Diablo Mining Company

[novusordo]

All three of you are on the final list. You should have gotten emails by now. If this isn't the case, tell me so I can bug Ukto.

They can always put the email addy they used into the form at https://bitfunder.com/claimasset/ and see if it gives a result as well

So we just sign up for a new account there with our email address? When I go to /claimasset it gives me the same thing that I see on the homepage of the site.

[1713928869]

1713928869

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[1713928869]

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1713928869

[DiabloD3]

Oh, and btw, the asset list is still:
106 BTC-MINING
1000 BTCMC
1000 ASICMINER

Can you confirm this is still the asset list?

Yes. I'm going to do an interim report in a bit.

[Deprived]

All three of you are on the final list. You should have gotten emails by now. If this isn't the case, tell me so I can bug Ukto.

They can always put the email addy they used into the form at https://bitfunder.com/claimasset/ and see if it gives a result as well

So we just sign up for a new account there with our email address? When I go to /claimasset it gives me the same thing that I see on the homepage of the site.

You need to make an account (on the email address you used for GLBSE claims) THEN login and go to the claimasset page.  It'll then check for any assets assigned to that email address.

[Newar]

All three of you are on the final list. You should have gotten emails by now. If this isn't the case, tell me so I can bug Ukto.

They can always put the email addy they used into the form at https://bitfunder.com/claimasset/ and see if it gives a result as well

So we just sign up for a new account there with our email address? When I go to /claimasset it gives me the same thing that I see on the homepage of the site.

Signing up worked for me. There is a link to claim assets with your email within the site. Still no email though.

[DiabloD3]

Shares sold to date: 11,579
Dividends paid out today: 9.99997177 BTC
Dividends per share paid out today: 0.00086363 BTC

Dividends paid out for all time: 90.38740546 BTC
Dividends paid out for all time per share:  0.0272217863171353 BTC

Assets held:
106 BTC-MINING
1000 BTCMC
1000 ASICMINER

As per the motion passed on August 17th, the dividends for August (paid September 1st), September (paid October 1st), and October (paid November 1st) were recycled be recycled to increase NAV.

The only months eligible for dividends for this period are November (paid Dec 1st) and December (paid Jan 1st). Because GLBSE shut down at the beginning of October, no assets that pay dividends owned by DMC have been able to pay dividends. Before the GLBSE shutdown, BTCMC voted to suspend dividends to save up for ASICs, and has not paid any dividends during this period. ASICMINER has not yet begun paying dividends. BTC-MINING has not yet paid dividends owed.

As part of a promotion by BitFunder, former GLBSE assets were paid 10BTC to relist on Bitfunder. I have paid this out as a dividend for the month of December.

[nebulus]

Thanks!

[toffoo]

Just got my BitFunder email.

What were the last traded prices of DMC on GLBSE right before it closed?

[DiabloD3]

Just got my BitFunder email.

What were the last traded prices of DMC on GLBSE right before it closed?

I don't know, but I think someone recorded a lot of the assets before the shutdown.

[Ukyo]

Hey guys,

There was an email backlog that held some things back. I changed that part of the system to be much more efficient at mail/throttling.

Most everyone should have their emails by now. If you do not have one within an hour of this post, PM me your email address and I will take a look for you.
Also, be sure to check your spam folder. I have not had any complains of this, but you never know.

[Deprived]

Your asset list is currently:

106 BTC-MINING
1000 BTCMC
1000 ASICMINER

Of these BTC-MINING is next to worthless (loaned their funds to AmazingRando who ran off with them) and BTCMC looks like becoming a scam (owner hasn't produced financial reports since September, decided tostop paying dividends and is basically doing nothing).

But obviously ASICMINER is worth a decent bit.  If I bought some DMC shares would you be willing to accept them back in return for ASICMINER shares (you can keep the other junk)?

There's 11579 DMC shares outstanding - so a trade of 116 DMC for 10 ASICMINER or 12 DMC for 1 ASICMINER would be correct.  That would leave DMC with more assets per share (slightly more ASICMINER/share and a lot more of the other 2 junk ones).

I value ASICMINER at somewhere in the .5 - 1 BTC range right now (there's trades actually occurred in that range that I know of).

If I value ASICMINER shares at 0.5 that would make DMC shares worth 0.043
If I value ASICMINER shares at 1.0 that would make DMC shares worth 0.086

Obviously we couldn't actually do the swap until we're able to trade ASICMINER - but would like to know if the trade is fine with you.  I'm not sure what your plan is otherwise - if you intend to sell the ASICMINER and dividend out the proceeds then I'd be fine with just hanging onto DMC.

[DiabloD3]

Your asset list is currently:

106 BTC-MINING
1000 BTCMC
1000 ASICMINER

Of these BTC-MINING is next to worthless (loaned their funds to AmazingRando who ran off with them) and BTCMC looks like becoming a scam (owner hasn't produced financial reports since September, decided tostop paying dividends and is basically doing nothing).

But obviously ASICMINER is worth a decent bit.  If I bought some DMC shares would you be willing to accept them back in return for ASICMINER shares (you can keep the other junk)?

There's 11579 DMC shares outstanding - so a trade of 116 DMC for 10 ASICMINER or 12 DMC for 1 ASICMINER would be correct.  That would leave DMC with more assets per share (slightly more ASICMINER/share and a lot more of the other 2 junk ones).

I value ASICMINER at somewhere in the .5 - 1 BTC range right now (there's trades actually occurred in that range that I know of).

If I value ASICMINER shares at 0.5 that would make DMC shares worth 0.043
If I value ASICMINER shares at 1.0 that would make DMC shares worth 0.086

Obviously we couldn't actually do the swap until we're able to trade ASICMINER - but would like to know if the trade is fine with you.  I'm not sure what your plan is otherwise - if you intend to sell the ASICMINER and dividend out the proceeds then I'd be fine with just hanging onto DMC.

Unless you managed to buy ALL 11579 DMC shares to trade for all the ASICMINER, I wouldn't consider the trade.

Yeah, it seems BTC-MINING and BTCMC didn't turn out the way I hoped. ASICMINER dividends will be split 50/50 as per the contract, half will be paid as dividends to DMC, the other half will be used to buy back DMC.

By the way, Amazingrando has come out of hiding and is talking to the guy who owns BTC-MINING, so I'm hoping something good comes out of this.

[Deprived]

Your asset list is currently:

106 BTC-MINING
1000 BTCMC
1000 ASICMINER

Of these BTC-MINING is next to worthless (loaned their funds to AmazingRando who ran off with them) and BTCMC looks like becoming a scam (owner hasn't produced financial reports since September, decided tostop paying dividends and is basically doing nothing).

But obviously ASICMINER is worth a decent bit.  If I bought some DMC shares would you be willing to accept them back in return for ASICMINER shares (you can keep the other junk)?

There's 11579 DMC shares outstanding - so a trade of 116 DMC for 10 ASICMINER or 12 DMC for 1 ASICMINER would be correct.  That would leave DMC with more assets per share (slightly more ASICMINER/share and a lot more of the other 2 junk ones).

I value ASICMINER at somewhere in the .5 - 1 BTC range right now (there's trades actually occurred in that range that I know of).

If I value ASICMINER shares at 0.5 that would make DMC shares worth 0.043
If I value ASICMINER shares at 1.0 that would make DMC shares worth 0.086

Obviously we couldn't actually do the swap until we're able to trade ASICMINER - but would like to know if the trade is fine with you.  I'm not sure what your plan is otherwise - if you intend to sell the ASICMINER and dividend out the proceeds then I'd be fine with just hanging onto DMC.

Unless you managed to buy ALL 11579 DMC shares to trade for all the ASICMINER, I wouldn't consider the trade.

Yeah, it seems BTC-MINING and BTCMC didn't turn out the way I hoped. ASICMINER dividends will be split 50/50 as per the contract, half will be paid as dividends to DMC, the other half will be used to buy back DMC.

By the way, Amazingrando has come out of hiding and is talking to the guy who owns BTC-MINING, so I'm hoping something good comes out of this.

IF amazingrando has resurfaced then that changes things a bit - will have to reassess DMC value when we see what happens there.  I don't have much hope for BTCMC at all - it's pretty obvious the guy has just been spending what was mined and has now been stalling for months: There's no reason why GLBSE going down should stop him producing his accounts like before.

Is there any date by which you plan to buy back - or is plan just to wait until people get bored and sell back for tiny amounts, leaving cash left over for you?

Anyway, thanks for the answer - I have eough info to go on now.

[DiabloD3]

Your asset list is currently:

106 BTC-MINING
1000 BTCMC
1000 ASICMINER

Of these BTC-MINING is next to worthless (loaned their funds to AmazingRando who ran off with them) and BTCMC looks like becoming a scam (owner hasn't produced financial reports since September, decided tostop paying dividends and is basically doing nothing).

But obviously ASICMINER is worth a decent bit.  If I bought some DMC shares would you be willing to accept them back in return for ASICMINER shares (you can keep the other junk)?

There's 11579 DMC shares outstanding - so a trade of 116 DMC for 10 ASICMINER or 12 DMC for 1 ASICMINER would be correct.  That would leave DMC with more assets per share (slightly more ASICMINER/share and a lot more of the other 2 junk ones).

I value ASICMINER at somewhere in the .5 - 1 BTC range right now (there's trades actually occurred in that range that I know of).

If I value ASICMINER shares at 0.5 that would make DMC shares worth 0.043
If I value ASICMINER shares at 1.0 that would make DMC shares worth 0.086

Obviously we couldn't actually do the swap until we're able to trade ASICMINER - but would like to know if the trade is fine with you.  I'm not sure what your plan is otherwise - if you intend to sell the ASICMINER and dividend out the proceeds then I'd be fine with just hanging onto DMC.

Unless you managed to buy ALL 11579 DMC shares to trade for all the ASICMINER, I wouldn't consider the trade.

Yeah, it seems BTC-MINING and BTCMC didn't turn out the way I hoped. ASICMINER dividends will be split 50/50 as per the contract, half will be paid as dividends to DMC, the other half will be used to buy back DMC.

By the way, Amazingrando has come out of hiding and is talking to the guy who owns BTC-MINING, so I'm hoping something good comes out of this.

IF amazingrando has resurfaced then that changes things a bit - will have to reassess DMC value when we see what happens there.  I don't have much hope for BTCMC at all - it's pretty obvious the guy has just been spending what was mined and has now been stalling for months: There's no reason why GLBSE going down should stop him producing his accounts like before.

Is there any date by which you plan to buy back - or is plan just to wait until people get bored and sell back for tiny amounts, leaving cash left over for you?

Anyway, thanks for the answer - I have eough info to go on now.

No, the BTCMC guy passed a motion to suspend dividends to save up money to buy ASIC gear. Since he owns a majority of the shares in BTCMC, he can pass the motion unilaterally. I have not seen an indication that he has squandered the money. He now has an opportunity to buy ASICs now that Avalon has proven themselves and is gearing up for a second batch.

I do agree that it'd be nice if he kept continuing producing reports, but even I slacked off on those when GLBSE went bust. Whats the point in doing them if you have no dividends generated and you couldn't distribute them even if you wanted to and theres no new information to disseminate?

I plan on buying them back as cash comes in, but do the timing in a way that prevents some investors from gaming it to make it unfair to other investors. I'd like to buy them all back today, but that won't happen. The sooner I buy these back, the sooner I can start on DMC 2.0, and thats probably more than a year away.

[Deprived]

No, the BTCMC guy passed a motion to suspend dividends to save up money to buy ASIC gear. Since he owns a majority of the shares in BTCMC, he can pass the motion unilaterally.

Even if you hold 99% of shares you can't just pass a motion without a vote.  There's two reasons for this:

1.  Holding a proper motion/vote gives smaller investors a chance to point out things which may change the majority shareholder's vote.
2.  Without a vote there's not any proof that someone actually DOES hold a majority of shares.

If he was holding back all cash that should have been dividended then that's actually MORE reason to keep accounts updated - as cash in hand is rising quickly.  Without accounts no investors can value the shares for their books.

Hopefully I'm wrong about him - but when someone refuses to provide up to date accounts it's hard to assume anything other than that they're scamming.

Your situation was slightly different - as you weren't actually doing anything or generating any income so there was nothing to update accounts with.

[DiabloD3]

No, the BTCMC guy passed a motion to suspend dividends to save up money to buy ASIC gear. Since he owns a majority of the shares in BTCMC, he can pass the motion unilaterally.

Even if you hold 99% of shares you can't just pass a motion without a vote.  There's two reasons for this:

1.  Holding a proper motion/vote gives smaller investors a chance to point out things which may change the majority shareholder's vote.
2.  Without a vote there's not any proof that someone actually DOES hold a majority of shares.

If he was holding back all cash that should have been dividended then that's actually MORE reason to keep accounts updated - as cash in hand is rising quickly.  Without accounts no investors can value the shares for their books.

Hopefully I'm wrong about him - but when someone refuses to provide up to date accounts it's hard to assume anything other than that they're scamming.

Your situation was slightly different - as you weren't actually doing anything or generating any income so there was nothing to update accounts with.

No, don't get me wrong, I'd actually like to know how much BTC has been saved up thus far. Should be enough for a couple Avalon rigs.

Edit: I asked yochdog to do a statement Feb 1st. I'm estimating BTCMC should have in the neighborhood of 2000 BTC, which at $20 BTC prices and $1500 second run Avalon prices, that should be at least 26 Avalons, or at 66gh each, at least 1700 gh.

[usagi]

...the BTCMC guy...

I do agree that it'd be nice if he kept continuing producing reports, but even I slacked off on those when GLBSE went bust. Whats the point in doing them if you have no dividends generated and you couldn't distribute them even if you wanted to and theres no new information to disseminate?

I plan on buying them back as cash comes in, but do the timing in a way that prevents some investors from gaming it to make it unfair to other investors. I'd like to buy them all back today, but that won't happen. The sooner I buy these back, the sooner I can start on DMC 2.0, and thats probably more than a year away.

Speaking of which, any updates? If it's really about 2,000 BTC he's saved up I think we're going to need an update now.

[DiabloD3]

We lost out again.

I had about 240 BTC of my own money to grab 3 Avalon units. Avalon botched the launch, and apparently they're now sold out even though no one could order any units and there have been no confirmed orders. On top of that, Walletbit stole 2.2 BTC as a "fee" to deposit money, even though this seems to be listed nowhere.

I'm seriously considering scammer threads for both of them.

[iCEBREAKER]

Not sure, but this seems like good news for DMC:

BITBOND update and request for feedback

https://bitcointalk.org/index.php?topic=141139.0

The plan going forward

Through several sleepless nights, we have managed to pull together enough funds and to purchase 10 x Avalon ASIC units in batch 2.  This will provide about 660 GH/s.  It is far from the 1.5 TH/s we hoped to have with the BFL mini rig, but the Avalon ASICs have been proven to exist and work.  We should also receive them much sooner than putting in a BFL order now.

I am suggesting creating a new security on Cryptostocks called BITBOND ASIC.  All current BITBOND bonds will be exchanged 1:2 for BITBOND ASIC.  The new bonds will be 2.25 Mh/s each, payable at 100% PPS.  Thus, if you have 10 BITBOND, which provides 20 Mh/s at 105% PPS, through the exchange you will receive 50 Mh/s at 100% PPS.

[nebulus]

I'm seriously considering scammer threads for both of them.

Please less scapegoating and more real work...

[Deprived]

Not sure, but this seems like good news for DMC:

BITBOND update and request for feedback

https://bitcointalk.org/index.php?topic=141139.0

The plan going forward

Through several sleepless nights, we have managed to pull together enough funds and to purchase 10 x Avalon ASIC units in batch 2.  This will provide about 660 GH/s.  It is far from the 1.5 TH/s we hoped to have with the BFL mini rig, but the Avalon ASICs have been proven to exist and work.  We should also receive them much sooner than putting in a BFL order now.

I am suggesting creating a new security on Cryptostocks called BITBOND ASIC.  All current BITBOND bonds will be exchanged 1:2 for BITBOND ASIC.  The new bonds will be 2.25 Mh/s each, payable at 100% PPS.  Thus, if you have 10 BITBOND, which provides 20 Mh/s at 105% PPS, through the exchange you will receive 50 Mh/s at 100% PPS.

Possibly - it doesn't say anything about what he's doing in respect of his debt to namworld/BTC-MINING.  Given what he DOES say it seems highly unlikely he'll be making any significant repayment of capital - probbaly just some dribble of dividends over the next while that won't be a lot of comfort to BTC-MINING investors.

Better news for DMC is that BTCMC have paid (or claimed to pay) the old dividend they owed - so at least it seems likely that isn't a total scam.  I still expect yochdog to claim his expenses ate up nearly all the mined coins for the last few months though.