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Question: Should amazingrando be tagged as a scammer?
Yes - 67 (94.4%)
No - 4 (5.6%)
Total Voters: 71

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Author Topic: [POLL] Bitbond (amazingrando)  (Read 5423 times)
conspirosphere.tk
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January 16, 2013, 09:30:12 AM
 #1

Bitbond was one major mining bond on the GLBSE run by amazingrando. He received the owner list from Nefario in November 2012 and relisted the asset on https://cryptostocks.com/securities/29. In december amazingrando told to the bondholders that he violated the original contract below paying all the accrued dividends to a few of the biggest bondholders, due to some secret clause betweeen him and them:

...
Regarding dividends for the period between GLBSE closure and now, the plan is still evolving.  The vast majority of bonds (85%) are held by a small group of investors.  Their buy-in of bonds came with additional requirements and legal contracts that have required that I pay their payouts before other parties.  They have been paid all coupon payments going back to the GLBSE closure.

For those of you who constitute the remaining 15%, the earnings from GLBSE closure is not lost.  I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade.  I hope to share details of that this weekend.
 

original contract below:
Relaunched on Cryptostocks!

Bitbond (Cryptostocks ticker BITBOND) is a perpetual mining bond where you can buy mining power and receive weekly mining payouts, without buying and maintaining expensive hardware.  Payouts will continue indefinitely.

Bond features
  • A total of 200Gh/s offered in 2Mh/s increments
  • Weekly payouts are 105% of PPS
  • PPS means no variance
  • Perpetual - no expiration date
  • Buyback provision at 110% of 15 day Cryptostocks average

Benefits over other bonds
  • 105% PPS means more bitcoins - a bigger payout and more coins before difficulty increases
  • Positive ROI several weeks quicker - up to 13 weeks sooner
  • Higher buyback provision - get paid more if I buy back the bonds


FAQ

When would payouts begin?
Payouts started on 4/8/2012
See the post after this for payout history

How long will it take to start mining?
Mining started on Saturday 4/7 at 2 PM.  It is a subset of my mining hash power currently on maxbtc.com

What is your hardware setup?
I exclusively run GPUs for mining due to my low power costs.  I may offer further bonds in the future with FPGA hardware if the economics are right and the FPGA vendor can deliver when I need it

Why/how 105% PPS?
First, I will be doing merged mining so those coins will be used to increase the pay per share.  Also, I would like to offer a good value for each bondholder. The extra 5% will add up over the weeks, months, years.  If reinvested it will greatly accelerate ROI compared to 100% PPS options.

What if you have technical issues/downtime?
I have more than 210 Gh/s operating with a total capacity beyond 300 Gh/s.  Should there be any downtime, I will contribute hashes from my personal farm to ensure the full dividend is paid each week.

Up to now none of the small investors received any dividend payment since the GLBSE closure, while amazingrando is keeping mining with the hardware they bought him (now >150 Ghs on Bitminter alone).
I think it is the case for a big scammer tag. What do you think?
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January 16, 2013, 09:33:37 AM
 #2

Bitbond was one major mining bond on the GLBSE run by amazingrando. He received the owner list from Nefario in November 2012 and relisted the asset on https://cryptostocks.com/securities/29. In december amazingrando told to the shareholders that he violated the original contract below paying all the accrued dividends to a few of the biggest shareholders, due to some secret clause betweeen him and them:

...
Regarding dividends for the period between GLBSE closure and now, the plan is still evolving.  The vast majority of bonds (85%) are held by a small group of investors.  Their buy-in of bonds came with additional requirements and legal contracts that have required that I pay their payouts before other parties.  They have been paid all coupon payments going back to the GLBSE closure.

For those of you who constitute the remaining 15%, the earnings from GLBSE closure is not lost.  I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade.  I hope to share details of that this weekend.
 

so announcing his intention to violate the original contract:
Relaunched on Cryptostocks!

Bitbond (Cryptostocks ticker BITBOND) is a perpetual mining bond where you can buy mining power and receive weekly mining payouts, without buying and maintaining expensive hardware.  Payouts will continue indefinitely.

Bond features
  • A total of 200Gh/s offered in 2Mh/s increments
  • Weekly payouts are 105% of PPS
  • PPS means no variance
  • Perpetual - no expiration date
  • Buyback provision at 110% of 15 day Cryptostocks average

Benefits over other bonds
  • 105% PPS means more bitcoins - a bigger payout and more coins before difficulty increases
  • Positive ROI several weeks quicker - up to 13 weeks sooner
  • Higher buyback provision - get paid more if I buy back the bonds


FAQ

When would payouts begin?
Payouts started on 4/8/2012
See the post after this for payout history

How long will it take to start mining?
Mining started on Saturday 4/7 at 2 PM.  It is a subset of my mining hash power currently on maxbtc.com

What is your hardware setup?
I exclusively run GPUs for mining due to my low power costs.  I may offer further bonds in the future with FPGA hardware if the economics are right and the FPGA vendor can deliver when I need it

Why/how 105% PPS?
First, I will be doing merged mining so those coins will be used to increase the pay per share.  Also, I would like to offer a good value for each bondholder. The extra 5% will add up over the weeks, months, years.  If reinvested it will greatly accelerate ROI compared to 100% PPS options.

What if you have technical issues/downtime?
I have more than 210 Gh/s operating with a total capacity beyond 300 Gh/s.  Should there be any downtime, I will contribute hashes from my personal farm to ensure the full dividend is paid each week.

Up to now none of the small investors received any dividend payment since the GLBSE closure, while amazingrando is keeping mining with the hardware they bought him (now >150 Ghs on Bitminter alone).
I think it is the case for a big scammer tag. What do you think?
looks nice.
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January 16, 2013, 10:17:52 AM
 #3

Another undisuptable case that will likely go the route of giga

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January 16, 2013, 11:44:37 AM
 #4

If I understand it correct, amazingrando only paid 85% of its Investors.
Thats probably the reason I did not recieved any outstanding dividends  Angry

In that case: SCAMMER TAG the bastard!
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January 16, 2013, 11:54:53 AM
 #5

If I understand it correct, amazingrando only paid 85% of its Investors.
Thats probably the reason I did not recieved any outstanding dividends  Angry

In that case: SCAMMER TAG the bastard!

No, it's worse: he says that he (over)paid a small group of his investors who own 85% of the bonds.
Problem is that he OVERpaid them, since the dividend payments should be equal for all on a per bond basis, and he paid nothing to the other bond owners.
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January 16, 2013, 01:23:50 PM
 #6

[snip]

Amazingrando sold bonds promising 105% PPS, then behind investors backs sold again this contract to a second class of bondholder.

In other words, he sold a car to smitty, then turned around and sold a car to bill. Now smitty is complaining, where's my car, and amazingrando is all like

I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade.  I hope to share details of that this weekend.

That really stinks.

Amazingrando lied to the people who bought bonds from them. He told an actual lie in order to sell more bonds. It wasn't a misunderstanding or a mistake or old data or someone trolling. It was amazingrando telling a lie to rip someone off for his own benefit.

I shouldn't need to tell anyone that's the very definition of a fraud.

Now. Is it true? Is that what he really did, or is this another smear campaign?  Huh
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January 16, 2013, 01:38:36 PM
 #7

Scammer tag, scammer tag time.
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January 16, 2013, 06:15:45 PM
 #8

No, it's worse: he says that he (over)paid a small group of his investors who own 85% of the bonds.
Problem is that he OVERpaid them, since the dividend payments should be equal for all on a per bond basis, and he paid nothing to the other bond owners.

When did he say that?

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January 16, 2013, 06:37:25 PM
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[snip]

Amazingrando sold bonds promising 105% PPS, then behind investors backs sold again this contract to a second class of bondholder.

In other words, he sold a car to smitty, then turned around and sold a car to bill. Now smitty is complaining, where's my car, and amazingrando is all like

I am working on a plan that will give you a few options including payouts, buyback, and ASIC upgrade.  I hope to share details of that this weekend.

That really stinks.

Amazingrando lied to the people who bought bonds from them. He told an actual lie in order to sell more bonds. It wasn't a misunderstanding or a mistake or old data or someone trolling. It was amazingrando telling a lie to rip someone off for his own benefit.

I shouldn't need to tell anyone that's the very definition of a fraud.

Now. Is it true? Is that what he really did, or is this another smear campaign?  Huh

Don't think that's quite what happened.  What actually happened is:

He started selling bonds in public.
Then sold a bunch privately (i.e. off market - if you look at BTC-MINING you'l see where a large chunk of these went).
When GLBSE went down he used funds that were being held for dividends to buy ASICs - leaving him insufficient cash to pay out the dividends he owed.
He somehow scraped together enough to pay out dividends to the private investors - but was left with insufficient to pay out regular shareholders.
He also then compounded his error by unilaterally announcing that he would no longer be paying dividends - despite it being a fixed-rate bond.

Then when his various fuckups/dodgy dealings were noticed he pretty much vanished.

It's not that he sold the same thing twice - it appears he has sufficent mining power to back all his sales.  It's that he went and spent money that should have been paid in dividends on ordering ASICs - which he may well have got away with unnoticed had his ASICs arrived before GLBSE sent out the investors' list.

Obviously it's blatant scamming - both in using other people's funds (the dividend payments) to buy hardware with and then in deciding to just cancel paying further dividends despite continuing to mine.  Would guess he's just going to keep stalling until his ASICs arrive then pray he can mine enough BTC to make payments sufficient to avoid/have removed a scammer tag.
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January 17, 2013, 03:01:00 AM
 #10

Who vote for answer no?

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January 17, 2013, 03:28:09 PM
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Who vote for answer no?

His large investors who get preferential treatment. The scammer tag for amazingrando is long overdue.

Those who cause problems for others also cause problems for themselves.
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January 17, 2013, 05:25:58 PM
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No, it's worse: he says that he (over)paid a small group of his investors who own 85% of the bonds.
Problem is that he OVERpaid them, since the dividend payments should be equal for all on a per bond basis, and he paid nothing to the other bond owners.

When did he say that?

Regarding coupon payments since GLBSE closed, 85% has been paid to the largest investors (working from largest bondholder down).  I would like to be able to pay the remaining 15% immediately, but doing so would mean canceling our ASIC pre-order and losing the pre-order slot.

He's stealing money from 15% of his bondholders to pre-order ASICs and, if they ever get delivered, will then pay most of the income from those ASICs to the large investors who contributed 0% to buy them. If that's not unfair then I don't know what is.

Those who cause problems for others also cause problems for themselves.
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January 17, 2013, 06:03:55 PM
 #13

One more thing. He had to pay for the ASICs when he ordered them and he's still mining with the GPUs that he has but he isn't paying our interest. This means that there's probably something else going on that we were not told about.

Those who cause problems for others also cause problems for themselves.
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January 17, 2013, 06:42:32 PM
 #14

He's stealing money from 15% of his bondholders

Allegedly 15%. For all you know they could be 90%.

to pre-order ASICs

Allegedly. (Is this part of the financing of the BFL scam incidentally?)

It's not that he sold the same thing twice - it appears he has sufficent mining power to back all his sales.

Where does this appear?

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
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January 17, 2013, 06:48:15 PM
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Allegedly 15%. For all you know they could be 90%.

True.

Is this part of the financing of the BFL scam incidentally?

Most probably yes.

Those who cause problems for others also cause problems for themselves.
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January 17, 2013, 07:04:53 PM
 #16

It's not that he sold the same thing twice - it appears he has sufficent mining power to back all his sales.
Where does this appear?

I just checked Bitminter and he's mining there with about 170GH/s.

http://bitminter.com/livestats/big

Unless he's also mining somewhere else there seems to be a shortfall. He sold 200GH/s of bonds and 170 is 85% of 200. This is from the OP:

What if you have technical issues/downtime?
I have more than 210 Gh/s operating with a total capacity beyond 300 Gh/s.  Should there be any downtime, I will contribute hashes from my personal farm to ensure the full dividend is paid each week.

Liar.

Those who cause problems for others also cause problems for themselves.
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January 17, 2013, 07:10:16 PM
 #17

Is this part of the financing of the BFL scam incidentally?

Most probably yes.

So that's another case of nth-degree scam, or pyramidal scam.
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January 17, 2013, 09:06:38 PM
 #18

This douchebag is providing the same "service" as people like Hashking who outright lied about not being invested in pirate. Bitbond owners are unwittingly involved in a BFL passthrough which will blow up just as the last scam did.


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January 17, 2013, 09:53:37 PM
 #19

This douchebag is providing the same "service" as people like Hashking who outright lied about not being invested in pirate. Bitbond owners are unwittingly involved in a BFL passthrough which will blow up just as the last scam did.

I think you nailed it.

Those who cause problems for others also cause problems for themselves.
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January 17, 2013, 10:17:19 PM
 #20

Currently lent him 2369 BTC for temporary hashing. Long overdue and he's not answering any PM.

He's currently still mining with his GPUs but not paying anyone.

Should be tagged until he resume talks and payments.
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