[BTC-TC and BF] MININGCO.ETF - Closed

[iCEBREAKER]

We still have Nasty Fans and ASICMINER shares to liquidate.

I was hoping the the price drop of BTC would help the BTC price of Nasty. Instead the price of Nasty has dropped over the last month.

Og screwed his fans by ignoring the advice of and calling those who warned him about BFL 'trolls.'  It will never recover from the debts owed.

AM is moving a lot of chips and mining a lot of coins.  It may break upwards soon, making it easier to sell our shares.

[1714971519]

1714971519

[1714971519]

1714971519

[iCEBREAKER]

Update:

Good news: Og has found Fans to buy his debt.

Bad news: AM hardware is spontaneously combusting and much FUD exists about exactly WTF is going on with Friendcat & Co.

Very bad news:  Carnth is MIA and hasn't logged in for over a month.

Are we screwed?     Is it time for And It's Gone guy?   

[OgNasty]

Og screwed his fans by ignoring the advice of and calling those who warned him about BFL 'trolls.'  It will never recover from the debts owed.

After reading this, I felt compelled to respond.  Firstly, I did not screw my fans by ignoring advice.  At the time we had one of the first Monarch orders.  After making a killing on placing the first SingleSC order, it seemed like a no brainer.  Had I known Bitcoin was about to jump 10x in price, BFL was lying about their timeline, or that they had back alley deals to put their partners ahead of their customers on the Monarch batch, I would have acted differently.  In hindsight, was it a mistake?  Yes.  However, I made the best decision with the information available at the time.  That is all anyone can ever do.  Did I ignore the advice of a few people who were mad that they didn't have the luck with BFL that we had with the SC line?  Yes.  Were they the majority?  No.  We were making a ton of BTC off that purchase and most of the fans I talked to were quite excited about our Monarch orders pre-Novemeber of 2013.  Once it was realized that BFL was missing date after date, the BTC price had risen so much, asking for a refund would have been a sure loss at every moment from then until now.  While I did break down and ask for a 50% refund as BTC dropped below $400, the FTC threw a monkey wrench in the plan and we are now forced to sit and wait for the government to give us our money back.  Saying we will never recover is underestimating myself and nonnakip a great deal.  This Bitcoin adventure to us is not about maximizing profits today.  It is about building something great in the most turbulent environment that will stand up to the test of time.  Even if our mining operation went bankrupt, we would have NastyPool and our Minted Seats as potential BTC sources.  Not to mention we are always working on new secure services.  Thinking that NastyFans is only about mining is very short term thinking.

Good news: Og has found Fans to buy his debt.

This is not the most accurate statement.  I reached an equity swap agreement with NastyMining debtholders to clear the debt.  This caused new seats to be created which then flooded the market due to debtholders using their newfound equity to recover some of their lost BTC.  That of course caused downward pressure on the seat price.  It is a shame that this fund is trying to liquidate during a time of downward pressure on the price, but I would be open to reaching a swap deal of some kind if shareholders of this ETF had a desire to become pure NastyFans seat owners.

[iCEBREAKER]

Did I ignore the advice of a few people who were mad that they didn't have the luck with BFL that we had with the SC line?  Yes.  Were they the majority?  No.  

It is a shame that this fund is trying to liquidate during a time of downward pressure on the price, but I would be open to reaching a swap deal of some kind if shareholders of this ETF had a desire to become pure NastyFans seat owners.

Did you miss the example of how Avalon's first customers made out great while everyone after them got screwed?

Your optimistic BFL position was most certainly an opinion in the minority, and you deleted contrary posts that turned out to be correct.

Regardless, I'm glad you and the Fans are having a good time in all this turmoil.  And thanks for offering to work with the ETF, although it's clear Carnth won't do anything except a simple liquidation and final distribution.  

[OgNasty]

Did I ignore the advice of a few people who were mad that they didn't have the luck with BFL that we had with the SC line?  Yes.  Were they the majority?  No.  

It is a shame that this fund is trying to liquidate during a time of downward pressure on the price, but I would be open to reaching a swap deal of some kind if shareholders of this ETF had a desire to become pure NastyFans seat owners.

Did you miss the example of how Avalon's first customers made out great while everyone after them got screwed?

Your optimistic BFL position was most certainly an opinion in the minority, and you deleted contrary posts that turned out to be correct.

Regardless, I'm glad you and the Fans are having a good time in all this turmoil.  And thanks for offering to work with the ETF, although it's clear Carnth won't do anything except a simple liquidation and final distribution.  

I did not order from Avalon so I guess I did miss out on that experience.

I have never deleted a single contrary post from my thread.  It isn't self-moderated, so it would be impossible for me to do so.  I'm not sure why you would falsely accuse me of that or claim that NastyFans opposed to BFL at the time we ordered were the majority, as both statements are incorrect.

I have made a private proposal to Carnth that I think would benefit current ETF holders more than a simple liquidation and includes a mixture of BTC and NastyFans seats.  I think having Carnth manually liquidate everything would be time consuming for him, open the door for manual errors, destructive to the underlying assets, and would force ETF holders to fire sale their remaining assets instead of continuing to be investors in the underlying assets.  Anyway, I just thought I'd offer to help get shareholders back in the game.  Liquidation is certainly an option and I am also willing to purchase the remaining assets of the fund to initiate that process.

[iCEBREAKER]

Liquidation is certainly an option and I am also willing to purchase the remaining assets of the fund to initiate that process.

That's great news!  Thanks.  Now if only Carnth would come back and read your message.

If anyone has a back channel to our dear leader, please drop him a line!

[Surf Capital Management]

Liquidation is certainly an option and I am also willing to purchase the remaining assets of the fund to initiate that process.

That's great news!  Thanks.  Now if only Carnth would come back and read your message.

If anyone has a back channel to our dear leader, please drop him a line!

google.com/+EricMihalik

[Carnth]

Liquidation is certainly an option and I am also willing to purchase the remaining assets of the fund to initiate that process.

That's great news!  Thanks.  Now if only Carnth would come back and read your message.

If anyone has a back channel to our dear leader, please drop him a line!

Hello.
I'm back. I'm sorry I was away for so long. Consider it a sabbatical.

google.com/+EricMihalik

Yes, this is my Google Plus account. And if you didn't put it together, you can email me: [my forum username]@gmail.com

I apologize for dropping off the face of Bitcointalk for so long. I had a lot of personal things to take care of. One of which was getting a new job... at Coinbase.

I want to put any fears to rest: I'm not dead. I did not run off with any of the fund's assets.

The first thing I did on the forum was check this thread and make this response. I do have a number of PMs and I will check them after I finish this post.

[OgNasty]

I apologize for dropping off the face of Bitcointalk for so long. I had a lot of personal things to take care of. One of which was getting a new job... at Coinbase.

I want to put any fears to rest: I'm not dead. I did not run off with any of the fund's assets.

The first thing I did on the forum was check this thread and make this response. I do have a number of PMs and I will check them after I finish this post.

Congrats on the new job.

You're a difficult person to get in touch with.

I will give you 2.44 BTC for the fund's remaining assets so you can pay out your shareholders and close this fund.  This offer is good for a few days, should you decide to accept it.

[Carnth]

Congrats on the new job.

Thank you.

I will give you 2.44 BTC for the fund's remaining assets so you can pay out your shareholders and close this fund.  This offer is good for a few days, should you decide to accept it.

I will accept your offer. Please see the PM from me.

[OgNasty]

I will give you 2.44 BTC for the fund's remaining assets so you can pay out your shareholders and close this fund.  This offer is good for a few days, should you decide to accept it.

I will accept your offer. Please see the PM from me.

Thank you.

An agreement has been reached and a transfer of assets has been initiated.  I will provide payment to Carnth upon completion of the transfer of assets.

[iCEBREAKER]

An agreement has been reached and a transfer of assets has been initiated.  I will provide payment to Carnth upon completion of the transfer of assets.

That's fantastic!  I hope it doesn't take forever to get FriendCat to move the AM shares.

[tekke]

I will give you 2.44 BTC for the fund's remaining assets so you can pay out your shareholders and close this fund.  This offer is good for a few days, should you decide to accept it.

I will accept your offer. Please see the PM from me.

Thank you.

An agreement has been reached and a transfer of assets has been initiated.  I will provide payment to Carnth upon completion of the transfer of assets.

Awesome news

[Carnth]

An agreement has been reached and a transfer of assets has been initiated.  I will provide payment to Carnth upon completion of the transfer of assets.

That's fantastic!  I hope it doesn't take forever to get FriendCat to move the AM shares.

OgNasty and I have the transfer information and "paperwork" for ASICMINER complete. We are just waiting of friedcat at this point.
The transfer of Nasty Seats will be complete very soon.

After these assets are transferred, payment will be made directly to the public address. I hope this will be complete by year's end.
That will complete the liquidation of all MiningCo's assets.
After that, I will post the final BTC amount of the fund and the expected payout per share.

We're nearly done!

[tekke]

An agreement has been reached and a transfer of assets has been initiated.  I will provide payment to Carnth upon completion of the transfer of assets.

That's fantastic!  I hope it doesn't take forever to get FriendCat to move the AM shares.

OgNasty and I have the transfer information and "paperwork" for ASICMINER complete. We are just waiting of friedcat at this point.
The transfer of Nasty Seats will be complete very soon.

After these assets are transferred, payment will be made directly to the public address. I hope this will be complete by year's end.
That will complete the liquidation of all MiningCo's assets.
After that, I will post the final BTC amount of the fund and the expected payout per share.

We're nearly done!

Thanks for keep us in the loop.

[OgNasty]

We're nearly done!

Thanks for keep us in the loop.

nonnakip has requested a signed statement for the NastyFans seats transfer from Carnth.  As soon as that is done, I will be able to make the first payment.  Carnth has already provided a signed statement to friedcat for the ASICMINER shares, so I guess we wait for the next ASICMINER dividend in order to complete this transaction.

[Surf Capital Management]

Any Updates?

[prophetx]

what a fiasco

[Surf Capital Management]

Any Updates?

Any updates on the final payout?

[shmoula]

patience, guys