-

[zulover]

hmm. you know this whole forum is kinda like that, a bit like the wild west.

[maqifrnswa]

hmm. you know this whole forum is kinda like that, a bit like the wild west.

It is the wild west, we have to regulate ourselves. LR has shown to be bad at business. There are other offerings which are run better. LR got his money, but will find it difficult to raise more in the future.

I don't think he's a scammer, I think he's someone that is annoyed that the people who bought the hardware for his mining hobby are demanding accountability. He doesn't have to tell us anything, we already donated our BTC to his company in exchange for nothing.

It's obvious he has little knowledge of economics or financial markets, he doesn't even know the damage he's doing.

We've enabled this mess, it is our fault for not demanding more accountability from the start. We bought him equipment, pay for his electricity, and pay him a fee. He does the work and collects money. What was his financial buy in? What was his risk? Does him destroying confidence in the security financially affect him at all? What is his fee? Why did we give money without knowing these answers?


EDIT: You know we paid him $200,000 (before the recent run-up, his fee now is > $500k if he held on to BTC) to set up this up ON TOP of the hardware he bought. What the **** happened to that money? "Trust him" is a horrible response - don't work on trust, believe the data. Seriously, this is approaching criminal level. We bought in to a managed group buy. Where did the money go?

[zulover]

hmm, maybe i am too soft, fair points.

[ICantThinkOfaName]

hmm. you know this whole forum is kinda like that, a bit like the wild west.

It is the wild west, we have to regulate ourselves. LR has shown to be bad at business. There are other offerings which are run better. LR got his money, but will find it difficult to raise more in the future.

I don't think he's a scammer, I think he's someone that is annoyed that the people who bought the hardware for his mining hobby are demanding accountability. He doesn't have to tell us anything, we already donated our BTC to his company in exchange for nothing.

It's obvious he has little knowledge of economics or financial markets, he doesn't even know the damage he's doing.

We've enabled this mess, it is our fault for not demanding more accountability from the start. We bought him equipment, pay for his electricity, and pay him a fee. He does the work and collects money. What was his financial buy in? What was his risk? Does him destroying confidence in the security financially affect him at all? What is his fee? Why did we give money without knowing these answers?

"destroying confidence in the security" is a really apt description stemming from his lack of information.  I'd say the share price is primarily where it's at because of this.  

All we really know right now is we get dividends right now that slide every week, and that they will go up again...eventually.

[Kokomoka]

I made a free decision to invest. I face up to the consequences of my actions without running off crying to the police/government/regulator. In a free economy trust is very important. Lesson learned.

[ICantThinkOfaName]

I made a free decision to invest. I face up to the consequences of my actions without running off crying to the police/government/regulator. In a free economy trust is very important. Lesson learned.

I'm not running anywhere.  Just venting some frustration with the way things stand.

[mboehler]

I made a free decision to invest. I face up to the consequences of my actions without running off crying to the police/government/regulator. In a free economy trust is very important. Lesson learned.

I'm not running anywhere.  Just venting some frustration with the way things stand.

Same here.  There are things I like about LRM and things I don't like.  I'm not running off to any regulator crying about it.  I do appreciate that this thread is full of people who are in the same boat, and that we can talk about it.

I realize Lab_Rat is probably in over his head and not doing everything perfectly.  But he's human and no human I know is perfect.  I do wish there was more transparency, that we had an automated exchange to trade on, and a few other things.  But I do not think Lab_Rat is out to scam anyone.

[bittymitty]

It would be good if we had better updates, maybe grnbrg could step up and provide some if Labrat it too busy setting up miners etc.  Even a small tweet like just got x miners or Im so busy is hurts.  We did get some updates on the 9th and 12th Nov. https://twitter.com/LRM_News

[fractal02]

Don't worry...LabRat heard you all... 

[fractal02]

LabRat need to clarify this :

But in real news.  LRM has about 12-13TH up, another 17TH going up by end of day Tuesday and I believe only one more shipment (maybe 2) from Dave of an unknown size before the 14 day period officially begins.  This shipment is all but guaranteed to be this coming week.

So...
On November 09, LRM has 12-13TH/s up (and we don't even know when this hardware was received...).
Normally Tuesday another 17 TH was added.

If all plans is on track today LRM must be ~ 30TH/s

But the "14 days" period (two weeks ? no anyone ? ^^ ) don't officially begins.

My question is pretty simple :

- The next dividends will include the actual hashing power ?

Because for me, the "14 days period" don't start and if you don't include the current hashing power for the futur dividends we aren't talking anymore about "14 days" but a lot more...this change a lot...

[grnbrg]

One update, at least...

A notice and reminder that anyone who has not yet validated their Bitfunder public address with Lab_Rat has until Saturday morning to do so.  As of Saturday, any past unpaid dividends owed to unverified accounts will be paid out to verified addresses.  Going forward, dividends will be paid out evenly only to verified addresses.  As previously stated, unverified bonds will be claimable for at least the next 6 months, but dividends will not be accrued until claimed.

I'm trying to get a statement on the hashrate and hardware deliveries.  I'll post it when I get it.



grnbrg.

[bobfranklin]

One update, at least...

A notice and reminder that anyone who has not yet validated their Bitfunder public address with Lab_Rat has until Saturday morning to do so.  As of Saturday, any past unpaid dividends owed to unverified accounts will be paid out to verified addresses.  Going forward, dividends will be paid out evenly only to verified addresses.  As previously stated, unverified bonds will be claimable for at least the next 6 months, but dividends will not be accrued until claimed.
grnbrg.

Scratch that - the List link on the LRM site is wrong. Goes to an old spreadsheet. Might want to update that.

[||bit]

It really doesn't seem fair that we have to wait until all of the equipment is received before we receive any benefit.  Some of it has likely been set up and hashing for weeks now.  We should start receiving dividends from new equipment 2 weeks after it is put online and starts hashing.  Just because it is not all in doesn't mean we should have to wait longer for dividends from the equipment that is already in.

I have to agree with you, at least in one sense, that the understanding was that each hardware would be committed to 2 weeks of hashing for buying new hardware. And not contingent upon a whole bunch of other hardware. So, in that sense, if that is LR's intention, it is different than what he communicated or at least what I understood from the communication. It's evidence perhaps that LR's re-investment strategy (a fraction of the 25% deduction) was not sustainable.  The only bright side to this is that it should lead to higher hash rates - whether it will have disproportionately surpassed difficulty to be worth it is another question. However, the bitcoin price is helping a lot though. By nearly tripling in price since most bought into LRM, it means the 25% re-investment is equivalent to 75% re-investment compared to the original investment climate (keeping in mind that hardware costs track fiat/dollars, not bitcoins) - anyone correct me on that if it is a faulty analysis.

[bittymitty]

if Labrat mining is currently at 30th then the weekly income of BTC will be aprox ~200

So the management fee is currently 200* 0.25 =  50 BTC or aprox 20,000 USD a week

Damn I wish I was on the management team...

[bittymitty]

One update, at least...

A notice and reminder that anyone who has not yet validated their Bitfunder public address with Lab_Rat has until Saturday morning to do so.  As of Saturday, any past unpaid dividends owed to unverified accounts will be paid out to verified addresses.  Going forward, dividends will be paid out evenly only to verified addresses.  As previously stated, unverified bonds will be claimable for at least the next 6 months, but dividends will not be accrued until claimed.
grnbrg.

Scratch that - the List link on the LRM site is wrong. Goes to an old spreadsheet. Might want to update that.

Everything on that site is seriously out of date and needs a overhaul.  He might even be better off just taking it down until it can be corrected or pay someone to fix it, I'm sure if he paid someone a btc or two it could be updated in a day.

[bobfranklin]

One update, at least...

A notice and reminder that anyone who has not yet validated their Bitfunder public address with Lab_Rat has until Saturday morning to do so.  As of Saturday, any past unpaid dividends owed to unverified accounts will be paid out to verified addresses.  Going forward, dividends will be paid out evenly only to verified addresses.  As previously stated, unverified bonds will be claimable for at least the next 6 months, but dividends will not be accrued until claimed.
grnbrg.

Scratch that - the List link on the LRM site is wrong. Goes to an old spreadsheet. Might want to update that.

Everything on that site is seriously out of date and needs a overhaul.  He might even be better off just taking it down until it can be corrected or pay someone to fix it, I'm sure if he paid someone a btc or two it could be updated in a day.

Was thinking the same thing.

[com4]

if Labrat mining is currently at 30th then the weekly income of BTC will be aprox ~200

So the management fee is currently 200* 0.25 =  50 BTC or aprox 20,000 USD a week

Damn I wish I was on the management team...

http://labratmining.com/

09/23/2013

The Proposition Was Voted and Agreed Upon

The first 2 weeks of dividends will be scooped from the incoming BitFury equipment which will result in a large increase in hashrate over a short period of time. My share will be included in this so there will be a loss of funds generated to pay electricity and rent, the remainder will go to more hardware.

This makes me think Labrat is also paying into the new hardware and is not getting a management fee. If that's the case I'm sure he would not want to drag out "2 weeks" forever. I also think it should be 2 weeks from plug in and hashing. If its mining at spec, its 2 weeks has started. When the next box is plugged in and running, it starts its 2 weeks. Is that work? Yes, it takes work to run a company. But that gives him the 2 weeks that he said he would take, and it gives the bond holders access to the new equipment hash rate in the time they were to expect. Seems kinda stupid to vote and agree on something and then just do whatever.

[pontikis13]

I have to agree.  My understanding was also that each machine would have a 2 week period. Otherwise an order of 20 machines that comes in batches of 2 per week could drag on for 10+2 weeks... That is just insane. In essence this could drag on forever... It seems that all our possible profits are just being reinvested into labrat's company. In the end I fear only labrat will benefit from all this since we, the investors who actually paid for everything, effectively have no ownership of the company.

Edit: Could someone please explain to me why I'm wrong. I really want to be wrong about this.

[||bit]

I have a great idea! Thank me later. LR should keep withholding dividends to pay for new hardware until the end of 2014...maybe even 2015. Think of how much hashing power your bonds will be representing. By that time, you will realize the genius of it, and refuse dividends in lieu of more hardware. It's tough being a mastermind sometimes...again, thank me later.   

[a2offrb]

And one more question:
We saw on some moment LRM actual hash power.
Now we dont see anything.
As investor, i would like to see hash power as its not so difficult to do.
Also is LRM mining in pool with merged mining? Namecoins can be sold and invested in new hardware.