[GLBSE] Bitcorp Mining Company - BTCMC 60+ GH/s, clear ASIC upgrade path.

[Otoh]

OK so it appears that I am a fool to have trusted a very clear & explicit contact issued by you on GLBSE & finally you have admitted that you will not buy the shares back off me at cost to make this good. You also seem to think it's fine to just leave that completely untrue contact up there so that others can fall in to the same trap.

Firstly I shall contact Nefario & state that your issue is a fraud, it does not pay what it promises to or give any clue that you may just decide at any time to lower the interest rate drastically as you had already done.

Secondly I shall ask for a judgement from the Securities Mods here of you keeping up this false offer on GLBSE if that should get you the scammers tag.

No I don't go & read every thread about every thing that I buy on GLBSE, I will now if you get away with this but it's too late in this case anyway.

I'll wait for 24 hrs to give you one last chance to act like the professional you claim to be & buy in the shares that were falsely listed on your issue, I very much regret this unpleasantness when you could just do the right thing but that is up to you.

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[yochdog]

OK so it appears that I am a fool to have trusted a very clear & explicit contact issued by you on GLBSE & finally you have admitted that you will not buy the shares back off me at cost to make this good. You also seem to think it's fine to just leave that completely untrue contact up there so that others can fall in to the same trap.

Firstly I shall contact Nefario & state that your issue is a fraud, it does not pay what it promises to or give any clue that you may just decide at any time to lower the interest rate drastically as you had already done.

Secondly I shall ask for a judgement from the Securities Mods here of you keeping up this false offer on GLBSE if that should get you the scammers tag.

No I don't go & read every thread about every thing that I buy on GLBSE, I will now if you get away with this but it's too late in this case anyway.

I'll wait for 24 hrs to give you one last chance to act like the professional you claim to be & buy in the shares that were falsely listed on your issue, I very much regret this unpleasantness when you could just do the right thing but that is up to you.

Contact away.  I have tried several times to get Nefario to change the contract, and have had no luck.

You will be doing us a favor if your efforts are successful. 

[rjk]

No I don't go & read every thread about every thing that I buy on GLBSE, I will now if you get away with this but it's too late in this case anyway.

Due Diligence FAIL

[yochdog]

Attention all Bitcorp Holders:

Our preliminary production figure for June totals 725.57 BTC 

Not a bad month, but not exactly what we expected either.  We had several machines fail during the month, and also hit a streak of bad luck at one of our pools. 

We hope to get back on track in July and exceed 850 BTC in production. 

[Otoh]

emailed to:

Nefario hi,

Re: The GLBSE listing for Bitcorp Mining Co. https://glbse.com/asset/view/BTCMC

Last month I bought 507 shares under the stated contract as listed:

Full contract:

Ownership entitles the holder of record to dividends paid monthly on the first of each month. Current dividends are set at .125 BTC per share, per month. The goal of Bitcorp is to steadily increase the payout over time, but makes no guarantees to that end.

On the 1st of July I only received a dividend of 0.049867 BTC per share or two & a half times less than the contract stated, I bought these shares in good faith having seen yochdog's original forum listing & judging him to be both honest & professional but relied on the GLBSE terms being accurate rather than searching his threads to check if anything may have changed, a few days ago I posted on his thread to request that he buy back these miss-sold shares at my cost price but he refused & seems to think it is OK to leave this false inflated contract up on GLBSE, rather than closing it & making a new issue that correctly shows the actual dividend that will be paid & links to where one may find current info if it is a variable rate.

Please see here for my post & his eventual response:

https://bitcointalk.org/index.php?topic=85443.msg1001483#msg1001483

I don't know if you can insist that he makes this right but at the very least there should be some warning on the listing that the info is not correct or the listing be force closed & shares transferred to say BTCMC-2 with correct returns & conditions stated, I look forward to your take on all this by PM &/or by a post in his thread, many thanks,

Otoh

cc. posted in his thread above

[Newar]

It's an issue all over GLBSE. Contracts can't be / are not allowed to changed.

Somewhat related discussion here (scroll down a bit): https://bitcointalk.org/index.php?topic=89262.0

[Nefario]

I have gotten only a single email regarding this, which was 3 days ago, Edit: On checking my forum PM's I've got one from the 28th asking about updating, and then 3 days ago got an email to the GLBSE support address for this. I've just replied as I'm backed up on most support emails by about 4 days since traveling.

Usually when someone wants to update a contract they send the new version and a link to a motion that approves the change (if required). All I've gotten is an email asking to have the contract updated.

Often, while waiting for the contract to be approved the issuer will go ahead and act as though it's been approved. This so far has only been the case when the change was to the advantage of the shareholders, as it's hard to argue for breach of contract when the terms of the contract have not just been met but exceeded.

This would be the first case of it happening to the detriment of the shareholder, and unless it's actually covered in the contract itself(and on inspecting the contract it seems thats not the case), would probably constitute a breach of contract.

Also since these shares were bought when last month? The date I was contacted about updating the contract was 3 days ago. When did the stock split take place?

Statements on the forum outside of GLBSE don't constitute contract of what is being traded on GLBSE. Thats why the contract is up there itself for all to inspect.

I would say that the easiest and cheapest method to settle this is to pay dividends at the stated rate.

I am unsure as to the best method of resolving this. Buyer acted on the terms in the contract, asset issuer was not being malicious.

On a related note, in the upcoming changes for GLBSE 3.0 will be unlimited contract changes, but showing full contract history.

Nefario.

[Otoh]

Nefario, many thanks for your prompt & fair response

The shares were bought:

100 June 03
200 June 12
352 June 15
48   June 16
175 June 16
27   June 17
53   June 22
112 June 20

Total of 1067, sold 560, remaining 507

[Otoh]

BitCO currently has 1,000 10,000 shares outstanding, and no more will be issued.  We would like to sell 1000 shares initially, with plans to slowly sell more as interest grows and hopefully a market develops for the shares.  

We have decided to set an initial dividend of .1 .15 BTC per share, per month, paid the first day of each month to shareholders of record.  Our intent is to gradually raise this dividend as operations grow.  


UPDATE ON JAN 24th  We are making initial preparations for public listing on GLBSE!  Our ticker symbol is BTCMC (Bitcorp Mining Company).  Interested parties are welcome to purchase shares through GLBSE.  Current shareholders will continue to recieve dividends as promised, and need to contact us to transfer shares to GLBSE is desired.

At this point, we are simply playing around with the beta version of GLBSE 2.0.....but plan on going live soon.  

We are now listed on GLBSE.....under BTCMC.....Please look into buying some shares!

Now seeking investors for BitCorp Mining Company [Now pushing 40 GH/s!] thread OP.

I've searched now & it seems that your stock split was made on the 31st of May 2012 & this OP from your main mining Co. offering still states a return of 0.15 BTC per share, even more than the incorrect amount shown on GLBSE unless I've missed something here & you have many different but similar issues going on atm.

[Otoh]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

[yochdog]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

The split was discussed here at length. 

I was unaware that Asset issuers were unable to change the contract verbiage in the event of a split, which is unfortunate.  I contacted the GLBSE support once before the 28th of June, but somehow that was lost in the shuffle. 

There was no intent to decieve.  I am not sure what your recourse is, but Bitcorp will not re-purchase your shares. 

Finally, just once again to point out your lack of research, this comes directly from the original thread for BTCMC:

Quote from: rjk on May 25, 2012, 02:24:01 AM
Quote from: Indemnified on May 25, 2012, 02:22:25 AM
Re. having shares on GLBSE, I find their "captcha" intolerable. Can sometimes go 50 attempts without success in logging on. And customer service is nil - there was no response to my e-mails about the captcha

I haven't had issues with it, but some have mentioned that you may need to wait a few seconds after entering it before clicking the button to continue. No idea why.


After some serious thought, we have decided to go ahead with out 10 for 1 stock split. 

All current shareholders are un-affected, they will merely be issued additional shares to make their new total 10X their initial share count. 

Dividend per share will now be .015 BTC per share.  Thus, if you own 10 chares currently, you are earning 1.5 BTC per month at our increased dividend rate.  You will earn the same 1.5 BTC on your 100 shares after the split. 

Let us know if you have any questions.  Split will be effective as of June 1. 

[DiabloD3]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

Angry neighborhood bastard mod here.

Nefario has a forum account, he can speak for himself.

[yochdog]

I love me an angry mod!! 

[yochdog]

Update for all shareholders

Here are the finalized numbers for last month:

Income statement for June, 2012

Production (in BTC)   +725.57
Sale of equip.           +105.00
Expenses                  -183.58
Dividends paid           -498.67
Net income                148.32



The dividend was 3x larger than what was promised, as a return of capital to our shareholders.  We felt we had enough operating capital on the balance sheet and it was only right to return the excess to investors. 

For July, we are targeting a dividend payment of .02 BTC per share, which ups the yield on the shares to approximately 30% annually (and that is excluding the extra large payment last month)

July is off to a great start, as we are sustaining well in excess of 50 GH/s. 

[Otoh]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

Angry neighborhood bastard mod here.

Nefario has a forum account, he can speak for himself.

I was just quoting from Nefarios post here & not speaking for him & if you want to mod something how about the scammers tag for yochdog as he is in breach of a contract & refuses to buy back in the fraudulently sold shares in his Co.

I have gotten only a single email regarding this, which was 3 days ago, Edit: On checking my forum PM's I've got one from the 28th asking about updating, and then 3 days ago got an email to the GLBSE support address for this. I've just replied as I'm backed up on most support emails by about 4 days since traveling.

Usually when someone wants to update a contract they send the new version and a link to a motion that approves the change (if required). All I've gotten is an email asking to have the contract updated.

Often, while waiting for the contract to be approved the issuer will go ahead and act as though it's been approved. This so far has only been the case when the change was to the advantage of the shareholders, as it's hard to argue for breach of contract when the terms of the contract have not just been met but exceeded.

This would be the first case of it happening to the detriment of the shareholder, and unless it's actually covered in the contract itself(and on inspecting the contract it seems thats not the case), would probably constitute a breach of contract.

Also since these shares were bought when last month? The date I was contacted about updating the contract was 3 days ago. When did the stock split take place?

Statements on the forum outside of GLBSE don't constitute contract of what is being traded on GLBSE. Thats why the contract is up there itself for all to inspect.

I would say that the easiest and cheapest method to settle this is to pay dividends at the stated rate.

I am unsure as to the best method of resolving this. Buyer acted on the terms in the contract, asset issuer was not being malicious.

On a related note, in the upcoming changes for GLBSE 3.0 will be unlimited contract changes, but showing full contract history.

Nefario.

[DiabloD3]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

Angry neighborhood bastard mod here.

Nefario has a forum account, he can speak for himself.

I was just quoting from Nefarios post here & not speaking for him & if you want to mod something how about the scammers tag for yochdog as he is in breach of a contract & refuses to buy back in the fraudulently sold shares in his Co.

... or I can just flag your account for moderation by the admins.

BTCMC and Yochdog have done nothing wrong as far as I can tell, nefario just refuses to fix the oversight in the GLBSE software. Go try to get free money out of someone else, its not happening here.

[yochdog]

Not sure that your opinion about dealings on GLBSE would give justification for a scammer tag on these forums.  Completely different entities.  

Every one of the dozens of deals I have engaged in on these forums, I have fulfilled to the nth degree.  Any number of members will gladly confirm that.  


I recommend you continue selling your shares on the open market if you wish to exit the investment.  If you want to stick around for the increasing dividends and future expansion, all the better.  

[Otoh]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

Angry neighborhood bastard mod here.

Nefario has a forum account, he can speak for himself.

I was just quoting from Nefarios post here & not speaking for him & if you want to mod something how about the scammers tag for yochdog as he is in breach of a contract & refuses to buy back in the fraudulently sold shares in his Co.

... or I can just flag your account for moderation by the admins.

BTCMC and Yochdog have done nothing wrong as far as I can tell, nefario just refuses to fix the oversight in the GLBSE software. Go try to get free money out of someone else, its not happening here.

On what grounds, I bought shares in good faith according to the contract offered on GLBSE that I saw & accepted, yochdog knew for 1 month that the contact was inaccurate, his original main BTC-MC OP still is also even more inaccurate promising .15 BTC per share returns, I would be more than happy to accept arbitration on this matter & as for calling me effectively a hustler well let someone unbiased arbitrate on that as well, just where in requesting my own funds back at cost for buying something that turned out to be not as stated in the contract am I trying to get free money?

[DiabloD3]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

Angry neighborhood bastard mod here.

Nefario has a forum account, he can speak for himself.

I was just quoting from Nefarios post here & not speaking for him & if you want to mod something how about the scammers tag for yochdog as he is in breach of a contract & refuses to buy back in the fraudulently sold shares in his Co.

... or I can just flag your account for moderation by the admins.

BTCMC and Yochdog have done nothing wrong as far as I can tell, nefario just refuses to fix the oversight in the GLBSE software. Go try to get free money out of someone else, its not happening here.

On what grounds, I bought shares in good faith according to the contract that I saw & accepted, yochdog knew for 1 month that the contact was inaccurate, I would be more than happy to accept arbitration on this matter & as for calling me effectively a hustler well let someone unbiased arbitrate on that as well.

On what grounds? You're now harassing three different members of the community. You have a problem with the contract as listed on GLBSE? Take it up with nefario.

[Otoh]

OK Nefario says that he received an email from you on the 28th (of June I assume) re updating the contract to show the correct amount of interest, but you had actually made the split on May 31st a whole 4 weeks previously.

Nefario states that you are probably in breach of contract & I've now provided the additional info he requested on my buy dates etc to prove that you were undoubtedly so, therefor I am asking you once again to buy in these 507 shares at cost or I will have no alternative but to pursue you for this breach of contract.

Your original OP & the main thread for BTC-MC still inaccurately states .15 BTC per month interest as I've already pointed out & makes no mention at all of any share split & reduced dividend, perhaps you could at least correct that.

Copy by PM. to yochdog & to Nefario.

Angry neighborhood bastard mod here.

Nefario has a forum account, he can speak for himself.

I was just quoting from Nefarios post here & not speaking for him & if you want to mod something how about the scammers tag for yochdog as he is in breach of a contract & refuses to buy back in the fraudulently sold shares in his Co.

... or I can just flag your account for moderation by the admins.

BTCMC and Yochdog have done nothing wrong as far as I can tell, nefario just refuses to fix the oversight in the GLBSE software. Go try to get free money out of someone else, its not happening here.

On what grounds, I bought shares in good faith according to the contract that I saw & accepted, yochdog knew for 1 month that the contact was inaccurate, I would be more than happy to accept arbitration on this matter & as for calling me effectively a hustler well let someone unbiased arbitrate on that as well.

On what grounds? You're now harassing three different members of the community. You have a problem with the contract as listed on GLBSE? Take it up with nefario.

I'm sorry I don't follow you, which three people? yochdog for one I assume but I wouldn't call it harassment - just trying to get a fair resolution to a breach of contract, but if I'm not allowed to bring that up for mediation then fine I shall accept that's how things work around here & act accordingly. As for taking it up with Nefario as you can see from his post quoted here just now I have done & await his follow up - I will abide by what ever mediation & solution he suggests if yochdog agrees to do them same, or by any mutually acceptable respected forum member here.