[BTC-TC] YABMC

[TbbW]

Yeah i got a mail like that too
I'm very interested in the progression of this.
Iwe also saved up some bitcoins just incase Yabmc relanches.

[MPOE-PR]

Originally we also wanted GLBSE username as we hoped that might be included on the data from nefario (no such luck).

Because why give ex-customers something that could possibly help them. Bah Nefario indeed.

[JWU42]

Claims continue to trickle in but we remain well short (>20%) of the claimed shares approaching the total of outstanding bonds.

[boonies4u]

Claims continue to trickle in but we remain well short (>20%) of the claimed shares approaching the total of outstanding bonds.

What % remaining are you shooting for?

[JWU42]

I will discuss with PH and HK in the coming days and we will announce our plans shortly thereafter.  I was hoping to see additional updates from nefario since the original list was sent two weeks ago but no such luck.

EDIT - Got a small update today from Nefario.  1 of the updates is a duplicate from the original list.

[JWU42]

Another update today and the GLBSE list is nearly complete. 

We are getting closer to announcing our plans but still not yet finalized...

[JWU42]

Now that we have received an almost complete list from GLBSE we held a meeting tonight and came to consensus that YABMC will not continue in any form.

We are working to determine what portion of the coupon can be paid.

More will follow in the coming days/weeks but we wanted to advise that YABMC is officially no more (as we all knew it was on October 4th).  

[conspirosphere.tk]

Then if you want to be honest you should perform a buyback as per your OP:

 

THE ISSUER can buy back the bond at any time at a price equivalent to 105% of the highest price the bond was last traded on GLBSE over the previous 15 days (360 hours).

And anyway you should pay the cumulated dividends from the GLBSE closure up to the buyback. Otherwise is just another scam.

[pazor]

Then if you want to be honest you should perform a buyback as per your OP:

 

THE ISSUER can buy back the bond at any time at a price equivalent to 105% of the highest price the bond was last traded on GLBSE over the previous 15 days (360 hours).

And anyway you should pay the cumulated dividends from the GLBSE closure up to the buyback. Otherwise is just another scam.

agree!

[JWU42]

With respect to a buyback...

The bond has not traded for >60 days and going back to the last traded price on October 4th will not happen.

Paying out coupons is the plan.  The challenge is not having a system to do so.

Hashking, Patrick Harnett and I are working on a plan.  I can promise that funds will be paid out.  I CANNOT, at this time, promise the amount or the time frame.  As soon as this is determined it will be announced.

The main purpose of the post above was to clearly announce that YABMC had FINALLY received a list from GLBSE that was effectively complete and could begin to make decisions about its future.

[conspirosphere.tk]

You have just these 2 options to be honest with your investors:
1. Quote the company on another exchange, like other mining companies are going to do
or:
2. Perform a buyback as per your contract,

In both cases you have to perform full payment of 100% PPS until the buyback, since there is not any honest reason to not do that.

Anything else is a scam.
Remember that your bond holders are not some bum asking you for a pittance. They have all the rights to have the contract respected, since you took their money just for that (not because you are handsome).

The holder of this bond will receive as coupons a number of bitcoins equivalent to 100% PPS output of ONE MILLION HASHES PER SECOND for as long as they hold the bond. This hashpower will be used in private computer systems owned by THE ISSUER and used in the process of "mining" bitcoins. All coupons will be paid timely (within 24 hours) after each change in difficulty (which occurs every 2016 blocks – approximately every 14 days). Coupons are not pro-rated; you must hold the share at time of coupon to be paid. All dates / times will be represented in UTC. In the event the cost of mining exceeds the value of coins mined, THE ISSUER may suspend mining operation for as long as it sees fit to mitigate potential loss, or indefinitely. THE ISSUER can buy back the bond at any time at a price equivalent to 105% of the highest price the bond was last traded on GLBSE over the previous 15 days (360 hours). Though THE ISSUER will use all reasonable efforts to ensure value for the holders of these bonds, they are provided on a best effort basis and as with any investment there is risk involved. Please do not invest what you cannot afford to lose. Liability of a bondholder is limited to the capital already invested when this share was purchased. *** This share does not represent ownership of any company ***

[JWU42]

@conspirosphere.tk

Honesty is what was posted above.

 1.  A buyback at ~ .07 BTC/share will not happen
 2.  Listing on a new exchange increases the potential of this (exchange closing) happening all over again - that is not acceptable!
 3.  YABMC grew from 5 to just shy of 55 Ghs with the addition of hashking and Patrick Harnett.  With recent events (Trendon Shavers default) that growth has complicated matters.

[lenny_]

As soon you get full list from GLBSE, we want out dividends back. There is NO REASON not to do so, as you ALREADY mined those coins.

[JWU42]

We are working on getting the coins together now.  Perhaps to ease some raw nerves I will move them to an address and post that in the thread.

The list is now ~99% complete (i.e., close enough such that we had our meeting last night).

[zapeta]

@conspirosphere.tk

Honesty is what was posted above.

 1.  A buyback at ~ .07 BTC/share will not happen
 2.  Listing on a new exchange increases the potential of this (exchange closing) happening all over again - that is not acceptable!
 3.  YABMC grew from 5 to just shy of 55 Ghs with the addition of hashking and Patrick Harnett.  With recent events (Trendon Shavers default) that growth has complicated matters.

Can you clarify a bit about points 1 and 3?  Why is YABMC unable to buy the shares back at the price you outlined in the contract?  If it is because of the Pirate default as you mentioned in point 3, I'm not sure why YABMC investors should take a bath on money you (or hashking or Patrick) "invested" in an obvious ponzi.  

As best I can tell, YABMC sold nearly all the shares at the IPO price of 0.30 BTC per share and paid about 0.10 BTC per share in dividend total since YABMC started.  Buying the shares back at 0.07 BTC per share still nets YABMC a tidy 0.13 BTC per share profit.  A profit of 0.13 BTC per share, multiplied by the 54278 shares YABMC sold, yields a profit of over 7,000 BTC even after buying out all of us at the price you stated in the contract.  The fact that you "invested" your profit and lost it does not allow you to violate your contract obligations to those of us who bought your shares.

[JWU42]

@conspirosphere.tk

Honesty is what was posted above.

 1.  A buyback at ~ .07 BTC/share will not happen
 2.  Listing on a new exchange increases the potential of this (exchange closing) happening all over again - that is not acceptable!
 3.  YABMC grew from 5 to just shy of 55 Ghs with the addition of hashking and Patrick Harnett.  With recent events (Trendon Shavers default) that growth has complicated matters.

Can you clarify a bit about points 1 and 3?  Why is YABMC unable to buy the shares back at the price you outlined in the contract?  If it is because of the Pirate default as you mentioned in point 3, I'm not sure why YABMC investors should take a bath on money you (or hashking or Patrick) "invested" in an obvious ponzi.  

As best I can tell, YABMC sold nearly all the shares at the IPO price of 0.30 BTC per share and paid about 0.10 BTC per share in dividend total since YABMC started.  Buying the shares back at 0.07 BTC per share still nets YABMC a tidy 0.13 BTC per share profit.  A profit of 0.13 BTC per share, multiplied by the 54278 shares YABMC sold, yields a profit of over 7,000 BTC even after buying out all of us at the price you stated in the contract.  The fact that you "invested" your profit and lost it does not allow you to violate your contract obligations to those of us who bought your shares.

On point #1, a share that is no longer trading has a value that cannot be determined (and is effectively zero).

On point #3, I understand your position.

PS - While GLBSE has returned most all of the share data, they have not returned the BTC.

[zapeta]

On point #1, a share that is no longer trading has a value that cannot be determined (and is effectively zero).

On point #3, I understand your position.

PS - While GLBSE has returned most all of the share data, they have not returned the BTC.

Yes, there is a problem determining the value.  The fact that the share isn't trading is not your fault nor the fault of your investors and the best we can go on is the last traded price.  Given that the block reward has now halved, we can make some assumptions on what that would have done to the price.  In any case, the value that backs each share (100% PPS of 1Mhash/s) is not zero but the value does depend on difficulty which is difficult to predict. 

If the issue is that YABMC hasn't received BTC from GLBSE I can see how that would complicate payouts and buybacks.  If the issue is that you or others "invested" your profit from this in to Pirate and lost it, that doesn't change your obligation to your investors.

[boonies4u]

On point #1, a share that is no longer trading has a value that cannot be determined (and is effectively zero).

On point #3, I understand your position.

PS - While GLBSE has returned most all of the share data, they have not returned the BTC.

You shouldn't have had more than 1 dividend payout's worth of BTC on GLBSE though, am I correct?

[JWU42]

On point #1, a share that is no longer trading has a value that cannot be determined (and is effectively zero).

On point #3, I understand your position.

PS - While GLBSE has returned most all of the share data, they have not returned the BTC.

You shouldn't have had more than 1 dividend payout's worth of BTC on GLBSE though, am I correct?

The amount still held is my portion of the October 5, 2012 coupon payment.  Patrick and HK had not sent me their portion of the coupon payment for October 5, 2012 when Nef pulled the plug.

I tried to avoid keeping too much BTC in the YABMC sub account.

[JWU42]

I will be sending a single Satoshi per share test payment this weekend - starting with the top 25 bondholders and working down.


First "trial" seems to have gone OK --> https://blockchain.info/tx-index/35846241/24c47055440d1d3fb1280fcaa98f644acfcc64d3107a6ec32070309c5027e03a

Batch #2 --> https://blockchain.info/tx/4aac2f7ca8aa9169230f3d2ee15985df492cb8827ff59bba9b9b0eed853914d2

Last lot --> https://blockchain.info/tx/250e37a7edcde82eab8c3a85178ece853af934b7e893ebeba6992e9af80ef0c0

BTC was sent to the address provided by GLBSE