-

[Lab_Rat]

Had a personal issue yesterday.  Divs are going out right now.

[Lab_Rat]

Distributions Paid

Mined: BTC2.84709269
Per Contract: BTC0.00001600
   
Bonus: BTC6.59968490
Bonus Per contract: BTC0.00003709

[hamburgerhelper]

According to retrocalc.net, the "contracted" plus "bonus" hardware, all of which was purchased by people who expected to get 75% of the bitcoins mined, earned approximately 22.5895 BTC.

Before Zach's switcheroo we would have split up 16.942125 among the bond holders. Compare that to the 9.44677759 he paid out. Future customers of LRM beware! Don't join the ranks of the swindled.

[sparky999]

So just to be clear, Zach. Your saying that instead of the original agreed upon amount of 25% for expenses you are actually taking closer to 50% and not using any of the extra acquired coins for buying more hardware?

Leaving LRM with out any way to buy new hardware with out issuing more bonds which nobody will buy due to the convoluted nature of the contract?

How many bitcoins worth of contracts have been sold since you posted your great news and launched your 'flashy' new website?

[Lab_Rat]

So just to be clear, Zach. Your saying that instead of the original agreed upon amount of 25% for expenses you are actually taking closer to 50% and not using any of the extra acquired coins for buying more hardware?

Leaving LRM with out any way to buy new hardware with out issuing more bonds which nobody will buy due to the convoluted nature of the contract?

How many bitcoins worth of contracts have been sold since you posted your great news and launched your 'flashy' new website?

Actually none of that is correct.  The 23 coins that were estimated by a faulty calculator is far over actual mined coins and the coins that have been saved are all going into hardware.  The idea is to save up enough to get a good price discounted below retail.

[sparky999]

There is one way your gonna sell the 500BTC of bonds you want to and that is by explaining in detail the current financial, mining and legal situation of LRM.

How many coins are currently in the 'buy new hardware fund'?

What happens if you only sell 10BTC of contracts, 100BTC, 250BTC etc?

When will new hardware be delivered?

Have you received the refund from BFL yet? Is that money going towards new equipment? If not what is happening with it?



Come on Zach, we played ball and switched to the new contracts - take a deep breath and fully explain LRM's current situation and then we can all properly evaluate your offering and maybe we will finally see it for the good news that you said it was going to be.

[Lab_Rat]

There is one way your gonna sell the 500BTC of bonds you want to and that is by explaining in detail the current financial, mining and legal situation of LRM.

How many coins are currently in the 'buy new hardware fund'?

What happens if you only sell 10BTC of contracts, 100BTC, 250BTC etc?

When will new hardware be delivered?

Have you received the refund from BFL yet? Is that money going towards new equipment? If not what is happening with it?



Come on Zach, we played ball and switched to the new contracts - take a deep breath and fully explain LRM's current situation and then we can all properly evaluate your offering and maybe we will finally see it for the good news that you said it was going to be.

I'll put something together, but to ease concerns with the BFL issue.  I have requested the refund and received an email stating that it's being processed.  Just a waiting game now and every penny of that is going into the new hardware purchase/setup.

The matter of when hardware will be delivered is up to which deal we move forward with.  I feel as though the MBP franchise program has much more promise than purchasing hardware outright as it works into us owning it outright rather quickly and allows all upfront costs to go toward buildout making the mine larger.

I'll answer the other questions when I have another moment regarding partially raised funds and financial situation.

[sparky999]

Thank you.

[countduckula]

Let me understand this correctly... Correct me please if i'm wrong:

You're selling 100mh contracts for 0.0045 when cex.io sells 1gh for 0.0037..

If it was just that, people will use 1/4 of a braincell to say no.

But it doesnt end there, in the process, you're going to dilute our dividends selling new contracts and dividing pool mined coins exactly the same with people who paid 3% of what we paid, the pool we helped build with our 25% and further 2 weeks and who knows what else you screw us over..

It seems you're a bit delusional to say the least, show us the numbers and we might trust you with our current investment, you started great, all out in the open, then all became too shady and information stopped flowing, so far im so deep in the loss with this investment.

[btcrealm]

I'll put something together, but to ease concerns with the BFL issue.  I have requested the refund and received an email stating that it's being processed.  Just a waiting game now and every penny of that is going into the new hardware purchase/setup.

The matter of when hardware will be delivered is up to which deal we move forward with.  I feel as though the MBP franchise program has much more promise than purchasing hardware outright as it works into us owning it outright rather quickly and allows all upfront costs to go toward buildout making the mine larger.

I'll answer the other questions when I have another moment regarding partially raised funds and financial situation.

Thank you

[electerium]

does this business have a mining page that explicitly shows mining stats yet?


or are we just supposed to trust that the 100mh is real, and whatever lrm decides to kick back to holders is also real?

[yuhannl]

does this business have a mining page that explicitly shows mining stats yet?


or are we just supposed to trust that the 100mh is real, and whatever lrm decides to kick back to holders is also real?

It's all about trust

[spuushie]

How did 'I've got great news coming' turn into ' I have no money and am gonna try and sell more contracts to further dilute your already under performing contracts.'

One day you will realise honesty and transparency in business is a superior strategy.

Yes!

How did this happen? I thought the early investors where supposed to bee better off. Now it is the opposite!

[Lab_Rat]

does this business have a mining page that explicitly shows mining stats yet?


or are we just supposed to trust that the 100mh is real, and whatever lrm decides to kick back to holders is also real?

There are live stats pulled from the pool found here: http://www.labratmining.com/currentHashrate.php

If you think that is fake then please tell me how to prove that it exists?

[levi]

The new site makes this operation look really shady. I mean, the old one was bad, but this looks even worse.  

Also, the new contract pricing is pretty woeful. I don't think I'll be buying any new contracts.

[Lab_Rat]

Distributions this week were for 6 days instead of 7.

Mined: BTC2.28424835
Per Contract: BTC0.00001281
   
Bonus: BTC6.19929879
Bonus Per contract: BTC0.00003477

[fractal02]

Thank you LabRat

[sparky999]

Don't forget you still owe us a more detailed update.

[oldbushie]

Yeah for some reason the new site design looks straight out of those 90s websites trying to get you to "buy my book to solve all your problems!". I am not pleased with the color choices. Before, it had a better color scheme and layout.

[elitenoob]

I am not pleased with the color choices.

hmm k, next please