Topic: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement - page 98. (Read 452224 times)

Yes this is what I find most disturbing. knowing that it was messed up for 2-3 months then pumping propaganda about the hash rate going to the moon and selling a few thousand more bonds. . . .

I'd also like to hear how the coinseed relationship has changed. Are we still getting hash?  Is this why you promised to talk to us and answer questions, and then ignored us for all this time.  Has the deal soured?

How does your "(2.615-2.743 GH/s per bond)" in the first couple weeks of march become 300 mh/s per bond?  This means when you finally deploy the hardware we paid for, you'll be getting 2.2-2.4 gh/s for yourself from every single bond.  Yeah, this doesn't sound even remotely sane.

LR, I expect answers.

Problem is every time you talk, you leave more questions and half stories on the table and fail to address the lingering questions you previously left out there.  It's starting to feel like a proper Goxxing.

I'll stop here, because I'm pretty fucking pissed at the current moment.  I'll come back later when I don't want to spew fire and stab unicorns.

Thanks for that summary.  Well done.

The lack of comment on the Coinseed comment perhaps comes from fear of what it could mean.  It is a disturbing little comment.

Thanks for putting time into that dave all hail the republic.

 

Nice summary...

Maybe we can add "Attempting to sell off bonds while knowing for 2 months that there were issues that would negatively impact value" = insider trading.

Hi All,

Well this certainly is a development.  Perhaps it is time so summarize what has happened and where we are :

January 2014

- Lab_Rat appointed CTO of CoinSeed - http://www.coindesk.com/coinseed-5m-investment-bitfury-mining/
- A share trading "platform" for LabRatMining is in the works.
- Jan 30th Predictions for hashrate :

February 2014


8th March 2014

The announcement :


Also a recent post suggesting a fix is in the works :


Also most interestingly, something I haven't seen discussed:



So where are we now (March 8th):

Legal:
- There is a US legal issue that is powerful enough to require a modification of the shareholder/bondholder/contract. 
- The legal issue is as yet unspecified - Lab Rat is continuing to talk with his legal people and will update once more information is available. 
- This issue is powerful enough to trump the contract which was originally setout and used when doing the initial "IPO".  For "powerful" = potential jailtime or $$$$$$ in fines (based upon my personal experience with dealing with the US).
- Our "contracts" are muliplied x3 = Old contract = 100Mhs per contract, new contracts = 300Mhs - LabRat is checking with lawyers but is confident this solves the immediate legal issue.
- LabRat is now working with lawyers to create a framework where additional Mhs can be added per contract/shareholder without violating US law.

Operational:
- Judging from the payouts no new hardware is in since a small increase (judging from payouts per share) mid February.
- BFL Monarchs are delayed, LabRat is currently considering the refund option, but no decision yet.
- LabRat's CoinSeed interest is now taking a back seat.
- A share trading "platform" is in the works and at alpha stage.

What we know:
- LabRat is behind schedule deploying (or using) new hardware as per January plan.
- LabRat is attempting to restructure the contract arrangements to comply with US law.
- LabRat is not good at keeping "contract" holders in the loop.

Top issues/questions (IMO) that need to be answered urgently:
- An Update on hardware deployment, schedule, etc
- Details of plan B (if legal issues cannot be resolved)? i.e. dissolving the company, disposing of assets, "contract" buyback, etc?
- Details of plan A - If legal issues can be resolved, how will additional hardware be added to a "contract"?
- Is LabRat still CTO at CoinSeed?
- Has there been a change of relationship between LabRat Mining and CoinSeed which will change hardware deployment?
- Specifics of the legal issues?

Did I miss anything?

Cheers

Dave

Yeah, should of kept my BTC.   a 5.5BTC  paid on 50BTC  of bonds.  Looks like a losing deal now with this bombshell.   Something is wrong with this picture.

It was always 25% - briefly no dividends were paid to buy extra hardware.
[/quote]

Correct.  However I'm wondering if this might be part of the problem.  Maybe someone took a look at his books and said, "it looks like you're supposed to be paying out 75 percent according to your initial terms, but that doesn't seem to always be the case", labrat: "oh that, I kept some of it to buy more hardware.  Several of the bondholders said it was ok in an anonymous forum.  Is that alright?"

Ha ha. 

But seriously what a cluster this whole thing has turned out to be.  Weeks upon weeks of silence, followed by bombshells, followed by immediate silence on questions about the bombshell, and then repeat, until all of the bondholders have ulcers.

It was always 25% - briefly no dividends were paid to buy extra hardware.

I know he's taking 25% I meant I thought he was suppose to be taking 5%/5%, but I got that from


that appears to have just been temporary for deploying the hardware he got from dave.

I actually don't see anywhere that he states what his cut is, so I suppose he can actually just take wtf ever he feels like

According to his posts, last update, Feb 9,


As you can see, 75% paid, 25% fees.

He's paying us 75% of the produced (or was.. weeks without even a small detail on what was paid)

His fees are not suppose to be 25% that was suppose to be a temporary change for everyone to chip in for larger hardware orders.  His fees were suppose to be 5% for facilities and 5% for his labor.

If you structure this company properly with non-voting shares there is no issue, that I'm aware of, with continuing the promised payout structure and you maintain control of the business decisions.  please stop pretending your only choice is to screw us out of future growth or address in a reasoned manner why this is not the case.  If this has been going on for 2-3 months, then why did you continue to pump and dump more shares on people without full disclosure?  i.e. give false hope with growth announcements and issue more shares knowing this was coming.  you have yet to convince anybody this is less than bullshit by providing rational reason for changing the payout structure or citing any specific legal reason for a change in terms.  If you knew this change was coming for 2-3 months (since december) and continued to sell bonds and represent the company under the terms you knew were unenforceable and inaccurate, I find this highly fraudulent imo.  There's no form of LLC that protects you in this situation.  I also find it suspicious that this occurs right after forming partnerships and increasing your own hashrate by 10x what it is now.  I suggest reconciling this properly. There is no part of our agreement that allows you to magically change the terms of ownership.

Everyone sit the fuck down and stop flipping your lids.

There is a solution - Lab rat will come to it.

Being reactionary at this point serves no purpose.

Probably because you're being a premature prat.

The reason he's doing 300mh per bond, and everyone is asking why is simple:

23 TH in hand, 75% of that is 17.25, per 58k bonds, 300, that way he takes out directly the 25% he was usually taking.

Good, by now we should have enough stuff together to cleary proof, that the fixing of the hashrate would be fraud. (Even the history of this thread is more than enough together with the fact that entrys at the LabRat Website were changes)

LabRat; please offer a solution acceptable for all investors

NOW I HAVE SEVERAL QUESTION BECAUSE IT START TO PISS ME OFF!!!

1) LabRat. Are u sufficiently educated to be owner of this kind of company? Last time u fucked was with dividends, when u taked the fee for paying divs, even if there was free and easy solution. You just come, drop this shit, and then we say to u how u must to do in this situation. Really? U have ur fucking lawyers, u say that u know what u doing and we must say to u how things work?

U come and drop the bomb again. U have known about this situation for 2 months. And what u got? Nothing! This community members gives u better information than u "lawyer". U cannot say "i will use whole my time to solve this situation". Because as i see, there is currently no situation, there is no problem now and 10 hours @ forum is more productive than 2 months with ur lawyer.
U had enough time already. First answer to all community questions. Use 2 days for answering all question and messages, i think it will be enough to answer ALL POSSIBLE QUESTIONS.

During very long time i have asked about HW. Didnt get any answers. ||bit have also asked many times. So LabRat ANSWER!!!

Had many of questions, but they almost all can be solved with doing just one little thing:
LabRat. Can u give us financial statement report with amounts of money(coins/usd) got from IPO, hardware ordered with order dates and amounts, where and how much our money have been invested and everything else.
Also for hardware orders i want to see receipts, i doenst mean some BFL LS u buyed from forum members, i mean big order.

+ One big question. I said that u must solve this shit out by next saturday because:
Currently hashrate is 23-24 th. Lets assume its less possible, 23TH. (Really!! What a annoying shit, we doenst even know how much hardware is currently hashing!!!)
There is 58792 bonds out. If every of bond will represent 300 MH on next saturday then payout will be from 0.3*58792=17637,6 GH.
So we will miss 5-6 TH of hashpower. Lets take 5,5 and calculate how much it is from whole hashpower..... and.... its ... 31.18%.
Its even more than 25% management fee, future hardware invest and other things.
Again: What the muck, LabRat?

++ What is payout bitcoin address for LRM from Ghash.io?

That's exactly what he seems to be saying so far.

For the record:

http://i.imgur.com/W9LVUjq.jpg