Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 97. (Read 452224 times)
March 10, 2014, 01:07:16 PM
There are certain important connections that are still in place, but there are things changing in the BTC hardware manufacturing community that are not my place to comment on.
March 10, 2014, 01:06:51 PM
No new hardware is in yet.
To clarify the current change. If you had 1 contract @ ~280MH/s you now have 3 @ 100MH/s.
To clarify the current change. If you had 1 contract @ ~280MH/s you now have 3 @ 100MH/s.
Hi Zach - does this mean that the 1 --> 3 conversion is done as of now?
Also, will your consultations with legal today permit you to inform us of the disposition of the inbound hardware?
Thx
March 10, 2014, 01:06:38 PM
No new hardware is in yet.
To clarify the current change. If you had 1 contract @ ~280MH/s you now have 3 @ 100MH/s.
To clarify the current change. If you had 1 contract @ ~280MH/s you now have 3 @ 100MH/s.
that does equate directly, we had 280 MH/s with a growth to 2.2 gh/s sometime first half of this year with hardware we paid for. don't act like your doing a giveaway.
Edit: not mention no part of anything past that time
March 10, 2014, 01:05:32 PM
lab_rat, do you forget your ipo terms, the share's original price is about 0.15B, drop to 0.05B bacause of lack of liquidity when the exchange is closed, so actually the bond is underestimated.
some day ago you annouce to us the company 's hashrate will rise to 250TH（he deletes contemptibly these announces in the office website）. Now you decide the bond just worth 300mh as the value as 0.005B, the whole hashrate is only(300mh*60000=18TH), even less than current hashrate 50TH.
Do you think the bondowners are so stupid to bully. I suggest all the bondowners to sue and arrest labrat, a infamous fraud, and put him into the blacklist of bitcointalk and the whole bitcoin world.
some day ago you annouce to us the company 's hashrate will rise to 250TH（he deletes contemptibly these announces in the office website）. Now you decide the bond just worth 300mh as the value as 0.005B, the whole hashrate is only(300mh*60000=18TH), even less than current hashrate 50TH.
Do you think the bondowners are so stupid to bully. I suggest all the bondowners to sue and arrest labrat, a infamous fraud, and put him into the blacklist of bitcointalk and the whole bitcoin world.
I don't know where you got 50TH from?
March 10, 2014, 01:02:56 PM
No new hardware is in yet.
To clarify the current change. If you had 1 contract @ ~280MH/s you now have 3 @ 100MH/s.
To clarify the current change. If you had 1 contract @ ~280MH/s you now have 3 @ 100MH/s.
March 10, 2014, 01:01:08 PM
Many questions were posted last night. Please allow time before my responses as I'm not going be sitting infront of the computer 24/7. If you want something to actually get done that is.
March 10, 2014, 12:58:56 PM
I actually hit a milestone this weekend. My 1 BTC (~$92) investment in July '13 in LRM bonds has broken even in USD! For the value of BTC, I have lost .86370458 BTC or ~$535 vs holding (not being involved with LRM).
Capping the (G)MH/S per bond is a mistake. As was, it seems, my faith in LRM.
EDIT: BTW... Where is a listing of the current bond holders and their total holdings?
Capping the (G)MH/S per bond is a mistake. As was, it seems, my faith in LRM.
EDIT: BTW... Where is a listing of the current bond holders and their total holdings?
March 10, 2014, 12:57:58 PM
at a price of .15 per share the following statements can be considered for anyone he sold shares to with btc at the current price or better (basically all shares since december):
Edit: shares are worth BTC0.00059485 btc (saved you the math) (times 3 since the shares were tripled)
- your shares were tripled
- were sold at .05 bit coins per current share (since they tripled)
- at a market price of $622 per btc that is $31.10 per 100 mh/s
- $311 per gigahash
- should now set a record as the most expensive gh/$ price ever given
- Monarchs cost $7.82 per gh back in august
- Monarchs are $3.66 per gh now
- you could buy non discount retail 84.97 gh for 1 LRM gh/s
- makes no mathematical sense what so ever
- If LR continues this he just boned all of us
- the shares are now worth $0.37 usd each compared to retail hash
Edit: shares are worth BTC0.00059485 btc (saved you the math) (times 3 since the shares were tripled)
March 10, 2014, 12:57:05 PM
You are not incorrect according to what LR posted that started this shit fest. In fact, as of right now that is all you own. Consider your shares to be < 1 AM usb device.
^ Indeed, and it will remain this way until Lab Rat clarifies exactly how the increased hashrate will be divided between the contract holders. 
March 10, 2014, 12:51:21 PM
Edit: I was wrong, post removed
March 10, 2014, 12:38:11 PM
Are you fucking kidding me? The whole reason I purchased the original bonds, way back when, was the promise that the bond would be equal to a proportional hash rate based on the total LRM hash rate and increase when the total hash rate increased. Period. Now LR is saying that all original bonds are now capped at 300MH/s? Am I reading this correctly? My technical term for this would be "bait and switch" correct? I really hope I am incorrect here.
Thanks!
Thanks!
CHANGE IN PAYOUT RATE STRUCTURE
Cryptocurrencies, which includes Bitcoin, are relatively new to the world economic communities and its governments. Worldwide there continues to be almost daily announcements from governments regarding crypto currencies. Lab Rat Data Processing, a Limited Liability Company in the state of New Jersey, continues to monitor those announcements and the ever-changing laws and economic environments and how those laws impact cryptocurrencies, including Bitcoin, and in particular Lab Rat Data Processing. Most important to Lab Rat Data Processing are the ever-changing laws and/or announcements from the United States and its governmental agencies and the state of New Jersey and its governmental agencies.
Based upon recent developments in US and local laws, Lab Rat Data Processing, and their legal representatives, have determined a potential current or future problem with its current rate structure, which was originally intended as a variable rate payout. Therefore, Lab Rat Data Processing is amending its variable rate payout with a set rate payout of 100 MH/s per contract. This rate payout shall be for all current contract-holders and all future contract-holders. Contemporaneous with the change from a varying rate payout to a set rate payout Lab_Rat will triple the amount of contracts held by all contract holders as of the date of March 8, 2014. Therefore, for all current contract holders on their current contracts, the effective rate will be permanently set at 300 MH/s per contract. All future contracts purchased will be at the new rate of 100MH/s.
Lab Rat Data Processing will continue to monitor developments for cryptocurrencies and Bitcoin in particular, seeking to maintain its current status as a leader in the Bitcoin community and to maintain compliance with US and New Jersey laws.
More information to come.
Cryptocurrencies, which includes Bitcoin, are relatively new to the world economic communities and its governments. Worldwide there continues to be almost daily announcements from governments regarding crypto currencies. Lab Rat Data Processing, a Limited Liability Company in the state of New Jersey, continues to monitor those announcements and the ever-changing laws and economic environments and how those laws impact cryptocurrencies, including Bitcoin, and in particular Lab Rat Data Processing. Most important to Lab Rat Data Processing are the ever-changing laws and/or announcements from the United States and its governmental agencies and the state of New Jersey and its governmental agencies.
Based upon recent developments in US and local laws, Lab Rat Data Processing, and their legal representatives, have determined a potential current or future problem with its current rate structure, which was originally intended as a variable rate payout. Therefore, Lab Rat Data Processing is amending its variable rate payout with a set rate payout of 100 MH/s per contract. This rate payout shall be for all current contract-holders and all future contract-holders. Contemporaneous with the change from a varying rate payout to a set rate payout Lab_Rat will triple the amount of contracts held by all contract holders as of the date of March 8, 2014. Therefore, for all current contract holders on their current contracts, the effective rate will be permanently set at 300 MH/s per contract. All future contracts purchased will be at the new rate of 100MH/s.
Lab Rat Data Processing will continue to monitor developments for cryptocurrencies and Bitcoin in particular, seeking to maintain its current status as a leader in the Bitcoin community and to maintain compliance with US and New Jersey laws.
More information to come.
You are not incorrect according to what LR posted that started this shit fest. In fact, as of right now that is all you own. Consider your shares to be < 1 AM usb device.
March 10, 2014, 12:17:35 PM
Are you fucking kidding me? The whole reason I purchased the original bonds, way back when, was the promise that the bond would be equal to a proportional hash rate based on the total LRM hash rate and increase when the total hash rate increased. Period. Now LR is saying that all original bonds are now capped at 300MH/s? Am I reading this correctly? My technical term for this would be "bait and switch" correct? I really hope I am incorrect here.
Thanks!
Thanks!
March 10, 2014, 11:33:01 AM
I said "we" meaning all bondholders collectively in agreement, agreeing what we are going to do, I don't actively have my finger twitching on "the big red button" at the moment, but I flipped the cover off it.
I think we are all at least very frustrated/angry with the way things have going. As many have stated previously, LabRat has a basic inability to fully communicate what is going on, either by not updating us for weeks, or when he does communicate never fully addressing the basic points.
I must admit I have been close to selling my stake on the simple issue of him not even giving a basic weekly dividend report. To me that is simply disrespectful towards share/bond/contract holders. On the positive side I do get the impression that he is working hard to deliver on hash-rate but with the current hashing arms race this is a really difficult ask.
Additionally, I suspect I am not the only one who feels "locked-in" since the disappearance of bitfunder. Now don't get me wrong, grnbrg is doing an excellent job of facilitating trades and I have used his service on a couple of occasions - have no complaints - and would recommend it. However the process is more time consuming as you have to contact the buyer/seller and they may not be available (for days in some cases) or have a trade underway. Not as simple as pressing the buy/sell button, especially when the market is so illiquid.
I do think that LabRat is on his way to solving the legal issues. Whether he can keep up with the hashrate, however, remains to be seen.
Cheers
Dave
I've been burned many times because I'm a high risk taker. And I know how deceptively nice people can be. Don't misunderstand me! I don't think anything mischievous is necessarily going on. But people need to at least be prepared for the worse case and ready to deliver a fierce legal response.
In my day, I've been a victim of at least four fraudulent investment 'opportunities'. And all of these got shut down by either the FBI or state attorneys. In each, the owners were either imprisoned or successfully sued. And to the credit of the feds and states, in each case they returned what funds they recover back to victims - even if it takes a year to deliver the check.
Labrat Mining does have a couple of the hallmarks of such operations (I shouldn't have to explain what those are), but that doesn't mean it is such a fraudulent operation. Like I said, I'm a risk taker....
...well, if it is a fraud, then that'll be at least five frauds I've endured and seen torn down by feds. Yeah, another bullet for my belt.. might have enough for a bandoleer one day
March 10, 2014, 11:12:15 AM
Zach I hope you don't become Zosh @ BFL incarnate revision 2 & do some sensible & responsible posting here to answer questions that matter most , You will only get respectful reply's when u show respect to your investors.
March 10, 2014, 11:10:00 AM
Additionally, I suspect I am not the only one who feels "locked-in" since the disappearance of bitfunder. Now don't get me wrong, grnbrg is doing an excellent job of facilitating trades and I have used his service on a couple of occasions - have no complaints - and would recommend it. However the process is more time consuming as you have to contact the buyer/seller and they may not be available (for days in some cases) or have a trade underway. Not as simple as pressing the buy/sell button, especially when the market is so illiquid.
If we weren't before, we are now. Nobody rational would touch this for more than pennies, until this is resolved.
March 10, 2014, 10:56:18 AM
I said "we" meaning all bondholders collectively in agreement, agreeing what we are going to do, I don't actively have my finger twitching on "the big red button" at the moment, but I flipped the cover off it.
I think we are all at least very frustrated/angry with the way things have going. As many have stated previously, LabRat has a basic inability to fully communicate what is going on, either by not updating us for weeks, or when he does communicate never fully addressing the basic points.
I must admit I have been close to selling my stake on the simple issue of him not even giving a basic weekly dividend report. To me that is simply disrespectful towards share/bond/contract holders. On the positive side I do get the impression that he is working hard to deliver on hash-rate but with the current hashing arms race this is a really difficult ask.
Additionally, I suspect I am not the only one who feels "locked-in" since the disappearance of bitfunder. Now don't get me wrong, grnbrg is doing an excellent job of facilitating trades and I have used his service on a couple of occasions - have no complaints - and would recommend it. However the process is more time consuming as you have to contact the buyer/seller and they may not be available (for days in some cases) or have a trade underway. Not as simple as pressing the buy/sell button, especially when the market is so illiquid.
I do think that LabRat is on his way to solving the legal issues. Whether he can keep up with the hashrate, however, remains to be seen.
Cheers
Dave
March 10, 2014, 10:52:09 AM
I don't even know why we're waiting for an answer, us bondholders are sitting on more ammunition than Rock Island Arsenal, we should just achieve consensus on the way forward and tell him what he is going to do or he gets his arse held to the fire.
Oh, interesting fact, 300Mh back to IPO date is worth around 0.26 BTC, so we can go that way too.
Oh, interesting fact, 300Mh back to IPO date is worth around 0.26 BTC, so we can go that way too.
Good point on the 300MH since first issue. If he doesn't do what's right with the dividends, that is an argument that can be made and enough to ensure he owes so much that he can't keep any hardware for himself.
On sitting idle, I've already been through something roughly similar with another company involving bitcoin. I helped kick off the communication with other victims to organize a legal response. The owner of the company figured out a way to pay off his debts to investors/customers. Legal actions were then not necessary.
In the process of that, I found a good contact in New York that may be helpful if needed. For those unfamiliar with US geography, New York borders New Jersey (where Zack operates). That may be helpful if needed. If my contact is available, he's someone that has legal experience, knows how to navigate the court system and LR victims can pay him to do the footwork to speak with lawyers on their behalf, and serve papers to Zack etc...
First, it seems to me that we still need to give Labrat room to answer the basic questions, such as those I asked in colored lettering a page or two of comments ago. If his responses are unacceptable, then a legal path can be pursued - maybe starting next week.
March 10, 2014, 10:39:31 AM
I said "we" meaning all bondholders collectively in agreement, agreeing what we are going to do, I don't actively have my finger twitching on "the big red button" at the moment, but I flipped the cover off it.
March 10, 2014, 10:34:02 AM
I don't even know why we're waiting for an answer, us bondholders are sitting on more ammunition than Rock Island Arsenal, we should just achieve consensus on the way forward and tell him what he is going to do or he gets his arse held to the fire.
Oh, interesting fact, 300Mh back to IPO date is worth around 0.26 BTC, so we can go that way too.
Oh, interesting fact, 300Mh back to IPO date is worth around 0.26 BTC, so we can go that way too.
You are waiting because by taking any other action at this juncture you would be shooting yourself and everyone else in the fucking face.
March 10, 2014, 10:07:13 AM
I don't even know why we're waiting for an answer, us bondholders are sitting on more ammunition than Rock Island Arsenal, we should just achieve consensus on the way forward and tell him what he is going to do or he gets his arse held to the fire.
Oh, interesting fact, 300Mh back to IPO date is worth around 0.26 BTC, so we can go that way too.
Oh, interesting fact, 300Mh back to IPO date is worth around 0.26 BTC, so we can go that way too.
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