If you don't want to scam us you should only have advantages making a commitment to shareholders.
Thats it, welcome to ignore.
Called a scammer for sticking to a 2 month old contract..
I did not call him a scammer. (see "should and have")
For now i do not know what i will do next - please feel free to post your comments on this thread or send me pms - would appreciate it.
The contract would have made sense if the IPO was succesfull. But it has majorly stalled and so it has left him as the soley benifitor.
I do not live in the states but i cannot imagine that such a contract would stand against law if he registered JTME as an ordinary company.
Furthermore i do not think the initial mining equipment is not even worth the 600 shares/BTC or 6.000 USD
So im trying to do a estimate (please correct me if im wrong)
7 5830 (1 has died) ~6*10 BTC 60 BTC
1 6870 ~ 13 BTC 13 BTC 73 BTC
2 Motherboards (with/cpu&ram) ~ 2*5 BTC 10 BTC 83 BTC
1 850 watt PS ~ 4 BTC 4 BTC 87 BTC (assuming no-name anyway it is used)
1 950 watt PS ~ 5 BTC 5 BTC 92 BTC (assuming no-name)
2 32gb ssd ~ 2*3 BTC 6 BTC 98 BTC
1 Bitforce single FPGA (with upgrade to ASIC single already purchased) ~120 BTC
Subtotal of ~220 BTC
JTME paid ~ 90 BTC in dividends so far. So not even 17% ROI compared to his claimed 42%.
Would be a total of 310 BTC.
New investments should sum up to at least 400 BTC (less than 542 because USD/BTC rose since IPO) + 90 BTC from the growth fund.
In the event of liquidation which he can enforce at will (see contract), he will walk away in accordance with the contract with a share of 1,750 units of the total 2,292 units.
This means you may loose ~70 % of your investment (1 BTC share price) at any future given point in time.
He claims that he is loosing money to the company but he virtually has 1750 * (220 + 490 ) / 2292 BTC = 372 BTC now.
A comparision with self mining on his 220 BTC equipment and probably 60 BTC from mining reveals that he has made 92 additional BTC, because he started the company.
That is per se no problem, but:
The asset backing of shares is currently only 0.31 BTC per share! and his contract states that he is entitled to 76.35 % of dividends from dividend 13 on.
put out false high dividend payments/yields he was eagerly advertising the yield (though he knew better).
JTME was late on ASIC - which may lead to a liquidation at discounted prices (at least liquidation of all GPU hardware)
ASIC will unlikely boost mining as everybody will be mining with asic at that point in time.
He has no business plan in place or does not want to disclose it (business model is only a smal part of the business plan)
You may make money anyway - but thats not investing - IMHO it's simply gambling.
Performance for shareholders highly depends on sold new shares - Silverboxes performance changes only slightly if new shares are sold (assuming he does not want to scam people)
His intention to operate JTME probably has been fair-minded in the begining
but as the IPO did not work as planned he stuck to egoism
Also notice that the 90 BTC dividends include money from ppts so his "money loss" from not mining on his own is not so severe, because those interests have been generated from sold shares.