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Topic: Gigamining / Teramining - page 36. (Read 216456 times)

newbie
Activity: 28
Merit: 0
February 13, 2013, 09:04:16 AM
It should have been made clear we would miss payments from giga while waiting for tera.  Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?

Here is the text from the upgrade page.

Quote
The important parts from the contract are:

  • You are agreeing to return all rights, benefits, future payments, output and services due under the xx Gigamining Contracts.
  • You are agreeing to pay x.xxxxxx BTC to VPS within 5 days to be inlcuded in the Teramining Contract.
  • This payment is non-refundable.
  • You'll be given payment instructions in the next step of this process.
  • You will receive xxx PCUs at 9 million hashes per second each.
  • VPS makes no representation of the expected output of the PCUs. This means payments will trend over and under the expected output depending on downtime, luck, etc.

The first bullet point clearly states that you are giving up all rights to Gigamining.

It is also stated in the contract.

That being said, I will think about what can be done.

I see and understand it now, somehow I was thinking that there would not be a gap between giga and tera.

So will you have giga down time during the tera set-up?  If so, then it seems like it would be fair to pay right up to the point that you have to unplug giga.  Then restore payments as soon as tera lights up and passes your tests.

vip
Activity: 1358
Merit: 1000
AKA: gigavps
February 12, 2013, 06:41:57 PM
It should have been made clear we would miss payments from giga while waiting for tera.  Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?

Here is the text from the upgrade page.

Quote
The important parts from the contract are:

  • You are agreeing to return all rights, benefits, future payments, output and services due under the xx Gigamining Contracts.
  • You are agreeing to pay x.xxxxxx BTC to VPS within 5 days to be inlcuded in the Teramining Contract.
  • This payment is non-refundable.
  • You'll be given payment instructions in the next step of this process.
  • You will receive xxx PCUs at 9 million hashes per second each.
  • VPS makes no representation of the expected output of the PCUs. This means payments will trend over and under the expected output depending on downtime, luck, etc.

The first bullet point clearly states that you are giving up all rights to Gigamining.

It is also stated in the contract.

That being said, I will think about what can be done.
hero member
Activity: 896
Merit: 1000
February 12, 2013, 06:39:17 PM
Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?

has he done a single thing that is not to penalize investors?
newbie
Activity: 28
Merit: 0
February 12, 2013, 06:38:50 PM
So what is the benefit of upgrading right now? I understand your benefit of having people trust you and upgrade so that you can pay them less than you would have to otherwise. I assumed that you would be acting in good faith and have no lag time during the upgrade process.

caveat emptor

here's your email, no mentions of "please note".

Obviously, I have no recourse, but I do not feel that I'm being treated fairly.

Quote
Hello fellow Gigaminers,

I know that it has been a long road moving past the closure of GLBSE and I want to thank you again for working through this process with me.

I am also very excited to announce that the upgrade path for the new Teramining contract is live. With the release of the upgrade process, I have also extended the contract to 9 months which is a 50% increase over the originally proposed length of the contract.

To upgrade, login to your account at the link below.

https://virtualprocessingsolutions.com/login

Find the big orange button that says "Upgrade to Teramining!" and you'll be on your way. Please also read through the contract so that you have a complete understanding of what the upgrade entails.

I am super excited for the ASIC revolution to get started and it is my hope that you will join me in this next evolution of mining.

Have a great weekend,
James

a huge +1
newbie
Activity: 28
Merit: 0
February 12, 2013, 06:28:26 PM
Missed payment yesterday. What's up?

Please note that when you upgrade to Teramining, you are returning all rights to the Gigamining contract. This includes future payments.

It should have been made clear we would miss payments from giga while waiting for tera.  Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?
vip
Activity: 1358
Merit: 1000
AKA: gigavps
February 12, 2013, 12:17:32 PM
Are you guys going to use bitfunder with their claim system, or just gonna hide behind lawyers and keep peoples money still?

Hi Fizzgig,

A large portion of Gigamining has already been claimed and paid.

As far as trading of Gigamining, it's not going to happen for legal reasons.

Best,
James
full member
Activity: 154
Merit: 100
February 12, 2013, 12:09:28 PM
Are you guys going to use bitfunder with their claim system, or just gonna hide behind lawyers and keep peoples money still?
member
Activity: 61
Merit: 10
February 12, 2013, 12:03:44 PM
You have three options.

  • Stay with Gigamining and watch 5Mh/s be crushed into a FLV (future lifetime value) of close to nothing.
  • Upgrade for FREE. This will get you 36Mh/s for every 5Mh/s.
  • Paid upgrade. This will get you 135Mh/s for every 5Mh/s.

Thanks for the reply, the last part was exactly what I needed to know.

I will go ahead with at least the free upgrade, I am just unsure of the paid upgrade returning any of my initial investment or the upgrade payment. I was hoping for some figures but I can understand that might be hard to provide until the operation is in full swing.

vip
Activity: 1358
Merit: 1000
AKA: gigavps
February 12, 2013, 11:43:20 AM
Is Teramining a weekly payout?

Yes. We will be staying with Monday payments. The contract specifies monthly so that I have wiggle room for going on vacation, not being around on Monday, etc.

How much better than Gigamining is Teramining predicted to be?

This is for you to decide.

I'm a bit confused on the expectations of Teramining and if it is worth throwing more bitcoins at the upgrade (after my document is received and my account is active to enable me to upgrade).

You have three options.

  • Stay with Gigamining and watch 5Mh/s be crushed into a FLV (future lifetime value) of close to nothing.
  • Upgrade for FREE. This will get you 36Mh/s for every 5Mh/s.
  • Paid upgrade. This will get you 135Mh/s for every 5Mh/s.

Best,
James
vip
Activity: 1358
Merit: 1000
AKA: gigavps
February 12, 2013, 11:39:29 AM
With regard to the return of the Gigamining contract on upgrade, this was done for both legal reasons and because around 90Gh of equipment will be traveling back to Kansas City some time in the next week or so.
sr. member
Activity: 434
Merit: 250
February 12, 2013, 11:17:41 AM
Guess so. Unbelievably Giga is still trying to raise funds...and probably succeeding.
legendary
Activity: 2072
Merit: 1001
February 12, 2013, 11:09:49 AM
it boggles my mind anyone would want to deal with this operator. i guess some people like the abuse.
hero member
Activity: 616
Merit: 500
Portland Bitcoin Group Organizer
February 12, 2013, 10:59:00 AM
I think that is incredibly insightful that you wrote

"this user is currently ignored" creativex.

I am feeling a bit ignored. thanks so much for adding to the conversation.
sr. member
Activity: 434
Merit: 250
February 12, 2013, 10:23:30 AM
So what is the benefit of upgrading right now?

Clearly the benefit is not having to repay those pesky bond holders.

...or did you mean the benefit for you?
member
Activity: 61
Merit: 10
February 12, 2013, 10:19:55 AM
Is Teramining a weekly payout?
How much better than Gigamining is Teramining predicted to be?

I'm a bit confused on the expectations of Teramining and if it is worth throwing more bitcoins at the upgrade (after my document is received and my account is active to enable me to upgrade).
vip
Activity: 1358
Merit: 1000
AKA: gigavps
February 12, 2013, 09:59:22 AM
Can we upgrade after clear notice from BFL that equipment is ready or atleast working?

Thank You

Hi 2GOOD,

If you have a VPS account you can upgrade at anytime. It is up to you.

Best,
James
hero member
Activity: 616
Merit: 500
Portland Bitcoin Group Organizer
February 12, 2013, 09:46:38 AM
So what is the benefit of upgrading right now? I understand your benefit of having people trust you and upgrade so that you can pay them less than you would have to otherwise. I assumed that you would be acting in good faith and have no lag time during the upgrade process.

caveat emptor

here's your email, no mentions of "please note".

Obviously, I have no recourse, but I do not feel that I'm being treated fairly.

Quote
Hello fellow Gigaminers,

I know that it has been a long road moving past the closure of GLBSE and I want to thank you again for working through this process with me.

I am also very excited to announce that the upgrade path for the new Teramining contract is live. With the release of the upgrade process, I have also extended the contract to 9 months which is a 50% increase over the originally proposed length of the contract.

To upgrade, login to your account at the link below.

https://virtualprocessingsolutions.com/login

Find the big orange button that says "Upgrade to Teramining!" and you'll be on your way. Please also read through the contract so that you have a complete understanding of what the upgrade entails.

I am super excited for the ASIC revolution to get started and it is my hope that you will join me in this next evolution of mining.

Have a great weekend,
James
hero member
Activity: 547
Merit: 531
First bits: 12good
February 12, 2013, 09:18:11 AM
Missed payment yesterday. What's up?

Please note that when you upgrade to Teramining, you are returning all rights to the Gigamining contract. This includes future payments.

Can we upgrade after clear notice from BFL that equipment is ready or atleast working?

Thank You
vip
Activity: 1358
Merit: 1000
AKA: gigavps
February 12, 2013, 08:36:58 AM
Missed payment yesterday. What's up?

Please note that when you upgrade to Teramining, you are returning all rights to the Gigamining contract. This includes future payments.
hero member
Activity: 616
Merit: 500
Portland Bitcoin Group Organizer
February 12, 2013, 08:34:24 AM
Missed payment yesterday. What's up?
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