Topic: New GLBSE.com for FPGA mining investment - FPGAMINING - page 4. (Read 11632 times)

First of all investors would like to know full disclosure of what hardware has been bought with investors funds and mining profits, which were not distributed to investors. If I recall correctly, moparguy528 stated that, he had some of his own hardware before raising funds.

Moreover liquidity of moparguy528 seems a bit questionable at this point of a time. He is going to repay from his own cash and mining profits. Assuming he has 70Ghash/s of mining hardware that gives us very roughly 1400BTC until reward halves, and then probably ASICs will take over the market so payout of those 70Ghash/s will diminish to roughly around 40btc per month. To cover all of the ~3000BTC will require pretty large amount of additional personal funds. Long time awaits for unlucky investors to be paid.

...I'd be very surprised if it wasn't more cost effective for you to keep the hardware bought with our money and decide we are to give you a fairly low interest and indefinitly long term loan. But how about using that motion feature for what it was intended for once, and check wether it is ok for us too?

(disclaimer: I'd probably vote yes, provided you first lay a more detailed repayment plan. Answering Audriux9's questions, at least 2 and 4, might be a good start)

1. What is the priority of buying back shares?
2. Do you buy directly from the GLBSE market? And what is your target price for buyback?
3. Where did you place invested capital from FPGAMINING investors (around 0.8*3900= 3120BTC)? If you invested it, shouldn't you liquidate it?
4. How long do think buyback process will take?
5. Should we make a list of investors who got paid for their shares?

EDIT:

6. Could you explain more clearly the procedure of paying interest? Are you aware of current interest rate on BTC loans?

I am slowly buying shares back from mining profits and from my own cash I am buying bitcoins with. I am not trying to cheat anyone, I just can't buy them all at once. For those that I can't buy immediately, I am treating it as a loan,paying interest, until all can be paid back. This is more cost effective than liquidating the FPGAs I have.

Also, although the IPO was at 1.0, very very few were sold at that level. I am one of the few people that invested at that price level via my investment acct. Most shares were bought initially between 0.75-0.83. They may have traded less than that though.

Slowly but surely i am paying back.

I am not a Pirateat40.

It seems he is not liquidating but using the mining equipment to pay back a loan @ 80% of ipo price (plus dividends already paid).

Why is he making these motions when there is nothing to vote for? He has already made decisions and uses motions only to announce them.   

Very, very poor communication. Does he despise us, or something?

Anyway, I don't really understand where 2.5% or 3.5% come from in the first place: the contract says
 

so if he's liquidating and has stopped mining, it makes sense not to have dividends anymore, and it's a pure act of goodwill to still pay 1% a month.

On the other hand, we should have at least a rough idea on when we can have our shares bought back -otherwise, he's just stalling.

1.
So how will this work? Should we sell our shares? If so, at what price?

2.
"The issuer can buy back the bond at any time at a price equal to 1.05 times the average price the asset was traded on GLBSE over the previous 1 week. "

The price is dropping fast now. If he waits another month, he can just pay 0.30 for each share and make a huge profit. I don't think that would be fair, as it is his own fault the price is this low.

3.
"Until all shares are bought back by the issuer, interest in the amout of 1% of the remaining outstanding shares, at a par value of 0.8BTC per share, per month will be paid at the end of each month."

Is he allowed to do this? Shouldn't he just pay 2,5% as long as there are remaining shares, even if/when he is shutting down?

it is written on a new motion on glbse now.

I posted this since Moparguy didn't wrote it here, and found it important to know to the shareholders.

Is this from Moparguy? If so, why are you posting for him?
Anyway please tell him that an unspecified number of "months" to pay back investors is unacceptable. Where did he put our monies? If he invested them he must liquidate a.s.a.p., otherwise he is a scammer all around.
And where did he pull that number out from? I want to see his accounting.

The point is he doesn't need to take a big loss, if he wasn't scamming -if he indeed was making enough profit and could have succesfully continued the operation, he can settle this down with benefit for all, including hmself!
If not, scammer tag here and freezing of his assets on GLBSE.

 

Really, the only decent thing for moparguy to do is to take responsibility for his decision and take a big loss on this. He set up a business and now he want to get out. That's fine, but he must bear the full burden of his decision, not his investors. He must not take advantage of his investors and their trust.

Exactly.

I'm quite sure he wouldn't have succeeded to pull the whole 3000 BTC from one or even three investors alone because that kind of money makes anyone carefull, but when taking one BTC there and 5 there it's easier. Also, people who happen to own 3000 BTC would have read his original contract more carefully.

"
buy   18.9.2012 11:18   0.5979   FPGAMINING   2
buy   4.9.2012 16:40   0.7299   FPGAMINING   1
buy   31.7.2012 12:52   0.9   FPGAMINING   1

"

4 shares haha

we're talkin' bout 3000 btc in total share value


4 shares....

And still - what's ours is ours - no matter how small.

"

"Quote from: intel-core-i7 on Sep 22, 2012, 22:53:24
I was offered a buy back of shares at the price I bought them. If we come up with some clean and efficient way to arrange this kind of buyback for all shares.. it would be great.

Who offered? Moparguy or someone else?"
"


Well to be clear - he ( moparguy )  merely asked me

asked me

how many do I have and at what price. He said he is trying to figure out the relatively big investors.

So I suppose he is now thinking and  when he is ready with a buy back proposal - he will post here.

Everybody would be glad to be bought back at the price they entered right ?

I dont know if thats gonna happen. But I hope for the best... Many scenarios are possible.

We just have to act honestly and be fair.

Who offered? Moparguy or someone else?

Anyway, I'm fine if I get back the price I payed for the shares. Below is an excerpt from my GLBSE .csv-file.

Sarcasm from moparguy528: "I have a day job, I have not enough energy after my job to deal with my investors, thank you for investing in me 3000BTC (30 000$), I will take care of it, and I will not share any information how I am going to use this investment, Now its MY money. (aaaaaaaaand it's gone!) How dare you to accuse me of scamming? Don't you understand I have other things to do in my life than to respond to your valid concerns about your investments with me? Ok, I am tired of you, I'll stop paying dividends immediately, I'll dip the price further in order to perform buyback with lower price!!! Ha ha ha.... But at the end it's all your fault you investors!!!"

The biggest problem to his mining operation is transparency. At the beginning he was quite clear what he was doing, he created decent image of his mining operation, in this way he attracted pretty high investments, because he seemed to be legit.

1. first of all, he did not respond to valid investors concerns.
2. he issued more shares to decreasing market price.
3. he said he will stop paying dividends, even without talking to investors or raising new motion about it.

The third clause is most important and most damaging. Explanation of all those 3 point is necessary in order to judge FPGAMINING operation.
If moparguy528 performs buyback at the last price traded on GLBSE during the last 7 days, it will meet conditions written in the contract. However it is not possible to be the case, because moparguy528 has already stated that he stopped paying dividends, that is breaching contract terms, and manipulating the price to get to more favorable buyback price.

What are the solutions? Perhaps stop the FPGAMINING GLBSE market activity, payback all the funds he collected during IPO minus all the dividends paid? In order to do that he has to disclose all the financial info about FPGAMINING.

I cannot propose anything rational yet, because I don't know what is going on behind the scenes, the only person who knows is moparguy528 and he has to step in this discussion, he has to explain everything. But he must step in now, not to wait for missing dividends payments or whatever prosecution is going to take place.

Some more thoughts...

ASICs manufacturing companies are going forward with it's hardware development, other competitor stepped in ASICs market.

Is moparguy528 capable of managing FPGAMINING operation any longer?
Is he able to compete with rising difficulty?
Is he able to manage investors funds effectively? Acquire most effective hardware and in a proper timing manner?
Is he able to carry good communication and relationship with his investors?
Is he able to maintain trust and confidence?
Does he have enough time, will and competence to do that?