Gigamining / Teramining - page 89. | Bitcointalksearch.org

dishwara

legendary

Activity: 1855

Merit: 1016

Quote from: jamesg on September 11, 2012, 02:35:05 AM

Quote from: dishwara on September 11, 2012, 01:16:02 AM

I am a lot confused now.

If I have 10 (5 Mhs) gigamining bonds now, what i have to do in future?
NO free upgrade path to teramining?

Hi dishwara,

Sorry for the confusion. There is still a free upgrade path. If you have 10 5Mh/s bonds now and choose the free path, you will have 10 22.5Mh/s bonds when Teramining comes out.

Hopes this helps.

gigavps

Thanks.

So for 10 Gigamining bonds, if i pay 0.3 btc for each bond, i get 40 TERAMING bonds with each bond has 22.5 Mhs?
thats totally 900 Mhs?

If what i am saying is correct, then please update in OP.
It says 25Mhs instead of 22.5Mhs

seems you increased the price to get TERAMINING & also decreased Mhs
0.05 btc increased for each share, while 2.5 Mhs reduced for each share

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: dishwara on September 11, 2012, 01:16:02 AM

I am a lot confused now.

If I have 10 (5 Mhs) gigamining bonds now, what i have to do in future?
NO free upgrade path to teramining?

Hi dishwara,

Sorry for the confusion. There is still a free upgrade path. If you have 10 5Mh/s bonds now and choose the free path, you will have 10 22.5Mh/s bonds when Teramining comes out.

Hopes this helps.

gigavps

dishwara

legendary

Activity: 1855

Merit: 1016

Quote from: jamesg on September 10, 2012, 06:13:50 PM

To all Gigaminers:

From the current feedback received, I would like to propose the following changes to the upcoming Teramining contract.

Each bond will be at 22.5Mh/s which is 90% PPS of 25Mh/s.
Upgrade price will change to .3 BTC from .25 BTC.

Please continue the discussion. I am in no way perfect and rely on your feedback to make sure Gigamining/Teramining continues into the future.

Best,
gigavps

I am a lot confused now.

If I have 10 (5 Mhs) gigamining bonds now, what i have to do in future?
NO free upgrade path to teramining?

miscreanity

legendary

Activity: 1316

Merit: 1005

Quote from: jamesg on September 10, 2012, 06:13:50 PM

Each bond will be at 22.5Mh/s which is 90% PPS of 25Mh/s.
Upgrade price will change to .3 BTC from .25 BTC.

Very reasonable.

puffn

full member

Activity: 126

Merit: 100

I recommend that you keep the original terms if they keep whining. Any upgrade that gives the any value above the price of the upgrade will be taken with open arms by them. Don't bend yourself over a barrel for people who are just going to bitch and complain.

I would probably have a different attitude if I owned any though

also, load up your miners on whatever pool costs the least. Let those who value decentralization pay the cost for it.

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

To all Gigaminers:

From the current feedback received, I would like to propose the following changes to the upcoming Teramining contract.

Each bond will be at 22.5Mh/s which is 90% PPS of 25Mh/s.
Upgrade price will change to .3 BTC from .25 BTC.

Please continue the discussion. I am in no way perfect and rely on your feedback to make sure Gigamining/Teramining continues into the future.

Best,
gigavps

Otoh

donator

Activity: 3052

Merit: 1110

Quote from: DeaDTerra on September 10, 2012, 02:57:47 PM

Quote from: jamesg on September 10, 2012, 02:53:53 PM

Quote from: sp0rus on September 10, 2012, 02:51:04 PM

Just wanted to throw in my say. I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated. I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

So if we got rid of the tiered pricing and moved to price to .30 BTC, would this be an acceptable change along with the 90% PPS?

I like the tiered pricing as it encourages people to buy more bulk and bigger volumes which A, makes the job easier for you and B encourages people to buy more and invest more heavily into GigaMining which I think is good

//DeaDTera

+1

jamesg

vip

Activity: 1358

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AKA: gigavps

Quote from: Factory on September 10, 2012, 03:54:00 PM

With regards back to the 10% PPS fee, I as well as many others would love to see a breakdown of how that btc will be utilized. Of course, it would be impossible for you to create a definitive list with exact values, but even doing a rough estimation would greatly improve our total understanding of the venture.

Hi Factory,

3% will go right off the top to multiple pools to help with development, support and their hosting costs. With 4Th controlled by one individual, I do not want to be seen in any way as a threat to the network, hence the need to be able to run on multiple pools and to be able to support them over the long term.

The other 7% will hopefully cover the rack space, internet usage and power needs of the equipment. Since the new BFL SC Mini Rigs have the option to be rack mountable, I feel this is the best way to go. I am currently looking into data center costs for hosting the equipment. These machines will still have large power requirements so it will require some more time to find a suitable data center.

Also, part of the continued fee will go towards the time I spend managing the equipment. While it is true that the mini rigs are less prone to dying than GPU rigs, there are still issues with random computer and mining software crashes which still need to be monitored.

Best,
gigavps

Factory

sr. member

Activity: 259

Merit: 250

Quote from: DeaDTerra on September 10, 2012, 02:40:25 PM

I understand that you are in this for profit, aint we all. But then it's in your best interest to be able to compete with BitBonds offering, I feel that 0.4 might be a bit high in comparison to the other options that exist on the market right now.
//DeaDTerra

I agree with this.

When I had posted before, I was strictly stating that I am not in favor of tiered pricing and that a 10% PPS fee for ongoing management and maintenance does in fact seem reasonable. The price of .40 seems quite high relative to other offerings and I believe DeaDTerra hit the nail on the head.

With regards back to the 10% PPS fee, I as well as many others would love to see a breakdown of how that btc will be utilized. Of course, it would be impossible for you to create a definitive list with exact values, but even doing a rough estimation would greatly improve our total understanding of the venture.

kibblesnbits

hero member

Activity: 557

Merit: 500

Quote from: sp0rus on September 10, 2012, 02:58:56 PM

Quote from: jamesg on September 10, 2012, 02:53:53 PM

Quote from: sp0rus on September 10, 2012, 02:51:04 PM

Just wanted to throw in my say. I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated. I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

So if we got rid of the tiered pricing and moved to price to .30 BTC, would this be an acceptable change along with the 90% PPS?

I find this acceptable.

Ditto.

mb300sd

legendary

Activity: 1260

Merit: 1000

Drunk Posts

Quote from: sp0rus on September 10, 2012, 02:58:56 PM

Quote from: jamesg on September 10, 2012, 02:53:53 PM

Quote from: sp0rus on September 10, 2012, 02:51:04 PM

Just wanted to throw in my say. I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated. I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

So if we got rid of the tiered pricing and moved to price to .30 BTC, would this be an acceptable change along with the 90% PPS?

I find this acceptable.

I'd prefer this as well.

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: sp0rus on September 10, 2012, 02:58:56 PM

I find this acceptable.

Hi sp0rus,

Thanks for your input.

Best,
gigavps

sp0rus

newbie

Activity: 25

Merit: 0

Quote from: jamesg on September 10, 2012, 02:53:53 PM

Quote from: sp0rus on September 10, 2012, 02:51:04 PM

Just wanted to throw in my say. I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated. I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

So if we got rid of the tiered pricing and moved to price to .30 BTC, would this be an acceptable change along with the 90% PPS?

I find this acceptable.

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: jamesg on September 10, 2012, 02:53:53 PM

Quote from: sp0rus on September 10, 2012, 02:51:04 PM

Just wanted to throw in my say. I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated. I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

So if we got rid of the tiered pricing and moved to price to .30 BTC, would this be an acceptable change along with the 90% PPS?

I like the tiered pricing as it encourages people to buy more bulk and bigger volumes which A, makes the job easier for you and B encourages people to buy more and invest more heavily into GigaMining which I think is good

//DeaDTera

Namworld

hero member

Activity: 745

Merit: 501

Quote from: jamesg on September 10, 2012, 02:34:34 PM

Quote from: Namworld on September 10, 2012, 01:50:22 PM

Can you give any explanation as to what your actual cut is in this, and why it seems you're taking a seemingly insane cut, barring there has been some major issues along the way you forgot to tell us?

I'm an running this bond to make money. I'm not sure where you got the idea that this was a charitable venture. Every bond sale thus far has netted 100% initial capital outlays. I would expect nothing less from the release of the Teramining bond otherwise there is no reason to do it.

I'm not saying I think you're not running this for profit. I'm saying that with 1.5 free terahash by trading your 3 current minirig for half a free ASIC each, and if selling your GPU rig would fetch you for about an extra half the price of an ASIC rig (already paid by investors), you only need another 2 terahash (2 rigs equivalent) to fund the remaining of the TERAMINING hashing at 100 mhash per share.

Or ~5500 BTC (2750 BTC / ASIC rig)

You're asking for about 40000 x (0.30 - 0.40) = 12 000 to 16 000 BTC. A 54% to 65% cut for you. And the new 90% PPS proposed would take 10% more of what's left (about 4% - 5% more). 60 - 70% cut total.

It just seems like the upgrade is actually charging us the full price of the ASICs + cut, completely ignoring the fact the FPGA rigs/GPU were paid for (40 000 BTC I believe?) by the investors on the initial IPO and can partially pay/be traded for the ASICs.

Your cut is seemingly more than twice to quintuple the cut others take, hence why I'd like to know the actual numbers on your side and your actual cut.

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: sp0rus on September 10, 2012, 02:51:04 PM

Just wanted to throw in my say. I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated. I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

So if we got rid of the tiered pricing and moved to price to .30 BTC, would this be an acceptable change along with the 90% PPS?

sp0rus

newbie

Activity: 25

Merit: 0

Just wanted to throw in my say. I'm going to have to agree that a tiered fee does seem like a bad idea, for the same reasons already stated. I also feel that .40BTC is too high a price for the upgrade given the way the market looks currently.

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: DeaDTerra on September 10, 2012, 02:40:25 PM

I understand that you are in this for profit, aint we all. But then it's in your best interest to be able to compete with BitBonds offering, I feel that 0.4 might be a bit high in comparison to the other options that exist on the market right now.
//DeaDTerra

Hi DeaDTerra,

Thanks for your feedback. I will take it into consideration.

Best,
gigavps

DeaDTerra

donator

Activity: 1064

Merit: 1000

Quote from: jamesg on September 10, 2012, 02:34:34 PM

Quote from: Namworld on September 10, 2012, 01:50:22 PM

Wait! 90% PPS? Are you telling me you are reducing to 90 mhash per upgrade instead of 100 mhash?

This is correct. It costs real $$$ to run this equipment both on the hosting side of things and on the pool side of things. I would like to setup Teramining to last a long time. If I do not take a cut from the PPS, it would take a very high $$$ value up front to continue operations indefinitely.

Quote from: Namworld on September 10, 2012, 01:50:22 PM

Can you give any explanation as to what your actual cut is in this, and why it seems you're taking a seemingly insane cut, barring there has been some major issues along the way you forgot to tell us?

I'm an running this bond to make money. I'm not sure where you got the idea that this was a charitable venture. Every bond sale thus far has netted 100% initial capital outlays. I would expect nothing less from the release of the Teramining bond otherwise there is no reason to do it.

Quote from: Namworld on September 10, 2012, 01:50:22 PM

0.40 BTC seems damn high

It may be. I might lower it. That's what we are discussing.

I understand that you are in this for profit, aint we all. But then it's in your best interest to be able to compete with BitBonds offering, I feel that 0.4 might be a bit high in comparison to the other options that exist on the market right now.
//DeaDTerra

jamesg

vip

Activity: 1358

Merit: 1000

AKA: gigavps

Quote from: Namworld on September 10, 2012, 01:50:22 PM

Wait! 90% PPS? Are you telling me you are reducing to 90 mhash per upgrade instead of 100 mhash?

This is correct. It costs real $$$ to run this equipment both on the hosting side of things and on the pool side of things. I would like to setup Teramining to last a long time. If I do not take a cut from the PPS, it would take a very high $$$ value up front to continue operations indefinitely.

Quote from: Namworld on September 10, 2012, 01:50:22 PM

Can you give any explanation as to what your actual cut is in this, and why it seems you're taking a seemingly insane cut, barring there has been some major issues along the way you forgot to tell us?

I'm an running this bond to make money. I'm not sure where you got the idea that this was a charitable venture. Every bond sale thus far has netted 100% initial capital outlays. I would expect nothing less from the release of the Teramining bond otherwise there is no reason to do it.

Quote from: Namworld on September 10, 2012, 01:50:22 PM

0.40 BTC seems damn high

It may be. I might lower it. That's what we are discussing. Some have suggested that having a tiered pricing structure is not the best approach. I have been thinking about it and could be persuaded to agree. Maybe we'll change it to .30 BTC for everyone but I would like to hear others opinions first.

Topic: Gigamining / Teramining - page 89. (Read 216450 times)