Gigamining / Teramining

[jamesg]

Thanks for making it easy giga.

You are welcome.

[Phinnaeus Gage]

Interest payments down by over 50% in just the last 3 week

That is correct. the average difficulty for September was 104,550,780 while this months average difficulty is going to be over 216,654,943 which is OVER a 100% increase.

Seems that money printing devices have seen somewhere around $100m in investment come in the form of 100% pre-orders and that investment has made the difficulty jump 30% more or less each diff period.

These are the risks along with manufacturer delay and BTC price.

And the BTC price has gone up with over 30% the last week, so It's not so big loss if we get 50% less BTC from Giga-/Teramining.
The BTC price will go up even more.

It's a big loss of bitcoins, for instance, I invested a lot of coins in gigamining shares & ended up with substantially less when I claimed for the 1530 shares that I had back in Feb, I got just 245 btc in back interest instead of the thousands that I'd invested, then I paid 382 btc for the paid upgrade to teramining on giga's assurance that this time it would be different, so far it's paid 173 btc less the 70.36 btc I would have received by sticking to the free upgrade, so 103 btc gained for a 382 btc cost & interest has slowed to 3.60 btc per week falling by 50% each 3 weeks on the latest figures, I don't see how this can ever cover the cost even with giga's assurance that he somehow intends to make it right.

The only honorable thing that I see now would be if he admitted the paid upgrade was a failure for those who took it & refund the cost of it, less interest paid out, but plus the free upgrade interest, which in my case would be 382 - 173 + 70 = 279 BTC or to explain when & how he intends to make this investment right for those who have supported him all along.

The 245 btc that I got back in Feb plus the free upgrade coins of 70 btc = 315 btc, these would be some of the very few coins that I had in my cold storage after the scams of last year, like bitcoinica, GLBSE etc, instead of that I am now 279 btc down atm just from taking the paid upgrade & earning a rapidly declining interest that can never hope to recoup this.  

You're in luck! ~12 hours earlier from the time you posted the above, HashTrade made a $1M USD down payment to start up a premier data processing organization enabling all individuals to benefit from mining Bitcoins without having to purchase or operate any hardware.

Soon, possibly, you'll be able to upgrade. Rumor has it that all the Bitcoin mining rigs will be Monarchs, of which currently is all the rage.

~TMIBTCITW

[odolvlobo]

It's a big loss of bitcoins, for instance, I invested a lot of coins in gigamining shares & ended up with substantially less when I claimed for the 1530 shares that I had back in Feb, I got just 245 btc in back interest instead of the thousands that I'd invested, then I paid 382 btc for the paid upgrade to teramining on giga's assurance that this time it would be different, so far it's paid 173 btc less the 70.36 btc I would have received by sticking to the free upgrade, so 103 btc gained for a 382 btc cost & interest has slowed to 3.60 btc per week falling by 50% each 3 weeks on the latest figures, I don't see how this can ever cover the cost even with giga's assurance that he somehow intends to make it right.

The only honorable thing that I see now would be if he admitted the paid upgrade was a failure for those who took it & refund the cost of it...

James is not responsible for you poor decisions. He has kept up his end of the deal. If the paid upgrade was such a bad deal, then you should not have taken it. Take responsibility for your own failures. Stop looking for somebody to bail you out.

[Phinnaeus Gage]

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.

His lawyer does or, should I say, his lawyer's paralegal, sometimes referred to SME. It also helps if said paralegal is the brother-in-law of your partner in, let's say, HashTrade.

~TMIBTCITW

[BurtW]

Interesting.  I will go check it out.  Thanks Bruno!

EDIT:  OK, so I did go check it out.  It is interesting.

I suggest that since this is the Gigamining / Teramining thread that we move conversations related to HashTrade to another thread.  Can we do that?

[Otoh]

It's a big loss of bitcoins, for instance, I invested a lot of coins in gigamining shares & ended up with substantially less when I claimed for the 1530 shares that I had back in Feb, I got just 245 btc in back interest instead of the thousands that I'd invested, then I paid 382 btc for the paid upgrade to teramining on giga's assurance that this time it would be different, so far it's paid 173 btc less the 70.36 btc I would have received by sticking to the free upgrade, so 103 btc gained for a 382 btc cost & interest has slowed to 3.60 btc per week falling by 50% each 3 weeks on the latest figures, I don't see how this can ever cover the cost even with giga's assurance that he somehow intends to make it right.

The only honorable thing that I see now would be if he admitted the paid upgrade was a failure for those who took it & refund the cost of it...

James is not responsible for you poor decisions. He has kept up his end of the deal. If the paid upgrade was such a bad deal, then you should not have taken it. Take responsibility for your own failures. Stop looking for somebody to bail you out.

We shall see if he lives up to his end of the deal when we get to the end of the contract period, as for your other comments - they don't even deserve acknowledging, let alone any reply

[jamesg]

You're in luck! ~12 hours earlier from the time you posted the above, HashTrade made a $1M USD down payment to start up a premier data processing organization enabling all individuals to benefit from mining Bitcoins without having to purchase or operate any hardware.

Soon, possibly, you'll be able to upgrade. Rumor has it that all the Bitcoin mining rigs will be Monarchs, of which currently is all the rage.

~TMIBTCITW

Hi Bruno,

It was nice to meet you in Atlanta.

Just to make sure all of the facts are stated, I have been involved with the creation of HashTrade for over 6 months. In that time, we have created a business, found investors and have partnered with multiple hardware manufacturers to make sure mining stays in the hands of the many. There has been a ton of interest from the broader community since the press release from BFL arrived and we are glad so many are interested in pursuing hosted mining contracts.

As for Teramining, it will remain 24% of whatever hashrate VPS runs. This is far above and beyond anything promised in any contract and should show my resolve and loyalty towards those who have stuck with me though the last year.

Some may question my judgement in ever running a mining bond on GLBSE and they have every right to do so. But the facts of the matter are that over 90% of all contracts have been claimed, paid all back payments and are continuing to this day.

Best regards,
James

[BurtW]

James is laid up due to a bad accident.  I am sure he will get us our dividends as soon as he can.

[Epoch]

James is laid up due to a bad accident.  I am sure he will get us our dividends as soon as he can.

On a personal level I wish James a speedy recovery; on a business level I am surprised there are no contingencies in place for such occurrences. Professional businesses do not rely on people; they rely on processes.

If something happens to an individual, there should be a process in place that allows normal business operations (e.g. dividend payments) to continue. Instead, what we see here is that what happens to one individual (James) has an effect on hundreds of bondholders. If I were a bondholder I would find this concerning. I am not concerned with this specific case of dividends being late, but rather the fundamental question it raises: if James gets abducted by aliens or hit by a bus do our bonds and dividends disappear as well?

[pazor]

James is laid up due to a bad accident.  I am sure he will get us our dividends as soon as he can.

On a personal level I wish James a speedy recovery; on a business level I am surprised there are no contingencies in place for such occurrences. Professional businesses do not rely on people; they rely on processes.

If something happens to an individual, there should be a process in place that allows normal business operations (e.g. dividend payments) to continue. Instead, what we see here is that what happens to one individual (James) has an effect on hundreds of bondholders. If I were a bondholder I would find this concerning. I am not concerned with this specific case of dividends being late, but rather the fundamental question it raises: if James gets abducted by aliens or hit by a bus do our bonds and dividends disappear as well?

Simply, yes

[jamesg]

On a personal level I wish James a speedy recovery;

Thanks.

on a business level I am surprised there are no contingencies in place for such occurrences. Professional businesses do not rely on people; they rely on processes.

All payments went out yesterday as expected. There are standard operating procedures written up for making payments to both Gigamining and Teramining along with procedures to run different aspects of the business. In fact, I do not even handle these anymore.

[Epoch]

All payments went out yesterday as expected. There are standard operating procedures written up for making payments to both Gigamining and Teramining along with procedures to run different aspects of the business. In fact, I do not even handle these anymore.

Nice to hear this; I do recall reading something like this earlier in the thread (ages ago) but did not locate it at the time. I am not a bondholder, but lile to watch the happenings; this remains one of the better-run mining operations.

I should know better by now not to put much stake into BurtW's FUD, whether well-intentioned or not.

[jamesg]

Nice to hear this; I do recall reading something like this earlier in the thread (ages ago) but did not locate it at the time. I am not a bondholder, but lile to watch the happenings; this remains one of the better-run mining operations.

I appreciate your kind words. When the Teramining contract is over, there will be no question that I've kept my commitments and will have gone far far beyond them.

I should know better by now not to put much stake into BurtW's FUD, whether well-intentioned or not.

BurtW is a good friend and I appreciate him letting the thread know that I am a bit out of commission.

[jamesg]

Teramining Update

Looks like I haven't posted our performance for the past couple of weeks.

• 11/11 - 93.31%
• 11/18 - 83.94%

VPS is putting the final touches on a deal to expand our hashing capacity. All Teraminers will be receiving the same 24% of whatever VPS runs so this will mean a per contract speed of between 56.14Mh/s and 67.51Mh/s depending on whether we keep the old equipment running. The original per contract speed was 9Mh/s and is currently 11.5Mh/s. This represents a 4.8x to 5.8x increase in hashing power over our existing infrastructure.

All of the hosting will also be paid for 1 year from delivery, so I'll be extending the Teramining contract as well. The extension will be 1 year from the date of delivery of this equipment.

My commitment to those who have stuck by me and have worked with me though the last year is unwavering. I appreciate all of you and look forward to continuing to be your mining partner.

Best regards,
James

[BurtW]

FANTASTIC! 

[pazor]

james, you surprise me everytime !

[jbreher]

Much appreciated, James. I thank you for going above and beyond the terms of the contract. This should do much to offset the pain of skyrocketing difficulty.

[qxzn]

great news!

[jamesg]

Teramining Update

Last week we ran at 86.19% of PPS. Our luck for the week was close to breakeven but a couple of orphans beat our percentage earned down a bit.

I will be sending an email update hopefully later this week to all Teraminers to give some specifics on the new hashing power being purchased and some timelines for delivery.

Best,
James

[jamesg]

Teramining Update

Last week we ran at 85.37% of PPS. Our luck for the week was close to breakeven but a couple of orphans beat our percentage earned down a bit yet again.

I have moved our mining to multiple pools to help reduce our variance.

The Teramining email was well received last week and I was pleased to read your responses.

Best,
James