Diablo Mining Company

[EskimoBob]

Why should it be Diablos doing that the price for the share went down? He still is offering them for 1BTC. The only thing that drives the prices down are shareholders that sell their shares below the 1BTC. There is no other way. So how could this be Diablos doing? Did he deliver less dividends that promised?

Probably because the earning per share are so low that it makes no sense to hold them.
Actually, at this moment, I have no idea how bad or good August was because I have not seen weekly nor monthly statement.

Diablo, pleas start publishing weekly holding reports.
 

Nope, not doing weekly reports.

I have to say, I am starting to get fed up with this Mh/s bull shit. For start, Mhs/s is meaningless if you do not add the current difficulty to the number.
Please start reporting NAV. At least it has a meaning.
Producing a weekly report is nothing difficult. It's copy paste from GLBSE.

I've explained this multiple times in the thread already. The market is falling apart because ASICMiner is the new religious deity of the week. The investments haven't gone anywhere, the market no longer values anything involved with mining at all at such a high value.

I'll release the full report tomorrow, but the short of it is theres 20909 shares out and we hold 134920 mhash in assets, giving us 6.452 mhash per share. That means over 16x more mhash total and 2.2x more mhash per share. This does not include BTCMC's payment for this month either.

Yes you have but I can not figure out how did you manage to lose over 90% on NAV when there is no mining bond that can show so bad performance.
Not even turds can lose so much of their value per month (unless the farm "burns down").
For fuck sake, even PPT's have managed to hold value better than DMC in August. This is not funny!

I think you have a some serious calculation errors in you DMC-turd swap calculator.

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[DiabloD3]

but the short of it is theres 20909 shares out and we hold 134920 mhash in assets,

I call bullshit.  You keep converting anything and everything  into a fixed MH mining bond, even though you hold shares that arent fixed MH bonds. WHy dont you stop making up  numbers and just publish exactly what you hold? The only way to come up with such inflated number is by lying through your teeth and turning projected possible (and extremely uncertain)  future ASICs companies output in to imaginary fixed bonds. You may well deserve a scammer tag more than Pirate does.

No, I approximate mh. This is the number people currently care about to compare the mining assets DMC holds.

Having a few 100 shares in asicminer doesnt mean you have a few dozen GH in fixed mining bonds. This is plain deceit and laughing at your share holders.

You're the only one here calling them fixed. ASICMINER is not a fixed mining bond.

[DiabloD3]

Please start reporting NAV. At least it has a meaning.

NAV is reported once a month, and has been since the beginning.

[SebastianJu]

I thought DMC is a normal Miningbond. So does the text mean that it is holding shares of other bonds?
If not what hardware do you use exactly? I mean for example how many FPGA of what kind, whats your power cost and so on.

Diablo, if you really sold bonds for lower than the 1BTC then its not ok i think because this will drop down the price for all previous buyers. And what about the lower number of paid shares in august? Did you pay back some shares?

Regarding ASICMiner... does it mean people invested into bonds that cant produce dividend yet and the dividends even are unsure when asics are available. Plus... if the owner of the bond is legit and will pay dividend at all? Sounds risky.

[DiabloD3]

I thought DMC is a normal Miningbond. So does the text mean that it is holding shares of other bonds?
If not what hardware do you use exactly? I mean for example how many FPGA of what kind, whats your power cost and so on.

Diablo, if you really sold bonds for lower than the 1BTC then its not ok i think because this will drop down the price for all previous buyers. And what about the lower number of paid shares in august? Did you pay back some shares?

Regarding ASICMiner... does it mean people invested into bonds that cant produce dividend yet and the dividends even are unsure when asics are available. Plus... if the owner of the bond is legit and will pay dividend at all? Sounds risky.

DMC is not a bond to begin with, it is a share. It is also not purely mining, the plan itself includes green energy production and sales and data center space leasing, neither of which are mining. Yes, DMC invests in other companies through there shares and bonds. Those companies use a mixture of GPU and FPGA and soon to be ASIC. I have not sold bonds for much lower than 1 BTC, trades have been focused on what I valued the assets being traded in as.

Yes, I bought back some shares in August.

ASICMiner is a share, not a bond. Please read the ASICMiner prospectus on further details on how thats going to work; I trust friedcat will make good on his word no matter if ASICMiner's ASICs worked as planned or not.

[P4man]

The only conclusion I can come to is that DMC is one horrible clusterfuck intentionally designed to defraud shareholders - Or that you are an incompetent person with a penchant for lying

Pfew. At last, some other people are beginning to realize.

[P4man]

For fuck sake, even PPT's have managed to hold value better than DMC in August. This is not funny!

Isnt it? I have to admit I do find that quite hilarious.

[DiabloD3]

DMC will focus on mining and secondary revenue streams by not only owning the largest mining farm in existence, but also by owning its own dedicated facility and generating green power by solar and/or wind. Extra space in the facility can be rented out to other mining operations or non-mining customers.

The funding will be used to focus on three areas: a dedicated facility that can not only house our hardware but also have spare room to be leased out, purchasing high efficiency mining equipment, and purchasing enough green power generation to eliminate the operational overhead of electricity prices to allow the mining company to continue operating in profit-adverse situations (such as Bitcoin difficulty rapidly increasing, or Bitcoin prices rapidly dropping).

The Hardware
DMC will pursue any technology that gives the best performance per dollar and the best returns to our investors. We will never purchase Butterfly Labs hardware.

Share Contract
The revenue will be split in two parts:
1) 50% of all mining revenue will be distributed to shareholders in the form of dividends (henceforth referred to as "dividends"). These dividends will be paid monthly, split evenly among all shares regardless of class or issuing date.
2) 50% will be used to invest in additional hardware, decrease the cost of mining, and/or pay for long term operating costs of the company (henceforth referred to as the "growth fund").

Potential investors are lead to believe that DMC will focus on aquiring hardware in the pursuit of building the largest mining farm in existence
Secondary revenue streams are mentioned - this is then followed up with the mention of having room to rent out
Green power is mentioned in regard to cost cutting - providing your own power - not as a revenue stream
None of this matters, as you have been unable to follow through

To date no physical hardware exists, you have solely pursued the "secondary revenue streams" option, except those streams have absolutely no connection to the renting space that was alluded to
Instead investors have realized extreme losses as the raised funds have been funnelled into other GLBSE assets,
...you then falsely account for these based on the mhash they would require to provide projected dividends - passing off a completely arbitrary number as actual hashing holdings
The only conclusion I can come to is that DMC is one horrible clusterfuck intentionally designed to defraud shareholders - Or that you are an incompetent person with a penchant for lying

*edit*
Are you honestly blaming other listings on your failure? lmao. look dude, ASICMINER has nothing to do with your share price.
If DMC was worth it, someone would be there to pick up the shares someone was selling to diversify their holdings into ASICMINER
If DMC was worth it, liquidity would exist, and people entering / exiting would have 0 effect.

The section you quoted about the hardware: DMC is pursuing technology that gives the best performance per dollar: our largest holding is in ASICMINER, the rest of our holdings are upgrading their BFL hardware to SC singles and rigs. We may not host any of it ourselves yet, but it does not negate the existence of the investments.

Potential investors are lead to believe that DMC will complete the plan. DMC will complete the plan. Due to the unfortunately slow pace of the market post-Bitcoinica, most of the funding that DMC would have received is gone, and it most likely will never return to the market. If I was incompetent as you seem to claim, I would not be pursuing future plans after the first generation build out, nor would I be pursuing alternate ways of completing the plan as written.

Green power is a future revenue stream. You seem to think once we install a quarter of a million dollars worth of solar panels and/or wind turbines, we're done? Nope. We keep building. Same with the data center: back when the plan was written, being the biggest single miner in the world would take half a dozen to a dozen racks full of gear, but now it only takes one. Our small data center would have at least two or three dozen racks, the rest of them will obviously be leased out for high density computing customers, thus also becoming a future revenue stream.

Because ASIC is now a real thing, mining itself is quickly becoming far less profitable than it was when the plan was originally drawn up. Mining is still important to the plan, but the plan was always three pronged; the other two prongs are just now much more prominent than they originally were.

I will continue to do everything in my power to maintain shareholder value in DMC.

[SebastianJu]

Hm... i really read it as like it is a normal mining share. And when i now read investing in green energy... of course green energy is a thing to cut powercosts... but the investment will be back after years only. As far as i read mining alone will get the investment back in around 10 months. Green Energy make sense because you save power costs. But until these saved costs are as high as the investment it takes years. So no good investment in my opinion. But anyway... the price is very low for the share... i think it resembles the value. Lets see how the dividend behaves. One more reason to wait until jumping into a share.

[P4man]

Hm... i really read it as like it is a normal mining share. And when i now read investing in green energy... of course green energy is a thing to cut powercosts... but the investment will be back after years only. As far as i read mining alone will get the investment back in around 10 months. Green Energy make sense because you save power costs. But until these saved costs are as high as the investment it takes years. So no good investment in my opinion. But anyway... the price is very low for the share... i think it resembles the value. Lets see how the dividend behaves. One more reason to wait until jumping into a share.

Reality check; Diablo talks of investing $250K for energy supply alone, the datacenter he dreams of costs many times more.   If he sold all his company's assets, he could not even raise 1000BTC anymore, and by the time he will pay your next dividend, probably not half that. No one is going to be insane enough to purchase new shares at 1BTC either when they are being sold for 0.05.  Where will the money come from?

One  might debate whether Diablo is just the most incompetent bitcoin CEO ever, a scammer,  or if he is delusional,  but if you are going to take this serious, I got a bridge to sell. If it helps, I will convert the bridge in to in MH for valuation.

[DiabloD3]

Hm... i really read it as like it is a normal mining share. And when i now read investing in green energy... of course green energy is a thing to cut powercosts... but the investment will be back after years only. As far as i read mining alone will get the investment back in around 10 months. Green Energy make sense because you save power costs. But until these saved costs are as high as the investment it takes years. So no good investment in my opinion. But anyway... the price is very low for the share... i think it resembles the value. Lets see how the dividend behaves. One more reason to wait until jumping into a share.

I hate to break it to you, but thats sorta how business investments work. There is no overnight get quick rich quick scheme, you can only get rich slowly.

Look at Bitcoinica, a get rich quick scheme, it imploded and the owner ran off with 50k BTC (worth a quarter of a million at the time, prices have gone up since then). Now, look at Pirate, he ran off with 40k BTC worth almost half a million at today's prices.

Now look at me, now look back at Pirate. Pirate isn't me, but with Old Spice he could be a real investment like me. Quick, hes doing that thing people hate, now look back at me: I'm on a horse.

[EskimoBob]

... Due to the unfortunately slow pace of the market post-Bitcoinica, most of the funding that DMC would have received is gone, and it most likely will never return to the market.

Let me fix that for you:

... Due to my utter stupidity, most of the funding that DMC had is gone, and it most likely will never return to the share holders.

post-Bitcoinica

Seriously?
How did you manage to lose over 90% in the almost stand still turd market (losses in few % range) where the worst losers managed to drop only 45% (and you do not own PPT!) is just fkn "amazing".
You have what, 3-5 months to be ready with your planets biggest farm? Do you realize, you do not have hardware for this? Not now and not in 5 months. Even if BFL imaginary ASIC's materialize in this universe, you are at the back of the line - pocket empty.
If someone else builds a working ASIC, you have no coin to buy it. You have pissed it all away.
 
Your idiotic "green" power plant is absolutely retarded because of the tiny amount of energy ASIC's use. It made sense for buildings full of GPU's but not for a tine rack of ASIC's.
I am not even going to comment on you DC idea.
You are obviously not capable of doing simple cost, revenue, profit etc calculations.

I ask once more - how did you waste all that coin?

[EskimoBob]

...
@assbot [GLBSE] [PUREMINING] 7 @ 0.0873 = 0.6111 BTC -
@assbot [GLBSE] [PUREMINING] 45 @ 0.0873 = 3.9285 BTC -
Diablo-D3       and Im not writing up the statement until btcmc pays
...
EskimoBob       btcmc pays ? WTF has this to do with DMC?
Diablo-D3       the monthly report is done at the same time as the dividend payment (which isnt happening this month)
...

WTF?

[P4man]

Diablo, you received 1000's of bitcoins from your investors. If you are not going to say what you have done with them, what you still own and how those investors are ever going to see anything back, then its time to file for a scammer tag for you.

[DiabloD3]

...
@assbot [GLBSE] [PUREMINING] 7 @ 0.0873 = 0.6111 BTC -
@assbot [GLBSE] [PUREMINING] 45 @ 0.0873 = 3.9285 BTC -
Diablo-D3       and Im not writing up the statement until btcmc pays
...
EskimoBob       btcmc pays ? WTF has this to do with DMC?
Diablo-D3       the monthly report is done at the same time as the dividend payment (which isnt happening this month)
...

WTF?

You missed the motion that was passed on this issue?

[DiabloD3]

Diablo, you received 1000's of bitcoins from your investors. If you are not going to say what you have done with them, what you still own and how those investors are ever going to see anything back, then its time to file for a scammer tag for you.

DMC holds almost 2000 BTC worth of assets. Whats your point?

[P4man]

I dont remember seeing a motion passed to stop publishing basic financial information. Did I miss it?
As for the "almost 2000 BTC worth of assets", show us the numbers.

[DiabloD3]

I dont remember seeing a motion passed to stop publishing basic financial information. Did I miss it?
As for the "almost 2000 BTC worth of assets", show us the numbers.

You missed it.

As for the numbers, the report is coming out later today. I misspoke, it should be about 1275 at current market panic prices.

[P4man]

I didnt miss anything. There is no mention of withholding information:
https://glbse.com/vote/view/104

As for the 2000 1275 BTC assets. You misspoke? ROFL.  Just like you misspoke when you thought your stock price was 10x higher than it really was?

BTW,  there is nothing panic about current mining bond prices, most of them are if anything, still way overvalued. Your failure to understand that is what caused this trainwreck in the first place, it seems you still dont get it.

Looking forward to seeing the actual numbers though;  can we trust you will take market depth in to account and not pretend you can sell everything at highest ask price?

[SebastianJu]

The chatlog doesnt mean that today no dividend is paid does it???

One month you paid for 4066 shares. Which means that these shares should have bought for around 4066BTC once. And when i look at pyramining, which is a real and only mining-investingproject, it has a break even at 10 months. That means, when investing the money into mining only it could make a break even at 10 months.

Reading the initial share-price of DMC of 1BTC compared with the average dividend of 0.008786046 in the last 3 months, the break even with the investments you made is at only 113.81months, or 9.48years. Not impressive as a investment.

And the 10 months seems to be a good value to check how good a mining project is. With the current price of your share at 0.068BTC you arent really bad with break even for new investors. But still... the investors need to trust that it works at least for the actual shareprice. And if you want to go back to 1BTC it would need way better dividends in the future. And if you can achieve that? At least not with green energy that has a break even after years only. I mean otherwise other projects are worthier to invest for investors.

Anyway... you got at least 4066BTC Investment. Thats the highest amount of shares in a month you paid dividends for. Thats around $40.660. And that should be enough to build a nice mining rig. So what did you do exactly with the money? Did you only invest it into other miningbonds like asicminer and so on? I mean asicminer doesnt give dividend yet. Maybe they will someday. But wheres the rest of the BTC? I mean it should have been way enough money to buy good mining hardware. So i wonder why it looks to me that you only invested in other shares. And one of the shares even wont pay in months.

I doubt that you will sell any more shares for 1BTC. For that the price dropped way too low. So the only question is what will you do with the money still available. Is it all spent already into hardware or bonds that can be sold again? Or what is it? I think you only will have the chance to handle with the money that you have now because the low dividend from the start dropped the trust of shareholders too much. So whats you strategy now?

I doubt you are a scammer. You created free software for others which leads me to think of you of a good guy. Only your investment skills seems not to be the best.