Gigamining / Teramining

[bitlane]

gigavps is easily one of the, if not THE most trusted (maybe not liked, but trusted none the less) users on this forum and to take a shot at him like that is low.

I do however feel that with recent events, people might be getting in too deep over their heads with Butterfly Labs and the shitstorm they have unleashed on the community as of late.

giga, I might not be your biggest fan, but I respect what you do. All I ask is that you be careful and consider the endgame with BFL.

bitlane.

[DILLIGAF]

Thank you Giga.

Your words sounds like fresh air here, you know how to transmit confidence to your investors.

That is why they call them confidence men they are good at it.

Unlike certain trolls who aren't even very good at trolling

That would be statement of fact on the ponzi he is running right now with this venture and that is what they call people who do that.

Who is running a ponzi

I don't understand ...

No doubt not many around here do understand basic math or logic. This venture here since it does not have 200gh/s running to pay out btc from that hash rate is one. It has a claimed 45-50gh/s running so in order to pay out the btc on what was originally a 100gh/s bond those btc have to be coming from a source other than hashing as it is impossible to pay out 100 or 200gh/s from at most 50gh/s. The most likely source is the suckers investors who purchased the bond paying themselves out of their own btc already given, the classic definition of a ponzi scam.

[bulanula]

Thank you Giga.

Your words sounds like fresh air here, you know how to transmit confidence to your investors.

That is why they call them confidence men they are good at it.

Unlike certain trolls who aren't even very good at trolling

That would be statement of fact on the ponzi he is running right now with this venture and that is what they call people who do that.

Who is running a ponzi

I don't understand ...

No doubt not many around here do understand basic math or logic. This venture here since it does not have 200gh/s running to pay out btc from that hash rate is one. It has a claimed 45-50gh/s running so in order to pay out the btc on what was originally a 100gh/s bond those btc have to be coming from a source other than hashing as it is impossible to pay out 100 or 200gh/s from at most 50gh/s. The most likely source is the suckers investors who purchased the bond paying themselves out of their own btc already given, the classic definition of a ponzi scam.

It is pretty strange as you mention, I have to agree. The guy claims this in OP

"- I currently run 33Gh in GPUs (undervolted and underclocked to 28.5Gh for the summer)
- I also run 15 Butterfly Labs singles @ 12.45Gh" but checking the farm status only shows 14 ghash/s LOL

and to my knowledge this has not been explained. Could it be that he is paying the dividents after investing the bonds in pirate's operation and the divident is coming from there and not from mining Not amusing anyone of anything just relevant discussion.

[Lumpy]

BFL Singles/GPUs:

http://gigamining.com/mgpumon/

GPUs:

http://wa.gigamining.com:81/mgpumon/

That accounts for 35 Gh/s. I know there was a data center move somewhere in there--perhaps there are other GPUs mining without showing a status page?

As for the remaining Gh/s up to 200 Gh/s... quite a few of the mining bonds sold here are with the intent to use the funds from the bonds to purchase equipment. NASTY, for a recent example. When the mini rigs arrive, Gigamining should be up to speed. Is it unreasonable to pay out dividends in the meantime? Not necessarily.

[Otoh]

To all interested parties:

...

That being said, I am considering creating a new security, where holders of gigamining could volunteer to upgrade their gigamining bonds to the new bond, plus a fee. This would both keep the existing gigamining contract intact and would allow for an upgrade path for those interested in doing so.

All of this is still many months away, so until then, gigamining will remain at 5Mh/s. When the mini rigs arrive, we will still celebrate with 110% coupon payments for three weeks. Looking beyond, gigamining will continue to be both the largest and best perpetual mining bond in existence.

Best regards,
gigavps

I recently started to invest in gigamining after being impressed by your handling of the BFL Single auction, I bought in for 500 bonds between 1.44 & 1.38, I'd like to continue investing long term & an upgrade for a fee to new bonds, a bit like BFL is offering by discounting previous outdated products against new orders for the next gen ones seems to me the fairest way to go in the interests of your existing investors & continuing good will, thanks for today's div of 2.225% per week on present bonds. (just under 2.1% return on present value or around 1.58% return per week atm on the average price that I paid - which I am fine with).

[jamesg]

I recently started to invest in gigamining after being impressed by your handling of the BFL Single auction, I bought in for 500 bonds between 1.44 & 1.38, I'd like to continue investing long term & an upgrade for a fee to new bonds, a bit like BFL is offering by discounting previous outdated products against new orders for the next gen ones seems to me the fairest way to go in the interests of your existing investors & continuing good will

Hi Otoh,

I have already reserved the ticker symbol TERAMINING exactly for this event. Obviously, we need to know a lot more before the final plan is in place but what I have outlined is what I think should happen. There is a lot of time between now and then though, so gigamining will continue to make coupon payments.

Best,
gigavps

[OgNasty]

quite a few of the mining bonds sold here are with the intent to use the funds from the bonds to purchase equipment. NASTY, for a recent example.

NASTY is a share of a mining company, and not a bond.  Although I understand the confusion in the way the IPO was structured to be 1MH/s per share.   

https://bitcointalk.org/index.php?topic=86854.msg972853#msg972853

[Lumpy]

OgNasty -- poor choice of language on my part. Nothing at all against your IPO -- all I meant is that it isn't uncommon to see startups buy needed equipment after the IPO.

Giga -- any chance for a status page showing the remaining GPUs?

[jamesg]

Giga -- any chance for a status page showing the remaining GPUs?

Hi Lumpy,

There are two status pages for the time being:

http://gigamining.com/mgpumon/ & http://wa.gigamining.com:81/mgpumon/

Both of these pages are linked from http://gigamining.com

There are still 5 rigs offline in WA as the move did not go so well for them. They should be coming back online once some other items are taken care of out there.

Since the mini rigs did not show up when they were supposed to out in WA, they will reside here in FL for a while.

Best,
gigavps

[DILLIGAF]

Thank you Giga.

Your words sounds like fresh air here, you know how to transmit confidence to your investors.

That is why they call them confidence men they are good at it.

Unlike certain trolls who aren't even very good at trolling

That would be statement of fact on the ponzi he is running right now with this venture and that is what they call people who do that.

Who is running a ponzi

I don't understand ...

No doubt not many around here do understand basic math or logic. This venture here since it does not have 200gh/s running to pay out btc from that hash rate is one. It has a claimed 45-50gh/s running so in order to pay out the btc on what was originally a 100gh/s bond those btc have to be coming from a source other than hashing as it is impossible to pay out 100 or 200gh/s from at most 50gh/s. The most likely source is the suckers investors who purchased the bond paying themselves out of their own btc already given, the classic definition of a ponzi scam.

It is pretty strange as you mention, I have to agree. The guy claims this in OP

"- I currently run 33Gh in GPUs (undervolted and underclocked to 28.5Gh for the summer)
- I also run 15 Butterfly Labs singles @ 12.45Gh" but checking the farm status only shows 14 ghash/s LOL

and to my knowledge this has not been explained. Could it be that he is paying the dividents after investing the bonds in pirate's operation and the divident is coming from there and not from mining Not amusing anyone of anything just relevant discussion.

7% cannot make up for a 50% shortfall on a 100gh/s bond let alone the 200 it now is.

[yochdog]

Thank you Giga.

Your words sounds like fresh air here, you know how to transmit confidence to your investors.

That is why they call them confidence men they are good at it.

Unlike certain trolls who aren't even very good at trolling

That would be statement of fact on the ponzi he is running right now with this venture and that is what they call people who do that.

Who is running a ponzi

I don't understand ...

No doubt not many around here do understand basic math or logic. This venture here since it does not have 200gh/s running to pay out btc from that hash rate is one. It has a claimed 45-50gh/s running so in order to pay out the btc on what was originally a 100gh/s bond those btc have to be coming from a source other than hashing as it is impossible to pay out 100 or 200gh/s from at most 50gh/s. The most likely source is the suckers investors who purchased the bond paying themselves out of their own btc already given, the classic definition of a ponzi scam.

It is pretty strange as you mention, I have to agree. The guy claims this in OP

"- I currently run 33Gh in GPUs (undervolted and underclocked to 28.5Gh for the summer)
- I also run 15 Butterfly Labs singles @ 12.45Gh" but checking the farm status only shows 14 ghash/s LOL

and to my knowledge this has not been explained. Could it be that he is paying the dividents after investing the bonds in pirate's operation and the divident is coming from there and not from mining Not amusing anyone of anything just relevant discussion.

7% cannot make up for a 50% shortfall on a 100gh/s bond let alone the 200 it now is.

this really is not rocket science.....

Giga pre-sold against future production to fund the purchase of the mini-rigs.  He expected delivery a couple weeks ago, and can easily make the payments on the promised 200 GH/s out of the proceeds he took in from the bond offering.  Keep in mind he sold these things at $1 per MH and above.....which seems ludicrous to me when you can buy the damn mini-rig for closer to $.60 per MH on your own.....but whatever floats your boat.  

Considering he clears a profit on EVERY bond sold, he can make the coupon payments from thos profits for some time while BFL drags ass on delivery (like always).

I wish I was as clever....I would buy as many MH/s as I could at $.60/MH and sell them at $1.00/MH all day long.  Pure profit.  

[DILLIGAF]

Thank you Giga.

Your words sounds like fresh air here, you know how to transmit confidence to your investors.

That is why they call them confidence men they are good at it.

Unlike certain trolls who aren't even very good at trolling

That would be statement of fact on the ponzi he is running right now with this venture and that is what they call people who do that.

Who is running a ponzi

I don't understand ...

No doubt not many around here do understand basic math or logic. This venture here since it does not have 200gh/s running to pay out btc from that hash rate is one. It has a claimed 45-50gh/s running so in order to pay out the btc on what was originally a 100gh/s bond those btc have to be coming from a source other than hashing as it is impossible to pay out 100 or 200gh/s from at most 50gh/s. The most likely source is the suckers investors who purchased the bond paying themselves out of their own btc already given, the classic definition of a ponzi scam.

It is pretty strange as you mention, I have to agree. The guy claims this in OP

"- I currently run 33Gh in GPUs (undervolted and underclocked to 28.5Gh for the summer)
- I also run 15 Butterfly Labs singles @ 12.45Gh" but checking the farm status only shows 14 ghash/s LOL

and to my knowledge this has not been explained. Could it be that he is paying the dividents after investing the bonds in pirate's operation and the divident is coming from there and not from mining Not amusing anyone of anything just relevant discussion.

7% cannot make up for a 50% shortfall on a 100gh/s bond let alone the 200 it now is.

this really is not rocket science.....

Giga pre-sold against future production to fund the purchase of the mini-rigs.  He expected delivery a couple weeks ago, and can easily make the payments on the promised 200 GH/s out of the proceeds he took in from the bond offering.  Keep in mind he sold these things at $1 per MH and above.....which seems ludicrous to me when you can buy the damn mini-rig for closer to $.60 per MH on your own.....but whatever floats your boat.  

Considering he clears a profit on EVERY bond sold, he can make the coupon payments from thos profits for some time while BFL drags ass on delivery (like always).

I wish I was as clever....I would buy as many MH/s as I could at $.60/MH and sell them at $1.00/MH all day long.  Pure profit.  

And by your wording of it here that is a ponzi paying out from the takings in and will continue to be so until the supposed purchase of the 200gh/s arrives and is hashing away. And I agree hell of a deal for him not going to be so much of deal for the bond holders when all these ASICs hit the market and people watch the hashing power bought diminish to next to nothing when the inevitable massive diff rise kicks in..

[yochdog]

this really is not rocket science.....

Giga pre-sold against future production to fund the purchase of the mini-rigs.  He expected delivery a couple weeks ago, and can easily make the payments on the promised 200 GH/s out of the proceeds he took in from the bond offering.  Keep in mind he sold these things at $1 per MH and above.....which seems ludicrous to me when you can buy the damn mini-rig for closer to $.60 per MH on your own.....but whatever floats your boat.  

Considering he clears a profit on EVERY bond sold, he can make the coupon payments from thos profits for some time while BFL drags ass on delivery (like always).

I wish I was as clever....I would buy as many MH/s as I could at $.60/MH and sell them at $1.00/MH all day long.  Pure profit.  

Er ... am I mistaken or is a GIGA bond worth 5 MH/s ?

Errr....am I mistaken that 1 BTC = about $6.00?  $6/5MH = OVER $1 per MH.  

The maths are hard around here.  

[jamesg]

1 BTC = about $6.00?  $6/5MH = OVER $1 per MH.

yochdog is very good at math.

[yochdog]

this really is not rocket science.....

Giga pre-sold against future production to fund the purchase of the mini-rigs.  He expected delivery a couple weeks ago, and can easily make the payments on the promised 200 GH/s out of the proceeds he took in from the bond offering.  Keep in mind he sold these things at $1 per MH and above.....which seems ludicrous to me when you can buy the damn mini-rig for closer to $.60 per MH on your own.....but whatever floats your boat.  

Considering he clears a profit on EVERY bond sold, he can make the coupon payments from thos profits for some time while BFL drags ass on delivery (like always).

I wish I was as clever....I would buy as many MH/s as I could at $.60/MH and sell them at $1.00/MH all day long.  Pure profit.  

Er ... am I mistaken or is a GIGA bond worth 5 MH/s ?

Errr....am I mistaken that 1 BTC = about $6.00?  $6/5MH = OVER $1 per MH.  

The maths are hard around here.  

My bad. Didn't see the $ sign. Not used to count things in fiat anymore.

Honest mistake.....I have done worse!

[Cablez]

Since the mini rigs did not show up when they were supposed to out in WA, they will reside here in FL for a while.

Best,
gigavps

So does this mean that you have finally taken delivery of your January orders?  I have been waiting patiently for you to get them first before diving in.

[jamesg]

So does this mean that you have finally taken delivery of your January orders?  I have been waiting patiently for you to get them first before diving in.

Hi Cablez,

I've had a confirmed delivery date of Wednesday for the first 4 mini rigs. I have also talked with luke-jr and he is working on updating cgminer to work with the new controller for the mini rigs.

Things are coming together slowly but they are coming together.

Best,
gigavps

[imsaguy]

this really is not rocket science.....

Giga pre-sold against future production to fund the purchase of the mini-rigs.  He expected delivery a couple weeks ago, and can easily make the payments on the promised 200 GH/s out of the proceeds he took in from the bond offering.  Keep in mind he sold these things at $1 per MH and above.....which seems ludicrous to me when you can buy the damn mini-rig for closer to $.60 per MH on your own.....but whatever floats your boat.  

Considering he clears a profit on EVERY bond sold, he can make the coupon payments from thos profits for some time while BFL drags ass on delivery (like always).

I wish I was as clever....I would buy as many MH/s as I could at $.60/MH and sell them at $1.00/MH all day long.  Pure profit.  

Er ... am I mistaken or is a GIGA bond worth 5 MH/s ?

Errr....am I mistaken that 1 BTC = about $6.00?  $6/5MH = OVER $1 per MH.  

The maths are hard around here.  

* imsaguy pulls out his TI 89.

[bulanula]

So, let me get this right : what is going to happen when the ASIC pulls up and all these bonds will be totally worthless ?

Can you upgrade to say a 500 mhash/s bond then when the speeds are measured in TH/s instead of GH/s ?

Thanks !

[jamesg]

So, let me get this right : what is going to happen when the ASIC pulls up and all these bonds will be totally worthless ?

Can you upgrade to say a 500 mhash/s bond then when the speeds are measured in TH/s instead of GH/s ?

Thanks !

Hi bulanula,

Please see the quote below for clarification.

Best regards,
gigavps

That being said, I am considering creating a new security, where holders of gigamining could volunteer to upgrade their gigamining bonds to the new bond, plus a fee. This would both keep the existing gigamining contract intact and would allow for an upgrade path for those interested in doing so.

All of this is still many months away, so until then, gigamining will remain at 5Mh/s. When the mini rigs arrive, we will still celebrate with 110% coupon payments for three weeks. Looking beyond, gigamining will continue to be both the largest and best perpetual mining bond in existence.