⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today!

[cryptodv]

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month. 

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[Celebrity]

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month. 

So this is not a good investment if your numbers says the truth. I will pay $1,100 and I will only have $35 a month as the income. This is $420 per year. It will almost take 3 years to reach my return of investment. If I'm not using a mining equipment, this is not logical to buy WTT tokens.

[Mrbates]

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month. 

So this is not a good investment if your numbers says the truth. I will pay $1,100 and I will only have $35 a month as the income. This is $420 per year. It will almost take 3 years to reach my return of investment. If I'm not using a mining equipment, this is not logical to buy WTT tokens.

I think the intention is most people buying tokens will be mining, its to provide passive income for the interims you aren't mining.

[cryptodv]

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month. 

So this is not a good investment if your numbers says the truth. I will pay $1,100 and I will only have $35 a month as the income. This is $420 per year. It will almost take 3 years to reach my return of investment. If I'm not using a mining equipment, this is not logical to buy WTT tokens.

Yea, that's why I'm in the process of buying L3 miners to mine LTC. Might as well right, I bought the tokens already. 

[ldgryvvh]

Hi i read that on Crown and Smith that the incorporation status is in Singapore.
Any explanation on this and why?

So when i invest in these tokens, how is it binding to what i am offered which is the services as mentioned.

[Dopert]

I also invested in L3 miner. Keep in mind that hash difficulty will blow by every batch of cource.

The Pandaminer can catch fire. Did see some pictures and read some stories. I glad that Giga Watt not offered the new Pandaminer b5 yet. Does Giga Watt please all Pandaminers in the same Gigawatt pod, so not by the asic miners? Has Giga Watt have some fire prevention matters for risky miners?

[Bendra]

Has Giga Watt have some fire prevention matters for risky miners?

Yes, according to an official statement in their Whatsapp Group:

Question was: Is there an insurance on the facility that covers the owners of miners? Ex: fire or naural disaster caused a lost of 3 gigapods

Official Answer: Yes, there is an insurance that will cover owners of miners in case of a disaster

[Mr Frog]

i dont think GW will have any legal issues

The company is registered, no need for everyone else to register a business in USA.

Yes you do. It does not matter if they are registered. Every company needs to make sure that every business partner can be identified. To do that, they need to dox every customer. If said customers are i.e. using an offshore company, they can be sued by the IRS or every other national group for the support of money laundering, tax evasion or similar.

The fact that they are a registered business also means, that the IRS is regularly checking not only the book, but also contracts between customers and Giga.  Mining in the USA is classified as a business as soon as you are doing it for profit and in a long term mater (the time frame does not really mater that much, but as long as you do it for profit you operate a business and you can't deny you do it for profit). Hence every customer needs to register their business activity with the authorities. You don't do it, Tax Fraud/Tax evasion. And therefore Giga is supporting it, resulting in possible law suits. 

If they accept foreign nationals, its even more difficult and easy to fall into some tax problems....




Its one thing to have a miner in your garage, but a whole other thing if you run a business or in that case need a datacenter where your mining is on record for IRS.  And it does not mater, where you live. EVERY COUNTRY got this rule of operating a business.


So the second you place your miner in another country you need to check if the placing of hardware alone is enough to classify as a permeant place of production....




And like it or not, they have no clue about any of these issues. Collecting money is one thing, making sure you are able to stay belly up another. This might have all been easy for them when they were operating only personal miners, now that they offer it to others, the legal base is a lot different....

That may help ?

In March 2013, the U.S. Financial Crimes Enforcement Network issues a new set of guidelines on "de-centralized virtual currency", clearly targeting Bitcoin. Under the new guidelines, "a user of virtual currency is not a Money Services Businesses (MSB) under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and record keeping regulations." Miners, when mining bitcoins for their own personal use, aren't required to register as a MSB or Money Transmitter.

In general, there are a number of currencies in existence that are not official government-backed currencies. A currency is, after all, nothing more than a convenient unit of account. While national laws may vary from country to country, and you should certainly check the laws of your jurisdiction, in general trading in any commodity, including digital currency like Bitcoin, BerkShares, game currencies like WoW gold, or Linden dollars, is not illegal.

Source: https://en.bitcoin.it/wiki/Myths#cite_note-3

Now as I understood they are not mining for us. We are mining in a way via cloud mining. We own the miner, we own the GW token to get the electricity, we pay the fees, we choose the pool, the coin to mine, even if we want the miner on or off, everything is done by us except maintenance ...via a software. They only host and service our miner technically. No ?

I don't really know if it works like this. I just try to understand.

[cryptovn83]

Hi, I want to know how many LTC can 1 L3+ miner can mine in 1 day in Giga-watt, please?

[Bendra]

Hi, I want to know how many LTC can 1 L3+ miner can mine in 1 day in Giga-watt, please?

http://www.mycryptobuddy.com/LitecoinMiningCalculator/path?hashrate=508&powerCost=0.03&power=880

[Albortz]

That may help ?

In March 2013, the U.S. Financial Crimes Enforcement Network issues a new set of guidelines on "de-centralized virtual currency", clearly targeting Bitcoin. Under the new guidelines, "a user of virtual currency is not a Money Services Businesses (MSB) under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and record keeping regulations." Miners, when mining bitcoins for their own personal use, aren't required to register as a MSB or Money Transmitter.

In general, there are a number of currencies in existence that are not official government-backed currencies. A currency is, after all, nothing more than a convenient unit of account. While national laws may vary from country to country, and you should certainly check the laws of your jurisdiction, in general trading in any commodity, including digital currency like Bitcoin, BerkShares, game currencies like WoW gold, or Linden dollars, is not illegal.

Source: https://en.bitcoin.it/wiki/Myths#cite_note-3

Now as I understood they are not mining for us. We are mining in a way via cloud mining. We own the miner, we own the GW token to get the electricity, we pay the fees, we choose the pool, the coin to mine, even if we want the miner on or off, everything is done by us except maintenance ...via a software. They only host and service our miner technically. No ?

I don't really know if it works like this. I just try to understand.

Well this does help a little bit (shocking that they were not able to provide that info yet)  but I was talking about a simple business venture. That you do not need a Money Transmitter License as a miner is right, but you still use your own hardware to produce a good. Even if it is not considered legal tender. See it as a chair. If you are a woodsman and you use your tools and wood to create a chair, this is a finished product worth X.  And therefore you need to pay Tax on the amount of X which will be Y.    If someone does not do that (and mining is nothing else) they will evade taxable income and GIGA is helping with that.


Look at Mossack Fonseca. They were charged in Panama with helping others to do tax evasion. Why would the IRS stop before GIGA. They still need to make sure they can identify all their customers equipment. If they can't do this simple thing, they are in trouble. Worst case the get shut down or sued such a high amount they need to and your shit is offline and gone for so long that by the time you will get it back (maybe) its not profitable.




I am kinda worried that everyone here, wants to mine, but has no idea what tax problems they might getting into if not done correctly. And GIGA did not make a lot of effort to clarify how they will conduct business in such a case. Everybody can have tokens they are anonymous and everyone can use false credentials or offshore companies or something else they might need to check. How do they do it, what are their measurements to prevent a lawsuit with some foreign entity?


I personally would love to place a lot of my miners their, but I need to make sure first if THEY know what THEIR duty is to prevent me from loosing money.

[Mr Frog]

That may help ?

In March 2013, the U.S. Financial Crimes Enforcement Network issues a new set of guidelines on "de-centralized virtual currency", clearly targeting Bitcoin. Under the new guidelines, "a user of virtual currency is not a Money Services Businesses (MSB) under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and record keeping regulations." Miners, when mining bitcoins for their own personal use, aren't required to register as a MSB or Money Transmitter.

In general, there are a number of currencies in existence that are not official government-backed currencies. A currency is, after all, nothing more than a convenient unit of account. While national laws may vary from country to country, and you should certainly check the laws of your jurisdiction, in general trading in any commodity, including digital currency like Bitcoin, BerkShares, game currencies like WoW gold, or Linden dollars, is not illegal.

Source: https://en.bitcoin.it/wiki/Myths#cite_note-3

Now as I understood they are not mining for us. We are mining in a way via cloud mining. We own the miner, we own the GW token to get the electricity, we pay the fees, we choose the pool, the coin to mine, even if we want the miner on or off, everything is done by us except maintenance ...via a software. They only host and service our miner technically. No ?

I don't really know if it works like this. I just try to understand.

Well this does help a little bit (shocking that they were not able to provide that info yet)  but I was talking about a simple business venture. That you do not need a Money Transmitter License as a miner is right, but you still use your own hardware to produce a good. Even if it is not considered legal tender. See it as a chair. If you are a woodsman and you use your tools and wood to create a chair, this is a finished product worth X.  And therefore you need to pay Tax on the amount of X which will be Y.    If someone does not do that (and mining is nothing else) they will evade taxable income and GIGA is helping with that.


Look at Mossack Fonseca. They were charged in Panama with helping others to do tax evasion. Why would the IRS stop before GIGA. They still need to make sure they can identify all their customers equipment. If they can't do this simple thing, they are in trouble. Worst case the get shut down or sued such a high amount they need to and your shit is offline and gone for so long that by the time you will get it back (maybe) its not profitable.




I am kinda worried that everyone here, wants to mine, but has no idea what tax problems they might getting into if not done correctly. And GIGA did not make a lot of effort to clarify how they will conduct business in such a case. Everybody can have tokens they are anonymous and everyone can use false credentials or offshore companies or something else they might need to check. How do they do it, what are their measurements to prevent a lawsuit with some foreign entity?


I personally would love to place a lot of my miners their, but I need to make sure first if THEY know what THEIR duty is to prevent me from loosing money.

I see your points. And I understand your worries. I will keep looking for more infos.

[raynman]

Doesn't this clause in their White Paper cover the relevant U.S. taxes incurred, if any, by GigaWatt's customers?

[Albortz]

Doesn't this clause in their White Paper cover the relevant U.S. taxes incurred, if any, by GigaWatt's customers?

I read that, but that is not sufficient. Its a bit like the "legal high drugs" where they write not for human consumption on top. This does not safe them in case of a investigation.

And I can't believe the USA would simply stand by when people mine in the US, (use electricity in the US and generate coins "in the US") and sell the coins in europe. They want their part of the taxes.

[raynman]

Doesn't this clause in their White Paper cover the relevant U.S. taxes incurred, if any, by GigaWatt's customers?

I read that, but that is not sufficient. Its a bit like the "legal high drugs" where they write not for human consumption on top. This does not safe them in case of a investigation.

And I can't believe the USA would simply stand by when people mine in the US, (use electricity in the US and generate coins "in the US") and sell the coins in europe. They want their part of the taxes.

It is a relief that we are only dealing with your belief. 

[Albortz]

Doesn't this clause in their White Paper cover the relevant U.S. taxes incurred, if any, by GigaWatt's customers?

I read that, but that is not sufficient. Its a bit like the "legal high drugs" where they write not for human consumption on top. This does not safe them in case of a investigation.

And I can't believe the USA would simply stand by when people mine in the US, (use electricity in the US and generate coins "in the US") and sell the coins in europe. They want their part of the taxes.

It is a relief that we are only dealing with your belief. 

Yeah wrong wording.... I can assure you the IRS will not stand back and watch anyone evade taxes UNLESS it is in consensus with a double taxation agreement with another country!!!

[raynman]

Actually we don't need your assurances but documentary proof that GigaWatt is infringing on U.S. tax laws by making remote hosting of mining equipment accessible to non-U.S. customers.

[Albortz]

Actually we don't need your assurances but documentary proof that GigaWatt is infringing on U.S. tax laws by making remote hosting of mining equipment accessible to non-U.S. customers.

Its not my job to provide that, its GIGAs job to do so once they are asked these kind of questions...

The root of my anger lies in the fact, that they can't give me or us any informations and they NEED to know the answers otherwise it is just foolish to open up business to Non US residents...

They are not even able to provide an answer to the simple question on who is paying us? They are managing the miners, they host them, they even set the pool. They deduct their fees from daily payouts (that means they receive; on THEIR addresses; the incoming cryptos), meaning they pay us. Is it even considered a personal business anymore or are we just handing over our money as an investment and receive dividends from it....


As long as we can't choose pools, receive the payouts directly and pay giga afterwards, its not even classified as a business in the end since our involvement is 0 (other than handing over money)


They say, if we rent out our Tokens, we get payed by the miner, but in real life they are paying us, since we never interact with another miner...




See it as you wish, but I will not continue to point out the legal flaws.  You can of course say, I am the one who should bring documents to the table clarifying, but really it is Gigas job to assure everyone that these problems got inspected and solved in a way X or Y....

In the end do what you want, but a company collecting millions should be able to address these issues in a satisfying mater.

[Bendra]

I am pretty sure that even if they want to give a full answer to this tax questions, they can't because the laws in place do not describe how to treat bitcoins. You are right that there is a potential thread but this will only be confirmed when the respective laws will be introduced.

See also: https://en.bitcoin.it/wiki/Tax_compliance#How_are_Bitcoins_that_I_have_mined_treated_for_tax_purposes.3F

[killerjoegreece]

The ann threads how now been updated

https://bitcointalk.org/index.php?topic=1954941.msg20104797#msg20104797

https://bitcoingarden.org/forum/index.php?topic=15337.msg173179#msg173179