Recovery program beginning in January for PB Mining customers.

[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.

[PointGame]

I just registered on this site because of the pbmining situation, and because it's hard as hell to register through TOR. Had to set up my own exit node.  

I have almost 4000Ghz invested, so the notion that "those who sustained substantial losses" will be taken care of first... I find this false.

My username here is the same on pbmining, I had it hidden but I'll uncheck the box to show that I'm near the top in GHz invested.  I started in September / October.. so yea.. my losses are pretty damn substantial.

I have received no communication, no refund to my BTC address.. Nothing.  

I'll be sure to post back and apologize if PB mining makes good on their promise... but so far all I get is automated email responses that they're a failing business blah blah blah.

I would happily take back my harsh criticism if the promises are made good on, because in this day in age; money is much more valuable that pride.  But until then... NEVER do business or believe a single word from these scam artists.  I was dumb enough to have be had, but I'm not dumb enough to get strung along.  Not that 8 grand is going to bankrupt me... it's the principle. And if you don't thing I have the resources to hire lawyers and investigators to dig you out of whatever hole in whatever country you're hiding in, whether or not Boyko is your real name or not; you're sorely mistaken.  Iceland? lol   c'mon.  I go there for museums built in volcanic ash.. not for data centers .

PG

[rooster2000bka]

Today is day 03 of January. No plans have been made. Pbmining! What are you doing that?