Topic: Gigamining / Teramining - page 106. (Read 216450 times)

Quote from: copumpkin on June 18, 2012, 03:31:29 PM

Quote from: VEscudero on June 17, 2012, 10:27:36 AM

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 Huh

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 Huh

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

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Activity: 2044

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Quote from: DILLIGAF on June 18, 2012, 07:30:48 PM

Quote from: bulanula on June 18, 2012, 05:14:55 PM

Quote from: copumpkin on June 18, 2012, 03:31:29 PM

Quote from: VEscudero on June 17, 2012, 10:27:36 AM

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 Huh

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 Huh

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

full member

Activity: 196

Merit: 100

Quote from: bulanula on June 18, 2012, 05:14:55 PM

Quote from: copumpkin on June 18, 2012, 03:31:29 PM

Quote from: VEscudero on June 17, 2012, 10:27:36 AM

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 Huh

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 Huh

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.

jamesg

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AKA: gigavps

Quote from: Lumpy on June 18, 2012, 06:59:06 PM

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

Lumpy

full member

Activity: 237

Merit: 100

OgNasty -- poor choice of language on my part. Wink

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?

OgNasty

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Quote from: Lumpy on June 18, 2012, 06:02:18 PM

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. Wink

https://bitcointalksearch.org/topic/nastyfans-the-bitcoin-enthusiast-fan-club-est-2012-86854

jamesg

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AKA: gigavps

Quote from: Otoh on June 18, 2012, 06:40:43 PM

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

Otoh

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Activity: 3052

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Quote from: jamesg on June 18, 2012, 09:38:29 AM

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).

Lumpy

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Activity: 237

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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.

bulanula

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Activity: 518

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Quote from: copumpkin on June 18, 2012, 03:31:29 PM

Quote from: VEscudero on June 17, 2012, 10:27:36 AM

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 Huh

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 Huh

Not amusing anyone of anything just relevant discussion.

DILLIGAF

full member

Activity: 196

Merit: 100

Quote from: copumpkin on June 18, 2012, 03:31:29 PM