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Author Topic: Gigamining / Teramining  (Read 201687 times)
bulanula
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June 24, 2012, 11:18:49 PM
 #621

Don't see why all the whining.

ENJOY the 110% PPS for a while doods !!!

Cheesy
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DILLIGAF
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June 24, 2012, 11:33:00 PM
 #622

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...

Yes the old I don't agree but will praise him anyways BS line, your fucking full of it..
bitlane
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June 24, 2012, 11:36:13 PM
 #623

Yes the old I don't agree but will praise him anyways BS line, your fucking full of it..

As opposed to the old "I haven't done jack shit, so I will just bash everyone else's efforts" ?

..then YES. I would rather simply be full of shit.

Like I said, I would be more than happy to invest in YOUR venture.

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June 24, 2012, 11:38:19 PM
 #624

something distasteful

Hi DILLIGAF,

I understand that you don't like the way I have handled gigamining. That is fine. Where I draw the line is using inappropriate language towards myself or others in this thread. If you would like to speculate about gigamining, rant about something I've done wrong or just troll me, that is fine.

I would like to ask that you please refrain from this in the future.

Best regards,
gigavps
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June 24, 2012, 11:39:59 PM
 #625

Yes the old I don't agree but will praise him anyways BS line, your fucking full of it..

As opposed to the old "I haven't done jack shit, so I will just bash everyone else's efforts" ?

..then YES. I would rather simply be full of shit.

Like I said, I would be more than happy to invest in YOUR venture.

Good as I have already said I have bridge for sale only a cheap 20000BTC and its yours.
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June 24, 2012, 11:42:56 PM
 #626

something distasteful

Hi DILLIGAF,

I understand that you don't like the way I have handled gigamining. That is fine. Where I draw the line is using inappropriate language towards myself or others in this thread. If you would like to speculate about gigamining, rant about something I've done wrong or just troll me, that is fine.

I would like to ask that you please refrain from this in the future.

Best regards,
gigavps

Do you have a list somewhere of the words that cannot be used?
Namworld
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June 24, 2012, 11:58:17 PM
 #627

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.

I get it you don't take time to answer any replies that contain facts?

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.

So what? He had a large profit margin and may have borrowed on that while equipment was delivered. As long as he pay on his bonds what he promised. There was never anything hidden about the price of IPO and how much mhash you were getting, nor was it guaranteed that He would keep enough hardware around at any time for sold hashing. Just that the bond would pay the equivalent of 5 mhash/s.

I hardly see how something could be wrong when people willingly bought into something that was clear from the start. Why insist on something being bad when people agreed to it? Anyone who bought those bonds were buying a promise to be paid the EQUIVALENT of 5 mhash/s. They can invest without reading or make assumptions, that does not give them any claim.

As far as I'm concerned, Gigamining acted honestly throughout his operation.

The terms were there, black on white, and were respected thus far.

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.

The thing that has to be put under the microscope is if people take the time to read what they're buying before making a purchase.

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June 25, 2012, 12:24:30 AM
 #628

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.

I get it you don't take time to answer any replies that contain facts?

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.

So what? He had a large profit margin and may have borrowed on that while equipment was delivered. As long as he pay on his bonds what he promised. There was never anything hidden about the price of IPO and how much mhash you were getting, nor was it guaranteed that He would keep enough hardware around at any time for sold hashing. Just that the bond would pay the equivalent of 5 mhash/s.

I hardly see how something could be wrong when people willingly bought into something that was clear from the start. Why insist on something being bad when people agreed to it? Anyone who bought those bonds were buying a promise to be paid the EQUIVALENT of 5 mhash/s. They can invest without reading or make assumptions, that does not give them any claim.

As far as I'm concerned, Gigamining acted honestly throughout his operation.

The terms were there, black on white, and were respected thus far.

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.

The thing that has to be put under the microscope is if people take the time to read what they're buying before making a purchase.

Their is a term for them type of contracts in particular the "Total failure of consideration".

http://en.wikipedia.org/wiki/Unjust_enrichment
Daily Anarchist
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June 25, 2012, 12:28:14 AM
 #629

I think a lot of the people that bought Giga shares, including Giga himself, figured that the bonds would make more in dividends than their price over their life span. The recent news about BFL coming out so soon with hardware so powerful was a surprise to many.

So, it looks like those bonds will end up being net losers once BFL ships the new hardware. This is unless Giga somehow does something to make the old bonds awesome. And there is an incentive for him to do so.

He could either let the bondholders eat their poor investments, in which case Giga comes out ahead with a few brand new ASICs.

Or he turns those old bonds into new bonds and crafts new bonds to help him generate more investors in the future. If Bitcoin is ever going to become a multi trillion dollar market cap, then Bitcoin mining is going to have to become a multi billion dollar industry at least, in order to protect it.

If Giga wants to play with the big boys in the mining industry he's going to have to do a lot better than a few piddly dink ASICs worth a couple hundred grand. He's going to have to get millions of dollars worth of investors over the next several years alone. If he lets his current investors eat dirt, he'll likely never get any new investors and can enjoy his measly profits from his handful of ASICs he'll get in a few months.

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June 25, 2012, 12:34:23 AM
 #630

Their is a term for them type of contracts in particular the "Total failure of consideration".

http://en.wikipedia.org/wiki/Unjust_enrichment

You obviously have no background in the law as there is definitely not a case of unjust enrichment and Gigavps has offered plenty of consideration for any traditional common law based court's standard.

Consideration is the concept of legal value in a contract and can consist of a promise to perform. In this case, Gigavps has promised to pay weekly in perpetuity bitcoins equivalent to the production power of five megahashes based on the adjusting difficulty of the Bitcoin network. Bitcoins currently have a tradable fair market value that is nothing. Therefore, the promise to pay bitcoins in the future is a legal obligation constituting a legal value owed to the holder of that debt and Gigavps has offered consideration.

In regards to the bonus of .5 megahashes until the end of June. There has been no additional consideration offered by bondholders. Therefore, Gigavps promise to pay the additional .5 megahashes of production worth of bitcoins is not binding. For tax purposes it should probably be treated as a gift and likewise, Gigavps should probably not deduct it as interest expense.

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June 25, 2012, 12:34:38 AM
 #631

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.

I get it you don't take time to answer any replies that contain facts?

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.

So what? He had a large profit margin and may have borrowed on that while equipment was delivered. As long as he pay on his bonds what he promised. There was never anything hidden about the price of IPO and how much mhash you were getting, nor was it guaranteed that He would keep enough hardware around at any time for sold hashing. Just that the bond would pay the equivalent of 5 mhash/s.

I hardly see how something could be wrong when people willingly bought into something that was clear from the start. Why insist on something being bad when people agreed to it? Anyone who bought those bonds were buying a promise to be paid the EQUIVALENT of 5 mhash/s. They can invest without reading or make assumptions, that does not give them any claim.

As far as I'm concerned, Gigamining acted honestly throughout his operation.

The terms were there, black on white, and were respected thus far.

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.

The thing that has to be put under the microscope is if people take the time to read what they're buying before making a purchase.

Their is a term for them type of contracts in particular the "Total failure of consideration".

http://en.wikipedia.org/wiki/Unjust_enrichment


.... That applies to receiving something that was not for you in error and keeping it, or someone offering something and enriching himself without providing what he offered... That does not apply to a RESPECTED AGREEMENT, no matter if his margin is 1% or 99%, as long as both parties agrees. Gigamining HAS been providing the equivalent of 5 mhash/s

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June 25, 2012, 12:39:40 AM
 #632

That does not apply to a RESPECTED AGREEMENT, no matter if his margin is 1% or 99%, as long as both parties agrees.

Actually, the unjust enrichment theory can apply to contracts where there is a mistake of terms and the consideration is grossly unmatched. For example, if the contract read $.156225 per ounce of gold. In that case, it would likely be concluded that the intent of the contract was to read '$1562.25 per ounce' and one party has already been enriched by the mistake.

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June 25, 2012, 12:51:08 AM
 #633


Gigamining's current state

  • 1 of the 4 mini rigs died, looks to be the PSU. I have overnighted it back to BFL so they can fix it up and run some extended burn in tests.
  • I still need to make a move for another 100Gh before SC comes out, more to come on this when I make a final decision. Never hurts to take your time and make sure you have all of the facts before pulling the trigger.
I think its wise to keep your head cool for a while,  you now sit on a lot of buying power. Maybe 100k -140k dollar worth,  seems  things starting to get out of hand here regarding the SC, a hoard of people throwing money at  BFL locking in their money for at least  4 months, probably longer.  Why on earth do they need the money now, with backing from a VC  ? The mini-rigs are really nice and all but soon obsolete, why the rush ?
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June 25, 2012, 12:57:03 AM
 #634

why the rush?

It reduces my risk exposure to run more than the full 200Gh for the next 4 months. It has been my plan all along to get above 200Gh and I fully intent to see this through. SC has thrown everything out of whack and I have had to change my original plans along with it.
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June 25, 2012, 12:57:40 AM
 #635

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.

I get it you don't take time to answer any replies that contain facts?

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.

So what? He had a large profit margin and may have borrowed on that while equipment was delivered. As long as he pay on his bonds what he promised. There was never anything hidden about the price of IPO and how much mhash you were getting, nor was it guaranteed that He would keep enough hardware around at any time for sold hashing. Just that the bond would pay the equivalent of 5 mhash/s.

I hardly see how something could be wrong when people willingly bought into something that was clear from the start. Why insist on something being bad when people agreed to it? Anyone who bought those bonds were buying a promise to be paid the EQUIVALENT of 5 mhash/s. They can invest without reading or make assumptions, that does not give them any claim.

As far as I'm concerned, Gigamining acted honestly throughout his operation.

The terms were there, black on white, and were respected thus far.

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.

The thing that has to be put under the microscope is if people take the time to read what they're buying before making a purchase.

Their is a term for them type of contracts in particular the "Total failure of consideration".

http://en.wikipedia.org/wiki/Unjust_enrichment

Well thought about it some more and I have idea not that I think it will have hope in hell of getting done mind you. But here it is giga pays for the upgrade to four of the th/s boxes. Now once these come online the 40000 5mh/s shares now become 100mh/s. Don't get them all the way to being equally treated as it still leaves ~$100k of their money still in his pocket as profit that has already been taken in but it is some of the way there. Well giga how about it can you man up on that one or are you just going to screw these people proving me right? Oh and don't forget the massive windfall of btc once them th/s boxes go online their entitled to some of that too. Anyways that is all I have to say, good luck to the investors in this venture you will need it.

Edit: I would add for the critically thinking challenged around here. My proposal asks nothing of him that he is not already obligated to do except give the massively increased hash power bonus to those who's money he has already in keeping with the sprit of the contract, ie. you give me btc I give you what that hashing power produced by that btc got me, as he is obligated by the last round of funding to spend $60k on four rig boxes. It makes no sense to do that at this point in time as the upgrade path is the preferred option now. So 20x hash power from that money/btc taken in 20x given back to who's money/btc it was.
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June 25, 2012, 01:32:09 AM
 #636

Well giga how about it can you man up on that one or are you just going to screw these people proving me right?

It has NEVER been my intention to screw anyone over. According to the Poll I put up, 84% of the respondents thus far would like to turn gigamining into teramining. This is a huge majority and I am thrilled that gigaminers want to come with me on this ride.

Therefore, gigamining will turn into teramining when ASIC arrives and it will include both a free upgrade path and a paid upgrade path.
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June 25, 2012, 01:36:34 AM
 #637

Well giga how about it can you man up on that one or are you just going to screw these people proving me right?

It has NEVER been my intention to screw anyone over. According to the Poll I put up, 84% of the respondents thus far would like to turn gigamining into teramining. This is a huge majority and I am thrilled that gigaminers want to come with me on this ride.

Therefore, gigamining will turn into teramining when ASIC arrives and it will include both a free upgrade path and a paid upgrade path.

So even though the upgrade path is free you can't resist the chance to grab even more, you are one greedy little prick and probably proud of it..
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June 25, 2012, 01:53:39 AM
 #638

Well giga how about it can you man up on that one or are you just going to screw these people proving me right?

It has NEVER been my intention to screw anyone over. According to the Poll I put up, 84% of the respondents thus far would like to turn gigamining into teramining. This is a huge majority and I am thrilled that gigaminers want to come with me on this ride.

Therefore, gigamining will turn into teramining when ASIC arrives and it will include both a free upgrade path and a paid upgrade path.

So even though the upgrade path is free you can't resist the chance to grab even more, you are one greedy little prick and probably proud of it..

I'm proud of him too.

ALL HAIL GIGA! KING OF THE MINERS!

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June 25, 2012, 02:07:59 AM
 #639

Well giga how about it can you man up on that one or are you just going to screw these people proving me right?

It has NEVER been my intention to screw anyone over. According to the Poll I put up, 84% of the respondents thus far would like to turn gigamining into teramining. This is a huge majority and I am thrilled that gigaminers want to come with me on this ride.

Therefore, gigamining will turn into teramining when ASIC arrives and it will include both a free upgrade path and a paid upgrade path.

So even though the upgrade path is free you can't resist the chance to grab even more, you are one greedy little prick and probably proud of it..

You're making yourself look bad. I doubt anyone is going to change their mind because of your rantings--why not just let it go? You've made your points; now, let others make up their minds. I, for one, think Giga has done nothing wrong here and he has NO obligation to offer ANY upgrade path. If he chooses to do so, it could be a combination of generosity and perhaps good business sense. If he chose not to, I'd bear him no ill will.
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June 25, 2012, 02:15:37 AM
 #640

why the rush?

It reduces my risk exposure to run more than the full 200Gh for the next 4 months. It has been my plan all along to get above 200Gh and I fully intent to see this through. SC has thrown everything out of whack and I have had to change my original plans along with it.

Yes,  but does that mean 4 mini-rigs now and later 8 mini-rigs SC thats 60k plus 120k, ouch.  The fpgas in your mini-rigs are not cheap,  manually put together, it obviously took a while also.  What if they are loosing money per mini-rig and not until a working ASIC they turn to profit.  They have doubled the stake now,  everyone that made a large investment is forced to double it or get out. They are great engineers, but how about the finaces.  Isnt it a good idea to see a cashflow report and a prototype before the 120k  ? For me  it seems the risk has got a lot higher instead.
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