[GLBSE] BFLS.RIG - BFL Hardware mining & Sales

[server]

Is this a reply to my post ?

You don't have the Asic rigs because you don't want to accept delivery before other customers get theirs. Right ?
So the fact that you can't mine is because of your own choice.

You didn't tell your shareholders this when you sold the shares.

Well, the fact that I did not work for BFL at the time would seem to make that a difficult thing to do.

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[HorseRider]

Well, the fact that I did not work for BFL at the time would seem to make that a difficult thing to do.

Inaba, we, BFLS.RIG shareholders, are also essentially the customers of BFL. This is the undeniable truth. BFL should treat his customer fairly.

[DrJoeGrine]

Well, the fact that I did not work for BFL at the time would seem to make that a difficult thing to do.

BFL should treat his customer fairly.

Good luck with that. BFL treats its customers as nuisances. Their practices violate US law. I expect no difference from this endeavor.

[server]

Well, the fact that I did not work for BFL at the time would seem to make that a difficult thing to do.

Ok, I understand this is your reply to my post and I will continue on this.

You're telling that you didn't know at that time you sold the BFLS.RIG-shares that you would become an employee of BFL later that year.

This is irrelevant because you did know what promise you made to your shareholders.

I believe you want this to be a win-win deal for you and BFL, but this cannot be without consequences.

[Inaba]

I have paid out the final payment for BFLS shares, everyone should have received .026 BTC per share.

BFLS and it's derivative are now closed permanently.  Server, I'm sorry if this upsets you, but it really is the best thing for everyone going forward and nets a tidy profit for everyone who held shares.  Each $600 units worth of shares has paid back $759.2 + whatever it's earned over it's lifetime, which is not an insignificant amount and is > 100% profit on the investment.  I think that's pretty good for a little over a year, personally.

[coblee]

I have paid out the final payment for BFLS shares, everyone should have received .026 BTC per share.

BFLS and it's derivative are now closed permanently.  Server, I'm sorry if this upsets you, but it really is the best thing for everyone going forward and nets a tidy profit for everyone who held shares.  Each $600 units worth of shares has paid back $759.2 + whatever it's earned over it's lifetime, which is not an insignificant amount and is > 100% profit on the investment.  I think that's pretty good for a little over a year, personally.

For each share of BFLS.RIG, I paid 0.5 BTC. And over the past year, I made 0.28261 BTC per share. With this measly 0.026 BTC payout, my total returns per share is 0.30861 BTC that I paid 0.5 BTC for. In terms of BTC (since that's what I and most people paid these shares with), these shares lost 40% of its value. What a deal!

So no, it's not pretty good. I bought these shares expecting it to at least make back the cost after ASICs came out. Inaba, you really disappointed me. BFL not coming out with ASICs last year was bad enough already. You deciding not to convert your BFLS and BFLS.RIG miners to ASIC as you had promised really puts it over the edge.

[HorseRider]

I have paid out the final payment for BFLS shares, everyone should have received .026 BTC per share.

BFLS and it's derivative are now closed permanently.  Server, I'm sorry if this upsets you, but it really is the best thing for everyone going forward and nets a tidy profit for everyone who held shares.  Each $600 units worth of shares has paid back $759.2 + whatever it's earned over it's lifetime, which is not an insignificant amount and is > 100% profit on the investment.  I think that's pretty good for a little over a year, personally.

WTF, Inaba. We have paid you Bitcoin, not USD. We buy bitcoin earning machines from you, but not a USD debt notes. How can you end the contract without the consensus of the other side. We are supposed to have ASIC mining machines to mine bitcoin for us.

I am going to write the SEC official a letter complaining about this. You have issued the securities without registration and now you have scammed the security holders.

[Inaba]

HorseRider, you agreed to this clause when you purchased the shares:

Should mining become unprofitable or other circumstances cause the operator to be unable or unwilling to perform his duties, sale of all hardware and equal distribution of funds will commence according to the number of shares held by each individual.  Additionally, should a BFL Single be unavailable for immediate shipping, the operator reserves the right to refuse the 200 BFLS shares until such time as a unit becomes available.

I'm invoking the clause, end of story.  In addition to that, you purchased a portion of the hardware which you could have redeemed at any time, there was no securities involved, so I'm sure the SEC will not care what you have to say, but by all means, go ahead.  This was a group effort to purchase hardware, which is what happened.  You were not promised any dividends or returns of any sort, only what the hardware generates.  I have, in effect, purchased the hardware back from you with the final payment and our "contract" is done.

[server]

Mining did not become unprofitable so you're unable or unwilling.

It must be you're unwilling because you refuse to accept delivery of Asic rig upgrades of your "own" company.

So now you blow us off with a tiny payment and you can keep all hardware/Asic profits for yourself.

I believe 'upset' is not the word I would use.... fury comes to mind... Bitfury

[server]

(quoted for personal use)

BFLS and BFLS.RIG are now closed permanently.

I am opening a new offering, basically mirroring the BFLS product.  It is for the MiniRigs & SC ASIC offering.

IPO will begin tomorrow:

6058 shares will be allocated and sold per Minirig, initially 2 rigs worth of shares will be allocated, and 6058 shares can be traded in for the physical Minirig hardware. 15% of the shares will be kept for maintenance and operation costs.

Once the details of the ASIC unit orders are publicly available, available shares will double and be put up for sale. At that point, it will require 6058 x 2 = 12116 shares to convert your BFLS.RIG shares into the physical hardware (Mini-Rig or SC).

Dividends on RIG will be paid out the same way BFLS is currently paid, on a weekly basis and the amount will be what the unit(s) generate that week. Obviously, no dividends on RIG will be paid until the hardware is in actual operation.

RIG shares purchased are for a share of the unit, not to help fund the purchase of a unit, since the units have already been paid for. Funds will be reinvested into further ASIC orders, which means the ASIC units will be "pre-purchased" already, and you will be buying into already purchased ASIC units with your BFLS.RIG shares, not funding the purchase of ASIC units. This is an important distinction, since it means you'll start generating revenue much faster than a unit you would be "funding" the purchase of.

Should mining become unprofitable or other circumstances cause the operator to be unable or unwilling to perform his duties, sale of all hardware and equal distribution of funds will commence according to the number of shares held by each individual.  Additionally, should a BFL Single be unavailable for immediate shipping, the operator reserves the right to refuse the 200 BFLS shares until such time as a unit becomes available.

Ticker symbol is BFLS.RIG

[Bicknellski]

BFLS and BFLS.RIG are now closed permanently.

I am opening a new offering, basically mirroring the BFLS product.  It is for the MiniRigs & SC ASIC offering.

IPO will begin tomorrow:

6058 shares will be allocated and sold per Minirig, initially 2 rigs worth of shares will be allocated, and 6058 shares can be traded in for the physical Minirig hardware. 15% of the shares will be kept for maintenance and operation costs.

Once the details of the ASIC unit orders are publicly available, available shares will double and be put up for sale. At that point, it will require 6058 x 2 = 12116 shares to convert your BFLS.RIG shares into the physical hardware (Mini-Rig or SC).

Dividends on RIG will be paid out the same way BFLS is currently paid, on a weekly basis and the amount will be what the unit(s) generate that week. Obviously, no dividends on RIG will be paid until the hardware is in actual operation.

RIG shares purchased are for a share of the unit, not to help fund the purchase of a unit, since the units have already been paid for. Funds will be reinvested into further ASIC orders, which means the ASIC units will be "pre-purchased" already, and you will be buying into already purchased ASIC units with your BFLS.RIG shares, not funding the purchase of ASIC units. This is an important distinction, since it means you'll start generating revenue much faster than a unit you would be "funding" the purchase of.

Should mining become unprofitable or other circumstances cause the operator to be unable or unwilling to perform his duties, sale of all hardware and equal distribution of funds will commence according to the number of shares held by each individual.  Additionally, should a BFL Single be unavailable for immediate shipping, the operator reserves the right to refuse the 200 BFLS shares until such time as a unit becomes available.

Ticker symbol is BFLS.RIG

Hmmm.... and you were mocking my efforts.  FAILURE.

[Bicknellski]

That is my hope, but of course I am at the mercy of BFL's delivery schedule.

ASICs are expected in October (see above for delivery )

LOL!

[bcp19]

I have paid out the final payment for BFLS shares, everyone should have received .026 BTC per share.

BFLS and it's derivative are now closed permanently.  Server, I'm sorry if this upsets you, but it really is the best thing for everyone going forward and nets a tidy profit for everyone who held shares.  Each $600 units worth of shares has paid back $759.2 + whatever it's earned over it's lifetime, which is not an insignificant amount and is > 100% profit on the investment.  I think that's pretty good for a little over a year, personally.

For each share of BFLS.RIG, I paid 0.5 BTC. And over the past year, I made 0.28261 BTC per share. With this measly 0.026 BTC payout, my total returns per share is 0.30861 BTC that I paid 0.5 BTC for. In terms of BTC (since that's what I and most people paid these shares with), these shares lost 40% of its value. What a deal!

So no, it's not pretty good. I bought these shares expecting it to at least make back the cost after ASICs came out. Inaba, you really disappointed me. BFL not coming out with ASICs last year was bad enough already. You deciding not to convert your BFLS and BFLS.RIG miners to ASIC as you had promised really puts it over the edge.

So, if the price of BTC today was $0.50 and he gave you back .7BTC would you be happy?

[Syke]

You don't have the Asic rigs because you don't want to accept delivery before other customers get theirs. Right ?
So the fact that you can't mine is because of your own choice.

Can you prove he doesn't already have the rigs and is mining for himself?

[server]

You don't have the Asic rigs because you don't want to accept delivery before other customers get theirs. Right ?
So the fact that you can't mine is because of your own choice.

Can you prove he doesn't already have the rigs and is mining for himself?

No, all I can see is that EclipseMC is up >20TH since BFL is delivering Asic hardware.

But this is because of "Mining equipment of clients"

I write this loss off just like I did with Tawsix.

BFL is exit too. Unreliable.