Indeed, and I'm curious how you came across this info so fast - google alert? |
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Might want to save BTC for a possible rainy day...
Yeah, not a bad idea 'cause "it's a hard rain's a-gonna fall". |
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First is an undertaking by LRM to provide, on a weekly basis, basic information regarding total hashrate, estimated future hashrate based on incoming hardware, mining proceeds, costs and any amounts set aside for reinvestment. See any of the weekly updates by peta-mine as an example of how things ought to be done - short, concise and reassuring. This is basic information that should not be difficult to provide. and addiction: https://bitcointalk.org/index.php?topic=244042.msg6201645#msg6201645(had the same situation as LRM - bitfunder failed, delays in delivery - but addiction customers love their managers because of the amount of transparency and communications) and nastyfans: https://bitcointalk.org/index.php?topic=86854.0(they use "donations" like LRM wants to use "bonus," but they give auditable financial data and details of their current hardware and pending orders so you can calculate what your bonus should be and that you are receiving it) Great examples Maq..... I too would be fine with a change of some kind to the original bonds if we had a sufficient basis on which to make a decision. "Trust me" is not sufficient. |
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ITs only common sense to put everything on the table..
1. What is the total hashrate?
2. What is the estimated future hashrate?
3. What will this bonus be?
4. BE TRANSPARENT!
I don't mind signing a new deal if the deal makes sense. I wouldnt buy a car and have the salesman say "if you buy the car today, on may 14th we will give you a bonus on the interest". Who in their right mind would agree to that? The interest could be more or less or nothing. In the business world, EVERYTHING needs to be written in stone. Nothing can be left to guess work or that interpretation will be left to a judge.
We need to know the fine print. You cant just say "bonus". I may be mistaken, but it sounds like we are being forced to sign this agreement or we will miss out on this "bonus". That is coercion. Correct me if im wrong. There is so much to read and its hard to decipher whats being said and by whom. There are a lot of newbies that are chiming in.
I wont make any judgements until I see the final agreement.
This and dozens of cogently written, sincere, pragmatic, intelligent, concerned, well meaning posts in the pages since the AMA... Sure there are a few trollish posts but far less than one might expect. Take off the troll glasses Zach and focus on the underlying message being delivered here.... Particularly by Bigasic, Ashitank Endlessea and other serious people. If you continue down the path outlined in the AMA all the work you have done is dead. If you listen and modify your path (it is still not too late) then perhaps this can work without all of us wasting hours and thousands of dollars enriching lawyers. I have emailed you and you know my answer: no to the unilateral 3:1 conversion and no to the most recent proposal. I get that things need to change to stay on side of the regs but without full disclosure and a trust less process we are done. Not too late.... Let's get it done right and keep making money together |
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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. |
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When does the comedy circus start, got nothing to do for few hours , Zach not going to entertain us ?  About an hour from now.... I just confirmed with him that he'll be here. grnbrg.     |
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Labrat hasn't even signed in since Sunday... Probably not a good thing...
Naw - Bitcointalk is just that boring and trollish generally that not signing in for days is the new thing.... at least for me. If I were Zach I'm not sure I would bother to show up on this thread until I had something to say. Its really the only reason I want him to show up here at least. When exactly is the AMA on Friday? I sure don't want to miss it.... cue random popcorn meme:  |
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Ok guys, here's something to get excited about... I just got a couple of texts from Lab_Rat to pass on... - Legal work SHOULD be done this weekend, or early next week. ie: We should have something concrete within the next 7 days.
- Lab_Rat is also intending to do an AMA here, with the lawyer in attendance. I'm not sure if he intends that within the week or not though.
You may all proceed to lose your shit. grnbrg. Naw, I have an iron grip on a bottle of immodium |
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I call bullshit. I get not being able to answer how and what to do. . . there is no reason what the problem is and who may or may not be initiating action can not be said prior to how the problem is solved and what will be done about it.
Not entirely clear on how to read your sentence, but if I'll try to answer. I do not know what the issue is with LRM, I also don't know why nothing can be said although in any business it is usually wise to wait until your lawyer gives you the go ahead to say anything if that's what their opinion is. Thanks for giving the rabid masses some bones to gnaw..... maybe we can make soup! |
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Time for a reality check. Most of the questions have been answered by labrat already.
Thanks for compiling that contactmike. You are welcome. I should note that I selected the responses that were relevant to many of the questions. There are a number of responses I did not post. Really, thank you. I nominate you for the communications committee with grnbrg....  |
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I don't care about your weird US laws...i want some update regarding this invest  Expect Lab rat to declare LRM bankrupt insolvent shortly due to tax liability. In the next chapter, can you have Lab_Rat being controlled by CIA mind rays? That would be *awesome*. grnbrg. There you go again. Entertaining us... |
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Im not sure exactly why the price has gone down, GPU's are selling on the store really nicely!
Because premine is being dumped? duh Hey BuddyNoobo - No the premine isnt being dumped.. why dont you take a look at the market orders DUH... they are for a few thousand here and there... to put it into basic math for you,, 70 btc went into the IPO (premine), and there hasnt ever been a period of time where the buy book has been above 5 btc.. so even if us "IPO premine folks" wanted to dump, we cant... Its a volume issue presently, along with a price... We believe in the coin and are holding, or picking up cards... Who really are dumping, are the nvidia and other low volume miners, who thought they could get an easy payday or a 280x for only a few thousand gpu, and are dumping those orders pushing down the market price.... Duh......... Give us the premined addresses and we clear this thing right now!!! You told us that the IPO investors payed 22 satoshi per coin!!! We want proof of that!!! At least people who cares for their investment should care since your "IPO investors don't obliviously" Blaming the little miner?? LOL Please are you serious??? Little miners as you say are begging to price go up since they don't get any ROI from their crap hashpower!!! A dump is posting your coins at market and letting it drop to fill the order. Posting orders at your set price is not dumping. I for one, as an IPO participant, have posted my order to sell at a number I am happy with. If it goes higher I don't care because I have made my return and can move on. But, I will not be dumb and simply watch it go to the moon without pulling my order. It's called "being long" and setting your exit. As far as proving the value of the IPO - that's simple math dude and you can pull out your own calculator before you go off. If you don't like the return or believe in the model.... move on. There is nothing to see here for you. Sure you made your ROI while this coin was at the hype before the release of the store!!! You were smart and probably had a gain of 100% if you sold at the peak of 45 satoshi!!! So maybe almost every IPO investors did the same like a nice tuned worked orchestra!!! But the ones that were dumb enough to invest while it was on the hype are suffering since for you to cash in and the suckers must suck in on their thumbs!!! And after all of you are happy, the premine is being dumped like a sack of rotten potatoes!!! Premine addresses is all I ask! SO don't give us the tale of the miner is dumping to profit because that is a old tale for the newbies!!! not sure about your reading comprehension there champ but you might want to take a breath and relax and take another pass at what I wrote. For further clarity, I for one hold the vast majority of my IPO coins and will either buy GPUs or sell on the market as I see fit according to my required profit. I am certainly not DUMPING my shit. Know the difference between DUMPING and trading. |
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Should I have a coupon on my account if I have placed and received a previous S1 order?
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Im not sure exactly why the price has gone down, GPU's are selling on the store really nicely!
Because premine is being dumped? duh Hey BuddyNoobo - No the premine isnt being dumped.. why dont you take a look at the market orders DUH... they are for a few thousand here and there... to put it into basic math for you,, 70 btc went into the IPO (premine), and there hasnt ever been a period of time where the buy book has been above 5 btc.. so even if us "IPO premine folks" wanted to dump, we cant... Its a volume issue presently, along with a price... We believe in the coin and are holding, or picking up cards... Who really are dumping, are the nvidia and other low volume miners, who thought they could get an easy payday or a 280x for only a few thousand gpu, and are dumping those orders pushing down the market price.... Duh......... Give us the premined addresses and we clear this thing right now!!! You told us that the IPO investors payed 22 satoshi per coin!!! We want proof of that!!! At least people who cares for their investment should care since your "IPO investors don't obliviously" Blaming the little miner?? LOL Please are you serious??? Little miners as you say are begging to price go up since they don't get any ROI from their crap hashpower!!! A dump is posting your coins at market and letting it drop to fill the order. Posting orders at your set price is not dumping. I for one, as an IPO participant, have posted my order to sell at a number I am happy with. If it goes higher I don't care because I have made my return and can move on. But, I will not be dumb and simply watch it go to the moon without pulling my order. It's called "being long" and setting your exit. As far as proving the value of the IPO - that's simple math dude and you can pull out your own calculator before you go off. If you don't like the return or believe in the model.... move on. There is nothing to see here for you. |
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Ok let presume that Lat Rat is not a fraudster and is working his hardest to keep this thing going while honoring the original agreement.
Why can we not get the following information:
Current bond list
Original contract details
Why has the following not been provided:
Any business report/financials
A trading platform
These are basic requirements that have nothing to do with any laws/statutes
Can anyone answer any of these questions or answer why we should not be privilege to this?
Maybe Lab Rat could clarify this?
I wish I could. I really do. But, alas. No. |
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I'm glad you think so. I do try to be self-correcting and thus will admit if I'm wrong. And so far, the consensus off forum is that I'm fair and reasonable in my approach...and have even been thanked for bringing certain information, points and issues up. In phone conversations with Zach, we've always have quite cordial conversations. So, if you see me being intense on the forum, it's with the best intention and not personal. And I'm pretty sure Zach knows this based on our private conversations. We've yet to get into any uncomfortable talk on the phone - and they have tended to be pretty informal chats. My only issue on the phone is he is overly secretive about some things which seem pretty trivial, especially considering that many investors have more personal assets at stake than he does. Anyway, so if I ever comes off that I'm being too aggressive, remember the rule we should all have learned already in email. The lack of inflection can often seem more intense or in the other direction trivial when typed out. Anyway. I'm glad there are some people like you that are positive about Zach's intentions. However, I did notice you do have perhaps the largest sell order in place.  I retracted that sell after I realized what was going on.... https://bitcointalk.org/index.php?topic=320578.msg5647839#msg5647839 |
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Do you live in New Jersey too? Just curious, because I thought you did some work with the hardware there...but at the same time thought you might not live in that area.
Nope, I'm in Canada. I've never actually met Zach in person, and have talked with him on the phone just once, I think. Living in the future is cool. grnbrg. There you have it. Grnbrg the "LRM shill" disassociates himself from the incoming fraud investigation. And that's why I haven't been saying much. Everything gets twisted. grnbrg. So can you confirm this is not fraud? There is zero evidence that a fraud has been perpetrated here. What there is being represented is that there is an issue and it is being worked on. You may certainly pursue the matter in law if you choose but I fail to understand how it benefits you or the other "bond"holders in anyway to make statements to the effect that there is fraud. |
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Had my miners running for four days straight with no issues..... suddenly all four stopped mining. After much consternation I determined that the miners had stopped communicating outside my network - my miners are located in a business setting rather than on a home network. It turns out that the problem was due to the factory DNSMasq DHCP server settings and moving from static IP to DHCP for mining. With the assistance of my network admin we determined the following solution: Under the Network -> DHCP and DNS tab: - Removed the option for only DHCP Server on the LAN..because it would potentially broadcast.
- Unchecked “This is the only DHCP in the local network” from the Sever Settings
- Disabled the LAN interface completely because it's unused and did a hard network reset from command line
- Added an entry for the “DNS Forwardings”
- Don't know why it needs to have DNSMasq running, but we left it and put in the settings manually
- They put in router functionality with enabling DHCP/DNS Forwarding and WifiAP functionality - It should pull it automatically from DHCP
Bottom line is that the network config as shipped may lead to issues that are not well understood or solved. |
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"Working on it"
"Working on it" I've been extremely busy but have been keeping up on the forums. I was supposed to have a meeting with the lawyer yesterday, but he had a health emergency. Today I may or may not have more info. Thanks Zach - I expect you will sort this out for the good of all. Looking forward to solid facts and news when available. All you all trolls and whiners - carry on..... those that are not trolls and whiners - thank you too. What trolling and whining are you speaking about? I don't see much of that going on really. Thinking things are being worked out doesn't make the plain facts disappear. And if someone expresses themselves as being reasonably upset doesn't make a person a troll or whiner. Not sure if that is what you are referring to specifically. Don't you think people have fair reasons to be upset with how their bond/contract(whatever) investments have been driven down to practically zero, and that there is no actual transparency on hardware or assets? And shouldn't people be very alarmed that LR appeared willing to violate the spirit of the original agreement? The fact alone should set off loud alarm bells. That is perhaps the biggest concern of mine. LR has stated often how busy he is. Maybe, he is really busy. But meanwhile, consider these facts: 1) Can you currently sell a bond now for even 5% of the BTC0.15+ paid for initial bonds? No. 2) Can you buy/sell bonds easily yet on any platform? No. 3) Is there any transparency on LR dealings or assets? No. 4) Did LR appear ready to set bonds at a fixed hash-rate and violate the original terms? Yes. If people are upset at any of these, and there are other possible & legitimate reasons, then don't you think they would be justified to voice discontent. If you are calling that trolling or whining, then you seem disconnected from that part of the reality of the situation. If you are referring to some other specific comments, then sorry, carry on since this doesn't apply. Keep in mind I want to see LRM succeed. But not for the benefit and/or pride of a single person. Rather for the benefit of all investors (including Zack of course), and in accordance with the spirit of the original agreement. Different is okay, imo, but anything less would be a failure. You sir are neither troll nor whiner....  All valid and agreeable points. |
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