wtf are you talking about? You obtained money from PB as part of an insurance contract, didn't you? Why are you even commenting in here, Captain Conflict-Of-Interest?

Deprived is correct. The buyback is not the full scam. The buyback is the realisation (in the bringing-into-concrete-reality sense) of the scam. The money raised was misappropriated and the shares instantly devalued in the actual IPO itself.

So, the initial IPO was the scam. Note in the original *thread* (I'd love to see the original GLBSE contract) he "sold" just one BFL FPGA device which a buyback clause which allowed him to buy it back at market value and instantly make about $1200. If he'd wanted to. If he weren't the one who completed the IPO, etc. That would not have been a problem..  if he'd been up-front about it from the start. He wasn't!

Note that he uses the misleading parentheses-surrounded plural "(`s)" on the mining hardware in the IPO announcement, and doesn't do any clarification for another day, and even then, states ambiguously "I will only issue more shares if I have the hardware to back it up." He doesn't actually say anything to clarify that none of the money raised is going to purchase new hardware. He never says that in the thread. Even the CPA insurance only insures the one FPGA Single--but doesn't say anything about the murky question of additional hardware.

Check out msg#20! "We will still be backed up by our GPU`s and FPGA`s. It`s an extra insurrance." Who's "we"? Well, just him of course. And where did the insurance money actually come from? So the other scam's beneficiary is the one who issued the "insurance" policy!

And yes, PsychoticBoy, everyone knew difficulty was going up. Including you. It's an exponential curve. All you mining hashrate-based companies were betting against your customers that difficulty would save you from ever having to fully pay back any of their investment, and not even promising them correct odds. It was a sure thing for you. The risk was so minimal on your part, you could just pocket the money and buy hookers with it.

Even if difficulty had stayed the same, your tiny payouts meant that it would have been.. what? Multiple years before the original value of the people investing in the IPO would be realised and profit gained?

This is strong evidence, and his later insistence that the first FPGA Single was the only thing anyone ever bought an interest in, that he was running a scam from the start.

Perhaps I'm wrong. Perhaps Deprived is wrong. I don't see PsychoticBoy responding to Deprived anywhere. Do you? Why doesn't he answer that? He's relying on the fact that Jurek can't make a coherent case, and hoping this will simply go away.

That is why he deserves the scammer tag; not because of the close-down. Jurek here just happens to be realising that he was playing a losing game from the start and isn't too happy about it. And rightly so!