[GLBSE] Feedback wanted: Gigamining, the first 5Mh/s mining bond - page 3.

jamesg

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Quote from: NothinG on March 27, 2012, 01:23:11 PM

There are the 9GH/s just in his BFL Singles.

Thanks NothinG. Here is the GPU farm when I won the "Rig builder of the year" award.

Everything is a small room in the warehouse now with 3 tons of HVAC cooling it off. If we deem it necessary to see more pictures, I can snap some with the phone.

Quote from: ?? on ??

I've been waiting a while to post these, but here we go. It's still not complete, but it good enough shape to share.

NothinG

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Quote from: Vbs on March 27, 2012, 12:56:03 PM

Quote from: Sukrim on March 27, 2012, 11:28:02 AM

It is VERY easy to go Ponzi on things like this otherwise, I would NEVER invest even a single bitcent unless I have very good proof (even pictures can be made elsewhere...) that the issuer really has this hash rate at hand.

Then don't.

Quote from: jamesg on March 23, 2012, 04:27:46 PM

Seems I have a lot to share today. Grin

There are the 9GH/s just in his BFL Singles.

Vbs

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Quote from: Sukrim on March 27, 2012, 11:28:02 AM

It is VERY easy to go Ponzi on things like this otherwise, I would NEVER invest even a single bitcent unless I have very good proof (even pictures can be made elsewhere...) that the issuer really has this hash rate at hand.

Then don't.

NothinG

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Quote from: jamesg on March 27, 2012, 11:42:35 AM

Quote from: Sukrim on March 27, 2012, 11:28:02 AM

Quite bad, considering you didn't calculate for difficulty increases properly and also didn't account for the 25 BTC/block change in early december 2012.

After all, you're betting against(!) Moore's law, miner expansion, the 25 BTC/block "crash" and global hash rate. Anything more than 10-15 Bitcents per MH/s is quite insane in my opinion as a buyer.

I have made it through the price of BTC being $2 and we will make it through the halving of the block reward. The equipment this contract will run on is some of the best designed in our industry thus far.

As for the price, Meni's bond is currently trading at 1.75 BTC for 5Mh/s. So 1 BTC for a similar bond it quite a deal.

5Mh/s @ 1 BTC (Current difficulty with 50 BTC/block) would roughly take 300days to earn back and finally make profits.

jamesg

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AKA: gigavps

Quote from: Sukrim on March 27, 2012, 11:28:02 AM

Quite bad, considering you didn't calculate for difficulty increases properly and also didn't account for the 25 BTC/block change in early december 2012.

After all, you're betting against(!) Moore's law, miner expansion, the 25 BTC/block "crash" and global hash rate. Anything more than 10-15 Bitcents per MH/s is quite insane in my opinion as a buyer.

I have made it through the price of BTC being $2 and we will make it through the halving of the block reward. The equipment this contract will run on is some of the best designed in our industry thus far.

As for the price, Meni's bond is currently trading at 1.75 BTC for 5Mh/s. So 1 BTC for a similar bond it quite a deal.

Quote from: Sukrim on March 27, 2012, 11:28:02 AM

Also (as with Meni's same bond) I'd like to have the operator verify his hash rate by: Mining on P2Pool/solo/Eligius for at least 1 week continuously to a single BTC address and then signing a message with the key of this address as proof he is in possession of that hashing power.
It is VERY easy to go Ponzi on things like this otherwise, I would NEVER invest even a single bitcent unless I have very good proof (even pictures can be made elsewhere...) that the issuer really has this hash rate at hand.

I have no problems verifying my identity, hash rate, or anything else you would like to inquire about before the bond gets off the ground. I make no attempts to try and hide my identity and have done business with many people in the community.

You can look at my past post history to see pictures of my equipment (GPUs and BFL singles) or if you like, I can re-post some images.

I can understand your concerns as this is an offering "at scale" but if you looks at my -otc ratings and my business dealing in this forum, you can see for yourself whether I am legit or not.

Sukrim

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Quote from: Kaos on March 26, 2012, 04:35:38 PM

[snip]
How's my math!??!

Quite bad, considering you didn't calculate for difficulty increases properly and also didn't account for the 25 BTC/block change in early december 2012.

After all, you're betting against(!) Moore's law, miner expansion, the 25 BTC/block "crash" and global hash rate. Anything more than 10-15 Bitcents per MH/s is quite insane in my opinion as a buyer.

Also (as with Meni's same bond) I'd like to have the operator verify his hash rate by: Mining on P2Pool/solo/Eligius for at least 1 week continuously to a single BTC address and then signing a message with the key of this address as proof he is in possession of that hashing power.
It is VERY easy to go Ponzi on things like this otherwise, I would NEVER invest even a single bitcent unless I have very good proof (even pictures can be made elsewhere...) that the issuer really has this hash rate at hand.

jamesg

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AKA: gigavps

Quote from: Kaos on March 27, 2012, 06:10:01 AM

The only realistic big lose scenario is if gigavps desides to buy back in say 6 months while manipulating the stock to be extremely cheaper (say 0.20btc + the promised 5%) than it was when you originally bought it. But I think Gigavps has a better reputation than that to pull a fast one.

I have a feeling that if this bond is initially offered at 1 BTC per coupon, the initial buyers will make out on both the coupon price increase and the full 100% PPS payments.

That being said, I cannot predict the future. Each purchaser must do their due diligence to a) understand the mining business and the cycles it goes through, b) decided for themselves the value this bond offers and c) whether they would like to participate.

fizzisist

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Quote from: Kaos on March 26, 2012, 04:56:34 PM

The BFL Single was advertised for 600 MH/sec and now it's over 800 MH/sec, I say it can reach to 1Gh/sec by Q3 2012 but that's about it.

Correction, the BFL single was originally advertised at 1 GH/s (and 20 W). It was later reduced to 830 MH/s (and increased to 80W) when they actually got their hands on hardware, not simulations.

Kaos

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Quote from: DILLIGAF on March 26, 2012, 11:12:06 PM

Quote from: rjk on March 26, 2012, 10:42:52 PM

Quote from: DILLIGAF on March 26, 2012, 10:40:06 PM

Quote from: copumpkin on March 26, 2012, 09:28:03 PM

The positive response on this thread from everyone but you suggests that you're approaching this from a different angle from everyone else.

Yes I am that angle would be what he is essentially telling you people is this. Give me ~$60,000 I am going to buy 4 machines with that money then dedicate 2 of them to your payback. The other two I get for just being me the wonderful person I am, thank you very much for your donation. Now you if fools want to go for that go right ahead because that is exactly what the proposal is.

Since there are investors itching to lay hands on this offering, why not start a clone of it for yourself? Oh I know why, you don't have shit to back up the bonds if the hardware fails or whatever reason.

Well yes I have had that thought, Are these people stupid enough to go for it twice? Yeah come give me some free hardware as well although I would do it differently. To start I would have trust account at my lawyers office in which I would deposit the funds from my business to cover loss of machine(s) and I have plenty of it to do so troll, secondly I would have actual hardware in my possession and last but not least it would be structured in a way such that the bond holders did not get screwed so bad. Well you all know what you are getting into by now so good luck..

You insist with your extremely simplistic calculations that do not account for many factors.

No offence but you either need to work on your math skills or business skills. Either way go check my math a few posts back and see why at 1BTC/5Gh it's a good deal.

Although like all investments there's a chance that within the months it will take to brake even the BTC will crash, people will lose interest and god knows what.

The only realistic big lose scenario is if gigavps desides to buy back in say 6 months while manipulating the stock to be extremely cheaper (say 0.20btc + the promised 5%) than it was when you originally bought it. But I think Gigavps has a better reputation than that to pull a fast one.

jamesg

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Quote from: John (John K.) on March 26, 2012, 10:58:03 PM

Sounds good. I'll be investing too when all the details are out Grin

Please let me know if I have missed any details. I am trying to cover all of my basis before the mini rig boxes arrive. As full disclosure, the mini rig boxes should be arriving sometime in May.

jamesg

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Quote from: TheOtherGuy on March 26, 2012, 11:40:49 PM

Feedback

1 BTC would be more reasonable for me. The payback at today's difficulty and price is about 300 days. At 1.2 BTC the payback goes to almost exactly 1 year. I think I would buy in at either price but my level of participation would probably change depending on what that price is.

Thanks for the feedback. I too am starting to that the 1 BTC range is where this bond should start at.

Quote from: TheOtherGuy on March 26, 2012, 11:40:49 PM

I do believe though that you will sell all of them quickly at either price. I think your reputation alone will sell an awful lot.

Thank you. I appreciate your kind words.

jamesg

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Quote from: guruvan on March 26, 2012, 11:51:54 PM

gigavps, I'd really like to see this. The price point looks right in line. While I trust you, my partners may want some additional verification of the production of the 5Mh/s per coupon (I'm covering all my bases here) Do you have any software in production or development to provide that?

Yes. I run BAMT which has a web monitoring tool so that anyone with the web address can easily see my entire farm hashing away. I currently have this page locked down in apache but would open it up for investors to review.

Quote from: guruvan on March 26, 2012, 11:51:54 PM

My one issue is the repurchase (and forgive me if I failed to read exactly)

Are you offering to repurchase at 105% the (somewhat standard) previous 30day average price, or 105% the initial purchase price?

The repurchase would be at 105% of the highest traded price over the previous 15 days.

Quote from: guruvan on March 26, 2012, 11:51:54 PM

I would like the bond to be offered after the mining operation is installed. I have a good deal of money out on mining gear already, and would prefer not to pay a premium to wait for yours Cheesy

- overspeculation before mining ops commence could be to your detriment if you have to repo coupons at an averaged price.

there are a few choice offerings now on the GLBSE, and this looks like it will be one.

Thank you for your constructive feedback. It was my first thought also that the hashing power be installed before the initial offering.

I appreciate your kind words regarding the offering.

guruvan

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yada yada.

This sounds like an excellent deal for our portfolio here. Of course a businessman would like to make a profit, and if he wouldn't, I don't trust him - 2 BFLs is a pretty nice little profit. I also very much appreciate anyone who is smart enough to realize their profit up front, rather than wait!!

gigavps, I'd really like to see this. The price point looks right in line. While I trust you, my partners may want some additional verification of the production of the 5Mh/s per coupon (I'm covering all my bases here) Do you have any software in production or development to provide that?

My one issue is the repurchase (and forgive me if I failed to read exactly)

Are you offering to repurchase at 105% the (somewhat standard) previous 30day average price, or 105% the initial purchase price?

I would like the bond to be offered after the mining operation is installed. I have a good deal of money out on mining gear already, and would prefer not to pay a premium to wait for yours Cheesy

- overspeculation before mining ops commence could be to your detriment if you have to repo coupons at an averaged price.

there are a few choice offerings now on the GLBSE, and this looks like it will be one.

TheOtherGuy

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Feedback

1 BTC would be more reasonable for me. The payback at today's difficulty and price is about 300 days. At 1.2 BTC the payback goes to almost exactly 1 year. I think I would buy in at either price but my level of participation would probably change depending on what that price is.

I do believe though that you will sell all of them quickly at either price. I think your reputation alone will sell an awful lot.

My BFL Singles (imaginary to date) have a payback of 281 days. I need to get my GPU's replaced soon as my electricity is going to .13 in May.

Good luck and I will be following along.

adamstgBit

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Trusted Bitcoiner

Quote from: JusticeForYou on March 26, 2012, 11:24:03 PM

Quote from: DILLIGAF on March 26, 2012, 10:40:06 PM

Quote from: copumpkin on March 26, 2012, 09:28:03 PM

The positive response on this thread from everyone but you suggests that you're approaching this from a different angle from everyone else.

Yes I am that angle would be what he is essentially telling you people is this. Give me ~$60,000 I am going to buy 4 machines with that money then dedicate 2 of them to your payback. The other two I get for just being me the wonderful person I am, thank you very much for your donation. Now you if fools want to go for that go right ahead because that is exactly what the proposal is.

Lets do an extreme example: Lets replace (he) with Warren Buffet.

Warren: I want you to invest with me by buying bonds and I will pay dividends on your investment. By the way, I am going to use your money to become a Billionaire and make money.

Investors: Where do I sign.

Now, I am not implying that Giga is Warren. But he is aspiring to become Warren and willing to possibly bring others along for some profit. It is entirely possible that it will not work. That is why it is called: INVESTING.

so.... Where do I sign? Cheesy

JusticeForYou

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Quote from: DILLIGAF on March 26, 2012, 10:40:06 PM

Quote from: copumpkin on March 26, 2012, 09:28:03 PM

The positive response on this thread from everyone but you suggests that you're approaching this from a different angle from everyone else.

Yes I am that angle would be what he is essentially telling you people is this. Give me ~$60,000 I am going to buy 4 machines with that money then dedicate 2 of them to your payback. The other two I get for just being me the wonderful person I am, thank you very much for your donation. Now you if fools want to go for that go right ahead because that is exactly what the proposal is.

Lets do an extreme example: Lets replace (he) with Warren Buffet.

Warren: I want you to invest with me by buying bonds and I will pay dividends on your investment. By the way, I am going to use your money to become a Billionaire and make money.

Investors: Where do I sign.

Now, I am not implying that Giga is Warren. But he is aspiring to become Warren and willing to possibly bring others along for some profit. It is entirely possible that it will not work. That is why it is called: INVESTING.

copumpkin

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I'm actually a pineapple

Quote from: DILLIGAF on March 26, 2012, 10:40:06 PM

Quote from: copumpkin on March 26, 2012, 09:28:03 PM

The positive response on this thread from everyone but you suggests that you're approaching this from a different angle from everyone else.

Yes I am that angle would be what he is essentially telling you people is this. Give me ~$60,000 I am going to buy 4 machines with that money then dedicate 2 of them to your payback. The other two I get for just being me the wonderful person I am, thank you very much for your donation. Now you if fools want to go for that go right ahead because that is exactly what the proposal is.

Well, if you're going to resort to insulting our intelligence without addressing my points, I'm going to disregard anything else you have to say, as I'm sure many others will. At first I thought you have something insightful to say, but now it's clear you're just being contrary.

DILLIGAF

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Quote from: rjk on March 26, 2012, 10:42:52 PM

Quote from: DILLIGAF on March 26, 2012, 10:40:06 PM

Quote from: copumpkin on March 26, 2012, 09:28:03 PM

The positive response on this thread from everyone but you suggests that you're approaching this from a different angle from everyone else.

Yes I am that angle would be what he is essentially telling you people is this. Give me ~$60,000 I am going to buy 4 machines with that money then dedicate 2 of them to your payback. The other two I get for just being me the wonderful person I am, thank you very much for your donation. Now you if fools want to go for that go right ahead because that is exactly what the proposal is.

Since there are investors itching to lay hands on this offering, why not start a clone of it for yourself? Oh I know why, you don't have shit to back up the bonds if the hardware fails or whatever reason.

Well yes I have had that thought, Are these people stupid enough to go for it twice? Yeah come give me some free hardware as well although I would do it differently. To start I would have trust account at my lawyers office in which I would deposit the funds from my business to cover loss of machine(s) and I have plenty of it to do so troll, secondly I would have actual hardware in my possession and last but not least it would be structured in a way such that the bond holders did not get screwed so bad. Well you all know what you are getting into by now so good luck..

John (John K.)

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Away on an extended break

Sounds good. I'll be investing too when all the details are out Grin

rjk

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1ngldh

Quote from: DILLIGAF on March 26, 2012, 10:40:06 PM

Quote from: copumpkin on March 26, 2012, 09:28:03 PM

The positive response on this thread from everyone but you suggests that you're approaching this from a different angle from everyone else.

Yes I am that angle would be what he is essentially telling you people is this. Give me ~$60,000 I am going to buy 4 machines with that money then dedicate 2 of them to your payback. The other two I get for just being me the wonderful person I am, thank you very much for your donation. Now you if fools want to go for that go right ahead because that is exactly what the proposal is.

Since there are investors itching to lay hands on this offering, why not start a clone of it for yourself? Oh I know why, you don't have shit to back up the bonds if the hardware fails or whatever reason.

Topic: [GLBSE] Feedback wanted: Gigamining, the first 5Mh/s mining bond - page 3. (Read 26428 times)