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Author Topic: Diablo Mining Company  (Read 87259 times)
EskimoBob
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May 06, 2013, 07:01:14 PM
 #921

--- snip ----

This is the correct answer.

DMC owns 1000 shares of DMC, I had personally held an additional 371 shares (which I sold near the middle of last month) which I was giving the dividends for those to DMC shareholders.

BTC-Mining nor BTCMC is paying dividends for the time being. BTC-Mining (ran by Namworld) loaned it's money to a guy named AmazingRando who was bulk buying BFL units, but AmazingRando ragequit and took not only BTC-Mining's money but a few other people's as well; Namworld is trying to do something about it but he hasn't made much headway yet. If Namworld can't get the money back, the shares are worth nothing.

As for BTCMC has suspended dividends until their BFL units arrive. BTCMC is not currently trading anywhere, it was trading on GLBSE but GLBSE shut down. It is unknown what the shares are worth if BFL does not ship as BTCMC's current asset holdings are almost entirely GPUs.

DMC is currently in the process of buying back as many shares as possible or consolidating into as few shareholders as possible to move on to DMC 2.0 (which has not been officially announced yet as I'm still trying to pull together whats needed for this).

Is that a typo or do you mean you have 1000 shares as treasury stock?

Quote
Treasury Stock aka Treasury Shares

A treasury stock or reacquired stock is stock which is bought back by the issuing company, reducing the amount of outstanding stock on the open market ("open market" including insiders' holdings).

    Treasury stock does not pay a dividend
    Treasury stock has no voting rights

    ...

When shares are repurchased, they may either be canceled or held for reissue. If not canceled, such shares are referred to as treasury shares. Technically, a repurchased share is a company's own share that has been bought back after having been issued and fully paid.

A company cannot own itself. The possession of treasury shares does not give the company the right to vote, to exercise pre-emptive rights as a shareholder, to receive cash dividends, or to receive assets on company liquidation.


Just in case, if you have no idea what those are Smiley

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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SOSLOVE868
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May 06, 2013, 07:39:26 PM
 #922

Hi, I purchased 500 DMC shares in Bitfunder, I have littel bit uncertain about the Assets and dividend structure of DMC. I hope you can explaining those questions to me ...thanks

Regards


Assets held:
106 BTC-MINING(what is this ? and what is 106 mean? is that mean DMC hold 106 share of BTC-MINING? if it is so where can I check their divivden and trading price ?)
1000 BTCMC (what is BTCMC ? and what is 1000 mean? is that mean DMC hold 1000 share of BTCMC? if it is so where can I check their divivden and trading price ?)
1000 ASICMINER (I think I know ASICMINER is that mean DMC hold 1000 shares of ASICEMINER? )

Dividends:
16.4785 BTC from DMC's ASICMINER shares before 4/24
15.08478 BTC from DMC's ASICMINER shares 4/24 and after
6.1135235 BTC from my ASICMINER shares

Last question is ,if DMC hold 1000 shares of ASICEMINER, why there are two dividend relating to ASICMINER. what is the differences between MY's ASICMINER shares and DMC's ASICMINER?  why not dividend from BTCMC and BTC-MINING?

Wow. Surely, before you bought DMC, you did your due diligence and checked what you are buying into (i.e. by reading this thread)?

This is the correct answer.

DMC owns 1000 shares of DMC, I had personally held an additional 371 shares (which I sold near the middle of last month) which I was giving the dividends for those to DMC shareholders.

BTC-Mining nor BTCMC is paying dividends for the time being. BTC-Mining (ran by Namworld) loaned it's money to a guy named AmazingRando who was bulk buying BFL units, but AmazingRando ragequit and took not only BTC-Mining's money but a few other people's as well; Namworld is trying to do something about it but he hasn't made much headway yet. If Namworld can't get the money back, the shares are worth nothing.

As for BTCMC has suspended dividends until their BFL units arrive. BTCMC is not currently trading anywhere, it was trading on GLBSE but GLBSE shut down. It is unknown what the shares are worth if BFL does not ship as BTCMC's current asset holdings are almost entirely GPUs.

DMC is currently in the process of buying back as many shares as possible or consolidating into as few shareholders as possible to move on to DMC 2.0 (which has not been officially announced yet as I'm still trying to pull together whats needed for this).

Thanks for you reply, as I can see that currently DMC does not have any assets directly involve in mining process.
and I think your use investor's dividend to buy back shares , that isn't look quiet right.....
for current situation, I think DMC is in a passivity position. I suggest it is better to suspend buying back of share ,and you should spend those amount to start mining as soon as possibly, for a trading company only rely on holding another company's share to pay for dividend isn't a sustainable way.  otherwise, no mean for  new investor to join this stock, since it will be much profitable to directly purchase share from ASICMINER
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May 06, 2013, 07:44:35 PM
 #923

Is that a typo or do you mean you have 1000 shares as treasury stock?

Typo, 1000 shares of ASICMINER.

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May 06, 2013, 07:57:59 PM
 #924

Thanks for you reply, as I can see that currently DMC does not have any assets directly involve in mining process.
and I think your use investor's dividend to buy back shares , that isn't look quiet right.....
for current situation, I think DMC is in a passivity position. I suggest it is better to suspend buying back of share ,and you should spend those amount to start mining as soon as possibly, for a trading company only rely on holding another company's share to pay for dividend isn't a sustainable way.  otherwise, no mean for  new investor to join this stock, since it will be much profitable to directly purchase share from ASICMINER

You're missing most of the story. A long time ago, DMC was listed on GLBSE, which was owned by a guy named nefario. nefario decided one day to just completely fuck over the entire Bitcoin community and shut down GLBSE without warning and also attempted to steal assets and funds, with DMC taking the brunt of this attack and surviving.

The DMC plan was to own a privately owned facility to house mining hardware and sell space as a data center. Thanks to nefario's actions, a lot of investors in the Bitcoin community left and never returned. I am not accepting new investors for the existing version of DMC at this time and will not be issuing new shares.

DMC 2.0 will be issuing original issue discount zero discount bonds issued by a registered C-Corp in the US.

Also, ASICMINER is not issuing new shares either. The only way to get a hold of them is either buy them privately from people who already own them, buy shares through a pass through (theres two out there), or invest in a company that also holds ASICMINER shares.

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May 06, 2013, 08:09:28 PM
 #925

Thanks for you reply, as I can see that currently DMC does not have any assets directly involve in mining process.
and I think your use investor's dividend to buy back shares , that isn't look quiet right.....
for current situation, I think DMC is in a passivity position. I suggest it is better to suspend buying back of share ,and you should spend those amount to start mining as soon as possibly, for a trading company only rely on holding another company's share to pay for dividend isn't a sustainable way.  otherwise, no mean for  new investor to join this stock, since it will be much profitable to directly purchase share from ASICMINER

You're missing most of the story. A long time ago, DMC was listed on GLBSE, which was owned by a guy named nefario. nefario decided one day to just completely fuck over the entire Bitcoin community and shut down GLBSE without warning and also attempted to steal assets and funds, with DMC taking the brunt of this attack and surviving.

The DMC plan was to own a privately owned facility to house mining hardware and sell space as a data center. Thanks to nefario's actions, a lot of investors in the Bitcoin community left and never returned. I am not accepting new investors for the existing version of DMC at this time and will not be issuing new shares.

DMC 2.0 will be issuing original issue discount zero discount bonds issued by a registered C-Corp in the US.

Also, ASICMINER is not issuing new shares either. The only way to get a hold of them is either buy them privately from people who already own them, buy shares through a pass through (theres two out there), or invest in a company that also holds ASICMINER shares.

As you mentioned above, you will be buy back all the current shares of DMC and than start DMC 2.0?
For myself ,I am  interesting the plan you made for DMC 2.0 , When you start that plan is any way to subscribe shares for DMC 2.0?
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May 06, 2013, 09:20:29 PM
 #926

Thanks for you reply, as I can see that currently DMC does not have any assets directly involve in mining process.
and I think your use investor's dividend to buy back shares , that isn't look quiet right.....
for current situation, I think DMC is in a passivity position. I suggest it is better to suspend buying back of share ,and you should spend those amount to start mining as soon as possibly, for a trading company only rely on holding another company's share to pay for dividend isn't a sustainable way.  otherwise, no mean for  new investor to join this stock, since it will be much profitable to directly purchase share from ASICMINER

You're missing most of the story. A long time ago, DMC was listed on GLBSE, which was owned by a guy named nefario. nefario decided one day to just completely fuck over the entire Bitcoin community and shut down GLBSE without warning and also attempted to steal assets and funds, with DMC taking the brunt of this attack and surviving.

The DMC plan was to own a privately owned facility to house mining hardware and sell space as a data center. Thanks to nefario's actions, a lot of investors in the Bitcoin community left and never returned. I am not accepting new investors for the existing version of DMC at this time and will not be issuing new shares.

DMC 2.0 will be issuing original issue discount zero discount bonds issued by a registered C-Corp in the US.

Also, ASICMINER is not issuing new shares either. The only way to get a hold of them is either buy them privately from people who already own them, buy shares through a pass through (theres two out there), or invest in a company that also holds ASICMINER shares.

As you mentioned above, you will be buy back all the current shares of DMC and than start DMC 2.0?
For myself ,I am  interesting the plan you made for DMC 2.0 , When you start that plan is any way to subscribe shares for DMC 2.0?

Yes. And I think your question is if you can turn 1.0 shares into 2.0 bonds, and yes, I'll be offering that.

The plan for 2.0 is basically to disrupt the cloud computing market and eat Amazon and Rackspace's lunch. The whole thing can be done better and cheaper, and I intend on DMC 2.0 being the company to pull it off. But as I said, the official plan and announcement isn't ready yet.

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May 06, 2013, 09:41:54 PM
 #927

Thanks for you reply, as I can see that currently DMC does not have any assets directly involve in mining process.
and I think your use investor's dividend to buy back shares , that isn't look quiet right.....
for current situation, I think DMC is in a passivity position. I suggest it is better to suspend buying back of share ,and you should spend those amount to start mining as soon as possibly, for a trading company only rely on holding another company's share to pay for dividend isn't a sustainable way.  otherwise, no mean for  new investor to join this stock, since it will be much profitable to directly purchase share from ASICMINER

You're missing most of the story. A long time ago, DMC was listed on GLBSE, which was owned by a guy named nefario. nefario decided one day to just completely fuck over the entire Bitcoin community and shut down GLBSE without warning and also attempted to steal assets and funds, with DMC taking the brunt of this attack and surviving.

The DMC plan was to own a privately owned facility to house mining hardware and sell space as a data center. Thanks to nefario's actions, a lot of investors in the Bitcoin community left and never returned. I am not accepting new investors for the existing version of DMC at this time and will not be issuing new shares.

DMC 2.0 will be issuing original issue discount zero discount bonds issued by a registered C-Corp in the US.

Also, ASICMINER is not issuing new shares either. The only way to get a hold of them is either buy them privately from people who already own them, buy shares through a pass through (theres two out there), or invest in a company that also holds ASICMINER shares.

As you mentioned above, you will be buy back all the current shares of DMC and than start DMC 2.0?
For myself ,I am  interesting the plan you made for DMC 2.0 , When you start that plan is any way to subscribe shares for DMC 2.0?

Yes. And I think your question is if you can turn 1.0 shares into 2.0 bonds, and yes, I'll be offering that.

The plan for 2.0 is basically to disrupt the cloud computing market and eat Amazon and Rackspace's lunch. The whole thing can be done better and cheaper, and I intend on DMC 2.0 being the company to pull it off. But as I said, the official plan and announcement isn't ready yet.

OK, I think I am just wait for you to announce that plan ,and I will convert my shares into 2.0 bonds, if I am still hold the stock at that day.
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May 06, 2013, 09:54:29 PM
 #928

In 60 days, DMC will no longer be honoring shares that have not taken either choice A or choice B. There are several users who have NOT claimed their shares on BitFunder, in 60 days from this date if you have not claimed them and traded them for ASICMINER or been added to the list for conversion into DMC 2.0 bonds, they will no longer be valid.

Choice A: 11 shares of DMC for 1 share of ASICMINER, whole integer amounts only.
Friedcat hasn't put ASICMINER shares onto an exchange because of the passthrus, and I think everyone is tired of waiting.

If you intend to take advantage of this offer, use https://bitfunder.com/transactions and send a multiple of 11 DMC shares to Diablo-D3, and then PM on the forum and give me the email and Bitcoin address you want friedcat to use.

Choice B: Trade 1.0 shares in for 2.0 bonds
The exact wording for the bond has not been worked out yet, but the offer will be for a zero-coupon original issue discount 5 or 10 year callable bond, or in English, it will not pay dividends and will be sold for less than the face value and you will get paid back in 5 or 10 years unless they are paid back in full at an earlier time at the company's choosing.

The bonds will earn an equivalent of 15% APY, 20% APY if paid in BTC or DMC share trades.

15% APY for 5 years: $100 -> $201.14
15% APY for 10 years: $100 -> $404.56
20% APY for 5 years: $100 -> $248.83
20% APY for 10 years: $100 -> $619.17

Due to the massive fluctuation of BTC prices and the finer details of US Federal law, bonds will be denominated in USD. However, I will still accept payment for the bonds in BTC, and at the maturity date any bonds paid in BTC or DMC shares will be paid in BTC according to the market price of BTC on that date.

I will be offering a credit of 0.5 BTC per share of DMC towards a DMC 2.0 bond.

If you intend to take advantage of this offer, please PM me so I can add you to the list of people who are interested. If, at any time in the future you wish to take choice A instead, even after the 60 day period, you may do so.

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May 06, 2013, 10:50:32 PM
 #929

In 60 days, DMC will no longer be honoring shares that have not taken either choice A or choice B. There are several users who have NOT claimed their shares on BitFunder, in 60 days from this date if you have not claimed them and traded them for ASICMINER or been added to the list for conversion into DMC 2.0 bonds, they will no longer be valid.

Choice A: 11 shares of DMC for 1 share of ASICMINER, whole integer amounts only.
Friedcat hasn't put ASICMINER shares onto an exchange because of the passthrus, and I think everyone is tired of waiting.

If you intend to take advantage of this offer, use https://bitfunder.com/transactions and send a multiple of 11 DMC shares to Diablo-D3, and then PM on the forum and give me the email and Bitcoin address you want friedcat to use.

Choice B: Trade 1.0 shares in for 2.0 bonds
The exact wording for the bond has not been worked out yet, but the offer will be for a zero-coupon original issue discount 5 or 10 year callable bond, or in English, it will not pay dividends and will be sold for less than the face value and you will get paid back in 5 or 10 years unless they are paid back in full at an earlier time at the company's choosing.

The bonds will earn an equivalent of 15% APY, 20% APY if paid in BTC or DMC share trades.

15% APY for 5 years: $100 -> $201.14
15% APY for 10 years: $100 -> $404.56
20% APY for 5 years: $100 -> $248.83
20% APY for 10 years: $100 -> $619.17

Due to the massive fluctuation of BTC prices and the finer details of US Federal law, bonds will be denominated in USD. However, I will still accept payment for the bonds in BTC, and at the maturity date any bonds paid in BTC or DMC shares will be paid in BTC according to the market price of BTC on that date.

I will be offering a credit of 0.5 BTC per share of DMC towards a DMC 2.0 bond.

If you intend to take advantage of this offer, please PM me so I can add you to the list of people who are interested. If, at any time in the future you wish to take choice A instead, even after the 60 day period, you may do so.


For history's sake.

Quote
I will be offering a credit of 0.5 BTC per share of DMC towards a DMC 2.0 bond.
What exactly does this mean?

Also, I do not understand how choice B is fair.
 
This is how your business plan is looking to me.

Force shareholders to liquidate now or buy them cheaper out in 5 years.

This is nice and dandy for you but it's a trap for the investors. Are you serious? lol

Also, besides the fact that you are rounding in your favor 10675/1000 is 10.6 DMC per AM.
Your are also dropping BTCMC and BTC-MINING equity completely.

I prefer buyback to any of the listed options. Thanks!

Unless the options you list apply only to  those who have not claimed. Please clarify.

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May 06, 2013, 11:38:00 PM
 #930

In 60 days, DMC will no longer be honoring shares that have not taken either choice A or choice B. There are several users who have NOT claimed their shares on BitFunder, in 60 days from this date if you have not claimed them and traded them for ASICMINER or been added to the list for conversion into DMC 2.0 bonds, they will no longer be valid.

Choice A: 11 shares of DMC for 1 share of ASICMINER, whole integer amounts only.
Friedcat hasn't put ASICMINER shares onto an exchange because of the passthrus, and I think everyone is tired of waiting.

If you intend to take advantage of this offer, use https://bitfunder.com/transactions and send a multiple of 11 DMC shares to Diablo-D3, and then PM on the forum and give me the email and Bitcoin address you want friedcat to use.

Choice B: Trade 1.0 shares in for 2.0 bonds
The exact wording for the bond has not been worked out yet, but the offer will be for a zero-coupon original issue discount 5 or 10 year callable bond, or in English, it will not pay dividends and will be sold for less than the face value and you will get paid back in 5 or 10 years unless they are paid back in full at an earlier time at the company's choosing.

The bonds will earn an equivalent of 15% APY, 20% APY if paid in BTC or DMC share trades.

15% APY for 5 years: $100 -> $201.14
15% APY for 10 years: $100 -> $404.56
20% APY for 5 years: $100 -> $248.83
20% APY for 10 years: $100 -> $619.17

Due to the massive fluctuation of BTC prices and the finer details of US Federal law, bonds will be denominated in USD. However, I will still accept payment for the bonds in BTC, and at the maturity date any bonds paid in BTC or DMC shares will be paid in BTC according to the market price of BTC on that date.

I will be offering a credit of 0.5 BTC per share of DMC towards a DMC 2.0 bond.

If you intend to take advantage of this offer, please PM me so I can add you to the list of people who are interested. If, at any time in the future you wish to take choice A instead, even after the 60 day period, you may do so.


if I wish to take on choice one, and how to sell my ASICMINER shares later? as they are not trading on the BITFUNDER?
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May 06, 2013, 11:58:35 PM
 #931

In 60 days, DMC will no longer be honoring shares that have not taken either choice A or choice B. There are several users who have NOT claimed their shares on BitFunder, in 60 days from this date if you have not claimed them and traded them for ASICMINER or been added to the list for conversion into DMC 2.0 bonds, they will no longer be valid.

Choice A: 11 shares of DMC for 1 share of ASICMINER, whole integer amounts only.
Friedcat hasn't put ASICMINER shares onto an exchange because of the passthrus, and I think everyone is tired of waiting.

If you intend to take advantage of this offer, use https://bitfunder.com/transactions and send a multiple of 11 DMC shares to Diablo-D3, and then PM on the forum and give me the email and Bitcoin address you want friedcat to use.



if I wish to take on choice one, and how to sell my ASICMINER shares later? as they are not trading on the BITFUNDER?

You can either sell them over the counter (and transfer using proof of ownership of the BTC address used to receive them via pm to friedcat) or "convert" them to one of the passthroughs via transfer to the owner of the passthrough (per passthrough contract) and trade on that exchange.
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May 07, 2013, 01:32:24 AM
 #932

In 60 days, DMC will no longer be honoring shares that have not taken either choice A or choice B. There are several users who have NOT claimed their shares on BitFunder, in 60 days from this date if you have not claimed them and traded them for ASICMINER or been added to the list for conversion into DMC 2.0 bonds, they will no longer be valid.

Choice A: 11 shares of DMC for 1 share of ASICMINER, whole integer amounts only.

Choice B: Trade 1.0 shares in for 2.0 bonds

Problem 1) Nothing is mentioned about this sudden change of plans in the DMC asset description at https://bitfunder.com/asset/DMC, which says

Quote
DMC will be buying back shares at market rate over time.

Problem 2) Neither choice A nor B assign any value to BTCMC (https://bitcointalk.org/index.php?topic=85443.180), which has large amounts of money tied up in disputes and large amounts of dividends re-invested into ASICs.

Hey guys,

As I have stated before, no dividends will be paid out until our ASIC hardware arrives.  I will be presenting updated financials once we receive the new hardware, which I hope is within 30 days. 

What we all need to do is put pressure on MT Gox to assist the receiver with the Bitcoinica debacle, as the amount of money we have tied up there is now approaching $100,000.

Problem 3) DMC has been trading at a substantial premium to the value of 1/11 share of AM (demonstrating the value added by BTCMC) but this forced choice destroys any rational for that valuation.

Problem 4) This unsolicited, involuntary A/B choice functionally steals DMC shareholders' 1000 share stake in BTCMC, right at the time when Yochdog is due to begin ASIC mining.

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May 07, 2013, 12:17:40 PM
 #933

Quote
I will be offering a credit of 0.5 BTC per share of DMC towards a DMC 2.0 bond.
What exactly does this mean?

Also, I do not understand how choice B is fair.
 
This is how your business plan is looking to me.

Force shareholders to liquidate now or buy them cheaper out in 5 years.

This is nice and dandy for you but it's a trap for the investors. Are you serious? lol

Not cheaper. Right now, ASICMINER is worth around 1.1 BTC. Which makes, by raw assets, DMC worth 0.1 BTC per share. I am offering a 0.5 BTC credit if you convert to DMC 2.0 bonds when the time comes, or 5 times more. If you think I'm offering a bad deal either way, sell your DMC shares on the open market to someone doing choice A or B.

Quote
Also, besides the fact that you are rounding in your favor 10675/1000 is 10.6 DMC per AM.
Your are also dropping BTCMC and BTC-MINING equity completely.

BTCMC has no value. Yochdog says he ordered BFL units and has not been paying dividends and is not traded anywhere and you can't sell it like you can AM shares.
BTC-Mining has no value. AmazingRando still has not paid Namworld what he owes and most likely never will.

If there is any value in these, this will be retained for DMC 2.0, but as I said, I believe they have zero value.

Quote
I prefer buyback to any of the listed options. Thanks!

Unless the options you list apply only to  those who have not claimed. Please clarify.

Continued operation of DMC 1.0 makes no sense. We can not get to where we want to go from here. So either take an offering of your share of ASICMINER, or pledge your support of DMC 2.0, thats your only two options.

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May 07, 2013, 12:30:21 PM
 #934

So far 246 shares out of 1000 of ASICMINER are gone.

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May 07, 2013, 12:40:59 PM
 #935


Not cheaper. Right now, ASICMINER is worth around 1.1 BTC. Which makes, by raw assets, DMC worth 0.1 BTC per share. I am offering a 0.5 BTC credit if you convert to DMC 2.0 bonds when the time comes, or 5 times more. If you think I'm offering a bad deal either way, sell your DMC shares on the open market to someone doing choice A or B.
The fact that you make it USD denominated makes it a bad deal.

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May 07, 2013, 12:45:22 PM
 #936


Not cheaper. Right now, ASICMINER is worth around 1.1 BTC. Which makes, by raw assets, DMC worth 0.1 BTC per share. I am offering a 0.5 BTC credit if you convert to DMC 2.0 bonds when the time comes, or 5 times more. If you think I'm offering a bad deal either way, sell your DMC shares on the open market to someone doing choice A or B.
The fact that you make it USD denominated makes it a bad deal.

Unfortunately, theres no way around that. Feel free to run for Congress to change that, though. My hands are otherwise completely tied.

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May 07, 2013, 01:35:41 PM
 #937


Not cheaper. Right now, ASICMINER is worth around 1.1 BTC. Which makes, by raw assets, DMC worth 0.1 BTC per share. I am offering a 0.5 BTC credit if you convert to DMC 2.0 bonds when the time comes, or 5 times more. If you think I'm offering a bad deal either way, sell your DMC shares on the open market to someone doing choice A or B.
The fact that you make it USD denominated makes it a bad deal.

Unfortunately, theres no way around that. Feel free to run for Congress to change that, though. My hands are otherwise completely tied.

Right, Congress is going to fix this deal...

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May 07, 2013, 02:18:48 PM
 #938


Not cheaper. Right now, ASICMINER is worth around 1.1 BTC. Which makes, by raw assets, DMC worth 0.1 BTC per share. I am offering a 0.5 BTC credit if you convert to DMC 2.0 bonds when the time comes, or 5 times more. If you think I'm offering a bad deal either way, sell your DMC shares on the open market to someone doing choice A or B.
The fact that you make it USD denominated makes it a bad deal.

Unfortunately, theres no way around that. Feel free to run for Congress to change that, though. My hands are otherwise completely tied.

Right, Congress is going to fix this deal...

If I intend to also accept USD for investment then there are various rules and regulations I must follow.

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May 07, 2013, 02:53:10 PM
 #939

Grr... I am not telling you not to follow regulations. I am telling you that the deal you put on the table is shit.

Let's recollect.
1) You took people's money, lost it and blamed nefario for your fuck up (for some reason all other corps are doing fine)
2) You promised to do buyback but you don't want to do that anymore because "fuck it?"
3) You ripped people of their BTCMC equity because you "feel" they are valueless
4) Your trade back is not fair because you force people to accept your rounding policy.
5) You change the rules mid-game whenever you feel like it regardless of what you put down in writing.

Now, you want to extend this sweet deal further by doing this bond thing and paying back in fiat 5 years from now when BTC will be worth way more than that.

Anyway I made you a fair offer in PM.

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May 07, 2013, 05:26:56 PM
 #940

BTCMC has no value. Yochdog says he ordered BFL units and has not been paying dividends and is not traded anywhere and you can't sell it like you can AM shares.
If there is any value in these, this will be retained for DMC 2.0, but as I said, I believe they have zero value.
Continued operation of DMC 1.0 makes no sense. We can not get to where we want to go from here. So either take an offering of your share of ASICMINER, or pledge your support of DMC 2.0, thats your only two options.

You are confusing liquidity with value.  Did AM have "no value" before the pass-throughs, when it was "not traded anywhere?"   Tongue  

Your personal opinion of BTCMC's worth doesn't agree with the market, which has placed a premium on DMC shares over their 1/11 AM backing.

Why?  Because BTCMC has value in the form of producing assets, expertise, personnel, branding ,reputation, accumulated dividends, ASIC orders, and money tied up in Goxcoinica:

BitCo is a mature organization with stable operations.  Through our network of 40+ miners in 3 locations, we are able to achieve a maximum mining capacity of 40 GH/s.  Our technical know-how allows us to achieve fantastic up-time with few unplanned outages.  Our cost structure is very low due to favorable cooling methods as well as very cheap electricity.  

We currently have mining operations across 3 locations:
1)   A residential office, with 30,950 MH/s of capacity.  Nearly maxed out.
2)   2,000 SF class A office space with 11,503 MH/s of capacity.  Nearly maxed out.
3)   3,500 SF class A office space with 4,500 MH/s of capacity.  Nearly maxed out.

We own dozens of BFL singles, and will use those towards upgrading to as many BFL asics as we can

Quote
no dividends will be paid out until our ASIC hardware arrives.  I will be presenting updated financials once we receive the new hardware, which I hope is within 30 days.  

What we all need to do is put pressure on MT Gox to assist the receiver with the Bitcoinica debacle, as the amount of money we have tied up there is now approaching $100,000.

DMC 2.0 has zero value, unless you plunder 1.0 and steal our BTCMC shares to shore it up.

I don't want to go anywhere near DMC 2.0.  Compete with Amazon and Rackspace for cloud storage?  LOL, good luck with the pipe dream buddy.  And pass that dutch!   Cheesy

Let me be clear: if you proceed in breaking your promise ("DMC will be buying back shares at market rate over time") and stealing your shareholders' equity in BTCMC, I will report the breach of contract and theft to the Bitcoin Police.


The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


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It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

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