OgNasty,so just to make it clear:
- you asked for BTC by making a loan; and promised to pay back by paying 25% of NastyFans income with no time limit
I asked for a loan on behalf of NastyMining in exchange for 25% of the NastyFans distributions. A loan in which I also participated in as a lender.
- you changed payout percentage multiple times (25%->75%->50%) using your own seat`s votes(you have over 50% of them) in NastyFans
No. Never once did I ever change the % in the lending agreement.
- after it became clear, that loan will not be payed out using your original offer (over 100 years if no diff increase,IMHO), you are going back to original terms of payback
I am only offering lenders an option. They are free to stick to the original terms of the agreement if they would like. So far 90% of lenders are in favor of the new agreement.
- offering people to exchange original amount of loan,which is not repayable after your decision, for "better offer"
I am offering to exchange debt for an immediate payout and NastyFans seats. Where is the not repayable part coming from? No lender is being forced to change any agreement. It is voluntary.
- your "better offer" is:small amount of btc(less than 16% of principal) + share of NastyFans income(5000/30000 which would give us 16% of it)
The offer is dependent upon factors like the USD rate when the funds were lended as well as the lender's place in line of repayment. This was negotiated with several of the lenders over a multiple week period and 90% feel it was done fairly. It should also be noted that the offer has a total current value of over $77,000 when the original borrowed amount was less than $26,000 for the remaining lenders.
- you are going to give BFL refund funds only to those who agree to take "better offer",even though this are money of all lenders
The refund if paid out per the original agreement would only go to the next two people in line. This way, it will go to 90%, or 100% should everyone eventually agree. The 1 lender who is holding out would not be due to receive any of the refund per the original agreement as he is several places down the line. So really this is a moot point.
Some obvious concerns:
- you are giving 16% of NastyFans to lenders, but why not 25%? That was original agreement.
I am actually offering 18.3% of NastyFans to lenders. This is overly generous for three big reasons. 1) 33% of the loans have already been repaid, so you could argue only 16.5% should be due to lenders. 2) In addition to seats, lenders are receiving an initial payment of 42 BTC. 3) NastyFans seats are better than owning an expiring right to a share of the distributions.
- you changed original payback plan multiple times in order lenders to get funds back, so why did you decided to get back to original?
I have never changed anything with the original agreement.
- why are you trying to convert principal to $, the loan was in BTC, you could take $ loan if you wanted?
If Butterfly Labs priced our order in BTC and was issuing our refund in BTC, there would be no need to include USD in the equation.
- taking loans and not paying it back(100 years in btc world is eternity) because you had your "original" offer and you can stick to it, is a normal business deal for you?
No. It is not. I plan to reimburse everyone to their satisfaction, or at the very least honor any previous agreement I've made. Like I've said many times now, no lender is being forced to change the original agreement. 90% of them have chosen to make a new agreement.
- people gave you funds for BFL upgrade, now BFL are refunding some of it, why aren`t you sharing it with all lenders without any terms or offers?
The original agreement doesn't allow me to do that. Hence why a new agreement is the fair thing to do, as evidenced by the overwhelming lender support.
P.S. let me remind you, that is NastyFans is fan organization, and formally you don`t have to donate them anything... so who will be buying shares after this?
I imagine that the elimination of a huge chunk of debt accompanied with increasing the distribution % per seat will be seen as a huge positive to the organization. We will see when a NastyFans poll is put up.