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[countduckula]

No more darkness... all in plain sight and open, we've a say on this.

Details.

[1714504366]

1714504366

[fractal02]

So...

100 MH/s current market price :

Cex.io = 0.00201 BTC
Picostock - 100TH mine = 0.0017 BTC
PB mining = 0.00089 BTC

I let that here...everybody will appreciate "their investment"....

[Lab_Rat]

There is no way for me to operate this company outside of the US and avoid the US's laws while continuing to live here.

I'm working on a way to make things as pleasant as possible through this transition legally, but I've had legal pressure placed on me for 8-12 weeks to make this change.  It is a horrible place to be put in considering the ideas I originally built this company on.

[countduckula]

You call this operating? no information for 6 weeks and then you come up with this?

Excellent work, you basically destroyed what you created and left a long line of happy people.

[Epoch]

Continuing to pay out dividends is the better of the options considering the other route would be to dissolve and discontinue LRM as a whole.  Neither of which are desired options, but the difficult choice had to be made.

I would think that the "better option" from the point of view of your investors would be to dissolve LRM, sell all hardware, and distribute the proceeds to the bondholders on record. That would minimize shareholder loss and wrap up LRM fairly. You have always claimed to be working for your investors, right? Or could it be that greed finally won?

I am not a shareholder, so I don't even know why I bother to comment. But it annoys me more and more every time I see or hear about good people being sucked in by golden promises only to end up being swindled in the name of personal greed. Is there something about huge piles of bitcoin mining hardware that must turn people to the Dark Side? Why does this b*llsh*t have to keep happening over and over again? It's crap like this that continues to give bitcoin a bad reputation in the eyes of the community and scares people away when *we* (all of the good folks, and there are many) are trying to spread knowledge to the general public and convince new people that the waters are safe; that we won't bite. Your actions serve only to undermine trust in the community (of which there is precious little already).

Do what's right by your shareholders, Zach. Close LRM. Sell the hardware. Distribute the proceeds to shareholders. Done. It isn't hard. Really. The only hard part is having to come to grips with the fact that your "free ride" on the backs of your shareholders will come to an end. But it looks like greed won't let you do that. I hope I am wrong.

[Kokomoka]

From what I can tell, LabRat has scammed his investors and defrauded us. I bought in expecting a share of the companies profits, not 100 MHs per share. This is fraud plain and simple.

[countduckula]

You know we're standing at nearly 500mh per bond and with incoming hardware we were heading up to more than 1.5gh per bond?

After all this we invested in time and money, patience, you get yourself happy with 300mh?

I still don see any answer from Lab_Rat who's here to reply all questions about what is he going to do with the hardware, after 6 weeks of silence he had time to think a solution instead of this BS.

[Lab_Rat]

I've been negative in the past, but I applaud this - this actually is great and is something that can make LRM sustainable. This move clears up nearly all of my concerns in the past and allows bond prices to stabilize and allows investors to properly value bonds. Basically turning LRM into a cex.io like operation.

Does the 100 MH/s include fees/expenses or are they taken out in addition to fees and expenses?

This was a really great move, I'm impressed (really, not sarcastic).

there's nothing wrong with constant deflation of bond value, it is natural and just means each investor gets to choose their reinvestment rate rather than being tied in at 25% like before.

I've attacked him for 1 year+, now I find myself defending him! All he is doing is changing from 25% reinvestment to 0%, giving you the extra 25% and allowing you to choose how to reinvest it. Fees now, most likely, are taken out prior to your 100 MH/s - so everything is very transparent and fair.


EDIT: it's going to mega-suck for current bond holders as the market adjusts to these new prices, but the new LRM is actually going to be a better investment than the previous.

This is correct, the management, power, internet, hosting, etc. fees are taken out before the 100MH/s per contract payout.

This is the only way to continue operating LRM.

[maqifrnswa]

This is correct, the management, power, internet, hosting, etc. fees are taken out before the 100MH/s per contract payout.

This is the only way to continue operating LRM.

thanks - I deleted my previous post when I realized investors did pay for the hardware that has not arrived yet but are only getting "credit" for the hardware in hand. That's a loose end that should get tied up.

[countduckula]

Can we pick if you deserve to be paid managament , if you call this management?

[Lab_Rat]

This is correct, the management, power, internet, hosting, etc. fees are taken out before the 100MH/s per contract payout.

This is the only way to continue operating LRM.

thanks - I deleted my previous post when I realized investors did pay for the hardware that has not arrived yet but are only getting "credit" for the hardware in hand. That's a loose end that should get tied up.

I'm working on that.

[Lab_Rat]

Can we pick if you deserve to be paid managament , if you call this management?

I haven't paid myself in over 8 weeks.

[mufa23]

Wait, I'm confused. Are bonds only be paid at 100MH/s? I thought we were up to 1GH/s per bond or something now. What did I miss?

[Lab_Rat]

You know we're standing at nearly 500mh per bond and with incoming hardware we were heading up to more than 1.5gh per bond?

Previous payouts have been in the range of ~280MH/s per contract so it's actually a 20 MH/s increase.

[sparky999]

Sigh, sad to be proved right.

[countduckula]

Good, im talking more about indefinitely free.

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

[Lab_Rat]

How about answering about what are you planning to do with the hardware and the hundreds of thousands of dollars invested in new hardware.

I've stated I'm working on the specifics of this.

[fractal02]

So LRM will be stuck ad viternam at 23 TH/s ? is that ?

I'm asking myself how Buzzdave from megabigpower can run the 100 th mine and build one of the biggest Mine in US and you...you don't...where is the problem ? The law ? the greed ? the amateurish way ?

No offense Zach, but i put some money here and others even more than me...We trusted you, you announced a lot of amazing things and patiently trusted you...and now that (just after MT.gox fiasco)....Sorry but for early buyers like me...i feel really scammed...  

[fractal02]

Sigh, sad to be proved right.

Oh man...right on all the line...

[Lab_Rat]

I'm asking myself how Buzzdave from megabigpower can run the 100 th mine and build one of the biggest Mine in US and you...you don't...

Buzzdave and I run 2 COMPLETELY different businesses.