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Topic: Gigamining / Teramining - page 93. (Read 216450 times)

newbie
Activity: 25
Merit: 0
August 20, 2012, 11:40:59 PM
Just wanted to say, thanks for the honesty and openness with how you're running things.  Sometimes people don't ask for information in the nicest ways, but you still provide an answer to the question.

That was a large factor in my choosing to invest my small amount (in the grand scheme of things, large amount for me though, haha) in your fund.  The reputation you have with others also played a small role, as well as your willingness to provide verification that you are who you say you are on the exchange.

I'm happy with what you are doing, and excited to see how this upgrade to Teramining goes.  Best of luck to you.
hero member
Activity: 518
Merit: 500
August 20, 2012, 10:14:27 PM
Like I said, I am actively building more rigs and seeking more deals for mini rigs.

If you do not like my honesty about where I am at, then by all means please sell your bonds.

I think he is merely trying to get a more accurate sense of your income statement and balance sheet to better judge your credit worthiness and more accurately value the GIGAMINING bonds.


The main value of the bonds is, of course, the dividend/payment stream.  Obtaining additional information on the balance sheet and cash-flow statement would provide some additional information, but I expect Giga has more than just mining underpinning the payments he makes.

As a borrower, I have provided a number of loans/financing to Giga and have no particular concerns about his liquidity or ability to repay.  For his mining bonds (inclusive of a very good upgrade path) there are different ways to support such a business, and from my discussions with him he accounts for things pretty sensibly.  As for the size of the balance sheet, income, mining hardware/assets, that is not required to be public, but I can understand the desire to have some third party look at it and express an opinion.

You do realise, of course, that if a credit rating for Gigamining comes out looking good, it is likely to affect the price.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 20, 2012, 10:07:19 PM
I think he is merely trying to get a more accurate sense of your income statement and balance sheet to better judge your credit worthiness and more accurately value the GIGAMINING bonds.

To be totally honest, I think I am one of the most open and honest operators around. I don't see many other operators opening out status pages to their farms for instance.

To better judge your credit worthiness the two material pieces missing are (1) revenue capacity, what PPS% the 160GHs produces, and (2) how many unencumbered bitcoins you have in your possession allocated for building or buying more rigs.

If you would like to judge my credit worthiness, please see Patrick's personal credit rating thread.

https://bitcointalksearch.org/topic/m.1090151

You'll notice I'm at the top of the list there.

Obviously, if the 160Ghs produces only 100%PPS and you have only 1,000 BTC in your possession then you will negative cash-flow about 125 bitcoins per week at current difficulty. Assuming a rise in difficulty this would leave about 8-10 weeks until a partial default. However, if you have 10,000 BTC in your possession then credit worthiness would be a lot higher.

First, the 160Gh produces greater than 100% PPS results as it is run on gpumax.com. On average, this month, I have been running about 114% PPS which makes up quite a bit of the short fall. Second, I have spare coins to cover any short falls in the foreseeable future.

Because of your unwillingness to disclose how many BTC are currently in your possession the market does not know whether you have 0 BTC or 5,000 BTC, etc. and has to begin assessing a value on the probability of default and time frame. Markets like information and transparency.

The market should look at my reputation, commitment and credit ratings by others in the community to determine whether they would like to be a part of gigamining or not.

When looking at comparable issues there appears to be only one and it is interesting that BITBONDS are trading at a 13% discount to GIGAMINING. Why is this? Are they undervalued or is GIGAMINING overvalued?

I find it less than honorable that you would use my thread to pump up a bond which you own the majority of. I have a ton of respect for AmazingRando and I hope your actions to do not reflect upon him.

Since GIGAMINING has only 80% of the equipment to back its commitments and an uncertain amount of liquid reserves to meet debt service therefore does BITBOND lack a significant amount of production capacity it has claims for to result in this material discount in the trading price?

Gigamining has a clear ASIC upgrade path which is already paid for 100%.

I have designed this upgrade path to keep the price of Gigamining up so that current bond holders would not lose significant value over the short term whether they wanted to stay a part of Gigamining or not. They also have the option of upgrading for FREE, which, if you owned BFL equipment, you would not have the luxury of.

Regards,
gigavps
legendary
Activity: 1031
Merit: 1000
August 20, 2012, 08:36:48 PM
Like I said, I am actively building more rigs and seeking more deals for mini rigs.

If you do not like my honesty about where I am at, then by all means please sell your bonds.

I think he is merely trying to get a more accurate sense of your income statement and balance sheet to better judge your credit worthiness and more accurately value the GIGAMINING bonds.

To better judge your credit worthiness the two material pieces missing are (1) revenue capacity, what PPS% the 160GHs produces, and (2) how many unencumbered bitcoins you have in your possession allocated for building or buying more rigs.

Obviously, if the 160Ghs produces only 100%PPS and you have only 1,000 BTC in your possession then you will negative cash-flow about 125 bitcoins per week at current difficulty. Assuming a rise in difficulty this would leave about 8-10 weeks until a partial default. However, if you have 10,000 BTC in your possession then credit worthiness would be a lot higher.

Because of your unwillingness to disclose how many BTC are currently in your possession the market does not know whether you have 0 BTC or 5,000 BTC, etc. and has to begin assessing a value on the probability of default and time frame. Markets like information and transparency.

When looking at comparable issues there appears to be only one and it is interesting that BITBONDS are trading at a 13% discount to GIGAMINING. Why is this? Are they undervalued or is GIGAMINING overvalued?

Since GIGAMINING has only 80% of the equipment to back its commitments and an uncertain amount of liquid reserves to meet debt service therefore does BITBOND lack a significant amount of production capacity it has claims for to result in this material discount in the trading price?

I have not found a statement from amazingrando on the matter. Anyone?
full member
Activity: 126
Merit: 100
August 20, 2012, 06:31:04 PM
Yes, please, sell your bonds !!!$$$!!!
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 20, 2012, 02:00:12 PM
Please do not get mad at me but... like in a ponzi Huh??(!)  Undecided

How do you plan to reach 200 gh/s? Selling more bonds?

Seriously, I have too many gigamining bonds to hear this.

Hi amgomez,

Like I said, I am actively building more rigs and seeking more deals for mini rigs.

If you do not like my honesty about where I am at, then by all means please sell your bonds.

Best,
gigavps
hero member
Activity: 727
Merit: 500
August 20, 2012, 01:52:15 PM
Thanks for the response, not sure why I thought you had 240gh. How can you pay 200gh/s worth of bonds on 160gh/s?

There was a lot of profit with the sale of the bonds. I have used some of the profit to offset getting up to full speed.

Please do not get mad at me but... like in a ponzi Huh??(!)  Undecided

How do you plan to reach 200 gh/s? Selling more bonds?

Seriously, I have too many gigamining bonds to hear this.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 20, 2012, 01:30:26 PM
Thanks for the response, not sure why I thought you had 240gh. How can you pay 200gh/s worth of bonds on 160gh/s?

There was a lot of profit with the sale of the bonds. I have used some of the profit to offset getting up to full speed.
legendary
Activity: 1973
Merit: 1007
August 20, 2012, 01:27:06 PM
Thanks for the response, not sure why I thought you had 240gh. How can you pay 200gh/s worth of bonds on 160gh/s?
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 20, 2012, 06:46:33 AM
Haha, seriously though... I know Gigavps is a pretty big pirate supporter and I also know gigavps has a ton of hardware behind the bonds.

Hi CrazyBlane,

You are correct that I believe pirateat40 is stand up guy and will not default on his lenders. However, I would like to keep that outside of the gigamining thread.

At the current difficulty, with 240gh/s, giga should be making around 770 btc a week. Coupon payments page shows him scheduled to pay out around 600 btc over 40,000 bonds. 170 BTC a week is not bad, but after DC and electricity costs that may be much less.

I am running about 160Gh/s currently. I have more GPU purchases to setup this week and am still looking for more mini rigs to purchase. All current equipment and upgrades have been paid for 100%.

Seems like it would be easier to invest some of those coins in a venture that returns 7% weekly and pay from there.

If the answer is 0%, how heavily are you personally invested?

Some profits from the gigamining offerings were used to fund my BTCST account. As for percentages or amounts, I feel no need to disclose that information.

Is it enough to hurt your mining operation if you don't get your money back?

If pirateat40 does not return capital, then I will lick my wounds and make up the losses from personal funds.

The contract is that I pay out 100% PPS for all outstanding bonds and this is what I have done and will continue to do.

Best,
gigavps
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 20, 2012, 06:32:49 AM
To all Gigaminers:

The coupon payment for the week is out.

Enjoy,
gigavps
legendary
Activity: 1973
Merit: 1007
August 20, 2012, 01:35:31 AM
I apologize if this has been answered already. What percentage of gigamining bonds are currently invested with pirate?(If any).
I always assumed all of it was.

lol Cheesy
Haha, seriously though... I know Gigavps is a pretty big pirate supporter and I also know gigavps has a ton of hardware behind the bonds. At the current difficulty, with 240gh/s, giga should be making around 770 btc a week. Coupon payments page shows him scheduled to pay out around 600 btc over 40,000 bonds. 170 BTC a week is not bad, but after DC and electricity costs that may be much less. Seems like it would be easier to invest some of those coins in a venture that returns 7% weekly and pay from there.

If the answer is 0%, how heavily are you personally invested? Is it enough to hurt your mining operation if you don't get your money back?

Just curious as I'm thinking about investing in gigamining again.
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
August 20, 2012, 12:34:12 AM
I apologize if this has been answered already. What percentage of gigamining bonds are currently invested with pirate?(If any).
I always assumed all of it was.
legendary
Activity: 1973
Merit: 1007
August 20, 2012, 12:26:11 AM
I apologize if this has been answered already. What percentage of gigamining bonds are currently invested with pirate?(If any).
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 19, 2012, 08:35:03 AM
Giga, any news on when the update will be done?

I have registered my intentions to upgrade but at the moment I'm purchasing more shares, so please tell me how this will move forward.

thanks
ian

When I know more, you'll know more. The upgrade is totally dependent on BFL and their timeline for releasing ASIC.
donator
Activity: 164
Merit: 100
August 19, 2012, 08:14:16 AM
Giga, any news on when the update will be done?

I have registered my intentions to upgrade but at the moment I'm purchasing more shares, so please tell me how this will move forward.

thanks
ian
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 13, 2012, 06:04:53 AM
To all Gigaminers:

The coupon payment for the week is out.

Enjoy,
gigavps
vip
Activity: 574
Merit: 500
Don't send me a pm unless you gpg encrypt it.
August 11, 2012, 12:08:15 AM
Seems pure btc to me.  Bond is priced in btc, coupons are btc, upgrade is priced in btc.

It's a bitcoin economy.  Can I buy shares in direct barter for asparagus?

I did think it a bit odd when gigavps first mentioned that the fee could go down because of a change in exchange rate, but I figured I'd ask anyways.

Except BFL doesn't denominate their gear in btc, they denominate it in USD.  Bitcoin is nothing more than a Visa, just a means to transmit USD.
sr. member
Activity: 800
Merit: 250
August 10, 2012, 09:51:27 PM
Seems pure btc to me.  Bond is priced in btc, coupons are btc, upgrade is priced in btc.

It's a bitcoin economy.  Can I buy shares in direct barter for asparagus?

I did think it a bit odd when gigavps first mentioned that the fee could go down because of a change in exchange rate, but I figured I'd ask anyways.
vip
Activity: 1358
Merit: 1000
AKA: gigavps
August 10, 2012, 02:56:25 PM
As the price of Bitcoin has gone up significantly since the Teramining announcement, will the fee for exchanging Giga shares for Tera shares be lower than 0.25? If so how much would the fee be if, for instance, Bitcoin is at $11.5 when Teramining launches?

I have given this a lot of thought, and right now I am leaning towards the price staying at .25 BTC per bond. We'll see as the time gets closer, but expect to pay the .25 btc if you want to upgrade.
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