Topic: Gigamining / Teramining - page 69. (Read 216459 times)

I'm not defending anything, I'm just pointing out that gigavps runs iirc one of the largest farms and buying him out isn't exactly easy on the capital. Hence the question, who do you think can afford to do it? Not to mention...didn't he have a bunch of pre-paid spots in the BFL ASIC queue?


I lolled. This is quotable.


I never followed it that close. Is this actually true/documentable?


They're not, are they?


I did note the identification of GIGAMINING bonds with assignments. Honestly, it looks like a reasonable construction from a legal standpoint, not sure if it's the most reasonable based on the actual deal but possibly.


Iirc the contract was talking about "gigavps".

What's this shit now? =(

btw, I got two e-mails about that aswell.. the later e-mail has a little different text in it.

Where was the original agreement ?

I guess unless you have it gpg signed you are screwed.

I am soo (not) surprised.
We're phucked again.

I notice in the demand the following:

"All information provided will be held in confidence and used only for the purposes of lawfully fulfilling the obligations of the agreements "

Does anyone have  copy of the agreement (i.e. his contract)?  I notice it's vanished from the OP of the thread (if it was actually ever there).  Would be interesting to compare his lawyer's characterisation of the agreement with what was actually agreed.  Pretty sure it wouldn't have been anything like:

"VPS agreed to conduct electronic data processing services and provide some portion of the outcome of this processing in the form of .bitcoins. to the current beneficial assignees of these agreements."

For starters, this was a fixed-rate bond - so the payments were totally unrelated to the outcome of the processing (or am I confusing this with something else?).  

And was the agreement actually made with VPS (i.e. were they identified as the other party)? Or is he now attempting to transfer his obligations under the agreement to an LLC without investors' consent?  I honestly don't know the answer to this (as I can't see the original agreement anywhere)?

Here are some facts to consider:

GLBSE allowed for individuals to create anonymous accounts.

Gigamining KNEW this going into it.

Gigamining had NO PROBLEM engaging in unregulated activities BEFORE GLBSE closed shop.

Now all of a sudden Gigamining wants to get a lawyer's help.

Gigamining KNEW that lawyers don't know shit about Bitcoin.

Gigamining now expects his shareholders to get involved with the law to get their underground money back.

Gigamining has all of the information necessary to pay all of his shareholders back without the lawyer.

Keeping in mind those facts, what is the REAL reason Gigamining is making his shareholders jump through hoops? I can understand getting the lawyer to threaten GLBSE to give up the information(although I disagree with that tactic on moral grounds) but I cannot understand the reason to continue the lawyer bullshit.

No one needs chemicals to state the facts as they exist go back and do the math you sock puppet/shill. Now that may not be so easy if many edits have been made so who knows the way back machine may be needed if it archives this site to get the original details.

I had it all figured out once what he took in on this "deal" it was over twice the amount of the equipment costs getting close to the three times on this even taking into account the ponzi payments he made for the first month or so without the machines he should still have had double what the cost of the machine were laying around which the machines would have had to come out of so plenty of excess. That is unless he spends like a drunken sailor in a whorehouse on payday. BTW for those of you with a litigious nature search on unjust enrichment that concept as it applies to contracts just may be your best friend, and of course the old stand by back up plan issuing securities without a license not exactly an encouraged practice under the laws governing them as they now exist.

Do I still need to go through all this since Nefario has started releasing the information? 

Obviously I'd not advocate using fake names.  But I'd expect that anyone who used one would be using a different email address to their GLBSE-associated one to ask questions, then mailing from their "proper" email and signing with their real name if they ever actually claimed.  Not quite sure how signing (with a fake name) an email from a disposable email address just to ask some questions could lead to a mess.  Worst that can happen is the lawyer refuses to reply without receiving ID - and that's really not likely: making a demand and refusing to explain it wouldn't exactly strength giga's case if this ever went to court or a regulatory body.

Reason giga's insisting on you contacting his lawyer rather than answeing himself is entirely straight-forward and standard.  You don't buy a guard-dog and then bark yourself.  

I'm sure his lawyer will happily answer each and every email to him - he gets paid for it, so more emails means more money.  Lawyers LOVE exchanging correspondence endlessly (if being paid by a private client) - it's what makes them money. Dunno what rates his charges but expect every email the lawyer even opens costs a fair few $ before he's even clicked the reply button: a minimum charge per item of correspondence received/read is not uncommon.

I just want to remind you this thread is titled  "[GLBSE] Gigamining - Perpetual mining contract"

He should sell the equipment off and send it to bondholders. Pay out the bonds is what I am saying. Then he can start fresh with his reputation intact.

Or do you defend him changing a contract after he signed it to the detriment of the other party? Think carefully about how you answer this.

Does the contract mention affidavits or whatever legal shit you have to go through to get back your coins?
Then let's stand to the contract.

http://www.encyclopediabitcoinica.com/wiki/GIGAMINING

Right... When pigs fly...

Who do you think has the capital to buy outright?

All I read 'between the lines' is that he wants to honor the contract.
The contract says he pays the amount 5Mhash/s gives.

OK, then he shoud ask that info just from whom wants to go along with that, and just refund who does not and wants out.

You gotta read between the lines! *doh*

Pftt he is still spending the excess he got from these fools, none of his personal money has been touched.