Gigamining / Teramining

[fcmatt]

At this point in time your only choice in the matter is with or without lube.
From day one this whole scheme was to seperate people from their money and the operator ends up with the hardware.
And it is working too.

I do not know of a single person who actually made money from this fiasco. Did the earliest adopters make anything? Did anyone who bought bonds for next to nothing actually make money? Not from what i have seen. Terramining looks to be a way for users to have a slim chance to possibly break even if they dont give him extra money. I doubt it tho.

So, if one bought back in May or June and kept the BTC returns and sold them off in the Fall - one actually did pretty well...
Another great scenario would have been to buy when BTC was close to $6 then sell off half your shares when BTC hit $12...
I was lucky enough to do both.  I'm sure others did very similarly, so to say not a single person made money is not correct.

Ok. You got me. Scenario one you needed to find the greater fool to buy your shares.  the second was blind luck bitcoin went up in price. Neither showed what i was looking for. Like if a person bought a bond on day one did they make or lose money when talking about btc.

[Monster Tent]

At this point in time your only choice in the matter is with or without lube.
From day one this whole scheme was to seperate people from their money and the operator ends up with the hardware.
And it is working too.

I do not know of a single person who actually made money from this fiasco. Did the earliest adopters make anything? Did anyone who bought bonds for next to nothing actually make money? Not from what i have seen. Terramining looks to be a way for users to have a slim chance to possibly break even if they dont give him extra money. I doubt it tho.

So, if one bought back in May or June and kept the BTC returns and sold them off in the Fall - one actually did pretty well...
Another great scenario would have been to buy when BTC was close to $6 then sell off half your shares when BTC hit $12...
I was lucky enough to do both.  I'm sure others did very similarly, so to say not a single person made money is not correct.

James made all the money and now sits on thousands of dollars worth of free mining equipment. Everyone else got screwed 

[Naelr]

So then what happens to those that choose to not upgrade?  You will obviously retain all the mining hardware.. do those guys just keep getting hashing power until you decide to turn off the rigs?  This just looks like you upgraded thousands of dollars worth of hardware for just 6 months of hashing... for us that is ... you obviously will keep the rigs running and be mining BTC for as long as it is still profitable for you.  Bravo on making out like a bandit on the hardware ... but that is it... no more anything? 

Naelr

Hi Naelr,

I have been saying for months now that without a buyback clause, there is no way to offer Teramining as a perpetual agreement. I have never been willing to offer any ownership in either equipment or company, this has not changed.

I am offering both a free and paid upgrade path for those who want ASIC. I have also lowered the upgrade price.

Please tell me what you think Teramining should be and we can discuss it.

Best,
James

First off I never expected you to offer any ownership in the equipment or the company I simply congratulated you on a well thought out well timed way to get your hands on some very expensive very profitable equipment and virtual little to no cost to you on the purchase of said equipment.  It is obvious that your bond holders paid for most of it and the hashing power that they have/will have will pay for the rest not to mention those that will not (and some will not) try to continue on with giga/teramining.  I myself struggled with this decision having been one who had his identity stolen and fought will bill collectors and credit score agencies for 2 years to get my credit back to where it should be.  I didn't want to give my information to anyone.

I noticed the lowered price again kodos for trying to be good to the community that was good to you.  This has been a long hard road and choosing the road you took we will just have to live with it to get what we have back out. 

OK so as to what Teramining should be... why can't you re-evaluate in 6 months and perhaps offer (if your projections hold) continued hashing for something like I don't know just pulling numbers out my ass because no one can say what BTC will be worth in 6 months... something like 0.1 BTC per/share per/month or something .. we pay you to keep going for another month or something of that nature... you can obviously take BTC for the upgrade to Teramining so why not (if still profitable for you and us) you take more in 6 or 8 months whenever you decide the initial contract will end?  Granted something like this might require you to do lots more paperwork but if still profitable?  Just throwing a thought out there.

Naelr

James

I have seen alot of "requests" for "Please tell me what you think Teramining should be and we can discuss it." and I have seen a few put out there without so much as a "NO I cannot do that!"  Where is the discussion?

Another question I have is how long does it take Quentin to "process" our claims?  He should have gotten mine on Tuesday and just wondering how long I have to wait to get a response? 

Thanks

Naelr

[jamesg]

I have seen alot of "requests" for "Please tell me what you think Teramining should be and we can discuss it." and I have seen a few put out there without so much as a "NO I cannot do that!"  Where is the discussion?

Hi Naelr,

Been busy this week training a new employee and writing code for more software to better manage the Teramining business. As for what Teramining should be, I fully understand that its current incarnation is different from previously proposed and I have lowered the price to reflect this. As for the length, I am still considering what to do.

Another question I have is how long does it take Quentin to "process" our claims?  He should have gotten mine on Tuesday and just wondering how long I have to wait to get a response? 

I have spoken with Quentin today. He has been out sick for the last two week so he should be processing the backlog as we speak. I expect to have something by Friday. After this update, he will continue his weekly email responses and status updates for claims.

Best,
James

[usagi]

Is it possible for someone else to claim others bonds? For example if 2GOOD trusts me to claim his bonds and I'll write his on my legal document?

Hi burger,

It is not possible.

Best,
James

If you are following KYC it appears to be possible. All someone would need to do is have a solicitor write a statement transferring beneficial ownership. It would cost a couple of hundred dollars. I guess it's not worth it, but I don't see how it's not possible.

[bixcoin]

I claimed payment on Dezember 26, with a copy to you James. I did not get an answer from you, nor your lawyer.
My Gouvernment (Germany) say it is illegal to copy or scan my ID.
Also, as I made clear before, all the things you guys ask would cost me estimately 150€. I am not even sure if I get this much as a return.
Its ridiculous, your so called lawyer doesnt even reply, and if he does, it's just the standard text from your website.
Is this the way you treat people that trusted you with their money?
I am really dissapointed and cant believe there are people still investing in your operations.

Hi bixcoin,

I apologize for Quentin not responding. There were technical errors on his end where email when to spam unintentionally. Please re-forward your request.

Best,
James

I wrote another email to Quentin on January 21st. Guess what, he just ignores me. I am not even sure if this guy exists. But I know that I gave you BCs to finance your operation and you hardly refuse to fulfill your part of the contract by simply forwarding me to your not responding so called lawyer!
This is criminal and nothing else. You have my adress and my email in the list you got from GLBSE. Pay my outstanding payments!

[camolist]

This is criminal and nothing else. You have my adress and my email in the list you got from GLBSE. Pay my outstanding payments!

This. If I have to contact your lawyer it will be with one of my own and you will be the one to pay in the end.

[jamesg]

I wrote another email to Quentin on January 21st. Guess what, he just ignores me. I am not even sure if this guy exists. But I know that I gave you BCs to finance your operation and you hardly refuse to fulfill your part of the contract by simply forwarding me to your not responding so called lawyer!
This is criminal and nothing else. You have my adress and my email in the list you got from GLBSE. Pay my outstanding payments!

Hi bixcoin,

If you feel that Quentin is ignoring you, then please email me directly and I will contact him today to make sure he gets you an answer.

james at gigamining dot com

I have not refused to pay anyone who has taken the time to follow the claims process. Payments are again being made on Monday's to those who have done so. I have/am fulfilling my obligations while making sure Gigamining is around to continue to do so.

Best,
James

[burger]

I wrote another email to Quentin on January 21st. Guess what, he just ignores me. I am not even sure if this guy exists. But I know that I gave you BCs to finance your operation and you hardly refuse to fulfill your part of the contract by simply forwarding me to your not responding so called lawyer!
This is criminal and nothing else. You have my adress and my email in the list you got from GLBSE. Pay my outstanding payments!

Hi bixcoin,

If you feel that Quentin is ignoring you, then please email me directly and I will contact him today to make sure he gets you an answer.

james at gigamining dot com

I have not refused to pay anyone who has taken the time to follow the claims process. Payments are again being made on Monday's to those who have done so. I have/am fulfilling my obligations while making sure Gigamining is around to continue to do so.

Best,
James

I hope my claim gets in time for Monday then =)

[mtbitcoin]

I wrote another email to Quentin on January 21st. Guess what, he just ignores me. I am not even sure if this guy exists. But I know that I gave you BCs to finance your operation and you hardly refuse to fulfill your part of the contract by simply forwarding me to your not responding so called lawyer!
This is criminal and nothing else. You have my adress and my email in the list you got from GLBSE. Pay my outstanding payments!

Hi bixcoin,

If you feel that Quentin is ignoring you, then please email me directly and I will contact him today to make sure he gets you an answer.

james at gigamining dot com

I have not refused to pay anyone who has taken the time to follow the claims process. Payments are again being made on Monday's to those who have done so. I have/am fulfilling my obligations while making sure Gigamining is around to continue to do so.

Best,
James

James

In the same boat, sent emails including a CC to you but received no reply rom Quentin

[bixcoin]

I wrote another email to Quentin on January 21st. Guess what, he just ignores me. I am not even sure if this guy exists. But I know that I gave you BCs to finance your operation and you hardly refuse to fulfill your part of the contract by simply forwarding me to your not responding so called lawyer!
This is criminal and nothing else. You have my adress and my email in the list you got from GLBSE. Pay my outstanding payments!

Hi bixcoin,

If you feel that Quentin is ignoring you, then please email me directly and I will contact him today to make sure he gets you an answer.

james at gigamining dot com

I have not refused to pay anyone who has taken the time to follow the claims process. Payments are again being made on Monday's to those who have done so. I have/am fulfilling my obligations while making sure Gigamining is around to continue to do so.

Best,
James

You can say this, but then again, there is no proof. Anyway the original deal didnt say anything about this claims process. It is also not only "taking time". You are asking things from me that are partly illegal in my country (like sending a copy of my ID) and costly. I am not even sure I will get the money from you that I would have to spend forehand to get all these documents you are asking for.
Since this is a complete online operation, it is absolutely exaggerated to ask for more documents than needed for opening a bank or paypal account.
There are defenitely easier ways for you to find out our identity and assure that we are the owner of those bonds, but what you are asking is just one step away from asking to come by personally and sign whatever it takes.
Your lack of understanding that this is not what people agreed to when they gave you money in the first time, shows that you dont even care about those people who financed your operation and only want your own ass saved.

What is the percentage of payouts you are actually sending and what is your excuse for keeping the rest of the money people trusted you with, people that cant provide the things you are asking for, for different reasons? Again I say there is a word for it: theft!
It should be you who does everything possible to get your suffering supporters paid and not us to spend extra money and time and do illegal things, just to get what is ours!

[jamesg]

You can say this, but then again, there is no proof.

I have a spreadsheet of everyone Quentin has communicated with along with what they have or have not sent in. If you would have taken the time to email me, I could have checked the list to see what is going on.

Anyway the original deal didnt say anything about this claims process. 

The original deal also doesn't have your name on it. I am trying to help you get assigned what is yours. I would like to help you, just email me.

If you would like to see the original contract, you can find it here -> https://virtualprocessingsolutions.com/faq

It is also not only "taking time". You are asking things from me that are partly illegal in my country (like sending a copy of my ID) and costly.

I have specifically hired counsel to make sure this process is done correctly. The information is required by US Federal law for multiple reasons.

I am not even sure I will get the money from you that I would have to spend forehand to get all these documents you are asking for. 

There are multiple people who have posted in this thread that they have received all of their back payments.

Since this is a complete online operation, it is absolutely exaggerated to ask for more documents than needed for opening a bank or paypal account.
There are defenitely easier ways for you to find out our identity and assure that we are the owner of those bonds, but what you are asking is just one step away from asking to come by personally and sign whatever it takes.

If you know of a way to create legally binding documents across international borders that prove who you are and is not what the claims process is, I would like to hear your plan.

Your lack of understanding that this is not what people agreed to when they gave you money in the first time, shows that you dont even care about those people who financed your operation and only want your own ass saved.

Without VPS continuing, nobody gets paid. I'm not sure how you don't see that.

What is the percentage of payouts you are actually sending and what is your excuse for keeping the rest of the money people trusted you with, people that cant provide the things you are asking for, for different reasons? Again I say there is a word for it: theft!

If I was trying to scam Gigaminers, why would I still be here? Why would I not just do what every other now known scammer has done and stopped communicating? Why would I hire a lawyer? Why would I offer Teramining?

Could it possibly be that I want to continue with what we've started here?

I'm sorry if you feel that I am not doing everything that I can to help you. If you email me, I can look at the documentation that I have and we'll see what I can do.

Best,
James

[2GOOD]

If you know of a way to create legally binding documents across international borders that prove who you are and is not what the claims process is, I would like to hear your plan.

Best,
James

Let me answer this one.... DIGITAL SIGNATURE !!!

[Sukrim]

If you know of a way to create legally binding documents across international borders that prove who you are and is not what the claims process is, I would like to hear your plan.

Best,
James

Let me answer this one.... DIGITAL SIGNATURE !!!

Seconded, I can digitally sign any pdf in legal binding form...

[Audriux9]

If you know of a way to create legally binding documents across international borders that prove who you are and is not what the claims process is, I would like to hear your plan.

Best,
James

Let me answer this one.... DIGITAL SIGNATURE !!!

Seconded, I can digitally sign any pdf in legal binding form...

Same here...

[SAC]

If I was trying to scam Gigaminers, why would I still be here? Why would I not just do what every other now known scammer has done and stopped communicating? Why would I hire a lawyer? Why would I offer Teramining?

Could it possibly be that I want to continue with what we've started here?

Of course you want to continue it has been easy money fleeced from these people already, I notice it is extra BTC you are now trying to take in from these people yet again.

[smoothie]

If I was trying to scam Gigaminers, why would I still be here? Why would I not just do what every other now known scammer has done and stopped communicating? Why would I hire a lawyer? Why would I offer Teramining?

Could it possibly be that I want to continue with what we've started here?

Of course you want to continue it has been easy money fleeced from these people already, I notice it is extra BTC you are now trying to take in from these people yet again.

He doesnt see it that way. He is offering a community service by doing what he does lol.

How are those 4 mini rigs coming Giga?

LOL!

[GeoRW]

If I was trying to scam Gigaminers, why would I still be here? Why would I not just do what every other now known scammer has done and stopped communicating? Why would I hire a lawyer? Why would I offer Teramining?

Could it possibly be that I want to continue with what we've started here?

Of course you want to continue it has been easy money fleeced from these people already, I notice it is extra BTC you are now trying to take in from these people yet again.

Guess what his lawyer advised him to respond to these kind of questions 

[jamesg]

To all Gigaminers:

Today's payment has been sent out to all verified claimants. I have also spoken with Quentin this morning and he is in the process of getting me an updated verified claims list and responding to those who have questions. I should have the list before the end of the day so any new accounts should be setup tomorrow.

Have a good week.

Best,
James

[Naelr]

To all Gigaminers:

Today's payment has been sent out to all verified claimants. I have also spoken with Quentin this morning and he is in the process of getting me an updated verified claims list and responding to those who have questions. I should have the list before the end of the day so any new accounts should be setup tomorrow.

Have a good week.

Best,
James

James,

When these get setup will those of us who are newly setup get paid immediately or do we have to wait for next Monday?

thanks.