Shades Minoco / Shakaru / Collections / Debt

[shakaru]

any hardware I have is most likely going to be sold on ebay or craigs list to get top dollar. Also because payments are going to be distributed as a whole, as payb.tc said, that woud be unfair so hardware trades are off the table unless you can match what I get on the open market and have such funds split among your self and the other contratees. (thats a word, right?)

And to imsaguys input, I am fully willing to have someone manage the dispersal of funds, but a liquidator will probably hurt repayment. Hardware for mining has a low resale value. But hardware for pc computing and hackintoshs have a quick turn around and larger return. Ex. Am3 cpu, mobo, 2gb ram, 5770 cpu, 4u rack case and psu is worth what, 200 here? I sell that type of setup as a pc for 400 with no problem. I toss Mac OSX on there, its 600 no problem. I make about 3x$45 a day install osx onto x86_64 hardware. This is a strong market here in LA. If I sell have someone liquidate, that 5770 will sell for $65, cpu for 20, and so on. The goal here is to return all of the contract owners money, not sell hardware at forum prices.

(ps. I sell the 5770 and 5850s on CL here for 20%+ within 2 days of arrival.)

[Bitsinmyhead]

I am owed 5 months on a 9 month 2GH/s contract bought for $1075 in august 2011.

My claim (at current Mt.gox weighted average of 4.97) is:
(5/9 * $1075) / 4.97 = 120BTC

Finally I will have to say that this contract has been a total nightmare. I have wasted so much time trying to get BTC from shakaru and just been fed lies. This has cost me extra money because it has been impossible to know if I had to buy BTC myself or would receive them from shakaru. Even after explaining this and how important it was that he was honest with me he just kept making up new excuses. As a business owner myself, I have never dealt with anyone this unprofessional.

Edit: According to a mail just received by shakaru I also have to state that my mining rig blew up and caught fire after I had allegedly logged into it by logmein (I paid $100 extra for this option). The first I heard about this was January 10th 2012, after I had started to push him hard to get the money I was owed. On January 10th, he claimed it was two GPU cards that had blown, but now it is apparently the whole machine and it also caught fire. Very strange that he waits 3 months after the rig had been shut down to tell me about this. I have my doubts about this story. I have Skype logs to prove what he told me on Jan 10th.

[dollartrader]

For clarity in the original post: I've added your claim as 120BTC per your post. I did not use the mining calculator listed.

I am owed 5 months on a 9 month 2GH/s contract bought for $1075 in august 2011.

My claim (at current Mt.gox weighted average of 4.97) is:
(5/9 * $1075) / 4.97 = 120BTC

Finally I will have to say that this contract has been a total nightmare. I have wasted so much time trying to get BTC from shakaru and just been fed lies. This has cost me extra money because it has been impossible to know if I had to buy BTC myself or would receive them from shakaru. Even after explaining this and how important it was that he was honest with me he just kept making up new excuses. As a business owner myself, I have never dealt with anyone this unprofessional.

Edit: According to a mail just received by shakaru I also have to state that my mining rig blew up and caught fire after I had allegedly logged into it by logmein (I paid $100 extra for this option). The first I heard about this was January 10th 2012, after I had started to push him hard to get the money I was owed. On January 10th, he claimed it was two GPU cards that had blown, but now it is apparently the whole machine and it also caught fire. Very strange he waits 4 months to tell me about this. I have my doubts about this story. I have Skype logs to prove what he told me on Jan 10th.

[Bitsinmyhead]

I think we need to decide if we are going to use the mining calculator or base the claims on what we paid for the contract. We should use what we agree on for everyone.

I put down the amount based on what I paid because that is what I would be ok with getting back. Obviously I would rather prefer to get the amount the contract would actually produce. I think it is pretty obvious that we will never get back the full amount here so I think it would be most fair if we all calculate our claims in the same manner. That way we all get a fair share.

If most other people are using the mining calculator please do so for my claim as well.

[imsaguy]

any hardware I have is most likely going to be sold on ebay or craigs list to get top dollar. Also because payments are going to be distributed as a whole, as payb.tc said, that woud be unfair so hardware trades are off the table unless you can match what I get on the open market and have such funds split among your self and the other contratees. (thats a word, right?)

And to imsaguys input, I am fully willing to have someone manage the dispersal of funds, but a liquidator will probably hurt repayment. Hardware for mining has a low resale value. But hardware for pc computing and hackintoshs have a quick turn around and larger return. Ex. Am3 cpu, mobo, 2gb ram, 5770 cpu, 4u rack case and psu is worth what, 200 here? I sell that type of setup as a pc for 400 with no problem. I toss Mac OSX on there, its 600 no problem. I make about 3x$45 a day install osx onto x86_64 hardware. This is a strong market here in LA. If I sell have someone liquidate, that 5770 will sell for $65, cpu for 20, and so on. The goal here is to return all of the contract owners money, not sell hardware at forum prices.

(ps. I sell the 5770 and 5850s on CL here for 20%+ within 2 days of arrival.)

I only pm'd to inquire about gpus.  I made no mention of participating in/managing a liquidation.  I'm interested in 5850s and have been known to pay more for the gpus that what some do on here.  I only want to know make/model and price.  If its too high, I'll decline, you go the eBay route and nothing's lost.  If it isn't, then it saves some time, saves some fees, and I know my btc are going to help a bunch of my friends.

[jamesg]

I had no idea how much BTC is owed through all of these mining contracts.

This is my fault, I did not do my due diligence before lending Andrew this BTC.

Please put me at the back of the line as it seems Andrew has much bigger debts to be repaid.

[shakaru]

Note: I appoligsed to bitsinmyhead as last night I sent off an email in anger. The logs we had on the damaged hardware showed that they had been oc'd beyond their limit, but I honestly do not think bits is responsible, stress of all this is just getting to me a bit

[Yankee (BitInstant)]

I hope I'm not speaking to soon, and I know that there's no business in me saying this (Feel free to flame me)

It's really humbling and nice to see everyone working out their issues and even forgiving parts of Andrew's debt. We all know Andrew has been thru alot, medically, financially, and is really taking the initiative to make things right.

Most of us have seen scammers come and go, and it gives forums like these a bad taste in our mouths so when I see conflicts being resolved and people being..well.humans about it, brings a tear to my eye

/end of sentimental stuff, carry on...

-Charlie

[Nefario]

Regarding the shares on GLBSE I would recommend you calculate what is owed entirely, then make a single dividend payment to shareholders (which should exclude shakaru). Then I will remove the share and the contract for it is kaput.

I think the route that shakaru is taking is an honorable one, and will not affect his standing in the community. Actually I believe that it will only solidify his reputation as someone trustworthy, even when things go bad.

Please correct me if I have made any mistakes.
Nefario.

[bitfoo]

I put down the amount based on what I paid because that is what I would be ok with getting back. Obviously I would rather prefer to get the amount the contract would actually produce. I think it is pretty obvious that we will never get back the full amount here so I think it would be most fair if we all calculate our claims in the same manner. That way we all get a fair share.

I would be fine with a refund in this manner as well, for the fraction of my contract that hasn't been fulfilled. Obviously this would have to be denominated in USD (even if paid in BTC).

Alternately, I have a python script that computes the expected BTC output between any two dates for a given GH/s. I'm happy to punch in numbers or just provide the script if we're going down that route.

[dollartrader]

I've updated the OP with calculator values for Bitfoo. Since it seems that we are are willing to forgive all (or a portion) of the potential profits. Maybe we should add to the original post with the amount you are willing to settle for? This will give Andrew a clearer picture of where he stands for a total due out.

You can post here or PM me and I'll add a new column to the post.

[Valalvax]

If I understand you're shutting down Shades Minoco entirely?

[ermsam]

I am owed somewhere in the ballpark of 185 BTC currently, and increasing by 1.5 a day. I bought a contract back in August and Andrew activated a share-counter to calculate my generation. Since then I have received a total of ~65 BTC from payments and brief periods of partial mining. With this coin I have received ~$300 out of my 1 year 2 GH/S contract that cost me $1450. I cannot reiterate how disappointed I am with this service; while your intentions appear benign, I question your ability to handle and comprehend the contracts you have entered.

With that said I am willing to settle at $1250 and end this fiasco.

[Tril]

I paid for a pre-release 4TB hard drive from Shakaru in January 2012 for $275 in BTC.  I received nothing but promises, excuses, and frustration.  If anyone got a 4TB drive out of the blue, PM me...he said it was sent, but he has no idea where...

[shakaru]

I paid for a pre-release 4TB hard drive from Shakaru in January 2012 for $275 in BTC.  I received nothing but promises, excuses, and frustration.  If anyone got a 4TB drive out of the blue, PM me...he said it was sent, but he has no idea where...

I have the replacement hdd purchased, and a load of emails back and forth between the people I buy them from with promises of when I can receive the drive, and now nothing. Trill pass me an email and I will forward them to you. You will get your drive.

Ermsam claim is correct.

And Valalvax. Yes, it pains me but SDM can no longer recover from the damage that has happened. That is why I am taking the loss on myself and doing all I can to refund everyone accordingly.

Also, does anyone have any info on WiseOldOwl? Alot of these problems started after his theft of an entire payment for 2 contracts after many in person exchanges. I would like to collect all I can because he is local to me and see if I can do anything to get back thoses funds. This is in addition to a large amount of fabric that Deslok bought for his printshop that he also ran with the money.

Side note: Anyone in LA need any work done for btc, dont care what it is, I will do it. Same for remote work. Any spare min I have to bring in more btc, I will use for the purpose.
 

[dollartrader]

OP has been updated. I'm no spreadsheet guru so check. I believe I have taken all information from the thread as for settle amounts. Correct me if wrong.

I agree with the earlier post about a non associated trusted 3rd party watching over this, if anyone is up for it?

[payb.tc]

OP has been updated. I'm no spreadsheet guru so check. I believe I have taken all information from the thread as for settle amounts. Correct me if wrong.

I agree with the earlier post about a non associated trusted 3rd party watching over this, if anyone is up for it?

thanks dollartrader.

the only issue i have with the spreadsheet is the irrelevant (to me) USD column... i'm only really interested in the coins, whether they're worth 2c or $2000 each.

[dollartrader]

I'll note that. Hopefully someone will take up the torch on the distribution. Since I have a 'conflict of interest' of sorts, it should not be me.

edit: also noted I have payb.tc listed as a 2Gh/s instead of 20 Gh/s

[imsaguy]

I'll note that. Hopefully someone will take up the torch on the distribution. Since I have a 'conflict of interest' of sorts, it should not be me.

edit: also noted I have payb.tc listed as a 2Gh/s instead of 20 Gh/s

I'd say here's what should happen:

A central address setup and published to receive all btc from Andrew/Shakaru.  A claim period is established in which all claims are expressed and verified (pretty much what is happening now).  After the claim period ends, no additional claims will be accepted.  Then as btc are received at the central address, they are paid out proportionally to all verified claims.  I'm willing to function in that role.  If someone else feels more qualified, so be it.

Things to be discussed:

1) I believe all claims should be converted to/expressed as btc to simplify distribution.
2) I believe a USD/BTC should be calculated and adheared to for the duration of the repayments.  I don't know if it should just be done at today's spot or some sort of average value from the past few months.  It seems an average from Aug 25, 2011 until now (6 months) would cover our highs/lows.

If this all seems reasonable,  I've established this address: 1EykWMskDwbqacQAEMZ5AybAa8XQVbPN2o
I'd also kindly ask OP to add a repayment address column to that spreadsheet for each claimant.

[dollartrader]

I'm okay with this but I am only about 4 months (3mos /3 wks) in to the contracted lease so I still have 2+ months of ups and downs. Those that started in August have hit the end of their contract period. I'll go with whatever they have to say on this one but for the record, I am good with weighing the average and locking in the coin due.

This is likely to be a lengthy payback time period so the scales could tip in either direction.