Topic: 📈 NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012) - page 81. (Read 959381 times)

I think you are viewing the situation backwards.  Lenders put up funds for an order with Butterfly Labs.  Butterfly Labs took 10 months longer than promised to deliver, and in that time the difficulty jumped 50x.  They are also refunding nearly 50% of the order funds at the USD rate.  That means I am getting back funds that belong to the lenders but that they are not entitled to per the current agreement.  This presents a predicament because BFL is refunding in USD, which means paying back all the lenders their BTC per the agreement will most likely take many years to achieve and issuing the refund to the next lenders in line isn't fair to those in the 2nd loan in my opinion, since it is just as much their funds being refunded.  I think that not disbursing this refund evenly would be unfair, and I have offered lenders an agreement that does 3 things.  1) Enables lenders to recover a large portion of their USD lended immediately.  2) Enables lenders to begin receiving weekly repayments.  3) Enables lenders to potentially recover more than their lended BTC amount.

With 90% of lenders now agreeing, I see no reason why I shouldn't go forward and let those who want to participate in a modified agreement have the opportunity to do so.  I am even providing 500 seats out of my own pocket as a bonus for lenders who want to participate right off the bat.  The lenders that do not want to participate are free to keep things the way they are.  Their repayment per the original deal will be calculated, and they can be paid out exactly like there was never any new deal at all.  If NastyFans approve my offer, I will ask nonnakip to give any seats due to lenders that are holding out to NastyMining in order to aid in the repayment of that lender.

This really is a win-win for everyone involved.  Lenders who choose to participate get a generous offer with a front loaded repayment and weekly repayments.  Lenders that do not want to participate see absolutely nothing change.  NastyFans will have the opportunity to vote for a larger share of the distribution % and NastyMining will become debt free (or nearly debt free depending on the holdout lenders).  It will also give us the opportunity to continue expanding, as I have already begun making arrangements (property ownership, electrical upgrades, security system, ventilation upgrades) for our own datacenter in a much cooler location.

How can you spend money you dont own without all lenders agreement?

I second on showing the rig pr0n.

It's back!

It's not just you. It's down right now.

Is the nasty fans website down or is that just my work location?

How do you go for noise? Do you have all of this in a garage or a spare room at the end of your house or something? Got any updated images of everything running? Would be interested to have a look at it all.

ripmax

UPDATE:
We now have 12 Monarchs operating.  There is a little bit of throttling going on, but I will work on better managing the heat load in the coming days as I have more time.  As is, we are operating at over 7TH/s and that brings NastyPool to over 10TH/s!  As an update to our debt situation, 70% of lenders have now agreed to my offer and as soon as one or two more lenders jump on board, I will ask for NastyFans to vote on a deal proposal.

I have been contemplating ways to expand the Fan Hosting Program.  With mining profitability all over the place, it is hard to put together a good plan to help decentralize our mining operation.  I am open to input and discussion on the subject.

I have received another tracking number from BFL.  It looks like we should be receiving 3 more Monarchs on Tuesday.

I have also received 1.65 BTC in exchange for the CoinTerra machine.  I have decided to waive my 30 BTC loan that was used to make the CoinTerra purchase in exchange for the 1.65 BTC.  I think this is the right decision to free up more electrical and cooling capacity for more efficient units as well as taking steps towards debt reduction.

Distribution 319261 is complete. Thank you to the nastyfans donators.

I've received an offer locally and decided to accept for the CoinTerra TerraMiner.  I am planning to offer to wipe clean my 30 BTC debt in exchange for this now sold machine.  60% of our lenders have also now agreed to a new debt plan that will remove all remaining NastyMining debt and once the remaining 40% are in agreement, I will be able to request a poll for NastyFans approval.

BA= Black Arrow

 

Sorry to forum bomb you guys... But this is important !

ALL BA CUSTOMERS

I think it's time to turn the table.  No more sitting and waiting, listening to their lies after lies!  We need to start joining and taking action to combat this situation and get the return we deserve.  We've been lied to... We have proof...

I have a mate who's an Australian Federal Police Officer and he needs to know how many others there are that have been ripped off.  He has the ability to perform international inquiries regarding Alexandru Sovu and can influence the authorities in China. http://www.afp.gov.au/media-centre/publications/platypus/previous-editions/2000/march-2000/china.aspx

I for one am liking the fact that we can influence the Ministry of Public Security and bring BA to their attention.

If you would like to be noted in the investigation and hopefully either obtain your money back or at the very least see Alexandru Sovu come to justice then please click here :- http://members.iinet.net.au/~craige/BA_Customers/BA.html.  

That is all I need for now to create the list he needs.  Sorry for the rough web page but I wanted it up quickly.  I will create a database from the submissions and forward to the AFP.

I will obviously report any news at hand, directly to this thread.

Please spread the word so we get maximum exposure and build an understanding of exactly how much money has been fraudulently obtained by BA!

I wonder if XBtec would sell us the email list of BA customers?  If you are in contact with them or have influence then it would be nice to know and hopefully obtain the list.

EDIT : This also applies to customers that have already received their equipment.  It is late, not to original specs and now we find... dangerous.  You have been sent nothing compared to the amount you paid.  Please join the wagon, you have nothing to lose!

LIVE CHAT IS NOW COMPLETE
LOG AVAILABLE AT NASTYFANS.ORG


Signature Campaign:
As was voted by NastyFans, I have rolled out a signature campaign.  I envision increasing the payment eventually, but wanted to begin giving something back to fans who have already decided to advertise our signature.
NastyFans Signature Campaign

Order Update:
I've OK'd Butterfly Labs to ship out our first orders without a refund so they can ship the most hardware possible ASAP.  I then requested a refund on the remaining orders so that it all balances out with their ship/refund offer in the end, but we get more hardware sooner.

Updated Order Sheet:

So we have about 30 minutes to go. Anyone have a link or will Og post it right before liftoff?

EDIT. I guess a little reading helps ;-)

Thanks Carnth, that's very helpful.

This should help everybody as to exactly when the chat will start.

Distribution 318128 is complete. nastyfans says thank you for the donations.

I will post a link on this thread to the chat after I have signed in, usually about 30 minutes prior.  This is mainly to avoid me having to take additional steps to prove my identity on these monthly sessions.  If you have a link to this thread, you'll be able to find the live chat without any issues.


For those who may not be aware, there are some better Monarch photos and more statistics to be made public about the Monarchs in this thread: https://bitcointalksearch.org/topic/hacking-bfl-monarchs-and-servicing-them-while-times-are-weird-759398

The key points are that Monarchs take 520watts to run and get between 620-660GH/s for a efficiency rating of about 0.8W/GH.

Can you plz post a link to the chat?