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Author Topic: Gigamining / Teramining  (Read 201538 times)
Brunic
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November 24, 2012, 12:16:29 AM
 #1241

Hey what's going on in here...

It seems that using an unauthorized stock exchange creates more problems than it solves any, especially when it closes down.
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theymos
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November 24, 2012, 12:52:09 AM
 #1242

I think that this is the ~original version of the OP.

Quote
Hello fellow bitcoiners,

Off the back of the glbse 2.0 release and with a soon to be influx of mining equipment, I am proud to release the first and ONLY 5Mh/s perpetual mining bond.

Introduction:
Mining assets are becoming extremely common on the GLBSE. We have companies that offer ownership of hardware, bonds that correlate to actual hash rate. But overall nothing too exciting, too large, or too profitable.

Until now.
Introducing Gigamining! http://gigamining.com/

The ONLY 5Mh/s perpetual mining bond.

The first bond to offer more than 2 Mh/s per bond, and run by a name you know has the hashes to back it up.

Summary:
There will be a total of 10,000 bonds issued, with each bond worth a massive 5 Mh/s.

During the initial offering of 1000 bonds the 500 bonds remaining will be sold on 4/10/2012, they will be sold for a cheap 1 BTC. All maintenance free.

Bulk pre-sales of 100 or more units can be made at the 1 BTC price BEFORE the IPO on 4/10. PM me to get started.

Each bond will pay 100% of PPS earnings every 7 days.

The bond will never expire.

I reserve the option to repurchase bonds at 105% of the highest traded price over the last 15 days.

About Me
Most of you know who I am, most of you know I have the ability to deliver this kind of power. I'm not going anywhere any time soon, so trust that your coin is safe, and doing its best work for you, here. If you have any questions, ask them in the thread.

Where is 50Gh going to come from?
- I currently run 33Gh in GPUs (undervolted and underclocked to 26.5Gh for the summer)
- I also run 11 Butterfly Labs singles @ 9.1Gh
- Soon 4 mini rig boxes will arrive with a total of 100Gh of mining capacity.

You can see the farm mining at anytime at http://gigamining.com/mgpumon/

Best,
gigavps

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
Martin666
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November 24, 2012, 12:52:52 AM
 #1243

That is what securities issuers should have thought before !
If one party changes the contract it becomes void...

The change of TOS is clearly in the benefit of the issuer! Angry
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November 24, 2012, 01:06:19 AM
 #1244

I think that this is the ~original version of the OP.

Quote
Hello fellow bitcoiners,

Off the back of the glbse 2.0 release and with a soon to be influx of mining equipment, I am proud to release the first and ONLY 5Mh/s perpetual mining bond.

Introduction:
Mining assets are becoming extremely common on the GLBSE. We have companies that offer ownership of hardware, bonds that correlate to actual hash rate. But overall nothing too exciting, too large, or too profitable.

Until now.
Introducing Gigamining! http://gigamining.com/

The ONLY 5Mh/s perpetual mining bond.

The first bond to offer more than 2 Mh/s per bond, and run by a name you know has the hashes to back it up.

Summary:
There will be a total of 10,000 bonds issued, with each bond worth a massive 5 Mh/s.

During the initial offering of 1000 bonds the 500 bonds remaining will be sold on 4/10/2012, they will be sold for a cheap 1 BTC. All maintenance free.

Bulk pre-sales of 100 or more units can be made at the 1 BTC price BEFORE the IPO on 4/10. PM me to get started.

Each bond will pay 100% of PPS earnings every 7 days.

The bond will never expire.

I reserve the option to repurchase bonds at 105% of the highest traded price over the last 15 days.

About Me
Most of you know who I am, most of you know I have the ability to deliver this kind of power. I'm not going anywhere any time soon, so trust that your coin is safe, and doing its best work for you, here. If you have any questions, ask them in the thread.

Where is 50Gh going to come from?
- I currently run 33Gh in GPUs (undervolted and underclocked to 26.5Gh for the summer)
- I also run 11 Butterfly Labs singles @ 9.1Gh
- Soon 4 mini rig boxes will arrive with a total of 100Gh of mining capacity.

You can see the farm mining at anytime at http://gigamining.com/mgpumon/

Best,
gigavps

Thankyou.

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November 24, 2012, 01:08:34 AM
 #1245

Hey what's going on in here...

It seems that using an unauthorized stock exchange creates more problems than it solves any, especially when it closes down.

The real issue is people had no problem taking peoples bitcoins but dont show the same enthusiasm for returning them.

Daily Anarchist
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November 24, 2012, 01:10:48 AM
 #1246

Hey what's going on in here...

It seems that using an unauthorized stock exchange creates more problems than it solves any, especially when it closes down.

The real issue is people had no problem taking peoples bitcoins but dont show the same enthusiasm for returning them.

Bingo!

He had no problem taking money in absence of the state, now he has to return them and it's time to block things off with legal red tape.

Discover anarcho-capitalism today!
2GOOD
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November 24, 2012, 01:36:45 AM
 #1247

lol this is crazy, and Can someone please explain me how to achieve this
Quote
An affidavit attesting to the beneficial assignment of the agreement, which has been notarized (US residents/corporations) or local equivalent bearing the apostille of the competent jurisdiction. Copies of an acceptable affidavit can be obtained upon request from the law offices.

I live in Europe in a non English-speaking country... Other points are somehow acceptable but this - I just don't get it  Huh

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jamesg
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November 24, 2012, 01:40:46 AM
 #1248

lol this is crazy, and Can someone please explain me how to achieve this
Quote
An affidavit attesting to the beneficial assignment of the agreement, which has been notarized (US residents/corporations) or local equivalent bearing the apostille of the competent jurisdiction. Copies of an acceptable affidavit can be obtained upon request from the law offices.

I live in Europe in a non English-speaking country... Other points are somehow acceptable but this - I just don't get it  Huh

An affidavit is simply a document, you create and sign, attesting that you own a specific number of gigamining 5Mh/s contracts. You would then have it notarized.

"apostille of the competent jurisdiction" just means to have the document notarized.
Bitcoin Oz
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November 24, 2012, 03:52:51 AM
 #1249

Hey what's going on in here...

It seems that using an unauthorized stock exchange creates more problems than it solves any, especially when it closes down.

The real issue is people had no problem taking peoples bitcoins but dont show the same enthusiasm for returning them.

Bingo!

He had no problem taking money in absence of the state, now he has to return them and it's time to block things off with legal red tape.

Funny how that happens.

ab8989
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November 24, 2012, 04:21:09 AM
 #1250

I understand your goal is to go legal and to do that in a business that involves new and uncharted elements is I guess an task that is more difficult than many others. I guess in order to succeed in this one would best need to use services of a lawyer that knows the relevant laws and how it is applied to traditional businesses like his own pockets so that is able to take the new and uncharted parts of this case and tackle only those without wasting time wondering about traditional things.

Therefore I would like to ask why you chose to contact a law firm that advertises their Areas of Practice:

Drug Possession, Drug Trafficking, Marijuana Cultivation, DUI, White Collar Crimes, Mortgage Fraud, Murder / Attempted Murder, Burglary, Sex Crimes, Misdemeanors, Criminal Traffic Charges, Shoplifting Theft, DWLS, Federal Crimes, Medicare Fraud, Violent Crimes, Probation Violations, Seal / Expunge Record, Appeals / Post Conviction, Deportation Defense.

I see none of the SEVERAL areas of competence that would be necessary in here. Seems like a place where you would go for a cheap advice, not for a good advice.  Also seems like some place I would go if I just wanted a name of a lawyer I could use for appearing more official.

How many bitcoin businesses have suddenly asked for ID's etc and proceeded to a happy ending? How many have asked for ID's etc and proceeded to a non-happy ending?
Bitcoin Oz
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November 24, 2012, 04:24:34 AM
 #1251

I understand your goal is to go legal and to do that in a business that involves new and uncharted elements is I guess an task that is more difficult than many others. I guess in order to succeed in this one would best need to use services of a lawyer that knows the relevant laws and how it is applied to traditional businesses like his own pockets so that is able to take the new and uncharted parts of this case and tackle only those without wasting time wondering about traditional things.

Therefore I would like to ask why you chose to contact a law firm that advises their Areas of Practice:

Drug Possession, Drug Trafficking, Marijuana Cultivation, DUI, White Collar Crimes, Mortgage Fraud, Murder / Attempted Murder, Burglary, Sex Crimes, Misdemeanors, Criminal Traffic Charges, Shoplifting Theft, DWLS, Federal Crimes, Medicare Fraud, Violent Crimes, Probation Violations, Seal / Expunge Record, Appeals / Post Conviction, Deportation Defense.

I see none of the SEVERAL areas of competence that would be necessary in here. Seems like a place where you would go for a cheap advice, not for a good advice.  Also seems like some place I would go if I just wanted a name of a lawyer I could use for appearing more official.

How many bitcoin businesses have suddenly asked for ID's etc and proceeded to a happy ending? How many have asked for ID's etc and proceeded to a non-happy ending?

Thats perfectly fine if he uses his own money.

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November 24, 2012, 04:37:22 AM
 #1252

It is just interesting to wonder whether some other advice would be better and not perhaps lead into situation where a couple of weeks down the road there would not be some other trouble based on some other law that was not considered here. I don't think there are not that many tries to go legal without the effects of the previous tries mount new and even bigger problems. It is a thing that is better done only once and that one time needs to be a good one.

I am not sure it is only his money interested in the outcome of all this.
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November 24, 2012, 05:47:08 AM
 #1253

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.

Because he is a douche?

Maybe i missed the post where he gave a good reason.
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November 24, 2012, 06:32:51 AM
 #1254

Most of the provisions don't sound too onerous, but notarization would likely cost a significant fraction of my investment.  It seems a bit like swatting a fly with a sledgehammer. I could see it as a possibly valuable CYA for investors with hundreds or thousands of shares, but for single-digit quantities? Unless something changes, it might almost be better to just eat the loss than go through the hassle.

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November 24, 2012, 06:55:45 AM
 #1255

http://thebyronicmandotcom2.files.wordpress.com/2012/04/lionel_hutz1.jpg

This reads like an episode of the simpsons.

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November 24, 2012, 08:11:03 AM
 #1256

An affidavit is simply a document, you create and sign, attesting that you own a specific number of gigamining 5Mh/s contracts. You would then have it notarized.

"apostille of the competent jurisdiction" just means to have the document notarized.

Because so many people live in non-English speaking countries maybe it'd be a good idea to compile a list of equivalences if possible? Maybe French/Spanish/Portuguese words for "affidavit" as a start.

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November 24, 2012, 08:25:05 AM
 #1257

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.

Because he is a douche?

Maybe i missed the post where he gave a good reason.

Other than him being a douche, the timeline is pretty clear there.  GLBSE's implosion was tied to the general bitcoin community's realization that, well,"Shit just got real, yo," when it was discovered that laws and regulations didn't just go away "because bitcoin."

A lot of "businesses" that were loosey goosey before went away or tightened up around that timeframe.  Gox was ahead of the game by a fair amount due to their stumbling over MSB regulations before everyone else.  Securities was the next step.

If things pick up, inter-jurisdictional taxation of trade, services, and income will become the next whammy.

Only in bitcoin do i see a bunch of people go in on mining gear with the ability for people to buy out each others claims turn into such a fricking drama. It is truly pathetic.

Securities, shares, exchanges, lawyers... Pfft. This is all chicken shit.

Take it fricking underground and keep it rolling. Or liquidate the crap and pay people off.
This aint rocket science.

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November 24, 2012, 08:37:31 AM
 #1258

While I understand giga's position, I find the terms unacceptable.

For any new transactions, I can understand the need to request information for compliance. However, existing funds are effectively being held captive. If choosing to remain a shareholder, it is fair to expect information to be required. If not, the release conditions are excessively invasive and borderline fraudulent. There are two options that I can accept:

  • Make a buyout offer on existing shares (including dividends to date) to associated email addresses.
  • Wait until a decentralised exchange system is in place, and transfer asset ownership into that without requesting identifying information.

In my view, the legal counsel is being destructively conservative; I would opt to avoid any service taking such actions after the fact. Either honour the cryptographic proof of ownership for assets held prior to GLBSE closing, or accept the stigma of a fraud label.

As an addendum - I had raised this legal concern regarding mining operations domiciled in hostile political environments. Maintaining the entirety of the business within one jurisdiction is tantamount to eventual forfeiture. Mining operators of sufficient size need to geopolitically diversify their operations.
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November 24, 2012, 08:40:20 AM
 #1259

If giga wants to raise any sort of funds in future it will largely depend on how he handles this situation.

Im sure its worth a  lot more to do the right thing.

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November 24, 2012, 09:22:34 AM
 #1260

Most of the provisions don't sound too onerous, but notarization would likely cost a significant fraction of my investment.  It seems a bit like swatting a fly with a sledgehammer. I could see it as a possibly valuable CYA for investors with hundreds or thousands of shares, but for single-digit quantities? Unless something changes, it might almost be better to just eat the loss than go through the hassle.

What is the typical cost of notarization outside the USA?  The worst I've seen for "non-friend, non-negotiated" rates has been USD20, but if you ask around, chances are that you know a notary.

In most cities, you should be able to notarize a document for USD10 or so.

Just get a 3 year old kid notarize the document with an "X" and it's fine.

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