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Author Topic: New GLBSE.com for FPGA mining investment - FPGAMINING  (Read 10192 times)
Francesco
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September 22, 2012, 01:29:40 PM
 #61

Isn't stopping paying dividends (thus driving price down) scam? The contract doesn't allow it.

Problem is: diluting the shares means lower dividends. He could push dividends to zero dumping enough shares.

Wonder if dumping tonloads of shares once the bond has been announced to shutdown qualifies as scam. If it happens, we'll see if it does.

I still hope it won't come to this... after all, even if we assume this was his intention from the beginning, Moparguy can already make a really good (morally bad, whatever Tongue ) profit without completely destroying our value, and his reputation. 

For sure, I'll never again invest in shares that can be issued anytime under IPO price, however good they seem. Guess some lessons have to be learnt the hard way...
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September 22, 2012, 03:01:31 PM
 #62

Hello all,

Answering emails, etc is taking larger amounts of my time and I am tired of emailed scam accusations. ... QQ ... I will review the buyback plan so that i can give the most value to shareholders, especially considering the large price declines of late. I don't want anyone to feel cheated. I will release a motion in the next week, so please be watching for it for any upcoming news.

The dividend is halted immediately.

Sure it is easier and profitable to mine on your own after you have taken everyone's money! Why did you stop paying dividends? The only way you can get out of this without anyone feeling cheated is to sell the equipment that we paid for and return the money.

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intel-core-i7
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September 22, 2012, 07:53:24 PM
 #63

he said "no dividends" - but technically the contract would be broken on the 24th of Sep.

EDITED: Here I discussed possible buyback, but I will wait untill things settle before I post more . /EDITED

Moparguy told me he wants to delist the asset and get out of being a glbse manager - cause its too much work for him...

He also wrote in an email today he wants to do all this in a fair way for everybody...


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intel-core-i7
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September 22, 2012, 07:58:04 PM
 #64

Quote
The only way you can get out of this without anyone feeling cheated is to sell the equipment that we paid for and return the money.

Isnt that the same as "buyback at the price each of us bought ?"

In effect the two are both "return my money back."

Someone more GLBSE-savvy to propose the best way to avoid cheats about who bought what at what price...

I used my glbse CSV export file and filtered it for FPGAMINING to generate a report about my holdings:

in linux shell its:

cat account_history.csv | grep FPGAMINING | grep "^buy"





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intel-core-i7
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September 22, 2012, 07:58:59 PM
 #65

or you can copy paste the lines from the glbse https://glbse.com/portfolio page...

Or provide a screenshot...

Is there a better way to prove that via GLBSE ?

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September 22, 2012, 08:48:31 PM
 #66

The dividend is halted immediately. Please watch for upcoming motions.

Regarding your casual style of managing this asset, I just contacted Nefario, who advised me to inform you that GLBSE changed its default policy on scams (from doxing) to prosecuting.

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September 22, 2012, 08:59:50 PM
 #67

The dividend is halted immediately. Please watch for upcoming motions.

Regarding your casual style of managing this asset, I just contacted Nefario, who advised me to inform you that GLBSE changed its default policy on scams (from doxing) to prosecuting.

That is the problem... a casual management style. A lack of communication from the issuer regarding selling of shares at an unreasonably low price is a serious red flag. No wonder you got emails moparguy. 

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September 23, 2012, 09:28:13 AM
 #68

"That is the problem... a casual management style. A lack of communication from the issuer regarding selling of shares at an unreasonably low price is a serious red flag. No wonder you got emails moparguy. "

+1 - agree 100%

Audrux asked me via PM if I am moparguy's defence agent...

I answered "no - trying to find the truth and be objective and non-emotional"

FAQ and a status report below.

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intel-core-i7
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September 23, 2012, 10:13:22 AM
 #69

So here is a little FAQ about FPGAMINING :

(

Disclosure - I own 60 shares bought @ 0.83  (out of 3915 sold so far to investors).

So I prefer it all goes well with this stock - like all of us.

)

Pic of the operation:



Is it a bond or a stock? What is the Contract ?

- It pays dividends based on mined coins each week. So this makes it a stock technically.
No fixed % rate promised in contract on glbse.

It just so happens/happened that the initial dividend per week was ~ 3.5 - 3.7 % of the initial price of around 1 btc/share. Which makes it look like a fixed % mining bond...

Most mining operations are bonds and since the word bond is used unproperly in the Contract ( owner has done a mistake in the wording of the contract... ) -

Here I quote the contract:
"
Full contract:
This bond is a for share in a very large FPGA (high efficiency) mining operation. Bond holders will receive weekly coupon payments of the total BTCs mined by the pool less energy and administrative costs (both minimal due to using ONLY low energy use FPGAs procured in bulk at significant discount). Coupon payments will be made Monday for the previous 7 days of mining activity. The coupons will grow as the FPGA cluster is increased in size. The initial clusters are running and significant size/space improvements will occur concurrently. The issuer can buy back the bond at any time at a price equal to 1.05 times the average price the asset was traded on GLBSE over the previous 1 week.
Issuer reserves the right to upgrade to ASICs in lieu of FPGA clusters as economics warrant.
"

- Do you see a fixed % rate in the Contract? No.
- Do you see the word bond in there ? Yes....
- Is it bound to a specific MHash/s ? No



Keep reading.

How are dividends calculated ?

Quite from an email 5 days ago with more details:

"
From: moparguy email

To: intel's email

Message:

Sorry about my slow response....I work a 9-5 so have limited time for emailing.

Yes I am still mining. If you check out the bitcointalk.org posting you can see pictures of my FPGA mining rigs.

The dividends are calculated based on that week's BTC output of the percent of my mining operation that has been sold via shares. I setup my own operation before doing the GLBSE listing, and as of yet, the bulk of the operation is still fully owned by me and not paying dividends to anyone  but me. As I sell shares, more of my operation becomes owned by shareholders, and they will receive dividends based on that portion. The portion of the operation that is paying dividends on GLBSE is approx 80x FPGA Mining brand x6500 dual fpga miners (160 total Xilinx Spartan 6 processors).

I don't want the shares to drop, but some have been selling at very low prices.....
"




2. Why has the dividend dropped a bit recently ?

- 1st a reduction from ~ 3.5% to ~ 2.5% was voted in a motion to allocate funds for an upgrade

- 2nd we have this :

- the dividends paid last 3 times are:

2012-09-03 00:05   77.8433383   3094   0.02515945
2012-09-10 10:15   79.94562932   3548   0.02253259
2012-09-17 12:21   79.1999802   3915   0.02022988

And the difficulty was

http://bitcoin.sipa.be/speed-lin-10k.png

in that period.

So what is the reason for the dividend drop on 09-17 vs 09-10 ? The diff is the same.

Owner said this via email:

"To answer your email on 8/19- I utilize pools that use DGM payout most of the time, so the payout isn't as stable as PPS pools, but with lower fees and eventually higher payouts. So deviation is expected with DGM."


This DGM payout and the difficulty increase should explain the dividends fluctuations and the decrease:


Payment date |   Total paid |    Shares paid |   Payment per share
2012-07-12 22:22   6.13577956   164   0.03741329
2012-07-16 07:16   16.77135975   435   0.03855485
2012-07-23 01:02   61.99999669   1633   0.03796693
2012-07-30 00:01   131.7347848   4040   0.03260762
2012-08-06 01:49   153.7775064   5040   0.03051141
2012-08-13 00:02   42.6327102   1230   0.03466074
2012-08-20 11:04   61.1753128   1645   0.03718864
2012-08-27 11:26   73.27188698   2671   0.02743238
2012-09-03 00:05   77.8433383   3094   0.02515945
2012-09-10 10:15   79.94562932   3548   0.02253259
2012-09-17 12:21   79.1999802   3915   0.02022988




Why is the shares paid going up recently ? Is he dilluting the price on purpose ?

- Most probably not deliberately to drop the price.

- But - the owner has sold some to new investrs obviously . But why is he doing this on a falling price ? Needs answer.

- Why isnt the owner keeping the stock for himself to force people's money to  chase the current stock in circulation?  - thus the price would stay stable / rise... and we wouldnt have to argue and lose time thinking...

How reputable is moparguy?

Pros:

- He is fully verified with GLBSE:
(green tick on these : )
    Phone number:         Photo I.D:   
   Home address:         
   Email address:         


- He answers all emails not later than 2 days (at least intel's emails)

- The tone in the emails is calm and shows he cares.

- Posted photos of the mining operation.

- said he mines at ozcoin - at the time he said that - checked - it is so. Later I checked and his username was no more in the lsit. But he says he does anonymous mining and uses several pools - probably p2pool also..  So its ok he is off ozcoin ... just needed an answer..

- ( this one is a pro and a con ) He said in an email 2 days ago:

"To answer your email on 9/21-I didn't realize scam accusations were flying around. "





- Cons:

- he does not check the forum thread often enough... -  does not have the time needed to answer all the investor questions..




What will happen now ?

Possible scenarios:

- No buyback:

- Confidence eventually comes back up - if he keeps paying dividend and we see a stable number of "Shares paid" from now on (means he does not sell more shares in the future... at least for a while... ). Thus the dividend paid to share price ratio will be good enough to attract investors money...


- A  buyback/partial-buyback happens at a "fair" price - a price between the current and the historic average of .80

- A buyback/partial-buyback happens as per contract "last_week_avg + 5%"


Owner wrote in last email he is having all the best intentions and is thinking about how to come out of this situation...

His way of thinking currently is that the whole operation takes too much of his time to manage. He has a 9-5 job.

So he is seeking a way to stop the scam-accusation emails and hatred... Still he expressed that he wants this whole thing to turn out as fair to everybody as possible...



PS. Open for criticism and questions - my logic could be flawed somewhere...  Tell me if so.


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Audriux9
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September 23, 2012, 01:39:43 PM
 #70

Sarcasm from moparguy528: "I have a day job, I have not enough energy after my job to deal with my investors, thank you for investing in me 3000BTC (30 000$), I will take care of it, and I will not share any information how I am going to use this investment, Now its MY money. (aaaaaaaaand it's gone!) How dare you to accuse me of scamming? Don't you understand I have other things to do in my life than to respond to your valid concerns about your investments with me? Ok, I am tired of you, I'll stop paying dividends immediately, I'll dip the price further in order to perform buyback with lower price!!! Ha ha ha.... But at the end it's all your fault you investors!!!"

The biggest problem to his mining operation is transparency. At the beginning he was quite clear what he was doing, he created decent image of his mining operation, in this way he attracted pretty high investments, because he seemed to be legit.

1. first of all, he did not respond to valid investors concerns.
2. he issued more shares to decreasing market price.
3. he said he will stop paying dividends, even without talking to investors or raising new motion about it.

The third clause is most important and most damaging. Explanation of all those 3 point is necessary in order to judge FPGAMINING operation.
If moparguy528 performs buyback at the last price traded on GLBSE during the last 7 days, it will meet conditions written in the contract. However it is not possible to be the case, because moparguy528 has already stated that he stopped paying dividends, that is breaching contract terms, and manipulating the price to get to more favorable buyback price.

What are the solutions? Perhaps stop the FPGAMINING GLBSE market activity, payback all the funds he collected during IPO minus all the dividends paid? In order to do that he has to disclose all the financial info about FPGAMINING.

I cannot propose anything rational yet, because I don't know what is going on behind the scenes, the only person who knows is moparguy528 and he has to step in this discussion, he has to explain everything. But he must step in now, not to wait for missing dividends payments or whatever prosecution is going to take place.

Some more thoughts...

ASICs manufacturing companies are going forward with it's hardware development, other competitor stepped in ASICs market.

Is moparguy528 capable of managing FPGAMINING operation any longer?
Is he able to compete with rising difficulty?
Is he able to manage investors funds effectively? Acquire most effective hardware and in a proper timing manner?
Is he able to carry good communication and relationship with his investors?
Is he able to maintain trust and confidence?
Does he have enough time, will and competence to do that?

We cannot solve problems by using the same kind of thinking we used when we created them.
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September 23, 2012, 01:48:16 PM
 #71

I was offered a buy back of shares at the price I bought them. If we come up with some clean and efficient way to arrange this kind of buyback for all shares.. it would be great.

Who offered? Moparguy or someone else?

Anyway, I'm fine if I get back the price I payed for the shares. Below is an excerpt from my GLBSE .csv-file.

Code:
buy 18.9.2012 11:18 0.5979 FPGAMINING 2
buy 4.9.2012 16:40 0.7299 FPGAMINING 1
buy 31.7.2012 12:52 0.9 FPGAMINING 1
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September 23, 2012, 02:40:56 PM
 #72

"

"Quote from: intel-core-i7 on Sep 22, 2012, 22:53:24
I was offered a buy back of shares at the price I bought them. If we come up with some clean and efficient way to arrange this kind of buyback for all shares.. it would be great.

Who offered? Moparguy or someone else?"
"


Well to be clear - he ( moparguy )  merely asked me

asked me

how many do I have and at what price. He said he is trying to figure out the relatively big investors.

So I suppose he is now thinking and  when he is ready with a buy back proposal - he will post here.

Everybody would be glad to be bought back at the price they entered right ? Smiley

I dont know if thats gonna happen. But I hope for the best... Many scenarios are possible.

We just have to act honestly and be fair.


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September 23, 2012, 02:42:48 PM
 #73

"
buy   18.9.2012 11:18   0.5979   FPGAMINING   2
buy   4.9.2012 16:40   0.7299   FPGAMINING   1
buy   31.7.2012 12:52   0.9   FPGAMINING   1

"

4 shares haha Smiley

we're talkin' bout 3000 btc in total share value Smiley


4 shares.... Smiley

And still - what's ours is ours - no matter how small.



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September 23, 2012, 03:19:43 PM
 #74

And still - what's ours is ours - no matter how small.

Exactly.

I'm quite sure he wouldn't have succeeded to pull the whole 3000 BTC from one or even three investors alone because that kind of money makes anyone carefull, but when taking one BTC there and 5 there it's easier. Also, people who happen to own 3000 BTC would have read his original contract more carefully.
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September 23, 2012, 05:15:39 PM
 #75

Really, the only decent thing for moparguy to do is to take responsibility for his decision and take a big loss on this. He set up a business and now he want to get out. That's fine, but he must bear the full burden of his decision, not his investors. He must not take advantage of his investors and their trust.

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September 24, 2012, 06:28:58 AM
 #76

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Francesco
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September 24, 2012, 11:43:00 AM
 #77

Really, the only decent thing for moparguy to do is to take responsibility for his decision and take a big loss on this. He set up a business and now he want to get out. That's fine, but he must bear the full burden of his decision, not his investors. He must not take advantage of his investors and their trust.

The point is he doesn't need to take a big loss, if he wasn't scamming -if he indeed was making enough profit and could have succesfully continued the operation, he can settle this down with benefit for all, including hmself!
If not, scammer tag here and freezing of his assets on GLBSE.
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September 24, 2012, 08:02:24 PM
 #78

Quote
Effective as of midnight September 25th, 2012: Due to the closing of this bond the interest as spelled out in the contract is null and void. Until all shares are bought back by the issuer, interest in the amout of 1% of the remaining outstanding shares, at a par value of 0.8BTC per share, per month will be paid at the end of each month. Once all shares are bought back by the issuer via the market or share buyback process, no further interest will be paid. Any further information will be released via future motions.
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September 24, 2012, 08:23:03 PM
 #79

Quote
Effective as of midnight September 25th, 2012: Due to the closing of this bond the interest as spelled out in the contract is null and void. Until all shares are bought back by the issuer, interest in the amout of 1% of the remaining outstanding shares, at a par value of 0.8BTC per share, per month will be paid at the end of each month. Once all shares are bought back by the issuer via the market or share buyback process, no further interest will be paid. Any further information will be released via future motions.

Is this from Moparguy? If so, why are you posting for him?
Anyway please tell him that an unspecified number of "months" to pay back investors is unacceptable. Where did he put our monies? If he invested them he must liquidate a.s.a.p., otherwise he is a scammer all around.
And where did he pull that number out from? I want to see his accounting.

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September 24, 2012, 08:44:54 PM
 #80

Is this from Moparguy? If so, why are you posting for him?
Anyway please tell him that an unspecified number of "months" to pay back investors is unacceptable. Where did he put our monies? If he invested them he must liquidate a.s.a.p., otherwise he is a scammer all around.
And where did he pull that number out from? I want want to see his accounting.

I posted this since Moparguy didn't wrote it here, and found it important to know to the shareholders.




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