Frankthechicken
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Activity: 112
Merit: 10
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March 08, 2014, 08:18:54 PM |
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What about ending LRM and starting a new company when the new hardware arrives and selling bonds for 1 satoshi each .
I'm sure if there is a legal means of transitioning bonds from their current state to a better state, it'll happen. It really sounds like it is the original terms of the bonds that are screwing us over right now. I think the best solution would be changing the terms of the bonds and each bondholder must accept via signed message if I'm understanding the issue correctly. Lab_Rat's lawyer will have to evaluate and suggest a solution. Speaking of hardware... When is the new hardware going to arrive? |
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Lab_Rat (OP)
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March 08, 2014, 08:28:21 PM |
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Again I would like to apologize for this seeming like I'm randomly dropping this out of thin air. I have had morality yanking on one arm and legality yanking on the other for the last 2-3 months. This is not a new development, it is just becoming a finalized one though.
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Flashman
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March 08, 2014, 08:28:27 PM |
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Unacceptable. Period
Plan B, get a majority of bond holders to have the assets seized, appoint someone else to run it.
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TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6
Bitcoin Custodian: Keeping BTC away from weak heads since Feb '13, adopter of homeless bitcoins. |
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goddardnet
Newbie
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Activity: 49
Merit: 0
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March 08, 2014, 08:31:50 PM |
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Again I would like to apologize for this seeming like I'm randomly dropping this out of thin air. I have had morality yanking on one arm and legality yanking on the other for the last 2-3 months. This is not a new development, it is just becoming a finalized one though.
Does Grnbrg know? |
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Lab_Rat (OP)
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March 08, 2014, 08:33:30 PM |
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Again I would like to apologize for this seeming like I'm randomly dropping this out of thin air. I have had morality yanking on one arm and legality yanking on the other for the last 2-3 months. This is not a new development, it is just becoming a finalized one though.
Does Grnbrg know? yes. |
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elitenoob
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March 08, 2014, 08:33:36 PM |
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Again I would like to apologize for this seeming like I'm randomly dropping this out of thin air. I have had morality yanking on one arm and legality yanking on the other for the last 2-3 months. This is not a new development, it is just becoming a finalized one though.
Does Grnbrg know? Yes, now he knows. I think they will not be anymore best friends  And if he knew...well the word "rat" comes into my mind. |
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Lab_Rat (OP)
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March 08, 2014, 08:35:19 PM |
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Again I would like to apologize for this seeming like I'm randomly dropping this out of thin air. I have had morality yanking on one arm and legality yanking on the other for the last 2-3 months. This is not a new development, it is just becoming a finalized one though.
Does Grnbrg know? Yes, now he knows. I think they will not be anymore best friends And if he knew...well the word "rat" comes into my mind. He knew ~ a week ago and didn't sell his bonds behind the scenes. He understands because he knows me well enough to know I wouldn't do this unless I had to. |
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Epoch
Legendary
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Activity: 922
Merit: 1003
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March 08, 2014, 08:35:35 PM
Last edit: March 08, 2014, 09:13:49 PM by Epoch |
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Let's look at it another way. IIRC, grnbrg posted recently that 58792 bonds were currently held. As per LRM's decision, tripling that and using 100MH/bond gives 17.6 TH.
So, effectively, LRM is locking in 17.6 TH of equipment to pay bondholders 'indefinitely' ('indefinitely' does not mean what you think it means; even James Gibson's Gigamining 'perpetual bond' could not make this work and had to backpedal on its original promises). At some point the income stream to bondholders is going to stop.
Any equipment beyond 17.6 TH (including what is already in the queue to come in, and including whatever else is bought in the future) is going into LRM's pockets instead of being added (75% of it added, anyway, once you remove the 25% 'management fee') to everyone's per-bond hashrate as was originally expected. It was that expectation of increasing hashrate which luredattracted many of the original and current investors. Now that has stopped. Guess who plans to keep all the investor-purchased hardware?
If a business finds itself on legally shaky ground as LRM seems to have realized, the right thing to do is not to arbitrarily change the original contract terms. It is to either (a) get a majority of bondholders to agree to the newly proposed terms or, if majority agreement cannot be reached, (b) close the business, sell all assets, and distribute the net proceeds.
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countduckula
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March 08, 2014, 08:38:19 PM |
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Legality?... how come.. What power can stop you to tell us what is happening with our investment?
Lawyers feel like you would be liable somehow? how hiding under the carpet will make you not responsable for this? just buy more time and hit us with a bigger hammer this way?
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grnbrg
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March 08, 2014, 08:38:45 PM |
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Again I would like to apologize for this seeming like I'm randomly dropping this out of thin air. I have had morality yanking on one arm and legality yanking on the other for the last 2-3 months. This is not a new development, it is just becoming a finalized one though.
Does Grnbrg know? I found out last Saturday. I suggested delaying the announcement until he had documentation regarding what the legal issues were (documentation which he has indicated is coming). No argument that this truly sucks.... :-/ grnbrg. |
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daemonfox
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March 08, 2014, 08:51:05 PM |
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Seems to me the split is the correct move... it indeed matches our CURRENT investment rate to what is actually hashing.
Moving forward, there should be NO MORE BONDS SOLD FROM LRM TO ANY ENTITY PERIOD! Total bonds available from LRM should be capped to represent MINIMUM total hashrate yet to be delivered, and as those pieces of hardware are put online, current holders should benefit from ANOTHER split to increase their total 100 MH/s bonds to match total hashrate.
Basically... Zach cannot legally allow our bond hashrate to increase due to the contract per the legality he will divulge soon. I do not know exactly why that is but his lawyer will be able to explain it.
Legally, since it was our funds that pre-ordered the due equipment, LRM is obligated to put those resources to work for each of us, and the only way to bring those new resources into our hands (divs) would be to allocate the "pending" 100 MH/s bonds to our ownership as the equipment is put online.
Do I have that correct Lab_Rat?
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Bigrah
Newbie
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Activity: 32
Merit: 0
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March 08, 2014, 08:52:48 PM |
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And another thing:
If you really have to make that fixed Hashrate the least thing to do is to give everyone its share on all incoming Hardware.. Wich will be 25 to 30 100Mhs Bonds for each bond today if the others calculated right...
And only if you do that it can be seen as legal issue and not as scam.. wich i really think will lead to a court by the higher bond holders..
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Flashman
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March 08, 2014, 08:53:19 PM |
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Seems to me the split is the correct move... it indeed matches our CURRENT investment rate to what is actually hashing.
Moving forward, there should be NO MORE BONDS SOLD FROM LRM TO ANY ENTITY PERIOD! Total bonds available from LRM should be capped to represent MINIMUM total hashrate yet to be delivered, and as those pieces of hardware are put online, current holders should benefit from ANOTHER split to increase their total 100 MH/s bonds to match total hashrate.
Basically... Zach cannot legally allow our bond hashrate to increase due to the contract per the legality he will divulge soon. I do not know exactly why that is but his lawyer will be able to explain it.
Legally, since it was our funds that pre-ordered the due equipment, LRM is obligated to put those resources to work for each of us, and the only way to bring those new resources into our hands (divs) would be to allocate the "pending" 100 MH/s bonds to our ownership as the equipment is put online.
Do I have that correct Lab_Rat?
I hope that is what he means because anything else sounds like straightforward theft. |
TL;DR See Spot run. Run Spot run. .... .... Freelance interweb comedian, for teh lulz >>> 1MqAAR4XkJWfDt367hVTv5SstPZ54Fwse6
Bitcoin Custodian: Keeping BTC away from weak heads since Feb '13, adopter of homeless bitcoins. |
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bittymitty
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March 08, 2014, 08:55:27 PM |
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I feel like I have been defrauded. hmmmmm
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CumpsD
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March 08, 2014, 08:58:26 PM |
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Another BTC operation down the drain.
Please buy back our bonds at 0.15 and keep mining for yourself.
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fractal02
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March 08, 2014, 08:59:21 PM
Last edit: March 08, 2014, 09:22:43 PM by fractal02 |
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So we are stuck with worthless bonds and Mr Zach will receive 150 TH/s BF + Buttefly Monarch...fully "crowfunded" by holders...
We need official paper about this issue.
And fire your piece of s**t that serve you as a lawyer...
Law evolve but not as quickly as this timeframe.period.
You really deserve a scammer tag and your name in red in Bitcoin community for being silent about that situation.
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kaneda2004
Member
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Activity: 66
Merit: 10
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March 08, 2014, 09:04:09 PM |
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How about instead of paying divs to me, buy back my bonds by sending me ~77gh of mining hardware?
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runam0k
Legendary
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Activity: 1092
Merit: 1001
Touchdown
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March 08, 2014, 09:25:24 PM |
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This simply does not work.
We need more details. A full explanation from your lawyer and an answer/proposal re the incoming hardware we paid for.
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grnbrg
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March 08, 2014, 09:31:35 PM |
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This simply does not work.
We need more details. A full explanation from your lawyer and an answer/proposal re the incoming hardware we paid for.
It's coming: The issues at hand are both on a state and federal level regarding multiple topics. The specifics of these statutes will be presented in a timely manner.
grnbrg. |
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goddardnet
Newbie
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Activity: 49
Merit: 0
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March 08, 2014, 09:38:03 PM |
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Another BTC operation down the drain.
Please buy back our bonds at 0.15 and keep mining for yourself.
As I said. We know this will take time, but that is all we now have... You can get the 60% small shareholders off the books relatively quickly. |
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