Diablo Mining Company

[DiabloD3]

Today is the first, the report is going to be late.

The short version is:
106 BTC-MINING * 0.975 = 103.35 BTC
1000 BTCMC * 0.590 = 590.00 BTC
1000 ASICMINER * 0.112 = 112 BTC
0.572 BTC uninvested

805.922 total.

11909 shares trading.

[1714949104]

1714949104

[1714949104]

1714949104

[MrTeal]

Today is the first, the report is going to be late.

The short version is:
106 BTC-MINING * 0.975 = 103.35 BTC
1000 BTCMC * 0.590 = 590.00 BTC
1000 ASICMINER * 0.112 = 112 BTC
0.572 BTC uninvested

805.922 total.

11909 shares trading.

Where are you getting a .59 valuation for BTCMC, lowest ask? There's no 24hr volume, only 27BTC 5day volume @ .521, last price and best bid are 0.45, and there's a grand total of 68 shares worth of bid above 0.00011.
At least BTC-MINING and ASICMINER have enough 5-day volume to cover your position, but almost 3/4 of your portfolio is tied up in a stock you couldn't sell for anything near what you're valuing at unless you can find a bigger fool to unload it on.

[Shadow383]

How did it not? Have you been selling shares publicly at 1BTC while privately selling or trading them for far less? That alone should earn you a scammer tag. For all we know you sold yourself 20000 shares at 0 BTC, effectively robbing your investors. So what exactly did you get for all those shares, those same shares early investors had to buy at 1 BTC?

How exactly does Diablo not have a scammer tag yet?

[bitcoinbear]

Today is the first, the report is going to be late.

The short version is:
106 BTC-MINING * 0.975 = 103.35 BTC
1000 BTCMC * 0.590 = 590.00 BTC
1000 ASICMINER * 0.112 = 112 BTC
0.572 BTC uninvested

805.922 total.

11909 shares trading.

Where are you getting a .59 valuation for BTCMC, lowest ask? There's no 24hr volume, only 27BTC 5day volume @ .521, last price and best bid are 0.45, and there's a grand total of 68 shares worth of bid above 0.00011.
At least BTC-MINING and ASICMINER have enough 5-day volume to cover your position, but almost 3/4 of your portfolio is tied up in a stock you couldn't sell for anything near what you're valuing at unless you can find a bigger fool to unload it on.

It looks like Diablo has been to the Usagi school of accounting, where you value assets at whatever you feel like and hope nobody notices.

[nebulus]

ASICMINER trades at 0.12 consistently, not familiar with other stock. He is on the money on that...
That will come up when considering they are not bullshitting about their miner.

Though, it seems like BFL (though also full of uncertainty) is doing better than AM.

Maybe Diablo should hustle them

[DiabloD3]

I'm announcing the end of Diablo Mining Company.

Although DMC was started to show the world that Bitcoin is ready for large scale business, the actions of several people in our community has proven we're just not ready for this yet.

nefario misrepresented his asset vetting process, he misrepresented the legality of GLBSE as a stock exchange, and he misrepresented his ownership of GLBSE. The SEC is now investigating nefario and GLBSE for fraud for his actions over supporting the Pirate scam. Many people have repeatedly requested a scammer tag for nefario and a URL filter for GLBSE links, and this may come to pass because of his actions.

Pretty much everything on GLBSE except for maybe 5 assets have proven to be either scams or badly managed, and DMC invested in some of this on good faith and the belief nefario knew what he was doing and had properly vetted them before allowing them on GLBSE. nefario has cost not only the Bitcoin investment community a unique opportunity, but he has tarnished the name of Bitcoin itself.

Although I could just reopen DMC on another exchange, nefario's actions has also damaged the DMC name and enticed trolls to attack anyone who DMC has invested in, anyone who has invested in DMC, or anyone even associated with me. Forum drama is not profitable.

I am going to put a bid wall up at 0.0666 as money comes in, it will be first come first serve. If you want out before I finish liquidating assets at the very end, I suggest you sell into that wall now. It may take several months to buy everything back.

[silverbox]

Uh have you tried to connect to GLBSE lately??  like in the last few hours?

[DiabloD3]

Uh have you tried to connect to GLBSE lately??  like in the last few hours?

Yeah, it sees nefario took it down. He claims software update, I wonder if the SEC just arrested him and took the site down.

[silverbox]

Uh have you tried to connect to GLBSE lately??  like in the last few hours?

Yeah, it sees nefario took it down. He claims software update, I wonder if the SEC just arrested him and took the site down.

First I've heard of software update, where did you hear/read that?

[DiabloD3]

Uh have you tried to connect to GLBSE lately??  like in the last few hours?

Yeah, it sees nefario took it down. He claims software update, I wonder if the SEC just arrested him and took the site down.

First I've heard of software update, where did you hear/read that?

People on IRC.

[silverbox]

Uh have you tried to connect to GLBSE lately??  like in the last few hours?

Yeah, it sees nefario took it down. He claims software update, I wonder if the SEC just arrested him and took the site down.

First I've heard of software update, where did you hear/read that?

People on IRC.

If you read it on IRC, it must be true

[zapeta]

nefario misrepresented his asset vetting process, he misrepresented the legality of GLBSE as a stock exchange, and he misrepresented his ownership of GLBSE. The SEC is now investigating nefario and GLBSE for fraud for his actions over supporting the Pirate scam. Many people have repeatedly requested a scammer tag for nefario and a URL filter for GLBSE links, and this may come to pass because of his actions.

Pretty much everything on GLBSE except for maybe 5 assets have proven to be either scams or badly managed, and DMC invested in some of this on good faith and the belief nefario knew what he was doing and had properly vetted them before allowing them on GLBSE. nefario has cost not only the Bitcoin investment community a unique opportunity, but he has tarnished the name of Bitcoin itself.

Although I could just reopen DMC on another exchange, nefario's actions has also damaged the DMC name and enticed trolls to attack anyone who DMC has invested in, anyone who has invested in DMC, or anyone even associated with me. Forum drama is not profitable.

So, basically you are now trying to blame your failure on nefario?  If anyone out there invested in assets on GLBSE thinking that nefario had vested each one and didn't bother to do any sort of due diligence of their own that is just plain stupid.  The fact that you were supposed to be running a company and didn't (obviously) bother to do your own due diligence before performing your crazy asset swaps is both stupid and negligent, hence why investors have now taken a 93% loss based on your IPO and buyback prices.  There are plenty of assets on GLBSE that are well managed, but obviously nefario doesn't run each asset and I don't know why you'd expect him to police how each asset is run.  In fact, he did suspend DMC which was probably the worst managed asset out there!  I don't know why you'd think that anything on GLBSE is anything but poorly managed if you consider how you've managed to run your "asset" in to the ground.    

[SebastianJu]

I'm announcing the end of Diablo Mining Company.

Although DMC was started to show the world that Bitcoin is ready for large scale business, the actions of several people in our community has proven we're just not ready for this yet.

nefario misrepresented his asset vetting process, he misrepresented the legality of GLBSE as a stock exchange, and he misrepresented his ownership of GLBSE. The SEC is now investigating nefario and GLBSE for fraud for his actions over supporting the Pirate scam. Many people have repeatedly requested a scammer tag for nefario and a URL filter for GLBSE links, and this may come to pass because of his actions.

Pretty much everything on GLBSE except for maybe 5 assets have proven to be either scams or badly managed, and DMC invested in some of this on good faith and the belief nefario knew what he was doing and had properly vetted them before allowing them on GLBSE. nefario has cost not only the Bitcoin investment community a unique opportunity, but he has tarnished the name of Bitcoin itself.

Although I could just reopen DMC on another exchange, nefario's actions has also damaged the DMC name and enticed trolls to attack anyone who DMC has invested in, anyone who has invested in DMC, or anyone even associated with me. Forum drama is not profitable.

I am going to put a bid wall up at 0.0666 as money comes in, it will be first come first serve. If you want out before I finish liquidating assets at the very end, I suggest you sell into that wall now. It may take several months to buy everything back.

Sorry Diablo, but i dont like how you speak here. You say the SEC is coming as if you knew it, but you dont know. You then try to say that nefario is the reason why all projects on glbse are losing value. Its not. Miningprojects have to go down in value simply because the dividend goes down because of rising difficulty. And your project going down has nothing to do with nefario. Nefarios actions didnt made the share price drop in any way. In fact it grew because people were in hope that something will be better now. And nefario didnt do anything before to drop your shares price. So dont claim he is the reason.

Then... nefario detailed everything what he knew about the owners of a security. Every investor could decide if its worth the risk.

Nefario was right here. Unfortunately he wasnt able to do it properly. But you cant blame him in any way. So please dont do it. Its simply not fair to blame him because its plain wrong that he is the bad guy that made all broken.

I would like to see you be fair at least.

[DiabloD3]

Uh have you tried to connect to GLBSE lately??  like in the last few hours?

Yeah, it sees nefario took it down. He claims software update, I wonder if the SEC just arrested him and took the site down.

First I've heard of software update, where did you hear/read that?

People on IRC.

If you read it on IRC, it must be true

A software update for the launch of GLBSE 3.0 is plausible.... just so is the SEC extraditing him from the UK to stand trial in the US.

[DiabloD3]

I'm announcing the end of Diablo Mining Company.

Although DMC was started to show the world that Bitcoin is ready for large scale business, the actions of several people in our community has proven we're just not ready for this yet.

nefario misrepresented his asset vetting process, he misrepresented the legality of GLBSE as a stock exchange, and he misrepresented his ownership of GLBSE. The SEC is now investigating nefario and GLBSE for fraud for his actions over supporting the Pirate scam. Many people have repeatedly requested a scammer tag for nefario and a URL filter for GLBSE links, and this may come to pass because of his actions.

Pretty much everything on GLBSE except for maybe 5 assets have proven to be either scams or badly managed, and DMC invested in some of this on good faith and the belief nefario knew what he was doing and had properly vetted them before allowing them on GLBSE. nefario has cost not only the Bitcoin investment community a unique opportunity, but he has tarnished the name of Bitcoin itself.

Although I could just reopen DMC on another exchange, nefario's actions has also damaged the DMC name and enticed trolls to attack anyone who DMC has invested in, anyone who has invested in DMC, or anyone even associated with me. Forum drama is not profitable.

I am going to put a bid wall up at 0.0666 as money comes in, it will be first come first serve. If you want out before I finish liquidating assets at the very end, I suggest you sell into that wall now. It may take several months to buy everything back.

Sorry Diablo, but i dont like how you speak here. You say the SEC is coming as if you knew it, but you dont know. You then try to say that nefario is the reason why all projects on glbse are losing value. Its not. Miningprojects have to go down in value simply because the dividend goes down because of rising difficulty. And your project going down has nothing to do with nefario. Nefarios actions didnt made the share price drop in any way. In fact it grew because people were in hope that something will be better now. And nefario didnt do anything before to drop your shares price. So dont claim he is the reason.

Then... nefario detailed everything what he knew about the owners of a security. Every investor could decide if its worth the risk.

Nefario was right here. Unfortunately he wasnt able to do it properly. But you cant blame him in any way. So please dont do it. Its simply not fair to blame him because its plain wrong that he is the bad guy that made all broken.

I would like to see you be fair at least.

nefario apparently has admitted the SEC has already contacted him about Pirate, although I'm not sure if he as done so publicly.

Its not that mining went down in value, its that there is more than one case where people "proved" they had mining hardware with lots of photos, and then they either just keep printing bonds for hardware that didn't exist at cheap prices (way below both their IPO price and the current market price) to go invest the money in either Pirate or simply just pocket it and pyramid pay it out until they could buy ASIC hardware cheap (so they end up with both the money (having spent a tiny fraction of it on the ASIC hardware) and then a large part of the AISC output because they didn't issue 100% of the ASIC in bonds, only half or less).

The mining part of the market collapsed because of these people. Even on bond issuers that were legit and didn't abuse investors, their prices went down because people were willing to sell the bonds they bought at half what they paid for them because they could buy the same hash power at half of what they threw those bonds out for (so they lost half their investment value but doubled their dividends). I was able to triple the mhash DMC held because of people throwing their bonds out, but the prices crashed so hard that I would have had to increase it 5x or 6x to not lose value.

zapeta claimed I didn't do enough due diligence, but there is only so much due diligence you can do with people you've never met. You can claim nefario did do enough to protect investors on his end, and maybe its true, but its not what I believe. Although GLBSE may not be coming back at all (which a lot of people in #bitcoin-assets think), maybe going forwards nefario can force bond issuers to hand over a large sum of BTC for collateral and also put a lock on the number of shares they can issue (as to not exceed the actual hardware) and also require frequent timestamped photos of the hardware. This would have been enough to prevent a lot of the bond issuer abuse.

[DiabloD3]

GLBSE user funds are more or less safe, but I have bad news from the GLBSE shareholder meeting.

Nefario has, without a shareholder motion and in violation of the bylaws and GLBSE ToS, decided to close down GLBSE. Users will be able to collect deposits only after submitting identity info. A similar system to the one that Goat was forced to use will be provided so that assets can be traded elsewhere.

He is also illegally using user deposits to pay for his lawyer. If he continues, the GLBSE cash reserves (which I manage) will not be enough to cover costs and GLBSE will be in debt to users.

I'm very sorry about this, but those shareholders who are sane are helpless against Nefario and the insane shareholders who for some mind-boggling reason think that closing down GLBSE in this way will help both themselves and GLBSE users.

Since Nefario refuses to give complete details about his legal concerns and he has been acting strangely, I feel that it is somewhat possible that Nefario is working under some sort of plea bargain and is gathering IDs for future prosecution.

Nefario has defrauded me and others in several different ways and deserves a scammer tag.
- The BitcoinGlobal bylaws state that BitcoinGlobal's purpose is to operate GLBSE. By shutting down GLBSE without amending the bylaws, Nefario has violated the bylaws.
- He has stated that he would ignore any motion to remove him as CEO.
- He is knowingly making BitcoinGlobal shares worthless, violating his fiduciary duty.
- He is refusing to release my GLBSE balance without my ID, which I did not agree to.

Since my GLBSE shares are now worthless, it should be obvious that I had no knowledge of this before now.

I urge everyone to never work with Nefario again. A Bitcoin stock exchange is a good idea, though. I hope that someone will create something better than GLBSE and MPEx.

So now it all becomes clear.

In the end, DMC gets scammed, stolen from, victimized, and now I can't even safely shut it down.

[novusordo]

In the end, DMC gets scammed, stolen from, victimized, and now I can't even safely shut it down.

It's sad that DMC and all the others have fallen victim to GLBSE's shutdown. Nefario is far from anonymous, and enough people are involved in GLBSE that he surely wouldn't get away with defrauding GLBSE's users. US users obviously won't have much ground to stand on in a lawsuit against him, though.

As for DMC's situation, if Nefario gives shareholders a way to uniquely confirm to you that they own a specific number of DMC shares, you will be able to buy them back. We'll just have to wait and see.

I'm predicting a situation where ALL assets previously listed on GLBSE will take the course of Goat's assets. That would seriously suck for both the asset issuers and the asset holders, but it would put you in a position to be able to shut DMC down safely.

There's been some drama between DMC, Nefario, and others in the past. I implore you to make your best effort to make the shut-down process as painless as possible for the shareholders, Diablo.

[DiabloD3]

In the end, DMC gets scammed, stolen from, victimized, and now I can't even safely shut it down.

It's sad that DMC and all the others have fallen victim to GLBSE's shutdown. Nefario is far from anonymous, and enough people are involved in GLBSE that he surely wouldn't get away with defrauding GLBSE's users. US users obviously won't have much ground to stand on in a lawsuit against him, though.

As for DMC's situation, if Nefario gives shareholders a way to uniquely confirm to you that they own a specific number of DMC shares, you will be able to buy them back. We'll just have to wait and see.

I'm predicting a situation where ALL assets previously listed on GLBSE will take the course of Goat's assets. That would seriously suck for both the asset issuers and the asset holders, but it would put you in a position to be able to shut DMC down safely.

There's been some drama between DMC, Nefario, and others in the past. I implore you to make your best effort to make the shut-down process as painless as possible for the shareholders, Diablo.

The situation is complex because all of our assets held are ON glbse. The most important of the two are BTCMC and ASICMINER, and yochdog and friedcat are both trying to figure out how to fix it for their shareholders.

An even bigger problem is I need to sell my BTCMC stake, and without GLBSE I can't. That would have provided enough money to buy back around 2/3rds of the shares still out there, the rest could have been mopped up with the upcoming ASICMINER dividends.

I think if you look up "nothing has gone right" in the dictionary, DMC will be the example given.

[novusordo]

The situation is complex because all of our assets held are ON glbse. The most important of the two are BTCMC and ASICMINER, and yochdog and friedcat are both trying to figure out how to fix it for their shareholders.

An even bigger problem is I need to sell my BTCMC stake, and without GLBSE I can't. That would have provided enough money to buy back around 2/3rds of the shares still out there, the rest could have been mopped up with the upcoming ASICMINER dividends.

I think if you look up "nothing has gone right" in the dictionary, DMC will be the example given.

I definitely agree, DMC has had some terrible luck in its short lifetime. It sucks to have no options other than to play the waiting game, for now.

[#machinist]

The situation is complex because all of our assets held are ON glbse.

No love for the SPOF