Gigamining / Teramining

[Audriux9]

I do

Please then do not hesitate and enlighten me with your understanding

[1713961386]

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[1713961386]

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[1713961386]

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[deeplink]

I do

Please then do not hesitate and enlighten me with your understanding

I think he means people go way to easy on scammers here. I know you can't do much if the majority plays along. But in a healthy world this thread would be flooded with annoyed customers. I mean at least a post per customer per day until this is fixed. The scammer would be exposed wherever he tried to do business. Unfair behavior would not be tolerated and nobody would stop until it is fixed.

[Audriux9]

I think he means people go way to easy on scammers here. I know you can't do much if the majority plays along. But in a healthy world this thread would be flooded with annoyed customers. I mean at least a post per customer per day until this is fixed. The scammer would be exposed wherever he tried to do business. Unfair behavior would not be tolerated and nobody would stop until it is fixed.

I don't think you or Justin00 is wrong. However many things depend on different points of view. I would correct your statement a bit to make my assumption. Majority (>50%) of shareholders claimed shares back. In other words it is widely adopted principle of Democracy. According to that principle if the majority is satisfied with the situation, it creates further direction for the business. And people who did not claim shares back are the minority.

It does not matter if this thread is healthy or not, but there are always annoyed customers in any kind of business activity, in most cases there are two sides of the trade: buyer and seller, and in most cases both cannot win in a short term.

P.S. I do not have strict position if Gigavps decisions are fair or unfair, I do not have enough reputation or even competence to judge that. I did my own due diligence and evaluated my own risks. The outcome was very much positive: to spend one hundred Euro in order to get back couple of thousands Euro in BTC value (expected value of Teramining is not included) and be exposed to identity theft, alternative time cost or whatever risk I am/will be facing. Nevertheless, I would think for smaller shareholders due diligence could show completely different outcome.

[nadrimajstor]

To be fair, to put a a scammer label on somebody you need to have intention as a starting point.
In the case of gigamining I don't see clear intention.
However, James did change the rules and I'll have to wait before I made my final judgment about him. 

[deeplink]

To be fair, to put a a scammer label on somebody you need to have intention as a starting point.
In the case of gigamining I don't see clear intention.
However, James did change the rules and I'll have to wait before I made my final judgment about him. 

No, lots of people without the initial intention to scam now have scammer tags. It's just that at some point they fuck up or it becomes so lucrative to scam others they can no longer help themselves.

[Otoh]

BFL - March 28th Update from Twitter feed - All together for readability.

I had planned on updating everyone with a video of a board hashing here in KC tonight, but I haven't been able to get that together yet, so I'm probably going to have to push it off until tomorrow. We are targeting a start of shipment next week, but I'm not quite ready to commit to that at the moment giving our past estimates. It's imminent, though.

We may miss our power targets, that's been part of the hold up. we think there's a problem with the power consumption and we're trying to figure out where it's having an issue. However, in the interests of time, we are going to be shipping what we have and going back and fixing while we are shipping.

The power is still far less than any other unit, so it's not like it's somethign crazy or anything, but it's not 1w/GH and we're trying to locate the source of the power drain.

The rest of the 6 wafers, we have been holding off on the last 5 layers for the rest of the chips to be sure we don't need to make a tweak in the metal layer due to the power issue. I think we've pretty much settled that the power issue is NOT in the chip.

If the cooling becomes an issue, like I said we'd scale it back and ship multiple units.

Worst case is 195w, but the power systems aren't rated to handle that, so we'd back off the hashrate before we'd let it get that high.

We will ship the purchased hashrate regardless of what it ends up costing us.


Source: http://www.reddit.com/r/Bitcoin/comments/1b8621/bfl_update_maybe_a_video_tomorrow_shipping/ hat tips to milone & astrobleem on r/Bitcoin

See some interesting comments, like:

...which is a nice perk for those very early pre-orders. Plug in your own power supply and get two for the price of one if you don't mind monkeying around with it on your own.

... they're going to underclock the fully populated boards for the SC singles. So, if you were an early pre-order, you have basically two full units ready to go if you want to plug in a bigger power supply and hope you don't burn the boards out too fast.

Edit to add: Estimated next difficulty: 7248349 (+8.3%) in 7 days and 15.2 hours

Edit to add: Butterfly Labs (BFL) Bitforce SC ASIC Test 

[johnlu]

gigavps,

are you being told when your order is shipped? I'd like to upgrade my shares right before you get BFL stuff on your hands. Also, I'd like you to keep us updated about every new event.

Thanks.

[2GOOD]

No orders shipped yet, and probably none will be till the end of the week.

[johnlu]

gigavps,

are you being told when your order is shipped? I'd like to upgrade my shares right before you get BFL stuff on your hands. Also, I'd like you to keep us updated about every new event.

Thanks.

No orders shipped yet, and probably none will be till the end of the week.

Thanks 2GOOD, but it's supposed to be gigavps who answers those questions I made.

I think people who claimed and are waiting for teramining upgrade should know when he receives BFL machines. I'm upgrading right before he receives them, I can't do this if he doesn't give us this information.

[Otoh]

https://forums.butterflylabs.com/blogs/luke-jr/118-my-first-asics.html

Announcement - ASIC mining processor by Butterfly Labs, thread

[Lucidize]

gigavps,

are you being told when your order is shipped? I'd like to upgrade my shares right before you get BFL stuff on your hands. Also, I'd like you to keep us updated about every new event.

Thanks.

I would also like to do it this way. For me it's the sensible thing to do.

[vrtrasura]

I would be happy with selling my rights to my claim, but it was expressly stated that would be not be honored by Giga.  I wouldn't be complaining if there was any other solution offered, but everything suggested has been expressly shut down already.  This is me compromising: I understand that BTC has gone up in price since we bought, I understand our funds were most likely converted to USD to buy hardware.  That's why I personally would be fine with taking a USD equivalent of my investment rather than the actual BTC as a refund.  I think James has been pretty clear that going through the claim is the only thing he will accept.  I expect a reply to this with a "make a claim you will get paid" post.

I will be publishing a few things in the next couple of weeks that will demonstrate both what has happened to date, my thoughts on the situation and how we will move forward. I have wanted to give time for the claims process to work, which has happened, and I will be giving more suggestions for the way forward.

Not a single day goes by that I do not think about the past months and the heartache that it has caused those who cannot or have not claimed. It is my top priority to make sure gigamining and teramining remain intact so that plans can be made for a day when the regulatory environment is better understood.

Please bear with me as this is the busiest time in my businesses short history.

Best,
James

It's been a month.  No update from James.  So James, what is the plan?  Where is the published plan of how to move forward and the claims stats? 

[toffoo]

It's been a month.  No update from James.

He must be busy ... not installing his new BFL ASIC rigs.

[jamesg]

It's been a month.  No update from James.  So James, what is the plan?  Where is the published plan of how to move forward and the claims stats? 

I did make an update a little while ago.

As of Monday, 4,520.44880453 BTC have been claimed and paid to Gigaminers. This includes 1,191 individual weekly payments made over 29 transactions through the Bitcoin network.

Since more claims come in every day, I am continuing to waiting to release more stats. Doesn't make much sense to release number that continue to change every week.

With the recent rise in BTC prices, more claims are coming in. Claims had slowed somewhat when I originally posted about releasing the stats but this is no longer the case.

I'm hesitant to post facts/stats that are changing every week.

I've also been busy tightening up the mining pool I've built and grappling with the new power requirements for BFL ASIC devices.

[vrtrasura]

Apologies I missed that update.  That said, those stats don't show much about the unclaimed at all.  I got the impression from your post a month ago you would think about compromises or alternate options. 

[jamesg]

Apologies I missed that update.  That said, those stats don't show much about the unclaimed at all.  I got the impression from your post a month ago you would think about compromises or alternate options. 

There are no alternate options for receiving back payments or upgrading to Teramining at this time. However, in thinking about how to handle things once the claims process is done, I want to be as transparent as possible, hence the full release of the stats surrounding claims / payments and what will happen after that time has come.

We are two months from that time, so unless claims slow down again, I will wait until then to post the final results.

[vrtrasura]

Question: how do you justify denying a refund?

[ashitaka]

Has anybody sold his shares to another user privately with success? I have 85 shares and want to do it, I really don't want to make that verification process 

[randomguy7]

Has anybody sold his shares to another user privately with success? I have 85 shares and want to do it, I really don't want to make that verification process 

Wouldn't be very smart to say this in public, would it?

[ashitaka]

Has anybody sold his shares to another user privately with success? I have 85 shares and want to do it, I really don't want to make that verification process 

Wouldn't be very smart to say this in public, would it?

Sounds logical
So I'll correct myself, I don`t have 184 shares that I'm not willing to sell them so someone that has already verified himself. Don't PM me