SkepsiDyne Integrated Node - The Bitcoin Mining Company

[boonies4u]

In case everyone isn't aware, GLBSE's bitcoind is down, and everyone is unable to connect to GLBSE.

Until Nefario is settled (he is traveling), GLBSE will not be back online. Tawsix's problem may not be the out of date client, but that his client is just unable to connect, like the rest of us.

Is there a specific reason that Tawsix is using the CLI client and not the web client? I heard that is has some features that did not translate over to the web client, but I'm not entirely certain.

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[boonies4u]

In case everyone isn't aware, GLBSE's bitcoind is down, and everyone is unable to connect to GLBSE.

Until Nefario is settled (he is traveling), GLBSE will not be back online. Tawsix's problem may not be the out of date client, but that his client is just unable to connect, like the rest of us.

Is there a specific reason that Tawsix is using the CLI client and not the web client? I heard that is has some features that did not translate over to the web client, but I'm not entirely certain.

It ws working when I used it this morning. Is it down again?

https://glbse.com/forum/viewtopic.php?f=13&t=247 reads as follows.

My apologies for the downtime. I'm not a developer and I don't have access to the servers or anything like that so I can't restart bitcoind when it crashes, which I expect is what the problem is based on previous outages and the client's behavior when I attempt to use my own account.

As Nefario stated here he will be offline for a few days,

[ https://glbse.com/forum/viewtopic.php?f=13&t=243 ]

which should be over soon, so he should be getting this resolved before too long.

Again, sorry for this. Once Nefario has finished his relocation, addressing support issues, both current problems and establishing better protocols to handle future problems, is high on the list of priorities.

When I am home, I will see if GLBSE is back online. I may need to clear my cache, which I typically refrain from doing, as it requires that i re-attach my account to the webclient.

[senbonzakura]

glbse works

i see no motions ??

[boonies4u]

glbse works

i see no motions ??

Tawsix could not put up a motion while GLBSE was down. Most likely there will be an announcement on this thread when they are up. I would still keep a very close eye on GLBSE, as I am not sure how long the Motion will be up.

[boonies4u]

Any news on the status of Nefario and Tawsix's client?

[Tawsix]

Any news on the status of Nefario and Tawsix's client?

I have still not heard back from him, I have sent him a forum message in addition to the email I sent so hopefully he get's back to me soon.  Once I put the motion up it will last for 5 days so that hopefully all investors can get a chance to vote.

[boonies4u]

Any news on the status of Nefario and Tawsix's client?

I have still not heard back from him, I have sent him a forum message in addition to the email I sent so hopefully he get's back to me soon.  Once I put the motion up it will last for 5 days so that hopefully all investors can get a chance to vote.

Nefario has been busy with a relocation apparently. https://glbse.com/forum/viewtopic.php?f=13&t=243

ColdHardMetal may be able to help you with getting your hands on an up to do CLI client. I'm not sure exactly what your problem is, so I can't say for sure though.

[notme]

Latest is here
https://gitorious.org/glibse/glibse/trees/master

What issues are you having exactly?

[Tawsix]

Latest is here
https://gitorious.org/glibse/glibse/trees/master

What issues are you having exactly?

Thank you very much, I will be updating later today and trying it out.  My problem right now is that any time I try to do a command that goes beyond querying for information (for example, starting motions) I get the error message "Internal Server Error".  I can still do commands like depth SIN, balance, folio etc. but if I try to do anything along the lines of starting a motion I get that error.

[Tiniebras]

Completely speculative post here, but just trying to get the ball rolling. If SIN were to be liquidated, I believe there are 13 rigs to be sold? As I understood it, these cost around $900 at the time of purchase. Accepting devaluation due to the riggs now being second hand, and slightly dated, would it be reasonable to see a return of $450 per rigg? If that were the case, that would mean $5850 dollars. I'm a little unclear as to how many shares are owned and by whom, but I believe that around 2000 shares were sold in the IPO, and so Tawsix should own another 2000?

If any of the above is correct that would mean liquidation would result in 5850/4000=$1.46 per share. So that would mean about 0.67 bitcoins per share? Which isn't a horrific loss from the original IPO.

Like I said, speculative post to encourage discussion...

[DeathAndTaxes]

Here is what Tawsix says on first post of this thread.

As of July 11, we've sold 2,029 shares, and sold the BTC raised for over $15,000.

Also

I certainly wouldn't be suing him over my two shares by myself, but shakaru invested several thousand dollars worth of BTC by the sound of it.  That's something large enough that it couldn't even be settled in small claims court.

Yes, definitely not small claims court, especially if given total amount invested.

A correction.  ANYTHING can be settled in small claims court you just accept the max judgement of small claims court as the limitation of the settlement.  Given depreciation and the lack of business skills one would imagine that net asset value of the company at liquidation would be far smaller than $15K.

Lastly if an investor filed suit as an indivudal (not representing other individuals) for breech of contract only the value of his "shares" (portion of contract) would be relevant.

[shakaru]

Here is what Tawsix says on first post of this thread.

As of July 11, we've sold 2,029 shares, and sold the BTC raised for over $15,000.

Also

I certainly wouldn't be suing him over my two shares by myself, but shakaru invested several thousand dollars worth of BTC by the sound of it.  That's something large enough that it couldn't even be settled in small claims court.

Yes, definitely not small claims court, especially if given total amount invested.

A correction.  ANYTHING can be settled in small claims court you just accept the max judgement of small claims court as the limitation of the settlement.  Given depreciation and the lack of business skills one would imagine that net asset value of the company at liquidation would be far smaller than $15K.

Lastly if an investor filed suit as an indivudal (not representing other individuals) for breech of contract only the value of his "shares" (portion of contract) would be relevant.

Thank you! Finally someone who knows something that dosent start with "I dont have the facts to back this up..."

If this would turn into a legal battle, class action representation is the way to go.
Any word on when the SIN GLBSE account will be working? All the SDM ones have no issue. Even raising a motion. How is it that only SIN is affected when a vote is to be called that would blow this scam out of the water?

[bulanula]

Here is what Tawsix says on first post of this thread.

As of July 11, we've sold 2,029 shares, and sold the BTC raised for over $15,000.

Also

I certainly wouldn't be suing him over my two shares by myself, but shakaru invested several thousand dollars worth of BTC by the sound of it.  That's something large enough that it couldn't even be settled in small claims court.

Yes, definitely not small claims court, especially if given total amount invested.

A correction.  ANYTHING can be settled in small claims court you just accept the max judgement of small claims court as the limitation of the settlement.  Given depreciation and the lack of business skills one would imagine that net asset value of the company at liquidation would be far smaller than $15K.

Lastly if an investor filed suit as an indivudal (not representing other individuals) for breech of contract only the value of his "shares" (portion of contract) would be relevant.

Thank you! Finally someone who knows something that dosent start with "I dont have the facts to back this up..."

If this would turn into a legal battle, class action representation is the way to go.
Any word on when the SIN GLBSE account will be working? All the SDM ones have no issue. Even raising a motion. How is it that only SIN is affected when a vote is to be called that would blow this scam out of the water?

I really think we should file a suit and get his fat ass into jail. This guy scammed us all and the biggest mistake he did was thinking he could get away with it !!! This is not Nigeria boy, this is the US of A. People uphold the law or get screwed by big Bubba in the prison cell. I hope that is coming for you Mr Scammer. Soon

[boonies4u]

Here is what Tawsix says on first post of this thread.

As of July 11, we've sold 2,029 shares, and sold the BTC raised for over $15,000.

Also

I certainly wouldn't be suing him over my two shares by myself, but shakaru invested several thousand dollars worth of BTC by the sound of it.  That's something large enough that it couldn't even be settled in small claims court.

Yes, definitely not small claims court, especially if given total amount invested.

A correction.  ANYTHING can be settled in small claims court you just accept the max judgement of small claims court as the limitation of the settlement.  Given depreciation and the lack of business skills one would imagine that net asset value of the company at liquidation would be far smaller than $15K.

Lastly if an investor filed suit as an indivudal (not representing other individuals) for breech of contract only the value of his "shares" (portion of contract) would be relevant.

Thank you! Finally someone who knows something that dosent start with "I dont have the facts to back this up..."

If this would turn into a legal battle, class action representation is the way to go.
Any word on when the SIN GLBSE account will be working? All the SDM ones have no issue. Even raising a motion. How is it that only SIN is affected when a vote is to be called that would blow this scam out of the water?

I really think we should file a suit and get his fat ass into jail. This guy scammed us all and the biggest mistake he did was thinking he could get away with it !!! This is not Nigeria boy, this is the US of A. People uphold the law or get screwed by big Bubba in the prison cell. I hope that is coming for you Mr Scammer. Soon

I want to see a quick liquidation or absorption... I am not interested in losing money just to bring Tawsix to justice. Taking Tawsix to court should be only considered an option to prevent losses, not something to be persued.

It is in the shareholders best interest to preserve the value of their return and taking this to court(at this point) will only increase losses.

[shakaru]

Here is what Tawsix says on first post of this thread.

As of July 11, we've sold 2,029 shares, and sold the BTC raised for over $15,000.

Also

I certainly wouldn't be suing him over my two shares by myself, but shakaru invested several thousand dollars worth of BTC by the sound of it.  That's something large enough that it couldn't even be settled in small claims court.

Yes, definitely not small claims court, especially if given total amount invested.

A correction.  ANYTHING can be settled in small claims court you just accept the max judgement of small claims court as the limitation of the settlement.  Given depreciation and the lack of business skills one would imagine that net asset value of the company at liquidation would be far smaller than $15K.

Lastly if an investor filed suit as an indivudal (not representing other individuals) for breech of contract only the value of his "shares" (portion of contract) would be relevant.

Thank you! Finally someone who knows something that dosent start with "I dont have the facts to back this up..."

If this would turn into a legal battle, class action representation is the way to go.
Any word on when the SIN GLBSE account will be working? All the SDM ones have no issue. Even raising a motion. How is it that only SIN is affected when a vote is to be called that would blow this scam out of the water?

I really think we should file a suit and get his fat ass into jail. This guy scammed us all and the biggest mistake he did was thinking he could get away with it !!! This is not Nigeria boy, this is the US of A. People uphold the law or get screwed by big Bubba in the prison cell. I hope that is coming for you Mr Scammer. Soon

I want to see a quick liquidation or absorption... I am not interested in losing money just to bring Tawsix to justice. Taking Tawsix to court should be only considered an option to prevent losses, not something to be persued.

It is in the shareholders best interest to preserve the value of their return and taking this to court(at this point) will only increase losses.

agreed. I only want to see this mess turn into a profit. I know that it is there if the hardware exist.

[Tawsix]

I have started the motion concerning the liquidation of SIN, it's ID is 62 (I made a test motion with ID 61 to make sure everything was working correctly, so just ignore that one).  The motion text is as follows:

Code:

Vote Start:	Wednesday November 16, 2011 - 9:00 PM
Vote End:	Tuesday November 22, 2011 - 12:00 AM
Vote Num:	000006
Vote issue:	Wrapping up and liquidation of SIN

This vote is being held to determine the shareholders' opinions
on the matter of wrapping up SIN and liquidating its assets.  

A vote in favor (yes) will support the wrapping up and liquidation of SIN.

A vote against (no) will be against the wrapping up and liquidation of SIN.

Voting will go until midnight the 22nd of November.  Hopefully this will be enough time for the majority of investors to vote.

[brendio]

Could you please give more details on the procedure for liquidating SIN and your estimate of the likely proceeds you will get for the equipment? Where will you be selling the company's assets? eBay?

If this motion is voted down, would you then consider Shakaru's proposal?

[boonies4u]

Could you please give more details on the procedure for liquidating SIN and your estimate of the likely proceeds you will get for the equipment? Where will you be selling the company's assets? eBay?

If this motion is voted down, would you then consider Shakaru's proposal?

A vote of Yes is for the liquidation and against absorption. A vote of No is against liquidation and for absorption. If the liquidation is voted down, I expect the absorption to go through.

[Tawsix]

Could you please give more details on the procedure for liquidating SIN and your estimate of the likely proceeds you will get for the equipment? Where will you be selling the company's assets? eBay?

If this motion is voted down, would you then consider Shakaru's proposal?

That depends.  If we can sell it all off in one lot that would probably be the most preferable option, but this would be something for investors to discuss.  eBay would definitely be on the table.  I would be open to suggestions on how to best get the company liquidated.  As far as likely proceeds, the typical estimate would be half of the value of the equipment being sold.  That is an underestimate in my opinion however, as most of the hardware we have seems to be selling for over that value on eBay.  I think in total we can expect somewhere between nine and ten thousand dollars USD.  However this is just speculation, things could be better or worse, so I hesitate to make any definitive statement on the matter.

If this motion is voted down, we will then have a discussion on what action to take and vote accordingly.

Could you please give more details on the procedure for liquidating SIN and your estimate of the likely proceeds you will get for the equipment? Where will you be selling the company's assets? eBay?

If this motion is voted down, would you then consider Shakaru's proposal?

A vote of Yes is for the liquidation and against absorption. A vote of No is against liquidation and for absorption. If the liquidation is voted down, I expect the absorption to go through.

A vote of yes is for liquidation.  A vote of no is against liquidation.  If the vote fails we will discuss what action is to be taken and then vote on that action.

[boonies4u]

I thought the plan was to have one motion decide.

just so everyone is clear what has been proposed by SDM is an absoprtion of all SIN assests, all equipment operational or otherwise as well as any information will be transfered from SIN to SDM and after relocation to a SDM location and evaluation/restoration(as needed) to operate as originally intended.

So we have two proposed options then:
1)  All rigs are sold for cash to whomever, and the cash is distributed to shareholders proportional to their LEGITIMATE shares.
2)  SDM takes over the mining operations by physically acquiring the rigs, though they are still owned by the shareholders.

This is correct, and once I get my client updated I will set forth a motion concerning these matters.

I thought the absorption has already been discussed and has been determined as the ideal alternative. Then again, you (Tawsix) havent really discussed it yourself, even going to the point of saying shakaru was disinterested in the idea of absorption.