Bitcoin Forum
December 07, 2016, 08:55:30 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  

Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

Pages: « 1 2 3 4 5 6 7 8 9 10 11 [12] 13 14 »  All
  Print  
Author Topic: [GLBSE] Introducing: Bitcoin Syndicate, a new mining op trading publicly!  (Read 21406 times)
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
September 05, 2012, 02:06:41 AM
 #221

Ok, so it's been a long haul. But I've finally got the pieces in place (minus one, which I'll mention below) to get our plans of action to carry forward.

First a brief summary after the theft:

The police responded, I worked with the investigator, to explore all the leads I had dug up, and any other potential options he could think of. He was surprisingly knowledgeable about bitcoin, and aware of the situation quite well. Unfortunately because the money is still sitting in one wallet, it's un-traceable at this time. IF further useful evidence presents itself, and he'll consider acting at that time. The case is now essentially in their cold-case files, and will be re-opened if we call them with further evidence.

I'll be getting a hard copy of the full police report and posting it up for everyone to see shortly. (right now I'm very strapped for time, and so I don't have time to go down to the police station and wait around for paperwork to get done, as I have to go down in person, fill out a formal information request form, and pay a fee for it). But that will happen soon.

In addition, I've re-deposited the bitcoins that I had (rather the Canadian Dollars I had, converted back to bitcoins minus exchange fees and such). So that explains the random transaction for like 55BTC you saw. (I withheld enough CAD$ to pay the fee to the police for the hard copy of the police report).

So basically nothing at MTGox has turned up any real leads, the police are no longer investigating, and the money is basically non-recoverable (unless we get lucky in the future and they move it in a traceable way).

Also to touch on current hashrates, we're doing our best. Several of the founders rigs are experiencing hardware problems now, and I have not had time to tackle it. I expect we will be able to resolve this soon. Until then we've been doing our best to maintain as much hashing power as possible.

Now, onto the plan(s) of action:

I propose the following options going forward, I've put a lot of thought into these, and hope that collectively this presents good options with the interests of the shareholders in mind, and a wide spectrum of available actions to choose from.

Option 1 (Rebuild FPGA):
I've been doing much work with Enterpoint (I'm essentially the lead developer on their bitstreams for their boards right now). As such they are willing to do 2 things for us:
- Still give us a discounted price from the now full retail price (current retail on their boards is 600GBP, we get them for 400GBP)
- Give us 4 boards on a "Mining Lease". Which means that 80% of those boards hash power goes in to paying off their purchase price (at 400GBP). (after electricity/overhead costs)
- Once the boards have been paid off, we own them in full.
Currently the Enterpoint Cairnsmore1 board is pulling about 800-820Mhash on average. I expect the bitstream to advance in the next little bit to boost that as high as 1Ghash - 1.2Ghash.
If we redirect 100% of our current funds (which is what I'm proposing here) into the boards, that gives us approximately 1650GBP (at current exchange) which should be enough to cover 4 boards purchased, plus shipping, and any supporting parts needed. This combined with the 4 leased boards means an instant jump of 6.4Ghash in mining power (note the icarus boards we sold off were rated for a max of 6.6Ghash). Of which for the first little bit we're paying off 4 of the boards. But consider there is a high chance that hashrate will increase "for free" to be 8Ghash - 9.6Ghash in the near future.
Overall this gets us back to where we were in hashing power. But we lost about 3 months of FPGA hashing during that time. So the net effect of the theft was basically 3 months of FPGA hashing. Which isn't bad all things considered. On the other hand the Opportunity Loss was still high, considering where bitcoin value went, and how many enterpoint boards we could have had, but we have no control over that now, so this I think is one of the best options. Also to consider is Enterpoint are highly experienced and have shown good business practices. They already have a Gen2 FPGA product on the horizon, and a likely ASIC product. Aligning ourselves with them now, gives us the ability to take advantage of this relationship going forward. With this option we would resume normal dividend payments at an 80/20 split as before, after the initial "rebuild" purchase of hardware has completed.

Option 2 (Rebuild ASIC):
It has been suggested (by mila) that we buy into ASIC boards from BFL at this time. This idea can't be discounted fully. BFL has a REALLY bad track record, they don't deliver on time, and rarely meet their projected performance goals. Their business practices are questionable and best, and so on. We dealt with them once, and they nearly screwed us out of our money. But that said, they did EVENTUALLY deliver on the singles, and the mini-rigs. And the mini-rigs are much closer to their advertised specs than the singles were. They might have been very late, but they did in fact deliver. So now we're posed with the dilemma, they announced their ASIC products. Which are FAR faster hashrate per dollar than the current FPGA offering. And better power efficiency. IF they deliver as promised, and on-time, these are going to be a game changer for mining. I don't think they will destroy the profitability of FPGA mining for quite some time, but GPU mining will become un-profitable overnight. So that said, we have the option of taking all our current money and investing it into ASIC boards from BFL.
The risk here, is that we invest, and they take months to deliver like last time, and we're still left "out in the cold" for some time. Or that their hardware doesn't live up to the offered specs. Also another big risk, is that with the major surge in hash power, there is a risk that the bitcoin mining protocol could change (even slightly) to protect from possible attacks (with easily available cheap hash power). If that happens, the ASICs on the market get invalidated. If this change is going to happen, it would need to happen before ASICs take over the network, as very few running ASIC miners would invalidate their own hardware, so the whole ASIC movement COULD fail within months of it's takeoff... That's another risk we need to consider here. But the potential hashrate gains are high if it all works out well.
- We take out 250BTC we have now and put it towards ASICs from BFL.
- The "Jalapeno" works out to be 23.5Mhash/$
- The "SC Single" works out to be 30.8Mhash/$
- Our current funds at approximate exchange rate of $10/BTC is $2,500 USD
- for this money, including shipping, we can get one "SC Single" and approximately 7 of the "Jalapeno" models.
- This equates to a total (advertised) hash rate of 64.5GHash/s
This option works for me too, it has a much higher potential gain, but with a higher risk profile. The question is, do we want to support BFL? And do we want to accept the potential wait until sometime in the newyear to get the product? And the risk it may not pan out as expected for one reason or another?
With this option we would resume normal dividend payments at an 80/20 split as before, after the initial "rebuild" purchase of hardware has completed.

Option 3 (Rebuild Hedge Our Bets)
A Combo of option 1/2 I won't go into full detail, but basically we buy 2 enterpoint boards, do the hardware lease, and throw whatever funds we have left at "Jalapeno" boards from BFL. With this option we would resume normal dividend payments at an 80/20 split as before, after the initial "rebuild" purchase of hardware has completed.

Option 4 (Wait it out, with Lease & 50/50 split)
Due to the upcoming "ASIC Revolution" for bitcoin mining, combined with the reward drop in December. There is a lot of uncertainty ahead. And we are still recovering from a major blow. It may be wise in our position to simply wait, gather assets, and see how things unfold. Then we can decide what to do once the dust settles. There is risk in this option too, if bitcoin value crashes hard, we loose most of our value. But in general I think bitcoin itself will be fine, and not having invested in any particular solution means once the dust settles we can make an informed decision (which may be to simple close up shop at that time if the business is no longer viable in the new "state" of things). If we hold onto our liquid assets until the new-year, we can see the outcome of the ASIC revolution and the reward drop, and decide what to do then. But since the hardware lease from Enterpoint is essentially "Free" we can still take advantage of that at this point, and get that 20% boost in mining power from those 4 boards, with the boards paying themselves off. Once paid off this gives us another 3.6Ghash - 4.8Ghash of mining power until we decide what to do with our gathered assets. If this option is chosen we would continue with a 50/50 split, 50% of income paid to dividends, 50% to savings until the newyear. At our current hashrate I expect we would gain another 200BTC by the end of the year approximately (depending on how the difficulty goes, and how fast we pay off the leased boards). So at the "decision point" (accounting for dividends) we would have around 200BTC to decide what to do with (estimated).

Option 5 (Wait it out 50/50 split)
This one is just pure wait. Don't do the lease, minimize all risk, and just sit on what we have until Jan 1 2013. Then decide what to do at that time. Same 50/50 split as proposed in Option3

Option 6 (Close up shop)
This last option isn't the one I want to take personally, but I have to present it for the shareholders to consider.
Basically we just cut our losses, pay out 100% of the current liquid assets to dividends, and cease operations.
With the current assets this would mean 0.02BTC roughly per share in dividends. Nowhere near the amount invested, but considering the previous dividends, that does put us in a position to be better than the current share price at least, and not a 100% loss. I don't personally like this option, but if that's what the shareholders decide I'll support it.

Ok, so those are the options I'd like to present. My plan is this:
Put up 6 different motions all at once. All with 7 day timeframes.
I will be withholding my votes. I will not vote on these motions. I will hold my vote back as a swing vote.
Anyone can vote for/against one or more option you wish to pass/fail.
If more than one pass, then provided one of them has a lead over all other of at least 10% measured using the pass margin, that one is the winning option
If no such option presents itself, I will use my remaining share's voting power to make a final decision between all the passed motions.
When I say the 10% is measured by pass margin, I mean if 20% vote no on option1 and 30% vote yes (of total volume of shares) that gives a pass margin of 10% of total share volume. If option 2 gets 30% no, and 60% yes of total share volume, then it has 30% pass margin of total share volume, meaning it has a lead over option 1 of 20%.

Once this vote is concluded, I will ask Nefario to unlock all trading on GLBSE so that trades can commence, and we can then see what happens to our share price. (based on people making informed trades knowing our actual business plan going forward). And from that point forward, we would resume operation and paying dividends as per the chosen option.

The motions for these are going live in the next couple hours. I'll post back with confirmation and motion IDs in the Motions thread once they are up.

There are a few other options/actions we can take as well, but they will be more applicable once we have resumed operation in one form or another (ie extending further investment opportunities and so on). We can explore those options once one of the above choices is chosen, and we have gotten things rolling again. (or not if option 6 is chosen).

Thanks for all your patience and support during this trying time, Based on the outcome of this next decision, we will move forward, and past this difficult incident in our history.

Please see the original post on our internal forums: http://forum.btcsyn.com/viewtopic.php?f=6&t=106

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
1481100930
Hero Member
*
Offline Offline

Posts: 1481100930

View Profile Personal Message (Offline)

Ignore
1481100930
Reply with quote  #2

1481100930
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
September 05, 2012, 02:19:28 AM
 #222

Motion Announcement:

Multiple Choice Motion. As per Announcement Post at http://forum.btcsyn.com/viewtopic.php?f=6&t=106
These motions are up for 7 days. This is an important vote, deciding the future of BTCSYN, PLEASE if you own shares VOTE on these.
They should expire at approximately 10PM Sept 11th 2012 EST.

Option 1 (Rebuild FPGA):
Motion ID: 116

Option 2 (Rebuild ASIC):
Motion ID: 117

Option 3 (Rebuild Hedge Our Bets)
Motion ID: 118

Option 4 (Wait it out, with Lease & 50/50 split)
Motion ID: 119

Option 5 (Wait it out 50/50 split)
Motion ID: 120

Option 6 (Close up shop)
Motion ID: 121

As per instructions in the announcement thread:
- I will be withholding my votes. I will not vote on these motions. I will hold my vote back as a swing vote.
- Anyone can vote for/against one or more option you wish to pass/fail.
- If more than one pass, then provided one of them has a lead over all other of at least 10% measured using the pass margin, that one is the winning option
- If no such option presents itself, I will use my remaining share's voting power to make a final decision between all the passed motions.

When I say the 10% is measured by pass margin, I mean if 20% vote no on option1 and 30% vote yes (of total volume of shares) that gives a pass margin of 10% of total share volume. If option 2 gets 30% no, and 60% yes of total share volume, then it has 30% pass margin of total share volume, meaning it has a lead over option 1 of 20%.

Original post: http://forum.btcsyn.com/viewtopic.php?f=8&t=107

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
mila
Sr. Member
****
Offline Offline

Activity: 462



View Profile
September 05, 2012, 01:37:23 PM
 #223

seems like a major announcement. bump.

your ad here:
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
September 13, 2012, 02:13:31 PM
 #224

Crosspost from our internal forums (thread here: http://forum.btcsyn.com/viewtopic.php?f=8&t=107&p=1372#p1372)

The motions have finally closed!

Here are the results:

116 (Option 1 Rebuild FPGA)
PASS
Total Votes: 2994
Yea Votes: 2749
Nay Votes: 245
Pass Margin Absolute: 2504
Pass Margin % Volume: 20.8%
Pass Margin % Voted: 83.6%

117 (Option 2 Rebuild ASIC)
PASS
Total Votes: 2702
Yea Votes: 1573
Nay Votes: 1129
Pass Margin Absolute: 444
Pass Margin % Volume: 3.7%
Pass Margin % Voted: 16%

118 (Option 3 Rebuild Hedge)
FAIL
Total Votes: 2262
Yea Votes: 321
Nay Votes: 1941
Pass Margin Absolute: NA
Pass Margin % Volume: NA
Pass Margin % Voted: NA

119 (Option 4 Wait it out with lease & 50/50)
PASS
Total Votes: 2251
Yea Votes: 1617
Nay Votes: 634
Pass Margin Absolute: 983
Pass Margin % Volume: 8.1%
Pass Margin % Voted: 43.6%

120 (Option 5 Wait it out, with 50/50)
FAIL
Total Votes: 2160
Yea Votes: 58
Nay Votes: 2102
Pass Margin Absolute: NA
Pass Margin % Volume: NA
Pass Margin % Voted: NA

121 (Option 6 Close up shop)
FAIL
Total Votes: 4558
Yea Votes: 190
Nay Votes: 4368
Pass Margin Absolute: NA
Pass Margin % Volume: NA
Pass Margin % Voted: NA

FINAL CONCLUSION:
What I can conclude from these results are several things:
- I'm very happy to see that of every vote, the one our shareholders felt the STRONGEST about was option 6. And they all CLEARLY did not want to close up the syndicate.
- There was interest in the ASIC option and FPGA option (but not hedging, which was interesting).
- There was some interest in waiting as well.
- There was a clear winner. Meaning I did NOT need to exercise my voting power at all.
- Most (all?) the founders did not exercise their votes either. Meaning this was a 100% community shareholder decision.
- The clear winner was Option #1. (Rebuilding Via FPGAs). It has more than 12% lead over the other options in terms of pass margin by total volume.

Thank you all for your patience, and support through this process. I'm extremely happy to see this coming to it's "conclusion" and allowing us to move on.

I'll be making an official "announcement" post shortly outlining exactly what's coming next.

Once that post is live, I'll ask Nefario to unlock trading on our asset.

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
September 13, 2012, 02:39:12 PM
 #225

Rebuilding Announcement Post (cross post from our forum at http://forum.btcsyn.com/viewtopic.php?f=6&t=129)

Ok, the motion is complete, and here is the plan of action based on the results of the motion (for the details of the motion results, see the motions forum, and my post of the results):

#1a - I'll contact Enterpoint and finalize negotiation for the hardware purchase.

#1b - (at the same time) - I'll withdraw our full balance to $CAD (the amount is smaller this time than last time, so I don't have the same tax concerns). And this way there is less exchange risk like last time.

#2 - Once the negotiation is finished, and the money is in my account. I'll wire it directly to Enterpoint.
(I will provide a record of how many $CAD I got out, and what exchange rate, and wire fee was and so on).

#3 - Any remaining funds will either be used for supporting bits needed to get the boards hashing, OR re-deposited (if it's excessive) to the syndicate.

#4 - We will await shipping of the hardware

#5 - I'll get it all operational and hashing

#6 - On the next "dividend payment time" that comes up (beginning of the month) following hashing beginning. We'll resume our 80/20% dividend split

#7 - IMPORTANT Until the lease from enterpoint is paid off, our full 80% growth fund will be going towards paying this off. This is to mitigate risk from the liability of the lease.

#8 - Back to business as usual after that

Any questions?

I have already emailed Enterpoint to finalize negotiations. I expect the whole forex/wire process to take about a week. Once Enterpoint have received funds I expect boards to be here within another 1 week. That means by the 1st of Oct, we should have boards here, ready to hash.

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
Capital One Corporation
Newbie
*
Offline Offline

Activity: 14



View Profile
September 13, 2012, 06:20:42 PM
 #226

It's not easy, but Glasswalker finally start to get up again from the disaster.
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
September 18, 2012, 07:53:52 PM
 #227

Cross post from our forums at: http://forum.btcsyn.com/viewtopic.php?f=6&t=129&p=2546#p2546

Quick update. Wire is sent, boards are bought and paid for. And the money wasn't stolen this time! Woohoo! (yeah I know, I went there...)   Roll Eyes

Anyway, the boards are paid for, once they arrive we will begin the lease period. We will owe Enterpoint 1480GBP for the leased boards. This will eat up 100% of our "Growth" fund until the debt is paid. Which shouldn't take too long.

So that means there are 8 shiny new Cairnsmore1 Boards being shipped from Enterpoint ASAP to begin mining for the syndicate.

I'll post another update once they arrive.

After converting at the canadian exchange (virtex canada) and paying their fees (and digging fairly deep into the market depth), and then paying the fees to withdraw it, exchanging it at my bank and sending the wires (paying the bank their fees/commission on the exchange of course) and so on. We have paid for the boards, and there is $264.42 CAD remaining. Which I will use to pay for any duties/fees to recieve the package when it arrives, and any bits and such I need to get them mining (cables, psu, fans, whatever).

If there is leftover after that's all done, I'll re-deposit it as BTC.

Also one more update. I just heard from Nefario. Trading has been re-opened on GLBSE!

This means the BTCSYN asset is now open for all trading again on the market!

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
mila
Sr. Member
****
Offline Offline

Activity: 462



View Profile
September 20, 2012, 06:59:53 AM
 #228

can't trade syndicate on glbse

your ad here:
server
Hero Member
*****
Offline Offline

Activity: 813


~\/~


View Profile
September 20, 2012, 09:28:27 AM
 #229

can't trade syndicate on glbse
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
September 20, 2012, 12:07:45 PM
 #230

Ugh, ok I'll alert Nefario that it's not working still...

Thanks for the heads up!

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
PinkBatman
Sr. Member
****
Offline Offline

Activity: 267



View Profile
September 27, 2012, 09:04:05 AM
 #231

Still no trading.
server
Hero Member
*****
Offline Offline

Activity: 813


~\/~


View Profile
September 27, 2012, 01:07:18 PM
 #232

Still no trading.

Nefario not really responsive these days..weeks...
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
September 27, 2012, 01:51:44 PM
 #233

Still no trading.

Nefario not really responsive these days..weeks...

Yeah I've emailed him again, I have him on IM as well I'll try and pin him down that way. Unfortunately there isn't much I can do directly until he takes a look.

I'll post an update once I have an actual response.

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
mila
Sr. Member
****
Offline Offline

Activity: 462



View Profile
September 27, 2012, 11:39:04 PM
 #234

Still no trading.

Nefario not really responsive these days..weeks...

Yeah I've emailed him again, I have him on IM as well I'll try and pin him down that way. Unfortunately there isn't much I can do directly until he takes a look.

I'll post an update once I have an actual response.

please post an update, so far the first entry under op shows status as not tradeable

your ad here:
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
October 06, 2012, 04:29:49 PM
 #235

Ok, so GLBSE is now gone... This has a fairly major impact on BTCSYN.

- GLBSE is now gone. Permanently.
- We have no way currently to track our shareholders, pay dividends, or anything else for that matter.
- Nefario is proposing to provide a list of shareholders. But only if those shareholders "claim" their info
- In order to make a "claim" you need to provide nefario with full AML Documents. Full real identity, real name, address, government photo identification, passports and so on.
- The suspicion from GLBSE shareholders (Who disagree with Nefario) is that this info is being gathered as part of a large SEC investigation in order to prosecute the individuals they gather info on.
- Right now a lot of rumor/speculation, but the reality is we are in complete limbo right now, until people decide to go through the "claim" process or not.
- If nobody claims, then BTCSYN is essentially forcefully dissolved. We have no way to verify shareholders. We are 100% at the mercy of nefario.
- Even IF everyone claims. Managing it will be a nightmare. And I don't have the time to deal with it. I barely have the time to keep our miners maintained right now.
- We would need the ability to very quickly move to another trading platform (That isn't absurd). And all this hinges on people making claims (and exposing themselves to possible prosecution/legal action)

Please see this thread: https://bitcointalk.org/index.php?topic=115669.0 for more details.

Not sure what we're going to do at this point. Just posting this to make sure everyone is aware of what's going on.

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
rdponticelli
Sr. Member
****
Offline Offline

Activity: 326


Our highest capital is the Confidence we build.


View Profile
October 06, 2012, 04:54:34 PM
 #236

Ok, so GLBSE is now gone... This has a fairly major impact on BTCSYN.

- GLBSE is now gone. Permanently.
- We have no way currently to track our shareholders, pay dividends, or anything else for that matter.
- Nefario is proposing to provide a list of shareholders. But only if those shareholders "claim" their info
- In order to make a "claim" you need to provide nefario with full AML Documents. Full real identity, real name, address, government photo identification, passports and so on.
- The suspicion from GLBSE shareholders (Who disagree with Nefario) is that this info is being gathered as part of a large SEC investigation in order to prosecute the individuals they gather info on.
- Right now a lot of rumor/speculation, but the reality is we are in complete limbo right now, until people decide to go through the "claim" process or not.
- If nobody claims, then BTCSYN is essentially forcefully dissolved. We have no way to verify shareholders. We are 100% at the mercy of nefario.
- Even IF everyone claims. Managing it will be a nightmare. And I don't have the time to deal with it. I barely have the time to keep our miners maintained right now.
- We would need the ability to very quickly move to another trading platform (That isn't absurd). And all this hinges on people making claims (and exposing themselves to possible prosecution/legal action)

Please see this thread: https://bitcointalk.org/index.php?topic=115669.0 for more details.

Not sure what we're going to do at this point. Just posting this to make sure everyone is aware of what's going on.

I don't believe that anything of what has happened would finish your obligations to your shareholders just like that. We invested in the syndicate because you had so many projects, and was so prepared to support bitcoin economy, with so many crazy projects... Hell, you was even prepared for Zombie apocalypses!

Sadly, against my will, I still have some shares on the syndicate, and I believe that if it's going to be closed down, it has to be done on the right way, making all effort possible to recover the list of shareholders, and paying whatever remains after a liquidation to them.
zapeta
Full Member
***
Offline Offline

Activity: 182


View Profile
October 06, 2012, 05:07:33 PM
 #237

- In order to make a "claim" you need to provide nefario with full AML Documents. Full real identity, real name, address, government photo identification, passports and so on.

Unless you have info that I haven't seen, there has only been speculation that AML documents will be required.
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
October 06, 2012, 05:44:14 PM
 #238

I don't believe that anything of what has happened would finish your obligations to your shareholders just like that. We invested in the syndicate because you had so many projects, and was so prepared to support bitcoin economy, with so many crazy projects... Hell, you was even prepared for Zombie apocalypses!

Sadly, against my will, I still have some shares on the syndicate, and I believe that if it's going to be closed down, it has to be done on the right way, making all effort possible to recover the list of shareholders, and paying whatever remains after a liquidation to them.
And I intend to do what I can. My point is currently continuing normal operation with a manual list of shareholders MAY be impossible with the other constraints in place. In which case I would be forced to move the shares to another exchange of some kind (that doesn't require rediculous fees or requirements to operate) OR I would need to close down operation under the terms of the bylaws.

But the main problem here which I don't think you're grasping is that I CANNOT do anything to recover the list of shareholders. It's all at the mercy of Nefario. It's up to the individual shareholders to contact him, and fulfill his requirements to get their info released. And the requirements (admittedly only second hand info right now from Theymos) are quite high (full personal information disclosure) which I doubt many will want to do. I DID (and still do) have many projects on-hand. And I intend to continue being a part of bitcoin as a whole, and contributing the bitcoin economy. But right now this particular situation is outside my control. If you have a problem with it, I suggest you take it up with Nefario.

Unless you have info that I haven't seen, there has only been speculation that AML documents will be required.

Zapeta, you are correct to some degree. But it's not "speculation" it's a confirmed statement, which is third party info. Basically 2 confirmed shareholders of GLBSE have stated that it was said clearly during the shareholder meeting that the info required to make a claim would be full AML documents. This is admittedly here say, but from a relatively reliable source. It is yet to be seen what the actual requirements are. For now that's all we have to base on. Until the "claims" process actually begins.

Another consideration. How long do I wait? Lets say it takes 2 weeks for the shareholders of GLBSE and the treasurer to sort out with Nefario to release funds, and he starts his claims process then. Unless he sets a hard deadline on the claims process of say 30days... How long do I wait around for "everyone" to make a claim? Until EVERYONE has claimed, I can't easily take action which would be unfair to those who may claim later... How do I fairly decide how long to wait? Without vote from shareholders (Who I can't identify).

It's all a big catch-22... We are literally at the mercy of Nefario on this one.

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
mila
Sr. Member
****
Offline Offline

Activity: 462



View Profile
October 06, 2012, 07:36:59 PM
 #239

wow.
that escalated quickly.

nefario's talk at the bitcoin conference 2012 last month http://youtu.be/vmPD_YSQ--k

your ad here:
Glasswalker
Sr. Member
****
Offline Offline

Activity: 350



View Profile WWW
October 09, 2012, 02:00:18 PM
 #240

Announcement: Enterpoint FPGAs are live now. http://forum.btcsyn.com/posting.php?mode=edit&f=6&p=2560

Well the news comes during an uncertain time, so it's not as "good" as I had hoped...

But the FPGAs ordered from Enterpoint are now live. They are mining in a temporary enclosure while I wait on sourcing a proper rackmount enclosure for them.

They are working quite well so far, and have significantly boosted our hashrate.

I'm working on solving the problems with the RD rig before I depart for some major travel later this week. That will add another 1.6Ghash back to the mix as well. We do have a few other rigs offline as some of you have noticed. I'll do my best to reach out to the founders controlling those rigs and see what we can do to get them up and running.

Now if we could just get some news about what's happening with GLBSE that would be great...

Just trying to make Bitcoin a Success... One crazy project at a time. (13rwPKskyATcAq3PpnCikfFG8989DQ8M3c)
HashVoodoo Open Source FPGA Mining Bitstream: https://github.com/pmumby/hashvoodoo-fpga-bitcoin-miner
Pages: « 1 2 3 4 5 6 7 8 9 10 11 [12] 13 14 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!