-

[smracer]

PSUs are being recycled from previous hardware.

So you will be selling all your 65nm BFL equipment?  Where?  eBay?

[1715568791]

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[hamburgerhelper]

Lab_Rat, could you please provide the original contract you are referring to for the original bonds for us to compare?  Or a link to the original.

A digital copy of this contract is not available on this computer.  This will be done in a timely manner.

BWAHAHAHAHA!

Did your lawyer come up with that one? Does s/he realize that we've been waiting for basic information for months now? That was rich.

[Lab_Rat]

How would we move to the new contract if we wanted to?

All you have to do is tell us you agree to the new contract.  I have verified email addresses for almost all contract-holders.  Please tell us via the email address you have used in the past.  If I do not have a verified email address of yours, grnbrg will explain that process in detail upon request.

[contactmike1]

So to clarify, holders of original bonds are locked at 300Mh now? Then if "upgraded" to new contract they get 3 for 1 split at 100Mh each plus bonus which is depending on how much mine is costing to run and expand etc.

Yes this is confusing.  Does that mean there will be two different bond types now?  So when we trade bonds, we need to pay attention to what type of bond it is?   We really need to land in a place where all bonds have the same practical valuation.

[dooferorg]

Regarding the contract, please state what is the case if we do not agree with the terms given.

Since LRM already took our BTC, it seems we are forced to accept. The 'All purchases are final' bit.

Well, I didn't know I was 'purchasing' a crappy amount of hashing power for 4BTC

I am not sure how people can legally be forced into accepting these 'new terms and conditions'.

I, for one, want my BTC back. I don't care that the dollar amount has changed. 1 BTC then is 1 BTC now.

Please do not answer questions with false information.

You are not forced to accept.

Your personal opinion.

You are not forced to accept.

Your personal opinion.

How is it 'false' that you have CHANGED the terms of the deal AFTER receiving our money for these 'mining bonds'?

Yes, it's my opinion that I'm posting on here. Goodness knows I don't have hardly any facts from you because of the way all this has transpired.

Money spent on LRM will never be recovered by investors. Is that my opinion? Yes, it is. Remains to be seen if that is going to be true or not.

[Lab_Rat]

LR -

1) Please tell us the original reason why the bonds were capped at 100 MH/s? We've seen a lot of hand waiving, but no concrete reason.

2) This conversion to capped bonds is not optional. What recourse through LRM do investors have who do not accept capped bonds in exchange for their original proportional bonds?

1: To the extent that we can answer this question without supplying legal advice we have already done so.

2: For those contract holders who wish it, they can select the new contract. 

[Lab_Rat]

Did the 3 to 1 split happen or not?  I don't see anything in the new contract that makes a 3 to 1 split beneficial or necessary.  When people start trading again, it will be very important to know if the number of outstanding bonds has tripled or not.

Edit:
Rewording since a good answer just appeared above.  It sounds like we did incur the 3to1 split and the number of outstanding bonds has tripled.

This is correct.  A new contract holdings list will be provided showing no more information than payout address and contracts held.  This will confirm the 3:1 split.

[rustyh17]

Would you submit LRM financials to a third party audit paid for by contract holders?

[hamburgerhelper]

LR -

2) This conversion to capped bonds is not optional. What recourse through LRM do investors have who do not accept capped bonds in exchange for their original proportional bonds?

2: For those contract holders who wish it, they can select the new contract. 

This does not answer my question. I'm not asking about choosing one kind of capped bond over another. I'm asking what options I have as an investor if I do not accept ANY capped bond in exchange for my original, proportional bond?

[dooferorg]

LR -

1) Please tell us the original reason why the bonds were capped at 100 MH/s? We've seen a lot of hand waiving, but no concrete reason.

2) This conversion to capped bonds is not optional. What recourse through LRM do investors have who do not accept capped bonds in exchange for their original proportional bonds?

1: To the extent that we can answer this question without supplying legal advice we have already done so.

2: For those contract holders who wish it, they can select the new contract. 

So, in order for the growing hashrate to be cleared legally it is declared as a 'bonus' for the purposes of this contract?

[Lab_Rat]

LR -

Would you be willing to provide an update once per week as to the state of Lab Rat Mining?

Specifically, we'd like to know:

Amount of Hashrate on-hand.
Amount of Hashrate ordered.
Expected arrival date of hashrate on-order.
Bitcoins mined this week.
Bitcoins paid out this week.
Amount paid per contract.
Number of contracts in existence.
Any other pertinent information.

Thank you.


EDIT: Corrected typos.

Most of these do not change on a week to week basis.  The important information is the hashrate which is updated instantaneously on the top of the website under Current Hashrate.  Any major developments will be posted as they occur.

[Lab_Rat]

Q2) Given that we have just received the contract, I would really like to digest it for 24 hours as I may come up with follow up questions.  Would you consider scheduling another Q&A session with lawyer present later next week?

Q2: There will be time allotted for all contract holders to decide what they chose to do.  I believe this time will be 60 days from today.

grnbrg.

Appear to have missed that, apologies.

This has not been planned or scheduled, but we will discuss it internally and advise.

[mboehler]

LR -

Would you be willing to provide an update once per week as to the state of Lab Rat Mining?

Specifically, we'd like to know:

Amount of Hashrate on-hand.
Amount of Hashrate ordered.
Expected arrival date of hashrate on-order.
Bitcoins mined this week.
Bitcoins paid out this week.
Amount paid per contract.
Number of contracts in existence.
Any other pertinent information.

Thank you.


EDIT: Corrected typos.

Most of these do not change on a week to week basis.  The important information is the hashrate which is updated instantaneously on the top of the website under Current Hashrate.  Any major developments will be posted as they occur.

So are you saying you are not willing to do this?

[Mindsync Miner]

Please specify the exact differences between continuing with the old contract versus electing the new contract.
If that's too broad please offer a summarized comparison of what dividends per bond under old/new contracts will look like in the near term and future term.

[mmmerlin]

Q2) Given that we have just received the contract, I would really like to digest it for 24 hours as I may come up with follow up questions.  Would you consider scheduling another Q&A session with lawyer present later next week?

Q2: There will be time allotted for all contract holders to decide what they chose to do.  I believe this time will be 60 days from today.

grnbrg.

Appear to have missed that, apologies.

This has not been planned or scheduled, but we will discuss it internally and advise.

Just out of curiosity, who is this "we" you are now referring to?

Also, before, when you answered about the incoming hardware, the original question was clearly asking in terms of TH/s not a percentage, so could you tell us that please?

Also, if the hashrate is updated automatically, but 40-50% is already online, why are we not seeing this already?

[Lab_Rat]

So to clarify, holders of original bonds are locked at 300Mh now? Then if "upgraded" to new contract they get 3 for 1 split at 100Mh each plus bonus which is depending on how much mine is costing to run and expand etc.

The effective rate of original contract holders is 300MH/s which is being paid at 100MH/s per contract due to the 3:1 split.  Whomever goes to the new contracts, will receive 1 new contract for each current contract they currently hold.  EX: If you hold 100 contracts currently, you will receive 100 new contracts at 100MH/s + bonus.  The bonus will be based upon the then available funds to pay it.

[hamburgerhelper]

From the 4/25/2014 contract:

"If a machine is said to be capable of 1000GH/s and you have a 100GH/s share you would receive 10% of its mined Bitcoins for the duration of your contract."

What is the term of the new contract? Is it monthly, yearly, perpetual?

[Lab_Rat]

PSUs are being recycled from previous hardware.

So you will be selling all your 65nm BFL equipment?  Where?  eBay?

Yes.

[Frankthechicken]

2nd page, mid page:

Each contract is a share of the generated Bitcoins from a certain piece of Bitcoin mining hardware for a select period of time.

What is the 'select period of time'?  I didn't really see that clarified anywhere.

[Lab_Rat]

So to clarify, holders of original bonds are locked at 300Mh now? Then if "upgraded" to new contract they get 3 for 1 split at 100Mh each plus bonus which is depending on how much mine is costing to run and expand etc.

Yes this is confusing.  Does that mean there will be two different bond types now?  So when we trade bonds, we need to pay attention to what type of bond it is?   We really need to land in a place where all bonds have the same practical valuation.

Yes, this is correct.  We will be addressing this issue in the near future and will advise if we do.