Topic: Gigamining / Teramining - page 57. (Read 216459 times)

It seems very clear at this point that Giga does not think that it is legally or economically safe to do what you are asking him to do.  Why is asking him harder going to help?

Dude how about answering my post? You've been online for the last 1,5 hours now and been reading the forum, also managed to answer that post just after mine. Don't hide behind that hide-online-status flag you toggled during the shitstorm, we still know you're there. An answer would be highly expected.

"These omissions alone could possibly cause the contract to be unenforceable"

To my knowledge pretty much no BTC related contracts like this have never been tried in court and the probability of either the old contracts or the new contracts ever to be tried to be enforced by anything else than gentlemans word is pretty close to zero.  In that sense it makes very little difference whether all the t's are crossed and i's have dots in the contract.

What is slightly implied here is a potential need to somebody try to enforce the contract by court of law. That of course happens after somebody is not keeping his gentlemans word.

Another important issue that I have not seen anybody mentioning is that what is known about this new LLC that is now part of the deal. How does this company balance sheet look like? Is it a healthy company with long and bright future ahead? Who owns the mining equipment? If it is this LLC, how was the transfer done? Did this LLC get a lot of debt when it perhaps bought the mining equipment from whoever owned them before this company was formed? In addition to this new debt with these contracts maybe this LLC is swimming really deep in debt? Or does this LLC own anything else than just this debt from these contracts? Does the old mining gear perhaps need to be shut down in very near future when ASICs take over the mining industry? Are there enthusiastic businessmen steering the LLC? Or maybe the businessmen are using their enthusiasm to benefit some other company and leaving this to take care of its own? What I mean is a debt from this LLC worth much of anything?

You are most welcome.



If you have issues sending any data electronically, please snail mail it to Quentin. The address is on the request for claims.


This is a question for Quentin. If you email him with questions, he will be responding once a week to the previous weeks emails/snail mail.

Best,
James

And thank you for replying promptly and substantively.  I just have a quick followup:

(1) Since the secure storage for the SSNs is still being built, and I don't really know anything about Quentin's security except that he doesn't have a public key, I'm not really comfortable e-mailing him my SSN right now.  Would you prefer it if I:

   (a) Send him a partial claim once the affidavit form is released, then send the SSN later?

   (b) Hold off on sending any claim information until the system is whole, then send a complete claim with SSN? or

   (c) Encrypt a full claim to you at 6ADE3A3F for you to pass to him on paper or USB?

also

(2) Since the photo ID requirement is just for a generic governmental-issued document, I assume you'll just need to verify that it looks like a real ID and matches my address, date of birth, etc. Would there be any issue with me obscuring my DL# and other unique card identifier in the image, since I think your lawyers don't really need it, and (at least in my state), it often gets used like an SSN or account access card for many things?  I have the impression there has been a rash of people forging DLs with working magnetic stripe and using them at places that have replaced vendor-specific ID cards with DL swipes.

Thanks,

Adam

Gigavps, if you want to start a new contract that's fine, all you have to do is buy back the existing bonds and offer a trade-in for those who want to participate under the new contract. Changing the rules in the middle of the game is just plain fucking wrong.

Still waiting for an answer to my 2 emails from over a week ago btw. They contain all you need to pay me (except the new funny requirements, id n stuff). I'm in the shareholder list from nefario, confirmed that data, and also send additional proof that I was in possession of the claimed bonds till glbse went tits up. I bought my bonds directly from you so you KNOW FOR SURE that I had those claimed bonds.

Hi MoPac,

Thanks for your response. Please see my answers below.


I am currently developing the systems needed to automate these processes. I am a programmer in a previous life and have extensive experience in development systems such as this.


The mtgox 24 hour average will be used to determine the value delivered when a payment is made similar to your system above.


There will be one system of record. This system will be automated.


All sensitive information will be encrypted in the database (if it is ever stored there) and backups will be stored on encrypted drives.


Thanks again for voicing your concerns in a reasonable manner. All data for the moment will be stored with Quentin until the internal systems are built to a production quality and the proper notices about data retention and security can be posted.

Best,
James

The longer Giga waits, the more people will lose faith in him.
Really harmful, not only for himself and his future operations but also damaging overall trust in bitcoin.

People will not easily forget his stalling techniques/unfair demands.

+1. I want out too. Giga send my coins back now no questions asked or you are a phuckin thieve. You already got my address. My GLBSE name is conspirosphere.

[edit]: and since I want to sound reasonable and crystal clear: I don't want to be involved in any way with your phony LLC on which I crap on, not to speak about sending my ID to you or your accomplices.

[edit 2]: all my contempt to the losers who are jumping in the hoops and playing nice guy just for the hope of recovering some crumbs of their investment.

Well, if you need my SSN in order to make a 1099, that makes sense, but I have to echo those above who are curious about how you would actually do that.  I assume that there is a form with a method to list noncash transactions.  This isn't automatically crazy just because it's Bitcoin, as some people in here seem to be assuming.  Remember that there are plenty of instances where people are paid in something other than cash, and that's all subject to the basically same rules as cash income.

However, I do think it is very important that you provide up front some detail on how you intend to establish fair market value. My intention has been (unless I find out this is wrong) to check the MtGox value at the time of each dividend and report that dollar value as income.  By recording the dollar value of the BTC I paid for a share at the time of share purchase, and the dollar value of the BTC I get back from a share at share sale, I can properly report my capital gain or loss.

It would be bad for everybody if mismatches started cropping up based on different ideas of BTC market value because of differences in averaging over time, or even looking at a different time on the same day, when the BTC price might have been volatile.  You don't want to have people disputing a 1099 in some kind of four-way cluster---- between a shareholder, you, your lawyer, and the IRS. This could very easily happen if your lawyers are not well-versed in complex securities issues.

We also, of course, need a lot more assurance than we have right now about the protection of our tax ID information.  This is a matter of routine for anyone asking for an SSN, as you know. But you also know as well as anybody that Bitcoin attracts very smart criminals and vandals who would just love the idea of dumping a gold mine of SSNs of shareholders from all over the community because they were held on an excel spreadsheet in the office of an issue-inexperienced lawyer who got in way over his head IT-security-wise.

The law firm you are working with is a generic criminal defense outfit that advertises no real competence whatsoever in matters of civil securities law. And the person we are actually sending this information to is not even mentioned on the firm's site, only coming up in Google searches as a company director of entities called Quentin Page LLC and X-Com LLC.

So I don't fundamentally have a problem with the basic idea of what you're doing.  But I think that there is space here to have legitimate concerns at this point about how it's being done and by whom.

Not impressed

I'll just have to add it to the other coins stolen/scammed from me
Which is a shame I was in the process of moving more of my holdings into gigamining as I thought it was a trustworthy and viable business, funny thing, other investments have already been bought back and paid out while we screw around with this rubbish.


Losing faith in the Bitcoin "community"
Graet

Do you have the list of how many shares each person owns? If not, how will you process the payments?

Sorry I took the thread off track.  I believe it boils down to just this:  Giga is doing whatever it takes to run a legit mining company.  Legit company = everything will be legit, including taxes.

What if I just want my btc back.  We loaned you btc as an asset issuer.  Did you claim taxes for all of that?  If I give you $20 for lunch and you give me $20 back later does that have tax implications?  Why do you need to get my tax information to give me what I gave you back?  Does it still have tax implications then?

Just curious, are you filing taxes on all of the coins you mine?

Giga, question: would you turn over all of your information to me if our situations were reversed?

https://en.bitcoin.it/wiki/Tax_compliance

This is actually a very good point.  Even if you wanted to or even if you think you are somehow required to report this to the IRS then how the heck are you going to do it?  There is no place on the 1099 (or 1042) to report "BTC paid".  I am very interested to find out what your attorney expects you to do when filling out the 1099/1042 forms.  Perhaps there is a different form which you would fill out in the case of a barter transaction?  So, for example, if you were giving us all baseball cards as payment how would you report that to the IRS?  Does the IRS have a form that you can fill out when giving someone a box of baseball cards?  Please ask your attorney if he believes you are required to fill out 1099/1042 forms for each of us and if so then exactly how you are going to do it.

"When considering these requirements, please keep several points in mind.  The triggering threshold for US IRS 1099 (or IRS 1042 for foreign residents) earnings are extremely modest (ranging from US $10 to $600 depending on the classification ultimately assigned by taxing authorities) and the ultimate value of the bitcoins from now until the close of the filing period is unknown.  It is also worth noting that, due to the nature of the contract, these proceeds could be considered interest income which can have a triggering threshold as low as US $10."

You once refuted my analysis of terramining upgrade costs with a reply along the lines of "I only work in bitcoins, not in us dollars" (can't find the original post).

Is the IRS tracking bitcoins now?  I still don't get it.  How does the IRS know if you are paying us interest or doing any bitcoin transactions.  Please spell out what you are really afraid of, this feels nonsensical.  I only work in bitcoins, not us dollars.  Please send me interest on my shares.

Had a lot of shares on GLBSE, will not wait any more. I'm sure now this is a scam. I will send a self-made bot with all its trading information to the share issuers the next days, hope this can be counted as evidence. For GIGAMINIG the last entry (2012-10-04_16:38:54) showed 85 shares. Will send a PM soon.

What the hell is a "pirate ponzi profit".  Some new euphemism you made up for being taken in by a con man and then taking a huge loss?

If so then yes well I really made a huge "pirate ponzi profit" on that deal.

Welcome to my ignore list.  Jerk.

Again, you spout absolutely nothing of value.