Gigamining - The MPEx situation

[jamesg]

To all MPEx Gigamining pass-though holders,

I have spent quite a bit of time both thinking about and going back and forth on what to do about those who owned the pass-though that MPEx created for Gigamining. I have come to some conclusions about what I am going to do and I will clearly spell that out after I get some facts about the situation out of the way.

One of the reasons that I have waited to post anything definitive about this subject was because not all of the large Gigamining contract holders had claimed. As of a few weeks ago, that has changed. Now, every holder at or over 900 Gigamining contracts has claimed and been paid.

The rest of the facts of the situation are below.

• Mircea purchased 500, then 400 more (in the same day) Gigamining contract before the initial offering on GLBSE. When the contracts were distributed, they were sent to the GLBSE account mircea_popescu. Mircea has claimed on IRC that he never had an account on GLBSE which is contradictory to the facts of the situation.
• None of the claimants holdings at or over 900 Gigamining contracts were claimed by Mircea but all were claimed. Most, if not all of the large holders are well known and respected members of the bitcointalk community.
• Mircea has emphatically denied all requests by me to claim the contracts he has stated he owned at the time GLBSE closed.

With the above facts, there are only two possible conclusions I have come to.

• Mircea actually owned 900+ contracts and James from GLBSE has colluded with another individual to add them as the holder of the contracts and they have claimed them.
• Mircea was in breach of his contract with his pass-though holders and sold Gigamining while running the pass-through, paying out weeking dividends from the proceeds of the sale.

I want to stress that I cannot prove either of the above scenarios and they are pure conjecture on my part.

I also want to stress that I consider the entire situation with MPEx / Mircea to be my fault for allowing the pass through to run and not making sure the promises made by Mircea were being kept.

So, with that said, I will allow anyone who has a signed claim from MPEx to use the same claims process as all other Gigaminers to both claim, be paid all back payments to date, and continue with Gigamining or Teramining if they choose to do so. If anyone has already claimed and has contracts owed from MPEx, you can just email me the information and I will add them to your VPS account.

Best regards,
James
james at gigamining dot com

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[Deprived]

• Mircea purchased 500, then 400 more (in the same day) Gigamining contract before the initial offering on GLBSE. When the contracts were distributed, they were sent to the GLBSE account mircea_popescu. Mircea has claimed on IRC that he never had an account on GLBSE which is contradictory to the facts of the situation.

With the above facts, there are only two possible conclusions I have come to.

• Mircea actually owned 900+ contracts and James from GLBSE has colluded with another individual to add them as the holder of the contracts and they have claimed them.
• Mircea was in breach of his contract with his pass-though holders and sold Gigamining while running the pass-through, paying out weeking dividends from the proceeds of the sale.

If you're sure of the first point - that he lied about not having a GLBSE account - then YOU can be certain the truth is the second ones (he was breaching his contract).  Once you know for sure someone's lieing about a substantive issue there's no reason to start looking for scenarios where somone else also lied - Occam's razor etc.

Of course noone else can be certain you're telling the truth, so both options remain open to the rest of us.

Personally I always suspected he'd sold your shares - I'm on record raising that possibility in the thread about it in scams forum (which I seem unable to find).

With any luck MPOE-PR will show up and produce a GPG signed contract from you which makes it plain no GLBSE account was used in the agreement with you (they're big on everything being GPG signed).  Either that or state that they DID have a GLBSE account holding the shares.

Do you have the irc log in question where he denies having a GLBSE account?

EDIT: It's a pretty huge issue - if it were proven MP/MPOE-PR lied about this (or they were so evasive that was the only conclusion I could reach) then I'd have to close down the three pass-throughs I run to MPEx securities as it would constitute CP risk I was unwilling to bear or pass on.

[MPOE-PR]

I also want to stress that I consider the entire situation with MPEx / Mircea to be my fault for not making sure the promises made were being kept.

It's great that half a year later you finally come to publicly admit it, even if without apology.

Unfortunately it's what they call "too little, too late". It does nothing to help all the people harmed by your shilling for Pirate. It does nothing to help all the people harmed by your shilling for Hashking, Amazingrando. It does nothing to help all the people harmed by your shilling for Nefario, and it obviously does nothing to help all the people harmed by your shilling for BFL.

Obviously you don't have and never will have the capital to return all the BTC you've helped swindlers swindle out of people. Nevertheless, winding down everything and getting permanently the fuck lost would be the only "honorable" avenue left. I only mention this since you seem to be looking for such.

Best of luck in any event, seeing how luck never helps your sort.

[jamesg]

If you're sure of the first point - that he lied about not having a GLBSE account - then YOU can be certain the truth is the second ones (he was breaching his contract).

I kept a spreadsheet from the initial sale for collecting coins and distributing contracts. This is where I found the information on the account the contracts were sent to.

Mircea originally asked me to keep the contracts in my account but for whatever reason, I asked him to create an account on GLBSE.

[jamesg]

It's great that half a year later you finally come to publicly admit it, even if without apology.

Unfortunately it's what they call "too little, too late". It does nothing to help all the people harmed by your shilling for Pirate. It does nothing to help all the people harmed by your shilling for Hashking, Amazingrando. It does nothing to help all the people harmed by your shilling for Nefario, and it obviously does nothing to help all the people harmed by your shilling for BFL.

Obviously you don't have and never will have the capital to return all the BTC you've helped swindlers swindle out of people. Nevertheless, winding down everything and getting permanently the fuck lost would be the only "honorable" avenue left. I only mention this since you seem to be looking for such.

Best of luck in any event, seeing how luck never helps your sort.

Your reaction to this thread speaks volumes.

[radiumsoup]

It's great that half a year later you finally come to publicly admit it, even if without apology.

Unfortunately it's what they call "too little, too late". It does nothing to help all the people harmed by your shilling for Pirate. It does nothing to help all the people harmed by your shilling for Hashking, Amazingrando. It does nothing to help all the people harmed by your shilling for Nefario, and it obviously does nothing to help all the people harmed by your shilling for BFL.

Obviously you don't have and never will have the capital to return all the BTC you've helped swindlers swindle out of people. Nevertheless, winding down everything and getting permanently the fuck lost would be the only "honorable" avenue left. I only mention this since you seem to be looking for such.

Best of luck in any event, seeing how luck never helps your sort.

Your reaction to this thread speaks volumes.

It certainly does.

[gusti]

James, you screwed so bad things for many of the investors, several times.
You are very lucky for not having the scammer tag at this time.

[EskimoBob]

If I recall, lunatic Popescu was bragging in IRC, how he is going to short gigavps and everything else.
I guess people got fucked by trusting that delusional gypsy megalomaniac.

[ciuciu]

Any news from our "leader"?

[Namworld]

So, with that said, I will allow anyone who has a signed claim from MPEx to use the same claims process as all other Gigaminers to both claim, be paid all back payments to date, and continue with Gigamining or Teramining if they choose to do so. If anyone has already claimed and has contracts owed from MPEx, you can just email me the information and I will add them to your VPS account.

Best regards,
James
james at gigamining dot com

Looks like not many people concerned with this thread are actually talking about this. I guess not many people kept their receipt. And honestly, I knew of only one other holder, which totaled almost all of the GIGA.ETF. Rest might not have saved any receipt at all to start with. Thanks for honoring based on MPEx receipt, I'll claim too then.

[Namworld]

What's the situation with this as far as claims go? Curious as to how many claimed.

[jamesg]

What's the situation with this as far as claims go? Curious as to how many claimed.

I've been contacted by a few others and am waiting on their claim.

[Namworld]

Surprised people still had their STAT. Do I have to wait for others' claims to be processed in full?

Any numbers about how much has been claimed so far?

[Namworld]

No updates?

[jamesg]

No updates?

None at this time. I have your claim and am still waiting on others.

[jamesg]

No updates?

I have received two claims which have been added to the VPS system.

All pending transactions will be settled on Monday along with normal weekly payments.

These claims represent a total of 733 Gigamining contracts.

[Namworld]

I forgot to update on this thread.

My claim was credited. Thank you.