Gigamining / Teramining - page 45. | Bitcointalksearch.org

jamesg

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Quote from: PsychoticBoy on January 14, 2013, 04:38:11 PM

So the probability that the Investor will not get his initial investment back is extreme high.
In the end, Investors are paying for your hardware.

According to my calculations, it is the exact opposite. But each individual must do their own own due diligence and decide what is best for them.

My worst case calculations with Avalon and ASIC miner delivering all of their equipment before BFL still have returns great enough to both pay for the upgrade and make up for Gigamining depending on where you bought it.

I have given this a lot of thought and would not be proposing it unless I thought it would benefit the purchaser. The few individuals who I gave early access to the contract agree.

PsychoticBoy

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Parental Advisory Explicit Content

So the probability that the Investor will not get his initial investment back is extreme high.
In the end, Investors are paying for your hardware.

jamesg

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AKA: gigavps

Quote from: 2GOOD on January 14, 2013, 04:10:59 PM

What happens after 6 months Huh

The contract ends after 6 months. The perpetual nature of Meni's idea was only possible because of the buyback clause. Now that there is no way for a buyback clause to be executed, there is no reason for the contract to be perpetual.

PsychoticBoy

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Quote from: jamesg on January 14, 2013, 03:05:17 PM

Quote from: Audriux9 on January 14, 2013, 02:46:33 PM

Would you please James disclose that information to your investors before the claim process somehow?

Hi Audriux9,

Code:

                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining for Teramining that costs nothing to upgrade. An example would be if you have 400 Gigamining and don’t want to pay to upgrade, you can swap them 1:4 for Teramining. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

Contract Outline

New contract is 9Mh/s.
There is no representation made for the expected output of the contract. So if the hashing power makes more than 100%, you get more than 100%. That said, VPS has systems in place to make sure of 99% up-time including our own, fully redundant pool infrastructure.
Contract lasts for 6 moths from the start date for each individual.
Contract will start within one week of the equipment arriving and being setup.
Any upgrade returns all rights of current Gigamining contract including payments
Paid upgrades must be paid in full before the contract can begin.
Purchase is non-refundable.
Contract also includes an NDA so Teraminers can be free to ask questions and get answers.

You can view the entire contract here -> https://docs.google.com/document/d/15g0mjR1VQMr2866CDYI97nyyWA_UJZpX0uP8vrsDBzI/edit

Best,
James

New contract will last for 6 months.
Would that mean the shares are worthless 6 months after the ASICS arive or does each Individual has to pay another additional fee?

Greetz

2GOOD

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What happens after 6 months Huh

GeoRW

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Trust No One

Quote from: jamesg on January 14, 2013, 02:27:33 PM

Quote from: handytxg on January 14, 2013, 01:58:07 PM

Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??

To all Gigaminers:

Please do not look at a share of gigamining and think that it is only worth what back payments are owed. Please try to look at the combined benefit of Teramining, whether with the paid or free upgrade, to help you understand the true costs of not sending in your information.

As I have said before, my plans include ALL Gigaminers.

Best,
James

2 shares will never earn enough to cover the costs of sending you the required information and you know it.

jamesg

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Quote from: Audriux9 on January 14, 2013, 02:46:33 PM

Would you please James disclose that information to your investors before the claim process somehow?

Hi Audriux9,

Code:

                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining for Teramining that costs nothing to upgrade. An example would be if you have 400 Gigamining and don’t want to pay to upgrade, you can swap them 1:4 for Teramining. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

Contract Outline

New contract is 9Mh/s.
There is no representation made for the expected output of the contract. So if the hashing power makes more than 100%, you get more than 100%. That said, VPS has systems in place to make sure of 99% up-time including our own, fully redundant pool infrastructure.
Contract lasts for 6 moths from the start date for each individual.
Contract will start within one week of the equipment arriving and being setup.
Any upgrade returns all rights of current Gigamining contract including payments
Paid upgrades must be paid in full before the contract can begin.
Purchase is non-refundable.
Contract also includes an NDA so Teraminers can be free to ask questions and get answers.

You can view the entire contract here -> https://docs.google.com/document/d/15g0mjR1VQMr2866CDYI97nyyWA_UJZpX0uP8vrsDBzI/edit

Best,
James

Audriux9

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Quote from: jamesg on January 14, 2013, 02:27:33 PM

Quote from: handytxg on January 14, 2013, 01:58:07 PM

Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??

To all Gigaminers:

Please do not look at a share of gigamining and think that it is only worth what back payments are owed. Please try to look at the combined benefit of Teramining, whether with the paid or free upgrade, to help you understand the true costs of not sending in your information.

As I have said before, my plans include ALL Gigaminers.

Best,
James

I order to evaluate if it is worth to go through the paperwork and pay the cost of it, we should know what are the terms and conditions of Teramining.

Would you please James disclose that information to your investors before the claim process somehow?

Thanks

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: handytxg on January 14, 2013, 01:58:07 PM

Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??

To all Gigaminers:

Please do not look at a share of gigamining and think that it is only worth what back payments are owed. Please try to look at the combined benefit of Teramining, whether with the paid or free upgrade, to help you understand the true costs of not sending in your information.

As I have said before, my plans include ALL Gigaminers.

Best,
James

handytxg

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Hi, I only have 2 share, the cost to hire attorney will be more than my share.
So what should I do??

BurtW

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All paid signature campaigns should be banned.

Quote from: jamesg on January 14, 2013, 10:54:23 AM

Quote from: LoweryCBS on January 14, 2013, 10:42:11 AM

How many BTC per bond/contract did you receive?

Hi LoweryCBS,

The back payment + this Monday's payment == 0.1273 BTC

Best,
James

Yes. 0.1273 per contract verified.

boonies4u

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Quote from: jamesg on January 14, 2013, 11:53:38 AM

Quote from: boonies4u on January 14, 2013, 11:09:08 AM

Just curious... Are you going to be picking up the ASICs or are going to have them delivered?

VPS has an entire strategy in place to take deliver of the equipment and get it online has fast as humanly possible. This has been in the works for months and all of the pieces are in place and ready to go.

This strategy will also be hugely beneficial to Gigaminers who become Teramining before ASIC mining starts as we all know when the most profitable moments of mining will be at the start of this crazy ride.

Glad things worked out for you (and the compliant Gigaminers). Seems like this all has been quite a ride for you and other issuers on GLBSE.

jamesg

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Quote from: boonies4u on January 14, 2013, 11:09:08 AM

Just curious... Are you going to be picking up the ASICs or are going to have them delivered?

VPS has an entire strategy in place to take delivery of the equipment and get it online has fast as humanly possible. This has been in the works for months and all of the pieces are in place and ready to go.

This strategy will also be hugely beneficial to Gigaminers who upgrade to Teramining before ASIC mining starts as we all know when the most profitable moments of mining will be at the start of this crazy ride.

boonies4u

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Just curious... Are you going to be picking up the ASICs or are going to have them delivered?

jamesg

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Quote from: LoweryCBS on January 14, 2013, 10:42:11 AM

How many BTC per bond/contract did you receive?

Hi LoweryCBS,

The back payment + this Monday's payment == 0.1273 BTC

Best,
James

jamesg

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Quote from: BurtW on January 14, 2013, 10:35:40 AM

Filled out the form.
Mailed in the requested information.
Logged in and set password.
Got my BTC today!

Plan to upgrade to Teramining when it is available.

To all Gigaminers:

I am pleased to announce that Gigamining has started to resume payments to those individuals who have sent in their information and have been verified by Quentin. This moment has been a while in the making, but I have followed through and will continue to do so.

Again, thanks to everyone who has been kind enough to work through the closure of GLBSE with me so that all of us can move forward in confidence that we will not have another interruption similar to the closing of GLBSE.

I am working today to setup the upgrade process to Teramining and to make it as easy as possible to make the transaction to our ASIC based offering. With the clear timeline given from BFL yesterday, we are now less than a month away from a serious amount of hashing power arriving.

February is going to be a very busy month for VPS, so if you are interested in Teramining, please do not wait to start your claims process.

Best regards,
James

LoweryCBS

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firstbits 1LoCBS

How many BTC per bond/contract did you receive?

Quote from: BurtW on January 14, 2013, 10:35:40 AM

Filled out the form.
Mailed in the requested information.
Logged in and set password.
Got my BTC today!

Plan to upgrade to Teramining when it is available.

BurtW

legendary

Activity: 2646

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All paid signature campaigns should be banned.

Filled out the form.
Mailed in the requested information.
Logged in and set password.
Got my BTC today!

Plan to upgrade to Teramining when it is available.

jamesg

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Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: johnlu on January 13, 2013, 05:12:09 PM

Quote from: Otoh on January 02, 2013, 12:41:31 PM

I sent my info along with 1 question well over a month ago & have forwarded it again a few times but have had no acknowledgement or reply from either Carlos or James. Huh

Yes, I sent an email to the lawyer and gigavps almost two moths ago, no one responded neither.

Otoh's question was promptly answered once I had learned that Quentin had not responded. johnlu, please email me directly and I will reply in the morning.

I will be working all day tomorrow to first, get out payments to those who have sent in their information and have been verified, then to setup the upgrade process to Teramining within the VPS web system.

We are getting very close to the arrival of ASIC. Please, if you have not received a response, email me again straight away.

My plans include ALL gigaminers.

james at gigamining dot com

Best,
James

johnlu

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Quote from: Otoh on January 02, 2013, 12:41:31 PM

I sent my info along with 1 question well over a month ago & have forwarded it again a few times but have had no acknowledgement or reply from either Carlos or James. Huh

Yes, I sent an email to the lawyer and gigavps almost two moths ago, no one responded neither.

Topic: Gigamining / Teramining - page 45. (Read 216456 times)