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

[Vod]

I have no debts of any kind.

Maybe not legal debts, but you did admit to losing around $200,000 to pirate in your ponzi scheme.  
(you are making monthly arrears payments for tax evasion - isn't that debt?)

So in your left hand, you have the losses of $200,000 of investor's money, and in the right hand, you have $500,000 donated from people who believed you were a charity.  While telling the government you can't pay outstanding taxes.

Why not do the right thing, and make some of your investors whole?

[OgNasty]

if you have half a million dollars in stored funds, maybe increase the distribution percentage? that would also put funds back in the seat owners hands.

Right now 25% of donations are sent to NastyMining.  Do you mean to reduce the % of donations that are going to NastyMining in order to increase the distribution % for seat owners?  

That could definitely be something we could vote on if there was interest in doing so.  What amount do you think it should be lowered to?  The last time we lowered it, we went from 50% to 25%.  I could see another smaller reduction having some merit at least until we figure out a plan for our savings.  Having a large and growing savings isn't the worst thing though, as it does put a floor under seat prices that will eventually lead to their BTC price rising even if the BTC exchange rate rises as well.

Possibly go to 50 or somewhere between -  or go big with the miners - if I had half a million - I would be adding at least a few PH

If we wanted to raise the distribution % for seats we would need to lower NastyMining’s % not raise it. Going big with miners seems like a good idea, but I think that’s probably the riskiest thing we could do at this point in the market cycle. A continued rise in the BTC price would flood the market with more miners, drowning us in higher difficulty while at the same time reducing our amount of BTC held so we don’t get to enjoy as much price appreciation. I’d much rather buy mining equipment when the price is on the decline. I hear that more miners seems to be the popular suggestion thus far, so I will look into picking up another GPU soon, which shouldn’t make much of a difference in our savings.

[MoparMiningLLC]

if you have half a million dollars in stored funds, maybe increase the distribution percentage? that would also put funds back in the seat owners hands.

Right now 25% of donations are sent to NastyMining.  Do you mean to reduce the % of donations that are going to NastyMining in order to increase the distribution % for seat owners?  

That could definitely be something we could vote on if there was interest in doing so.  What amount do you think it should be lowered to?  The last time we lowered it, we went from 50% to 25%.  I could see another smaller reduction having some merit at least until we figure out a plan for our savings.  Having a large and growing savings isn't the worst thing though, as it does put a floor under seat prices that will eventually lead to their BTC price rising even if the BTC exchange rate rises as well.

Possibly go to 50 or somewhere between -  or go big with the miners - if I had half a million - I would be adding at least a few PH

If we wanted to raise the distribution % for seats we would need to lower NastyMining’s % not raise it. Going big with miners seems like a good idea, but I think that’s probably the riskiest thing we could do at this point in the market cycle. A continued rise in the BTC price would flood the market with more miners, drowning us in higher difficulty while at the same time reducing our amount of BTC held so we don’t get to enjoy as much price appreciation. I’d much rather buy mining equipment when the price is on the decline. I hear that more miners seems to be the popular suggestion thus far, so I will look into picking up another GPU soon, which shouldn’t make much of a difference in our savings.

when I said raise, I am talking about the distribution to the seat owners - so if that means to lower the other's then yes. 500k is a decent amount and a gpu will not make a dent in it. Not sure what you would do with a gpu as also will not really increase any profits either. A solitary gpu might make a few bucks a month but not much more.

[OgNasty]

A solitary gpu might make a few bucks a month but not much more.

Each GPU brings in a couple hundred bucks a month.  This is a fairly small organization so it doesn't take much to increase the distribution %.  Right now we have 2 GPUs and a 2/3's working S17 providing the mining donations, so buying 1 more GPU would actually be a decent increase in mining power.  A big reason for this stagnation in hashrate is that I've been expecting a Bitcoin price increase for the last couple years and felt that sitting on our savings was the best move.  That move has proven to be the right decision so far, so I'm not in a hurry to reverse it quite yet and open the floodgates on our savings.

[MoparMiningLLC]

A solitary gpu might make a few bucks a month but not much more.

Each GPU brings in a couple hundred bucks a month.  This is a fairly small organization so it doesn't take much to increase the distribution %.  Right now we have 2 GPUs and a 2/3's working S17 providing the mining donations, so buying 1 more GPU would actually be a decent increase in mining power.  A big reason for this stagnation in hashrate is that I've been expecting a Bitcoin price increase for the last couple years and felt that sitting on our savings was the best move.  That move has proven to be the right decision so far, so I'm not in a hurry to reverse it quite yet and open the floodgates on our savings.

what are you mining to make a few hundred a month? and what gpu's? are you mining eth or rvn and converting it? or are you on nicehash? I wont use them, I lost half a btc in their "hack" and even though they say they paid everyone back, I haven't gotten anything back.

[OgNasty]

A solitary gpu might make a few bucks a month but not much more.

Each GPU brings in a couple hundred bucks a month.  This is a fairly small organization so it doesn't take much to increase the distribution %.  Right now we have 2 GPUs and a 2/3's working S17 providing the mining donations, so buying 1 more GPU would actually be a decent increase in mining power.  A big reason for this stagnation in hashrate is that I've been expecting a Bitcoin price increase for the last couple years and felt that sitting on our savings was the best move.  That move has proven to be the right decision so far, so I'm not in a hurry to reverse it quite yet and open the floodgates on our savings.

what are you mining to make a few hundred a month? and what gpu's? are you mining eth or rvn and converting it? or are you on nicehash? I wont use them, I lost half a btc in their "hack" and even though they say they paid everyone back, I haven't gotten anything back.

Yes, we are mining on nicehash with a couple Radeon VIIs.  They did pay us all the lost funds from the "hack" and I haven't found a better alternative to date.  I wanted to stack altcoins instead of mining on nicehash, but when a poll was proposed the fans decided to keep the operation BTC only.  

[Atb4]

Nonnakip I have 61 minted seats and when I log in it says my payments are on hold I’ve also tried to use the key that was included with my seats and it says the key is no good please help me with this situation

[OgNasty]

Nonnakip I have 61 minted seats and when I log in it says my payments are on hold I’ve also tried to use the key that was included with my seats and it says the key is no good please help me with this situation

Payments on hold means that they are waiting to reach the payout threshold before being sent to your coins’ addresses so they don’t build up dust.

I find it hard to believe that any keys are “no good” and would need to see evidence to believe that claim, especially from a brand new account.

[MoparMiningLLC]

A solitary gpu might make a few bucks a month but not much more.

Each GPU brings in a couple hundred bucks a month.  This is a fairly small organization so it doesn't take much to increase the distribution %.  Right now we have 2 GPUs and a 2/3's working S17 providing the mining donations, so buying 1 more GPU would actually be a decent increase in mining power.  A big reason for this stagnation in hashrate is that I've been expecting a Bitcoin price increase for the last couple years and felt that sitting on our savings was the best move.  That move has proven to be the right decision so far, so I'm not in a hurry to reverse it quite yet and open the floodgates on our savings.

what are you mining to make a few hundred a month? and what gpu's? are you mining eth or rvn and converting it? or are you on nicehash? I wont use them, I lost half a btc in their "hack" and even though they say they paid everyone back, I haven't gotten anything back.

Yes, we are mining on nicehash with a couple Radeon VIIs.  They did pay us all the lost funds from the "hack" and I haven't found a better alternative to date.  I wanted to stack altcoins instead of mining on nicehash, but when a poll was proposed the fans decided to keep the operation BTC only.  

well on nicehash you are pretty much mining alt coins - they just pay you in BTC - at least that is what I recall. I dont mine there and have never gotten reimbursed, though it was only about .5 btc which was not as much then as it is now. a lot of pools are crooked - slush stopped paying merged mining when NMC hit highs, by the time they paid it out years later it was worthless.  I toss my gpus on something called cudominer - it mines eth/rvn/xmr and pays me in BTC or in any of the others if I so choose. and the more I mine, the more the fees drop. I have a few asics and my gpu/cpu rigs there. the others are mining solo - hoping for a lottery win

[kroneko]

Given that there's a decent amount in our fund for now, with no plans at the moment for spending it, I'd like to proose we set aside ~ $15k USD for the purchase of minted seats and we would raffle them off to seat holders (more seats = more chances). I would see this as something that doesn't hurt our fund, and it is a way of giving back to seat holders and may also draw some attention to the group. My thinking here too is that with the recent upturn in value of Bitcoin and hitting our 8th year, it's something that I think most seat holders would appreciate as a nice memento.

[wttbs]

Given that there's a decent amount in our fund for now, with no plans at the moment for spending it, I'd like to proose we set aside ~ $15k USD for the purchase of minted seats and we would raffle them off to seat holders (more seats = more chances). I would see this as something that doesn't hurt our fund, and it is a way of giving back to seat holders and may also draw some attention to the group. My thinking here too is that with the recent upturn in value of Bitcoin and hitting our 8th year, it's something that I think most seat holders would appreciate as a nice memento.

That is a very nice idea. Ognasty (or Nonakip) can start a raffle here so seat owners can join the raffle. Only need to figure out a way how to run the raffle. You say, more seats, more chances but who to determine the "weight" ? And how does a seat owner prove he ownes the seat(s)?

[Vod]

Nonnakip I have 61 minted seats and when I log in it says my payments are on hold I’ve also tried to use the key that was included with my seats and it says the key is no good please help me with this situation

This person PMed me several times for help, but ignored/deflected all requests for any kind of proof of his statements.  :/

[nonnakip]

Nonnakip I have 61 minted seats and when I log in it says my payments are on hold I’ve also tried to use the key that was included with my seats and it says the key is no good please help me with this situation

This person PMed me several times for help, but ignored/deflected all requests for any kind of proof of his statements.  :/

I send now a PM with questions and contact information. I hope for answer.

[OgNasty]

Given that there's a decent amount in our fund for now, with no plans at the moment for spending it, I'd like to proose we set aside ~ $15k USD for the purchase of minted seats and we would raffle them off to seat holders (more seats = more chances). I would see this as something that doesn't hurt our fund, and it is a way of giving back to seat holders and may also draw some attention to the group. My thinking here too is that with the recent upturn in value of Bitcoin and hitting our 8th year, it's something that I think most seat holders would appreciate as a nice memento.

That is a very nice idea. Ognasty (or Nonakip) can start a raffle here so seat owners can join the raffle. Only need to figure out a way how to run the raffle. You say, more seats, more chances but who to determine the "weight" ? And how does a seat owner prove he ownes the seat(s)?

I like this idea and think it could be fun.  I've put some thought into it and I have a couple ideas I think could help make it fair.

We have done a similar giveaway in the past with online seats, so I think nonnakip could handle it in a transparent and fair way.

Online seats would be no problem to see who won, and maybe nonnakip could put up some sort of notification when users log in that they've won and ask them where they'd like their coin shipped.  The problem here would be users not claiming their free coins within a set period of time, and if this happened I think we could auction the coin on bitcointalk and donate the proceeds to NastyFans.

Minted seats would provide another challenge as like you said, it would be impossible to prove ownership of the coin without peeling it, and we don't want to require that.  The best way I know how to combat this problem would be for all minted seats to join together for this contest and any minted seat that wins a free coin will have the coin auctioned off on bitcointalk and proceeds from the coin would be split by minted seats only (I think the 1000 seat platinum coins should be excluded from this and counted as online seats in an effort to cut down on the number of coins we would need to auction since all of their owners are known to me).

If people think this is a good solution and nonnakip is willing to do the work involved for him, then I would like to (as I have just hit 10,000 posts) formally offer for NastyMining to purchase $10,000 worth of Minted Seats for the giveaway.  I think a poll should be put up for fans to vote if this is a good use of our savings and if approved we could announce the giveaway!

[nonnakip]

If people think this is a good solution and nonnakip is willing to do the work involved for him, then I would like to (as I have just hit 10,000 posts) formally offer for NastyMining to purchase $10,000 worth of Minted Seats for the giveaway.  I think a poll should be put up for fans to vote if this is a good use of our savings and if approved we could announce the giveaway!

The work for this is OK. I have code for this. The main issue is to get SMTP for nastyfans.org active again. I do not want to start a poll without email notification to members. I will work on this now.

[OgNasty]

If people think this is a good solution and nonnakip is willing to do the work involved for him, then I would like to (as I have just hit 10,000 posts) formally offer for NastyMining to purchase $10,000 worth of Minted Seats for the giveaway.  I think a poll should be put up for fans to vote if this is a good use of our savings and if approved we could announce the giveaway!

The work for this is OK. I have code for this. The main issue is to get SMTP for nastyfans.org active again. I do not want to start a poll without email notification to members. I will work on this now.

I'm very excited at the possibility of being able to do such a big giveaway and curious how fans will vote.  Let me know if there's anything more I can do to help the process.

[Quickseller]

I might suggest using x dollars per month to repurchase seats and use them for giveaways.

[🏰 TradeFortress 🏰]

Thanks for thinking of minted seat owners; love the idea of minted winners getting proceeds split by minted seats only.

[yacoo]

If people think this is a good solution and nonnakip is willing to do the work involved for him, then I would like to (as I have just hit 10,000 posts) formally offer for NastyMining to purchase $10,000 worth of Minted Seats for the giveaway.  I think a poll should be put up for fans to vote if this is a good use of our savings and if approved we could announce the giveaway!

The work for this is OK. I have code for this. The main issue is to get SMTP for nastyfans.org active again. I do not want to start a poll without email notification to members. I will work on this now.

Well i were away a lot time, went into nastyfans and i saw i kept getting my shares... whats the differenced between mint seats or just have the seats? Why the value are different? I were about to put my seats for sale... but it looks like no one is trading or buying them... soo i just hope some marketplace or even a buyback happens. I had read there is a big ammount in hands what will be done with that???

[OgNasty]

I might suggest using x dollars per month to repurchase seats and use them for giveaways.

We have terminated seats we could use for the giveaways (if people wanted) so purchasing more for this purpose wouldn't be necessary.

whats the differenced between mint seats or just have the seats? Why the value are different? I were about to put my seats for sale... but it looks like no one is trading or buying them... soo i just hope some marketplace or even a buyback happens. I had read there is a big ammount in hands what will be done with that???

Minted Seats are seats linked to a coin.  When purchasing one a majority of the costs are for the silver content, minting, engraving, address generation, holograms, assembly, design, and shipping.  None of those costs are necessary for online seats, so they are obviously much cheaper and will receive the same share of distributions making them far more likely to have a greater return than their minted counterparts.

If the seats aren't selling at auction, I would say they are priced too high.  The problem here in my opinion is that those who believe in the organization think that seats will be worth far more one day, and those who don't believe think they are worthless.  This is a major gap between buyers and sellers that can only be bridged with time.  We are quickly approaching our 10 years of successful operation date, and at some point I would think all those screaming scam and Ponzi will eventually realize that they are wasting their time attacking an honest organization they should be supporting, while those who believe will continue being rewarded for doing so. 

A buyback doesn't make sense to me at this time.  We want to grow the organization, not shrink it.  A buyback would immediately reduce the member count, and funnel our savings to those who want to abandon the organization instead of help it thrive.  Not what I want to achieve in either case.  A far more likely scenario would be sending our savings to nastyfans to be distributed to all seats, which may occur at some point if our savings continues to grow as it is already beyond what I'd be willing to manage as far as a mining operation.