Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 52. (Read 452170 times)

I've been out of the loop on this for a month or so. Can someone point me in the direction of a quick / easy to get update on the current status? Was some tendering supposed to be done on the shares? I get the sense that there's some uncertainty on what is going on but I am not able to figure it out from the thread. It derails so easily and it doesn't help to look at LR's / grnbrg's history either. Thanks very much in advance for any assistance you are able to give.

You are correct, this was the case from the outset.  I never said otherwise.  I merely stated the state of the situation.  Regardless of what happens, LRM is left with the actual gear, meaning, he likely could care less about what actually happens to his "investors", since it's all "his".


Still changes nothing.  The original contract was unilaterally changed, ie nullified in favor of a different contract.  Therefor, I would like the BTC I paid for said holding returned and the holdings canceled once the original payment is returned.

LRM, please PM me to arrange for this.

He's made his decision.  The choice we have now is to take action against him or accept it.  Talking about it or pleading with him to change his mind will do nothing productive.

I have emailed him multiple times and had no response to any of them.

This seems reasonable.  Has someone emailed LR yet about this?

He probably doesn't even begin to comprehend how astoundingly weak his position is. Have a good read of this for example... http://www.companiesinc.com/llc/managers.asp
even skimming through it drunk you should see a number of points of weakness.

He's like the pig in the straw house here who i) Doesn't believe in wolves, ii) thinks straw is 100% wind, flame and waterproof. ... and he's sitting in there with the toothpick "sword" of the revised contract, and the cardboard "shield" of his LLC, while we're doing circuits at 50,000 feet in "Enola Gay" tapping the fuel gauge.... and sooner or later we're gonna be ticked off enough that the large bang and faint whiff of bacon will be reward aplenty.

Completely agree with this, if it had been worded like that then I don't think almost anyone would hv kicked up much of a fuss.

and addiction:
https://bitcointalksearch.org/topic/m.6201645
(had the same situation as LRM - bitfunder failed, delays in delivery - but addiction customers love their managers because of the amount of transparency and communications)

and nastyfans:
https://bitcointalksearch.org/topic/nastyfans-the-bitcoin-enthusiast-fan-club-est-2012-86854
(they use "donations" like LRM wants to use "bonus," but they give auditable financial data and details of their current hardware and pending orders so you can calculate what your bonus should be and that you are receiving it)

grnbrg asked if anyone would step up and acknowledge that they are working on a trading platform, and no one has yet.

Lab_Rat - I really hope you step up and say something well before your May 10 deadline.

Personally, I need to see two things before I can even consider agreeing to new terms (and by "new" I mean anything other than the generally accepted position prior to your purported unilateral change on 8 March).

First is an undertaking by LRM to provide, on a weekly basis, basic information regarding total hashrate, estimated future hashrate based on incoming hardware, mining proceeds, costs and any amounts set aside for reinvestment.  See any of the weekly updates by peta-mine as an example of how things ought to be done - short, concise and reassuring.  This is basic information that should not be difficult to provide.

Second is some additional information regarding the bonus itself.  I understand what you are trying to do (whether I think it is stictly necessary, legally, is another matter).  I could, possibly, get comfortable with the concept of a discretionary bonus if you at least set out what the bonus, if paid, would be based on.  Even if you say, "LRM intends to pay, on a weekly basis, a bonus based on mining proceeds less costs and reinvestment, but investors should be aware that any such bonus is discretionary and the payment of a bonus one week is neither representative nor a guarantee of a bonus to be paid the following week" - this achieves exactly the same thing (ie discretionary bonus) but it is couched in slightly friendlier terms; it presents evidence of good faith and best intentions on your part.  Probably not enough to rescue the share price, which is ruined, but combined with the undertaking above it would, I believe, make the decision slightly easier/less stressful for some.

I do enjoy a good forum ignore.

A bit more clarity would be nice (in amongst the conspiracy theories and guessing) - take all the answers slap them on the LRM website along with the contracts to compare etc.

'Bonus' is a word that needs to be quantified or at minimum really defined.

Even with 3x bonds we're coming in a shade over the current ~283mhz/bond on the existing hardware BUT we've essentially already purchased the 150TH odd from BFL/BF and to be perfectly fair I believe that should be included in the 'whatever you want to call it for going to contract April 2014' as a minimum. We provided the means to even get it to begin with - not saying we own it, just saying without the bond holders neither would you.

Not to mention Butterfly Labs, for which Lab_Rat was once a BFL forum moderator, Terrahash, Cloudhashing  and let's see; just who else?

I forget.

My $.02.

Yup, Zach's trust bank is way into the overdraft with all the shadiness and lack of info of the last couple of months, went a whole lot more into the red by only dumping the contract seconds before the AMA after promising it earlier in the week.... and the gist of that is "You officially get nothing, but trust me" ... nope, not how it's gonna work.

Things we understand...
Running costs compared to profit margin are getting high.
ASIC manufacturers are douches, preorders suck and getting hash today means you probably had to overpay for it 6 months ago.

People we've heard "Just trust me" from or, words to that effect, in the past.
Karpeles
Ukyo
Danny Brewster
TradeFortress
...
...

I am having the same problem, i think a post in the labrat web it would help to everyone here.

This and dozens of cogently written, sincere, pragmatic, intelligent, concerned, well meaning posts in the pages since the AMA... Sure there are a few trollish posts but far less than one might expect. Take off the troll glasses Zach and focus on the underlying message being delivered here.... Particularly by Bigasic, Ashitank Endlessea and other serious people. If you continue down the path outlined in the AMA all the work you have done is dead. If you listen and modify your path (it is still not too late) then perhaps this can work without all of us wasting hours and thousands of dollars enriching lawyers.

I have emailed you and you know my answer: no to the unilateral 3:1 conversion and no to the most recent proposal. I get that things need to change to stay on side of the regs but without full disclosure and a trust less process we are done. Not too late.... Let's get it done right and keep making money together

I prefer to donate to animal rescue organisations, thank you.

My $.02.

Hope you donate this many cents to greenpeace or something...

Often the opinion of one who is not financially vested in a thing can be much more valuable and on point than the emotional opinions of those who are.

My $.02.

At that point I'd be hitting Mute normally on peoples opinions (not all that interested in people on the outside telling me what I can/should do on the inside).

Yeah, the information I have indicates you are verified, but don't have an email address associated.  I'd email [email protected] (or PM me) with a message stating your intention to convert, signed with your LRM Bitcoin address.



grnbrg.

I'm having a bit of a hard time following this thread with all the noise in it.  Is there a post somewhere that dictates how we can get our shares converted to the new contract?  I have never provided an email address to grnbrg or to labrat so I definitely have not been contacted about this.