Gigamining / Teramining

[jamesg]

I would also say:

I'd like that you can continue with gigamining and teramining.

Thanks for all the extra work you are doing.

Hi szuetam,

I am continuing to work with counsel on these issues. I still have yet to receive anything from glbse.

Hopefully we can all forget about the drama for a weekend.

Best,
gigavps

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[szuetam]

THX, I wont even open laptop during thiw weekend BTW.

[wheeler]

I'm no lawyer and I'm sure your council will find a way, but rather than keep the securitised "mining bond" contract/configuration/nomenclature, could we not simply define Gigamining as a lease or rental agreement for a portion of the physical hardware?  I don't see how this would differ from say, leasing a Linode.  All totally outside securities regulation.

I mean... I don't think any investors saw this as an actual *bond* in the traditional meaning of the word... (I'm not expecting to be near the top of the list of creditors in case of default).

Anyway, fingers crossed the wind-up will roll along without too many hitches (FWIW a friend and I spoke with Nefario at length at the London conf.  He came across to me as a genuinely pleasant and honest guy and I am certainly happy to trust him for the portion of assets I have lodged at GLBSE, which is not an inconsiderable sum).

[Naelr]

I'm no lawyer and I'm sure your council will find a way, but rather than keep the securitised "mining bond" contract/configuration/nomenclature, could we not simply define Gigamining as a lease or rental agreement for a portion of the physical hardware?  I don't see how this would differ from say, leasing a Linode.  All totally outside securities regulation.

I mean... I don't think any investors saw this as an actual *bond* in the traditional meaning of the word... (I'm not expecting to be near the top of the list of creditors in case of default).

Anyway, fingers crossed the wind-up will roll along without too many hitches (FWIW a friend and I spoke with Nefario at length at the London conf.  He came across to me as a genuinely pleasant and honest guy and I am certainly happy to trust him for the portion of assets I have lodged at GLBSE, which is not an inconsiderable sum).

I second this.  So long as you can reliably figure out who owns how many it is the same thing... if you get that part and a payout address while I am sure there must be some backend figuring out % of payouts it is the same thing.. just direct to your "holders"

Naelr

[Otoh]

Another way to look at it, when ppl bought a 'unit' of Gigamining they were paying you to do some computer hashing work on their behalf just as if they had paid you to do some graphic design work for them, ppl then sold/passed some of these 'units' on to others & now they get the rewards of the contracted hashing & these rewards are in bitcoins as was what was paid to you for the work, I can't see this as being a problem for anyone, it's like paying someone in an in-game virtual currency to level you up or farm game-gold for you - ie it's nobody else's business.

[Naelr]

Another way to look at it, when ppl bought a 'unit' of Gigamining they were paying you to do some computer hashing work on their behalf just as if they had paid you to do some graphic design work for them, ppl then sold/passed some of these 'units' on to others & now they get the rewards of the contracted hashing & these rewards are in bitcoins as was what was paid to you for the work, I can't see this as being a problem for anyone, it's like paying someone in an in-game virtual currency to level you up or farm game-gold for you - ie it's nobody else's business.

I guess the hardest part would be tracking who "passed" the 'units' to whom? 

[markm]

Another way to look at it, when ppl bought a 'unit' of Gigamining they were paying you to do some computer hashing work on their behalf just as if they had paid you to do some graphic design work for them, ppl then sold/passed some of these 'units' on to others & now they get the rewards of the contracted hashing & these rewards are in bitcoins as was what was paid to you for the work, I can't see this as being a problem for anyone, it's like paying someone in an in-game virtual currency to level you up or farm game-gold for you - ie it's nobody else's business.

It is if it was claimed that, or expected by you that, you would be able to profit such as by being able to resell the levelled up characters for a profit, supposedly.

Which also seems weird as who would order industrial / wholesale quantities of levelled up characters save for resale, and who would resell any product at a loss? So even their criteria about expecting to profit seems dubious really when compared to paying a manufacturer to do the work and management of adding value to raw materials to produce something you expect to profit by.

I wonder how ordering a custom line of clothes from a fashion designer/manufacturer differs from a "security", if in fact it does...

Maybe shops buy "clothes futures" that are in fact securities, instead of ordering clothes for later delivery?

-MarkM-

[Otoh]

As for profiting I have done nothing but lose a ton of bitcoins since joining any mining interests, so making a profit doesn't come in to it even - I would just like to lose a little less bitcoins which can only happen if Giga gets the ASCIS earlier than others & hashes them out for us as he'd proposed before.

[2GOOD]

As for profiting I have done nothing but lose a ton of bitcoins since joining any mining interests, so making a profit doesn't come in to it even - I would just like to lose a little less bitcoins which can only happen if Giga gets the ASCIS earlier than others & hashes them out for us as he'd proposed before.

We are all on the same boat... let's hope that the whole GLBSE drama ends soon and gigavps find a way to do the upgrade himself.

[Naelr]

In other news GLBSE just sent me the 0.8 BTC that was in my account, I had 0.77 so I guess they just rounded up.  Anyone else notice a strange deposit near what they had?

[AngryCatfish]

There's been several reports, but all small amounts, I haven't heard of more then a bitcoin and a half repayed to any one account. I suspect stall tactics but to what end I guess we'll see. Is it bad I still wanna upgrade my shares despite all the drama?

[kjlimo]

There's been several reports, but all small amounts, I haven't heard of more then a bitcoin and a half repayed to any one account. I suspect stall tactics but to what end I guess we'll see. Is it bad I still wanna upgrade my shares despite all the drama?

I received my full account withdrawal of 18+ BTC.  I haven't compared the amount to my records, but I'm pretty sure it's exactly what was in my account and possibly with a couple more payments from assets last weekend.

I'm currently reviewing the requirements to incorporate a mining operation.

I'm looking forward to continuing my contract with James as well & offered my assistance to his research as he looks into all the odds & ends of these situations/contracts/securities.

EDIT: I submitted the requested AML info... in case that has anything to do with me getting my significant share of BTC back.

[kjlimo]

Make sure you counsel looks in to the newly voted crowd sourcing law H.R.2930:
http://thomas.loc.gov/cgi-bin/query/D?c112:4:./temp/~c112dITQd0::

Its not going to make everyone happy since bonds would no longer be tradable directly among investors and its not clear to me if investors could remain anonymous, but it could provide a legal framework to operate within.

Your link isn't working anymore.  Can you post an update?

[BurtW]

There's been several reports, but all small amounts, I haven't heard of more then a bitcoin and a half repayed to any one account.

All of my accounts, some of them well over 1 BTC have been refunded.

I suspect stall tactics but to what end I guess we'll see.

It does not look like it.

Is it bad I still wanna upgrade my shares despite all the drama?

I still do too.  And judging by the fact that all of my BTC have been returned, Giga should be getting the information.

[jamesg]

Giga should be getting the information.

I have received coins but no information.

[johnlu]

Username: xxxxxxxxxxxx | Balance: 0.55209065 | Available: 0.55209065 | GLBSETime 06:12, Wed Oct 03

Ticker   Price    Quantity    Timestamp
GIGAMINING    0.6    1    2012-10-03 06:08:54

The thing is that I've just got paid 0.6 BTC... I don't like how he's managing this...

[BurtW]

Are you really complaining about being overpaid?

Yes I (and others) have noticed that he appears to be rounding up all the payouts.

[kjlimo]

just can't please some people...

[johnlu]

Are you really complaining about being overpaid?

No, I'm not.

Balance: 0.55209065
Sell order: 0.6

0.6 + 0.55 = 1.15.

I don't really know whether this sell order was made or not. There is no explanations. So I don't know anything. Is this payment the rounded up ~0'55BTC one? Is a payment for one sold bond? Is this a mistake? Is just one step in a longer payment process? Are they going to pay the rest of my coins?

[kneim]

I'm waiting on my about 130 BTC balance, I know my exact balance just before the shutdown because of my trading bot. I did not give AML information.