Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 54. (Read 452170 times)

I'm seriously having problems to understand those that claim WE're the problem in here.. can anyone explain me why WE are the ones causing all this? and oh poor Zach, don't alienate him... he has more than a million dollars in equipment bought by our payments for shares and 25% collected during months and 2 weeks of hardware and we're the ones causing this?

I couldn't resist, the keywords were too similar. . .but in all honesty, if he's going to alienate us, he will find reasons regardless.

This is cute, but is not helping the situation.

We want Zach to start working WITH us.  Not for him to find more reasons to be alienated from us.

OMG was playing elder scrolls online and realized LRM IS the mad god. . .

LR, very simply:
    (under performance)
 + (lack of explanation for under performance)
 = distrust

If LRM were delivering on the original planned schedule, hashrate would be steadily increasing, every bond holder would be receiving x20 higher (or more) dividends than what they are seeing, and their bonds would have a decent exchange value.  If that were the case, you wouldn't be seeing 99% of the fear in this thread and people would be MUCH more likely to accept contract changes without all the FUD.

Instead, hashrate (as far as WE can tell anyway) has been almost constant for many months.  Almost every dividend is significantly less than the previous dividend.  And we can't seem to get answers from you as to why this is happening and when the situation will improve.

Asking people to accept unilateral contract changes when LRM hasn't been delivering -and- then wondering why people are grouching about your lack of explanation for the situation doesn't show much understanding for the motivations of your investors.

LRM's lack of performance and YOUR lack of communication has built this situation.  ONLY by rectifying these factors can you earn back the trust of the people who invested in your dream.

So first of all sorry for my emotionnal and badly written english (this is not my mothertongue).
After a little break to think and read the contracts more carefully ( the capped one, the new one and also the first page aka IPO ) the only way we get screwed is if we stay with the old contract. All the old contracts never guarantied more than 100MH/bonds, there was a trust agreement that the new hardware will be added but nothing contractual.
So if you stay with the old contract he will use his right to fullfil this contract and give you the minimum hashrate and stay in the legal bonds or you go with the new contract and can benefit of the bonus that will be the hashrate shared between new contractors for the new hardware (but lab_rat cannot say that in thoses terms to avoid klegal pressure). I know we paid for it but he just clarify his situation, and hopes we jump to the new contracts.
We are in the same boat ( perhaps leaking a bit) but nothing changed that much.


BTW i'm a little bit drunk, not a big shareholder (45 shares) so if you wanna respond or troll i'm open ^^ but tomorrow i'll have a headache so i will not be that much sympathic

The final agreement is that copy/pasted contract that a child could get from any those so called legal websites, its funny tho that it took weeks to the lolyer to write it.

I don't want to transfer my purchased bonds to any of what you claim original contract or that you call new contract, without solid information on what changes, how and when, with clear examples and proyections, i bought bonds tied to the company hashrate, not fixed speed ones.

That one cracked me up!

My $.02.

Even the shitty shopping channel infomercials TELL you what the bonus is if you order in the next 10 minutes.

ITs only common sense to put everything on the table..

1. What is the total hashrate?
2. What is the estimated future hashrate?
3. What will this bonus be?
4. BE TRANSPARENT!

I don't mind signing a new deal if the deal makes sense. I wouldnt buy a car and have the salesman say "if you buy the car today, on may 14th we will give you a bonus on the interest". Who in their right mind would agree to that? The interest could be more or less or nothing. In the business world, EVERYTHING needs to be written in stone. Nothing can be left to guess work or that interpretation will be left to a judge.

We need to know the fine print. You cant just say "bonus". I may be mistaken, but it sounds like we are being forced to sign this agreement or we will miss out on this "bonus". That is coercion. Correct me if im wrong. There is so much to read and its hard to decipher whats being said and by whom. There are a lot of newbies that are chiming in.

I wont make any judgements until I see the final agreement.

#1 most ridiculous thing you have said to date... you can't gain trust by stating we will see why we should trust you AFTER we agree to the new contract.

You want our trust... publish weekly breakdown of LRMs status like you used to... and pay ALL CONTRACTS on May 3 with the claimed bonus WITHOUT us having to agree to the new contracts. Afterwards, if you still require us to agree to the new contract to get the continued bonus at your discretion... fine... but LRM needs to demonstrate WHY we should trust you PRIOR to being forced into the new contract... PERIOD.

1. Breakdown of LRM dividend and status EVERY WEEK starting May 3
2. Bonus is paid to all contract holders on May 3 regardless of agreement to new terms

Since you have posted you prefer email from now on... i will also send this to you directly.

Just so we're clear, you want to attempt to gain the trust of "those who will not listen" by stealing their dividends?

This after having already decimated the price of their shares!  Yes, I am sure lots of people will trust you after this.

There was an opportunity for LRM to come out in much better shape with the new contracts, but the opportunity was blown and LRM at the moment is dead in the water. Since LRM is surprised people are upset, I'll explain it in simply.

Prior to the new contracts, customers were turned off by the lack of transparency. No one knew what was being done with their investments. There was a mysterious management fee that was never defined (neither how big the fee was or what it went for). This lack of transparency and support was evident by LRMs lack of ability to raise further funds. (the pricing of those second round securities was poorly chosen, shockingly poorly chosen)

The solution is to replace everything with a nominal (and essentially zero) minimum hashrate per bond, and replace payouts with a mysterious "bonus" which is also not defined. Even if you have the best intentions in the world, financial agreements do not run on best intentions. They run on what is in the contract. The contract only says people will get 100 MH/s, so no matter what you say - or what history you give, the valuation of the security will be severely deflated. Add this to the history of changing rules midgame, and now using extortion to get people to agree to the new format (I won't give you proceeds from hardware you purchased unless you agree to this new contract I unilaterally changed). Courts are not going to look favourably on that attempt at extortion.

Unless you release regular financial statements (like ognasty) so people can audit and calculate what their bonus should be and verify that they are receiving it, you're making people have to trust you in a way that they would not have when they first invested. There is no trust in business, just contracts.

No other security, or company, in the world bases a financial contract that is the foundation of their funding on "trust me." No serious money would touch it, they would laugh you out.

As others said, if you want LRM to raise funds in the future, and avoid getting sued by your previous funders, you have to act like a real company.

On top of it all, you blew a lot of customer's money (yes customers, since you probably didn't do any FFF, self-funding, VC/angel) on lawyers with someone that doesn't have corporate formation/financial instrument/SEC/IRS experience. He/she might have had one of those, but that contract looks like something they pawned off to the lowest intern - or something you wrote and asked them to edit.

A possible remedy would be for LR to announce the size of the per bond bonus he intends to pay May 10. Of course it would be a minimum assuming 100% of shares switch to the new contract. Obviously it would be low ball because it appears many here are not prepared to surrender what they see as their bargaining rights by accepting the new terms.

I would assume that the sum of the bonus will be paid out regardless the number of eligible contracts.

1) That's just not true. There has been a plethora of clear, concise questions which unfortunately for everyone you chose to ignore while actually responding to the people who are looking to pick a fight. It appears to my simple mind that you may very well be trying to create the misconception that there cannot be any rational discourse here by carefully choosing to reply to emotionally charged posts containing wild exaggerated accusations while ignoring the questions and posts that could clear everything right up. Is it really that hard to see how this leads to ever greater mistrust between you and the bond/shareholders? No it is not. Another reason why I no longer trust you.



2) Please clarify what exactly you mean when you say the bonus will not be held for any individual. Perhaps I misunderstood. Are you saying that whoever doesn't accept the contract change within the next 10 days will forfeit the accumulated bonus and then all subsequent bonuses until complying with your new rules?  PLEASE tell me that you aren't trying to force people into accepting your new terms by way of coercion.
    
What is your reasoning behind this? WHY in the world should their dividends not be held? And if so what do you plan on doing with the dividends you steal from them by employing this scare tactic? This is rather disconcerting considering the fact that these dividends are right after a large increase in hashrate and will be one of the rare valuable dividends since difficulty will continue to rise....
    
We are growing VERY tired of being presented with these UNNECESSARY horrible dilemmas. Just hold on to the dividends you owe people UNTIL this is resolved. How difficult is that? Being honest is just as easy as being dishonest. It's a choice. You can still demonstrate your plan without just taking skeptic bond/shareholders money! Just payout whoever still trusts you and decides to move to the new contract the precise amount that is analogous to their rightful share and quit playing games with us...

I emailed you a dozen follow up questions from the AMA you hv not responded to any of them as of yet. If that is your preferred method of communication that is fine with me but please actually do it.

I think anyone who switches to the new contract is likely to see a decent return on their first few dividend distributions as Labrat tries to show how valuable it would be for people to switch and just accept the new contract.  Though it's probably not maintainable and subsequent contract profits will fall off for various circumstances.

The one subject Labrat has continued to avoid is the 150th of hardware that is on order.  Other than saying he is waiting on Monarchs, the actual number of orders seems to not be realistic given that he intends to use pre-existing PSU's for them.  Does he have that many?  Doubtful, so he must be getting fewer units than expected. 

I think there was a large portion of investment dollars lost or wasted.  I think that is what has caused this entire debacle.  He screwed something up or trusted the wrong people.

Does the bonus you intend to pay what was mined with the hardware purchased with the 25% and 2 weeks take over BTC? We waited long enough for you to answer clearly and directly, there's no legal matter on that that you need to advise us. Also, that you just said, wasnt even clarified anywhere before, you're sharing information in irrelevant and its imposible to pick a road this way.

Maybe you need to start showing what is going to be, because you still didnt explain anything, unless you're daydreaming you did, we're all waiting on it for WEEKS.