Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 60.

mboehler

member

Activity: 68

Merit: 10

@grnbrg,

~~Would you please explain the process in detail? Thank you!~~

Quote from: Lab_Rat on April 25, 2014, 02:32:30 PM

Quote from: minter12345 on April 25, 2014, 02:08:21 PM

How would we move to the new contract if we wanted to?

All you have to do is tell us you agree to the new contract. I have verified email addresses for almost all contract-holders. Please tell us via the email address you have used in the past. If I do not have a verified email address of yours, grnbrg will explain that process in detail upon request.

EDIT: Nevermind. I misread the "If I do not have a verified email address of yours" part of the answer.

hamburgerhelper

member

Activity: 83

Merit: 10

Quote from: Lab_Rat on April 25, 2014, 03:02:39 PM

Quote from: Mindsync Miner on April 25, 2014, 02:44:44 PM

Please specify the exact differences between continuing with the old contract versus electing the new contract.
If that's too broad please offer a summarized comparison of what dividends per bond under old/new contracts will look like in the near term and future term.

This will be the last answer for this session.

Both contracts will be available for you to review and compare. No legal or financial advice will be given. However both contracts pay at 100 MH/s per contract. The new contracts will carry with it the opportunity for bonuses as LRM deems the funds are available. The old contract does not provide for any bonus.

Today's contract mentions a term but does not define it anywhere (2 people have noticed this so far). Your lawyer is a moron. This is not a question.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: Mindsync Miner on April 25, 2014, 02:44:44 PM

Please specify the exact differences between continuing with the old contract versus electing the new contract.
If that's too broad please offer a summarized comparison of what dividends per bond under old/new contracts will look like in the near term and future term.

This will be the last answer for this session.

Both contracts will be available for you to review and compare. No legal or financial advice will be given. However both contracts pay at 100 MH/s per contract. The new contracts will carry with it the opportunity for bonuses as LRM deems the funds are available. The old contract does not provide for any bonus.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: mboehler on April 25, 2014, 02:42:58 PM

Quote from: Lab_Rat on April 25, 2014, 02:40:14 PM

Quote from: mboehler on April 25, 2014, 02:15:48 PM

LR -

Would you be willing to provide an update once per week as to the state of Lab Rat Mining?

Specifically, we'd like to know:

Amount of Hashrate on-hand.
Amount of Hashrate ordered.
Expected arrival date of hashrate on-order.
Bitcoins mined this week.
Bitcoins paid out this week.
Amount paid per contract.
Number of contracts in existence.
Any other pertinent information.

Thank you.

EDIT: Corrected typos.

Most of these do not change on a week to week basis. The important information is the hashrate which is updated instantaneously on the top of the website under Current Hashrate. Any major developments will be posted as they occur.

So are you saying you are not willing to do this?

1: at top of webpage
2 + 3: Contractual obligations do not allow me to do so.
4 - 7: Yes
8: Will be posted as it becomes available (rather than weekly)

smracer

donator

Activity: 1057

Merit: 1021

Labrat,

Are you saying that you have enough PSU's from your 65nm equipment to run all of the Monarchs you have on order?

I hope not because that would mean you don't have many Monarchs on order.

If not, is the bulk of the company funds still in BTC?

hamburgerhelper

member

Activity: 83

Merit: 10

Quote from: Lab_Rat on April 25, 2014, 02:53:35 PM

Quote from: hamburgerhelper on April 25, 2014, 02:37:54 PM

Quote from: Lab_Rat on April 25, 2014, 02:35:38 PM

Quote from: hamburgerhelper on April 25, 2014, 02:08:32 PM

LR -

2) This conversion to capped bonds is not optional. What recourse through LRM do investors have who do not accept capped bonds in exchange for their original proportional bonds?

2: For those contract holders who wish it, they can select the new contract.

This does not answer my question. I'm not asking about choosing one kind of capped bond over another. I'm asking what options I have as an investor if I do not accept ANY capped bond in exchange for my original, proportional bond?

We are not providing legal advice, but you may chose to sell your contract at any time.

Thank you, that answers my question.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: dooferorg on April 25, 2014, 02:38:59 PM

Quote from: Lab_Rat on April 25, 2014, 02:35:38 PM

Quote from: hamburgerhelper on April 25, 2014, 02:08:32 PM

LR -

1) Please tell us the original reason why the bonds were capped at 100 MH/s? We've seen a lot of hand waiving, but no concrete reason.

2) This conversion to capped bonds is not optional. What recourse through LRM do investors have who do not accept capped bonds in exchange for their original proportional bonds?

1: To the extent that we can answer this question without supplying legal advice we have already done so.

2: For those contract holders who wish it, they can select the new contract.

So, in order for the growing hashrate to be cleared legally it is declared as a 'bonus' for the purposes of this contract?

Essentially correct.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: hamburgerhelper on April 25, 2014, 02:37:54 PM

Quote from: Lab_Rat on April 25, 2014, 02:35:38 PM

Quote from: hamburgerhelper on April 25, 2014, 02:08:32 PM

LR -

2) This conversion to capped bonds is not optional. What recourse through LRM do investors have who do not accept capped bonds in exchange for their original proportional bonds?

2: For those contract holders who wish it, they can select the new contract.

This does not answer my question. I'm not asking about choosing one kind of capped bond over another. I'm asking what options I have as an investor if I do not accept ANY capped bond in exchange for my original, proportional bond?

We are not providing legal advice, but you may chose to sell your contract at any time.

Flashman

hero member

Activity: 518

Merit: 500

Hodl!

What worries me is that there doesn't appear to be any guarantee to us that the bonus might not climb to something we'd regard as respectable, like a total 1 or 2 Gigahash equivalent, and then wham, LRM sells off up to 19 times as many shares are already outstanding and we're dumped back down to the 100Mh minimum again.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: rustyh17 on April 25, 2014, 02:37:44 PM

Would you submit LRM financials to a third party audit paid for by contract holders?

There are no contractual obligations to do so, but if in the future we deem it necessary we will consider it. I DO have a CPA overseeing my books, including BTC wallets.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: contactmike1 on April 25, 2014, 02:32:55 PM

Quote from: Flashman on April 25, 2014, 02:23:01 PM

So to clarify, holders of original bonds are locked at 300Mh now? Then if "upgraded" to new contract they get 3 for 1 split at 100Mh each plus bonus which is depending on how much mine is costing to run and expand etc.

Yes this is confusing. Does that mean there will be two different bond types now? So when we trade bonds, we need to pay attention to what type of bond it is? We really need to land in a place where all bonds have the same practical valuation.

Yes, this is correct. We will be addressing this issue in the near future and will advise if we do.

Frankthechicken

member

Activity: 112

Merit: 10

2nd page, mid page:

Quote

Each contract is a share of the generated Bitcoins from a certain piece of Bitcoin mining hardware for a select period of time.

What is the 'select period of time'? I didn't really see that clarified anywhere.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: smracer on April 25, 2014, 02:31:27 PM

Quote from: Lab_Rat on April 25, 2014, 02:29:32 PM

PSUs are being recycled from previous hardware.

So you will be selling all your 65nm BFL equipment? Where? eBay?

Yes.

hamburgerhelper

member

Activity: 83

Merit: 10

From the 4/25/2014 contract:

"If a machine is said to be capable of 1000GH/s and you have a 100GH/s share you would receive 10% of its mined Bitcoins for the duration of your contract."

What is the term of the new contract? Is it monthly, yearly, perpetual?

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: Flashman on April 25, 2014, 02:23:01 PM

So to clarify, holders of original bonds are locked at 300Mh now? Then if "upgraded" to new contract they get 3 for 1 split at 100Mh each plus bonus which is depending on how much mine is costing to run and expand etc.

The effective rate of original contract holders is 300MH/s which is being paid at 100MH/s per contract due to the 3:1 split. Whomever goes to the new contracts, will receive 1 new contract for each current contract they currently hold. EX: If you hold 100 contracts currently, you will receive 100 new contracts at 100MH/s + bonus. The bonus will be based upon the then available funds to pay it.

mmmerlin

sr. member

Activity: 266

Merit: 250

Quote from: Lab_Rat on April 25, 2014, 02:41:35 PM

Quote from: grnbrg on April 25, 2014, 02:21:06 PM

Quote from: Lab_Rat on April 25, 2014, 02:16:54 PM

Quote from: DemocraticRepublicOfDave on April 25, 2014, 01:34:12 PM

Q2) Given that we have just received the contract, I would really like to digest it for 24 hours as I may come up with follow up questions. Would you consider scheduling another Q&A session with lawyer present later next week?

Q2: There will be time allotted for all contract holders to decide what they chose to do. I believe this time will be 60 days from today.

grnbrg.

Appear to have missed that, apologies.

This has not been planned or scheduled, but we will discuss it internally and advise.

Just out of curiosity, who is this "we" you are now referring to?

Also, before, when you answered about the incoming hardware, the original question was clearly asking in terms of TH/s not a percentage, so could you tell us that please?

Also, if the hashrate is updated automatically, but 40-50% is already online, why are we not seeing this already?

Mindsync Miner

member

Activity: 69

Merit: 10

An independent miner.

Please specify the exact differences between continuing with the old contract versus electing the new contract.
If that's too broad please offer a summarized comparison of what dividends per bond under old/new contracts will look like in the near term and future term.

mboehler

member

Activity: 68

Merit: 10

Quote from: Lab_Rat on April 25, 2014, 02:40:14 PM

Quote from: mboehler on April 25, 2014, 02:15:48 PM

LR -

Would you be willing to provide an update once per week as to the state of Lab Rat Mining?

Specifically, we'd like to know:

Amount of Hashrate on-hand.
Amount of Hashrate ordered.
Expected arrival date of hashrate on-order.
Bitcoins mined this week.
Bitcoins paid out this week.
Amount paid per contract.
Number of contracts in existence.
Any other pertinent information.

Thank you.

EDIT: Corrected typos.

Most of these do not change on a week to week basis. The important information is the hashrate which is updated instantaneously on the top of the website under Current Hashrate. Any major developments will be posted as they occur.

So are you saying you are not willing to do this?

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: grnbrg on April 25, 2014, 02:21:06 PM

Quote from: Lab_Rat on April 25, 2014, 02:16:54 PM

Quote from: DemocraticRepublicOfDave on April 25, 2014, 01:34:12 PM

Q2) Given that we have just received the contract, I would really like to digest it for 24 hours as I may come up with follow up questions. Would you consider scheduling another Q&A session with lawyer present later next week?

Q2: There will be time allotted for all contract holders to decide what they chose to do. I believe this time will be 60 days from today.

grnbrg.

Appear to have missed that, apologies.

This has not been planned or scheduled, but we will discuss it internally and advise.

Lab_Rat

hero member

Activity: 599

Merit: 502

Token/ICO management

Quote from: mboehler on April 25, 2014, 02:15:48 PM

LR -

Would you be willing to provide an update once per week as to the state of Lab Rat Mining?

Specifically, we'd like to know:

Amount of Hashrate on-hand.
Amount of Hashrate ordered.
Expected arrival date of hashrate on-order.
Bitcoins mined this week.
Bitcoins paid out this week.
Amount paid per contract.
Number of contracts in existence.
Any other pertinent information.

Thank you.

EDIT: Corrected typos.

Most of these do not change on a week to week basis. The important information is the hashrate which is updated instantaneously on the top of the website under Current Hashrate. Any major developments will be posted as they occur.

Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 60. (Read 452170 times)