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Author Topic: Gigamining / Teramining  (Read 201484 times)
MPOE-PR
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November 23, 2012, 08:59:04 PM
 #1221

Honestly its better if he sells the whole operation. Im sure he could still get a decent amount for the equipment he has.

Trying to continue the operation if it is practically impossible will be an exercise in futility. Even if he has to buy the equipment personally and quarantine all funds from doing so.


Who do you think has the capital to buy outright?

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November 23, 2012, 09:03:29 PM
 #1222

The contract says he pays the amount 5Mhash/s gives.

Right... When pigs fly...

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November 23, 2012, 09:10:08 PM
 #1223

http://www.encyclopediabitcoinica.com/wiki/GIGAMINING

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November 23, 2012, 09:11:09 PM
 #1224

The contract says he pays the amount 5Mhash/s gives.

Does the contract mention affidavits or whatever legal shit you have to go through to get back your coins?
Then let's stand to the contract.

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November 23, 2012, 09:14:54 PM
 #1225

Honestly its better if he sells the whole operation. Im sure he could still get a decent amount for the equipment he has.

Trying to continue the operation if it is practically impossible will be an exercise in futility. Even if he has to buy the equipment personally and quarantine all funds from doing so.


Who do you think has the capital to buy outright?

He should sell the equipment off and send it to bondholders. Pay out the bonds is what I am saying. Then he can start fresh with his reputation intact.

Or do you defend him changing a contract after he signed it to the detriment of the other party? Think carefully about how you answer this.

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November 23, 2012, 09:15:40 PM
 #1226

I just want to remind you this thread is titled  "[GLBSE] Gigamining - Perpetual mining contract"

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November 23, 2012, 09:24:13 PM
 #1227

No you don't.

I mean: do you sign your email to his lawyer? With your real name? Because if you don't sign it, he might say that he doe snot deal with anons, and if you use a fake name it may start another mess.

Obviously I'd not advocate using fake names.  But I'd expect that anyone who used one would be using a different email address to their GLBSE-associated one to ask questions, then mailing from their "proper" email and signing with their real name if they ever actually claimed.  Not quite sure how signing (with a fake name) an email from a disposable email address just to ask some questions could lead to a mess.  Worst that can happen is the lawyer refuses to reply without receiving ID - and that's really not likely: making a demand and refusing to explain it wouldn't exactly strength giga's case if this ever went to court or a regulatory body.

Reason giga's insisting on you contacting his lawyer rather than answeing himself is entirely straight-forward and standard.  You don't buy a guard-dog and then bark yourself.  

I'm sure his lawyer will happily answer each and every email to him - he gets paid for it, so more emails means more money.  Lawyers LOVE exchanging correspondence endlessly (if being paid by a private client) - it's what makes them money. Dunno what rates his charges but expect every email the lawyer even opens costs a fair few $ before he's even clicked the reply button: a minimum charge per item of correspondence received/read is not uncommon.
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November 23, 2012, 09:24:59 PM
 #1228

Do I still need to go through all this since Nefario has started releasing the information?  Huh

It was a cunning plan to have the funny man be the money fan of the punning clan.
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November 23, 2012, 09:25:21 PM
 #1229

Honestly its better if he sells the whole operation. Im sure he could still get a decent amount for the equipment he has.

Trying to continue the operation if it is practically impossible will be an exercise in futility. Even if he has to buy the equipment personally and quarantine all funds from doing so.


Who do you think has the capital to buy outright?

I had it all figured out once what he took in on this "deal" it was over twice the amount of the equipment costs getting close to the three times on this even taking into account the ponzi payments he made for the first month or so without the machines he should still have had double what the cost of the machine were laying around which the machines would have had to come out of so plenty of excess. That is unless he spends like a drunken sailor in a whorehouse on payday. BTW for those of you with a litigious nature search on unjust enrichment that concept as it applies to contracts just may be your best friend, and of course the old stand by back up plan issuing securities without a license not exactly an encouraged practice under the laws governing them as they now exist.
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November 23, 2012, 09:36:39 PM
 #1230

Honestly its better if he sells the whole operation. Im sure he could still get a decent amount for the equipment he has.

Trying to continue the operation if it is practically impossible will be an exercise in futility. Even if he has to buy the equipment personally and quarantine all funds from doing so.


Who do you think has the capital to buy outright?

I had it all figured out once what he took in on this "deal" it was over twice the amount of the equipment costs getting close to the three times on this even taking into account the ponzi payments he made for the first month or so without the machines he should still have had double what the cost of the machine were laying around which the machines would have had to come out of so plenty of excess. That is unless he spends like a drunken sailor in a whorehouse on payday. BTW for those of you with a litigious nature search on unjust enrichment that concept as it applies to contracts just may be your best friend, and of course the old stand by back up plan issuing securities without a license not exactly an encouraged practice under the laws governing them as they now exist.

Do you make this stuff up on your own or do you have chemical help?



No one needs chemicals to state the facts as they exist go back and do the math you sock puppet/shill. Now that may not be so easy if many edits have been made so who knows the way back machine may be needed if it archives this site to get the original details.
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November 23, 2012, 09:38:45 PM
 #1231

Here are some facts to consider:

GLBSE allowed for individuals to create anonymous accounts.

Gigamining KNEW this going into it.

Gigamining had NO PROBLEM engaging in unregulated activities BEFORE GLBSE closed shop.

Now all of a sudden Gigamining wants to get a lawyer's help.

Gigamining KNEW that lawyers don't know shit about Bitcoin.

Gigamining now expects his shareholders to get involved with the law to get their underground money back.

Gigamining has all of the information necessary to pay all of his shareholders back without the lawyer.

Keeping in mind those facts, what is the REAL reason Gigamining is making his shareholders jump through hoops? I can understand getting the lawyer to threaten GLBSE to give up the information(although I disagree with that tactic on moral grounds) but I cannot understand the reason to continue the lawyer bullshit.

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November 23, 2012, 09:41:13 PM
 #1232

I notice in the demand the following:

"All information provided will be held in confidence and used only for the purposes of lawfully fulfilling the obligations of the agreements "

Does anyone have  copy of the agreement (i.e. his contract)?  I notice it's vanished from the OP of the thread (if it was actually ever there).  Would be interesting to compare his lawyer's characterisation of the agreement with what was actually agreed.  Pretty sure it wouldn't have been anything like:

"VPS agreed to conduct electronic data processing services and provide some portion of the outcome of this processing in the form of .bitcoins. to the current beneficial assignees of these agreements."

For starters, this was a fixed-rate bond - so the payments were totally unrelated to the outcome of the processing (or am I confusing this with something else?).  

And was the agreement actually made with VPS (i.e. were they identified as the other party)? Or is he now attempting to transfer his obligations under the agreement to an LLC without investors' consent?  I honestly don't know the answer to this (as I can't see the original agreement anywhere)?
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November 23, 2012, 09:54:05 PM
 #1233

(as I can't see the original agreement anywhere)?

I am soo (not) surprised.
We're phucked again.

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November 23, 2012, 10:20:25 PM
 #1234

(as I can't see the original agreement anywhere)?

I am soo (not) surprised.
We're phucked again.

Where was the original agreement ?

I guess unless you have it gpg signed you are screwed.

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November 23, 2012, 10:53:07 PM
 #1235


What's this shit now? =(

btw, I got two e-mails about that aswell.. the later e-mail has a little different text in it.

MPOE-PR
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November 23, 2012, 11:35:41 PM
 #1236

He should sell the equipment off and send it to bondholders. Pay out the bonds is what I am saying. Then he can start fresh with his reputation intact.

Or do you defend him changing a contract after he signed it to the detriment of the other party? Think carefully about how you answer this.

I'm not defending anything, I'm just pointing out that gigavps runs iirc one of the largest farms and buying him out isn't exactly easy on the capital. Hence the question, who do you think can afford to do it? Not to mention...didn't he have a bunch of pre-paid spots in the BFL ASIC queue?

Reason giga's insisting on you contacting his lawyer rather than answeing himself is entirely straight-forward and standard.  You don't buy a guard-dog and then bark yourself.  

I lolled. This is quotable.

I had it all figured out once what he took in on this "deal" it was over twice the amount of the equipment costs getting close to the three times on this even taking into account the ponzi payments he made for the first month or so without the machines he should still have had double what the cost of the machine were laying around which the machines would have had to come out of so plenty of excess. That is unless he spends like a drunken sailor in a whorehouse on payday. BTW for those of you with a litigious nature search on unjust enrichment that concept as it applies to contracts just may be your best friend, and of course the old stand by back up plan issuing securities without a license not exactly an encouraged practice under the laws governing them as they now exist.

I never followed it that close. Is this actually true/documentable?

their underground money

They're not, are they?

Would be interesting to compare his lawyer's characterisation of the agreement with what was actually agreed.

I did note the identification of GIGAMINING bonds with assignments. Honestly, it looks like a reasonable construction from a legal standpoint, not sure if it's the most reasonable based on the actual deal but possibly.

And was the agreement actually made with VPS (i.e. were they identified as the other party)? Or is he now attempting to transfer his obligations under the agreement to an LLC without investors' consent?  I honestly don't know the answer to this (as I can't see the original agreement anywhere)?

Iirc the contract was talking about "gigavps".

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November 23, 2012, 11:45:27 PM
 #1237

gigavps is "pulling a goat" on you all

pulling a goat means: have everything needed to do good but make it difficult for anybody to get paid

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November 23, 2012, 11:54:14 PM
 #1238


I had it all figured out once what he took in on this "deal" it was over twice the amount of the equipment costs getting close to the three times on this even taking into account the ponzi payments he made for the first month or so without the machines he should still have had double what the cost of the machine were laying around which the machines would have had to come out of so plenty of excess. That is unless he spends like a drunken sailor in a whorehouse on payday. BTW for those of you with a litigious nature search on unjust enrichment that concept as it applies to contracts just may be your best friend, and of course the old stand by back up plan issuing securities without a license not exactly an encouraged practice under the laws governing them as they now exist.

I never followed it that close. Is this actually true/documentable?



The original idea as I remember it was for something like 30000 shares @ 1 btc per FPGA rig on two of them, then giga goes to see the butterfly boys at their facility comes back and suddenly his idea goes to four rigs via private placement that time I believe couple of days-weeks or so later BFL announces ASIC. He then comes back for third bite at the time of the upgrade from FPGA to ASIC a no cost option to him he goes with unpaid upgrade at substantially lower than what he received for free and offers paid upgrade path to others for more hash power. That is the point in time I reported him as scammer to Maged. He pointed out to me that it is not the forums problem that people are making bad deals I pointed out to him that the forum facilitating such deals could lead to legal liabilities after that I notice the disclaimer they now have at the top of that sub-section to try to protect themselves from it. True yes documentation well different story as most well know this forum allows you to edit to your hearts content with seemingly no trail kept so as I have already suggested the way back machine may be of some use.
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November 24, 2012, 12:01:48 AM
 #1239

Time for another big red scammer tag?
Have your say here:
https://bitcointalk.org/index.php?topic=127488.0

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November 24, 2012, 12:13:25 AM
 #1240

Hey what's going on in here...
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