[BTC-TC] Deprived Mining Speculation (DMS)

[BitThink]

I believe that Kate knows much more about Deprived than us. I don't understand why she kept quiet and ignore all our PMs this time.

I tried asking one of the Ciphermine people if they knew Deprived (not knew where he was, just *knew* him) but never got a reply. Have you asked Kate that?

She hasn't replied my PM sent long ago. I sent PM just after she declared her back.

[Duffer1]

https://litecointalk.org/index.php?topic=4582.msg124521#msg124521

Quote for the lazy:

evilscoop
please see - https://bitcointalk.org/index.php?topic=228327.msg4800018#msg4800018
If you are chasing deprived/DMS

While CT did have connections to him, he disappeared before we even began development of the platform.
We at CT have no knowledge of his real identity and have not had contact with him since November.

This is an unfortunate situation, and should we get more info we will share it, but deprived has no connection with CT and we have no recourse to contact him.

[ThickAsThieves]

https://litecointalk.org/index.php?topic=4582.msg124521#msg124521

Quote for the lazy:

evilscoop
please see - https://bitcointalk.org/index.php?topic=228327.msg4800018#msg4800018
If you are chasing deprived/DMS

While CT did have connections to him, he disappeared before we even began development of the platform.
We at CT have no knowledge of his real identity and have not had contact with him since November.

This is an unfortunate situation, and should we get more info we will share it, but deprived has no connection with CT and we have no recourse to contact him.

I'm almost certain Deprived knew Kate better than as an anonymous forum handle.

[Rannasha]

https://litecointalk.org/index.php?topic=4582.msg124521#msg124521

Quote for the lazy:

evilscoop
please see - https://bitcointalk.org/index.php?topic=228327.msg4800018#msg4800018
If you are chasing deprived/DMS

While CT did have connections to him, he disappeared before we even began development of the platform.
We at CT have no knowledge of his real identity and have not had contact with him since November.

This is an unfortunate situation, and should we get more info we will share it, but deprived has no connection with CT and we have no recourse to contact him.

I'm almost certain Deprived knew Kate better than as an anonymous forum handle.

At risk of looking like a conspiracy theory nutcase... I find it interesting that both times Kate has been away / uncontactable in the last few months coincide fairly well with periods where Deprived has been away / uncontactable.

[ThickAsThieves]

https://litecointalk.org/index.php?topic=4582.msg124521#msg124521

Quote for the lazy:

evilscoop
please see - https://bitcointalk.org/index.php?topic=228327.msg4800018#msg4800018
If you are chasing deprived/DMS

While CT did have connections to him, he disappeared before we even began development of the platform.
We at CT have no knowledge of his real identity and have not had contact with him since November.

This is an unfortunate situation, and should we get more info we will share it, but deprived has no connection with CT and we have no recourse to contact him.

I'm almost certain Deprived knew Kate better than as an anonymous forum handle.

At risk of looking like a conspiracy theory nutcase... I find it interesting that both times Kate has been away / uncontactable in the last few months coincide fairly well with periods where Deprived has been away / uncontactable.

Is Kate a soccer-loving alcoholic?

[stripykitteh]

https://litecointalk.org/index.php?topic=4582.msg124521#msg124521

Quote for the lazy:

evilscoop
please see - https://bitcointalk.org/index.php?topic=228327.msg4800018#msg4800018
If you are chasing deprived/DMS

While CT did have connections to him, he disappeared before we even began development of the platform.
We at CT have no knowledge of his real identity and have not had contact with him since November.

This is an unfortunate situation, and should we get more info we will share it, but deprived has no connection with CT and we have no recourse to contact him.

I'm almost certain Deprived knew Kate better than as an anonymous forum handle.

Mmm. I wouldn't invite someone I don't know personally to join the advisory board of my new startup.

[matt4054]

Mmm. I wouldn't invite someone I don't know personally to join the advisory board of my new startup.

Indeed. But she seems almost as out of reach as Deprived, besides the timid sign of life.

Best case scenario: both eventually return to business and fix things. As far as I'm concerned, I'm a very forgiving person when someone admits his mistakes and requests a second chance to do better. (Mark K is disqualified though, unless there is a real conspiracy against him that gags him, but that would sound more like the Ukyo song right now)

Worst case scenario*: both are the same person and it was just a basic runner / scam (but funds untouched still makes no sense until they are)

Weirdest case scenario: both are the same person because he or she is schizophrenic or something... (semi j/k)

* assuming no one has died or ended up in jail, though he probably still could give a sign by proxy in the latter case

[Duffer1]

Weirdest case scenario: both are the same person because he or she is schizophrenic or something... (semi j/k)

Life is stranger than fiction.

[stripykitteh]

I own a few CIPHERMINE.B1 bonds directly. I think I've been patient with Kate's travails (which I don't doubt are genuine) but now I need some certainty:

https://litecointalk.org/index.php?topic=4582.msg133811#msg133811

[JohnWasser]

Just did some calculations and it looks like back dividends are something close to:
   0.0003412014 per Mining or Purchase
   0.002000772  per Selling or Purchase

As of October 25th there were 163054 "Effective Units" outstanding.  That means DMS is about 382 BTC behind on dividend payments.

[twentyseventy]

I own a few CIPHERMINE.B1 bonds directly. I think I've been patient with Kate's travails (which I don't doubt are genuine) but now I need some certainty:

https://litecointalk.org/index.php?topic=4582.msg133811#msg133811

Kate's erratic behavior and frequent periods of absence seriously make me wary of any dealing with her ventures. This is a shame, because CT's mockup looks good - though it is now two months behind.

[Lohoris]

Just did some calculations and it looks like back dividends are something close to:
   0.0003412014 per Mining or Purchase
   0.002000772  per Selling or Purchase

As of October 25th there were 163054 "Effective Units" outstanding.  That means DMS is about 382 BTC behind on dividend payments.

Are you sure?

IIRC there was a little more than 100 BTC in the wallet, plus the cyphermine bonds... or were those bonds worth almost 300 BTC?

[twentyseventy]

Just did some calculations and it looks like back dividends are something close to:
   0.0003412014 per Mining or Purchase
   0.002000772  per Selling or Purchase

As of October 25th there were 163054 "Effective Units" outstanding.  That means DMS is about 382 BTC behind on dividend payments.

Are you sure?

IIRC there was a little more than 100 BTC in the wallet, plus the cyphermine bonds... or were those bonds worth almost 300 BTC?

Here is the DMS address: https://blockchain.info/address/1CzJY7pVkCqDjUtycHzFgeTTbbWokqYuXo

Deprived's last report showed just over 260BTC held in Ciphermine bonds-

Here's the updated report I promised.  This includes MINING dividends up to Monday.

BTC Balance (BTC-TC)   0
CIPHERMINE Bonds    260.56000000
BTC Balance (Wallet)    150.79576392
Dividends (Wallet)    3.27310018
Owed by Deprived    0.24621154
TOTAL ASSETS    414.87507564
   
Outstanding MINING   152575
Outstanding SELLING   152575
Outstanding PURCHASE   10479
Effective Units   163054
   
Dividends/Mining Owed   0.00010645
Total Dividends Owed   17.3570983
   
Block reward   25
Difficulty   609,482,680
Hashes per MINING   5000000
   
Daily Dividend    0.00000413
50 days (Min Liquid)    0.00020628
100 days (Forced Close)    0.00041257
365 days (Buyback)    0.00150587
405 days (IPO)    0.00167090
400 days (Post SELLING div)    0.00165027
410 days (Pre SELLING div)    0.00169153

NAV/U    0.00083995    BTC +    0.1598    CIPHERMINE.B1   
NAV/U (if CM.B1 at face)    0.00243795             

"Owed by Deprived" refers to the amount I owe in respect of the last but one difficulty change - where difficulty changed between 16:00 and 00:00 so I personally will be paying the difference between old and new dividends for that date.  I haven't bothered actually transferring the funds into the DMS wallet - as seems silly to pay a fee to transfer there when they'll have to go to an exchange anyway.

Only very minor inaccuracy in the report is that a very small portion of the received CM.B1 dividends are due to an investor who DMS owes 200 Cm.B1 to (he cashed out MINING+SELLING just before transfers got disabled so was unable to send him the shares).  That amount is tiny but will be paid when I transfer him his CM.B1 shares.

Here's the list of dividends included in the above report:

Date   Dividend
04-Nov    0.00000643
05-Nov    0.00000643
06-Nov    0.00000643
07-Nov    0.00000492
08-Nov    0.00000492
09-Nov    0.00000492
10-Nov    0.00000492
11-Nov    0.00000492
12-Nov    0.00000492
13-Nov    0.00000492
14-Nov    0.00000492
15-Nov    0.00000492
16-Nov    0.00000492
17-Nov    0.00000492
18-Nov    0.00000413
19-Nov    0.00000413
20-Nov    0.00000413
21-Nov    0.00000413
22-Nov    0.00000413
23-Nov    0.00000413
24-Nov    0.00000413
25-Nov    0.00000413
   
Total    0.00010645

[Lohoris]

Kate's erratic behavior and frequent periods of absence seriously make me wary of any dealing with her ventures. This is a shame, because CT's mockup looks good - though it is now two months behind.

Much true.
Trusting your money to someone who is known to "just disappear" sometimes is not very wise, to say the least...

BTC Balance (BTC-TC)   0
CIPHERMINE Bonds    260.56000000
BTC Balance (Wallet)    150.79576392
Dividends (Wallet)    3.27310018
Owed by Deprived    0.24621154
TOTAL ASSETS    414.87507564

Oh thanks! : )

[stripykitteh]

Given that the CIPHERMINE.B1 bonds are effectively in Deprived's name rather than individual DMS.* asset holders, this point may be moot, but anyone here who holds out any hope of ever getting anything out of DMS should be aware that Kate has started paying dividends to CIPHERMINE shareholders again, but at time of writing nothing has been paid to bondholders since October.

I've posted something on both the litecoin forum and the CIPHERMINE.B1 thread here that Ciphermine should be paying their bondholders (who after all are their creditors) before paying dividends.

For the record I own CIPHERMINE.B1 bonds directly, as well as indirectly through DMS.SELLING.

[Jasun7211]

is she paying in to the public wallet on BTC-TC.  I dont use that wallet anymore.  If Kate comes around again  Is there a way I can prove my shares and change my public wallet in case DMS gets started again?

Thanks

[DrGregMulhauser]

I've posted something on both the litecoin forum and the CIPHERMINE.B1 thread here that Ciphermine should be paying their bondholders (who after all are their creditors) before paying dividends.

Kate's public comments have strongly suggested that she does not understand (or perhaps merely does not want to acknowledge) the fundamentals of capitalising a business, and in particular the seniority of debt over equity. This basic feature of debt financing was thinly papered over at the time the bond scheme was created, so it should not come as a surprise now to find that bond holders have been placed second in line.

One of the many things that mystified me at the time Deprived decided to back these bonds in such a big way was that he and Kate had a public discussion about this, right here on the forum (not going to bother looking it up, but it's out there), and Kate never did address the basic question about the senior claim of bond holders. Given the gaping chasm of elementary financial confusion which appeared to have been embodied in the bonds right from the get-go, I concluded at the time that something must have been hammered out in private between the two of them to address the issue, and since I didn't personally see any value in the bonds as an investment anyway, I didn't bother to follow it up.

If the bonds-that-don't-behave-like-bonds are now coming home to roost, I don't think it would be at all unreasonable to expect a full and complete explanation and a public commitment to observing the fundamental seniority of debt over equity.

[BitThink]

To my surprise, Kate keeps silent on Deprived and DMS this time. DMS contributed more than 280 BTC to Ciphermine.B1 and she just pretend there's nothing happened. I think she at least should bring out a proposal about how to handle the situation if deprived never shows up.

[Lohoris]

To my surprise, Kate keeps silent on Deprived and DMS this time. DMS contributed more than 280 BTC to Ciphermine.B1 and she just pretend there's nothing happened. I think she at least should bring out a proposal about how to handle the situation if deprived never shows up.

Honestly, I don't expect anything now.
As far as I'm concerned, she's just another scammer.

[Bonam]

So I have about 1000 shares of DMS and haven't checked in on this thread in a while. Is the short of it that the whole thing was basically a scam? Has there been any process initiated to recover any part of the value of investments? Is anyone buying Deprived debt?