Recovery program beginning in January for PB Mining customers.

[Phildo]

As long as he pays something he is not reneging on your contract

Not true. Contracts were sold with a specific payout formula. He is no longer adhering to the original payout formula, therefore he is violating the contracts.

Nice idea Syke ... I never saw a contract though, not sure there ever was one ... If you got one then please share.

I'm not a lawyer, but I certainly had to have an understanding of contract law when I studied management all those years ago.
Even today contracts are a normal part of my business life.
In a nutshell that is
Offer
Acceptance
Consideration
Certainty

To date, PBM are still paying a weekly "consideration" even though it's much less than is desirable, it's still being paid
It could be claimed that there is no "certainty" of the future for the contract, this is moot and yet to be tested, but is likely.

So on that basis, it's going to be a long tough call to prove default of contract, and frankly, I think that at the moment the ability to prove default is lacking because there is a difficulty proving "intent" on the part of Boyko to default.
Once weekly payouts stop or an announcement is made that the agreed 5 year term will not be honored is made, then there will be a clear and potentially provable breach of the contract.
But as the "offer" and the "consideration" have never been defined in "terms of the law" it's going to be a difficult case.

* hey, investor respect, is that enough for you to accuse me of being Jason Boyko again ??
If it's not, let me know and I'll try and do better next time OK ?

According to this insane logic the Yankees would be able to pay A-rod the minimum salary this year instead of the 21 million they agreed to because  they are still giving him consideration.

He said he would give you the payout from x hashes, he isn't, he is a scamming scammer. If you can't see that please find someone to manage your money and your life because it's all going to be gone soon.

[1714905041]

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[thirdprize]

Nice idea Syke ... I never saw a contract though, not sure there ever was one ... If you got one then please share.

I'm not a lawyer, but I certainly had to have an understanding of contract law when I studied management all those years ago.
Even today contracts are a normal part of my business life.
In a nutshell that is
Offer
Acceptance
Consideration
Certainty

To date, PBM are still paying a weekly "consideration" even though it's much less than is desirable, it's still being paid
It could be claimed that there is no "certainty" of the future for the contract, this is moot and yet to be tested, but is likely.

So on that basis, it's going to be a long tough call to prove default of contract, and frankly, I think that at the moment the ability to prove default is lacking because there is a difficulty proving "intent" on the part of Boyko to default.
Once weekly payouts stop or an announcement is made that the agreed 5 year term will not be honored is made, then there will be a clear and potentially provable breach of the contract.
But as the "offer" and the "consideration" have never been defined in "terms of the law" it's going to be a difficult case.

Dunno what the phase would be over there but here (UK) it would probably be classified as a "civil matter".  Same as if you have a disagreement with a shop, you cannot have them arrested for short changing you.  You take them to court and eventually you may get some recompense. 

I think we can kiss the "5 years" goodbye and at best hope they split the remaining Btc proportionally between us.

From now on, getting your knickers in a twist that "he said this but did that" is as useful as posting your account details.

[MichaelNZ]

If it was a case of disagreement with a shop, then yes it would be a civil matter. However in this situation the shop has a disagreement will all of its customers and that changes things. Because of the potential size of this and the way it appears to have been structured, there is a much larger set of legal remedies available and potentially criminal too.

The criminal element would be, if it can be proven Boyko knowingly setup a ponzi scheme with the deliberate intention of defrauding the people that invested in it.

That is a common element of the law in many countries, I cannot see it being markedly different in Canada.

Other than that, it appears to be a case of a business, a company failure and as such normal receivership and liquidation under company law would apply.
There are likely to be legal remedies and charges that could be laid against Boyko under Canadian Company Law which could see Boyko being banned as a director and fined and if the offending is deemed severe enough there may potentially be more significant punishments.

This is all pie in the sky at the moment ... Yes, something has gone terribly wrong inside PB mining and we the customers are bearing the brunt of it with the possibility looming of total failure and complete loss. But there is a way to go before we get to that stage.

People can yell and scream as much as they want, but there is a set legal process and procedure that will need to be followed and adhered too to bring the company and it's directors to justice. Baying for blood and making threats is not going to help matters or speed them up.

It appears several approaches to authorities in Canada have been made. Those must now be left to investigate and decide on what actions are appropriate. As much as it sucks, all we can do is wait and see what happens.

[Syke]

Nice idea Syke ... I never saw a contract though, not sure there ever was one ... If you got one then please share.

I'm not a lawyer, but I certainly had to have an understanding of contract law when I studied management all those years ago.
Even today contracts are a normal part of my business life.
In a nutshell that is
Offer
Acceptance
Consideration
Certainty

Of course there's no "official" contract. This was a "business" run by a novice with no understanding of how to run a legitimate business.

But being the wise scammer he is, he quietly changed the details and deleted posts to hide the conditions promsied.

https://bitcointalk.org/index.php?topic=418183.msg7692696#msg7692696

1. Of course we are hashing, otherwise we would be paying our users out of our own pockets and that would eventually make us bankrupt.  We are here to succeed and have paid out our customers on time since our launch.
 
2. There are no mining pool fees to the customer.  We cover our own mining fees from our pool workers which the customer will never have to see.

Instead, the customer is payed based on this fixed formula, taken right from our PHP script:

$per24 = ($totalHashingPower * 25 / $difficulty) * (60 * 60 * 24 * 65535 * pow(10,6) / pow(2,48));

This formula is standard with all Bitcoin Profit Calculators.  Our users do not mine directly with our hardware -- the advantage of this is that we are capable of insuring them during any downtime or performance reductions.  PB Mining guarantees a fixed rate of hash power at 100% efficiency -- a luxury you will not find anywhere else. 

Emphasis added.

[btcgnome]

Nice idea Syke ... I never saw a contract though, not sure there ever was one ... If you got one then please share.

I'm not a lawyer, but I certainly had to have an understanding of contract law when I studied management all those years ago.
Even today contracts are a normal part of my business life.
In a nutshell that is
Offer
Acceptance
Consideration
Certainty

Of course there's no "official" contract. This was a "business" run by a novice with no understanding of how to run a legitimate business.

But being the wise scammer he is, he quietly changed the details and deleted posts to hide the conditions promsied.

https://bitcointalk.org/index.php?topic=418183.msg7692696#msg7692696

1. Of course we are hashing, otherwise we would be paying our users out of our own pockets and that would eventually make us bankrupt.  We are here to succeed and have paid out our customers on time since our launch.
 
2. There are no mining pool fees to the customer.  We cover our own mining fees from our pool workers which the customer will never have to see.

Instead, the customer is payed based on this fixed formula, taken right from our PHP script:

$per24 = ($totalHashingPower * 25 / $difficulty) * (60 * 60 * 24 * 65535 * pow(10,6) / pow(2,48));

This formula is standard with all Bitcoin Profit Calculators.  Our users do not mine directly with our hardware -- the advantage of this is that we are capable of insuring them during any downtime or performance reductions.  PB Mining guarantees a fixed rate of hash power at 100% efficiency -- a luxury you will not find anywhere else. 

Emphasis added.

I think I'm gonna throw up.

[galdur]

a luxury you will not find anywhere else.

Thankfully. 

[guitarplinker]

Nice idea Syke ... I never saw a contract though, not sure there ever was one ... If you got one then please share.

I'm not a lawyer, but I certainly had to have an understanding of contract law when I studied management all those years ago.
Even today contracts are a normal part of my business life.
In a nutshell that is
Offer
Acceptance
Consideration
Certainty

Of course there's no "official" contract. This was a "business" run by a novice with no understanding of how to run a legitimate business.

But being the wise scammer he is, he quietly changed the details and deleted posts to hide the conditions promsied.

https://bitcointalk.org/index.php?topic=418183.msg7692696#msg7692696

1. Of course we are hashing, otherwise we would be paying our users out of our own pockets and that would eventually make us bankrupt.  We are here to succeed and have paid out our customers on time since our launch.
 
2. There are no mining pool fees to the customer.  We cover our own mining fees from our pool workers which the customer will never have to see.

Instead, the customer is payed based on this fixed formula, taken right from our PHP script:

$per24 = ($totalHashingPower * 25 / $difficulty) * (60 * 60 * 24 * 65535 * pow(10,6) / pow(2,48));

This formula is standard with all Bitcoin Profit Calculators.  Our users do not mine directly with our hardware -- the advantage of this is that we are capable of insuring them during any downtime or performance reductions.  PB Mining guarantees a fixed rate of hash power at 100% efficiency -- a luxury you will not find anywhere else. 

Emphasis added.

I actually emailed PB a few months ago to see if I could get a copy of the actual contract. Here's what he responded to me saying: https://bitcointalk.org/index.php?topic=887871.msg9791011#msg9791011

[cloverme]

Seems they/he/she/robot still has an eBay account... I wonder how long that will last.
http://www.ebay.com/usr/pbmining?_trksid=p2047675.l2559

[Dread Pirate Roberts]

pbmining please respond . can you feel tears my friends of homeless alone and not have money anymore . we are the world , we are human . we have family . we have a dreams please dont break it all .

[Phildo]

Interesting guitar man. i wonder why insurance isn't taking care of this horrible situation that somehow caused miners to vanish.

[raskul]

Boyko the overseller are you in jail yet?

[kennenman]

So its already beginning of Jan, and wheres the op now? such broken promises.

[chemikali]

@pbmining, if you wait any longer there isn't anything left to recover.....

[leblanc]

guys, I think its about we give this up lol.

Its pretty sad, and frustrating but theres so much we cant do anything at this point.

[testerman]

waiting for recovery program here.

now we are in january.

[leesin]

waiting for recovery program here.

now we are in january.

there isnt one, I dont think the op will come back to this thread like some others mentioned.

Its more like a failed attempt program. Then again, I could be wrong and the op posts sometime this week.

I mean bitcoin is already gone, and cant be recovered while the op can do this all over again with another company name etc. I feel like these events make new comers say bitcoin is a scam.

[leonaa]

Boyko the overseller are you in jail yet?

Just curious who the heck is boyko? is it another ALT account from pbmining?

[galdur]

Boyko the overseller are you in jail yet?

Just curious who the heck is boyko? is it another ALT account from pbmining?

Not this guy but close

[UKBC]

If PB miners were a complete scam then he would not have come back on to the forum to show his face. I just hope that he sorts us all out. Even if he just backpays what we have lost and then carrys on with my weekly payments I would be happy.

I do feel though PB that a lot of people do want transparency and because you have not explained what completely has gone on this has cheesed a lot of people off. To not be told what is happening with our contracts and mine of 900 gh/s I just want to know what's going to happen with the recovery program that's all I want to know :-)

[btcgnome]

Boyko the overseller are you in jail yet?

Just curious who the heck is boyko? is it another ALT account from pbmining?

Boyko is the sole proprietor behind PBMining.