Quote from: armedmilitia on November 10, 2015, 09:49:17 PM

It looks that there are numerous legal and practical problems of joint ownership and joint custodialship of funds, and I think we can approach this better.

We can run the GB similar to the roadstress christmas GB. Everyone retains ownership of the miners (no corporation needed), the vast majority of funds are never held by me, and at the end of the hosting term they can do whatever the hell they want with em--although they have the option to renew hosting.

Here's the game plan:

I take a 0.06BTC (per miner) deposit from those committing to miners. If you back out you lose your deposit, if we don't make the MOQ then everyone gets their deposit back.
BlockC provides payment address, everyone pays for the miners.
At the same time, Finksy provides payment address, everyone pays for the PSUs.
Once miners arrive and are running at CryptoBoreas, Allinvain provides a single payment address and everyone pays for the hosting.
If someone doesn't pay for the hosting by a set due date, their hardware is seized to pay for the cost of hosting.
The buyers sign a message containing their username with the BTC address(s) they paid with.

Once hosting has been paid for, everyone gets their deposit back (except those who didn't pay at some stage).

I will sign the hosting agreement and will provide allinvain with your pool information so he isn't inundated with PMs. If you want pools changed, I will have remote access to the miners and will be able to do it for you in a jiffy.

Finksy PM'd me a full fee schedule of the PSUs, the prices are very good. I will post that when I make the official GB thread tomorrow.

see highlighted...not sure how you can seize something that cost $1300 if someone was one day late on a $323 hosting payment (assuming 6 mo).
this sounds drastic. I would prefer something else, maybe a suspension with hashing going to provider ~~everybody else~~ or perhaps a third party taking it over in 7-10 days after nonpayment and refunding the miner cost back to the initial owner.
Edit: yeah, as posted below, if not paid, miner is hashing for provider until payment is made. However miner still belongs to the one who paid for it initially.