Gigamining / Teramining

[jamesg]

you cannot just close this process. I will also claim my shares, but need another 2 weeks, due to your requirements and local issues in my country

thank you

Ok. Let me make this super clear.

Anyone who has expressed interest in claiming before yesterday (aka, contacted Quentin or myself with the intention of claiming) should be in the clear. The deadline is for those who have never contacted us nor made any attempt at claiming.

S3052, you've had 6 months to claim and rather than working with me you've only complained up to this point. As long as you've expressed interest to Quentin in claiming before today, your claim should be accepted.

[smaynard]

you cannot just close this process. I will also claim my shares, but need another 2 weeks, due to your requirements and local issues in my country

'just close'? really? Didn't we start on this redirected path in early October? Shit or get off the pot, man!

Amazing!

[jamesg]

What are the details for the unclaimed Gigamining contracts?

With the latest claims to come in, we are well over 80%. After Monday, ~5550 BTC will have been returned with continued weekly payments ongoing.

We'll have more stragglers like S3052 coming in over the next couple of weeks so the numbers should continue to rise.

[S3052]

you cannot just close this process. I will also claim my shares, but need another 2 weeks, due to your requirements and local issues in my country

thank you

Ok. Let me make this super clear.

Anyone who has expressed interest in claiming before yesterday (aka, contacted Quentin or myself with the intention of claiming) should be in the clear. The deadline is for those who have never contacted us nor made any attempt at claiming.

S3052, you've had 6 months to claim and rather than working with me you've only complained up to this point. As long as you've expressed interest to Quentin in claiming before today, your claim should be accepted.

Thanks for the reply.

I have contacted quentin on Dec 29, 2012 and have not received a reply.

It is true that I complained about the process but still have the right to my shares.  It would be great if we can bury that fight we had. The key issue is as i am in a French speaking area and have just found last week a lawyer who can help me on the paperwork. this is the truth. I will comply to your process now, even if it is costing me days and money. But again, lets bury this fight.

[randomguy7]

Looks like our "perpetual bonds" expired.

Regarding the fincen news, are there finally any updates regarding the claim process? Last thing I heard was that you wanted to look into it.

[jamesg]

Looks like our "perpetual bonds" expired.

Nothing has expired.

Regarding the fincen news, are there finally any updates regarding the claim process? Last thing I heard was that you wanted to look into it.

The fincen news and subsequent actions by the DHS against MTGOX has only proven that there is indeed need to make sure things are being done properly.

I am not able to take any other actions at this time. When I feel claims have stopped, I'll present a full report in this thread and a plan for moving forward.

[smoothie]

I am just going to leave this here. 

http://www.youtube.com/watch?v=_ERE4uiufqE

[BurtW]

I am just going to leave this here. 

http://www.youtube.com/watch?v=_ERE4uiufqE

Thanks a lot.  I laughed so hard I hurt myself.

[smoothie]

I am just going to leave this here. 

http://www.youtube.com/watch?v=_ERE4uiufqE

Thanks a lot.  I laughed so hard I hurt myself.

 

[EskimoBob]

I am just going to leave this here. 

http://www.youtube.com/watch?v=_ERE4uiufqE

Thanks a lot.  I laughed so hard I hurt myself.

Do not forget to turn on the CC.

[jamesg]

If anyone has any remaining doubts about the claims process, I would like to invite you to read article 14 of the indictment against Liberty Reserve.

http://krebsonsecurity.com/wp-content/uploads/2013/05/Liberty-Reserve-et-al.-Indictment.pdf

[EskimoBob]

If anyone has any remaining doubts about the claims process, I would like to invite you to read article 14 of the indictment against Liberty Reserve.

http://krebsonsecurity.com/wp-content/uploads/2013/05/Liberty-Reserve-et-al.-Indictment.pdf

LOL. Dude, nice FUD attempt.

[Holographic]

If anyone has any remaining doubts about the claims process, I would like to invite you to read article 14 of the indictment against Liberty Reserve.

http://krebsonsecurity.com/wp-content/uploads/2013/05/Liberty-Reserve-et-al.-Indictment.pdf

Well, to be fair, you didn't operate a business that was anything like Liberty Reserve. Your business was solely based on bitcoin, and never touched fiat. Yes, I understand that many of your expenses were in fiat, but the contract with your customers, was all about bitcoin.

I can somewhat understand that you took the "safe route" for yourself, but you need to understand that no matter how you look at it, you broke the contract and screwed a lot of people.

Having said that, I myself have made the claim. After careful consideration, I felt that was the best option for me, and the process turned out quick, free and painless. Many others might not have the same experience though, and those guys are screwed. That's just the truth.

Also, I have a question:

I bought perpetual shares in Gigamining. Can I just stay with gigamining and not upgrade to the time limited Teramining? Of course, you would be welcome to buy my shares back at last traded price on glbse to end the contract

[boonies4u]

If anyone has any remaining doubts about the claims process, I would like to invite you to read article 14 of the indictment against Liberty Reserve.

http://krebsonsecurity.com/wp-content/uploads/2013/05/Liberty-Reserve-et-al.-Indictment.pdf

Here is a recording of the press conference the feds gave on the seizure of Liberty Reserve and the arrests of their operators/employees. They specifically state that the persecution of LR does not translate to other virtual currencies such as bitcoin, though they do stress the importance of KYC and AML policies and hope that those who need to enforce them do. They even speak of virtual currencies in a good light.

While I understand why Giga is doing what he's doing... I doubt he would be under fire for the same things LR was guilty of. They are entirely different businesses.

https://mega.co.nz/#!sx9hgSAZ!DUlH_2XgDREoxAud5-NomhfFP0ReCuTdOqP3SvaOSsQ

[jamesg]

Well, to be fair, you didn't operate a business that was anything like Liberty Reserve. Your business was solely based on bitcoin, and never touched fiat. Yes, I understand that many of your expenses were in fiat, but the contract with your customers, was all about bitcoin.

While it might seem that my business is based solely in bitcoin, I am still dealing with customer accounts and BTC payments to those accounts. In order to report your income from these payments, I have a duty (mandated by Federal Law) to know who you are and verify that the information is correct. Just because GLBSE didn't do it (or any other current exchange) doesn't mean it is not supposed to be done.

Regulatory compliance was one of the biggest topics at the Bitcoin 2013 conference for good reason. All of the BTC services you see around you today that are not complying, will probably not be around in a couple years. They will collapse to the same fate as Liberty Reserve.

I can somewhat understand that you took the "safe route" for yourself, but you need to understand that no matter how you look at it, you broke the contract and screwed a lot of people.

The safe route was taken for everyone involved. If I'm not around, who's going to keep paying out weekly mining earnings let alone keep the mining equipment running, fix the pool software, pay taxes for the business, give you your 1099 at the end of the year?

Having said that, I myself have made the claim. After careful consideration, I felt that was the best option for me, and the process turned out quick, free and painless. 

Thanks for claiming. I am glad I can continue to serve you.

I bought perpetual shares in Gigamining. Can I just stay with gigamining and not upgrade to the time limited Teramining?

You are free to not upgrade if you chose. I have setup my business systems to keep both contracts going.

Of course, you would be welcome to buy my shares back at last traded price on glbse to end the contract

As I have said many times before, I will follow Meni's lead on repurchases if and when he decides to offer a buy back.

[wizer]

I just filed my claim today. I expect that it will accepted as you said Thursday in an earlier post.

I was a bit of hassle but relatively painless, as my bank had a notary on the premises. I didnt want to jump through hoops as well but with current btc prices it would have been like throwing money away

[Holographic]

Thank you for the answers gigavps, I appreciate it. It did actually help me understand why you have handled this the way you have.

I also believe that regulatory compliance is important for the future of bitcoin, and I agree you did the right thing in moving forward. I just don't think there was anything stopping you from buying back the shares from those who didn't want to claim with all their personal details. I doubt anyone would come after you for returning customers funds, and THEN starting your fully regulated and compliant business for those willing. Oh well, water under the bridge I guess. It just turned out to be a bad investment for me, but that just happens sometimes.

To other gigaminers: Has anyone actually made a profit from investing in gigamining, or expect to make a profit through the free or paid upgrade paths? Unfortunately, no matter how I run the numbers, I just can't see that ever happening for me. I guess it all depends on your entry point. Mine was around 1 BTC per share.

On that note: When can we expect the upgrade option to become available again? And is there a thread/post outlining the actual numbers for the free and paid options?

[jamesg]

Thank you for the answers gigavps, I appreciate it. It did actually help me understand why you have handled this the way you have.

I'm glad I could help. Have things gone perfectly? NO. But I am still here and I am still doing everything I can to make sure things keep moving in the forward direction.

When can we expect the upgrade option to become available again?

When BFL has delivered enough of the 10.5Th/s on order to make room for more Teraminers.

And is there a thread/post outlining the actual numbers for the free and paid options?

https://bitcointalk.org/index.php?topic=75802.msg1454137#msg1454137

The upgrade price is .25 BTC per Gigamining contract instead of .29 BTC.

[boonies4u]

Assuming  1 Order = 1 Shipment... how many individual shipments are you expecting?

[EskimoBob]

... To other gigaminers: Has anyone actually made a profit from investing in gigamining, or expect to make a profit through the free or paid upgrade paths? Unfortunately, no matter how I run the numbers, I just can't see that ever happening for me. I guess it all depends on your entry point. Mine was around 1 BTC per share.

On that note: When can we expect the upgrade option to become available again? And is there a thread/post outlining the actual numbers for the free and paid options?

yes, but only one "investor" and this name is gigavps. He has made a huge assload of coin (and now is underwriting house loans to people etc https://bitcointalk.org/index.php?topic=75802.msg2233884#msg2233884 ). Rest of the investors have probably earned close to nothing.

I was one of those fools who thought it was good idea at the beginning Then,  I did my homework and realized - investing to btc mining via perpetual bonds  turds  is really stupid idea. (I call it mining turds, because they are almost like Floating Rate Notes (FRN) aka floaters - hence the name "turd" (see noun http://onlineslangdictionary.com/meaning-definition-of/floater).
For additional entertainment, see "Weekly loss of N% guaranteed - Enjoy perpetual loss with fixed Mh/s mining turds" from 2012 August.

Investing in a fixed rate mining turds is like betting against the rise of difficulty. LOL, I dumped all the mining turds I had.
I recall how Diablo was buying that crap up to become the largest miner and build his solar farm or what ever his delusion was at that time, while driving DMC price down down down. BTW, DMC managed to lose more in % than defaulted crap sold to BTC community by scammer Trendon Shavers and his sock puppets. (DMC -98%, scammer Trendon Shavers PT -75% or something)
 
BTW, gigamining price did actually relatively well (lost less than others) on GLBSE. Not because he managed to earn more coin to "turd" holders with rigs investors had bought for him, but because he kept spinning cleaver and slippery PR bull shit and this ugly upgrade scam. Guess what... here we are today.
 
This investment only makes sense to those, who truly believe BTC difficulty will start dropping or stand still after the BFL and other ASIC really hit the market.

Good luck and enjoy your ride to glory.