As the price of Bitcoin has gone up significantly since the Teramining announcement, will the fee for exchanging Giga shares for Tera shares be lower than 0.25? If so how much would the fee be if, for instance, Bitcoin is at $11.5 when Teramining launches?
I have given this a lot of thought, and right now I am leaning towards the price staying at .25 BTC per bond. We'll see as the time gets closer, but expect to pay the .25 btc if you want to upgrade. |
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I know bitcoin difficulty changes every 2 weeks.
But why payment get reduced every week instead of 2 weeks once?
Hi dishwara, The simple answer is that the difficulty changes do not correspond to coupon payment periods. When the difficulty goes up in a particular week, you get part of the week at the old diff and part of the week at the new diff. On the day that the difficulty changes, which ever difficulty is more favorable for bond holders is the diff they get for the entire day. So since difficulty has been going up, this usually means a smaller payment from the previous week. Lately, the next week is at the new, higher difficulty for the full week so this payment would be small than the previous week when we have two different difficulties for the week. You will also notice that when difficulty goes down, payments will increase each week. Hope this helps. Best, gigavps |
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Money talks
I can do bitcoin or bank wires.  Bump. Still looking to pick up some more FPGA mini rigs. |
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I would recommend you use these pools because of their fair payout systems (DGM or PPLNS) that cannot be hopped and because they do not have a mandatory fee.
So they're better than PPS or Score based?  Edit: ozco.in seems to have a 5% fee on PPS. I would not recommend using PPS at ozco.in. Their DGM payment system will payout 100% over time. Also, those fancy graphs are good at helping you understand what kind of return you are making and how the pool is doing with variance and other factors. |
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The three pools I use are: (in no particular order) http://ozco.inhttp://bitminter.comhttp://maxbtc.comI would recommend you use these pools because of their fair payout systems (DGM or PPLNS) that cannot be hopped and because they do not have a mandatory fee. |
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I was referring to bonds invested only butterfly equipment with SC upgrade plans. Your correct though.
BFL offers 100% refund on their fpgas if you "upgrade" to asics. Does your bond? And mind, I think its bonkers to buy an FPGA today even if you want to trade it in. You can guess what that makes me think of buying perpetual mining bonds that cost even more. Upgrades will be free.
But if you trade in the BFL hardware, you get a 20x increase in GH/$.
So basically gigavps devalues your existing bonds by 4 times if you take the "free upgrade" and if you pay .25 BTC extra (additional 25% from IPO price), you get a upgrade, you actually must for free in the first place. Yes, for free! Because equipment is paid by bitcoins from IPO - your money, bondholders. If this is correct, then this must be the worst upgrade path ever proposed by any mining contract out there. EskimoBob, It seems you only like to rant without answering any specific questions. If you don't like the plans I have laid out for my bond holders to upgrade to ASIC hardware, please come back to my thread and answer the questions I asked you there. I even sent you a PM regarding this some time ago. Best, gigavps |
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When difficulty rises you get paid more less, when it falls you get paid less more.
FTFY |
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To all Gigaminers:
The coupon payment for the week is out.
Enjoy,
gigavps
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I am not commenting on the usefulness of the instruments, just the terminology. They are not bonds. Calling them such makes them sound much safer then they really are.
What should we call them? I am not really excited about using EskimoBob's current terminology and it is quite offensive. |
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i think you may be off on the amount of 1TH/S rigs. I hope you are right, as I have a couple on order. But, the singles are the ones that are selling like hot cakes.
I have a "few" on order also..... just sayin. |
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Are you high? You are mixing up debt and equity and some of your references make no sense at all. Obviously you have no idea wtf you are talking about. But keep at it. vps likes this crap because you help to confuse the issue.
gigavps, +100? LOL! No wonder. As you are one of the biggest mining turd pedlar, I did not expect anything less from you. Cheers!
I find it interesting that your only recourse to Meni's comments is to tell him that he doesn't know what he is talking about when in fact he is the creator of mining bonds. I also find your comments about me quite distasteful and rather telling of your maturity and skill level at having a reasonable debate. EskimoBob, why even post this stuff if you are unwilling to discuss them with people who disagree with you and resort to personal attacks to try and defend you position? |
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The OP is completely nonsensical.
Buying mining equipment has two components - choosing and operating hardware, and speculating on the future of price/difficulty ratio.
Having these two components as a bundle is inefficient.
Mining bonds allow each component to be carried out most efficiently - one side buys bonds thus investing in the concept of mining profitability without having to physically operate hardware, and the other side uses the money to buy equipment without taking speculative risk.
To say that buying (or selling for that matter) mining bonds is "bad" because the returns are not fixed in some arbitrary denomination reflects no understanding at all of economics. It's the equivalent of saying bitcoins shouldn't be bought because they're not backed by a specified amount of dollars, or that any commodity or stock shouldn't be bought because its future price is unknown.
It's all a matter of the offered price. If the traded price of a bond is high enough it is a bad decision to buy it, if it is low enough it is a good decision, in the middle there's uncertainty and the one making the best decisions wins. The OP can argue that the bonds at some specific time are overvalued but it doesn't seem like that's what he's trying to do.
Mining bonds are called "mining bonds" precisely because unlike usual bonds they are not tied to some currency but rather to mining hashrate. But the OP can call them whatever he wants (except for the term he's used which is offensive).
+100 |
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Are there any plans to add namecoin to bitcoin direct conversion?
There are plans to add something along those lines. I can't promise when, though. Pretty please?  +10 |
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BitMinter.com is an awesome pool. You can see me in the stats with 2 mini rigs mining on the pool full time. Thanks to DrHaribo for making an awesome pool!  |
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"Mh/s only" turds are garbage and burn investors hard earned bitcoins, while buying turd issuer a room full of equipment at 0 risk.
Difficulty and market risks are all left to to you - turd holder.
Hi EskimoBob, If you think Mh/s only bonds are, as you call "turds", then are you calling bitcoin mining the same thing? Also, what exactly is your strategy for investing in these things? I would like to point you to a post that should help form your strategy when dealing with deleting assets. https://bitcointalk.org/index.php?topic=92090.msg1014750#msg1014750Just because your investment strategy isn't working to your benefit doesn't mean others haven't figured out the game. Best regards, gigavps |
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Just an FYI... I initiated two wire transfers, on 7/27 and 7/28 and they both hit my bank account on 8/2.
Good to hear. Things seem to be improving with dwolla withdrawals. I'm all caught up with withdrawals from last month. Hopefully, mtgox will have some news soon to make this thread no longer needed. |
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Ouch. 2k btc down in a week.
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Hi Giga,
So you have met pirate (or met someone who you believed to be) that sounds fair.
What is your current position on his operation and how would you advise potential new investors (if you would at all) ?
People seem desperate for info and others like myself are hungry for the gossip.
Hi mem, I will quote myself from the other thread again. Best, gigavps Consider how this appears from those outside looking in. Some of the biggest names in Bitcoin meet with the 'biggest dog' (known, that is) in Bitcoin. Yet, after this meeting, not much at all is said.
Thanks for your post. I can appreciate you being open and honest about your desire for me to confirm or deny facts. Consider my point of view though. I would like to think that I have a pretty good reputation on the forums because I have always tried to be helpful, share information and be respectful (most of the time). I hope I have earned this respect / trust over the last year and I would like to think that it is worth something. That said, all of pirate's detractors here on the forums are on a witch hunt. If I confirm or deny ANYTHING, they will twist what I say to fit their point of view and keep the flame war going. So, I am in the unenviable position of "damned if I do, damned if I don't". The hostile environment created here is not conducive to sharing information in a way that is either helpful or respectful. I have confirmed along with others on the forums that pirateat40 showed up and we had a good time. |
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