Gigamining / Teramining

[Puppet]

Dont worry, Im sure giga will offer you an upgrade to 'petamining' based on BFL monarchs that will ship in autumn 2014.

[1713948165]

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[1713948165]

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[1713948165]

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[randomguy7]

Do the individuals who went through the claim process get a bonus from the leftover coins?

Individuals who went though the claims process get the benefit of getting paid.

Leftover coins are stored for when people claim. More people have come out of the woodwork and are claiming as I type this.

So claims are not really closed are they? Do you have an estimate about the amount of btc one share results in? In an earlier post someone estimated about 0.2 btc/share, can you confirm this?

[jamesg]

So claims are not really closed are they? Do you have an estimate about the amount of btc one share results in? In an earlier post someone estimated about 0.2 btc/share, can you confirm this?

0.22 BTC per contract is about right.

[Otoh]

Interest payments are falling fast, (mine from 3.59 btc last week down to 2.50 btc this week), giga I would appreciate if you could reply to my post of a week ago, I know that others are interested to hear your answer to these changing circumstances as I was PMed after, thanks.

[jamesg]

Teramining Update

We ran at 79.85% PPS last week.

The pool has not been growing with the rest of the network lately so we are a smaller (3%) of the network currently. I am working to take the pool public at this time.

Best,
James

[jamesg]

Interest payments are falling fast, (mine from 3.59 btc last week down to 2.50 btc this week), giga I would appreciate if you could reply to my post of a week ago, I know that others are interested to hear your answer to these changing circumstances as I was PMed after, thanks.

Hi Otoh,

The contract will run its term. I have no control over variance of block rewards nor do I have control over how much other equipment has been purchased and brought onto the network. Once the term of the contract is near, I will decide what to do next.

Best,
James

[jamesg]

October Report

The average daily diff for October was 247,090,119. 

Teramining ran at 103.33% for the month. This was our best month vs PPS since Teramining started.

[jamesg]

Teramining Update

We ran at 110.77% PPS last week.

Best,
James

[jamesg]

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

And some still wonder why I took the actions that I did..... 

[kjlimo]

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

And some still wonder why I took the actions that I did..... 

Heh, basically GLBSE 2.0?  or are we on 3.0?

Good luck to all for the hassle they are about to go through...

Thanks for making it easy giga.

[jamesg]

Thanks for making it easy giga.

You are welcome.

[Phinnaeus Gage]

Interest payments down by over 50% in just the last 3 week

That is correct. the average difficulty for September was 104,550,780 while this months average difficulty is going to be over 216,654,943 which is OVER a 100% increase.

Seems that money printing devices have seen somewhere around $100m in investment come in the form of 100% pre-orders and that investment has made the difficulty jump 30% more or less each diff period.

These are the risks along with manufacturer delay and BTC price.

And the BTC price has gone up with over 30% the last week, so It's not so big loss if we get 50% less BTC from Giga-/Teramining.
The BTC price will go up even more.

It's a big loss of bitcoins, for instance, I invested a lot of coins in gigamining shares & ended up with substantially less when I claimed for the 1530 shares that I had back in Feb, I got just 245 btc in back interest instead of the thousands that I'd invested, then I paid 382 btc for the paid upgrade to teramining on giga's assurance that this time it would be different, so far it's paid 173 btc less the 70.36 btc I would have received by sticking to the free upgrade, so 103 btc gained for a 382 btc cost & interest has slowed to 3.60 btc per week falling by 50% each 3 weeks on the latest figures, I don't see how this can ever cover the cost even with giga's assurance that he somehow intends to make it right.

The only honorable thing that I see now would be if he admitted the paid upgrade was a failure for those who took it & refund the cost of it, less interest paid out, but plus the free upgrade interest, which in my case would be 382 - 173 + 70 = 279 BTC or to explain when & how he intends to make this investment right for those who have supported him all along.

The 245 btc that I got back in Feb plus the free upgrade coins of 70 btc = 315 btc, these would be some of the very few coins that I had in my cold storage after the scams of last year, like bitcoinica, GLBSE etc, instead of that I am now 279 btc down atm just from taking the paid upgrade & earning a rapidly declining interest that can never hope to recoup this.  

You're in luck! ~12 hours earlier from the time you posted the above, HashTrade made a $1M USD down payment to start up a premier data processing organization enabling all individuals to benefit from mining Bitcoins without having to purchase or operate any hardware.

Soon, possibly, you'll be able to upgrade. Rumor has it that all the Bitcoin mining rigs will be Monarchs, of which currently is all the rage.

~TMIBTCITW

[odolvlobo]

It's a big loss of bitcoins, for instance, I invested a lot of coins in gigamining shares & ended up with substantially less when I claimed for the 1530 shares that I had back in Feb, I got just 245 btc in back interest instead of the thousands that I'd invested, then I paid 382 btc for the paid upgrade to teramining on giga's assurance that this time it would be different, so far it's paid 173 btc less the 70.36 btc I would have received by sticking to the free upgrade, so 103 btc gained for a 382 btc cost & interest has slowed to 3.60 btc per week falling by 50% each 3 weeks on the latest figures, I don't see how this can ever cover the cost even with giga's assurance that he somehow intends to make it right.

The only honorable thing that I see now would be if he admitted the paid upgrade was a failure for those who took it & refund the cost of it...

James is not responsible for you poor decisions. He has kept up his end of the deal. If the paid upgrade was such a bad deal, then you should not have taken it. Take responsibility for your own failures. Stop looking for somebody to bail you out.

[Phinnaeus Gage]

Here are some facts to consider:

GLBSE allowed for individuals to create anonymous accounts.

Gigamining KNEW this going into it.

Gigamining had NO PROBLEM engaging in unregulated activities BEFORE GLBSE closed shop.

Now all of a sudden Gigamining wants to get a lawyer's help.

Gigamining KNEW that lawyers don't know shit about Bitcoin.

Gigamining now expects his shareholders to get involved with the law to get their underground money back.

Gigamining has all of the information necessary to pay all of his shareholders back without the lawyer.

Keeping in mind those facts, what is the REAL reason Gigamining is making his shareholders jump through hoops? I can understand getting the lawyer to threaten GLBSE to give up the information(although I disagree with that tactic on moral grounds) but I cannot understand the reason to continue the lawyer bullshit.

His lawyer does or, should I say, his lawyer's paralegal, sometimes referred to SME. It also helps if said paralegal is the brother-in-law of your partner in, let's say, HashTrade.

~TMIBTCITW

[BurtW]

Interesting.  I will go check it out.  Thanks Bruno!

EDIT:  OK, so I did go check it out.  It is interesting.

I suggest that since this is the Gigamining / Teramining thread that we move conversations related to HashTrade to another thread.  Can we do that?

[Otoh]

It's a big loss of bitcoins, for instance, I invested a lot of coins in gigamining shares & ended up with substantially less when I claimed for the 1530 shares that I had back in Feb, I got just 245 btc in back interest instead of the thousands that I'd invested, then I paid 382 btc for the paid upgrade to teramining on giga's assurance that this time it would be different, so far it's paid 173 btc less the 70.36 btc I would have received by sticking to the free upgrade, so 103 btc gained for a 382 btc cost & interest has slowed to 3.60 btc per week falling by 50% each 3 weeks on the latest figures, I don't see how this can ever cover the cost even with giga's assurance that he somehow intends to make it right.

The only honorable thing that I see now would be if he admitted the paid upgrade was a failure for those who took it & refund the cost of it...

James is not responsible for you poor decisions. He has kept up his end of the deal. If the paid upgrade was such a bad deal, then you should not have taken it. Take responsibility for your own failures. Stop looking for somebody to bail you out.

We shall see if he lives up to his end of the deal when we get to the end of the contract period, as for your other comments - they don't even deserve acknowledging, let alone any reply

[jamesg]

You're in luck! ~12 hours earlier from the time you posted the above, HashTrade made a $1M USD down payment to start up a premier data processing organization enabling all individuals to benefit from mining Bitcoins without having to purchase or operate any hardware.

Soon, possibly, you'll be able to upgrade. Rumor has it that all the Bitcoin mining rigs will be Monarchs, of which currently is all the rage.

~TMIBTCITW

Hi Bruno,

It was nice to meet you in Atlanta.

Just to make sure all of the facts are stated, I have been involved with the creation of HashTrade for over 6 months. In that time, we have created a business, found investors and have partnered with multiple hardware manufacturers to make sure mining stays in the hands of the many. There has been a ton of interest from the broader community since the press release from BFL arrived and we are glad so many are interested in pursuing hosted mining contracts.

As for Teramining, it will remain 24% of whatever hashrate VPS runs. This is far above and beyond anything promised in any contract and should show my resolve and loyalty towards those who have stuck with me though the last year.

Some may question my judgement in ever running a mining bond on GLBSE and they have every right to do so. But the facts of the matter are that over 90% of all contracts have been claimed, paid all back payments and are continuing to this day.

Best regards,
James

[BurtW]

James is laid up due to a bad accident.  I am sure he will get us our dividends as soon as he can.

[Epoch]

James is laid up due to a bad accident.  I am sure he will get us our dividends as soon as he can.

On a personal level I wish James a speedy recovery; on a business level I am surprised there are no contingencies in place for such occurrences. Professional businesses do not rely on people; they rely on processes.

If something happens to an individual, there should be a process in place that allows normal business operations (e.g. dividend payments) to continue. Instead, what we see here is that what happens to one individual (James) has an effect on hundreds of bondholders. If I were a bondholder I would find this concerning. I am not concerned with this specific case of dividends being late, but rather the fundamental question it raises: if James gets abducted by aliens or hit by a bus do our bonds and dividends disappear as well?

[pazor]

James is laid up due to a bad accident.  I am sure he will get us our dividends as soon as he can.

On a personal level I wish James a speedy recovery; on a business level I am surprised there are no contingencies in place for such occurrences. Professional businesses do not rely on people; they rely on processes.

If something happens to an individual, there should be a process in place that allows normal business operations (e.g. dividend payments) to continue. Instead, what we see here is that what happens to one individual (James) has an effect on hundreds of bondholders. If I were a bondholder I would find this concerning. I am not concerned with this specific case of dividends being late, but rather the fundamental question it raises: if James gets abducted by aliens or hit by a bus do our bonds and dividends disappear as well?

Simply, yes