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0100@0.00031 elitenoob
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Because it's NOT just 17TH!  17.7TH is "contracted".  There were 23.6 or so TH running before the 2nd batch of bitfury gear came in, which was supposed to be around 150TH, of which about 55% is online judging by LR's comments meaning LRM is running at about 106TH and will grow to about 173 or more TH and if you add in the Monarchs at the low end estimate close to 200TH and at the high end 225TH.  If anyone would like to correct those numbers, please feel free, but I feel pretty confident those numbers are fairly accurate.

Starting to question why you'd blindly repeat this 17TH number again and again.

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.

ETA: The monarchs were ordered at the same time as the first batch of bitfury gear and iirc, the order was implied as being around $40-60k... so 10-15 originally perhaps?  My memory sucks, and I'm particularly lazy today, someone please help with the numbers.

Yes, that is how I interpreted it, but that relies on placing trust in a benevolent Lab_Rat who will do what will most benefit the contract holders.  The new contract is a huge step backward from what little transparency we did have.  I personally think Lab_Rat is more likely than a lot of people to willingly pay out a very large portion of mined bitcoin over and above the contracted rate, however, I do not like the lack of guarantees.  The new contract basically reads "100MH/s plus bonus at LR's discretion".  I personally think it is likely the "bonus" will consistently be nice and significantly higher than 100MH/s, but there is nothing to prevent LR from having a bad week, going on a coke binge using what would otherwise be bonus bitcoin, waking up on a beach in a singlet somewhere, and paying out just 100MH/s per contract, and we would have zero recourse and zero knowledge there ever was a pool of bitcoins that could have been used as a bonus.  This seems like a huge departure from the spirit of the original contract.  Worse, LR can't even say what he really intends to do because of legal liabilities.  Maybe he intends to payout a bonus regularly every week based on actual mined bitcoin, but he can't say that is what he intends to do one way or the other because of legal concerns.

I would have much rather seen contracts that split to accommodate increased hashrate rather than relying on fixed + bonus.

Will have to think on this more and read what others are thinking.

2nd page, mid page:


What is the 'select period of time'?  I didn't really see that clarified anywhere.

Lab_Rat, could you please provide the original contract you are referring to for the original bonds for us to compare?  Or a link to the original.

http://www.downforeveryoneorjustme.com/legalzoom.com

Well, there goes that theory.  

I kid, I kid.  But seriously, It is Wednesday and it sounded like there was just one question that needed answered and it sounded like it would be a simple question.  Was really expected something by now, unless LR decided to wait until the day before or right before the Q&A time.

Love that level of sarcasm.  Reminds me of a few choice comments when the company I worked for issued a 'no working from home ever under any circumstance' policy after buying everyone laptops w/ vpn access.

Tracking back the dividends we receive, we can infer at least a couple likely addresses, but I do agree we should be told specifically which addresses LRM owns and uses.  Would also like to know which addresses does LRM / LR own and use?  If that information is to remain secret, why?

Also agree, keep it in this thread.  A consolidated list of questions already posted would be great if someone wants to pull it together.  If not, I could probably do it sometime before the AMA.

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0100@0.00031 elitenoob
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1000@0.001 mrstef
3000@0.0027 Testit
1000@0.003 ICantThinkOfaName
1000@0.0031 Frankthechicken  (will pay trade fee for over 90)

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387@0.01 dietwice
096@0.0105 CumpsD
200@0.014 carnoto
048@0.0216 brox
021@0.0261 pimpingken
254@0.03 kaneda2004
500@0.05 mboehler
125@0.055 phraust

Lab_Rat, when you say 'more info by Tuesday', it's basic professional courtesy to at least let us know on Tuesday that Tuesday was too optimistic and it will be another day or so.  You'd be much less of a 'forum punching bag', I think is how you referred to it, if you simply communicated more frequently even if the posts are fairly empty.  Especially when you give a specific day that you'll have something to share.  If there were one thing you could work on that would improve the situation, it would be the communication.  When things were fun and exciting, you posted more regularly.  But when things are not so much fun, you disappear for long periods of time, which is when your presence is really needed most.

Best consecutive two day payouts in about 3 weeks.  Not sure if Terk has been tweaking the servers a bit or if they are performing better under lighter load or some other thing is going on, but my 24hr average has recently been closer to my actual hash rate than ever before on this pool.  Nice.

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0100@0.00031 elitenoob
    50@0.001  bichitotu
1000@0.001 mrstef
3000@0.0027 Testit
1000@0.00271 ICantThinkOfaName
1000@0.0028 Frankthechicken  (will pay trade fee for over 100)

ASK:
200@0.014 carnoto
096@0.015 CumpsD
048@0.0216 brox
021@0.0261 pimpingken
254@0.03 kaneda2004
500@0.05 mboehler
125@0.055 phraust

Regarding the bolded part, I guess my perspective is opposite yours.  I see it as there is a lot to lose. The entire upside potential, since we have NO idea what is going on and what the proposed solution will look like, it seems hasty to assume that the near zero value we have at the moment will be a persistent thing.  Right now the potential downside is losing the final few pennies per 'contract' but the upside potential I think is pretty significant.

Best case scenario I think is all the new hardware has been hashing for a month and after restructuring we get back dividends and things move on as originally intended and share value returns to what it was prior to "the announcement".  Or even better, we get some form of exchange and the 'contract' price goes up.  Assuming trust is repaired, transparency improves etc etc. 

I am patiently waiting(for now) because there will be plenty of time (years) to pursue lawsuits and criminal charges if things do not shake out favorably for 'contract' holders.  Any sort of lawsuit would likely take a long time to resolve, at the very least a year or more, by which time all of the assets owned by LRM that could be liquidated would be almost worthless and worse yet, any damages wouldn't be recovered in terms of BTC but in terms of USD you paid for the 'contracts' when you first acquired them at the exchange rate AT THE TIME you acquired them and possibly just the USD value at the time of the IPO.  Courts may even look at the USD value of the BTC received weekly per 'bond' and determine that all USD value of payments received exceed the original cost of the 'bond' so there are no damages to claim.  Bitcoin is in new uncharted waters so it seems pretty hard to predict how any sort of legal action would be resolved.  I see a lot more downside risk to legal action than upside potential.

Has anyone ever bought shares in a company with lawn furniture or hammers?  Since the IRS has advised bitcoin is to be treated as property, courts may compare it more to lawn furniture than to dollars or gold / silver.

I'll probably start to run out of patience though around mid to late May.  That would be a full 6 months since this issue came up on the radar judging by the 'for 2 to 3 months' comment.  A description of the issue at hand would be really nice.  I am hoping the issue is 'we want to avoid a need to collect personal information and issue 1099's' or even 'we want to avoid having to register as a MSB'.  Those seem like the most likely legal issues to me.  And I am pretty sure there would be legal means around both of them.  I really would like to know more about what is going on.

@fractal02 funny pictures.  Thanks for the laugh.  I'd have to go with the first one.

@mufa23, the idea that LR is just recycling the bitcoin originally acquired through IPO into dividends seems extremely unlikely IMO.  There would have to be an accomplice selling him recently mined coins and letting him use the stats feed from CEX.io (which just jumped to near 23TH... that seems promising).  That seems like an overly complicated (and expensive) way to scam.  But I suspect you don't really think that, just making a point that pictures of the hardware are long overdue.  Which I agree.  I was really looking forward to pictures once the first batch of bitfury equipment came in.

@grnbrg *throws whiffle ball* How's that for abuse!

Having been through a few legal 'things' personally, I do know that sometimes lawyers move at excruciatingly slow speeds depending on what the situation is... especially if they need to do a bunch of research on precedents and related cases.  Lawyers do have their own reputation to look out for and don't want to slap their name on a legal document unless it is highly likely to be legal.  However, I think LR should consider shopping around for new council after this.  :-/

Not affiliated with Clevermining... just a user but this sounds like your miner was redirected.  Read this thread starting around the bottom of page 153 for what likely happened to your miner.

Basically, a bunch of miners from a bunch of different pools got redirected to a different IP address.  There were a bunch of correlations people found, but no one ever found -THE- cause as far as I can tell.  Anyone who got redirected were essentially mining for free at a pool stealing hashrate.

Restarting the miner at a minimum will fix it at least temporarily.  I have not seen anyone complain about being redirected in at least a few days so maybe the root cause has been solved.

Hope the server in Montreal sticks around.  That's been the best one for me yet.

This is the version I am using.  So far so good.  I did have cgminer hang twice on one rig in the last few days, once where GPUs went idle, and another when they kept running submitting 100% rejects to CM.  I think those instances were unrelated though.

Is there a main thread to discuss this specific issue anywhere?

I would be more okay with that than being stuck at 100mh per post split whatchamacallit but less okay with that than contactmike1's scenario where we get back dividends for the hardware that was delivered, if it was delivered and has been put into service, once all legal issues are settled.  Between the previously announced dates plus about 10PH somewhat suddenly appearing on the network over the last week or so, seems reasonable to presume that -something- new has arrived.  That 10 PH is probably a combination of a few manufacturers but bitfury probably is in there too.  It is possible it has not been put into service, however, because of the open legal issues.  Perhaps with the old structure, LRM -can't- legally run over xx TH/s.  Who knows.  Not us, that's for sure.

I guess only time will tell.  I do hope Zach and his lawyers come up with something good and soon.  They're only going to get one shot at it otherwise risk some serious consequences from stakeholders.