Quote from: amazingrando on February 04, 2013, 06:57:33 PM

Let me try to answer the questions.

Camolist
From my spreadsheet you have 112 bonds, which translates to about 3 btc in unpaid payments. If you have something constructive to add, please do so. The majority owners are free to release their information if they choose.

usagi
I am terribly sorry about any consequences that suspension of payment has had. What we hoped would be exceptional returns on our investment has been a loss for many people, myself included (far more than $6,000). I know it is probably too late, but if there is anything I can do at this point to help (within my abilities) I will do so.

PsychoticBoy
As with Camolist, please let me know if you have anything constructive to add. If I can provide back payments I will try to do so, but as there isn't a means to do that right now I cannot commit to that.

The logic of buying Avalons for BITBOND is quite simple. Having operated BTIBOND at a loss with very little cash left over and no one lining up to buy the hardware, I have had the option of paying back some of the payouts with no prospect of any payments in the future or buy hardware that could be used to provide payouts for the next almost two years. The latter will result in far more being paid to bondholders as well as a restoration of some of the security's value.

If you have some constructive ideas about how we can liquidate equipment at reasonable price or otherwise gather funds to payback past payments, I am certainly open to hearing it.

Sukrim
There are 13,476 bonds held by minority bondholders. 55% have 10 or fewer bonds

I have been in ongoing discussions with the majority bondholders. Unless there is some unavoidable legal rationale, they will receive payouts at the same time as any other bondholder.

I don't think I can release detailed financials at this point, but I can provide some general numbers. Until the recent run-up in btc prices, we were earning about $9,000 a month from mining. From that our monthly power bill for ~320A of 208v is $4,000. We have been paying $2130 in rent. Internet and other expenses is about $350 a month. We have had no salary per se, but instead been paying the bare minimum (or less) bills of my brother and me. We both have been working >40 hours/week to keep things running, save what we can, and liquidate surplus equipment. Thus, in January we had about $2500 in net before paying for any food, housing, or bills for the two of us. My personal bills for one month exceed that amount. With the recent rise in bitcoin prices we have been able to finally pay bills and have a bit left over for buying ASICs. Most of the ASICs money has come from selling hardware we are no longer using.

As I mention above, if the majority shareholders wish to release their information that is up to them. Two wealthy investors own about 80,000 bonds. The remainder is owned by a few other investors in their cohort.

You are absolutely right that I should have provided more information, more regularly. I was reluctant to share information that I could not commit to. The forums, and bitcoin in general, have a deep history of announcing things that they cannot deliver or later have to change, etc. Knowing that I wasn't able to keep my commitment with BITBOND I did not want to give any details until I was sure.

I thought many times about buying back bonds. The problem was the cost to do so. Having virtually no cash or coins on hand, we could not afford it. All I could do was keep running mining rigs to pay my fixed expenses and hope to get a small surplus to use to revitalize BITBOND.

Can you please elaborate on this thought about denominating in USD? The bond was denominated in btc and any back payments are also in btc. Unfortunately pricing for ASICs and paying for operating costs is all in USD. As for paying power, the power costs are comparatively minute compared to today. I will reserve some ASIC capacity to help pay for power, however the power costs should only be about $200 per month. I am quite confident I can find that much each month.

Better late than never. Next time don't wait around for me to start pushing the point.