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Author Topic: FPGAMINING scam ongoing  (Read 5452 times)
conspirosphere.tk
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September 26, 2012, 11:49:44 AM
 #1

The issuer [ https://bitcointalk.org/index.php?action=profile;u=62574 ] of this mining bond:
https://glbse.com/asset/view/FPGAMINING
paid the last weekly dividend on 2012-09-17, that is he stopped unilaterally to pay dividends with no previous warning, then he announced that:

I am slowly buying shares back from mining profits and from my own cash I am buying bitcoins with.

B/S: now there are just bids for 2 bonds above 0.2202 BTC (from an IPO price of 1.0 BTC)

I am not trying to cheat anyone, I just can't buy them all at once.

He does not say what he did with the BTC he received for the 3915 bonds he sold, and why he cannot use them to place some serious bids to buy back his "bonds".

For those that I can't buy immediately, I am treating it as a loan,paying interest, until all can be paid back. This is more cost effective than liquidating the FPGAs I have.

He does not say when he will buy back his bonds, nor how much interest he will pay and when, not to speak about asking for the opinion of bondholders.

I am not a Pirateat40.

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September 26, 2012, 11:57:02 AM
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It is in his advantage to pay back as slowly as possible, as investors will dump shares at lower prices as their confidence decreases.

This kind of angleshooting has been done before with other assets an no one has gotten a tag for it.

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conspirosphere.tk
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September 26, 2012, 12:13:22 PM
 #3

So anyone can stop paying dividends when he likes and promise to buy back his bonds when he likes at the price he likes? OOOK
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September 26, 2012, 12:26:36 PM
 #4

So anyone can stop paying dividends when he likes and promise to buy back his bonds when he likes at the price he likes? OOOK

Pretty much unless he had a set price in his contract.

If he says "the price over the past 24 hrs" its in his interest to delay and drop the price as long as possible till people give up and sell for tiny amount.


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September 26, 2012, 12:34:36 PM
 #5

"When he likes" in my country means never.
And how about this part of the contract (already breached):
Quote
Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs (both minimal due to using ONLY low energy use FPGAs procured in bulk at significant discount). Coupon payments will be made Monday for the previous 7 days of mining activity
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September 26, 2012, 12:57:53 PM
 #6

Even if he does everything according to contract.

Stopping payout to drive the prize down just to make a buyback far below the IPO Prise / the prise it was traded before the announcement is scamming. (At least it is bending the contract in a fraudulent way)

If Time shows that he really did it this way than he is a scammer, IMO.

If he buy back shares for the average prize before his announcement to stop payouts, than don't.

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conspirosphere.tk
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September 26, 2012, 01:12:43 PM
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If Time shows that he really did it this way than he is a scammer, IMO.

Time already showed it: he did not pay dividends on monday 24.
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September 26, 2012, 02:21:50 PM
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Yes they can. They can quit, walk away.

Not according his contract:

Quote
Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs (both minimal due to using ONLY low energy use FPGAs procured in bulk at significant discount). Coupon payments will be made Monday for the previous 7 days of mining activity

Nowhere his contract says that he can decide to stop paying dividends whenever he likes. On the contrary the contract says that the dividends will grow in time (while he instead reduced them before stopping to pay at all):

Quote
The coupons will grow as the FPGA cluster is increased in size. The initial clusters are running and significant size/space improvements will occur concurrently.
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September 26, 2012, 02:22:17 PM
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So anyone can stop paying dividends when he likes and promise to buy back his bonds when he likes at the price he likes? OOOK

Yes they can. They can quit, walk away. It isn't a scam, but their rep would be shot, and everyone would learn 2 important lessons: one, that particular manager can't be trusted, and two, don't invest in assets without any kind of closure or sunset clauses.

For example, YARR specified exactly what would happen in it's contract about when it would be shut down. I got no complaints except from one guy that demanded special treatment, but when he read the contract he seemed to calm down.

Yes he could, that's also how I see it. But that's also what I meant with "bending the contract in a fraudulent way".

In my personal opinion, that's still scamming.

Edit:

Just reviewed the contract.

He should have bought back the shares immediately if he wanted to close the company. Stopping payments is indeed a violation of the contract.

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September 26, 2012, 02:50:14 PM
 #10

"When he likes" in my country means never.
And how about this part of the contract (already breached):
Quote
Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs (both minimal due to using ONLY low energy use FPGAs procured in bulk at significant discount). Coupon payments will be made Monday for the previous 7 days of mining activity

Seems that if he will no longer mine what dividends will there be to pay?  Grin

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
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September 26, 2012, 02:59:24 PM
 #11

And how about this part of the contract (already breached):
Quote
Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs (both minimal due to using ONLY low energy use FPGAs procured in bulk at significant discount). Coupon payments will be made Monday for the previous 7 days of mining activity

Seems that if he will no longer mine what dividends will there be to pay?  Grin

So what he is doing with the capital he raised selling bonds? If he bought FPGAs he should run them or sell them. Keeping all for him and say phuck U to his investors does not seem quite right.
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September 26, 2012, 07:16:52 PM
 #12

So what he is doing with the capital he raised selling bonds? If he bought FPGAs he should run them or sell them. Keeping all for him and say phuck U to his investors does not seem quite right.

No, but agreeing to that contract is not quite right either :/

I missed the part of the contract where it states that he can run with the money whenever. Can you quote it?
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September 26, 2012, 07:30:50 PM
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"When he likes" in my country means never.
And how about this part of the contract (already breached):
Quote
Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs (both minimal due to using ONLY low energy use FPGAs procured in bulk at significant discount). Coupon payments will be made Monday for the previous 7 days of mining activity

Seems that if he will no longer mine what dividends will there be to pay?  Grin


He says he is using funds from mining (as well as bought coins) to buyback shares).

I am slowly buying shares back from mining profits and from my own cash I am buying bitcoins with. I am not trying to cheat anyone, I just can't buy them all at once. For those that I can't buy immediately, I am treating it as a loan,paying interest, until all can be paid back. This is more cost effective than liquidating the FPGAs I have.

Also, although the IPO was at 1.0, very very few were sold at that level. I am one of the few people that invested at that price level via my investment acct. Most shares were bought initially between 0.75-0.83. They may have traded less than that though.

Slowly but surely i am paying back.

I am not a Pirateat40.

This not how he should make it according to contract. But I still wouldn't call him a scammer as at least his intentions seem right. He seems not to have the intention to damage anyone, which (at least for me) is also something that defines a scammer.

For me it remains to be seen if he really buys back my shares to a price where no financial damage is done to me, or if he buys back to the average price, which has significantly dropped due to his announcement.

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September 26, 2012, 07:39:14 PM
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I still wouldn't call him a scammer as at least his intentions seem right.

It is pointless to judge intentions. Just facts matters. And the facts are that a breach of the contract already happened.

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September 26, 2012, 08:34:52 PM
 #15

https://glbse.com/api/quantity_trading/FPGAMINING

4113 at the moment, much more than last dividend (3900).

Ther's not much to say, original goodwill or not the contract is breached, and we do not see sign a buyback is happening.

The dividend is halted immediately. Please watch for upcoming motions.

Regarding your casual style of managing this asset, I just contacted Nefario, who advised me to inform you that GLBSE changed its default policy on scams (from doxing) to prosecuting.

Any update on that front?
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September 26, 2012, 08:44:01 PM
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Any update on that front?

I am waiting for Nefario too. Just forwarded him your question.

edit: in the meanwhile, a big red scammer tag for moparguy would be appreciated.
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September 27, 2012, 01:44:18 AM
 #17

I still wouldn't call him a scammer as at least his intentions seem right.

It is pointless to judge intentions. Just facts matters. And the facts are that a breach of the contract already happened.



You are right, contract has been already breached and such a behavior from mining security owner is not only dishonorable but also has its consequences and liabilities for investors.

However, how do you think putting a scammer tag on moparguy528 would help to reimburse investors money? Would it help at all to reach optimal solution on liquidating FPGAMINING?

We cannot solve problems by using the same kind of thinking we used when we created them.
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September 27, 2012, 02:19:07 AM
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I still wouldn't call him a scammer as at least his intentions seem right.

It is pointless to judge intentions. Just facts matters. And the facts are that a breach of the contract already happened.



You are right, contract has been already breached and such a behavior from mining security owner is not only dishonorable but also has its consequences and liabilities for investors.

However, how do you think putting a scammer tag on moparguy528 would help to reimburse investors money? Would it help at all to reach optimal solution on liquidating FPGAMINING?
Giving him a scammer tag would warn potential investors not to buy any more shares.

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September 27, 2012, 03:01:41 AM
Last edit: September 27, 2012, 04:20:48 AM by Audriux9
 #19

Sure it would warn potential investors, even initiation of this thread was already a big warning.
But looking from morpaguy528 perspective, would " a scammer tag" encourage him to pay back his investors?

Currently he is "still saying" he will slowly buy back shares from mining profits and his personal funds. Today someone bought 73 shares from the ask wall, when the price of the highest bid was twice lower than the lowest ask price. Although it could be just a coincidence...

We cannot solve problems by using the same kind of thinking we used when we created them.
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September 27, 2012, 07:08:26 AM
 #20

Currently he is "still saying" he will slowly buy back shares from mining profits and his personal funds.

You mean the formerly "personal funds" of his investors?

Not tagging a scammer hoping that so he will behave better in the future is silly. He will scam more at any chance.
It would be better tagging him a.s.a.p. and maybe remove his tag once he cleared his mess if he do it fast.

And anyway that is not the only retaliation his investors should opt for. Asking Nefario to freeze his assets maybe another one.
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