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1261  Economy / Services / Re: Gigamining / Teramining on: September 12, 2012, 01:44:06 PM
To all Gigaminers:

I think the final terms will be:

  • 22.5% Mh/s per bond (this is 90% of 25Mh/s)
  • The cost per bond upgrade will be set at .29 BTC per Gigamining bond

If anyone does not like this deal, you can always take the free upgrade and go buy your own BFL equipment.

The new contract for Teramining is going to be a bit more robust than the current Gigamining contract and will also include:

  • A minimum buy back amount. The contract will set a minimum that I can buy back the Teramining bonds for in BTC. I have yet to figure out what this amount should be but with 160k bonds issued, it will be low.

If you have any feedback on these, please post your comments.

Best,
gigavps

EDIT: Removed another stipulation quoted below because it doesn't jive with the perpetual nature of the bond.
1262  Economy / Services / Re: Gigamining / Teramining on: September 12, 2012, 02:54:08 AM
Hi Namworld,

While you feel that a 32% profit is good for the upgrade, let me try to explain why it needs to be higher.

The first and foremost reason is: I assume ALL RISKS except for difficultly changes.

This means I assume risks for things like:

  • Mining software crashes
  • Pool failures
  • Mining Variance (bad luck)
  • Facility failures
  • Equipment failures
  • Power outages
  • Network outages
  • the list goes on....

Basically anyone holding a Gigamining bond is mining without needing to do, well, anything. They will never need to leave their house at 3am to figure out why the network connection at the data center is down only to be locked out of their house because their wife had their house key (this is a true story and happened last night).

If a mini rig is out of its warranty and something happens to it that renders it useless, I'm on the hook for that, not you.

Also, your calculation of 10k BTC taken in for the upgrade is unrealistic given that there is a FREE upgrade path. I have been able to collect some stats on this and the response so far is around 70% of the bonds reported in will upgrade.

As for the fee, in the beginning when ASIC arrives, the fee will probably pay out more but I am also expecting that the network will quickly move past 200Th 6-8 months after ASIC is initially released. Since the costs to run the equipment will be fixed, any supposed profits from the fee in the beginning must be saved for when the network surpasses 200Th and the fee will no longer cover the costs.

In closing, a 50% fee is more likely "barely enough" to run the bond through the entire 4 years of 25 BTC blocks. Again, I would not have proposed these changes if I thought Teramining would stand the test of time without them. I have done a lot of thinking about this and proposing this change was not something I was looking forward to. The backlash has been swift and intense. My choice is to either makes these changes now or potentially watch Teramining default on it's obligations. I have committed to making Teramining a reality and I plan to stick by my word.

Lastly, I do feel these changes will give Teramining was it needs to be a successful venture for both the holders of the bond and myself.

Best regards,
gigavps
1263  Bitcoin / Pools / Re: [ANN] Protect your future GPU mining earnings with CoinLab's 95-97% PPS Pool on: September 11, 2012, 05:28:44 PM
Hi coinlab,

Could you please make a change to your current interface to show the average hash rate over the last 15 minutes instead of the last -.02 seconds? The current interface gives me no idea what the pool thinks my hash rate is.

Thanks,
gigavps
1264  Economy / Scam Accusations / Re: Gigamining math on: September 11, 2012, 05:10:14 PM
Hi, in my view the point of accusations is to give a right of reply and defense to the accused, so that everyone can figure out their conclusions. That's why I reposted that message.

Thanks for clarifying consirosphere.tk.

I am not so math inclined to perform my indipendent analysis, but those number I posted seems to me far excessive, even taking in account costs and risk. But I could be wrong, so I encourage you to post your numbers to contradict them.

I will make another post in the Gigamining thread with the appropriate risks and costs over the next 48 months.

P.S. I invested the most of my BTC in Gigamining and other mining bonds (most of which already lost about 70% of their value since I invested, and are following a declining slope in dividends), so my only motivation is to try to not be scammed too much.

I am sorry to hear that. Both the free market setting the price of the bond and the difficulty changes are completely out of my control and am sure you realize this.
1265  Economy / Services / Re: Gigamining / Teramining on: September 11, 2012, 04:05:42 PM
SCAM BULLSHIT SCAM

You probably profited the most off of BTCST. Those 4 1TH/s mining rigs you ordered from BFL I'm guess were paid with other investors' of BTCST funds that pirate sent you as "interest" payments.

Go finish your bromance with PussyAt40 and stop scamming people.

Your Best Friend,

Smoothie

To all Gigaminers:

Is this how everyone feels?

Best,
gigavps
1266  Economy / Scam Accusations / Re: Gigamining math on: September 11, 2012, 03:50:29 PM
Hi conspirosphere.tk,

I take this kind of accusation seriously. I have been running Gigamining for almost half a year and have met the contract 100% and have never deviated from it.

I have taken on more risks that anyone can imagine and things have not always gone my way, yet, you do not see me complaining. I believe those risks must be covered yet your accusation suggests that I have almost no risk and that my profit margins are too much.

On top of that, you are quoting someone else's analysis instead of doing your own or even asking any questions.

I would not have suggested these changes unless I felt it absolutely necessary.

Best,
gigavps
1267  Economy / Scam Accusations / Re: Gigamining math on: September 11, 2012, 01:51:29 PM
https://bitcointalk.org/index.php?topic=75802.msg1181304#msg1181304
1268  Economy / Services / Re: Gigamining / Teramining on: September 11, 2012, 01:46:05 PM
Are you sure you cannot give us any numbers to support the need to raise the price and reduce the PPS? I usually like transparency.

Hi Namworld,

Here are most of the costs incurred every month to run my setup. This is by no means exhaustive and others costs almost always arrive.

Warehouse Rent / Colocation$1230
Utilities$1300
Internet$125
Security$40
Insurance$200
Accountant / Accounting Software$130
Replacement Costs$300
Total$3325

At the network being 200Th the 10% fee would be .2% of the network. At 25 BTC blocks this would generate 7.2 BTC per day and at $10 per BTC that would be $72 per day. Over the course of the month that would be $2,160/mo which is around what I would expect my costs to be around once GPU equipment is used for other things and they are no longer in the equation. These calculations are probably overly optimistic as the costs currently do not figure in any donations to pools.

I can understand the frustration around Teramining's terms being changed , but I think this is a better than Teramining defaulting on it's obligations at some point in the future.

Best,
gigavps
1269  Economy / Services / Re: Gigamining / Teramining on: September 11, 2012, 08:23:03 AM
Thanks.

So for 10 Gigamining bonds, if i pay 0.3 btc for each bond, i get 40 TERAMING bonds with each bond has 22.5 Mhs?
thats totally 900 Mhs?

* gigavps whips out his calculator

This is correct. You would pay 3 BTC and end up with 900Mh/s when upgrading 10 Gigamining bonds to 40 Teramining bonds.
1270  Economy / Services / Re: Gigamining / Teramining on: September 11, 2012, 07:35:05 AM
I am a lot confused now.

If I have 10 (5 Mhs) gigamining bonds now, what i have to do in future?
NO free upgrade path to teramining?

Hi dishwara,

Sorry for the confusion. There is still a free upgrade path. If you have 10 5Mh/s bonds now and choose the free path, you will have 10 22.5Mh/s bonds when Teramining comes out.

Hopes this helps.

gigavps
1271  Economy / Services / Re: Gigamining / Teramining on: September 10, 2012, 11:13:50 PM
To all Gigaminers:

From the current feedback received,  I would like to propose the following changes to the upcoming Teramining contract.

  • Each bond will be at 22.5Mh/s which is 90% PPS of 25Mh/s.
  • Upgrade price will change to .3 BTC from .25 BTC.

Please continue the discussion. I am in no way perfect and rely on your feedback to make sure Gigamining/Teramining continues into the future.

Best,
gigavps
1272  Other / Off-topic / Re: [Announcement] Butterfly Labs on: September 10, 2012, 10:24:58 PM

No.


That was a rather amusing exchange...  Cheesy
1273  Economy / Services / Re: [WTS] Hashing power at 110% PPS on: September 10, 2012, 10:19:52 PM
Would you be up for renting out say, 10-20Gh/s to do a few hundred thousand shares as a test? I'd probably like to give this a go for load-testing  Smiley

Sure thing. Just send me a PM and we can work out the details.

Best,
gigavps
1274  Economy / Services / Re: Gigamining / Teramining on: September 10, 2012, 09:25:31 PM
With regards back to the 10% PPS fee, I as well as many others would love to see a breakdown of how that btc will be utilized. Of course, it would be impossible for you to create a definitive list with exact values, but even doing a rough estimation would greatly improve our total understanding of the venture.

Hi Factory,

3% will go right off the top to multiple pools to help with development, support and their hosting costs. With 4Th controlled by one individual, I do not want to be seen in any way as a threat to the network, hence the need to be able to run on multiple pools and to be able to support them over the long term.

The other 7% will hopefully cover the rack space, internet usage and power needs of the equipment. Since the new BFL SC Mini Rigs have the option to be rack mountable, I feel this is the best way to go. I am currently looking into data center costs for hosting the equipment. These machines will still have large power requirements so it will require some more time to find a suitable data center.

Also, part of the continued fee will go towards the time I spend managing the equipment. While it is true that the mini rigs are less prone to dying than GPU rigs, there are still issues with random computer and mining software crashes which still need to be monitored.

Best,
gigavps
1275  Economy / Services / Re: Gigamining / Teramining on: September 10, 2012, 08:00:46 PM
I find this acceptable.

Hi sp0rus,

Thanks for your input.

Best,
gigavps
1276  Economy / Services / Re: Gigamining / Teramining on: September 10, 2012, 07:53:53 PM
Just wanted to throw in my say.  I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated.  I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

So if we got rid of the tiered pricing and moved to price to .30 BTC, would this be an acceptable change along with the 90% PPS?
1277  Economy / Services / Re: Gigamining / Teramining on: September 10, 2012, 07:45:34 PM
I understand that you are in this for profit, aint we all. But then it's in your best interest to be able to compete with BitBonds offering, I feel that 0.4 might be a bit high in comparison to the other options that exist on the market right now.
//DeaDTerra

Hi DeaDTerra,

Thanks for your feedback. I will take it into consideration.

Best,
gigavps
1278  Economy / Services / Re: Gigamining / Teramining on: September 10, 2012, 07:34:34 PM
Wait! 90% PPS? Are you telling me you are reducing to 90 mhash per upgrade instead of 100 mhash?

This is correct. It costs real $$$ to run this equipment both on the hosting side of things and on the pool side of things. I would like to setup Teramining to last a long time. If I do not take a cut from the PPS, it would take a very high $$$ value up front to continue operations indefinitely.

Can you give any explanation as to what your actual cut is in this, and why it seems you're taking a seemingly insane cut, barring there has been some major issues along the way you forgot to tell us?

I'm an running this bond to make money. I'm not sure where you got the idea that this was a charitable venture. Every bond sale thus far has netted 100% initial capital outlays. I would expect nothing less from the release of the Teramining bond otherwise there is no reason to do it.

0.40 BTC seems damn high

It may be. I might lower it. That's what we are discussing. Some have suggested that having a tiered pricing structure is not the best approach. I have been thinking about it and could be persuaded to agree. Maybe we'll change it to .30 BTC for everyone but I would like to hear others opinions first.
1279  Economy / Long-term offers / Re: Hashking Debt for Auction (143 BTC) on: September 10, 2012, 05:43:40 PM
36 BTC
1280  Economy / Marketplace / Re: ["WAIT LIST"] BFL Mini-Rig Order Date/Ship Date on: September 10, 2012, 05:12:21 PM
My unit is received.  Hosted.  Mining.

Glad to hear it. BFL has really delivered a nice product even if everything planned for it didn't pan out.

Planned by them or you?  Smiley

Well, they were supposed to use a sata cable PCB connector instead of USB hubs to connect the boards together. The LCD on the front of the rig also doesn't work. Sad
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