"I reserve the option to repurchase bonds at 110% of the highest traded price over the last 15 days."
might be a scam...
It is a scam... Why I didn't include this clause... He's going to scoop some cash real quick and screw everyone out of their hashrate. |
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"This is a privately held, nonpublicly traded company. This company and the PMB's being offered are not regulated by any governmental entities including the SEC or any other agency or board"
This is not regulated by any government entities or the SEC as per the statement above.
Did lab_Rat get confirmation from the government and SEC about this? Why is it unlikely to happen? What info have we been given about this apart from the above statement?
It's unlikely to happen because there are many bigger fish in the sea for them to go after - that's why they're going for exchanges, it's an all in one move. The individual companies are too much hassle (for now). Also, if it's not being traded on an exchange then it's just an agreement between people, and no longer a security, right? Anyway, any legal guesswork is pointless, it is whatever the SEC says it is. They have the lawyers and the money, so they will decide. After all, you don't have to have actually broken any laws to be prosecuted as if you have. One would hope that unless you had that you wouldn't be convicted, but anyone can go after anyone essentially, so let's just cross our fingers, and know that it's even more in LR's interest than it is ours to make sure this doesn't get shut down! No FUD! My lawyer states that due to the currency being unregulated by the US the security doesn't have to be either. The exchange on the other hand is a money transmitter and is regulated. Bitfunder is hosted in AUS I believe though, so the US can't touch it. |
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Well someone keeps selling and collecting all the bids down to about .12 which is well below IPO. So someone is selling at a loss and I am guessing this is one or more of the hardware sellers trying to get out. Not sure why you would buy at IPO then sell at a loss unless you really didn't believe in the future of the mine.
Correct and I know who it is. No biggie. They'll be able to get some more coin for their bonds once I drop some major hashrate on the network. |
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It would be interesting to know what discount he could get for a bulk order from KNC and how that would compare to the Bitfury prices.
Seeing as both the deliveries will be in November it will be the gh/BTC that will make difference.
I've contacted KnC |
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Does this mean that Bitfury will have to drop their price to compete with the 28nm gear coming online soon?
If they dont, im sure Zach will be able to use KnC as ammunition to bring their prices down.. I told Dave to give Tytus some friendly advice  |
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The built in controller has all of the firmware/software to run the machine, so yes. They likely just connected to the IP and viewed the CGMiner output.  TYVM. As I said, very impressive stuff - suck it BFL! (Talk about bittersweet though, despite how much I've grown to hate BFL, all my HW is from them, so in saying "suck it BFL" what I'm actually saying if FML...) Why doesn't BCT have a like button... I have been in contact with some people who have KnC equip on the way. Might see some hashrate increases over the next week or two. |
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Can you please tell us the total hashing power after the extra dividend witholding - most people assumed it would be taking us to somewhere around the 40Th mark but your previous posts seem to indicate only around 30Th.
It will likely be between 30 and 34 TH after the 2 week withholding. It was looking like it would be around 40TH, but there was an unfortunate miscommunication between Dave and I that resulted in this. With the 2 week withholding, it will allow us to push past 40TH very quickly though as I will be reinvesting a significant amount early on to fight the difficulty. EDIT: I would like to point out that (34TH * .75) / 51,707 = 493MH/s per bond though. I consider that a great success over initial estimates. |
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Also, we were a lot luckier the week before.. It will get better... at roughly 5.1 ths (remember, running at 100 percent uptime is very difficult to do) at todays difficulty should bring in about 120 coins over 7 days, thats running at 5.1ths and 100 percent uptime.. So, if no shares are sold between now and next week and the hashrate stays at 5.1ths, we should expect pretty close to what we got today.. (I think my math was right)
Getting close enough to 100% uptime isn't that hard to do when you're doing it full time as long as people who own these pools stop screwing around for a full week haha. BTCGuild appears to have gotten some minor work done, so I'm not sure if this dip was from a pool restart or an attack. |
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!?! the dividends decreased ?
Slightly, and as expected, yes. But not for much longer though, sit tight...  Yes, the issues with James' pool on 9/22-23 that resulted in the hop to btcguild hurt a little, then there's a time delay in receiving mined coins so it did drop a little bit, but more hashrate has been added, and (as long as BTC Guild stops acting up like it has been tonight) we should see some excellent dividends this week. ~5.6TH currently and I have it balanced between James' and BTC Guild. |
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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 |
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Im almost 100 percent certain that they wont deliver on time.. Im just saying odd wise, they might have a chance this time. I mean, how many times can a company screw up? they need to hit their time frame at least one time out of four, you would think...
I think you may need to revisit your stats textbooks... The previous outcomes don't make it more likely for them to get it right in the future if the events are independent, and if they're not, then the way I see it, the fact they have failed many times in the past makes it more likely that they'll screw up again, not less. A leopard doesn't change it's spot and all that. And as you rightly say, they aren't punished for it, people keep buying - what's the motivation to get it right? Im just wondering who (and how many miners) LR has made a commitment from.. I have heard that he has purchased some monarchs, but I don't know a number, a run down on what has been committed would be nice, if there is a post somewhere already with this info would be nice as well..
Many people are wondering about this, but LR is very busy at the moment and so communication has been less than ideal and less than it was before. This is all for the good of the company though, as good stuff is being put into action. However, as you are far from alone in wondering about this (just look up the thread!), hopefully there will be some word on this when he's got some time... EDIT: If you can find a buyer for the Monarch order I'm sure he would be willing to sell. That said, it's hard to arrange when you don't know how many you're selling... I'm pretty sure he has ordered about $150,000 worth of Monarchs!! That is why I would like to see him sell out on that order. And asked others to ask him if they see a problem with that. Being tied up with BFL Monarchs may be the biggest downside with LRM at this time, imo. I can assure you that at this time BFL is not holding $150,000 of LRM's funds. Other than that, I can't really comment on BFL. |
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Updating the website. Got a few updates on the homepage and updating the current hashrate page right now.
~5.15TH/s right now.
Dividends will continue to be paid out. You will see dividends on the hashrate currently in hand no matter what, but when the BitFury equipment comes in. That hashrate will be pointed separately and those funds will be used to purchase further hardware. You will not see a stop in dividends, just no increase for ~2 weeks from the time I receive the BitFury equipment (which should be soon).
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Those of you who are large investors, you likely have my number. Shoot me a call tomorrow if you wish to know more. I can't tell you everything as it's not my info to share, but I may be able to inform you enough on the deal at hand that will let you know why I'm even willing to waive my management fee.
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One of the main reasons for doing this I can't share as of yet because it's not my news to share. People would just have to know it's for the greater good of the company and would help out a ton in the long run.
This sounds somewhat ominous to me. If you read between the lines you can speculate that Lab_Rat has been offered a very competitive rate for miners and to take advantage of this he needs to commit to a certain amount within a time frame. This actually sounds very promising. That makes sense... I hope that your right.... I really thought that when people saw the dividends payed out from the 30ths, the price of the stock would skyrocket, but maybe the plans will still do that. It has to do with a deal I can get starting in Nov. so the 2 weeks from mid Oct. would put us there with some decent funding. All I can say about it. I don't know how much is public about the topic I'm speaking of so I'm not giving out any details. |
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To clear anything up. I would be paying out Dividends with the hardware in hand and holding the payout from the new hardware coming in for 2 weeks. It seems as though a couple individuals didn't quite understand. It appears the general consensus is to do so.
One of the main reasons for doing this I can't share as of yet because it's not my news to share. People would just have to know it's for the greater good of the company and would help out a ton in the long run.
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Lab,
I hope that you got the 25 percent off voucher for the monarchs.. I dont know if you can use them retro, but I have one if you can... Im so glad all my orders are done with the BFL night mare...... I probably wouldnt purchase something from them even if the cost was 10 percent of the nearest competitor...but, maybe they will surprise us and deliver a timely and good product... like you said lab, I dont want to wait 3 months to get our hash rate up, but whatever is best for LRM, im in...
Don't worry, vouchers were used for everything, nobody pays face value for anything from BFL! How come BCT doesn't have a like button At least you can post "+1" here - the BFL forum doesn't allow posts under 5 chars! Try it with spaces? " +1" |
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I would be willing to give up my two weeks worth of dividends if Lab_Rat included his 5% management fee in it as well for those two weeks.
From what I'm gathering "Every Bitcoin Counts". I think this would show a lot of good faith towards shareholders.
That being said, we would be looking at around ~200 Coins from two weeks worth of dividends to be reinvested back into LRM.
In all honesty, that's NOT that much. Would ~$26,000 really get that much of a better deal with Bitfury?
It would be more like 850BTC or 807.5 at 95% (scooping 5% for elec). I'd prefer to at least cover rent out of it too as that's what's intended in the 25% cut from divs. So let's say somewhere between 5 and 10% and I'll throw in my share. As bittymitty stated it was the original plan, but I got hardware and wanted to show good faith and pay divs as early as possible. |
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Lab,
I hope that you got the 25 percent off voucher for the monarchs.. I dont know if you can use them retro, but I have one if you can... Im so glad all my orders are done with the BFL night mare...... I probably wouldnt purchase something from them even if the cost was 10 percent of the nearest competitor...but, maybe they will surprise us and deliver a timely and good product... like you said lab, I dont want to wait 3 months to get our hash rate up, but whatever is best for LRM, im in...
Don't worry, vouchers were used for everything, nobody pays face value for anything from BFL! How come BCT doesn't have a like button |
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Maybe not this time... They learned a lot of hard lessons on the 65nm gear. Including not to be optimistic.
No, they didn't. The main lesson they seem to have learned is that you can repeatedly lie to/mislead people and they will continue to believe these lies, and that making promises that you can't deliver on is a great way to lock-in a customer base you have no right to if you were being honest, and that there is no penalty for doing so, so why not do it again as it worked so well last time. What have they got to lose?! PS: Simple math states a theoretical efficiency of (28^2)/(65^2) = 784/4225 = 0.185 or ~1/5.4 the power consumption if they didn't optimize their power issues. So it could easily do 600GH @ 511W without breaking a sweat. If they optimized their power consumption it could get down to something closer to 350W without it being too far of a stretch.
But unfortunately it doesn't follow simple maths at all though. "Simple maths" tells me that if I put twice as many BHP in my car it goes twice as fast, but it doesn't. 511W on a chip of any size will more than "break a sweat", it will usually result in letting out the magic smoke. Also, thermal runaway is a big issue in these things when calculating the power draw dynamics in transistor circuits. The situation is not linear, and your argument is therefore overly simplistic and reductive. Serious modelling is required to get decent numbers out, and it can be both better or worse than the simple case you outline depending on many factors... Either way, it's academic as we agree that BFL for the bin - CoinTerra for the win! Their Monarch isn't a single chip... It's either 2 or 4. They came out with a "300 GH unit" |
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PROPOSITION ---------------------------------------------------------------------------- Dave has given me information that could gain LRM a far greater amount of hardware than originally intended as long as everything goes to plan. There are a few individuals who hold a very large amount of LRM bonds who have all given me the same idea. Although my contract gives no one voting rights, I'm not the type of individual to veto the masses vote. (This is me showing I'm not looking to screw over the public for a few bucks ) This idea states that (and my contract allows for) LRM to mine for 2 full weeks with new hardware without paying dividends from it. What I would do if the public will generally agree to this is use this hardware to mine and scoop up a large sum of BTC. ~5% would be necessary for power consumption and ~5% would be requested as a management fee for setting up hundreds and hundreds of h-cards and getting everything mining in a very speedy manner. The other 90% would go straight into the hardware that Dave can give me a killer deal on. If you would consider this, it could mean wonders for the company in the long run getting a better head-start. I'm not against this but it's a bit sparsely populated with details as it stands to get a vote of either yay or nay from me at the moment. Could you furnish this with a little more detail? Obviously PM/email is fine for the parts that can't/shouldn't be public (if any). NEWS REGARDING OTHER MANUFACTURERS
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CoinTerra -- VP of sales with CoinTerra and I have been in contact and will remain in contact. We will be trying to work out a deal to maybe get some Dec and Jan equipment. Things looked good when I spoke to him.
If people want my opinion on which 28nm company will deliver on time (or even at all) it will likely be CoinTerra, which is why I'm interested in remaining in contact with them.
BFL -- Their recent announcement to host by the GH is exactly the opposite of my beliefs when it comes to PMBs. If you purchase a defined hashrate, your payout will only continue to go down. My intention is to keep up with the difficulty (to an extent) until it begins to level off.
I am glad that CoinTerra get your vote, they would also get mine (pun intended). Also glad to hear you are not intending to allow more money to "flutter-by" BFL's mining contract offering is just another method to lock people's money away whilst they sit around missing specs and deadlines all over the place. I am really unsure as to how their business practices are legal... :/ Very glad to hear you are in touch with the CoinTerra people, that is a relationship worth maintaining. CoinTerra is by far the best bet for 28nm... They have some goodies in store that I can't share that will blow away everyone. EDIT: I'll pretty well answer anything you need to know about that proposition publicly except when Dave expects to get me HW by because that's technically speculation and I don't speculate or everyone gets mad... (seen that before) Shoot me a call today if you want to know more mmmerlin |
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