Gigamining / Teramining

[jamesg]

It's so quiet here, everyone have holidays?
Is there another place with speculations about these bonds?

Making your own thread might be a good start. 

[1714206437]

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[1714206437]

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[Philj]

It's so quiet here, everyone have holidays?
Is there another place with speculations about these bonds?

There is a whole mining speculation section now. That might be a good place to start rumors a new thread. 

[jamesg]

To all gigaminers:

I am requesting feedback on the upgrade paths to teramining.

https://bitcointalk.org/index.php?topic=92090.0

Please comment in the other thread if you have any comments or suggestions.

Best,
gigavps

[DiabloD3]

To all gigaminers:

I am requesting feedback on the upgrade paths to teramining.

https://bitcointalk.org/index.php?topic=92090.0

Please comment in the other thread if you have any comments or suggestions.

Best,
gigavps

Works for me.

[mb300sd]

To all gigaminers:

I am requesting feedback on the upgrade paths to teramining.

https://bitcointalk.org/index.php?topic=92090.0

Please comment in the other thread if you have any comments or suggestions.

Best,
gigavps

Works for me.

+1

[jamesg]

Works for me.

+1

Thanks guys.

The feedback thus far has been positive overall both on the forums and IRC.

[bitcoiners]

me likey!

[jamesg]

Thanks to everyone for your feedback thus far on the transition from Gigamining to Teramining. The response has been overwhelmingly positive thus far.

If you feel that your holdings in Gigamining are going to be stable until October, we can start the process of collecting upgrade choices.

https://docs.google.com/spreadsheet/viewform?formkey=dE1KdUpIRWNGbmQ0c3QtTzB2YzFPSmc6MQ

The form should be pretty simple to fill out and will allow me to start getting a sense of what's to come.

Best,
gigavps

[Otoh]

The Gigamining bond price has perked up appreciably (BTC1.18/BTC1.20) to the news of your upgrade offers which is nice to see (*kicks self for being too slow yesterday moving funds to GLBSE to scoop a bunch of < BTC1's up*)

Form filled for 500 bonds on the paid upgrade path, many thanks.

[BTCurious]

Thanks to everyone for your feedback thus far on the transition from Gigamining to Teramining. The response has been overwhelmingly positive thus far.

If you feel that your holdings in Gigamining are going to be stable until October, we can start the process of collecting upgrade choices.

https://docs.google.com/spreadsheet/viewform?formkey=dE1KdUpIRWNGbmQ0c3QtTzB2YzFPSmc6MQ

The form should be pretty simple to fill out and will allow me to start getting a sense of what's to come.

Best,
gigavps

There's no reason to do this ASAP or anything, is there? I usually don't plan this far ahead so I'd rather wait a bit.

[jamesg]

There's no reason to do this ASAP or anything, is there? I usually don't plan this far ahead so I'd rather wait a bit.

I am more interested in gauging interest than a final count. It is fine if you prefer to wait.

[DeaDTerra]

Does it have to be a exact number?
I might want to pick up some more shares later on .
So should I just take the amount I am currently holding?
//DeaDTerra

[Newar]

Does it have to be a exact number?

I put "all available to me at that time". I'm sure it's not what gigavps had in mind with that form, but it's true!

[bitcoiners]

Does it have to be a exact number?
I might want to pick up some more shares later on .
So should I just take the amount I am currently holding?
//DeaDTerra

I put how much I plan on having when this happens.  I'm acquiring more as we speak.

[EskimoBob]

So i decided to waste more time with this while waiying for the rain storm to pass.
In my previous post to  Gigamining -> Teramining Upgrade Path I attempted to figure out is this upgrade a really sweet deal or this just another rip off wrapped in a shiny paper and offered to us by a beady-eyed, smooth talking scam artist.

Code:

Table 1
                                           $      Gh      $/Gh
1. Paid by bond IPO         FPGA SC     15295     25     611.80
2. Upgrade IS paid by 
   bond IPO on line 1       ASIC SC     29899   1000      29.90  

Initially paid by IPO, 
conv. to ASIC, gain ratio                                 20.46 x 

                             

I guess it is clear what I did here in Table 1. All the FPGA stuff that vps has ordered and is pay'd by you, dear turd ("bond") holders is getting swapped to 20.4 times faster equipment. And yes, it is all paid by you. 
We got our 5 Mh turds for it and when diff started to climb, people started to realize that 5 Mh will keep losing value fast. (This trend will continue in long term and same thing will happen to 100 Mh ASIC turds.) People got pissed off and then the a* holes from BFL released the PR FUD package.
Now most of you realized, that 5 Mh turds will be worthless in matter of [insert BFL promised time frame here]. Suddenly people realized tha VPS can swap this pile of FPGA to 20 times faster (per invested dollar) ASIC's and ... here we are now. 


Next table

Code:

Table 2 
Upgrade            Giga 5 Mh T     new Tera Turd Mh     gain ration   Your Loss

No additional fee            5           25                       5         400%  

Pay 0.25 BTC per bond 
(25% IPO price)              5          100                      20   (You have to pay a fee!)

Fee adjusted swap         6.25          100                      16          27% 

                             

Here, in Table 2,  I am trying to understand, what really happens, if this swap gets completed.
At this point, it looks like I am getting scammed no matter what I do.

Code:

Table 3 
                                  Shares sold       fee for    vps skims 
                                       in IPO       nothing     BTC

Fee will generate up to                40000          0.25     10000

20% will be happy to lose 400%                                  8000

30% will be happy to lose 400%                                  7000 

VPS answer to my question was as empty and meaningless like a answer from a scumbag politician:

"Your assumptions are off as not everyone will choose the paid upgrade path. I have tried to keep Gigamining owners from being left behind when ASIC arrives with the free upgrade option.
I appreciate you taking the time to reply.

Best,
gigavps"

As you can see, he is not denying that he rips us all off and pockets a massive amount of BTC. As a slippery politician, he just made most of you feel all warm and fuzzy. 

Did I calculate something wrong? If so, can you please keep it to the point and use similar layout, so we all can see, where did I go wrong.

Cheers!
PS! I feel sorry for ya'll who have to spend your days indoors. Rain has stopped and my kayak is ready to go

[jamesg]

To all gigaminers:

The third and final 110% coupon payment is out. The next coupon payment will be back at 100%.

Best,
gigavps

[sadpandatech]

Did I calculate something wrong?

You are using 25GH for the current bond instead of the correct number 200GH...

[jamesg]

Hi EskimoBob,

Since you didn't like my last response, we'll take your new post in parts so that I can talk to each point you make.

I attempted to figure out is this upgrade a really sweet deal or this just another rip off wrapped in a shiny paper and offered to us by a beady-eyed, smooth talking scam artist.

Thanks for taking the time to do some math. However, I don't appreciate being called a scam artist. I would kindly ask that if you would like to be respected, please respect others.

I guess it is clear what I did here in Table 1. All the FPGA stuff that vps has ordered and is pay'd by you, dear turd ("bond") holders is getting swapped to 20.4 times faster equipment. And yes, it is all paid by you. 

So your calculations for the $/Gh decrease look correct. At this point in time, I have 4 mini rigs and cannot promise anything more until some things happen.

Would you rather I promise what I cannot deliver?

We got our 5 Mh turds for it and when diff started to climb, people started to realize that 5 Mh will keep losing value fast. (This trend will continue in long term and same thing will happen to 100 Mh ASIC turds.) 

Every miner faces this. It's not just bond holders. It is however the one of only three risks that bond holders take on along with bond price fluctuations and BTC price. I take on ALL the other risks of running the bond. You do not have to worry that cgminer crashed yesterday and 50Gh was down for 4 hours.

Do you think that taking on these risks does not deserve a premium?

People got pissed off and then the a* holes from BFL released the PR FUD package. Now most of you realized, that 5 Mh turds will be worthless in matter of [insert BFL promised time frame here]. Suddenly people realized tha VPS can swap this pile of FPGA to 20 times faster (per invested dollar) ASIC's and ... here we are now. 

All I can do when faced with this situation is either let gigamining die on the vine or work really hard to get ASICs.

What do you prefer me to do?

Here, in Table 2,  I am trying to understand, what really happens, if this swap gets completed.
At this point, it looks like I am getting scammed no matter what I do.

I have tried to give people a way to choose a free upgrade path. I have funds allocated to getting to 200Gh before ASIC arrives and to also upgrade equipment. BFL has made everyone of their customers double down if they want to remain viable in the mining game. I am not, yet you tell me you feel scammed because of this.

Would you rather I only have a paid upgrade option like BFL?

VPS answer to my question was as empty and meaningless like a answer from a scumbag politician:

Again, I try to treat most everyone on the forums with respect. I have failed in the past on this because I am not perfect. I will ask again that you try to do the same. Hopefully my more detailed response here will rectify your issues with my previous post.

Did I calculate something wrong? If so, can you please keep it to the point and use similar layout, so we all can see, where did I go wrong.

Cheers!

So, EskimoBob, would you rather I make no money and go out of business at the first sign of trouble? It seems your argument is that because I make BTC doing this that I am somehow doing something wrong.

I look forward to your response.

Best,
gigavps

[copumpkin]

In my previous post to  Gigamining -> Teramining Upgrade Path I attempted to figure out is this upgrade a really sweet deal or this just another rip off wrapped in a shiny paper and offered to us by a beady-eyed, smooth talking scam artist.

You're getting pretty close to libel, buddy. Internet pseudonymity is cool and all, and I get that everyone likes to look super opinionated and win at arguments, but you might want to tone down your language a bit (especially when you have so little to go on).

[Sukrim]

May I suggest that you already set up Teramining, allow for swaps and until "Day X" comes simply pay out the same on both bonds? I'm sure I might forget exchanging my bonds or have liquidity issues just when I need to pay the .25 BTC per bond to upgrade...

You could simply do 1:1 swaps + keep a public pseudonymized spreadsheet with a unique address per person:

Code:

Name   | Gigamining shares deposited | Teramining shares received | Teramining shares to be sent on day X | max. BTC for upgrades | BTC received | Address
abc123 | 10                          | 10                         | 9                                     | 2.50000000            | 0.75         | 1Bitcoinaddress1234567

Most of this can be made/checked automatically, you'd only need to take the snapshot on day x (after announcing it etc.), hand out the additional shares and start paying out the new MH/s on Teramining.