Author

Topic: Gigamining / Teramining - page 118. (Read 216450 times)

legendary
Activity: 1031
Merit: 1000
June 09, 2012, 09:01:29 PM
Is Gigamining insured against theft, either by state or non-state criminals?

This would be an interesting question to have GIGAMINING give an answer on which the market could then begin to rely upon.

This is a perpetual bond where the coupon is tied to the amount of production at that difficulty.

There is nothing about there needing to be any actual hardware, let alone any insurance, for the bond to be valid. Any claim of actual hardware 'backing' the bond or any insurance for any represented hardware is to provide confidence in the ability of the counter-party to service the bond but the contract imparts no rights to the equipment or whether that equipment is insured.

HYPOTHETICAL EXAMPLE
It may be helpful for people to consider the following possibilities when attempting to value a bond for both the GIGAMINING issue and other instruments which are offered since mining bonds are ripe for a Ponzi scam. The reason is because the various counter-parties should not all have such similar interest costs which implies a similar 'credit rating'. Higher quality counter-parties, like GIGAMINING or BITBOND in my opinion, should result in greater bond premiums (How To Value A Bond).

Let us assume for the sake of argument that a meteor crashes into the data center and destroys all of Gigamining's equipment or if the equipment fails and is not covered by warranty. Gigamining is still individually liable for the coupon payments. Should he default on payments then a lawsuit could be filed, Nefario's verification information via subpoena could be demanded and a judgment against Gigamining could be obtained.

If GIGAMINING represented owning or possessing the hardware and never actually had any hardware or rights thereto and if it were done with an intent to induce reliance then that would constitute fraud and could be pursued both criminally and civilly. Then in defense GIGAMINING would provide receipts, pictures, videos and testimony that he actually had the hardware. For example, I have personally seen the GIGAMINING hardware so I could function as a witness that he was actually in possession of the hardware although I could not attest to the veracity of whether he owned it or had rights to it, etc. because I do not personally know that.
hero member
Activity: 614
Merit: 500
June 09, 2012, 08:58:19 PM
Gigamining is moving to 200Gh in bonds.

More to come.....

I'm curious how this works. When you first issued bonds you had an IPO and sold X amount at like 1 BTC per bond, right?

How do you go about selling new bonds? Do you simply place a sell order on the open market and get people to buy them? If so, at what price? Or do you have specific individuals that buy them? And if so, at what price? I'm just curious about how things work.
hero member
Activity: 614
Merit: 500
June 09, 2012, 08:38:47 PM
Gigamining is moving to 200Gh in bonds.

More to come.....

Is Gigamining insured against theft, either by state or non-state criminals?
vip
Activity: 1358
Merit: 1000
AKA: gigavps
June 09, 2012, 06:40:01 PM
Gigamining is moving to 200Gh in bonds.

More to come.....
sr. member
Activity: 352
Merit: 250
June 09, 2012, 04:09:23 PM
Don't forget each share keept has a value. So If you buy and sell for the same price your devidents payments are pure profit.
hero member
Activity: 532
Merit: 500
June 09, 2012, 02:52:14 PM
Hi, please excuse my noobness as I really don't understand this.  So a person buys a bond for around 0.25ish and gets paid 1Mh/s per week per bond, correct?  It seems it would take a good bit of time to get your money back this way. Am I missing something fundamental here as these seem really popular?  Thanks.

Another way to look at the popularity is to take an alternative investment like a rental property.  Purchase a home for $120,000 and charge $1000 per month on rent.  Assuming a renter always pays the rent each month and there is no additional capital put into the property for repairs or taxes; it will take 10 years for the investment to get its money back.

Compare that to GIGAMING which has paid about 0.022 BTC per bond each week.  An investment in GIGAMINING right now would take about 65 weeks to get its money back assuming the coupon payment does not change.
legendary
Activity: 1031
Merit: 1000
June 09, 2012, 02:45:52 PM
Hi, please excuse my noobness as I really don't understand this.  So a person buys a bond for around 0.25ish and gets paid 1Mh/s per week per bond, correct?  It seems it would take a good bit of time to get your money back this way. Am I missing something fundamental here as these seem really popular?  Thanks.

That is a good basic understanding but in the GIGAMINING instance it is about 1.4BTC for 5/Mh/s of processing power paid weekly. You can calculate the potential return using this bitcoin mining calculator. If you want to calculate in a spreadsheet, etc. then I reduced the formula down for you to: average BTC per Day = (megahashes per second / difficulty) * 1005.82838
legendary
Activity: 1400
Merit: 1000
I owe my soul to the Bitcoin code...
June 09, 2012, 02:38:59 PM
Hi, please excuse my noobness as I really don't understand this.  So a person buys a bond for around 0.25ish and gets paid 1Mh/s per week per bond, correct?  It seems it would take a good bit of time to get your money back this way. Am I missing something fundamental here as these seem really popular?  Thanks.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
June 09, 2012, 02:29:06 PM
110% PPS payouts will be paid for 3 weeks once the mini rigs arrive.

Will this be reflected on the Gigamining webpage by increasing the Mh/s Bond from 5 to 5.5 or will a new column be added to track the bonus?

Correct. The tracking spreadsheet will be updated to reflect the change once the mini rigs arrive.

Best,
gigavps
hero member
Activity: 714
Merit: 504
^SEM img of Si wafer edge, scanned 2012-3-12.
June 09, 2012, 07:51:42 AM
110% PPS payouts will be paid for 3 weeks once the mini rigs arrive. I have had word that they are working and are being tested now.

Get ready, things are heating up.
Sweet Smiley extra payout sounds good Smiley
legendary
Activity: 1031
Merit: 1000
June 08, 2012, 12:15:27 PM
110% PPS payouts will be paid for 3 weeks once the mini rigs arrive.

Will this be reflected on the Gigamining webpage by increasing the Mh/s Bond from 5 to 5.5 or will a new column be added to track the bonus?
vip
Activity: 1358
Merit: 1000
AKA: gigavps
June 08, 2012, 10:12:56 AM
To all gigaminers,

110% PPS payouts will be paid for 3 weeks once the mini rigs arrive. I have had word that they are working and are being tested now.

Get ready, things are heating up.

Best,
gigavps
vip
Activity: 1358
Merit: 1000
AKA: gigavps
June 06, 2012, 10:21:52 PM
Yikes! Thanks for the status update. Good to know that the GPUs are running if not reporting. I hope the venture to be a wild success. Smiley

None of this would be happening if it wasn't for all of the gigaminer's out there. I cannot thank you guys enough, and will keep you updated as things happen.

Best,
gigavps
full member
Activity: 237
Merit: 100
June 06, 2012, 10:08:43 PM
Yikes! Thanks for the status update. Good to know that the GPUs are running if not reporting. I hope the venture to be a wild success. Smiley
vip
Activity: 1358
Merit: 1000
AKA: gigavps
June 06, 2012, 09:17:24 PM
According to:

http://gigamining.com/mgpumon/

There is about 15Gh/s running. It looks like mostly BFL Singles. Are all of the other GPUs (still) in transit? Something like 26.5Gh/s worth?

And, by the way, a GPU is down and has been down for a while now.

Hi Lumpy,

Most of the GPUs are now up and running again. It will be approximately 15 days until we have fiber to the new DC to start reporting stats to a central location. GPUs go down from time to time, no big deal. I have been working 15 hour days to start getting the new DC up and running.

Best,
gigavps
full member
Activity: 237
Merit: 100
June 06, 2012, 08:23:51 PM
According to:

http://gigamining.com/mgpumon/

There is about 15Gh/s running. It looks like mostly BFL Singles. Are all of the other GPUs (still) in transit? Something like 26.5Gh/s worth?

And, by the way, a GPU is down and has been down for a while now.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
June 03, 2012, 11:43:05 PM
To all gigaminers,

Since I out here on the west coast, figured I'd get payments out right after midnight on Monday EST. Coupon payments have been paid.

Enjoy,
gigavps
sr. member
Activity: 352
Merit: 250
June 01, 2012, 01:38:57 PM

P.S. Monday's coupon payment will not be delayed at all as I will have an internet connection.

For those that may be worried, I have created insurance/surety bonds for GIGAMINING, tickers are HEDGE.GIGA.LONG and HEDGE.GIGA.SHORT on GLBSE.  They will go on sale today for 0.01 BTC per bond June 2, 2012 00:00 UTC.  IPO will be stopped after 72 hours.  All funds from both the .LONG and .SHORT bonds will be held together.  If GIGAMINING pays all its coupon payments on time then the .LONG bond holders will given all the funds proportionally.  If GIGAMINING fails to pay its coupon payments on time then the .SHORT bond holders will be given all the funds proportionally.

Please see the forum post for more information and direct any questions there.

Well gigavps could go short on this one and pay the dividends out a day later due to some technical difficulty's...
vip
Activity: 1358
Merit: 1000
AKA: gigavps
hero member
Activity: 1596
Merit: 502
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