Gigamining / Teramining

[MrTeal]

Gotcha.

Giga is going to clear 100K for doing nothing more than buying hashes at $.60 per MH/s, and selling them at $1.20 per MH/s. 

Insanely jealous does not begin to describe my feelings!

Sure if you don't mind running a ponzi which last time I checked was illegal...

Why do you keep calling it a Ponzi?

You keep using that word. I do not think it means what you think it means.

If I run a coal company and issue a bond to fund a future mine, does that mean I'm running a Ponzi in order to raise capital to fund said future mine?

For that matter, do you consider government bonds a Ponzi, since they rely on future productivity to pay out the dividends on the bonds?

[sadpandatech]

Giga is going to clear 100K for doing nothing more than buying hashes at $.60 per MH/s, and selling them at $1.20 per MH/s.  

Insanely jealous does not begin to describe my feelings!

"nothing more" and having the foresight to envision such an endeavour functioning profitably!  Jealous too, I are. ;p



@DILLIGAF, I'd give ya anything else, and Giga is certainly not a foolhardy businessman. But a ponzi? Even if any of the prescribed situations are true, to label it a ponzi would require the forethought to structure it as such. I just don't see it.

[yochdog]

Giga is going to clear 100K for doing nothing more than buying hashes at $.60 per MH/s, and selling them at $1.20 per MH/s.  

Insanely jealous does not begin to describe my feelings!

"nothing more" and having the foresight to invision such an endeavour functioning profitably!  Jealous too, I are. ;p



@DILLIGAF, I'd give ya anything else, and Giga is certainly not a foolhardy businessman. But a ponzi? Even if any of the prescribed situations are true, to label it a ponzi would require the forethought to structure it as such. I just don't see it.

It really is obvious in hindsight....wish I had seen it sooner. 

The only way Giga could get hurt on this is if difficulty plunged.....which seems preposterous with the coming technology changes. 

He went massively short on the value of hashes, and is gonna get PAID. 

[ciuciu]

I'm pretty sure, he will have big competition. The best for him will be to stay out of mining.

Giga is going to clear 100K for doing nothing more than buying hashes at $.60 per MH/s, and selling them at $1.20 per MH/s.  

Insanely jealous does not begin to describe my feelings!

"nothing more" and having the foresight to invision such an endeavour functioning profitably!  Jealous too, I are. ;p



@DILLIGAF, I'd give ya anything else, and Giga is certainly not a foolhardy businessman. But a ponzi? Even if any of the prescribed situations are true, to label it a ponzi would require the forethought to structure it as such. I just don't see it.

It really is obvious in hindsight....wish I had seen it sooner. 

The only way Giga could get hurt on this is if difficulty plunged.....which seems preposterous with the coming technology changes. 

He went massively short on the value of hashes, and is gonna get PAID. 

[sadpandatech]

I'm pretty sure, he will have big competition. The best for him will be to stay out of mining.

Are you saying that come trade in time that he should cash in his chips and seek the next venture?

[ciuciu]

It might cross his mind. I'm sure he will do what is best for him.

I'm pretty sure, he will have big competition. The best for him will be to stay out of mining.

Are you saying that come trade in time that he should cash in his chips and seek the next venture?

[rjk]

Please don't top-post. Top-posting is for emails.

[ciuciu]

May I ask why? I find it easier.

Please don't top-post. Top-posting is for emails.

[rjk]

A forum reads top-to-bottom, like any website.

[ciuciu]

Then I will make it my trademark, so you can stop reading it.  

May I ask why? I find it easier.

You're the only one who does.
And reading your posts is a PITA because of it.

[ciuciu]

Then I will make it my trademark, so you can stop reading it.  

May I ask why? I find it easier.

You're the only one who does.
And reading your posts is a PITA because of it.

Welcome to my ignore list

Don't make my cry! You jump to fast to conclusions, settle down.

[sadpandatech]

Then I will make it my trademark, so you can stop reading it.  

May I ask why? I find it easier.

You're the only one who does.
And reading your posts is a PITA because of it.

Welcome to my ignore list

Don't make my cry! You jump to fast to conclusions, settle down.

yea, umadbroZnort? He was just playin', m8 ;p

[sunnankar]

It really is obvious in hindsight....wish I had seen it sooner. 

The only way Giga could get hurt on this is if difficulty plunged.....which seems preposterous with the coming technology changes. 

He went massively short on the value of hashes, and is gonna get PAID. 

GIGA has taken on significant risk and the profit, if any, he earns the the reward for combining capital and labor in his entrepreneurial endeavor.

There are still significant risk factors which he has not yet completely overcome, besides just difficulty plunging as you point out, so to presume he is going to get paid is not necessarily a correct assertion.

For example, the hardware could fail and the warrant either not be effective or BFL could fail to perform on it.

But there are other larger risks that I can see.

[DILLIGAF]

It really is obvious in hindsight....wish I had seen it sooner. 

The only way Giga could get hurt on this is if difficulty plunged.....which seems preposterous with the coming technology changes. 

He went massively short on the value of hashes, and is gonna get PAID. 

GIGA has taken on significant risk and the profit, if any, he earns the the reward for combining capital and labor in his entrepreneurial endeavor.

There are still significant risk factors which he has not yet completely overcome, besides just difficulty plunging as you point out, so to presume he is going to get paid is not necessarily a correct assertion.

For example, the hardware could fail and the warrant either not be effective or BFL could fail to perform on it.

But there are other larger risks that I can see.

He has already taken in at least $200k from the bonds issued four boxes so far $60k so $140k in his pocket minus the ponzi payments over the last few months, the profit has already been made in his pocket/BTC wallet with no risk as it was other peoples money who paid for it all..

[bulanula]

It really is obvious in hindsight....wish I had seen it sooner. 

The only way Giga could get hurt on this is if difficulty plunged.....which seems preposterous with the coming technology changes. 

He went massively short on the value of hashes, and is gonna get PAID. 

GIGA has taken on significant risk and the profit, if any, he earns the the reward for combining capital and labor in his entrepreneurial endeavor.

There are still significant risk factors which he has not yet completely overcome, besides just difficulty plunging as you point out, so to presume he is going to get paid is not necessarily a correct assertion.

For example, the hardware could fail and the warrant either not be effective or BFL could fail to perform on it.

But there are other larger risks that I can see.

He has already taken in at least $200k from the bonds issued four boxes so far $60k so $140k in his pocket minus the ponzi payments over the last few months, the profit has already been made in his pocket/BTC wallet with no risk as it was other peoples money who paid for it all..

I have to agree with this.

Gigavps is a freakin genius

gigavps, may I ask what your tested standard IQ is ? Must be over 9000 !

Stop being jellyfish about it guys, this dude rocks hard just like pirateat40 !

Best of luck giga !

[MrTeal]

He has already taken in at least $200k from the bonds issued four boxes so far $60k so $140k in his pocket minus the ponzi payments over the last few months, the profit has already been made in his pocket/BTC wallet with no risk as it was other peoples money who paid for it all..

A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation. The Ponzi scheme usually entices new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. Perpetuation of the high returns requires an ever-increasing flow of money from new investors to keep the scheme going.

Giga's operation doesn't require new investment to make it profitable. He has not used all of the capital he raised, and the business is currently operating at a loss, but that does not make it a Ponzi and is in fact very common for new businesses that are rapidly expanding. You being a jackass doesn't make Gigamining a Ponzi, it just makes it a poor investment if you paid 1+BTC/share expecting the difficulty to stay the same for a year.

[Sukrim]

Somehow I get the picture of bulanula just being that kind of kid that stands behind/next to more popular others and shouts "Way to go, pal!", "You're the best, I always knew!" and "OMG, you're so awesome!" weirding everyone out. Including the people being praised, as they don't know/care who that guy is.

Edit:
"Ponzi schemes" are usually called like this because they pay out interest from deposits. Gigamining currently does (partially) do this.

[bulanula]

Somehow I get the picture of bulanula just being that kind of kid that stands behind/next to more popular others and shouts "Way to go, pal!", "You're the best, I always knew!" and "OMG, you're so awesome!" weirding everyone out. Including the people being praised, as they don't know/care who that guy is.

Edit:
"Ponzi schemes" are usually called like this because they pay out interest from deposits. Gigamining currently does (partially) do this.

Wrong. It is part of my plan to be liked by more people and get my ignore button to normal levels again.

They call it the "shakaru effect" and I want some too instead of my current crappy "bulanula" effect.

Move on, nothing to see here.

[jamesg]

WOW.

I go on a little drive for 10 hours and I come back to 3 pages of:

• Estimations of how much money has been made / lost / ponzi'd
• Ciuciu telling me to get out of the mining game which by the way, won't happen
• DILLIGAF keepin at it, gotta admire his pit bull spirit
• Others wondering what is going to happen with Gigamining and moar speculation

What's next? Are you guys going to start suggesting that Pirateat40 and I are the same person? 

Gigamining's current state

• 1 of the 4 mini rigs died, looks to be the PSU. I have overnighted it back to BFL so they can fix it up and run some extended burn in tests.
• I still need to make a move for another 100Gh before SC comes out, more to come on this when I make a final decision. Never hurts to take your time and make sure you have all of the facts before pulling the trigger.

Gigamining's future

I have already reserved the tickers TERAMINING AND PETAMINING on glbse.com. There will be a trade up program to teramining when SC comes out. What it will look like depends on multiple factors which unless you can predict the future, we'll need to take a wait and see approach on.

Gigaminers have put a lot of trust that I would help make them returns. I take this responsibility very seriously and do not want to leave anyone behind. I know it may be hard to see for some, but there multiple angles to look at here and not all of them include dollars, btc and cents.

Best,
gigavps

[sunnankar]

Edit:
"Ponzi schemes" are usually called like this because they pay out interest from deposits. Gigamining currently does (partially) do this.

I think you and anyone else should be careful with using terms like 'Ponzi schemes', which is a reference to a criminal activity, without having a solid basis in truth for the assertion since doing otherwise could open you up to potential liability.

I have done a significant amount of due diligence on GIGA's operation, including seeing the actual hardware, and would not consider it a 'Ponzi scheme'.

Is it a 'good' investment? Well, that is a decision each individual has to make depending on their risk tolerances, risk-reward profile, etc.

The failure of the PSU is an example of risk that GIGA has taken on and owners of the bond have offloaded. If GIGA miscalculates then he loses money. If GIGA calculates correctly then there is profit. This is how capital gets efficiently allocated and price discovery plays its role.