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Author Topic: Gigamining / Teramining  (Read 201684 times)
jamesg
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October 06, 2012, 01:37:45 PM
 #981

I'm confused. I was suspecting this since my previous post in this topic (where I asked if you could operate after GLBSE failure)

I understand the answer as yes (conditionally, but this conditions are fulfilled).

I understand why you cant imagine to work with other operator and trust it, but, can't you use smart contracts decentralized exchange?

Would you do that and continue plans with terminating if exchange like that sugested in
https://bitcointalk.org/index.php?topic=112728.msg1219438#msg1219438 would be available.

I don't want to press, but I would feel cheated if you take an effort to start teramining just because GLBSE closed.
Of course only if last data from GLBSE will get rescued somehow.

Hi szuetam,

I'm sorry if this disappoints you. I do not like the position we have all been placed in by Nefario. I will do my best to do what I can, but I have no means to guarantee anything at this point, including the current Gigamining contract.

We are playing the waiting game until Nefario delivers what he said he would.

Best,
gigavps
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October 06, 2012, 01:48:07 PM
 #982

Hi Gigaminning, how will you match assets holders with btc addresses???

Hi ianspain,

I have been able to sleep on this news and I am even more troubled by his actions today than yesterday. Unfortunately, we must trust that nefario knows best in this situation and can give me the asset holder list and coins. I trusted him and lent my credibility to GLBSE and he has let everyone down and won't even give us the courtesy of telling us why.

As for comments about listing on another exchange, I will not be trusting another third party to handle Gigamining. Going forward, I will be the only one handling coupon payments. This also means that Teramining, as a concept, is dead. The main feature of Gigamining/Teramining was for parties to be able to buy and sell them at will.

I will fulfill my contractual obligations, if/when GLBSE hands over the necessary information.

Best,
gigavps



Giga, thanks for the heads up. Even if GLBSE goes down. I'm sure a venture such as gigamining can very easily succeed transforming it into another type of business model. You still have the assets under your control and can therefor operate with no problems.

I'm an investment banker and we can have a skype cc if you want some time.

Ian


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szuetam
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October 06, 2012, 02:52:54 PM
 #983

Giga, thanks for the info and care. I understand your point.


BTW I think that any claims we could possibly have are addressed to Nefario.

I hope that we wan't get cheated by him this time in this post-apocalyptic (post-fiat) world. Smiley


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October 06, 2012, 04:01:46 PM
 #984

People bought or kept gigamining bonds with the expectation of being able to trade them in for terramining. Had there not been an upgrade path, Im sure they would have traded a lot lower.

However, like I said earlier, I dont think this is your biggest problem right now, nor is GLBSE. You were, I believe, fully authenticated at GLBSE, chances are the SEC will be contacting you about your sales of unregulated securities. That they are denominated in bitcoin rather than dollars, AFAICT  doesnt change a thing, and the potential penalties are severe, including up to 5 years in jail. You can also expect to be forced to refund your bond holders for the full IPO price on top of paying a hefty fine.

You might be a very small fish for the SEC, but if they are going after anyone, it will probably be you, since they would have your ID, you are a US resident and the largest asset issuer on GLBSE. Lawyer up James, you should have done that a long time ago.
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October 06, 2012, 04:14:03 PM
 #985

Not good for anyone involved.


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jamesg
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October 06, 2012, 04:34:23 PM
 #986

People bought or kept gigamining bonds with the expectation of being able to trade them in for terramining. Had there not been an upgrade path, Im sure they would have traded a lot lower.

However, like I said earlier, I dont think this is your biggest problem right now, nor is GLBSE. You were, I believe, fully authenticated at GLBSE, chances are the SEC will be contacting you about your sales of unregulated securities. That they are denominated in bitcoin rather than dollars, AFAICT  doesnt change a thing, and the potential penalties are severe, including up to 5 years in jail. You can also expect to be forced to refund your bond holders for the full IPO price on top of paying a hefty fine.

You might be a very small fish for the SEC, but if they are going after anyone, it will probably be you, since they would have your ID, you are a US resident and the largest asset issuer on GLBSE. Lawyer up James, you should have done that a long time ago.

Hi Puppet,

Unfortunately, we can't have it both ways. Either you want me to start doing things to protecting myself or you want to me continue on.

Which do you prefer?

Thanks,
gigavps
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October 06, 2012, 04:40:10 PM
 #987

Hi Puppet,

Unfortunately, we can't have it both ways. Either you want me to start doing things to protecting myself or you want to me continue on.

Which do you prefer?

Thanks,
gigavps

The only sensible thing for you to do right now is get legal advice first.
If it turns out Im wrong and what you are doing is legal after all, then so much the better, and nothing except some solvable technical issues should prevent your from running terramining on your own "exchange". But this seems highly unlikely to me, so what you will have to do wont be up to me, and my preference irrelevant, just like my preference for Nefario to continue his exchange is irrelevant if authorities forced him to close.
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October 06, 2012, 04:42:04 PM
 #988

People bought or kept gigamining bonds with the expectation of being able to trade them in for terramining. Had there not been an upgrade path, Im sure they would have traded a lot lower.

However, like I said earlier, I dont think this is your biggest problem right now, nor is GLBSE. You were, I believe, fully authenticated at GLBSE, chances are the SEC will be contacting you about your sales of unregulated securities. That they are denominated in bitcoin rather than dollars, AFAICT  doesnt change a thing, and the potential penalties are severe, including up to 5 years in jail. You can also expect to be forced to refund your bond holders for the full IPO price on top of paying a hefty fine.

You might be a very small fish for the SEC, but if they are going after anyone, it will probably be you, since they would have your ID, you are a US resident and the largest asset issuer on GLBSE. Lawyer up James, you should have done that a long time ago.

Hi Puppet,

Unfortunately, we can't have it both ways. Either you want me to start doing things to protecting myself or you want to me continue on.

Which do you prefer?

Thanks,
gigavps

While it may be too late to have these bonds be on a public market, where people can buy and sell them without notice. You still have the buying power and the hardware to provide a service for people who wish to be involved with mining but can't manage and/or purchase their own rigs.

I think we're returning to an age of private mining contracts.
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October 06, 2012, 04:54:37 PM
 #989

Gigavps,

If nefario sends you a list of asset holders from the point GLBSE was taken down, i dont see why things cannot continue as normal, only the ability for asset holders to trade their bonds is halted. GIGAMINING coupons can still be paid directly by yourself, and TERAMINING upgrades/payments can also still be made in the future.

I know the legal side of things may need to be resolved, but from what i can see you should still be able to fulfil the payments, after all we hold mining bonds which represents hashing power.

occulta

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jamesg
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October 06, 2012, 05:14:13 PM
 #990

Gigavps,

If nefario sends you a list of asset holders from the point GLBSE was taken down, i dont see why things cannot continue as normal, only the ability for asset holders to trade their bonds is halted. GIGAMINING coupons can still be paid directly by yourself, and TERAMINING upgrades/payments can also still be made in the future.

I know the legal side of things may need to be resolved, but from what i can see you should still be able to fulfil the payments, after all we hold mining bonds which represents hashing power.

occulta

Hi Occulta,

I have ever intention of continuing to fulfill the Gigamining contract once I have the information to do so. Coins are accumulating and will be paid when they can.

As for Teramining, it is on hold until such time as I can fully understand all of the legal aspects.

Best,
gigavps
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October 06, 2012, 05:29:15 PM
 #991

There is alot of speculation obviously, but the only words spoken by nerfario regarding this was:


You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.


Then did this just get added?


We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.


At the time of the shutdown, i had 0 BTC in my GBLSE account, however over 500 GIGAMINNG bonds. I am not waiting for BTC to be paid out, i just have hashing power in your farm Smiley

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October 06, 2012, 06:17:27 PM
 #992

I am not waiting for BTC to be paid out, i just have hashing power in your farm Smiley

Agreed. I didn't trust much BTC to GLBSE because of risk, but the majority of it that wasn't locked up in BDT was in Gigamining and the S.DICE passthrough. At the time of the close, I didn't even have enough BTC in the account to purchase a share of the S.DICE passthrough at .0003x Smiley. I hope we can resolve this, and that we can authenticate our accounts with you to continue the operations that you were planning on.

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szuetam
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October 06, 2012, 08:13:51 PM
 #993

I have (or had) 20 shares, jest keeping a rule Investing only as much as you can afford to loose.

Could someone say how many shares wear there? 40000? Am I right?

I suggest to move to distributed open source exchange.
https://bitcointalk.org/index.php?topic=112728.0


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October 07, 2012, 07:41:36 AM
 #994

I am not waiting for BTC to be paid out, i just have hashing power in your farm Smiley

Agreed. I didn't trust much BTC to GLBSE because of risk, but the majority of it that wasn't locked up in BDT was in Gigamining and the S.DICE passthrough. At the time of the close, I didn't even have enough BTC in the account to purchase a share of the S.DICE passthrough at .0003x Smiley. I hope we can resolve this, and that we can authenticate our accounts with you to continue the operations that you were planning on.

I think quite a number of us are in the same situation. We holds bonds in Gigamining and would like to continue. I personally do not care of the BTC as there were signs that something was already brewing earlier and such withdrew most of it.

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October 07, 2012, 04:02:46 PM
 #995

once we have confirmed owners list, and we can prove our ownership of shares, I'll be looking to bitcoin-otc/asset-otc to trade. Buyers will probably be getting bargain prices for a while.
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October 07, 2012, 04:25:19 PM
 #996

gigavps,

what's the path you recommend to all of us to follow to probe we own a number of bonds?

I got a screenshot of my portfolio.

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jamesg
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October 07, 2012, 04:35:47 PM
 #997

gigavps,

what's the path you recommend to all of us to follow to probe we own a number of bonds?

I got a screenshot of my portfolio.

Hi johnlu,

I am working with counsel on Monday to determine a proper course of action. All coins mined are being stockpiled and held until such a time as a proper and legal course of action can be determined. Once I have this information, I will update everyone on the next steps and how to proceed.

We are in uncharted territory and I want to make sure that I am going to be around to spend time with my daughter and find an amicable solution to GLBSE effectively no longer acting as the broker and exchange.

Best,
gigavps
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October 07, 2012, 04:59:41 PM
 #998

Thanks for your response.

I hope you can drive this to a good ending.

I know this doesn't concern to you, and even it could be off-topic, but I would like to ask to the rest of bond holders in this thread what they know about getting their bitcoins in GLBSE balance back.


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jamesg
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October 07, 2012, 05:04:04 PM
 #999

Thanks for your response.

I hope you can drive this to a good ending.

I know this doesn't concern to you, and even it could be off-topic, but I would like to ask to the rest of bond holders in this thread what they know about getting their bitcoins in GLBSE balance back.

This is off topic to the thread but I will leave some links for you to read.

https://bitcointalk.org/index.php?topic=115669.0
https://bitcointalk.org/index.php?topic=117009.0

The second link is a nice summary of someone's post who I guess is close to Nefario.
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October 07, 2012, 05:13:07 PM
 #1000

Thanks again, gigavps. :-)

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