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[Lab_Rat]

I spoke with Dave today and one of the major parts of the deal he is making with LabRatMining is in the process of being finalized.  Once it is confirmed I will be delivering specifics regarding this part of the deal.

From what we discussed he should be able to confirm this within the next couple days without a problem.

Updated estimates:
354MH/s per bond
10.5TH/s total hashrate
http://www.labratmining.com/currentHashrate.html

I know it's hard to say but do you have an estimate or rough timeline for hashrate coming online or ordered hardware vs expected delivery date(s) (and maybe even confidence level)?

I believe I may have some hashrate coming online far before new orders are received.  I can't give specifics as to how as of this time, but I will say that I am working on something that is quite a big deal.

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[Ashitank]

Lab_Rat Did you get any of the BFL hardware to start of the mining with right away ? You said you were expecting some thing soon to at least have 200gh/s going online soon.

[Lab_Rat]

Lab_Rat Did you get any of the BFL hardware to start of the mining with right away ? You said you were expecting some thing soon to at least have 200gh/s going online soon.

The particular deal I was referring to in that instance does not appear to be going through, but there should be multiple other individuals shipping me Singles in the next week or so.  I believe I should be getting one Thursday, although if it reached me Friday or Monday I would not be surprised.

There has even been an offer to purchase an Avalon.

It appears LRM may be mining with equipment from all manufacturers at some point.

I am expecting to hear back from Dave later this week to finalize a part of our deal so I may make the announcement.

[Endlessa]

Lab_Rat Did you get any of the BFL hardware to start of the mining with right away ? You said you were expecting some thing soon to at least have 200gh/s going online soon.

The particular deal I was referring to in that instance does not appear to be going through, but there should be multiple other individuals shipping me Singles in the next week or so.  I believe I should be getting one Thursday, although if it reached me Friday or Monday I would not be surprised.

There has even been an offer to purchase an Avalon.

It appears LRM may be mining with equipment from all manufacturers at some point.

I am expecting to hear back from Dave later this week to finalize a part of our deal so I may make the announcement.

Are you saying that bfl is going to negotiate a deal with you to allow you to jump in queue ahead of pre- orders and get gear sooner? If so, please take my btc now

[a2offrb]

What will be price for Bfl Single like example?
10kUSD as on eBay?

[Lab_Rat]

What will be price for Bfl Single like example?
10kUSD as on eBay?

I would consider that a misappropriation of funds. Far less than $10k, but most people are requesting a payment in bonds rather than BTC or fiat.

[Lab_Rat]

Lab_Rat Did you get any of the BFL hardware to start of the mining with right away ? You said you were expecting some thing soon to at least have 200gh/s going online soon.

The particular deal I was referring to in that instance does not appear to be going through, but there should be multiple other individuals shipping me Singles in the next week or so.  I believe I should be getting one Thursday, although if it reached me Friday or Monday I would not be surprised.

There has even been an offer to purchase an Avalon.

It appears LRM may be mining with equipment from all manufacturers at some point.

I am expecting to hear back from Dave later this week to finalize a part of our deal so I may make the announcement.

Are you saying that bfl is going to negotiate a deal with you to allow you to jump in queue ahead of pre- orders and get gear sooner? If so, please take my btc now

I was referring to Dave at BitFury rather than Dave "The Knife" at BFL.

[Lab_Rat]

Dave and I just finalized a portion of our deal that I find to be significant.  Dave has agreed to, with his own personal hardware, mine for LabRatMining for a minimum of 14 days once the hardware is received.  There is a guaranteed hashrate of 400GH/s (one rig), with an additional 100GH/s per $50,000 pledged to his company.  As of this time that is in the range of ~3900 bonds.  From here on out, every (approximately) 3900 bonds sold will increase this hashrate by 100GH/s that he is mining for the company up to 2TH.

***To clarify, Dave is doing this with personal hardware, therefore it will not affect shipment to any of his customers.***

The terms of this deal that have been discussed can be considered to be "minimums."  Dave has proposed that if this deal works out well for the both of us, we may extend the deal past 14 days worth of contracted mining.  As of this time it is unclear as to how the mining will take place.  We will be discussing whether it will be easier for him to mine and issue the BTC for that hashrate, or whether he can easily point that specific hashrate at an LRM public account for open viewing.  Either way the payout will be the same.

There are additional aspects of the deal being worked on, unrelated to the contracted mining, that will sweeten the investment that much more.

Additionally, and unrelated, there is a Single 60GH/s unit on it's way to me at this time with other private deals with individuals in the works (some in the range of 2.3TH.)  Dividends will be paid out next Saturday Aug. 10th accordingly on the terms I receive the unit before this weekend.  I am under the impression it was over-nighted or next day shipped so this should not be an issue.

Another big announcement is that the first large order has been placed with Butterfly Labs.  3TH has been ordered securing LRM's place in line with them, while the place in line with BitFury is held regardless of paydate.

There are many different ways to secure hashpower, and LRM is taking every one of them to ensure dividends be paid out in the largest amount possible to not only benefit the investors, but the company as a whole.

[buzzdave]

Hi folks - I just wanted to add my confirmation that the above statement by Lab_Rat is true and accurate.

Cheers,
Dave

[mufa23]

Very awesome! Glad to see this show getting on the road.

[bigdaub]

Just read this article http://thegenesisblock.com/bitfury-400-ghs-bitcoin-mining-rig-hits-us-shores/ I wish you could bottle the smell of a new ASIC miner    Looking forward to seeing them hashing.

[Lab_Rat]

Want to follow LRM's progress in securing hashrate and generating dividends for investors?

There will be 2 pools that provide public stats involved in LRM's mining operation. Eligius and Eclipse Mining Consortium. I will be using DGM on Eclipse Mining Consortium and the standard CPPSRB on Eligius to provide short term and long term stability in dividend payouts. Once there is at least 200GH secured I will be load balancing the pools, but as for now you can view the Eligius stats here and the Eclipse Mining Consortium stats will show up here once enough hashrate is secured.

There are some big deals in the works so these numbers should be climbing rapidly.

[Phinnaeus Gage]

I would really appreciate being whitelisted.  It's in place to prevent bots, spammers, and scammers.  I'm none of the above and have a previous account that I no longer wish to be associated with.  Going through this process a second time is not enjoyable.

Is anybody curious as to whom Lab_Rat's previous username was, one he has great reason for distancing himself from?

[Bargraphics]

I would really appreciate being whitelisted.  It's in place to prevent bots, spammers, and scammers.  I'm none of the above and have a previous account that I no longer wish to be associated with.  Going through this process a second time is not enjoyable.

Is anybody curious as to whom Lab_Rat's previous username was, one he has great reason for distancing himself from?

Satoshi Nakamoto,

There's reason to believe he wanted to remain anonymous so he changed his name to Lab_Rat.

[redphlegm]

I would really appreciate being whitelisted.  It's in place to prevent bots, spammers, and scammers.  I'm none of the above and have a previous account that I no longer wish to be associated with.  Going through this process a second time is not enjoyable.

Is anybody curious as to whom Lab_Rat's previous username was, one he has great reason for distancing himself from?

Curious? Sure, but this is the Internet where anonymity is the user's prerogative - not to mention one of the tenets behind Bitcoin.

[||bit]

I would really appreciate being whitelisted.  It's in place to prevent bots, spammers, and scammers.  I'm none of the above and have a previous account that I no longer wish to be associated with.  Going through this process a second time is not enjoyable.

Is anybody curious as to whom Lab_Rat's previous username was, one he has great reason for distancing himself from?

I'm pretty sure his identity is known by several here. And I doubt it's Tom, unless he's using a fake name in his private emails. From what little correspondences I've had with him, he's seems legit at what he is doing. Perhaps, the only thing that bothers me is that it seems he could possibly pull the plug on everyone and keep the hardware. Afterwards, who could do anything to have a case against him? Where's your agreement? So, there appears to be that nagging risk. I'd like to know that if he was to liquidate the company, that he'd pay out to bond holders the proceeds of the mining hardware sales.

[mmmerlin]

I would really appreciate being whitelisted.  It's in place to prevent bots, spammers, and scammers.  I'm none of the above and have a previous account that I no longer wish to be associated with.  Going through this process a second time is not enjoyable.

Is anybody curious as to whom Lab_Rat's previous username was, one he has great reason for distancing himself from?

I'm pretty sure his identity is known by several here. And I doubt it's Tom, unless he's using a fake name in his private emails. From what little correspondences I've had with him, he's seems legit at what he is doing. Perhaps, the only thing that bothers me is that it seems he could possibly pull the plug on everyone and keep the hardware. Afterwards, who could do anything to have a case against him? Where's your agreement? So, there appears to be that nagging risk. I'd like to know that if he was to liquidate the company, that he'd pay out to bond holders the proceeds of the mining hardware sales.

You're right, his identity is known by several here. Also, if he is Tom, he's taking playing the long game to the extreme. This thread is run in parallel on the BFL forum, with identical posts appearing from Lab_Rat in both when he makes announcements. His account on the BFL forums has been continuously maintained and in excellent rep for a very long time now, so it would therefore have to have been Tom on the BFL forums all this time, so this really doesn't seem plausible.

Also, his writing style is very different, and Lab_Rat showed no signs of meltdown when Tom was losing it towards the end. They are clearly not the same person, nor is there any reason to suspect that they are.

WRT pulling the plug, I don't think this is issue. People would have a case against him as contracts and lawyers are involved, and there are contractual obligations with respect to keeping the company running unless certain thresholds are passed in the market (minimum BTC value in the case of a crash etc), so I don't see a real risk here. Besides, I don't think this is the kind of thing he would be want to do, growing the business will be more profitable in the long run anyhow. Nobody's saying this is going to be the new ASICMiner, but there is no reason this company can't make good money long term.

[Lab_Rat]

To anyone looking at the graph on Eligius, that little hiccup in the graph was not the miner going down, it was Eligius going down.  LRM has many back-up pools in place for such an occasion.  The pool it failed over to is private, but you will still be receiving dividends for that time.

I will not be tearing down the company unless certain circumstances are met and one of the only real reasons I could ever see myself tearing down this company is if the government decided to rip the equipment from my cold dead arms.

I believe in Bitcoin and in the event of a serious legal battle I will defend Bitcoin and all related businesses to the bitter end.

As mmmerlin stated, the more I grow this business the more I will make in the long run.  Why would I sell the hardware?

[mmmerlin]

To anyone looking at the graph on Eligius, that little hiccup in the graph was not the miner going down, it was Eligius going down.  LRM has many back-up pools in place for such an occasion.  The pool it failed over to is private, but you will still be receiving dividends for that time.

I will not be tearing down the company unless certain circumstances are met and one of the only real reasons I could ever see myself tearing down this company is if the government decided to rip the equipment from my cold dead arms.

I believe in Bitcoin and in the event of a serious legal battle I will defend Bitcoin and all related businesses to the bitter end.

As mmmerlin stated, the more I grow this business the more I will make in the long run.  Why would I sell the hardware?

The only question that remains unanswered, in my eyes, and without wanting to be too morbid here, is what happens in the event of your death.

I know it's not really a nice question for you to contemplate, and an understandable attitude from your point of view might be "give a shit, I'll be dead", however, companies with a single point of failure, (i.e. you), are risky by definition, and it is important to have a plan in place should the unthinkable happen. I know of big companies who have backed out of investing in smaller companies for this very reason, and having that scenario covered to mitigate the damage is important for potential investors confidence (IMHO).

Sorry to be grim, and apologies if it seems tactless, but there is no easy way to cover this point...

[Lab_Rat]

To anyone looking at the graph on Eligius, that little hiccup in the graph was not the miner going down, it was Eligius going down.  LRM has many back-up pools in place for such an occasion.  The pool it failed over to is private, but you will still be receiving dividends for that time.

I will not be tearing down the company unless certain circumstances are met and one of the only real reasons I could ever see myself tearing down this company is if the government decided to rip the equipment from my cold dead arms.

I believe in Bitcoin and in the event of a serious legal battle I will defend Bitcoin and all related businesses to the bitter end.

As mmmerlin stated, the more I grow this business the more I will make in the long run.  Why would I sell the hardware?

The only question that remains unanswered, in my eyes, and without wanting to be too morbid here, is what happens in the event of your death.

I know it's not really a nice question for you to contemplate, and an understandable attitude from your point of view might be "give a shit, I'll be dead", however, companies with a single point of failure, (i.e. you), are risky by definition, and it is important to have a plan in place should the unthinkable happen. I know of big companies who have backed out of investing in smaller companies for this very reason, and having that scenario covered to mitigate the damage is important for potential investors confidence (IMHO).

Sorry to be grim, and apologies if it seems tactless, but there is no easy way to cover this point...

It's ok, I'm not afraid of death or speaking about it.  I'm having measures put in place that will cover the company in the event of this happening.  I know a few people who would have the ability to take over the company if this event were to occur.