We paid for 1 year of mining. One year. I just bought my shares at the end of November. I haven't gotten a single payment. A friend and I were given shares as payment twice in early December though we selected payment in LTC. I don't owe Chris maintenance until one year has passed from the date I purchased my shares. That's the policy that we all paid for. Chris never said that he would bill us a tax whenever it suits his purposes. I'm surprised that so many people are willing to pay him a tax when they haven't even been paid what they are owed. It's not our fault that he did not secure his site.
AussieMiner wrote a great post on the LTCGear forum:
http://ltcgeartalk.net/index.php?topic=881.msg8915#newI have given Chris the benefit of the doubt, but I'm not sure what to think of this. The fact that he is talking about charging us more money and barely mentioned anything about our back payments really concerns me. In addition, he didn't say anything about the multiplication that we are owed from December 24th. It appears that Chris has been mining huge amounts of LTC during the lull in difficulty and transferring the coins out from his wallets to exchanges. Read AussieMiner's post. Now, he is trying to take a sizable portion of our profit through a "tax" when he hasn't even paid us yet. It's absolutely ridiculous.
So you paid very little for your shares and never even manage to set up your account correctly.
We don't have any information on how he going to charge for the maintenance fee yet. I believe (not know) that all shares will be treated equally. You only have one choice, allow the fee to be paid, probably deducted from accumulated earning or let the shares retire.
Frankly I hope a lot of you just let your shares retire.
Thanks for assuming that I don't know what I'm doing. I know exactly what I am doing and set up my account correctly. I set my account for payouts in LTC, not converting payouts to shares. Instead of paying in LTC as I requested, he paid me in shares on 12/05, 12/12, and 12/19. Same thing happened to my friend. We emailed him about it multiple times. No reply.
I paid what I paid for my shares. It doesn't mean he can violate the original agreement and charge me a fee when I've only owned the shares for 2 months. I think it's gutless to allow him to charge new shareholders a fee when he hasn't paid us once. All shares are not equal. If someone has been collecting payments on their shares since August, how is it fair for people who just bought their shares to pay the same fee? He said 1 year of hosting. One year. I'm not going to allow him to change that agreement without a real discussion and fair terms. If he must charge everyone a fee, a pro-rated fee based on time is the only fair way to go about it. I know many other who feel the same. We have to stop allowing people to do this kind of thing to us in crypto. Everyone begging for table scraps and hoping that these people will give us something, anything, in return for our investment. He was paid huge amounts of BTC. He should have used some of that fortune to secure his site. It was his responsibility to safeguard the operation. He did not do it and was hacked. Just like Gox.
How many times have you heard the "I was hacked" excuse for failure of a company/project/operation? I think it happens, but many times, I think it's a lie to cover up wrongdoing.
I understand that things can go wrong in business. I'm run a company and know how tough it can be. However, it's the business owner's responsibility to ensure that partners/shareholders interests are looked after. He failed to secure our interests, and he has failed to communicate this effectively with the community time and again. Everyone could have helped him deal with the hacking issue. He keeps everyone in the dark and only gives the details when he must. He continued to take payments into January, long after he knew there were attacks on the system. He hasn't stopped mining. He must be flush with coins right now BTC, LTC, and DRK. Now he talks of charging a fee after he has fallen 5+ payments behind? This is crazy.
I apologize for sounding so irritated. I'm just fed up with getting the run around from so many failed crypto ventures/investments. I'm sure everyone else feels the same. Flaky business practices are destroying public perception of crypto. Scams are also hurting our public image. I think Chris is guilty of flaky business practices. There is really no excuse for it.
agree entirely... but to be honest, at that point I really doubt he will pay anything. His announcement was still believable when he made it, but since then absolutely nobody have been able to access the pay on demand. There is no evidence than the database problem, if any, have been solved (and he didn't say anything either).
So basically it was a big announcement with absolutely no follow up and clear the tax crap on less than 2 month old share is a joke.
I wouldn't mind to forfeit a few payment because money has been lost to hacker, but not to a fee for shares I bought the 15th december (for the last...). Not mentioning he still owe referal money which would be large enough to pay all the fee of everybody.
Last point the new asic has been delayed... (so what he was too busy to place an order ??) Didn't he say that the factory was going into some hiatus in February (or March don't remember) and now he tell us that he will order them in February... sound strange again.
I really doubt we will see anything in a near future.... (even though I wouldn't sell my shares just in case...).
