Topic: Gigamining / Teramining - page 51. (Read 216462 times)

Well, they were worth more than 1 BTC per share at IPO - over 180 Leu is also something, isn't it?

Also depending on your insurances (you can insure against legal expenses quite cheap), something like this might anyways be covered. Reporting at the police as the bare minimum is surely free and depending on your country's standing with the US could also already create some attitude changes in the LLC that holds our shares hostage.

Also if you fill these forms, if Giga goes down, you're going down with him. He has an LLC - do you?

They are never worthless as they perpetually pay. So he is on the hook forever. They must be bought back unless
he wants to keep paying forever. And in order to buy back a price must be set times 1.05. And saying it is 0 at this
point in time is simply inaccurate.

Was it retroactive? I thought he'd always had the LLC, as noted:

I do not think you can do what he did and retroactively move to an llc on a whim. That wont fly.

Well, they were worth more than 1 BTC per share at IPO - over 180 Leu is also something, isn't it?

Also depending on your insurances (you can insure against legal expenses quite cheap), something like this might anyways be covered. Reporting at the police as the bare minimum is surely free and depending on your country's standing with the US could also already create some attitude changes in the LLC that holds our shares hostage.

Also if you fill these forms, if Giga goes down, you're going down with him. He has an LLC - do you?

Sue over 40 shares?

They are never worthless as they perpetually pay. So he is on the hook forever. They must be bought back unless
he wants to keep paying forever. And in order to buy back a price must be set times 1.05. And saying it is 0 at this
point in time is simply inaccurate.

I meant the market value of the contract/shares/bonds themselves assuming you keep them, they are not transferrable, you receive all pending and future BTC payouts (1099 income), ASICs hit the market this coming year, etc.

The pending BTC is 3984 for 40,000 shares, so they are at least 3984 / 40,000 = 0,0996 BTC each.

4) I personally believe that the GIGAMINING share are now worth zero as (so far anyway) there is no method to sell or transfer them to anyone else

Lawyer up... potentially sue the LLC. Anything else probably puts you in a worse situation.

Lawyer up... potentially sue the LLC. Anything else probably puts you in a worse situation.

As I already wrote, there are probably 2 ways to look at a mining contract:
1) You're paying money and getting money back (progagbly Giga's lawyer's pov) - this means you're earning interest on an investment etc.
2) You're paying money and getting a service back (hashing work converted to Bitcoin) - similar to any contract that sells computation power (like render farms).

Probably nobody knows which of these 2 will hold in front of a court (even the "you're paying money" is debatable, if Bitocin are not money in the first place), the worse case of these 2 is of course case 1), where Giga nearly operates a bank/money printing operation from a legal pov. To decide definitively you need to lawyer up, drag Giga's LLC to court and you'll probably settle this out of court, since it's much cheaper to just pay you whatever you want to have for the 40 shares than to risk having to pay all "bond"holders if the court really makes a decision.

There will be a LOT of people not jumping through these regulations and just writing the few shares off, so Giga can probably easily pay his lawyer from the money you threw at him.

Can somebody advise me on what to do here?

Wrong and wrong. An apostille + getting a notary look at you while you sign something costs quite a bit around here not because my home country is fighting the US or something but simply because we have a much higher GDP and standard of living than the US. Also to open a bank account (and getting a credit card on top of that with a few thousand EUR limit) I need less paperwork than to finally get my ~5-6 EUR worth of dividends off shares that I bought for ~40 EUR worth at that time.

As far as I understand it, all I owned all the time was a simple contract that was bought from giga (or someone else who bought it from giga) that guaranteed me that he'd be hashing Bitcoins and send me an amount that was specified in the contract in certain intervals. This is not much more than any renderfarm or provider of webservers does. I guess all the fear and "lawyering" stems from the fact that Bitcoin might in the future(?) considered some kind of money which would mean I bought a contract for getting money and not a simple service. Maybe something along the lines of buying a money printing press collectively...

However, I'd like to see proof that Bitcoin are actually money first and/or creating Bitcoin is an act of cerating money and not equivalent to rendering a frame of Big Buck Bunny or Elephant's Dream (just with different algorithms running) before I comply with these regulations prematurely. Actually anyone sending their info to this lawyer (if he even exists/is a lawyer!) might get into far bigger trouble should Bitcoin really be considered money and Bitcoin mining be considered an act of creating money.

This is a question for Quentin. Please email him.

Nefario apparently actually scammed people, is terrified of prosecution, and has crawled under a rock.  What you seem to be asking for here is the right to give your tax ID number and other identifying personal information to Nefario rather than Giga.  

Firstly, given Nefario's current attitude, it is extremely unlikely that anyone could convince him to re-open the GLBSE dividend system and open a repository of users' tax and ID information.  So someone would have to take protracted, expensive, uncertain legal action to try to force Nefario to do this, and in the meantime you would not get your dividends.

Secondly, from a personal security perspective, I find it hard to believe that there is anyone out there who would rather entrust their sensitive details to Nefario rather than to Giga's law firm.

What you seem to be asking for here is the right to give your tax ID number and other identifying personal information to Nefario rather than Giga.