[FEEDBACK REQUSTED] Gigamining -> Teramining Upgrade Paths

[bitcoiners]

GigaVPS is the only miner with whom I am familiar (hur hur) who is making a significant capital and operational investment in commercial-grade infrastructure.

BITBOND is another quality mining infrastructure and a larger scale than Gigavps's. If I recall Gigavps even has some equipment in one of BITBOND's facilities.

The problem I have with BITBOND is they have no intention or ability to upgrade when ASIC come.  It's a losing bet now.

[1714062692]

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[1714062692]

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[DILLIGAF]

To all interested parties:

I would like to request gigaminers and other interested parties feedback on the upgrade paths from Gigamining to Teramining. I have outlined my initial thoughts below but this is not final and could be changed based on community feedback.

I will offer a trade-up program from Gigamining to Teramining. Below is what each bond looks like from a numbers perspective:

Code:

                 GIGAMINING   TERAMINING
Total Gh/s      200Gh        4,000Gh
Mh/s per bond   5Mh/s        25Mh/s
Total bonds     40,000       160,000

You will notice that Teramining has 4 times the number of shares as Gigamining. This is to allow for both a free and paid upgrade path.

Free Upgrade Path
I will offer a 1:1 exchange of Gigamining bonds for Teramining bonds that costs nothing to upgrade. An example would be if you have 400 Gigamining bonds and don’t want to pay to upgrade, you can swap them 1:1 for Teramining bonds. This would represent a 5x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 400 Teramining bonds (10Gh).

Paid Upgrade Path
I will also offer a 1:4 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 1,600 Teramining bonds (40Gh) in return. The fee to upgrade will be .25 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 100 BTC.

Initial Sales of Teramining
There will be no public or private offering of Teramining to the larger community. The only way to receive Teramining bonds will be to trade-in your Gigamining bonds either through the free or paid upgrade paths. Any bonds not sold will remain in the gigamining sub-account and will not have coupon payments paid out on them.

Contract Changes
The only contract change between Gigamining and Teramining is the amount of Mh/s per bond.

Please leave your comments and questions below and I will answer them to the best of my ability. My hope is to solidify this in a timely manner so there is less uncertainty around the future of Gigamining.

Best regards,
gigavps

So even though your upgrade path has already been bought and paid for by your original investors you use this as an opportunity to put even more of these peoples money into your pocket, what a scamming piece of shit.

For the intellectually challenged out there the second offering of 100gh/s in the gigaminning venture has already gave him twice as much as was needed to pay for the upgrade to the th/s boxes. In other words you are paying twice for an upgrade offer to what should be your 100mh/s you would have when those already bought and paid for with your money th/s boxes arrive.

Oh and BTW just where did those four mini-rigs that were supposed to be bought with that second round of funding go?

[jamesg]

I would be interested about how you came to the valuation of 0.25 BTC for the "upgrade" price.

Hi Sukrim,

The price for the upgrade was not meant to be a reflection of the value of gigamining. I wanted to give as much value for gigaminers ONLY.

This is why Teramining will only be release to existing bond holders and why the upgrade price is attractive.

[jamesg]

So even though your upgrade path has already been bought and paid for by your original investors you use this as an opportunity to put even more of these peoples money into your pocket, what a scamming piece of shit.

Hi DILLIGAF,

I'm sorry you feel it necessary to call me names. I find it to be poor taste on your part and it doesn't really help your argument much. Posters in the gigamining thread have already said as much, but it seems that you don't learn your lessons.

For the intellectually challenged out there the second offering of 100gh/s in the gigaminning venture has already gave him twice as much as was needed to pay for the upgrade to the th/s boxes. In other words you are paying twice for an upgrade offer to what should be your 100mh/s you would have when those already bought and paid for with your money th/s boxes arrive.

Oh and BTW just where did those four mini-rigs that were supposed to be bought with that second round of funding go?

Since you are so interested, I'll clue you in. Your information in imperfect. I am actually waiting on a reply from a mini rig purchaser to buy more mini rigs before ASIC comes out. I have yet to hear an answer, hence why I have yet to post anything about it.

You would be wise in the future to ask questions before calling me names and assuming my intentions. From your past actions though, it seems you will not learn this lesson.

Best regards,
gigavps

[mb300sd]

I see the price is rising

This is a good reason to BUY gigamining! The only way you're getting teramining.

BTW, I'm not selling. Little mad I didn't buy more at 0.95

[bitcoiners]

This is a good reason to BUY gigamining! The only way you're getting teramining.

The only question now remains will giga still be king?  Or can other mining companies match or beat his offer?

[bitcoiners]

I see the price is rising

This is a good reason to BUY gigamining! The only way you're getting teramining.

BTW, I'm not selling. Little mad I didn't buy more at 0.95

Better get your bids in.  The buy side isn't moving.

[Garr255]

This is a good reason to BUY gigamining! The only way you're getting teramining.

The only question now remains will giga still be king?  Or can other mining companies match or beat his offer?

On it

[BurtW]

I have not talked to all of them yet but a vast majority of my buddies who bought GIGAMINING (a very large block of shares) all expect to take the 0.25 upgrade offer given a reasonable price for BTC at that time.

[bitcoiners]

So even though your upgrade path has already been bought and paid for by your original investors you use this as an opportunity to put even more of these peoples money into your pocket, what a scamming piece of shit.

For the intellectually challenged out there the second offering of 100gh/s in the gigaminning venture has already gave him twice as much as was needed to pay for the upgrade to the th/s boxes. In other words you are paying twice for an upgrade offer to what should be your 100mh/s you would have when those already bought and paid for with your money th/s boxes arrive.

Oh and BTW just where did those four mini-rigs that were supposed to be bought with that second round of funding go?

How am I paying twice to get a free upgrade to 5X per share?

Also, paying .25 (depending on price of BTC at time) is a great deal for 3 more shares at 5X.

So, by not doing anything at all your bond will appreciate to 6.25 BTC from current market value of 1.25 BTC.

But by paying .25 BTC you've increased your stake 4 fold to a 25 BTC per gigamining share valuation from current market value of 1.25 BTC.

It's what's called a win-win.

[jamesg]

Thanks to everyone for your feedback thus far on the transition from Gigamining to Teramining. The response has been overwhelmingly positive thus far.

If you feel that your holdings in Gigamining are going to be stable until October, we can start the process of collecting upgrade choices.

https://docs.google.com/spreadsheet/viewform?formkey=dE1KdUpIRWNGbmQ0c3QtTzB2YzFPSmc6MQ

The form should be pretty simple to fill out and will allow me to start getting a sense of what's to come.

Best,
gigavps

[EskimoBob]

Copy made on 8.jul.2012.
All the edits are made by gigavps before I made this copy.

Hello fellow bitcoiners,

Off the back of the glbse 2.0 release and with a soon to be influx of mining equipment, I am proud to release the first and ONLY 5Mh/s perpetual mining bond.

Introduction:
Mining assets are becoming extremely common on the GLBSE. We have companies that offer ownership of hardware, bonds that correlate to actual hash rate. But overall nothing too exciting, too large, or too profitable.

Until now.
Introducing Gigamining! http://gigamining.com/

The ONLY 5Mh/s perpetual mining bond.

The first bond to offer more than 2 Mh/s per bond, and run by a name you know has the hashes to back it up.

Summary:
There will be a total of 10,000 20,000 bonds issued, with each bond worth a massive 5 Mh/s.

During the initial offering of 1000 bonds the 500 bonds remaining will be sold on 4/10/2012, they will be sold for a cheap 1 BTC. All maintenance free.

Bulk pre-sales of 100 or more units can be made at the 1 BTC price BEFORE the IPO on 4/10. PM me to get started.

Each bond will pay 100% of PPS earnings every 7 days.

The bond will never expire.

I reserve the option to repurchase bonds at 105% of the highest traded price over the last 15 days.

About Me
Most of you know who I am, most of you know I have the ability to deliver this kind of power. I'm not going anywhere any time soon, so trust that your coin is safe, and doing its best work for you, here. If you have any questions, ask them in the thread.

Where is 100Gh going to come from?
- I currently run 33Gh in GPUs (undervolted and underclocked to 28.5Gh for the summer)
- I also run 15 Butterfly Labs singles @ 12.45Gh
- Soon 4 mini rig boxes will arrive with a total of 100Gh of mining capacity.

You can see the farm mining at anytime at http://gigamining.com/mgpumon/

Best,
gigavps

So far I have never seen 200Gh on http://gigamining.com/mgpumon/ I have no problem with this. As I understand, vps is buying more equipment, already paid by bond holders from IPOs.

All the BFL FPGA´s, that are paid in full by bond holders money will be swapped for ASICs.

BFL singles cost about $15295 and can do 25 Gh, ao 1 Gh = 611 USD
This equipment, bond holders have paid for, is going to be replaced ASIC SC and $29,899 cranks out 1000 Gh - 29 USD per Gh.
Right. The difference in $ per Gh is 21 times.  
What confuses me little bit is this upgrade that replaces my 5 Mh turd with 25 Mh turd (1:1) when I do  not pay you additional 0.25BTC (25% from "IPO?")
Lets say all bond holders pay you 0.25 BTC per bond = outstanding shares 40000 x 0.25 BTC aka you get additional 10 000 BTC for absolutely nothing. (https://glbse.com/api/quantity_trading/GIGAMINING )

No, if I pay you additional 25% fee (0.25 BTC per per turd), I´ll get a 1:4 swap and my 5 Gh turd gives me 100Gh.

What I actually like see is that 5 Gh gets converted to 100Gh at no additional cost for the bond holders, who have already paid for the equipment.

It is possible, I have misunderstood this swap or there is a good chance that I am actually correct and you are fisting us all for additional 10K BTC.
Can someone check my math because I am on the fishing trip and my mind is somewhere else and this damn device I use really sucks.

[jamesg]

Normal EskimoBob talk.....

Hi EskimoBob,

Your assumptions are off as not everyone will choose the paid upgrade path. I have tried to keep Gigamining owners from being left behind when ASIC arrives with the free upgrade option.

I appreciate you taking the time to reply.

Best,
gigavps

[dishwara]

So far I have never seen 200Gh on http://gigamining.com/mgpumon/ I have no problem with this. As I understand, vps is buying more equipment, already paid by bond holders from IPOs.

All the BFL FPGA´s, that are paid in full by bond holders money will be swapped for ASICs.

BFL singles cost about $15295 and can do 25 Gh, ao 1 Gh = 611 USD
This equipment, bond holders have paid for, is going to be replaced ASIC SC and $29,899 cranks out 1000 Gh - 29 USD per Gh.
Right. The difference in $ per Gh is 21 times. 
What confuses me little bit is this upgrade that replaces my 5 Mh turd with 25 Mh turd (1:1) when I do  not pay you additional 0.25BTC (25% from "IPO?")
Lets say all bond holders pay you 0.25 BTC per bond = outstanding shares 40000 x 0.25 BTC aka you get additional 10 000 BTC for absolutely nothing. (https://glbse.com/api/quantity_trading/GIGAMINING )

No, if I pay you additional 25% fee (0.25 BTC per per turd), I´ll get a 1:4 swap and my 5 Gh turd gives me 100Gh.

What I actually like see is that 5 Gh gets converted to 100Gh at no additional cost for the bond holders, who have already paid for the equipment.

It is possible, I have misunderstood this swap or there is a good chance that I am actually correct and you are fisting us all for additional 10K BTC.
Can someone check my math because I am on the fishing trip and my mind is somewhere else and this damn device I use really sucks.

You saying Mhs or Ghs?
The Gigamining bond so far is 5 Mhs only

[sadpandatech]

BFL singles cost about $15295 and can do 25 Gh, ao 1 Gh = 611 USD
This equipment, bond holders have paid for, is going to be replaced ASIC SC and $29,899 cranks out 1000 Gh - 29 USD per Gh.
Right. The difference in $ per Gh is 21 times.  
What confuses me little bit is this upgrade that replaces my 5 Mh turd with 25 Mh turd (1:1) when I do  not pay you additional 0.25BTC (25% from "IPO?")
Lets say all bond holders pay you 0.25 BTC per bond = outstanding shares 40000 x 0.25 BTC aka you get additional 10 000 BTC for absolutely nothing. (https://glbse.com/api/quantity_trading/GIGAMINING )

I came up with a new cost of $152.09 per GH using your math. That would make it just over 4x. He is offering 5x for the free upgrade path......

using your $611 per GH x 200 = $122,200 + $29,899 = $152,099 / 1000 = $152.09 per GH

$611 / $152.09 = 4.017x

5MH to 25MH is 5x

Sounds like a pretty, damn good deal to me. Unless we are expected to believe that a company owner has 0 right to profit then this is a fine offering imho.


edit; and just beacuse I know it will be asked. Even considering the .25BTC upgrade option, if every bond holder utilizes  it, which would then take the upgrade cost to 7x. You are then receiving 20x MH.....  If you need me to I can show the math there as well.

[Shirik]

I very much like this, and would take the paid upgrade path. Out of curiosity, will GIGAMINING still exist after this transition, or are you going to call all of those bonds back? I imagine it wouldn't make sense for someone to not take the free upgrade path, but once the transition happens, anyone left behind would basically have a worthless bond, right?

Also, will you send a notice out to all GIGAMINING holders before you undergo this process (e.g., through GLBSE mail or something)? My holdings will not be stable (I will probably pick up more shares) so I don't want to fill out that form, but since it's literally going to be months, I don't want to accidentally forget about this, either.

[bitcoiners]

BFL singles cost about $15295 and can do 25 Gh, ao 1 Gh = 611 USD
This equipment, bond holders have paid for, is going to be replaced ASIC SC and $29,899 cranks out 1000 Gh - 29 USD per Gh.
Right. The difference in $ per Gh is 21 times.  
What confuses me little bit is this upgrade that replaces my 5 Mh turd with 25 Mh turd (1:1) when I do  not pay you additional 0.25BTC (25% from "IPO?")
Lets say all bond holders pay you 0.25 BTC per bond = outstanding shares 40000 x 0.25 BTC aka you get additional 10 000 BTC for absolutely nothing. (https://glbse.com/api/quantity_trading/GIGAMINING )

I came up with a new cost of $152.09 per GH using your math. That would make it just over 4x. He is offering 5x for the free upgrade path......

using your $611 per GH x 200 = $122,200 + $29,899 = $152,099 / 1000 = $152.09 per GH

$611 / $152.09 = 4.017x

5MH to 25MH is 5x

Sounds like a pretty, damn good deal to me. Unless we are expected to believe that a company owner has 0 right to profit then this is a fine offering imho.


edit; and jsut beacuse I know it will be asked. Even considering the .25BTC upgrade option, if every bond holder utilizes  it, which would then take the upgrade cost to 7x. You are then receiving 20x MH.....  If you need me to I can show the math there as well.

I guess I just don't understand how people who invest don't understand basic math.  Nice explanation for the dumb investors.

Anyway you look at it, it's a good deal.  You win whether you choose to pay or not.  Period.

Also for those who choose not to upgrade for .25 BTC will those shares be paid out to everyone else instead?

[jamesg]

I very much like this, and would take the paid upgrade path. Out of curiosity, will GIGAMINING still exist after this transition, or are you going to call all of those bonds back? I imagine it wouldn't make sense for someone to not take the free upgrade path, but once the transition happens, anyone left behind would basically have a worthless bond, right?

Also, will you send a notice out to all GIGAMINING holders before you undergo this process (e.g., through GLBSE mail or something)? My holdings will not be stable (I will probably pick up more shares) so I don't want to fill out that form, but since it's literally going to be months, I don't want to accidentally forget about this, either.

Hi Skirik,

I have answered your questions in the second post of this thread.

https://bitcointalk.org/index.php?topic=92090.msg1014690#msg1014690

Best,
gigavps

[jamesg]

Hi, where do we register for the paid upgrade?

https://docs.google.com/spreadsheet/viewform?formkey=dE1KdUpIRWNGbmQ0c3QtTzB2YzFPSmc6MQ

This is also in the FAQ in the second post.

[jamesg]

Thanks everyone for your feedback. I am locking the thread and anymore comments you have can be made in the gigamining thread.