NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012)

[MoparMiningLLC]

ok - I was unclear if the agreement allowed you to keep any portion of the revenue being generated. Are you compensated for the cost to run the miners?

Nope.  All electricity costs have always come out of my own pocket.  I know it seems odd that people would attack someone for running miners for others behalf and paying all the associated costs for them, but that's literally what is occurring here.

all other things aside, you should be compensated for the cost of operation. So, 100% of all mining revenue goes to the seats (minus what goes to nastymining)?

as for the ROI aspect, until the seats are worth more BTC than they cost (being worth more USD is irrelevant) the ROI is negative.

This is a dangerous statement that could potentially land you in big trouble with the tax reporting agencies in your country.  If you claim a loss of funds to your government's tax agency the way people claim it on this thread, you will likely face penalty as you should be claiming your fiat gains.  Stating otherwise is a dangerous claim that could land people in hot water if they listen to you, so be careful.

If they were to invest BTC as BTC and they lost BTC, it could be claimed as a loss. If they were to invest BTC by converting it to Fiat and it lost value in relation to BTC but gained value as Fiat, they would owe tax on the Fiat gains - because it was Fiat not BTC. In these people's cases, they gave you BTC and they are getting a return in BTC - at no point did they convert the BTC to Fiat nor are they getting a return in Fiat. So, to have paid 1.6 BTC and have only 0.00950615 BTC in returns is a loss. If they were to cash out now (get no further disbursements) and convert the 0.00950615 BTC to Fiat, yes, they would pay taxes on the 0.00950615 BTC. I am pretty sure for investment purposes (I could very well be wrong), it is not taxable until one converts it to Fiat.

Personally, I am not an investor with my BTC, I get mine thru mining and as a miner I have to claim the value of the BTC at the time it is mined, and then claim the loss/gain when I convert it.
My RL job pays me in Fiat, at which time I then convert it 100% to BTC. I use BTC to pay for everything I can and when I cannot use BTC, I convert it back to Fiat. At every conversion, I either owe tax for any gains, or I can file a loss if the value is lower. I add all that up at the end of the year. Have done this for my taxes since 2018.

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[MoparMiningLLC]

In these people's cases, they gave you BTC and they are getting a return in BTC - at no point did they convert the BTC to Fiat nor are they getting a return in Fiat. So, to have paid 1.6 BTC and have only 0.00950615 BTC in returns is a loss.

This is not true. You are giving bad advice. If you get paid in Bitcoin, it is taxable at the usd rate you received Bitcoin. That’s how it works. Any movement from the price after that up until it is converted to fiat is reported as capital gains or losses. Claiming you don’t owe taxes on income in Bitcoin until it is converted to fiat is just plain wrong.

I really think you guys need to make your own thread to fill with misinformation rather than bury actual useful information in this thread with this never ending nonsense. I’m trying to help further this organization’s growth, not teach basic finance and accounting.

I totally agree that when you get paid in BTC it is taxable at that Fiat rate at the time of payment (I even stated that is how I handle my mining revenue) Re-read what I said - I claim the USD value at the time it is mined (when I get paid from the pool) and then I also claim the loss/gain when I convert it.

I have to claim the value of the BTC at the time it is mined, and then claim the loss/gain when I convert it.

Are the seat holders actually paid yet? Can they convert the BTC they have earned right now?

Also - I believe when most of them bought seats - BTC was not taxable. I know it was not taxable when I was mining in 2010 or 2011. 2018 was the first year I had to pay taxes on any crypto earnings.

I am not attempting to spread any misinformation. I just don't see this as being an advantageous investment for any one involved. It would have been a better investment to simply hodl their BTC and to never have bought a seat. That one individual would then have 1.6 BTC now instead of 0.00950615 BTC. For someone simply hodl'ing from way back then, they would not owe any taxes until they cashed it out.

I see that you are in disagreement though and feel that collecting that much BTC back then and having only a small fraction of it now is still somehow a gain. I will refrain from asking any more questions or posting any more comments.

[OgNasty]

Are the seat holders actually paid yet? Can they convert the BTC they have earned right now?

Yup.  They are paid weekly despite claims made by individuals on this thread.  You can view the weekly payouts here: https://nastyfans.org/distribution.summary.csv

My offer of a buyback was with all of our savings so they could claim any BTC they feel is theirs.

[MoparMiningLLC]

If you are claiming there was a period in history that earnings weren't taxable on BTC, I would say you are spreading misinformation.  You should probably also delete the line about not paying any crypto taxes until 2018.  I had paid a six figure sum of taxes prior to that.  Seems like you're unnecessarily admitting to tax evasion.  Also, if you can't see how seats going from $1.54 to over $30 while paying weekly distributions for nearly a decade isn't beneficial, you should probably stay away from investing.  It's easy to say Bitcoin performed better than NastyFans because it has.  It's performed better than all assets during this period.  Had the price of BTC fallen, the NastyFans seat price would have gone up in BTC and people would be claiming that they lost money because the USD value went down.  Those people would actually be correct even though they made BTC.  Personally, I think people would prefer to have made USD then lost it, but you're free to push whatever imaginary agenda you want.  However, in this case it isn't even a debate.  You are wrong.  Governments and agencies don't care about BTC amount exchanged, they care about fiat value exchanged.  It's really that simple.  

Again, please re-read what I said - I did not pay taxes until 2018. That is when I started mining again, after quitting near end of 2011 and back then, it was not taxable. If I recall, in 2014 is when the IRS made the distinction that bitcoin was classified as property and taxable. I keep/kept saying 2018 as that related to me. I did not once state that was when taxation started. I think the only other reference I made to time was that possibly it was not taxable when they bought their seats - I state that because I do not know when the seats were sold or when this venture began. If I recall you started with a gpu so it had to be a while back.

[Vod]

Before all the burying of actual relevant information

Is it over?

Why does ibminer's blockchain evidence conflict with your spreadsheet?
How does sending you 1.6 BTC and getting back 1% of that have to do with the BTC price?

I had paid a six figure sum of taxes prior to that.

Let me know your public charities offer of help by Sunday, ponzi scammer, or it's time both our lives go very public in the great American contingency style libel suit involving hundreds of millions of dollars in stolen coins.  They can fight with you, Theymos and BAR till the cows come home, but I will get money upfront to help with expenses you caused. It's a fairly open shut case and the majority of the punitive damages will eventually go to your ponzi victims.   Little guys win for once!  You've already reached most of my family, so letting everyone know what you did will actually help with my stress level.

At this point, your idiot supporters should step up and point out your massive countersuit.  I have no problem being financially responsible for calling you an idiot.

[nonnakip]

Sorry to interrupt shitstorm. I just remind again about the fanclub and how it started and how it operates.

All facts are archived in this thread. I started fanclub. I distributed all seats for free. I develop online auction so members and new users can buy and sell seats to each other. nastyfans takes no piece of auction sales. nastyfans collects no fees from members. The only requirement of nastyfans members is a sign in once every 3 years. nastyfans is thankful for donations and 100% of donations are sent to interested members and NASTY MINING. nastyfans donates to NASTY MINING because we voted for it. OgNasty abstained from polls about NASTY MINING donations. To call nastyfans a ponzi or scam is ridiculous.

[ibminer]

~

At the end of the day, it's common sense... facts are facts. It was pretty clear what OgNasty sold.

MMLLC - Don't let anyone fool you. OgNasty has a ton of incentives to do what he does, so shed no tears thinking he isn't getting anything out of this. That's nonsense he throws out to make him look (and possibly feel) altruistic.
I'm not going to say he has not put in any work or effort here, he obviously has, but he certainly has been compensated in many ways, which depends on his reputation as a manager of a security.

100% guarantee OgNasty would not be doing *any* of this if he wasn't financially benefiting from it in one way or the other. And I very rarely put a 100% on something being true.
Profits are fine, but when you become a profiteering glutton who habitually lies, mudslings, and misrepresents things, you get yourself into trouble.

To avoid getting into PMs using his own words, and making this a true shitshow.. I'll leave it at that.

~

OK, I'll accept that you started NastyFans... but who's idea was it?  and what was its true primary purpose in relation to NastyMining?
Rhetorical questions, as I know the answers.. based on Og's words. No need to respond.

I am not trying to damage anyone's reputation here or start a shitshow, I'm just not going to ever accept a claim of "125% ROI" on something I'm involved with and not say something.
I animatedly refuse that notion, as it is not true, and misleads future members.

If OgNasty wants to continue on with this false claim, then I must point it out in the only way I am able. If that requires me saying things OgNasty doesn't like, sorry.
If he wants to try and drag me through the mud or continue making up & spinning things to defend his claim, then I will need to point those out as well.

Nope.  All electricity costs have always come out of my own pocket.  I know it seems odd that people would attack someone for running miners for others behalf and paying all the associated costs for them, but that's literally what is occurring here.

According to the Battery Statistics:

.. he's using 7.8kW (7,800 Watts) to power:
Antminer S17 Pro (2,212 Watts)
2x Radeon RX Vega VII (~600-700 Watts)
(if you accept the title of his thread, he has 11.2kW SOLAR/WIND/MAN)

Yes, him covering power expenses was something he had always sort of touted as a perk, since he always mentioned it (and still does). I was buying a silver coin worth ~.41BTC at the time, for 1.65BTC. This was one of the perks I accounted for to justify the large markup on the purchase/investment into Nasty*, which carried with it the ultimate end goal of getting NastyFans more BTC distributions.

6 years later and..

~ we wait for the right opportunity for expansion. 

[Vod]

I am not trying to damage anyone's reputation here or start a shitshow

Remember, you can say anything you want as long as it's true.  But if you purposely tell a lie with the intent to steal and physically harm people, and continue it for years, you better be able to compensate for it, which I have proved he stole and he has bragged he still has.  You or I cannot damage his reputation any further.

The good news, all information will soon be public, making future lawsuits against NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012) personally, easier.

[mod note: removed content against the forum's rules]

[Vod]

What incentives? You are delusional. I’ve been paying all the costs for this operation for nearly a decade

You don't have a business tax number and you claim you paid six figures in taxes years before the crypto price rose, and that was only withdrawing what you need, remember?  You can't be hurting with these expenses, can you?

All I should be hearing from you is a thank you.

That's the same thing you said to everyone when you paid them 1% of the coins you got from pirate.   They should thank you, since you didn't have to pay them anything.

[suchmoon]

LOL... Og's been deleting his posts and reporting my posts as multiposting. Let me reorganize everything into one post with appropriate quotes. If you need more context, including full versions of Og's deleted posts, see here (scroll to the end): https://loyce.club/archive/topics/8/86854.html

they gave you money as an investment, you gave them back a lot less money, and you blame them for not calling it a great success.

See, this is where you're wrong.  I gave them back more money.  Although it does sound from your comments that you are highly likely to be evading taxes from the way you say, "less money" when what you really mean is "more dollars."

Did you take USD or BTC? Are you giving back USD or BTC? Is BTC money or not?

When I say "less money" I mean "less money", not "more dollars" or "more bolivars". Not a rocket surgery really.

The majority in the Bitcoin community these days call it a store of value.

So... you gave back less value, is that a fair assessment of what's happening here?

The majority in the Bitcoin community these days call it a store of value.

So... you gave back less value, is that a fair assessment of what's happening here?

If you consider $1.54 to be of greater value than $50, I could see how you could perceive it as that.

When people gave you money back in the day, were they all aware that you don't consider Bitcoin money? Can you point to where you explained all that?

I can see how this could have been interpreted differently if you didn't make it clear upfront.

[OgNasty]

I went ahead and updated the solar energy statistics.  The solar system has produced nearly 69 thousand kWh to date and continues to function without issue.

The environmental savings data might be the most impressive as you can see the impact of even this small operation going green on the environment.  This data is calculated by taking the energy produced by the system (kWh) and multiplying it by a conversion value provided by the EPA to estimate the carbon dioxide (CO2) emissions avoided.

I posted this in my mining thread, but thought people might enjoy seeing some positives to understand why I spent my money to make my mining operation more environmentally friendly.  When I started talking about going green with my mining operation back in 2014 it seemed like such a distant goal.  Seeing the effects of this effort on the environment now is a wonderful feeling.

LOL... Og's been deleting my posts and reporting my posts as multiposting.

I obviously can't delete anyone's posts here, nor did I report anything as multiposting but that should be of no surprise to anyone.  I would like to request you suchmoon along with your partner ibminer to utilize the Reputation board if you have issues with me.  This thread is to discuss a provably honest community organization, not to cast stones at it's members. 

[suchmoon]

I obviously can't delete anyone's posts here, nor did I report anything as multiposting but that should be of no surprise to anyone.

Sorry, bad wording, I meant you deleted your posts, which made my posts look like I was talking to myself. Not cool but whatever. I already fixed that.

I would like to request you suchmoon along with your partner ibminer to utilize the Reputation board if you have issues with me.  This thread is to discuss a provably honest community organization, not to cast stones at it's members.  

Or you could just answer as to when you decided that Bitcoin is not money and how you communicated that to your customers/investors/etc. I don't have an issue with this if it was properly disclosed at the time.

[OgNasty]

NastyMining has just purchased 1,500 NastyFans seats for 0.75 BTC on the public auction. The plan is for these seats to refuse distributions leaving more BTC from distributions for the rest of the seats. I will relist these seats at higher BTC prices to add more supply for potential buyers and possibly increase the BTC amount held in savings.

[🏰 TradeFortress 🏰]

The way I'm criticized for my involvement with NastyFans, I have to wonder...  Do you guys want me to just stop mining on behalf of NastyFans?  What is your goal with these attacks?  Do you want me to stop spending my time trying to raise funds for seats and move on to other projects where I'm more appreciated?  I've already made a nearly million dollar buyback offer for anyone who wants to cash in their seats at a massive profit to their issued price.  It seems like people commenting here want to push false narratives and spread lies about me and NastyFans.  What is the goal?  Is that goal for your own petty revenge because you blame Bitcoin vendors for accepting your BTC and keeping you from getting rich, or are you trying to help NastyFans members grow this organization like they got involved to do?  Maybe if I understood the motivations behind these attacks, I could help you get some sort of satisfaction other than knowing you helped me buy back a ton of seats at well below their fair value.  If there's a better way to unlock value for NastyFans members than I have been doing without expecting things from me you wouldn't expect from all NastyFans members, I'd love to hear it. 

People are out to troll and I don't understand it. NastyFans / Nasty Mining has delivered exactly what it promised, which is a mining co-operative with some fun things like seats. It certainly performed far less than how bitcoin itself has, but that's the reality for nearly everything.

I have a few seats but I am happy with them, and I hope everything continues.

[thiago007]

There is some possibility that NastyFans can create some Litecoin gold coins with 50, 25 and 12.5 coins .. it would be a good deal with many followers of Litecoin including me with limited edition of 84 coins.
Especially since it is still relatively cheap, and is still accessible to many.

[OgNasty]

NastyMining has just purchased another 246 NastyFans seats for 0.123 BTC on the public auction.

There is some possibility that NastyFans can create some Litecoin gold coins with 50, 25 and 12.5 coins ..

We still have lots of silver LTC binary rounds available in our shop at: https://nastyfans.org/mint
They didn’t sell very well even with an endorsement from Charlie Lee, so I don’t think I will be making more LTC rounds in the future.

[thiago007]

NastyMining has just purchased another 246 NastyFans seats for 0.123 BTC on the public auction.

There is some possibility that NastyFans can create some Litecoin gold coins with 50, 25 and 12.5 coins ..

We still have lots of silver LTC binary rounds available in our shop at: https://nastyfans.org/mint
They didn’t sell very well even with an endorsement from Charlie Lee, so I don’t think I will be making more LTC rounds in the future.

Maybe I do not explain it well, but I mean ah coins with funds, not only Silver coins, something similar to Lealana coins, also make only 84 coins some gold with 50 Litecoins and other Silver with 25 coins, maybe if  You take a poll , you could see how much market it has and regarding Charlie's I never saw him promote them.
LTC Binary

[Klangburg]

Just wanted to say 'hi' as I've joined the club

[nonnakip]

[terminated seats] giveaway contest sponsored by NASTY MINING

no: 1038 (19.9%)
yes: 4169 (80.1%)
abstain: 24793

RESULT: A lottery for 140 terminated seats as minted seats will happen. On bitcointalk forum the information of when it happens and winners will be posted.

I need some time to prepare lottery backend. It is a long time since nastyfans has a lottery. I must check if everything still working. Please give me a week. Maybe I am faster. I post again after ticket distribution and then I select future block for lottery.

What is most exciting? 140oz silver? 140 seats? 100 "pocket miners"?

[OgNasty]

NastyMining has just purchased another 250 NastyFans seats for 0.125 BTC on the public auction.

I don't think I want to continue updating each time I do this, but you are able to track the amount of seats held at any time by looking up the NastyMining Bitcoin address on the Seat Owner List.