Pretty unprofessional if you ask me.
Just up and deciding that LR would keep people's div-payouts that "aren't invested enough"? Bullshit.
Can't be bothered to post information like the need to send a signed message TO THE LRM WEBSITE? Bullshit.
Take ownership of the issue LR.
I'm working on it. There's still 3 weeks. I feel that's plenty of time. To anyone who is waiting to send a signed message to me, you may send it now as I'll be checking the amount of bonds you hold to verify the amount you sent in the signed message once the final asset list is collected. I'll accept signed messages now. |
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We all have to remember that the bitfunder thing was just sprung on us without any warning. I would rather LR look at all his options and deciding the best way to go rather than to hurry up and say "we are going to do it this way" and then have to change his mind. I agree, the reason the shares took a dive was because of bitfunder shutting down..
Thank you for recognizing this. I'm working on the best way to get things set up and I believe I've found it. I'm meeting with Dave in person tomorrow or Friday to work out a deal. There was a holiday that affected the assembly of units in Asia for BitFury so Dave expects to get some hardware next week from what I've heard. I'll be getting some of that. The rest of the deal is not worked out, but more news will come on this. |
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Due to issues with people not having THEIR OWN bitcoin addresses on BitFunder, I will be postponing this weeks dividends in an attempt to help give people more time to get their address situated. This means the dividends due to go out Oct. 19th and Oct. 26th will BOTH go out on Oct. 26th. Tuesday, Oct. 22nd, I will be freezing LRM on BitFunder and taking the final asset list. At this time I am requesting that all individuals send a signed message in the format detailed below between Tuesday, Oct. 22nd Noon and Thursday, Oct. 24th 11:59 PM Eastern Standard Time. If you fail to send a signed message via email to labrat@labratmining.com by the end of the time specified, your dividends will be rolled over to the following week. Thursday, Oct. 31st will be the cut off for the week following. If you do not verify ownership of your bonds via this method by Thursday, Nov. 7th, your bonds and accrued dividends will be absorbed by LRM. I am giving everyone plenty of warning, so make sure your address on BitFunder is one of your own. Format for signed message must be as follows: EMail Title: BTC address (must be the address on the bitfunder asset list which is the same one you signed the message with) EMail Body: Bonds: # owned Name: (Name on BitCoinTalk or BFL Forums, not your real name) BTC Address: (Preferred address, may keep the same or change) Message Signature: xxxxxxxxxxxxxxxxxxxxxxxx The information in the body should be copy pasted from the signed message to your email, no leading or following spaces other than to separate the message signature from the message. No additional information necessary. |
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Eastern Standard Time, like everything else I've given a time in  |
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Lab_Rat, I paid for my shares from my QT wallet --> Weexchange --> Bitfunder. Are you paying our dividends to Bitfunder wallet, Weexchange wallet, or QT wallet?
Thx
I paid dividends to the address you have listed on BitFunder. |
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With Dave's 800GH/s gone and the diff bump we saw a drop in divs this week unfortunately, but I'm in contact with Dave and the hardware should be flowing in soon.
BTC95.56992478 Mined
BTC71.67744359 Payout (Mined * .75)
BTC0.00129834/bond (Payout / 55207)
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Well... LabRat asset-list address number : 391 Remove the 2 or 3 LabRat address and you have maybe 388. (correct me if you have the good numbers) 388*0.025 BTC = 9.7 BTC... 9.7 BTC for this week and maybee the next. Sorry but 9.7 BTC for manual payout when Bitcoind API's are here to send multiple paiement with a file, i found this very expensive.  It was not 9.7BTC charged. It was closer to 5 or 6. I also do not hold any bonds whatsoever at this moment (even on the issuer account, which is my only account). I can assure you I don't want to waste another Saturday sending out dividends manually and should have an automated payout in place by next week. The other way I could have charged a fee is by % and then I have the guys holding thousands of bonds jumping down my throat. Either way it's unfair to someone. My apologies, but at least I'm paying out dividends instead of looking for a way to jump ship like half the other issuers on BitFunder. |
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Cant you do a mass payment to everyone and just pay one small miners fee? Im not 100 percent on how it works, but I think if you keep adding addresess to send to, you only have to pay one small fee instead of paying for each one. With bitcoin-QT you can just keep adding the recipient and then add the amount. A properly done excel spreadsheet should make this pretty easy to do..
But, I think your right not to trust bitfunder to send the coins, who knows what they are up to...
What is exactly wrong with Bf sending out the dividends? I dont know why, but with the way they handled things, im not sure If I would trust them. Maybe doing a small test, make sure it works, if it goes without a hitch then send thru bitfunder.. I think hes just being cautious... Someone sent me an email earlier this week that they have BTC that got swallowed between WeExchange and BitFunder the other day... I think I'll avoid that. |
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Lab_Rat do you have ETA on delivery of bitfury gear for October
No date guaranteed as of this time. I'm unsure as to how much and when, but I'll be speaking to Dave in person within the next couple days. |
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are dividends being paid on bitfunder this week?
why is the asset being removed from bitfunder, is it because labrat doesn't meet the criteria for the new rules?
Answered. I didn't try to meet the criteria, but I'm within the US and I don't want any issues with them in the future. |
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I'm going to take the asset list image from 12 noon EST today and pay out dividends based on that list manually this week.
Along with the help of an investor, I'm working on securing an automated payment system for LRM dividends, but for this week and possibly next I will have to pay out manually. This is a task sending hundreds of transactions by hand, so unfortunately I will be charging a small fee until the system is automated. This will be BTC0.025 per individual. If your dividends for the week are of equal or lesser value, you will not receive dividends this week. It appears the amount of bonds you must have in possession is ~20 to receive dividends.
This is not a permanent fixture in the LRM payout system!!!
Once automated, the only charge will be the transaction fees through the bitcoin network (generally BTC0.0005)
If you are curious as to why there were no transaction fees on bitfunder, that is due to the fact that the bitcoin never officially changed hands. The BTC stayed in their holding wallet and the numbers on the website changed.
I should have some more news coming up by the middle of next week that's on the happier side.
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Someone made a vanity address with my name in it. 1LaBrATo5XwdJEv5C3NTrsoHB6fvURTpYq I think I know who it is as there's only 2-3 people who got that many bonds. |
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(....) never underestimate the stupidity of the unwashed masses!
Just because bitcoin is technical doesn't mean that it's not used by the technically illiterate
Among the BitFunder public keys: "" - A null key. This user (Single?, Multiple?) holds several assets. "14oQSdpw56jv3Xn49EM58nNY5RSDbiPGwr " - probably valid, but has trailing spaces. " \tBalance \t 1Dxg9ZazutpaNkS3Yu5NwMsBHuHTRPdkn" - Uhhhhh.... " 155TY9EpfpML46QA5bhYxRkxXpcJJFZfxU" - leading spaces. "150 Vernon Ave. #400 Vernon, CT. 06066" - Dude. That's not a bitcoin address. "https:\/\/blockchain.info\/wallet\/3d0719da-52a1-" - Neither is that. "e4c966be-7fe4-45fe-a5e1-7781f3081e04" - lolwut? "13yEHkfHB9Hc7c1JZ15qqSP2Zw8hQugA9k13yEHkfHB9H" - Not a valid address, and a holder of 15 LRM bonds! "635a91d71c72e64f2be449065407ac59b213eb127b279" - Another LRM holder (2 bonds) who doesn't have a clue. " \t \t1birdyVUS7v4gHsruyBFbmGM6YDLJTkNa" There are probably more creative entries. Just found this on a once-through the assetlist...  grnbrg. A bit sad really that BitFunder couldn't do some basic address validation. Hell, a sprinkling of some regex would help with the most obvious of mistakes. Here, I'll get them started: [13][1-9A-HJ-NP-Za-km-z]{20,40}" \t \t1birdyVUS7v4gHsruyBFbmGM6YDLJTkNa" should be "1birdyVUS7v4gHsruyBFbmGM6YDLJTkNa" after checking validity. Alright "birdy" fix your nest dude.... "13yEHkfHB9Hc7c1JZ15qqSP2Zw8hQugA9k13yEHkfHB9H" should be "13yEHkfHB9Hc7c1JZ15qqSP2Zw8hQugA9k" after checking validity. Don't you hate it when the type over function doesn't work right? You can see that the end of the address is repeated from the beginning. 13yEHkfHB9Hc7c1JZ15qqSP2Zw8hQugA9k 13yEHkfHB9Hso it's obviously supposed to end at the A9k |
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Sorry for the newb question, but I believe my address on bitfunder was one I created on my bitcoinqt wallet, does that mean it's one I can sign messages with?
It would be really great if someone could post a quick how-to so that everyone can check that they can do this before the shut-down, otherwise there will likely be many tears. I am sadly too busy to do this, but am just throwing this out there as an invaluable suggestion... I found this thread which breaks down the concept of signing a message. Unfortunately, the term "sign a message" is a little counter-intuitive. It should read "create a message signature". In essence, you use Bitcoin-QT or Blockchain.info or whatever client to generate a signature key for a specific BTC address AND the message associated with that address as it is typed in the message window. THEN you copy that information to an email, PM or whatever and send it. You do not send the message you generated the signature for from the client it was created in. This thread is specific to blockchain.info but the concept is the same across all clients as it is a function of Bitcoin itself. Also - you can change the address associated with your bonds (shares or whatever) in Bitfunder. If you are one of those people who used an invalid address you should perhaps consider fixing it by editing your settings in Bitfunder. https://bitcointalk.org/index.php?topic=180068.0 But it's secure due to the fact that if the message is changed it can't be verified... |
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I will likely be "freezing" the asset in the next 48 hours. My way of looking at it is these panic sells have nothing to do with the real price. They are just individuals within the US trying to minimize risk. grnbrg, keep a running copy of the asset list just in case, but I should be able to snag the final copy after freezing it without issue.
I strongly disagree with this - freezing the asset is shutting down the trade of something that should be a freely traded asset. If people are "panicking" (which is a judgement on your part) then why shouldn't they be free to panic and reduce their risk at the cost of selling their shares cheaply? In freezing the asset you are both forcing people to take on more risk than they should be obliged to, and depriving others of the opportunity to buy at a price they think is favourable. I said it before and I'll say it again - any trades made, at any time, are between two consenting parties who both think it's in their best interest, and it's nobody else's call to say that they shouldn't be allowed to do so. This concept of the "real price" is tricky. It is a combination of the long term growth potential, the dividends over time, and the perceived risk in both long and short term. The perceived short term risk just sky-rocketed and this is being reflected in the price. I don't believe that any true increase in short-term risk has actually occurred and am holding onto my shares happily. Once the migration from BitFunder takes place and people see that dividends are still being paid, this will be reflected in a recovery of the price. However, to deprive people of the opportunity to lessen their exposure at a cost to themselves (and not to you I might add) seems misguided, and will probably cause a lot of resentment, so I would ask you to reconsider this position. I wasn't looking to freeze the asset to hault trading, but rather get an official list from the asset list. With each trade that goes through, that list changes. So at some point I plan to freeze the asset, grab the final list, and remove LRM from BitFunder. I can agree that anyone who wants out, should get out now because it will be harder to trade after the asset is removed from BitFunder. VERY IMPORTANT: Make sure your address on BitFunder is one you can sign a message with. |
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I strongly believe that freezing the asset at this point is a very bad decision. Freezing would have been good before the panic to give everyone time to think it over and get the information needed to make a decision. However, now the panic is over, people had two days to think about it. If someone wants to sell, they will, freezing just makes life much harder for everyone and creates additional uncertainty.
I think that the best strategy at this point is to let the dust settle and find out how we proceed. If you still think that you want to freeze the asset, I think that it would be a good idea to set the exact time when you want to do it and give at least a one day notice. Just to make things clear and predictable.
+1 , Even i think freezing asset doesnt make sense , unless Lab rat has some more info & reasons behind this move other than to stop panic selling. Right. Panic selling is over. After the initial panic there was only one person liquidating all his ~1k shares and causing all the sudden price drops in the last 24 hours. But he just sold off his last shares. So I expect the price to recover soon, cheap shares are most likely over I actually received note from the person who did that last series of large sales. Surprisingly enough it's a female. Rare in this community, but I find it funny everyone assumes that all in this community are males. |
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No body has talked about expected dividends this week , can any body do the maths please Dave and Tytus have been toying around with settings at their hosting location, so most of the week they haven't been mining for us. Do your math at 5.25TH/s |
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Just wanted to let everyone know I'm still here. I will likely be "freezing" the asset in the next 48 hours. My way of looking at it is these panic sells have nothing to do with the real price. They are just individuals within the US trying to minimize risk. grnbrg, keep a running copy of the asset list just in case, but I should be able to snag the final copy after freezing it without issue.
I don't trust BitFunder to put a sizable amount of coin on there so all divs from here on out will be manual.
More info to come.
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LRM's real saving grace may be that they claim to be selling hardware derivatives. Your security is (in the eys of the SEC) worthless; LRM promises you no rights to assets nor facevalue. It will only generate derivative income off of bitcoin mining and is only worth what someone else is willing to pay you for it.
My main reason of structuring like this. |
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