-

[Lab_Rat]

LRM complies perfectly fine with the IRS. I figured it'd have to be reported this way. There is one thing I didn't expect but it doesn't effect the company as it just doesn't pertain.

I've had 2 long phone calls with my lawyer and things seem to be coming together. Please understand I'm waiting on this too. I don't like being a human punching bag on the forums. If the results of this are not agreeable. Please feel free to sue. Just stop arguing and threatening over conspiracy theories.

P.S.  Be nice to grnbrg. He's always been nice to you guys and he's helped LRM in a couple times of need.

[countduckula]

YOU DON'T answer any question posted here in a serious manner aside of your "change of terms".

YOU DON'T disclose what are you trying to work out that will let things come togheter and thats why we're concerned.

YOU DON'T answer how much hardware is running now, if you received any new piece, if its running, and what are you doing with the proceeds of them.

YOU DON'T answer or post even the most minimal information about dividends, not even a small and brief status every day you pay.

WE DON'T know what you have in your possession, what is coming, and where was bought, what are you doing or trying to do, what was requested to you by IRS, FinCen or whatever asked you to comply old or new rules.

If you feel like a punching bag its because you sat there and let all this small details pass you by for WEEKS and turned you into that bag, keep people informed, KEEP PEOPLE INFORMED in a timely manner, all we get its vague and really not positive things from YOU.

grnbrg its just caught between our questions/requests and your incompetence managing information details about your proyect wich WE funded, start being vocal, share information and all this punching bag feeling will fade away, how?

Sit every other day? every week with dividends information? and write some minimal update, even when you need to repeat the information:

Hashrate running: X
Received Hashrate: Y  Pending Instalation: D

Mining on "pool 1" : F
Mining on "Pool 2" : G

Dividends details

Lawyer talks and replies

Problems solved, unsolved, potential.

Inform people, INFORMATION.

[mufa23]

You've gotta give us something. Running away with our money, then saying "I can't pay you back because of reasons I can't tell you yet. You need to wait an indefinite time" is bound to start pissing people off.

You keep ignoring some of the most basic questions (i.e. what happen to the massive bitfury order?)

[mboehler]

You've gotta give us something. Running away with our money, then saying "I can't pay you back because of reasons I can't tell you yet. You need to wait an indefinite time" is bound to start continue pissing people off.

You keep ignoring some of the most basic questions (i.e. what happen to the massive bitfury order?)

FTFY

[rustyh17]

Lab_Rat, thank you for the feedback regarding your talks with legal counsel. Do you have any idea of the time frame
for completion of your IPO revision proposal?

When this change was announced on 08/MAR/14, things got really uncertain, really quickly. It is now exactly 20 days
later and a lot of FUD has destroyed bond valuation and confidence in LRM as an unregulated security.

countduckula's points of interest are completely valid from an investor perspective. People do not normally jump immediately
to consider the worst, but this is not a market with regulation or oversight. What that does is force investors to continuously
conduct their own due diligence and perform a running risk assessment of this asset. We are attempting to regulate this
asset ourselves. The real problem is: ZERO INFORMATION = UNLIMITED RISK!

Solve the ZERO INFORMATION problem and you'll go a long way toward pulling this security back from brinkmanship.

My base question is, "Are you going to provide a solution that honors the original IPO agreement and acts in good faith to
maximize investor return on investment?"

That's really all I need to know. I'm not sure how or why answering that basic question (in no uncertain terms directly from
your fingertips) increases your legal liability on this asset. Can you answer that question or are you truly directed by legal
to say nothing?

[bittymitty]

LRM complies perfectly fine with the IRS. I figured it'd have to be reported this way. There is one thing I didn't expect but it doesn't effect the company as it just doesn't pertain.

I've had 2 long phone calls with my lawyer and things seem to be coming together. Please understand I'm waiting on this too. I don't like being a human punching bag on the forums. If the results of this are not agreeable. Please feel free to sue. Just stop arguing and threatening over conspiracy theories.

P.S.  Be nice to grnbrg. He's always been nice to you guys and he's helped LRM in a couple times of need.

No apology

No intention to change ways

Admission he is going to screw the contract "If the results of this are not agreeable"

Expecting a lawsuit "I've had 2 long phone calls with my lawyer"

Straw man argument "Be nice to grnbrg."

[grnbrg]

LRM complies perfectly fine with the IRS. I figured it'd have to be reported this way. There is one thing I didn't expect but it doesn't effect the company as it just doesn't pertain.

I've had 2 long phone calls with my lawyer and things seem to be coming together. Please understand I'm waiting on this too. I don't like being a human punching bag on the forums. If the results of this are not agreeable. Please feel free to sue. Just stop arguing and threatening over conspiracy theories.

P.S.  Be nice to grnbrg. He's always been nice to you guys and he's helped LRM in a couple times of need.

No apology

No intention to change ways

Admission he is going to screw the contract "If the results of this are not agreeable"

Expecting a lawsuit "I've had 2 long phone calls with my lawyer"

Straw man argument "Be nice to grnbrg."

And this is why we don't get any information.



grnbrg.

[bittymitty]

LRM complies perfectly fine with the IRS. I figured it'd have to be reported this way. There is one thing I didn't expect but it doesn't effect the company as it just doesn't pertain.

I've had 2 long phone calls with my lawyer and things seem to be coming together. Please understand I'm waiting on this too. I don't like being a human punching bag on the forums. If the results of this are not agreeable. Please feel free to sue. Just stop arguing and threatening over conspiracy theories.

P.S.  Be nice to grnbrg. He's always been nice to you guys and he's helped LRM in a couple times of need.

No apology

No intention to change ways

Admission he is going to screw the contract "If the results of this are not agreeable"

Expecting a lawsuit "I've had 2 long phone calls with my lawyer"

Straw man argument "Be nice to grnbrg."

And this is why we don't get any information.



grnbrg.

Where has anyone been attacking Grnbrg?

[grnbrg]

Where has anyone been attacking Grnbrg?

I'm not entirely sure.    I vote for not starting to, though.  



grnbrg.

[contactmike1]

Time for a reality check.  Most of the questions have been answered by labrat already.  

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.

There are multiple issues, local and federal.  The main issue is specifically pertaining to variable payout though.  I'm not a lawyer so I'm waiting for my legal rep to put it all in legal terminology before laying it out there.

I was out today, but tomorrow is a full day I will be speaking with my lawyer, as well as the other legal advisers who had input on this matter.  None of which see anything LRM to be working with to be an SEC or FinCEN issue if the transition is made, which is why I made this choice.  How to handle the specifics of the payout moving forward is being worked on.

CEX.io is on a different boat than LRM, although they are definitely breaching MSB issues within the US whether they operate in or out of the country.

EDIT: also going to be flying out to meet with a well respected business lawyer rather soon who has also handled Bitcoin.

There are issues with a percentage being considered shares and a contract being considered a sale.  I will attempt to clarify more over the course of next week when I have more legal documentation to explain.

Also, I've done the math and liquidating the company's assets will turn out worse for the contract-holders as well as myself (rather than paying out "dividends").
Hardware just doesn't sell for what it did in may 2013......

I'm working on doing so and all I have done is provide an immediate fix that does fit into the original contract promises, with the intent to find a way to benefit early contract purchasers as more hardware comes in.

I am taking advice of many folks and stopping answering any questions.  I'll poke my head in at least once a day or two to say "Still here" and that is all.  The next time you receive anything of substance it will be a full report on the subject which will take time to produce.  There are 94 pages of NJ Laws that pertain to this matter, let alone the federal laws.  Contained in this report will be all legal matter as well as a pheonixed contract.  If you don't like it, sue LRM.  But I must warn you, that you will lose, and cost yourself money twice because the money used to fight the legal battles will be that of the company's.  This is the last thing any of us want, but it seems to be a trend in Bitcoin lately to sue over everything.

I'm looking out for my interests, as well as those of the company and all those involved.  To those of you who have known me going on 2 years now, you know I'm not some evil thief.  I'm doing what's necessary and I believe that the end result will be something everyone can live with.

I will make an attempt to clarify #4 in one quick sentence but the rest you can read a little more for.  Everyone who has contracts at this point in time is an "early purchaser" of contracts.  The company is still young and people should not be looking at this like it's all going to end in 3-4 months.  I can't count how many times I've stated Bitcoin is not a sprint it's a marathon.  For over 2 years people said that graphics cards were not profitable and in 4-6 months people will stop mining so much, but every time someone said that the price went up and they remained profitable.  Change =/= Death.

I can't provide reassurance without giving information that I can't give until things are in place. All I can say is that I'm working on the permanent solution and believe I have found a reasonable and legal way to provide over 300MH.

OK.  Just out of a meeting with my lawyer and things look very very good in respect to how they have looked.  I can't give time frames as things in the real world operate 9-5 m-f (NOT INCLUDING LUNCH HOURS) and my lawyer stated this loud and clear to me.  When I asked for an estimate on time he said it will come when it's done and it's a priority.


What he specified I can share is that there will be an announcement that will provide some clarification followed by a contract to be presented.  More info will come when it is available and no sooner.  It is the intention of LRM to provide further than 300MH/s per contract and is apparent that the way this will be done is legal.

All your questions about current and future hardware including the March hardware will be answered upon completion of the new contract.  If labrat speculates early, before the contract, then people will scream bloody murder as soon as the contract changes a single word.  Labrat is smart for not giving "what ifs" and "could be's".  It only leads to trouble.

[Edit:]  Updated CEX quote per grnbrg's suggestion.

[grnbrg]

My only comment is to highlight the following to clarify a bit:

CEX.io is on a different boat than LRM, although they are definitely breaching MSB issues within the US whether they operate in or out of the country.

grnbrg

[||bit]

Time for a reality check.  Most of the questions have been answered by labrat already.  

Thanks for compiling that contactmike.

[contactmike1]

Time for a reality check.  Most of the questions have been answered by labrat already.  

Thanks for compiling that contactmike.

You are welcome.  I should note that I selected the responses that were relevant to many of the questions.  There are a number of responses I did not post.

[LostDutchman]

Where has anyone been attacking Grnbrg?

I'm not entirely sure.    I vote for not starting to, though.  



grnbrg.

Howya been grnbrg?

Long time no see!

My $.02.

[grnbrg]

Where has anyone been attacking Grnbrg?

I'm not entirely sure.    I vote for not starting to, though.  



grnbrg.

Howya been grnbrg?

Long time no see!

See?  See the abuse I have to put up with?



grnbrg.

[LostDutchman]

Where has anyone been attacking Grnbrg?

I'm not entirely sure.    I vote for not starting to, though.  



grnbrg.

Howya been grnbrg?

Long time no see!

See?  See the abuse I have to put up with?



grnbrg.

No shit!

You been havin' a tough time lately and I understand how one can unintentionally go wrong by hitching one's wagon to the wrong star!

First your association with BFL and now Lab_Rat is having problems from which he will most likely not ercoevr.

I must point out that I said sometime back that those who sold "shares" and "bonds" were sooner or later going to get it right up the Strada Chocolata and now they have.

Not your fault!

Hell, I still got guys on MY ass for telling them to invest with BFL!

LOL!

Come on down to KC sometime, I'll get us a car and driver and we'll do the town!

Danny's, Westport, maybe Johnnie's.

We might even do a barbeque in BFL's parking lot!

LOL!

Keep your head down and take care my brother!

My $.02.



We'll have a ball!

You for certain need the break!

[countduckula]

Good work compiling vague and useless answers!!

They're all pretty vague and nothing of what it was supposed to be clarified later, was actually explained or "clarified".

We still dont know what is the issue, what is the posible solution, regardless of the 95 page regulation that i want to suppose its not all applied to us, probably less than 10% and im sure they're pretty straight forward issues to address.

I dont know how many bonds i own, if they're a part or the hardware or 300mh or 100mh tripled, i dont know if new hardware came and its running and mining and being paid or not.

To summarize, if you can live with weak and vague answers, good for you, i don't.

[||bit]

[Flashman]

And this is why we don't get any information.



grnbrg.

More like this is why we get ants, lots of syrup and waffle, no meat and 'taters.

[Jolest]

Time for a reality check.  Most of the questions have been answered by labrat already.  

Thanks for compiling that contactmike.

+1