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Author Topic: Gigamining / Teramining  (Read 201693 times)
Turbor
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June 24, 2012, 11:39:12 AM
 #601

The issue I have is that there are other bonds already offering a "free" upgrade.  I've already lost almost half of my original investment in Giga and now you want me to pay more?  Why should I keep this bond?

What were you expecting after ASIC was announced ? A rise Grin ? It was a good (fair) deal for those with high electricity cost, like me. Now with ASIC things will change.

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EskimoBob
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June 24, 2012, 01:24:43 PM
 #602

Hey Giga, have you considered replacing Gigamining with a fixed dividend bond instead of per mh? It would go a long way to stabilize GLBSE's wild fluctuations, and clearly you can grow your farm fast enough to keep up.

I do not think any old bFRn aka Turds* will be upgraded to a real FNR or to a bond. It can only happen, when Turd buyers are starting to realize that buying a Turds, when diff is going up, is a really bad idea. Especially a perpetual Turd. As a result, Turd IPO's will start to fail one after another and only then we can see a some changes in the Turd market. As you know, at the moment all the risk is on the shoulders of a Turd holders.

---
* - Because FRN (Floating Rate Notes) are also called "floaters", I am inviting you all to call all the perpetual bitcoin floaters as "Turd(s)".

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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June 24, 2012, 01:46:10 PM
 #603

stuff about all mining bonds

Hi EskimoBob,

If you would like to discuss all mining bonds, please start your own thread. If you have something specifically about gigamining you would like to add, please feel free.

Thanks,
gigavps
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June 24, 2012, 02:14:54 PM
 #604

stuff about all mining bonds
Hi EskimoBob,
If you would like to discuss all mining bonds, please start your own thread. If you have something specifically about gigamining you would like to add, please feel free.
I think he just wanted to say that you are not screwing your investors more than most the other mining bond issuers.
Though, the recent Gigaminig's lost of value is probably a record on GLBSE, especially considering the volume.
So congrats, man - you managed to turn Gigamining into the best GLBSE business for sorting bonds!
It won't be easy to beat you in this domain... unless the pirate runs away with the money Tongue

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June 24, 2012, 02:19:57 PM
 #605

Now it seems that the bet with this Gigamining bond became interesting. the price plunge so fast that I think someone is too aggressive in expecting the difficulty increasing, ASIC announcement or Bitcoin rally.

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June 24, 2012, 02:23:30 PM
 #606

Now it seems that the bet with this Gigamining bond became interesting. the price plunge so fast that I think someone is too aggressive in expecting the difficulty increasing and ASIC announcement.
I think I heard this already - about 10 days ago, when the price was ~30% higher...
Just before our hero announced that he cannot give more than 5MH/share, because that wouldn't be fair for those who shorted the bonds Smiley

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June 24, 2012, 03:04:47 PM
 #607

Now it seems that the bet with this Gigamining bond became interesting. the price plunge so fast that I think someone is too aggressive in expecting the difficulty increasing and ASIC announcement.
I think I heard this already - about 10 days ago, when the price was ~30% higher...
Just before our hero announced that he cannot give more than 5MH/share, because that wouldn't be fair for those who shorted the bonds Smiley

A contract is a contract. However, how fast will the ASIC coming out to the world?

Ciuciu doesn't give any margin to those who lend the bond, right?

If ciuciu is so sure about the future, why didn't he just issue some bond which cost him much less time and bitcoin? I think he is just making a short term trend and bluffing those herding bond traders.

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June 24, 2012, 03:06:18 PM
 #608

This is a negative bubble which is going to burst with a fast price recovery. I have already bought some bond.

In the coming future weeks, the bitcoin exchange rate is supposed to stick around 6.5 for a while, and ASIC cannot come to the market so fast, and ciuciu may cover some of his short positions, don't mention that there will also be some dividend.

let us see what will happen next 3 weeks.

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steelhouse
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June 24, 2012, 07:27:02 PM
 #609

If you remove equipment you are in violation of the bond.

Hi steelhouse,

I have quoted the contract below. Please help me understand where you feel I would be in violation of the bond contract.

Thanks,
gigavps

Quote
The holder of this bond will receive as coupons a number of bitcoins equivalent to 100% PPS output of 5 MH/s, for as long as they hold the bond. Coupon payments are to be made on Monday for the previous 7 days of mining activity. The issuer can buy back the bond at any time at a price equal to 1.05 times the highest price the asset was traded on GLBSE over the prior 360 hours.

I think if you take equipment offline selling it (still paying the bond) you would be in violation of the bond.  People bought 5 mh/s, they did not buy a paper trading scheme.  What if next month BTC went to $1000, and you could not pay the 5 gh/s or 0.022  since you sold all the miners.  What happens if these asics burn out in a week or they don't work.

But otherwise, I think you owe us really only 5 gh/s.  We should have researched about asics.  It is like people complaining about how the value of their homes went down or how Goldman Sacs sold the bonds rated AAA.
imsaguy
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June 24, 2012, 07:30:29 PM
 #610

=I think if you take equipment offline selling it (still paying the bond) you would be in violation of the bond.  People bought 5 mh/s, they did not buy a paper trading scheme.

Actually no.  Review the contract.

Quote
The holder of this bond will receive as coupons a number of bitcoins equivalent to 100% PPS output of 5 MH/s, for as long as they hold the bond.

The 5 MH/s is only used to determine the coupon payment, nothing more.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

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DILLIGAF
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June 24, 2012, 09:27:22 PM
 #611

If you remove equipment you are in violation of the bond.

Hi steelhouse,

I have quoted the contract below. Please help me understand where you feel I would be in violation of the bond contract.

Thanks,
gigavps

Quote
The holder of this bond will receive as coupons a number of bitcoins equivalent to 100% PPS output of 5 MH/s, for as long as they hold the bond. Coupon payments are to be made on Monday for the previous 7 days of mining activity. The issuer can buy back the bond at any time at a price equal to 1.05 times the highest price the asset was traded on GLBSE over the prior 360 hours.

I think if you take equipment offline selling it (still paying the bond) you would be in violation of the bond.  People bought 5 mh/s, they did not buy a paper trading scheme.  What if next month BTC went to $1000, and you could not pay the 5 gh/s or 0.022  since you sold all the miners.  What happens if these asics burn out in a week or they don't work.

But otherwise, I think you owe us really only 5 gh/s.  We should have researched about asics.  It is like people complaining about how the value of their homes went down or how Goldman Sacs sold the bonds rated AAA.

You did indeed buy paper this mining operation has never had the capacity to fulfill the bond requirements for payout so all of you having been paying yourselves with your own money from the first payment, which is why this was such a really bad idea from the start. Oh well too bad you know what they say about a fool and his money meanwhile gigavps has well north of $100k of your peoples money in his pocket as profit.
bitlane
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June 24, 2012, 09:48:34 PM
 #612

......Oh well too bad you know what they say about a fool and his money meanwhile gigavps has well north of $100k of your peoples money in his pocket as profit.

..and YOU would be smart to not force his hand into abiding by the terms of his contract and buying back all of the Bonds NOW (HIM with a tidy profit, all nay-sayers at a LOSS).

Wouldn't it make more sense to just STFU and let him adjust to this BFL-Created SHIT STORM and get the rest of his hardware in place, rather than chase him into LEGALLY completing things under his original agreement ?

I bet there are alot of 1.5 BTC/Bond owners right now biting their fingernails.

Gigavps, as I have said before, is BY FAR one of the most trustworthy members in this community and doesn't deserve the shit that he is taking due to circumstances BEYOND his control.

When the hand that YOU feed, bites you...what can you do other than roll with the punches.
BFL are 100% to blame for the entire GLBSE Shitstorm and every other problem they have created with their 'Unicorn'.

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June 24, 2012, 10:39:25 PM
 #613

......Oh well too bad you know what they say about a fool and his money meanwhile gigavps has well north of $100k of your peoples money in his pocket as profit.

..and YOU would be smart to not force his hand into abiding by the terms of his contract and buying back all of the Bonds NOW (HIM with a tidy profit, all nay-sayers at a LOSS).

Wouldn't it make more sense to just STFU and let him adjust to this BFL-Created SHIT STORM and get the rest of his hardware in place, rather than chase him into LEGALLY completing things under his original agreement ?

I bet there are alot of 1.5 BTC/Bond owners right now biting their fingernails.

Gigavps, as I have said before, is BY FAR one of the most trustworthy members in this community and doesn't deserve the shit that he is taking due to circumstances BEYOND his control.

When the hand that YOU feed, bites you...what can you do other than roll with the punches.
BFL are 100% to blame for the entire GLBSE Shitstorm and every other problem they have created with their 'Unicorn'.

Well I have bridge in Brooklyn to sell real cheap to you if you actually believe that load of BS your selling there. Like somehow BFL forced him to take second dip at the idea for an extra $120k at least just days before the big announcement which if what I suspect may be true he knew it was coming that is just plain flat out rip-off, the timing is just way to fishy. Oh and his tidy profit was locked in as soon as people gave them their BTC he charged well over 100% margin 20000shares*1.5btc=30000btc*$5=$150000-$60000 for rig boxes=$90000 profit less the ponzi payments for the last few months on first issue.
bitlane
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June 24, 2012, 10:48:00 PM
 #614

Well I have bridge in Brooklyn to sell real cheap to you if you actually believe that load of BS your selling there. Like somehow BFL forced him to take second dip at the idea for an extra $120k at least just days before the big announcement which if what I suspect may be true he knew it was coming that is just plain flat out rip-off, the timing is just way to fishy. Oh and his tidy profit was locked in as soon as people gave them their BTC he charged well over 100% margin 20000shares*1.5btc=30000btc*$5=$150000-$60000 for rig boxes=$90000 profit less the ponzi payments for the last few months on first issue.

Well, be sure to send me the link and information on your GLBSE offering. I am certain with the lessons you have taught us all here, that YOU are going to do IT the right way and show all of these 'scammers' what a REAL Mining Farm Admin can do.

My BTC is waiting and ready to invest, although if you have nothing to back yourself up with, you are welcome to see MY SIG for a hint as to what happened to the LAST GUY who was all talk and no walk.

I look forward to investing in your venture.

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June 24, 2012, 10:55:25 PM
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Well I have bridge in Brooklyn to sell real cheap to you if you actually believe that load of BS your selling there. Like somehow BFL forced him to take second dip at the idea for an extra $120k at least just days before the big announcement which if what I suspect may be true he knew it was coming that is just plain flat out rip-off, the timing is just way to fishy. Oh and his tidy profit was locked in as soon as people gave them their BTC he charged well over 100% margin 20000shares*1.5btc=30000btc*$5=$150000-$60000 for rig boxes=$90000 profit less the ponzi payments for the last few months on first issue.

Well, be sure to send me the link and information on your GLBSE offering. I am certain with the lessons you have taught us all here, that YOU are going to do IT the right way and show all of these 'scammers' what a REAL Mining Farm Admin can do.

My BTC is waiting and ready to invest, although if you have nothing to back yourself up with, you are welcome to see MY SIG for a hint as to what happened to the LAST GUY who was all talk and no walk.

I look forward to investing in your venture.


Heres one that did it fairly so invest away and thought about it but could not bring myself to do it, you can google my nick + kevin bloody wilson to see what I think of your sig idea.

https://glbse.com/asset/view/BFLS
bitlane
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June 24, 2012, 11:00:18 PM
 #616

Well I have bridge in Brooklyn to sell real cheap to you if you actually believe that load of BS your selling there. Like somehow BFL forced him to take second dip at the idea for an extra $120k at least just days before the big announcement which if what I suspect may be true he knew it was coming that is just plain flat out rip-off, the timing is just way to fishy. Oh and his tidy profit was locked in as soon as people gave them their BTC he charged well over 100% margin 20000shares*1.5btc=30000btc*$5=$150000-$60000 for rig boxes=$90000 profit less the ponzi payments for the last few months on first issue.

Well, be sure to send me the link and information on your GLBSE offering. I am certain with the lessons you have taught us all here, that YOU are going to do IT the right way and show all of these 'scammers' what a REAL Mining Farm Admin can do.

My BTC is waiting and ready to invest, although if you have nothing to back yourself up with, you are welcome to see MY SIG for a hint as to what happened to the LAST GUY who was all talk and no walk.

I look forward to investing in your venture.


Heres one that did it fairly so invest away and thought about it but could not bring myself to do it, you can google my nick + kevin bloody wilson to see what I think of your sig idea.

Great, BUT... What have YOU done ?

It's alot easier to criticize when all you are is a spectator. Why not put YOURSELF out 'there' so that YOU can be put under the microscope, like you seem to be doing here ?

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June 24, 2012, 11:05:48 PM
 #617

Well I have bridge in Brooklyn to sell real cheap to you if you actually believe that load of BS your selling there. Like somehow BFL forced him to take second dip at the idea for an extra $120k at least just days before the big announcement which if what I suspect may be true he knew it was coming that is just plain flat out rip-off, the timing is just way to fishy. Oh and his tidy profit was locked in as soon as people gave them their BTC he charged well over 100% margin 20000shares*1.5btc=30000btc*$5=$150000-$60000 for rig boxes=$90000 profit less the ponzi payments for the last few months on first issue.

Well, be sure to send me the link and information on your GLBSE offering. I am certain with the lessons you have taught us all here, that YOU are going to do IT the right way and show all of these 'scammers' what a REAL Mining Farm Admin can do.

My BTC is waiting and ready to invest, although if you have nothing to back yourself up with, you are welcome to see MY SIG for a hint as to what happened to the LAST GUY who was all talk and no walk.

I look forward to investing in your venture.


Heres one that did it fairly so invest away and thought about it but could not bring myself to do it, you can google my nick + kevin bloody wilson to see what I think of your sig idea.

Great, BUT... What have YOU done ?

It's alot easier to criticize when all you are is a spectator. Why not put YOURSELF out 'there' so that YOU can be put under the microscope, like you seem to be doing here ?

When something is as scummy as this it deserves to be put under the microscope you can continue to kiss gigaass all you want as you seem to be so inclined, as this is not the first time I have seen you defending his behavior.
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June 24, 2012, 11:06:30 PM
 #618

Well I have bridge in Brooklyn to sell real cheap to you if you actually believe that load of BS your selling there. Like somehow BFL forced him to take second dip at the idea for an extra $120k at least just days before the big announcement which if what I suspect may be true he knew it was coming that is just plain flat out rip-off, the timing is just way to fishy. Oh and his tidy profit was locked in as soon as people gave them their BTC he charged well over 100% margin 20000shares*1.5btc=30000btc*$5=$150000-$60000 for rig boxes=$90000 profit less the ponzi payments for the last few months on first issue.

He sold initially 10 000 shares 1 BTC each (He had 50 Ghash/s), not sure for the other shares. With that he almost had enough for 100 Ghashs/s in MiniRigs, he sold 10 000k shares. He did have a large profit margin, yes (quite high I find. But not as excessive as one might think.) Yes he borrowed a lot. But everything he did seemed clear to me right from the start. I'm not sure everyone did those calculations but people can invest in whatever they want.

The contract clearly states: "The holder of this bond will receive as coupons a number of bitcoins equivalent to 100% PPS output of 5 MH/s, for as long as they hold the bond." Note the word equivalent. His duties are limited to pay the equivalent of it. There's nothing going against him borrowing on the funds for dividends with his large profit margin. The contract is clear, the numbers were clear, the calculations could be made by anyone prior to investing in his company.

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June 24, 2012, 11:09:25 PM
 #619

The simple reason that DILLIGAF can't offer any kind of mining bond or stock is because he hasn't got the balls to do so. He would have to deal with people like himself, and that would cause him to break down and cry like a baby.

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
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June 24, 2012, 11:11:24 PM
 #620

When something is as scummy as this it deserves to be put under the microscope you can continue to kiss gigaass all you want as you seem to be so inclined, as this is not the first time I have seen you defending his behavior.

JESUS FUCKING CHRIST !
I have argued with him numerous times and I've made it clear that I don't even like the guy......

BUT I TRUST & RESPECT HIM MORE THAN ANY OF YOU OTHER CHICKEN SHIT CRY BABIES.

Personalities clash and frankly, I am sure my trust and respect mean more than my affection. He has done far more for this community than YOU have, or any of the other cry babies that are envious of his operation and what he has accomplished....in spite of recent events...

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