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Author Topic: ⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today!  (Read 145748 times)
Bendra
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July 12, 2017, 06:33:06 AM
 #921

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
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Albortz
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July 12, 2017, 10:29:41 AM
 #922


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.

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Mr Frog
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July 12, 2017, 11:47:16 AM
 #923


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.

I did not post this message, The Russians did it !
raynman
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July 12, 2017, 11:48:34 AM
 #924

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

Albortz
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July 12, 2017, 12:01:40 PM
 #925

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.

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raynman
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July 12, 2017, 12:57:02 PM
 #926

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.  Grin
Albortz
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July 12, 2017, 01:27:53 PM
 #927

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.  Grin


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!!!

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raynman
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July 12, 2017, 01:39:14 PM
 #928

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
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July 12, 2017, 02:30:31 PM
 #929

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.



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Bendra
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July 12, 2017, 03:52:09 PM
 #930

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
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July 13, 2017, 07:10:38 AM
 #931

Τhe 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

★★★ 295+ GREEK★★★TRANSLATIONS ★★★
FAST ★★★ FLAWLESS ★★★ CHEAP ★★★ https://bitcointalk.org/index.php?topic=1175769.new#new
NewbCoins
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July 13, 2017, 11:05:09 AM
 #932

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.
NewbCoins
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July 13, 2017, 11:15:21 AM
 #933

If I buy 880 WTT (current cost $968) that will give me ownership of 1 litecoin miner capacity, right?
But I have to buy the rig on top and realize $968 in energy savings for return on investment, not considering what income is made from mining. Is that correct?

If I don't buy any mining equipment from the "PARTNER" what is the value other than speculating the token price goes up?

Thanks.
Mr Frog
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July 13, 2017, 11:25:06 AM
 #934

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.

Ok but have you at least been on the Cryptomonos website or even the giga watt website lol

https://cryptonomos.com/wtt/
https://giga-watt.com/

And on top of that you want answers about things you are not interested in ?
Everything is explained on the website. Easy to understand.

You can rent those tokens to the miners if you don't want to invest in mining equipment.

I did not post this message, The Russians did it !
NewbCoins
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July 13, 2017, 11:37:11 AM
 #935

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.

Ok but have you at least been on the Cryptomonos website or even the giga watt website lol

https://cryptonomos.com/wtt/
https://giga-watt.com/

And on top of that you want answers about things you are not interested in ?
Everything is explained on the website. Easy to understand.

You can rent those tokens to the miners if you don't want to invest in mining equipment.

I'm not sure why you think I'm not interested in mining? The first question I asked about was mining. But it's important to know what the incentive is for all stakeholders.
And yes, I went to the websites and read the whitepaper already. I may feel it wasn't explained enough and want more clarity.

If I'm interested in mining, why not just buy the equipment and host at Giga Watt facilities without messing around with the tokens?
It's because you pay Giga Watt upfront to realize energy savings over time, right? If that's wrong, then please explain.

If I'm not interested in mining, and I buy the WTT tokens but no equipment. OK I saw where you can rent out the tokens, but this is just euphemism for speculation, right?

And why 34.5 MW capacity issued when Giga Watt only has 3MW capacity?

Thanks.
Mr Frog
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July 13, 2017, 11:45:29 AM
 #936

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.

Ok but have you at least been on the Cryptomonos website or even the giga watt website lol

https://cryptonomos.com/wtt/
https://giga-watt.com/

And on top of that you want answers about things you are not interested in ?
Everything is explained on the website. Easy to understand.

You can rent those tokens to the miners if you don't want to invest in mining equipment.

I'm not sure why you think I'm not interested in mining? The first question I asked about was mining. But it's important to know what the incentive is for all stakeholders.
And yes, I went to the websites and read the whitepaper already. I may feel it wasn't explained enough and want more clarity.

If I'm interested in mining, why not just buy the equipment and host at Giga Watt facilities without messing around with the tokens?
It's because you pay Giga Watt upfront to realize energy savings over time, right? If that's wrong, then please explain.

If I'm not interested in mining, and I buy the WTT tokens but no equipment. OK I saw where you can rent out the tokens, but this is just euphemism for speculation, right?

And why 34.5 MW capacity issued when Giga Watt only has 3MW capacity?

Thanks.

Sorry I have no time to go through it all. And also if I miss understood you. There is videos from Giga watt who may help you understand  the all concept.

Dave Carlson at Consensus 2017. Mining for Dummies.
https://www.youtube.com/watch?v=e0getvVRkTE

Intro to Giga Pod
https://www.youtube.com/watch?v=_VYksAS2N1k

And part of the money from the tokens goes for the pods constructions. That is why you have the tokens for 50 years. Those pods have 50 years life time.

I did not post this message, The Russians did it !
NewbCoins
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July 13, 2017, 11:47:52 AM
 #937


Sorry I have no time to go through it all.

I'm not sure you are that helpful nor a good salesman, then. Are you associated with WTT at all?
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July 13, 2017, 11:48:41 AM
 #938

No I just try to help you man. I am Not associate with nobody.

ICO Special Review: Giga Watt Mining Token. Is this ICO right for you?
https://www.youtube.com/watch?v=d8GdmY_OymQ

I did not post this message, The Russians did it !
Mr Frog
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July 13, 2017, 12:20:26 PM
 #939

If I buy 880 WTT (current cost $968) that will give me ownership of 1 litecoin miner capacity, right?
But I have to buy the rig on top and realize $968 in energy savings for return on investment, not considering what income is made from mining. Is that correct?

If I don't buy any mining equipment from the "PARTNER" what is the value other than speculating the token price goes up?

Thanks.
NO. That gives you nothing else than the tokens, that is all. Now you can rent your tokens if you want. But you don't own anything else than the tokens.

If you have 880 WTT you can rent them to a person who brought the miner but who have not enough tokens.
If you have both token and miner great you can mine 100% for yourself.

What is difficult to understand ?

I did not post this message, The Russians did it !
FlamingFingers
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July 13, 2017, 12:55:25 PM
 #940

If I'm interested in mining, why not just buy the equipment and host at Giga Watt facilities without messing around with the tokens?
It's because you pay Giga Watt upfront to realize energy savings over time, right? If that's wrong, then please explain.

If I'm not interested in mining, and I buy the WTT tokens but no equipment. OK I saw where you can rent out the tokens, but this is just euphemism for speculation, right?

And why 34.5 MW capacity issued when Giga Watt only has 3MW capacity?

Thanks.
Regarding your first question:
Because purchased tokens represent your right to use Giga Watt facility's capacity, renting it freely for 50 years. Also tokens can be used to accommodate your own miners at Giga Watt's facility (which is not available at the moment due to overwhelming orders). Please, read forward on our website https://giga-watt.com or https://cryptonomos.com/wtt/

Regarding your second question:
Yes. It is already written in Giga Watt's White Paper – Risks section that Giga Watt can't assure that all tokens will be rented out, but they will try their best to work this matter out.

Regarding the last question:
The whole 34.5 MW capacity worth of tokens won't be issued immediately. As you can see on our website's Projected Timeline, the tokens will be issued in batches, with every batch released, an equivalent number of GigaPods will be constructed.

If you have any other question or inquiries, please, either read Giga Watt's FAQs: https://cryptonomos.com/wtt/faq/ or ask them here: support@giga-watt.com 
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