Topic: Gigamining / Teramining - page 99. (Read 216450 times)

Well thought about it some more and I have idea not that I think it will have hope in hell of getting done mind you. But here it is giga pays for the upgrade to four of the th/s boxes. Now once these come online the 40000 5mh/s shares now become 100mh/s. Don't get them all the way to being equally treated as it still leaves ~$100k of their money still in his pocket as profit that has already been taken in but it is some of the way there. Well giga how about it can you man up on that one or are you just going to screw these people proving me right? Oh and don't forget the massive windfall of btc once them th/s boxes go online their entitled to some of that too. Anyways that is all I have to say, good luck to the investors in this venture you will need it.

Edit: I would add for the critically thinking challenged around here. My proposal asks nothing of him that he is not already obligated to do except give the massively increased hash power bonus to those who's money he has already in keeping with the sprit of the contract, ie. you give me btc I give you what that hashing power produced by that btc got me, as he is obligated by the last round of funding to spend $60k on four rig boxes. It makes no sense to do that at this point in time as the upgrade path is the preferred option now. So 20x hash power from that money/btc taken in 20x given back to who's money/btc it was.

It reduces my risk exposure to run more than the full 200Gh for the next 4 months. It has been my plan all along to get above 200Gh and I fully intent to see this through. SC has thrown everything out of whack and I have had to change my original plans along with it.

Gigamining's current state

• 1 of the 4 mini rigs died, looks to be the PSU. I have overnighted it back to BFL so they can fix it up and run some extended burn in tests.
• I still need to make a move for another 100Gh before SC comes out, more to come on this when I make a final decision. Never hurts to take your time and make sure you have all of the facts before pulling the trigger.

I think its wise to keep your head cool for a while,  you now sit on a lot of buying power. Maybe 100k -140k dollar worth,  seems  things starting to get out of hand here regarding the SC, a hoard of people throwing money at  BFL locking in their money for at least  4 months, probably longer.  Why on earth do they need the money now, with backing from a VC  ? The mini-rigs are really nice and all but soon obsolete, why the rush ?

Actually, the unjust enrichment theory can apply to contracts where there is a mistake of terms and the consideration is grossly unmatched. For example, if the contract read $.156225 per ounce of gold. In that case, it would likely be concluded that the intent of the contract was to read '$1562.25 per ounce' and one party has already been enriched by the mistake.

.... That applies to receiving something that was not for you in error and keeping it, or someone offering something and enriching himself without providing what he offered... That does not apply to a RESPECTED AGREEMENT, no matter if his margin is 1% or 99%, as long as both parties agrees. Gigamining HAS been providing the equivalent of 5 mhash/s

You obviously have no background in the law as there is definitely not a case of unjust enrichment and Gigavps has offered plenty of consideration for any traditional common law based court's standard.

Consideration is the concept of legal value in a contract and can consist of a promise to perform. In this case, Gigavps has promised to pay weekly in perpetuity bitcoins equivalent to the production power of five megahashes based on the adjusting difficulty of the Bitcoin network. Bitcoins currently have a tradable fair market value that is nothing. Therefore, the promise to pay bitcoins in the future is a legal obligation constituting a legal value owed to the holder of that debt and Gigavps has offered consideration.

In regards to the bonus of .5 megahashes until the end of June. There has been no additional consideration offered by bondholders. Therefore, Gigavps promise to pay the additional .5 megahashes of production worth of bitcoins is not binding. For tax purposes it should probably be treated as a gift and likewise, Gigavps should probably not deduct it as interest expense.

I think a lot of the people that bought Giga shares, including Giga himself, figured that the bonds would make more in dividends than their price over their life span. The recent news about BFL coming out so soon with hardware so powerful was a surprise to many.

So, it looks like those bonds will end up being net losers once BFL ships the new hardware. This is unless Giga somehow does something to make the old bonds awesome. And there is an incentive for him to do so.

He could either let the bondholders eat their poor investments, in which case Giga comes out ahead with a few brand new ASICs.

Or he turns those old bonds into new bonds and crafts new bonds to help him generate more investors in the future. If Bitcoin is ever going to become a multi trillion dollar market cap, then Bitcoin mining is going to have to become a multi billion dollar industry at least, in order to protect it.

If Giga wants to play with the big boys in the mining industry he's going to have to do a lot better than a few piddly dink ASICs worth a couple hundred grand. He's going to have to get millions of dollars worth of investors over the next several years alone. If he lets his current investors eat dirt, he'll likely never get any new investors and can enjoy his measly profits from his handful of ASICs he'll get in a few months.

Their is a term for them type of contracts in particular the "Total failure of consideration".

http://en.wikipedia.org/wiki/Unjust_enrichment

I get it you don't take time to answer any replies that contain facts?


So what? He had a large profit margin and may have borrowed on that while equipment was delivered. As long as he pay on his bonds what he promised. There was never anything hidden about the price of IPO and how much mhash you were getting, nor was it guaranteed that He would keep enough hardware around at any time for sold hashing. Just that the bond would pay the equivalent of 5 mhash/s.

I hardly see how something could be wrong when people willingly bought into something that was clear from the start. Why insist on something being bad when people agreed to it? Anyone who bought those bonds were buying a promise to be paid the EQUIVALENT of 5 mhash/s. They can invest without reading or make assumptions, that does not give them any claim.

As far as I'm concerned, Gigamining acted honestly throughout his operation.

The terms were there, black on white, and were respected thus far.


The thing that has to be put under the microscope is if people take the time to read what they're buying before making a purchase.

Do you have a list somewhere of the words that cannot be used?

Good as I have already said I have bridge for sale only a cheap 20000BTC and its yours.

Hi DILLIGAF,

I understand that you don't like the way I have handled gigamining. That is fine. Where I draw the line is using inappropriate language towards myself or others in this thread. If you would like to speculate about gigamining, rant about something I've done wrong or just troll me, that is fine.

I would like to ask that you please refrain from this in the future.

Best regards,
gigavps

As opposed to the old "I haven't done jack shit, so I will just bash everyone else's efforts" ?

..then YES. I would rather simply be full of shit.

Like I said, I would be more than happy to invest in YOUR venture.

Yes the old I don't agree but will praise him anyways BS line, your fucking full of it..

Don't see why all the whining.

ENJOY the 110% PPS for a while doods !!!

JESUS FUCKING CHRIST !
I have argued with him numerous times and I've made it clear that I don't even like the guy......

BUT I TRUST & RESPECT HIM MORE THAN ANY OF YOU OTHER CHICKEN SHIT CRY BABIES.

Personalities clash and frankly, I am sure my trust and respect mean more than my affection. He has done far more for this community than YOU have, or any of the other cry babies that are envious of his operation and what he has accomplished....in spite of recent events...

The simple reason that DILLIGAF can't offer any kind of mining bond or stock is because he hasn't got the balls to do so. He would have to deal with people like himself, and that would cause him to break down and cry like a baby.

He sold initially 10 000 shares 1 BTC each (He had 50 Ghash/s), not sure for the other shares. With that he almost had enough for 100 Ghashs/s in MiniRigs, he sold 10 000k shares. He did have a large profit margin, yes (quite high I find. But not as excessive as one might think.) Yes he borrowed a lot. But everything he did seemed clear to me right from the start. I'm not sure everyone did those calculations but people can invest in whatever they want.

The contract clearly states: "The holder of this bond will receive as coupons a number of bitcoins equivalent to 100% PPS output of 5 MH/s, for as long as they hold the bond." Note the word equivalent. His duties are limited to pay the equivalent of it. There's nothing going against him borrowing on the funds for dividends with his large profit margin. The contract is clear, the numbers were clear, the calculations could be made by anyone prior to investing in his company.

When something is as scummy as this it deserves to be put under the microscope you can continue to kiss gigaass all you want as you seem to be so inclined, as this is not the first time I have seen you defending his behavior.

Great, BUT... What have YOU done ?

It's alot easier to criticize when all you are is a spectator. Why not put YOURSELF out 'there' so that YOU can be put under the microscope, like you seem to be doing here ?