Topic: Scammer tag for PsychoticBoy - page 2. (Read 9268 times)

I am not talking about ABM!
ABM is relisted on BitFunder, I never bought any ABM shares back!

This is about PGM https://bitcointalksearch.org/topic/glbse-paladon-green-mining-pgm-including-asic-upgrade-no-bond-97263 , READ!!!

I'm NOT claiming he as honest about it from the start - was accepting that the contract he posted was the relevant one.  Think it's a bit confusing at times which of the two bad investments we're talking about: the one closing down or the one staying open.  Certainly one of them had an entirely unclear OP - whether that was the contract on GLBSE or not I have no idea.

I'd certainly agree that paying three times the cost of a BFL single for the rights to the mining output from one isn't exactly going to win any best-value awards.  And wording the contract such that's not clear just how gigantic a management fee is being taken is certainly scummy.  But is it a scam?  My best guess is that admins are going to say that so long as you get what you paid for it's not scam - and if you weren't sure what you were going to get you should find out before parting with your cash.

I see it as more of an idiot tax than a scam.  I wouldn't run something so horribly bad value myself - and I certainly wouldn't want to ever be associated with or have to deal with the individuals perpetuating it.  But that doesn't make them scammers - the deception involved was self-deception from investors, who decided to believe (along with loads of others) that mining is somehow an amazingly profitable endeavour that can be profitable for investors even after asset issuers take a massive chunk of gross revenue (taking the cut up front is similar impact to taking from gross revenue).

It'd be nice to see a legitimate mining company - where the manager only gets a share of profits as their fee (profits being AFTER costs AND depreciation of equipment value).  But don't hold your breath for that.

I will explain it one more time:

When you bought shares you only bought the right of 1/1000th BFL Single(SC) (0.82 Mh/s)
You have only recieved dividend equal to 0.82 Mh/s so now I had to buy the shares back, so you only have the right to recieve 1/1000th of the BFL Single's market value per share.

This is all there is to it, I am done here.

AS I said right at the start of the thread - you (investors) made your loss the moment you decided to invest and pay a massive mark-up on the hardware as a management fee.

The closing-down payment is NOT a scam.  The ownership of the remaining shares is irrelevant - as 1 share is worth 1/1000 of the BFL single + upgrade irrespective of who owns the rest.

If it was a scam anywhere it would have to be at the launch by charging such a steep markup and basically gauranteeing no initial ivnestor could ever make a profit.  But that isn't really a good basis for a scam accusation as there was no deception.  Sure it was a shockingly bad, horribly over-priced investment.  But a scam?  No.  If it were then majority of mining companies/bonds should have their own threads in here - as very few will/have ever made a profit for investors.

All the shutdown has done is finally made it obvious to all investors just how they wasted their BTC investing in it.  Had it kept going you'd still probably lose the same amount (might be more, might be less - my guess is probably more if anything) - just spread out over a longer period.

This is the only contract that is valid for PGM, the ABM thread got nothing to do with PGM!

Copied the OP from the PGM thread (contract)
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[PGM] Paladon Green Mining https://glbse.com/asset/view/PGM


Hardware
1 Butterfly Labs Single @ 0.82Gh/s (be upgraded to BFL Single ‘SC’ @ 40Gh/s)

Share
1000 shares will be issued @ 0.25 BTC each. This price is including the ASIC upgrade. If upgrade will not be possible and I get refund of BFL, I will repay 0.07 BTC per share to stockholders.
Each share = 0.82Mh/s right now. After upgrade each share = 40Mh/s upgrade has been ordered! (or 60Mh/s according latest BFL info)
All of the Generated BTC will be payed as dividend every week -/- expenses

Revenue
All mining revenue will be distributed to shareholders in the form of dividends (after expenses). Dividends will be paid weekly. Profits are the net income remaining after expenses including operating costs (electricity, repair work, maintenance, small hardware), investments in existing or new service development, and any other action capital investment that the organization deems necessary to take part in.
Electricity is de largest part of the operating costs. Electricity price is € 0,22 p/Kwh (I know this looks expensive for a lot of people but a very normal price in The Netherlands). Electricity is green electricity so guaranteed no pollution. (I am thinking of building my own solar panels in the near future).

Currently the expenses% = ~25%. So ~75% of the generated BTC will be paid as dividend weekly.

Miscellaneous
Mining will occur at a mining pool of the company`s choice or solo mining if profitable. The operator of the company reserves the right regardless of the number of shares held to raise a motion and to liquidate the company's assets and cease operations. The operator also reserves the right to issue more shares to expand operation. Any motions raised by shareholders will be considered advisory and non binding. Shares do represent an ownership share in the mining hardware in the event of liquidation. In case of liquidation the mining hardware will be sold and minus expences be paid to the shareholders. The issuer can change the % of the expenses if needed to cover the expenses of the company. If the expenses of the company exceeds the income of the generated BTC, the company has to right to temporary shut down the operation. The issuer can buy back the share at any time at a price equal to 1.05 times the highest price the asset was traded on GLBSE over the prior 15 days. The operator of the company has the right to retain shares in the company.

About Me
I am living in The Netherlands and 36 years old and I will be doing my utmost best for you to keep this company up and running. Off course I wil identify bij GLBSE. More questions? Just ask!


Best regards,
Paladon
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Hope this will help you.

Actually the same applies to PGM.

You are mixing 2 companies ABM (the thread you qouted this all from) and PGM (read OP for link) the company I took over from paladon.

PS:
To all shit stirrers:
Please make sure you know what you talk about before posting.

This is a stupid thread, and PsychoticBoy is almost certainly not a thief or a scammer.

This forum really took a turn for the worse when people began to realize how badly the mods dropped the ball re trolls/etc.

This and the recent other pointless, banal scam accusation threads are the pudding.

For the kiddies among us, I`ll explain it in childlanguage.

I bought a box of Lego duplo which contains 1000 pieces, I sell 300 pieces this means the 700 remaining pieces are still mine.
So if for some reason I have to buy those back, then I only have to buy 300 back because the other 700 are still owned by me.

This is exactly the same with The BFL Single that is divided in 1000 shares (pieces).

If GLBSE had still been open but there was no trade in these shares for 15 days... would the issuer then be in the right if he invoked the buy back clause for 0.00

Same goes for all the other issuers that have such a buy back clause....

Disclaimer: I have/had no shares in this venture

• Investors overpaid for a BFL single at IPO
• Investors bought shares of an asset valued in USD (BFL Single) and BTC/USD went up

No scam occurred here, unless there is some proof of wrongdoing with regards to the OP's purchases of his own shares.

From the contract:
You guys are lucky it wasn't bought back for zero, following the strict wording of the contract which had no provision for a GLBSE shutdown.  I think the OP's buyback price is quite reasonable.

It wouldn't give you more per share does it?

What do you mean?

What does it matter if he or paladons owns those shares?

Since I know I did nothing wrong and broke no contract, I will ask it myself:

@ theymos: could you end this "shit stirring"? Do I deserve a Scammer Tag?

I just want you to remember how pathetic you are when you buy your christmas tree with the money you stole.

Besides that I also want somebody who is in charge here (Theymos?) to decide wether word "shareholders" may or may not include the issuer if it is as laconic as in this case (original contract https://bitcointalksearch.org/topic/glbse-paladon-green-mining-pgm-including-asic-upgrade-no-bond-97263). I don't think Paladon had in mind what the jackass here is pulling. I think he is using the situation, abusing the contract.

From the start the BFL Single (PGM was only 1 BFL Single) was divided in 1000 parts (shares)
Issuer owns all shares till they are sold (since he owns the single from start), when you bought the shares you only bought the right of 1/1000th BFL Single per share.
So whats your whole point?

Let me get this straight. At first you said "56 shares are owned by me ", but when it became obvious that you kept half of the investment to yourself while you should have given it back to the shareholders you picked exactly that moment to surprise us saying that actually YOU are the major shareholder, DESPITE the glbse was at the time DOWN, and despite data pulled from glbse showing that in fact these 573 shares were never sold!

What I don't understand is why this pathetic thief hasn't yet received the scammer tag? Looks like he is not going to admit his "calculus error".

It is just sad how desperatly you are trying to defened yourself, avoiding questions in this thread, rushing into dead ends ("the highest price in 15 days is 0 so you are lucky" shit).. Be a man and just admit you made a mistake, pay back what is NOT yours!

I am not "fabricating" so callad proof, I can make the YML file (shareholders list) provided by GLBSE public but then I would expose everyone`s email address and I think you don`t want your email-box spammed or worse.

It is taking quite some time to fabricate so called proof I see.