rat indicated it had all been cleared by the building inspectors, and it looked it.

Not too exciting to look at pictures, but here they are!



grnbrg.
hero member
Activity: 924
Merit: 1000
So what everyone really wants to know is ....

What is our current hashrate?

And what will the hashrate be into the future?

Current hashrate is north of 100TH a decent amount and I'm hoping to turn it into 200TH+ in the very near future.  Key word in that sentence is "hoping" as I'm not the one producing that hardware.

Got a question.. What good will 200ths do us when the bonds are at a fixed rate?

Why even care what the hashrate is? if you signed the latest contract, all you are legally able to get is 100mhs per bond.

Please re-read the original contract... All you were ever owed, but that's not what you received correct?

Don't even get me started... Ill leave it to the experts,
hero member
Activity: 504
Merit: 500
You're right Dutchy. Living anything more than the life of a pauper means that Lab Rat is absconding with our investment...

>Investment
hahaha
owow

!

+100

Wink

You become really boring man...

You haven't invest a sigle Satoshi in LRM and you come here to troll...

so :
- if you aren't invested in LRM please...STFU and GTFO.
- if you haven't good advice for the good of this company and shareholders....STFU and GTFO
- if you are speaking out of your ass about FinCen and cie...STFU and GTFO.

Zach isn't perfect but he try the best for the company and shareholders.
I see (and invest) much worse...

I'm pretty fed up with little losers like you...
hero member
Activity: 599
Merit: 502
Token/ICO management
So eating makes me a fraud now? 

I shall starve for my company then...
hero member
Activity: 599
Merit: 502
Token/ICO management
So what everyone really wants to know is ....

What is our current hashrate?

And what will the hashrate be into the future?

Current hashrate is north of 100TH a decent amount and I'm hoping to turn it into 200TH+ in the very near future.  Key word in that sentence is "hoping" as I'm not the one producing that hardware.

Got a question.. What good will 200ths do us when the bonds are at a fixed rate?

Why even care what the hashrate is? if you signed the latest contract, all you are legally able to get is 100mhs per bond.

Please re-read the original contract... All you were ever owed, but that's not what you received correct?
sr. member
Activity: 476
Merit: 250
You're right Dutchy. Living anything more than the life of a pauper means that Lab Rat is absconding with our investment...

>Investment
hahaha
owow

!

+100

Wink
sr. member
Activity: 378
Merit: 254
You're right Dutchy. Living anything more than the life of a pauper means that Lab Rat is absconding with our investment...

>Investment
hahaha
owow
sr. member
Activity: 476
Merit: 250
You're right Dutchy. Living anything more than the life of a pauper means that Lab Rat is absconding with our investment. Call the FTC, SEC, CIA, FBI, CSI, McDLT, BLT, LGBT and MLT (where the mutton is nice and lean). Alarm! Alarm! Danger Will Robinson!

You forgot the RSPCA.
member
Activity: 69
Merit: 10
An independent miner.
You're right Dutchy. Living anything more than the life of a pauper means that Lab Rat is absconding with our investment. Call the FTC, SEC, CIA, FBI, CSI, McDLT, BLT, LGBT and MLT (where the mutton is nice and lean). Alarm! Alarm! Danger Will Robinson!
sr. member
Activity: 476
Merit: 250
I've had a busy couple of days with Lab_Rat, some of it work, and most of it fun (We went to Six Flags Great Adventure for the day, today....) and I've moved on to my vacation in Washington DC.  I just finished the 4 hour drive from New Jersey, and am going to bed.  I have pictures from both the NJ data centres, and will post them tomorrow evening.

I demanded a huge bribe from Zach, which he refused to pay, so I'm just going to have to spill all the secrets.  The fast cars.  The loose women.  The SS Kerpopples....  Wink  Cheesy


grnbrg.

(But really, I didn't see or hear anything particularly surprising during my visit.  The pictures will be of interest, I'm sure, but there's not much else to report.)

And now....  Bed time.

And you did all this on whose money?

:eyeroll:

Mine.

Although he did buy me an ice cream today, I suppose.


grnbrg.

He bought you ice cream?

Was it good for you?

Did you get a candy bar too?

No.  But it's the last thing I remember before waking up in my hotel room, in a bathtub full of ice, and a badly stitched incision in my side....  Sad



grnbrg.

Yeah but was that the really HURT part?
hero member
Activity: 509
Merit: 500
Official LRM shill
I've had a busy couple of days with Lab_Rat, some of it work, and most of it fun (We went to Six Flags Great Adventure for the day, today....) and I've moved on to my vacation in Washington DC.  I just finished the 4 hour drive from New Jersey, and am going to bed.  I have pictures from both the NJ data centres, and will post them tomorrow evening.

I demanded a huge bribe from Zach, which he refused to pay, so I'm just going to have to spill all the secrets.  The fast cars.  The loose women.  The SS Kerpopples....  Wink  Cheesy


grnbrg.

(But really, I didn't see or hear anything particularly surprising during my visit.  The pictures will be of interest, I'm sure, but there's not much else to report.)

And now....  Bed time.

And you did all this on whose money?

:eyeroll:

Mine.

Although he did buy me an ice cream today, I suppose.


grnbrg.

He bought you ice cream?

Was it good for you?

Did you get a candy bar too?

No.  But it's the last thing I remember before waking up in my hotel room, in a bathtub full of ice, and a badly stitched incision in my side....  Sad



grnbrg.
sr. member
Activity: 476
Merit: 250
I've had a busy couple of days with Lab_Rat, some of it work, and most of it fun (We went to Six Flags Great Adventure for the day, today....) and I've moved on to my vacation in Washington DC.  I just finished the 4 hour drive from New Jersey, and am going to bed.  I have pictures from both the NJ data centres, and will post them tomorrow evening.

I demanded a huge bribe from Zach, which he refused to pay, so I'm just going to have to spill all the secrets.  The fast cars.  The loose women.  The SS Kerpopples....  Wink  Cheesy


grnbrg.

(But really, I didn't see or hear anything particularly surprising during my visit.  The pictures will be of interest, I'm sure, but there's not much else to report.)

And now....  Bed time.

And you did all this on whose money?

:eyeroll:

Mine.

Although he did buy me an ice cream today, I suppose.


grnbrg.

He bought you ice cream?

Was it good for you?

Did you get a candy bar too?
hero member
Activity: 509
Merit: 500
Official LRM shill
I've had a busy couple of days with Lab_Rat, some of it work, and most of it fun (We went to Six Flags Great Adventure for the day, today....) and I've moved on to my vacation in Washington DC.  I just finished the 4 hour drive from New Jersey, and am going to bed.  I have pictures from both the NJ data centres, and will post them tomorrow evening.

I demanded a huge bribe from Zach, which he refused to pay, so I'm just going to have to spill all the secrets.  The fast cars.  The loose women.  The SS Kerpopples....  Wink  Cheesy


grnbrg.

(But really, I didn't see or hear anything particularly surprising during my visit.  The pictures will be of interest, I'm sure, but there's not much else to report.)

And now....  Bed time.

And you did all this on whose money?

:eyeroll:

Mine.

Although he did buy me an ice cream today, I suppose.


grnbrg.
sr. member
Activity: 476
Merit: 250
I've had a busy couple of days with Lab_Rat, some of it work, and most of it fun (We went to Six Flags Great Adventure for the day, today....) and I've moved on to my vacation in Washington DC.  I just finished the 4 hour drive from New Jersey, and am going to bed.  I have pictures from both the NJ data centres, and will post them tomorrow evening.

I demanded a huge bribe from Zach, which he refused to pay, so I'm just going to have to spill all the secrets.  The fast cars.  The loose women.  The SS Kerpopples....  Wink  Cheesy


grnbrg.

(But really, I didn't see or hear anything particularly surprising during my visit.  The pictures will be of interest, I'm sure, but there's not much else to report.)

And now....  Bed time.

And you did all this on whose money?
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