bitbond (amazingrando)

[camolist]

--edit--
no response to mine and others scam accusation threads

no response to multiple pms

move thread to meta (forum discussion) gets moved back with no discussion or answer
--




this guy needs tagged now.

there is no way to defend what he is doing and has done. the forum will show it's true colors if he is allowed to continue as a non scam marked member


I am personally owed to this point 105%pps of 2MH for 112 shares going back to early October 2012

from looking at the cryptostocks page

"Shares held publicly   95,260"

i estimate he owes a bit under 6,000 BTC to shareholders for payments going back to October. (rough estimate using another funds 1mh dividends since October)


if any admin is not willing to tag him as a scamer feel free to buy shares if you are so confident (there are unfilled sell orders for half a bitcent)


there is already a poll thread
https://bitcointalk.org/index.php?topic=136803.0
vote turn out so far is 47 yes to 3 no (i'd LOVE to see who the 3 no's are)


"Quote from: amazingrando on December 06, 2012, 01:41:14 PM
...
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."


i think we can all agree it's past the weekend of december 6th
and where in the contract does it state these 95,000 shares are low priority?



I demand for myself and all others to be paid dividends now (and continued weekly) or a refund of the btc amount paid on glbse minus dividends to date

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[camolist]

the contract was weekly dividends


quote from his bitbond thread

"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.

I'm hoping that BITBOND's ASICs will ship by the end of January, only 4 weeks from now.  Once I receive them and have them running, I would like to offer a free upgrade high enough to pay ongoing weekly coupons plus pay the gap between GLBSE and ASIC mining in relatively short order."



that is not weekly dividends. it's an open-shut case. he is right there admitting to the scam accusation.



your move bitcointalk.org. does he get to continue not being labeled as a scammer?



maybe you're part of the biggest investors who got paid already? now that would not surprise me



if i defaulted on a 1 btc loan i'd be labeled within a day. if i stole 120 thousand dollars worth of btc nothing would happen

[conspirosphere.tk]

Look, I think that tagging scammers after the fact is quite ineffective when they are gone with the money.
As Bitbond owners, we would better think to some way to try to recover at least part of our coins.
So I suggest to launch a bounty, like offering a part (like 30%) of whatever anyone can recover of our assets. We might sign a contract and/or find an escrow to make it serious. If any other Bitbond holders agree on this: speak now, or forever hold your peace.

Alternatively, if I were a hacker I would probably have tried to do him any sort of bad jokes to exact revenge, but that is up to anyone qualified and motivated for himself.

[fbastage]

not tagging scammers at all is even less effective.

[camolist]

not tagging scammers at all is even less effective.

this.

or how about we remove the scammer tags entirely and the scam accusations sub forum if it's not going to be used


this is just step one to anything that will result from this

the forum has the capabilities of labeling a user (who is still logging in and has posted quite a few times since payments stopped)

do it


what follows next we'll see. but i'll do whatever i can to help down someone who openly steals 6,000 btc to fund his mining hardware.

[Bitinvestor]

Look, I think that tagging scammers after the fact is quite ineffective when they are gone with the money.

For his current investors, yes. As I understand it, a scammer tag is intended to warn new investors who are not familiar with him. I don't care if I recover anything from my bitbonds -- it was *my* mistake to buy them and I should have known better. I was aware of the risks but somehow got sucked in. Anyway, losses are the price an investor pays for his education. I consider it more important to prevent him from coming back and continuing his scam (or starting another one) than to recover anything. If he doesn't get a scammer tag then it is proof that there is something very, very wrong with bitcointalk.

[conspirosphere.tk]

I consider it more important to prevent him from coming back and continuing his scam (or starting another one) than to recover anything.

You cannot, even if they tag him: he could reappear under 100 different nicknames, unless someone release his identity too (Nefario, can you hear me?).
Moreover, recovering what he stole at least in part or exact revenge in any other way would be "educative" for wannabe scammers too, much more than a forum tag. That's why I am proposing some more serious effort than asking for a tag.

But I agree that not tagging him and Giga smells much fishy about this forum's management.

[PsychoticBoy]

This is the guy you are searching for: https://twitter.com/amazingrando Randy Oest aka Amazing Rando aka amazingrando

[Monster Tent]

Preferential treatment or different classes of shares wasnt mentioned in the contract for this asset. That there were 85% of holders who were "guaranteed" is proof enough for a breach of contract and misrepresentation of what was being sold.

[conspirosphere.tk]

This is the guy you are searching for: https://twitter.com/amazingrando Randy Oest aka Amazing Rando aka amazingrando

Are you sure, or is just that this guy has the same nick?

[PsychoticBoy]

I am sure!

He is a computer enthausiast from Indianapolis.

[conspirosphere.tk]

I am sure!

Then I hope he will like this free advertising:
http://amazingrand0.blogspot.com

everybody is invited to add in the comments.

[usagi]

this guy needs tagged now.

I lost $6,000 of personal money because of amazingrando.

[MPOE-PR]

If you don't tag him now, the 85% of his investors (those he gave to by stealing from you) will quietly continue to support him, and in a few months / one year tops he'll be back playing like he's respectable, trustworthy, and clean.

What you should do, more importantly than the tag, is find out who the fuck those 85% assholes are, and tag THEM.

And in general, as standing policy, whenever someone gets a secret arrangement sweetening a public deal, find out who, tag THEM. They're the real fraudsters in all of this.

[Monster Tent]

He must still have quite a mining farm somewhere at a physical location.

[PsychoticBoy]

He is still mining at Bitminter with ~160Gh/s
So he is roling in the Btc.

[camolist]

He is still mining at Bitminter with ~160Gh/s
So he is roling in the Btc.

Well I know where my next PM is being sent

He must still have quite a mining farm somewhere at a physical location.

If he's really in Indiana maybe I'll have to take a trip across the state and have a fire sale of equipment on eBay

[Bitinvestor]

Ugh, Randy Oest is a really bad artist:

http://wizardoest.deviantart.com/gallery/

Even Adolf Hitler had more talent:

http://www.bytwerk.com/gpa/hitlerpaintings.htm

[camolist]

https://bitcointalk.org/index.php?topic=141139.0

here he is admitting to the scam

no where in the contract he posted does any of this apply

he owes 2mh/sec 105%pps from october 5th till today
and owes upgrades to 12.5mh when hardware becomes available

[PsychoticBoy]

Just qouting his scam:

BITBOND ASIC call for feedback

Hello BITBONDers

I am sorry for the limited updates recently.  There have been a number of things going on behind the scenes to figure out a path forward.  With a high degree of confidence I can now share with you a plan for BITBOND.

First, let me apologize deeply for the suspension of payouts.  I had very high hopes of earning good returns for everyone involved and setting the stage for future work in GPGPU computing.  I feel strongly enough about what we were doing to quit a very good job to focus on this full time and worked 12 hour days throughout the summer and fall.  We developed several proprietary technologies to do more with less including 5850’s I had manufactured in China, PCB’s and wiring systems made here in the US, and software to manage and control over 200 netbooted rigs in a custom rack system.  While we tried our best, we simply could not do everything we needed to do in the timeframe we had.  Too much had never been done before by me (sometimes by anyone) and required far more resources than we had.  We desperately tried our best to make BITBOND successful.  I apologize for our failure.

Second, I would like to clear up some confusion.  Whether it’s Avalon ASICs, GLBSE, or BITBOND there is a shocking amount of misinformation, misunderstanding, defamation, and truly bizarre ideas on the forums.  Luckily there are quite a few cool heads, though perhaps not enough to keep the tinfoil hat crowd at bay.  Here is a list of facts to help fill in the gaps.

• BITBOND started in April, 2012 and paid all payouts through the closing of GLBSE on October 5th, 2012.
• BITBOND lost about 230 btc in the GLBSE closing.
• October 5th through block reward halving on November 28, 2012, BITBOND paid out all payouts to the majority bondholders (the “85%”).
• The majority bondholders bought their BITBONDs in May, July, and August and received their bonds via GLBSE like all other bondholders.
• The majority bondholders received the same 2mh/s per bond and 105% PPS.  Everyone has the same bonds/bond terms
• To give added protection to their large investment, the majority bondholders requested detailed contracts signed and notarized.
• Due to the detailed contract terms, I was obliged to mine for them as long as possible, even when losing money
• We had been working on a plan to move to Wenatchee, WA from Tacoma, WA.  This would have cut our power bill in half and given us room to expand considerably.  We learned that the cost of installing power from Douglas County PUD would be $40,000 to $60,000.  We simply could not afford the move.  Consequently, we were limited by the power we have at our current facility.
• Meanwhile the GPUs we had custom manufactured in China had power routing issues (http://imgur.com/a/Jf3ME) that were burning out cards under heavy load.  This required rework from a PCB assembly and rework facility north of Seattle, which spanned almost two months, keeping 600 cards offline
• We had significant delays in manufacturing and producing our custom power supply system (comprised of two PCBs and wiring harnesses assembled by hand) that, combined with card power issues limited our mining output to just under 200Gh/s
• When the block reward halving occurred, BITBOND was producing just under 200Gh/s but paying out about 180Gh/s worth of payments each week.  The surplus was not enough to pay for the $4,000 per month power bills, facility rents, Internet access, or any salaries.
• We had about $3500 in reserves (IIRC) at that time.  Therefore, BITBOND could not continue to operate.  I made the decision to stop payouts to the majority bondholders until ASICs arrived
• I placed order #3431 with BFL for one mini-rig SC last year.  The majority bondholders and I determined that given BFL’s history it was too risky to pay for the order until there was evidence that BFL could produce a working ASIC at the performance levels they advertised.
• In recent discussions with BFL Josh, BFL has decided not to honor our order because it was not paid.  He has given me a timeframe of April or May for an ASIC if paid for today.  I would guess it will be at last June.
• Since block reward halving, most of our current mining revenue has gone towards fixed expenses, with a small amount left over saved for ASIC purchases
• We have explored many avenues of liquidating our GPU equipment to buy coins to pay back bondholders and/or to buy ASICs to resume BITBOND payouts.  We have not yet found a firm that is willing to buy used custom hardware.  Most of our GPUs are old enough and used enough that they are not of interest to buyers (note that we have almost 100% 58xx cards)

The plan going forward

Through several sleepless nights, we have managed to pull together enough funds and to purchase 10 x Avalon ASIC units in batch 2.  This will provide about 660 GH/s.  It is far from the 1.5 TH/s we hoped to have with the BFL mini rig, but the Avalon ASICs have been proven to exist and work.  We should also receive them much sooner than putting in a BFL order now.

I am suggesting creating a new security on Cryptostocks called BITBOND ASIC.  All current BITBOND bonds will be exchanged 1:2 for BITBOND ASIC.  The new bonds will be 2.25 Mh/s each, payable at 100% PPS.  Thus, if you have 10 BITBOND, which provides 20 Mh/s at 105% PPS, through the exchange you will receive 50 Mh/s at 100% PPS.

BITBOND will no longer be perpetual.  Instead it will continue through 2014.

Avalon batch 2 is projected to start shipping March 5th.  If that date were to hold, I would expect to receive the ASICs around March 11th.  We will need a few days to get them into our facility, tested and configured for our environment.  Payouts would begin the following week, on Saturdays as before.

I would appreciate any constructive feedback on this approach.  If there are ways that I can improve the payouts I will try, but I would like to stick to what I feel confident I can commit to at this point.

Again, my deepest apologies.