Topic: [FEEDBACK REQUSTED] Gigamining -> Teramining Upgrade Paths (Read 4765 times)

Hi, where do we register for the paid upgrade?

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.

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.

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 )

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.

Normal EskimoBob talk.....

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 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?

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

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

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

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?

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

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:


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

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.