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Author Topic: Gigamining / Teramining  (Read 201569 times)
jamesg
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January 14, 2013, 03:51:10 PM
 #1701

Filled out the form.
Mailed in the requested information.
Logged in and set password.
Got my BTC today!

Plan to upgrade to Teramining when it is available.

To all Gigaminers:

I am pleased to announce that Gigamining has started to resume payments to those individuals who have sent in their information and have been verified by Quentin. This moment has been a while in the making, but I have followed through and will continue to do so.

Again, thanks to everyone who has been kind enough to work through the closure of GLBSE with me so that all of us can move forward in confidence that we will not have another interruption similar to the closing of GLBSE.

I am working today to setup the upgrade process to Teramining and to make it as easy as possible to make the transaction to our ASIC based offering. With the clear timeline given from BFL yesterday, we are now less than a month away from a serious amount of hashing power arriving.

February is going to be a very busy month for VPS, so if you are interested in Teramining, please do not wait to start your claims process.

Best regards,
James
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jamesg
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January 14, 2013, 03:54:23 PM
 #1702

How many BTC per bond/contract did you receive?

Hi LoweryCBS,

The back payment + this Monday's payment == 0.1273 BTC

Best,
James
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January 14, 2013, 04:09:08 PM
 #1703

Just curious... Are you going to be picking up the ASICs or are going to have them delivered?
jamesg
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January 14, 2013, 04:53:38 PM
 #1704

Just curious... Are you going to be picking up the ASICs or are going to have them delivered?

VPS has an entire strategy in place to take delivery of the equipment and get it online has fast as humanly possible. This has been in the works for months and all of the pieces are in place and ready to go.

This strategy will also be hugely beneficial to Gigaminers who upgrade to Teramining before ASIC mining starts as we all know when the most profitable moments of mining will be at the start of this crazy ride.
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January 14, 2013, 05:20:16 PM
 #1705

Just curious... Are you going to be picking up the ASICs or are going to have them delivered?

VPS has an entire strategy in place to take deliver of the equipment and get it online has fast as humanly possible. This has been in the works for months and all of the pieces are in place and ready to go.

This strategy will also be hugely beneficial to Gigaminers who become Teramining before ASIC mining starts as we all know when the most profitable moments of mining will be at the start of this crazy ride.

Glad things worked out for you (and the compliant Gigaminers). Seems like this all has been quite a ride for you and other issuers on GLBSE.
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January 14, 2013, 05:46:35 PM
 #1706

How many BTC per bond/contract did you receive?

Hi LoweryCBS,

The back payment + this Monday's payment == 0.1273 BTC

Best,
James
Yes.  0.1273 per contract verified.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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January 14, 2013, 06:58:07 PM
 #1707

Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??
jamesg
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January 14, 2013, 07:27:33 PM
 #1708

Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??

To all Gigaminers:

Please do not look at a share of gigamining and think that it is only worth what back payments are owed. Please try to look at the combined benefit of Teramining, whether with the paid or free upgrade, to help you understand the true costs of not sending in your information.

As I have said before, my plans include ALL Gigaminers.

Best,
James
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January 14, 2013, 07:46:33 PM
 #1709

Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??

To all Gigaminers:

Please do not look at a share of gigamining and think that it is only worth what back payments are owed. Please try to look at the combined benefit of Teramining, whether with the paid or free upgrade, to help you understand the true costs of not sending in your information.

As I have said before, my plans include ALL Gigaminers.

Best,
James

I order to evaluate if it is worth to go through the paperwork and pay the cost of it, we should know what are the terms and conditions of Teramining.

Would you please James disclose that information to your investors before the claim process somehow?

Thanks

We cannot solve problems by using the same kind of thinking we used when we created them.
jamesg
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January 14, 2013, 08:05:17 PM
 #1710

Would you please James disclose that information to your investors before the claim process somehow?

Hi Audriux9,

Code:
                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining for Teramining that costs nothing to upgrade. An example would be if you have 400 Gigamining and don’t want to pay to upgrade, you can swap them 1:4 for Teramining. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

Contract Outline

  • New contract is 9Mh/s.
  • There is no representation made for the expected output of the contract. So if the hashing power makes more than 100%, you get more than 100%. That said, VPS has systems in place to make sure of 99% up-time including our own, fully redundant pool infrastructure.
  • Contract lasts for 6 moths from the start date for each individual.
  • Contract will start within one week of the equipment arriving and being setup.
  • Any upgrade returns all rights of current Gigamining contract including payments
  • Paid upgrades must be paid in full before the contract can begin.
  • Purchase is non-refundable.
  • Contract also includes an NDA so Teraminers can be free to ask questions and get answers.

You can view the entire contract here -> https://docs.google.com/document/d/15g0mjR1VQMr2866CDYI97nyyWA_UJZpX0uP8vrsDBzI/edit

Best,
James
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January 14, 2013, 09:05:35 PM
 #1711

Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??

To all Gigaminers:

Please do not look at a share of gigamining and think that it is only worth what back payments are owed. Please try to look at the combined benefit of Teramining, whether with the paid or free upgrade, to help you understand the true costs of not sending in your information.

As I have said before, my plans include ALL Gigaminers.

Best,
James

2 shares will never earn enough to cover the costs of sending you the required information and you know it.
2GOOD
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January 14, 2013, 09:10:59 PM
 #1712

What happens after 6 months  Huh

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Tips accepted at: 12good4Buys8cvTj6EB4MTGNTSC4w9Swnz
PsychoticBoy
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January 14, 2013, 09:12:52 PM
 #1713

Would you please James disclose that information to your investors before the claim process somehow?

Hi Audriux9,

Code:
                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining for Teramining that costs nothing to upgrade. An example would be if you have 400 Gigamining and don’t want to pay to upgrade, you can swap them 1:4 for Teramining. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

Contract Outline

  • New contract is 9Mh/s.
  • There is no representation made for the expected output of the contract. So if the hashing power makes more than 100%, you get more than 100%. That said, VPS has systems in place to make sure of 99% up-time including our own, fully redundant pool infrastructure.
  • Contract lasts for 6 moths from the start date for each individual.
  • Contract will start within one week of the equipment arriving and being setup.
  • Any upgrade returns all rights of current Gigamining contract including payments
  • Paid upgrades must be paid in full before the contract can begin.
  • Purchase is non-refundable.
  • Contract also includes an NDA so Teraminers can be free to ask questions and get answers.

You can view the entire contract here -> https://docs.google.com/document/d/15g0mjR1VQMr2866CDYI97nyyWA_UJZpX0uP8vrsDBzI/edit

Best,
James

New contract will last for 6 months.
Would that mean the shares are worthless 6 months after the ASICS arive or does each Individual has to pay another additional fee?

Greetz
jamesg
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January 14, 2013, 09:18:53 PM
 #1714

What happens after 6 months  Huh

The contract ends after 6 months. The perpetual nature of Meni's idea was only possible because of the buyback clause. Now that there is no way for a buyback clause to be executed, there is no reason for the contract to be perpetual.
PsychoticBoy
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January 14, 2013, 09:38:11 PM
 #1715

So the probability that the Investor will not get his initial investment back is extreme high.
In the end, Investors are paying for your hardware.
jamesg
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January 14, 2013, 09:45:37 PM
 #1716

So the probability that the Investor will not get his initial investment back is extreme high.
In the end, Investors are paying for your hardware.

According to my calculations, it is the exact opposite. But each individual must do their own own due diligence and decide what is best for them.

My worst case calculations with Avalon and ASIC miner delivering all of their equipment before BFL still have returns great enough to both pay for the upgrade and make up for Gigamining depending on where you bought it.

I have given this a lot of thought and would not be proposing it unless I thought it would benefit the purchaser. The few individuals who I gave early access to the contract agree.
MrTeal
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January 14, 2013, 09:49:49 PM
 #1717

So, the upgrade option will cost 0.29BTC and will net the user an additional 11 Teramining shares or 99MH/s. The upgrade is essentially selling a six month 100MH/s bond for 0.29BTC. Is that not the case?

You would need to have very favorable network conditions for that to possibly be a good idea.
PsychoticBoy
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January 14, 2013, 09:51:33 PM
 #1718

But you will be mining with that hardware forever while the 1st batch of Investors only mines for 6 months and fully paid your "New" equipment.
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January 14, 2013, 09:56:49 PM
 #1719

So the probability that the Investor will not get his initial investment back is extreme high.
In the end, Investors are paying for your hardware.

In the end your joking it was from the start these people were just to stupid to do the math.

But each individual must do their own own due diligence and decide what is best for them. I have given this a lot of thought and would not be proposing it unless I thought it would benefit the purchaser.

BS you have never thought of the purchaser in any of this it was all designed to line your pockets and where was this due diligence when you listed on the GBLSE.

But you will be mining with that hardware forever while the 1st batch of Investors only mines for 6 months and fully paid your "New" equipment.

Yes just plain theft of your "investment" going on now
jamesg
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January 14, 2013, 09:58:13 PM
 #1720

So, the upgrade option will cost 0.29BTC and will net the user an additional 11 Teramining shares or 99MH/s. The upgrade is essentially selling a six month 100MH/s bond for 0.29BTC. Is that not the case?

You would need to have very favorable network conditions for that to possibly be a good idea.

We are selling a data processing contract that can be paid in $$$ or BTC.

Network conditions are looking at lot more favorable now that bASIC has shat the bed.
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