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Topic: Gigamining / Teramining - page 54. (Read 216450 times)

hero member
Activity: 547
Merit: 531
First bits: 12good
December 07, 2012, 06:37:27 PM
Is it possible to have someone else claim my shares, if I allow it? Meaning can someone submit potentially multiple versions of this paper with different addresses (that you somehow seem to use as "unique keys" to the amount of shares we can claim)? If yes, I offer 0.5 BTC to anyone who claims my 4 shares, more info via PM.

I don't think this is legal, we are forced to sign that we own shares and I don't own your shares so how this is going to work !?

It could be legal if you buy them before signing, and you could buy them off the counter with a simple contract between you and the seller.
I have about 30 Gigamininig shares that I am willing to sell at 0.25 BTC each. PM me if interested.

I may consider your offer, but first I need confirmation from Gigavps that this can be done.
legendary
Activity: 2352
Merit: 1064
Bitcoin is antisemitic
December 07, 2012, 06:31:44 PM
Is it possible to have someone else claim my shares, if I allow it? Meaning can someone submit potentially multiple versions of this paper with different addresses (that you somehow seem to use as "unique keys" to the amount of shares we can claim)? If yes, I offer 0.5 BTC to anyone who claims my 4 shares, more info via PM.

I don't think this is legal, we are forced to sign that we own shares and I don't own your shares so how this is going to work !?

It could be legal if you buy them before signing, and you could buy them off the counter with a simple contract between you and the seller.
I have about 30 Gigamininig shares that I am willing to sell at 0.25 BTC each. PM me if interested.
hero member
Activity: 547
Merit: 531
First bits: 12good
December 07, 2012, 06:18:13 PM
Is it possible to have someone else claim my shares, if I allow it? Meaning can someone submit potentially multiple versions of this paper with different addresses (that you somehow seem to use as "unique keys" to the amount of shares we can claim)? If yes, I offer 0.5 BTC to anyone who claims my 4 shares, more info via PM.

I don't think this is legal, we are forced to sign that we own shares and I don't own your shares so how this is going to work !?

Anyway I finally get my BTC address in the list. Thanks
legendary
Activity: 2618
Merit: 1007
December 07, 2012, 06:00:08 PM
Is it possible to have someone else claim my shares, if I allow it? Meaning can someone submit potentially multiple versions of this paper with different addresses (that you somehow seem to use as "unique keys" to the amount of shares we can claim)? If yes, I offer 0.5 BTC to anyone who claims my 4 shares, more info via PM.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
December 07, 2012, 04:45:03 PM
Also regarding this post... I don't have a Tax Identification number?  Am I supposed to go get one for 30 shares and a few BTC in dividends?  Or if I am willing to give you my info can I leave that blank? 

Naelr

This is a question for Quentin. Please email him.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
December 07, 2012, 04:42:29 PM
Going back and re-reading this post what exactly are you working on for smaller accounts and what constitutes a "smaller" account... I only have 30 shares is that small? 

Going forward, all information is required.
hero member
Activity: 651
Merit: 501
My PGP Key: 92C7689C
December 07, 2012, 04:11:42 PM
Also regarding this post... I don't have a Tax Identification number?  Am I supposed to go get one for 30 shares and a few BTC in dividends?  Or if I am willing to give you my info can I leave that blank? 

Those are primarily for businesses (though I think they're also issued to resident aliens so they can get jobs).  Individuals would normally use their Social Security number when asked for this.

(IANAL, this post assumes you're in the U.S., yada yada yada...)
full member
Activity: 231
Merit: 100
December 07, 2012, 03:48:54 PM
To all Gigaminers:

I have received another list from GLBSE today. All of the new information is up on the website if you would like to check to see if you are in the list.

The affidavit is also up as a Google Doc.

https://docs.google.com/document/d/1oz5y4beQ_V3Yk59ZPEAMpjELchfXZdyxYYzZotE9GsE/edit

As I have stated before, claims will be reviewed once per week so if you send your information in and do not hear anything immediately, please be patient.

Best regards,
James

Also regarding this post... I don't have a Tax Identification number?  Am I supposed to go get one for 30 shares and a few BTC in dividends?  Or if I am willing to give you my info can I leave that blank? 

Naelr
full member
Activity: 231
Merit: 100
December 07, 2012, 03:44:52 PM
I am working on some ideas to make it easier for smaller account to claim. Please be patient.

Going back and re-reading this post what exactly are you working on for smaller accounts and what constitutes a "smaller" account... I only have 30 shares is that small? 

vip
Activity: 1358
Merit: 1000
AKA: gigavps
December 07, 2012, 06:35:26 AM
What is the background for this?

Please take a look at my post history. Most of this has already been explained.
legendary
Activity: 2100
Merit: 1000
December 07, 2012, 01:42:20 AM
To all Gigaminers:

I have received another list from GLBSE today. All of the new information is up on the website if you would like to check to see if you are in the list.

The affidavit is also up as a Google Doc.

https://docs.google.com/document/d/1oz5y4beQ_V3Yk59ZPEAMpjELchfXZdyxYYzZotE9GsE/edit

As I have stated before, claims will be reviewed once per week so if you send your information in and do not hear anything immediately, please be patient.

Best regards,
James

This is crazy. I got emails from other asset owners saying that they will pay the dividends without requesting any more information and you require to do an affidavit.
What is the background for this? Are you trying to scam us?
SAC
sr. member
Activity: 322
Merit: 250
December 07, 2012, 12:26:13 AM
What is the difference, technically, between a bond and a contract in this sense?

I'm honestly in the dark on this as someone who doesn't work with securities, bonds, contracts, and the like.

For what it is worth I also have no stake in Gigamining whatsoever. I'm just curious of the difference between these particular terms in the sense they're being applied here.

A bond is an instrument that provides a fixed rate of return on the investment made. It could be considered a form of contract the difference here is in the claims process you are swearing out a legal document that in its own words says to the best of your knowledge what you are claiming is true. Now the people doing this claims process know it was not a contract they bought but a bond purchase as they were sold it. So this whole thing has been structured to foist a fraud upon the legal process with anyone who submits a claim form as it is written committing perjury.
newbie
Activity: 42
Merit: 0
December 06, 2012, 11:53:10 PM
What is the difference, technically, between a bond and a contract in this sense?

I'm honestly in the dark on this as someone who doesn't work with securities, bonds, contracts, and the like.

For what it is worth I also have no stake in Gigamining whatsoever. I'm just curious of the difference between these particular terms in the sense they're being applied here.
SAC
sr. member
Activity: 322
Merit: 250
December 06, 2012, 09:09:13 PM
For us Canadians, Apostilles do not exist.  Is there an alternative?

Yes Notary Public where you get to commit perjury to claim your funds, in short better edit that doc before submitting to reflect the true nature of what you are claiming.
hero member
Activity: 563
Merit: 501
betwithbtc.com
December 06, 2012, 08:53:51 PM
For us Canadians, Apostilles do not exist.  Is there an alternative?
SAC
sr. member
Activity: 322
Merit: 250
December 06, 2012, 06:26:36 PM

See you still have the perjury wording in there so that anyone submitting a claim commits it, as they know damn well it is a bond they are claiming not a contract.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
December 06, 2012, 04:45:26 PM
To all Gigaminers:

I have received another list from GLBSE today. All of the new information is up on the website if you would like to check to see if you are in the list.

The affidavit is also up as a Google Doc.

https://docs.google.com/document/d/1oz5y4beQ_V3Yk59ZPEAMpjELchfXZdyxYYzZotE9GsE/edit

As I have stated before, claims will be reviewed once per week so if you send your information in and do not hear anything immediately, please be patient.

Best regards,
James
hero member
Activity: 651
Merit: 501
My PGP Key: 92C7689C
December 06, 2012, 03:39:53 PM
Suggestion: After waiting 6 months or so, any leftover BTC could be split proportionally among the unpaid people on Nefario's list. Then people who won't/can't submit the documents can still get something.

There'll still be people who for some reason didn't get to that list Nefario sent to issuers. I wasn't included in the shareholder list for some reason (paid him back the double payment he made in error long time ago). Nefario is not responding to e-mails, calls, nothing.

I suspect he's not responding to the email address in his profile.  I resent my request to [email protected] and [email protected] on 29 November.  He replied this morning with a request for the email address and Bitcoin address I had used for the refund.  I passed those along; he replied with an address to which to send back the second payment.  I sent that in; he acknowledged receipt and said the next update sent to gigavps should have my information in it.
hero member
Activity: 1596
Merit: 502
December 06, 2012, 02:06:01 AM
I guess Giga's already been delisted from MPEx
That's not giga himself, it's a pass-through.
But I wouldn't trust MPEx. Not sure why, probably just a feeling.
legendary
Activity: 1106
Merit: 1006
Lead Blockchain Developer
December 06, 2012, 12:44:53 AM
Hi burnside,

I'll take your questions one by one below.

Out of curiosity, how are you planning on handling the IRS reporting?  What 1099 are you going to file?  How are you handling the valuations?

Direct payments will be reported via 1099 as your suggested. As to which 1099 it is, is yet to be determined. My accountant is also a tax lawyer and will be advising me on this end of things. Valuations are handled at the time of the payments, so if BTC is $13.5 and you receive 4 BTC, the total value transfered is $54.

Thus any dollar values you report on any 1099's are going to be inaccurate, and worse, could end up screwing your customers.  (eg, you report a value of $12, but when the customer exchanges it they exchange at $6)

I believe your thinking here is incorrect. I must report the value give at the time it is transferred. It is up to you to report any gain/loss incurred from converting the coins to something else. So in your example, I'd report the value given at $12 and you would report a loss of half the value because of the exchange rate fluctuation.

Is your lawyer a tax attorney?

Please see my first comment.

Appreciate the response.  The IRS will expect a person to report on their taxes whatever you report to the IRS on the 1099.  Please keep that in mind when determining FMV.  For instance, you could probably get away with taking the lowest traded price for that week from across a selection of exchanges.

Edit: I think I figured out the answer.  Giga has to become a barter exchange (threshold is 100 barters in a year)

I strongly suspect this isn't the case.  There are lots of examples out there where organizations make payments to individuals or other entities in a noncash manner, but they aren't considered barter exchanges. While I can't name the proper form, I'm sure it can be reported more simply than what you're describing.

1099-B isn't any more difficult I don't think than any of the other 1099's.  What other organizations do you have in mind?  Based on what I was reading, the barter exchange concept was designed specifically for the sites and organizations out there that allow swapping of non-cash goods and services.  Apparently they even recently sent out a notice to people on their mailing list (tax accountants and attorneys mostly) saying that they're focusing on it more now because as the economy got worse, more people started resorting to barter.


It occurred to me that using an exchange may get you out of the 1099-B requirement.  Since the threshold for having to issue a 1099-B is the number of barters (trades) and when you use an exchange your trades are greatly reduced, you may get in under the 100.  For example:

I think the situation in the past was something like this: when the exchange was handling the actual processing of dividends, the responsibility was on the exchange, not Giga.  Now the responsibility shifts.  What you say might be correct, but I think it's more or less moot now given that there really is no viable exchange alternative for him to move to at the moment.

I guess Giga's already been delisted from MPEx, but there are other options.  Cryptostocks.com and BTC Trading Co (btct.co) are established and gaining ground.  A couple of others are getting close to launch.  But I'm not sure it'd be ok for him to use any of those.  The new Gigamining LLC is a US entity, and as such probably can't legitimately use any foreign exchanges.

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