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Author Topic: Diablo Mining Company  (Read 95482 times)
EskimoBob
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September 11, 2012, 06:48:31 PM
 #461

BTW, I personally have not filed any complaints with nefario nor GLBSE.
I guess someone else realized that this circus has to be stopped.

Who ever you are. Thank you.

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BTW, Things in BTC bubble universes are getting ugly....
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Nefario
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September 11, 2012, 06:53:15 PM
 #462

I don't think he deserves the scammer tag, he's likely just incompetent.

This has actually been coming for several weeks, as in shareholders have been complaining for weeks, and I had hoped that he would turn things around.

Here is what Diablo has said to me on IRC regarding the physical assets of DMC
Quote
(18:44:04) nefario: Hi
(18:44:10) Diablo-D3: hi
(18:44:35) nefario: Just to let you know you're having DMC removed from you for gross incompetence
(18:45:01) nefario: The process being
(18:45:06) nefario: I'll run a motion
(18:45:19) nefario: and you're shareholders will decide whether to allow you to continue or not
(18:45:27) nefario: in the mean time your account has been frozen
(18:45:54) nefario: Once the motion is finished, if they're happy with you, everything gets unlocked and you can continue as before
(18:46:12) nefario: otherwise I'll remove DMC from your GLBSE and find someone competent to either run it
(18:46:13) nefario: or
(18:46:16) nefario: liquidate it
(18:46:32) nefario: and your own personal GLBSE account will be unlocked
(19:31:02) nefario: Diablo, are you actually doing any mining yourself? Or do you have any physical assets that belong to DMC?
(19:31:36) Diablo-D3: yes, and you cant touch them.
(19:31:50) nefario: I'm not going to try
(19:31:55) nefario: shareholders will
(19:32:08) nefario: It's up to them
(19:32:10) Diablo-D3: I am writing a reply on the DMC thread.
(19:32:26) nefario: Please do
(19:32:31) nefario: the vote will be next week
(19:32:36) nefario: you need to make your case
(19:32:48) nefario: if you can convince DMC shareholders to keep you
(19:33:48) Diablo-D3: I think you have misunderstood
(19:34:00) Diablo-D3: DMC will continue operating no matter what you do.
(19:34:09) nefario: fair enough
(19:34:26) Diablo-D3: I don't know why you are attacking me or my shareholders, but no one is particularly pleased with your actions
(19:34:34) nefario: Im not
(19:34:40) nefario: I've been pushed to do this
(19:34:50) nefario: and the pushing started weeks ago
(19:34:57) Diablo-D3: You're going to be pushed to shut down if you continue this.
(19:35:07) nefario: Lol
(19:35:15) Diablo-D3: You have a chance to apologize to the community, I suggest you take it.
(19:35:26) Diablo-D3: I am also going to recommend to theymos that he add a scammer tag to all of your forum accounts

I would only recommend a scammer tag if he failed to return DMC assets which he holds (physical ones) to DMC and it's shareholders.

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SebastianJu
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September 11, 2012, 07:01:49 PM
 #463

So he has other accounts at glbse where he holds the assets? I think its possible that you, nefario, cant find these accounts. Regarding the motion... i see the possibility that diablo itself is holding enough bonds so that he can change the motion to what he want. I mean when he have different other accounts at glbse he still can vote.

Whatever...

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Nefario
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September 11, 2012, 07:04:58 PM
 #464

This was PM'd to me.

Quote
Isn't there a chance he can just decide any motion by himself on account of these thousands of shares that are most likely his? The motion on discontinuation of payment of dividends certainly looks like it was done that way.

Diablo's personal account is frozen, so he himself won't be able to vote using those shares, however you have a good point, one of the reasons there is going to be a week before the vote is to a) allow people to discuss it fully and for diablo to make his case b) allow time for me to investigate.

Suggestions on how to handle this issue are welcome.

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SebastianJu
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September 11, 2012, 07:15:55 PM
 #465

I think its hard to find other accounts of him as long as he did precautions while accessing different accounts. Cookies, ip and so on. I dont have an idea how this can be handled. Maybe someone other has a flash of inspiration.

@ianbakewell

A list of swaps probably wont help. Swaps can be legitimate buys. And on the other hand he could have sold shares, then withdrawn btc and load it into a fresh account at glbse. Sending money from another address. Then buy the shares. No trace behind when done properly. So its hard.

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EskimoBob
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September 11, 2012, 07:16:57 PM
 #466

Quote
(19:31:02) nefario: Diablo, are you actually doing any mining yourself? Or do you have any physical assets that belong to DMC?
(19:31:36) Diablo-D3: yes, and you cant touch them.

Since when?
Can you point me to monthly statement that lists those assets?

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DiabloD3
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September 11, 2012, 07:18:22 PM
 #467

Nefario has just announced that he has misappropriated almost 1600 BTC in assets from Diablo Mining Company claiming that shareholders have said I have violated my contract with all of you. The good news is, he cannot remove me as founder of Diablo Mining Company, nor misappropriate assets or sources of income not held at GLBSE.

I officially request Nefario unlock the Diablo Mining Company account and also return any misappropriated assets. Nefario does not represent Diablo Mining company nor any shareholders of Diablo Mining Company. Diablo Mining Company has hired GLBSE to act as an exchange and broker for Diablo Mining Company shareholders.

Diablo Mining Company currently holds on GLBSE:
54 BTC-MINING, currently valued 53.78 BTC
951 BTCMC, currently valued 561.08 BTC
9290 OBSI.ABMO, currently valued 929.00 BTC

From this 1543.86 BTC in assets. BTCMC pays approximately 15 BTC a month, ABMO pays a little over 10 BTC a week, BTC-MINING pays a half a BTC a week. I expect any dividends issued by assets held by Diablo Mining Company to also be returned.

Diablo Mining Company has been in negotiations with CPA to insure shareholder assets both on and off GLBSE and with Nyan for continued asset management for the assets on GLBSE. As part of these negotiations, I have agreed to reverse the motion on the cessation of dividends for three months and pay the dividends for August 2012. Nefario's actions have delayed these negotiations.

As of this time, I cannot login into Diablo Mining Company's GLBSE account. Even if I could, I cannot verify who owns shares of this company or how many they hold, Nefario refuses to release this information to me. Until Nefario releases this repeatedly requested information, I cannot pay dividends to shareholders. Dividends generated from non-GLBSE assets and sales will be held until Diablo Mining Company can reliably transfer them to shareholders.

I have worked hard to make sure this company succeeds in our mission. Diablo Mining Company, since it's inception, has had a three part plan: profit from Bitcoin mining, focus on the high density computing and data warehousing market through building our own data center, and invest heavily in renewable green energy to offset our own usage and also sell it back to the grid.

In this, I would like to make an announcement, and I wish I could make this announcement under better circumstances: Diablo Mining Company shall soon be offering dedicated server and cloud hosting, beginning our work on the second part of our plan. Although the data center part of the plan was originally written to be "bottom up" instead of "top down" to enter the market, this shall put us closer to our goal.

I promise that I will do everything possible to force Nefario to return the assets, but in the event that this does not happen, Diablo Mining Company will continue moving forwards. I know I have the support of the community and my shareholders on this, and I'd like to thank you all for that.

Edit: And yes, I am giving Nefario a chance to fix this. He made a mistake, and unlike some people, I am giving him a chance. If he does not return the assets, I will be requesting that theymos add a scammer tag to all of his forum accounts. I am not making this request for a few days as to give Nefario ample chance to apologize to DMC shareholders.

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September 11, 2012, 07:26:57 PM
 #468

Can I re-purchase the shares Diablo holds in BTCMC?


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DiabloD3
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September 11, 2012, 07:32:25 PM
 #469

So he has other accounts at glbse where he holds the assets? I think its possible that you, nefario, cant find these accounts. Regarding the motion... i see the possibility that diablo itself is holding enough bonds so that he can change the motion to what he want. I mean when he have different other accounts at glbse he still can vote.

Whatever...

No, this is misinformation being spread by nefario. I do not have other GLBSE accounts, and he has also locked my own private shares I have purchased with my own money thus I cannot vote.

Puppet
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September 11, 2012, 07:36:22 PM
 #470

Diablo Mining Company currently holds on GLBSE:
54 BTC-MINING, currently valued 53.78 BTC
951 BTCMC, currently valued 561.08 BTC
9290 OBSI.ABMO, currently valued 929.00 BTC

 Huh
https://glbse.com/asset/view/OBSI.ABMO

Highest bid is 0.01000001. And that is for exactly 1 share. If you sold the rest it would be for 0.0001. Current valuation, almost exactly

1BTC
DiabloD3
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September 11, 2012, 07:36:39 PM
 #471

Can I re-purchase the shares Diablo holds in BTCMC?

Nefario does not represent Diablo Mining Company nor our shareholders. We are not considering the sale of BTCMC anytime soon.

DiabloD3
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September 11, 2012, 07:38:16 PM
 #472

Diablo Mining Company currently holds on GLBSE:
54 BTC-MINING, currently valued 53.78 BTC
951 BTCMC, currently valued 561.08 BTC
9290 OBSI.ABMO, currently valued 929.00 BTC

 Huh
https://glbse.com/asset/view/OBSI.ABMO

Highest bid is 0.01000001. And that is for exactly 1 share. If you sold the rest it would be for 0.0001. Current valuation, almost exactly

1BTC

We are not looking to sell ABMO. The current ask is 0.1.

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September 11, 2012, 07:40:13 PM
 #473

We are not looking to sell ABMO.

 You couldnt sell it because its a worthless junk bond no one wants, thats the point.

Quote
The current ask is 0.1.

The ask is as irrelevant as your 1BTC ask price for your DMC shares.
Fluttershy
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September 11, 2012, 07:42:53 PM
 #474

It feels less like scamming and more like an instance of gross incompetence. We need an idiot business owner tag for borderline cases.
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September 11, 2012, 07:45:06 PM
 #475

The transaction that most smells of scam is this:

His current listed nav/share as of his last report was about 0.05/share.
Prior to that he issued a large chunk of shares to CPA/nyan at under 0.02 per share.

Obviously prior to that there were a lot less DMC shares - so nav/share would have been higher than the 0.05 it was after that new issue.

What was the rationale for that swap?  Clearly it was terrible for all existing shareholders - as it (and the other 10k or so newly issued shares) totally diluted what little value he'd still got left in the company.  Why did he need 50 BTC so badly as to totally screw over his existing shareholders?  And what blackhole did that 50 BTC vanish into?

And nefario - were you aware that the shares sold to usagi for a grand total of 50 BTC (at around 0.015 per share) outnumber (for voting) all the shares issued to IPO investors (who paid 1 bTC per share).  'original shareholders' at most amount to 25% of outstanding shares after Diablo's recent splurge of giving away/selling cheap/whatever new shares.

I'd see three things Diablo needs to do to get supported in his vote:

1.  Provide a proper asset list for DMC - including non-GLBSE assets.
2.  Account in broad-strokes where all the rest of the money has gone (lost X BTC buying 500 of share Y at 3 times what it was worth then traded it for 1k shares of Z which was even worse etc..).
3.  Explain what swaps/sales of brand new shares occured to quadruple outstanding shares and explain the raionale behind them.

I'm not optimistic of him being able/willing to answer any of those three points (as if he told the truth it would get him a scammer tag after everyone stopped laughing) - but would be nice to be pleasantly surprised.
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September 11, 2012, 07:48:32 PM
 #476


And nefario - were you aware that the shares sold to usagi for a grand total of 50 BTC (at around 0.015 per share) outnumber (for voting) all the shares issued to IPO investors (who paid 1 bTC per share).  'original shareholders' at most amount to 25% of outstanding shares after Diablo's recent splurge of giving away/selling cheap/whatever new shares.

I'd see three things Diablo needs to do to get supported in his vote:

1.  Provide a proper asset list for DMC - including non-GLBSE assets.
2.  Account in broad-strokes where all the rest of the money has gone (lost X BTC buying 500 of share Y at 3 times what it was worth then traded it for 1k shares of Z which was even worse etc..).
3.  Explain what swaps/sales of brand new shares occured to quadruple outstanding shares and explain the raionale behind them.


He needs to do nothing of the sort. He needs to do only one thing: "Hey usagi, go vote for me, will ya, buddy? Thanks, have a beer."
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September 11, 2012, 07:52:48 PM
 #477

And nefario - were you aware that the shares sold to usagi for a grand total of 50 BTC (at around 0.015 per share) outnumber (for voting) all the shares issued to IPO investors (who paid 1 bTC per share).

No I was not, I was aware that usagi had taken a position in DMC but did not know any of the details. I think usagi is very reasonable and other shareholders would do well to talk with him, I'd say he could come to some agreement.

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Deprived
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September 11, 2012, 07:55:06 PM
 #478


And nefario - were you aware that the shares sold to usagi for a grand total of 50 BTC (at around 0.015 per share) outnumber (for voting) all the shares issued to IPO investors (who paid 1 bTC per share).  'original shareholders' at most amount to 25% of outstanding shares after Diablo's recent splurge of giving away/selling cheap/whatever new shares.

I'd see three things Diablo needs to do to get supported in his vote:

1.  Provide a proper asset list for DMC - including non-GLBSE assets.
2.  Account in broad-strokes where all the rest of the money has gone (lost X BTC buying 500 of share Y at 3 times what it was worth then traded it for 1k shares of Z which was even worse etc..).
3.  Explain what swaps/sales of brand new shares occured to quadruple outstanding shares and explain the raionale behind them.


He needs to do nothing of the sort. He needs to do only one thing: "Hey usagi, go vote for me, will ya, buddy? Thanks, have a beer."

I guess he also needs to explain what shares he "sold" to himself and at what price.  If his personal account holds a big chunk of shares (worse if he used them to vote on his motion) then scammer tag would seem inevitable - unless he can point to a sharp rise in NAV caused by the influx of him buying the shares at 1.0.  That's something nefario could probably very easily check for - what shares he transferred to himself and at what price.
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September 11, 2012, 07:55:46 PM
 #479

So he has other accounts at glbse where he holds the assets? I think its possible that you, nefario, cant find these accounts. Regarding the motion... i see the possibility that diablo itself is holding enough bonds so that he can change the motion to what he want. I mean when he have different other accounts at glbse he still can vote.

Whatever...

No, this is misinformation being spread by nefario. I do not have other GLBSE accounts, and he has also locked my own private shares I have purchased with my own money thus I cannot vote.

I interpreted this out of the chatlog you did with nefario.

When i read you i must say it reminds you of some communist rulers that claim the citicens of the country that are forced to live in communism are all standing behind the communism. While in fact everyone is clear that the citizens oppose the regime to 90%. You really think the bondholders are happy? Im not a shareholder anymore and im happy because of the stress i dont have to go through but when you read this thread dont you think you judge this whole thing wrong?

Quote from: Deprived
And nefario - were you aware that the shares sold to usagi for a grand total of 50 BTC (at around 0.015 per share) outnumber (for voting) all the shares issued to IPO investors (who paid 1 bTC per share).  'original shareholders' at most amount to 25% of outstanding shares after Diablo's recent splurge of giving away/selling cheap/whatever new shares.

And thats a thing that was explained before to diablo. That selling lower will rip the previous buyers because the shares are devalued.

Now i wonder who usagi is. Hes behaviour doesnt sound moral. On the other hand he took a business opportunity. But knowing that it would rip other bondholders. I wonder what to do here. When it would be against the rules at glbse this transfer maybe could be reversed. But i dont think such rule exists.
I think usagi made a good deal but he knows how diablo is making business. And i doubt that he wouldnt want to have a more... able... CEO. Of course only when he is a unique and other person and not an alter ego of diablo... Smiley

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Deprived
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September 11, 2012, 08:06:11 PM
 #480

So he has other accounts at glbse where he holds the assets? I think its possible that you, nefario, cant find these accounts. Regarding the motion... i see the possibility that diablo itself is holding enough bonds so that he can change the motion to what he want. I mean when he have different other accounts at glbse he still can vote.

Whatever...

No, this is misinformation being spread by nefario. I do not have other GLBSE accounts, and he has also locked my own private shares I have purchased with my own money thus I cannot vote.

I interpreted this out of the chatlog you did with nefario.

When i read you i must say it reminds you of some communist rulers that claim the citicens of the country that are forced to live in communism are all standing behind the communism. While in fact everyone is clear that the citizens oppose the regime to 90%. You really think the bondholders are happy? Im not a shareholder anymore and im happy because of the stress i dont have to go through but when you read this thread dont you think you judge this whole thing wrong?

Quote from: Deprived
And nefario - were you aware that the shares sold to usagi for a grand total of 50 BTC (at around 0.015 per share) outnumber (for voting) all the shares issued to IPO investors (who paid 1 bTC per share).  'original shareholders' at most amount to 25% of outstanding shares after Diablo's recent splurge of giving away/selling cheap/whatever new shares.

And thats a thing that was explained before to diablo. That selling lower will rip the previous buyers because the shares are devalued.

Now i wonder who usagi is. Hes behaviour doesnt sound moral. On the other hand he took a business opportunity. But knowing that it would rip other bondholders. I wonder what to do here. When it would be against the rules at glbse this transfer maybe could be reversed. But i dont think such rule exists.
I think usagi made a good deal but he knows how diablo is making business. And i doubt that he wouldnt want to have a more... able... CEO. Of course only when he is a unique and other person and not an alter ego of diablo... Smiley

I have my own views on usagi's competence - but I'm certain she isn't Diablo (she runs a bunch of different businesses on GLBSE).  Her reporting to her shareholders is one of the best around - with diablo's obviously at the other end of the spectrum.

Wuuld guess she just looked at DMC share-price and snapped up the offer - if she'd done any actual investigation she'd have immediately realised she was being offered new shares at a price which Diablo had no right to sell at (OP gives no right to sell shares other than at 1 BTC each).
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