Dear Herr Streng,

You are the world's wunderkind and poster child of cloud mining and we have all admired your rise in prominence to a billion dollar powerhouse. We have applauded your television and print media appearances and we have all felt proud of your achievement in brining cloud mining to millions who never had the technical expertise or knowledge to join the processing ecosystem of this decentralised phenomenon.

 
But we, the people, gave you much more than just moral support. We committed capital to enable you to become one of the most powerful operations globally. We paid for the products that took you from Millions to Billions in valuation. We defended you against accusations of being an exit-scam. Those who compounded your products even gave all their rewards back to you in good faith and with confidence that your operation will continue to grow and prosper. Repeat buyers and compounding members are now left with nothing to show for it, but you have both capital and rewards from millions of such people.

And now, they face an extinction level threat that you alone have the power to eliminate. A contract is a contract. Yes, you may stand strong behind legal wording. But you will stand tall and strong in the eyes of millions and keep your company intact if you can vary terms to help save your financial contributors. Millions of people cannot be helped by asking them to pay for more, one way or another. This petition on behalf of millions of cloud miners aims to preserve the operation for our collective good but more importantly, to keep the network truly decentralised. Lest it shakes out the little people and concentrates power in the hands of few centralised parties such as you, after millions of people are thrown to the wind.

This petition also seeks to prevent undesirable legal challenges from your five and six figure customers that could damage the interests of millions of your members and also put your company in an irredeemable position in the market. Your wellbeing affects our collective wellbeing. Since you cannot personally respond to all of your members, this petition also seeks to offer a solution premised on an awkward historical progression of your product sales.

In the last 12 months, your best selling ASIC contracts were shown to be consistently sold-out. In the hype, you even took advance payment for new contracts which were not activated for four, even five months. And when they became active, they worked for a short time before lapsing into an unprofitable coma.

The impression this leaves is that you received capital from your members but knowingly sold out all ASIC completely, before unleashing the shiny, efficient and desirable new Radiant machines for yet more capital from new members! You waited till all the old and outdated products were sold out again, only to bring something new to the market? So this begs the question, what were pre-sale members paying for? Outdated ASICS? Not the Radiant machines which you knew were in the pipeline? Radiant infrastructure was paid for by outgoing, loss making ASIC buyers money?

Only the courts can authorise the fine-combing of your accounts to reveal the details. This would not be an acceptable solution for millions of people who face losses regardless, but can you then continue in profit at the expense of so many? We, the people, are unable to defend your company against accusations of mis-selling, misrepresentation or misleading investors. But we can help rebuild a stronger Genesis as long as we can see your willingness to put your longstanding, loyal and supportive people before corporate profit.

An honourable thing to do would be to suspend all sales of profitable Radiant, and use their shiny new profitable margins to help subsidise the loss making ASICS.  Since you are only paying the net difference between pure reward rate and your contractual 28 cents/THs/day, the small difference should be well offset by Radiant and much of the capital you have already collected in pre-sales. (Not to mention all the hash-rate you are still running from previously canceled contracts in 2016 when you were still small enough that nobody took meaningful action.) To continue to sell Radiant for profit, while all ASICS face a total write-off puts you in moral jeopardy, regardless of the legal wording.

A retroactive penalty system will be acceptable to most miners, certainly the little people amongst your millions of financiers. Continue to run contracts from the (end of) sixtieth day of the grace period, keep a public log of daily net difference and recover the cumulative subsidy amount in stages from your member pay-out, once the contracts have resumed profitability. Lifetime contracts may have been re-worded to “open end contracts” but all of this is meaningless if a termination is imposed on millions of people just when seasonal/historical price begins to outperform difficulty rate. If losses continue for months, the whole network and reward structure will prove to have failed. But if profitability resumes in just a few weeks or months, millions would have lost their contracts at the worst possible time. 

Nobody is asking you to absorb all losses. Just finance the loss-period because you have already collected the financial strength, and recoup losses later form members during the profitable times. Save yourself the messy situation of asking and collecting upfront maintenance costing four times greater than the contract itself. 

After all, you agree to renew the 60 day grace if just one profitable day occurs on the reward rate. In theory, you are willing to extend the grace period of up to 120 days by observing just one, solitary, anomalous day in profit. Why then can you not roll over the grace period for 120 days (or more) right away and stave off a potential tsunami of enquiries and legal action besides the already damaging anger and feedback on all of your social media accounts?

A roll-over of grace period appears to be the only gracious choice left, as charging advance maintenance fees or any other upfront/upgrade costs to members is not an option for millions of members while you seemingly remain in profit.

At stake is the very vision of a people-powered, decentralised and democratic network. If you fail to rescue the majority, the powerful and elite minority wins. Again! So what is the difference then, between conventional fiat-currency power centres and digital crypto power-centres built at the expense of many to profit just a few?

Herr Streng, please do the right thing and save the cloud mining community and by doing so, you will also have saved your company which is collectively built at the cost of the same community. Your two million strong army of loyal members will rally behind you, even if it means temporary losses for your corporate entity. We hope you are going to be with us and not against us, as you have the power to extend, roll-over the grace period, or otherwise restructure to preserve the notional network equity owned by your members, albeit with your company as a front label.

We invested because we trusted in your professional ethics and business integrity. Please demonstrate in kind that we were not mistaken.