Isn't it about 150TH, not ~5-7?
Nope. Labrat said that 55% of the BitFury gear is up and running already. The current total hashrate is only 17TH, half of which is BFL gear. So that must mean that about 5-7TH of Bitfury gear is left to install. I think Labrat bought 100 Monarchs. I think you are taking statements too literally and not thinking creatively. Could be wrong though. I suspect LR has exactly 17.7 TH pointed at CEX.io to create that ticker. The rest is pointed elsewhere. Note the readout we see matches the "17.7 TH contracted" bit in LR's signature. I think originally when all this started, LR received a minirig, some singles, and maybe some other stuff for a total of about 1 - 1.5 TH, then we received a bunch of bitfury equipment in Dec I think that brought us up to 23 and change TH, which is where we have "been" since. That is the hardware (minus 25%) that has been pointed at CEX.io to generate that ticker we see on LRM's site. Unless LR got royally screwed over, 150TH or more should have been inbound from bitfury, and half of it is online somewhere judging by comments from today. And if the above is true... thats Bitfury gear WE PAID FOR that LRM is mining with all to himself. |
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Even if LR is to be honorable the contract does nothing to assure that he will act in good faith. Initial contracts were sold on the promise of growth. True it was stated that contracts would be worth a minimum of 100MH/s and that benchmark was exceeded given the 3 way split. However, there was consistent representation over time from LR that we were growing to more and more MH/s.
Going back on that representation and not contractually assuring dividends from the growth that WE paid for is a betrayal to the initial contract holders. It betrays us in that the destiny of our contracts was misrepresented over the course of several Months. Our funds are not protected under contract to be used as WE intended under the terms originally agreed upon. It's a bait and switch to lock the hash rate.
Exactly. In this new model... new contract purchases would be rewarded instantly with hashrate dividends... when we all purchased... we had to wait until hardware came in before we could get dividends. SELLING THIS INCOMING HARDWARE TO NEW CONTRACTS AND ONLY GIVING BONUS PAY TO SAID NEW CONTRACTS IS LIKE GETTING PAID TWICE FOR THOSE CONTRACTS! YOU CAN'T SELL CONTRACTS TO THE HASHRATE WE PURCHASED A SECOND TIME. Your only option to do this correctly, and give us the hashrate WE provided you funds to purchase, is to increase our contract count to match overall hashrate. YOU DO NOT HAVE THE RIGHT TO SELL FUTURE CONTRACTS TO ANYONE ELSE AT ALL... THOSE ARE OUR CONTRACTS! |
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Would you submit LRM financials to a third party audit paid for by contract holders?
There are no contractual obligations to do so, but if in the future we deem it necessary we will consider it. I DO have a CPA overseeing my books, including BTC wallets. I understand you have closed the AMA. There is a glaring outstanding question raised by this particular answer. The new contract specifies a discretionary (read optional) bonus payout per contract, however, that bonus payout will be completely on the honor system without any third party audits. As was stated earlier even if there were an audit said funds could be diverted to new shares, LR's pocket etc. on a whim. An additional question is: How has any of this restored faith in LRM or it's contracts? The price per contract has tanked and unless bonus payouts are both plentiful and consistent I see little hope in recovering more than a fraction of initial contract costs. Additionally anybody buying existing or new contracts would be foolish to value them as worth anything more than the 100 MH/s since the bonus is completely discretionary and can become zero at any time. That is all correct, plus we don't know how much hardware is incoming, even in the current BitFury shipment, as the AMA was closed just before my question re-asking this. It is, however, almost a moot point, as neither contract entitles bondholders to any of the proceeds from that equipment. Many questions remain to be answered... That is how i read it... the hashrate we have in equipment now is all we will ever get... all this new Bitfury equipment WE PAID FOR can only be reaped by purchasing more bonds... essetially LRM will be mining with it all for his own pocket except that portion that someone else pays for as they buy new contracts. WE PAID FOR THAT BITFURY GEAR, IT IS OUR HASHRATE AND LRM IS FORCING US TO RELINQUISH IT TO NEW CONTRACTS ONLY. |
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There needs to be a side by side, point by point comparison of current bond definitions to new bond definitions.
From what i gather in this AMA... the only difference is old contracts are not eligible for bonus payouts, and will no longer "grow" in hashrate as it was expressed they would when initially purchased?
Why does it feel like contract holders are being screwed either way? Essentially... the only reason you have MORE hashrate than bonds sold is due to the rise in the price of BTC... so why are we as contract holders not reaping any of that benefit... either we stay and do not grow anymore... or we convert and you sell the extra hashrate to new contracts... hashrate the we original holders essentially paid for.
You are getting your cake and eating it too... right in front of us... and taunting us to boot while you make out like a bandit all because we bought in prior to BTCs value rising. Your sole discresion to deem a bonus is not enough to validate how much you took in since you were still holding BTC when the value jumped... you are essentially robbing us of the extra benefit we should all be getting.
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Any bonus hashrate declared by the company will be SOLELY at the company's discretion. That is not the spirit of the original agreement... it is not SOLELY at LRMs discretion... original bonds were sold as GUARANTEED growth as hashrate was added. I fail to see how you can legally change this on a whim... if it was not legal for you to sell those types of bonds... then full refunds for not accepting these new "terms" are in order. Please elaborate on how you expect us to accept "SOLELY at the company's discretion." |
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1.) Why haven't you been able to tell us anything?
2.) What law restricted you from telling us?
3.) Why has it taken so long for your lawyer to give you any information if this issue has been known about for 4+ months?
4.) What happen to the ASIC Project? How much was spent, and from what pot of money?
5.) Will you be firing your lawyer once this legal issue is resolved? If not, why?
6.) Which ASIC manufacturers have you spoken to/signed deals with and are moving forward with? What are your plans for future hardware purchases?
7.) What have you been doing with the new hardware you've had for months? When can we expect to receive those dividends?
8.) What's going to happen with the old/new bonds (or shares, or contracts, or whatever they are called now?)
9.) How much work have you put into the trading platform which was your number one priority? How far are you done, and when can we expect it to be finished?
10.)Can you please provide a full list of bitcoin mining address'
11.)What percentage of the 25% is allotted as a management fee? Since it's all the same for LR's pocket, can we replace the management fee with an issuance of "bonds" to LR that equate to the avg fee% instead - say 5-7% of total bonds - this would provide transparency of your FIXED % fee's and give you an increased incentive to produce
12.) Can you please provide photographic evidence of all equipment currently in service for LRM bondholders.
13.) Why has the contract not been provided in a timely manner?
This and, 14. Is there an agreement in place or under negotiation with a State or Federal authority which defines the financial instrument that was originally issued by LRM? If so, what is the legal basis of the financial instrument issued? And, kindly disclose the agreement or a point form summary of the negotiations if an agreement has not been reached 15. Will you voluntarily disclose the financials of LRM and the related companies you have incorporated if there have been any disbursements from LRM to said companies? 16. Would you be prepared to have a private conference call(s) with a group of larger bondholders? Identities would be verified via signed BTC message or RL details if available Also, as a general note, this place is a shit show for this kind of conversation. LRM requires some method which permits disclosure of confidential information to bond holders. kryptokit provides for secure messaging via bitcoin address - there may be others that provide for this function via a defined group - not sure. In any case, I suggest all communications regarding LRM and its confidential business dealings be removed from this forum and set up somewhere else where the participants are vetted bondholders. 1a.) Why can't you even provide a weekly breakdown of dividends anymore??? These^^ |
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1.) Why haven't you been able to tell us anything?
2.) What law restricted you from telling us?
3.) Why has it taken so long for your lawyer to give you any information if this issue has been known about for 4+ months?
4.) What happen to the ASIC Project? How much was spent, and from what pot of money?
5.) Will you be firing your lawyer once this legal issue is resolved? If not, why?
6.) Which ASIC manufacturers have you spoken to/signed deals with and are moving forward with? What are your plans for future hardware purchases?
7.) What have you been doing with the new hardware you've had for months? When can we expect to receive those dividends?
8.) What's going to happen with the old/new bonds (or shares, or contracts, or whatever they are called now?)
9.) How much work have you put into the trading platform which was your number one priority? How far are you done, and when can we expect it to be finished?
10.)Can you please provide a full list of bitcoin mining address'
11.)What percentage of the 25% is allotted as a management fee? Since it's all the same for LR's pocket, can we replace the management fee with an issuance of "bonds" to LR that equate to the avg fee% instead - say 5-7% of total bonds - this would provide transparency of your FIXED % fee's and give you an increased incentive to produce
12.) Can you please provide photographic evidence of all equipment currently in service for LRM bondholders.
13.) Why has the contract not been provided in a timely manner?
This and, 14. Is there an agreement in place or under negotiation with a State or Federal authority which defines the financial instrument that was originally issued by LRM? If so, what is the legal basis of the financial instrument issued? And, kindly disclose the agreement or a point form summary of the negotiations if an agreement has not been reached 15. Will you voluntarily disclose the financials of LRM and the related companies you have incorporated if there have been any disbursements from LRM to said companies? 16. Would you be prepared to have a private conference call(s) with a group of larger bondholders? Identities would be verified via signed BTC message or RL details if available Also, as a general note, this place is a shit show for this kind of conversation. LRM requires some method which permits disclosure of confidential information to bond holders. kryptokit provides for secure messaging via bitcoin address - there may be others that provide for this function via a defined group - not sure. In any case, I suggest all communications regarding LRM and its confidential business dealings be removed from this forum and set up somewhere else where the participants are vetted bondholders. 1a.) Why can't you even provide a weekly breakdown of dividends anymore??? |
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HAHA... ppl still think there will be a contract today... most likely... said lawyer will have some sort of emergency and will not be present at the AMA today either.
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I always like these tech savy people who go out of town but somehow don't have a laptop or tablet to go with them. Let alone a smart phone.
Last i heard LR is an iPhail user... so... yeah... |
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For some reason, Friday seems like a long time from now...
50.5 hrs till LRM D-Day. Is that decision, discovery, or doom?   LRM Disestablishment Day... the day LRM and Bond Holders separate if what is presented is not worthy of the spirit of the original agreement. |
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For some reason, Friday seems like a long time from now...
50.5 hrs till LRM D-Day. |
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Its broken in Chrome... wont populate a deposit address.After a couple of minutes a SKC addy finally registered. |
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You can add to the list the following: Why was the weekly summary of payout stopped and when will it resume?
Why has there been absolutely ZERO clarity of how much in total funds LRM has in BTC and FIAT as well as other coins and how much in BTC/Fiat has been spent on currently hashing hardware and non delivered hardware?
What decision was made on the Monarchs... upgraded and compensated, or refunded? |
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It'll be nice if the exchange rate for bitcoin pops before Labrat orders anything, and stays up when using the scooped up dividends next month.
The price pattern for bitcoin is looking nice on the chart, so far.
Assuming he orders in fiat, not BTC? Not sure how likely this is. Equipment is priced in fiat, but he has in the past held funds in bitcoin until paying. Correct Daemonfox.... ^ see here ^ That was still September... where do we see that he concretely pinpoints when he paid for Bitfury gear and at what exchange rate? |
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Is it only me or ...., every time we read anything about Gox we hear a litle from Rat and now that Gox has filed for liquidation suddenly Rat has the documents in hand  I seriously hope that i'm wrong about this but may god give us strength if im right and all our funds are flushed and that 18TH is all we ever going to see. Mt. Gox did not effect LRM.
The trading platform is still being worked on. It's in Alpha testing, but it is not owned, operated, or affiliated with LRM.
I can assure you I wasn't stupid enough to hold funds on any exchange and I'm still not. I manage all priv keys used. I believe you understand if I don't take your word very seriously only because you have had all our funds in hand from the day 1 but we do not see the gear that was promised months ago mining for us, not to mention that bitfury still has equipment in stock ready to ship over night. So....yeah. And to clarify, the majority of the funds that were pulled in were when the bitcoin price was between $80-120, so the millions they'd be worth today was only a few hundred thousand. On top of this, equipment pricing was much steeper back then. Where has that ever been posted? For all we know... it was traded for Fiat almost immediately because at that time... no one knew which way BTC was going... |
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No I thought your average person would have know that it was just for testing purposes. All of this can be changed from the admin panel. Most everything can be edited from the admin panel. Once again, I am not sure why you guys are trying so hard.... Just doesn't make sense. There are plenty of scam sites and thief's taking off with peoples BTC but you choose to start here? Weird to say the least. We are working hard trying to provide what was promised. I guess I cant expect much out of a key board warriors on a forum. This is unfortunate... just... really not something that should take this long if this was your base to start with... http://incarnatesoftware.com/INC03/Bityay/faq.phphttps://cryptothrift.com/Did you just assume no one was going to pay attention to the FAQ since this is just a preview? Or just another slip up revealing a cloned site? If you are offering refunds... I will take my .25 BTC as well... in BTC form please. 1DAemoNXFNQxeDQAeRdEg245WvYsCfdgE9 On the contrary... you can expect much more from those who care to look deeper... I was pointing out the fact that you had a FAQ full of things from cryptothrift which shows once again, this is not an original site being coded... it is just another box product being edited to fit. You could have easily deleted all those FAQs and created a handful of ones tailored to BitYay but that did not happen. I suggest you start from the OP and read this entire thread before you start throwing out the "...but you choose to start here?" and the "I guess I cant expect much out of a key board warriors on a forum." I am not just some troll here... I gave plenty of effort and time to help Cassie at the start of all the trouble and your lack of understanding and context of what has transpired in this thread is laughable. I don't care that you can add/remove FAQs through a management portal and what is there now is just a preview to test... it shows lack of care for details and your comments show your inability to absorb the facts of what has been posted here before your involvement. I stand by my post... this is a copy of a site which was the same crap that was being pushed before... and this time around... I prefer repayment rather than sit idly by. |
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This is unfortunate... just... really not something that should take this long if this was your base to start with... http://incarnatesoftware.com/INC03/Bityay/faq.phphttps://cryptothrift.com/Did you just assume no one was going to pay attention to the FAQ since this is just a preview? Or just another slip up revealing a cloned site? If you are offering refunds... I will take my .25 BTC as well... in BTC form please. 1DAemoNXFNQxeDQAeRdEg245WvYsCfdgE9 |
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Warning! This is most probably a virus. Definitely DO NOT DOWNLOAD THIS!!! Check the block explorer... there are no blocks with more than a couple thousand in total output so this guy is full of it. |
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What settings needs Sapphire 7950 to have 6 Mhs/sec ?
Thx.
"gpu-engine" : "1040", "gpu-memclock" : "1500" "intensity" : "19" Powercolor 7950  Or... if you want over 7 MH/s on a 7950 (I have the Sapphire OC Boost) ,
"intensity" : "20",
"nfactor" : "6",
"worksize" : "256",
"lookup-gap" : "2",
"thread-concurrency" : "21712",
"shaders" : "384",
"gpu-threads" : "1",
"gpu-engine" : "1150",
"gpu-fan" : "30-90",
"gpu-memclock" : "1800",
"gpu-memdiff" : "0",
"gpu-powertune" : "20",
"gpu-vddc" : "1.200",
"temp-cutoff" : "95",
"temp-overheat" : "85",
"temp-target" : "75",
"api-mcast-port" : "4028",
"api-port" : "4028",
"auto-fan" : true,
"expiry" : "10",
"failover-switch-delay" : "60",
"gpu-dyninterval" : "7",
"gpu-platform" : "0",
"gpu-device" : "0",
"log" : "5",
"no-pool-disable" : true,
"queue" : "1",
"scan-time" : "7",
"tcp-keepalive" : "30",
"temp-hysteresis" : "3",
"shares" : "0",
"kernel-path" : "/usr/local/bin",
"no-client-reconnect" : true
} |
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Please reference the changes noted to BTCGuild in the most recent news posts...
Seems to me ANYTHING that relates to a payment of any sort can and will fall under IRS and FinCen regulations. If LRM is PAYING us dividends... he is transmitting monies. BTCGuild's solution is apparent in the way they have decided to redefine everything as a reward for participation in the pool... some of that mentality applies here but needs further legal scrutiny to define once and for all.
Give Zach some slack... anything he says before the lawyer gives it to him in writing could make everything that much worse.
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