Quote from: Longsnowsm on August 22, 2017, 09:55:55 PM

Quote from: sublimeguy on August 22, 2017, 09:33:40 PM

Quote from: mdude77 on August 22, 2017, 09:19:07 PM

Quote from: sublimeguy on August 22, 2017, 09:10:17 PM

and having 84 L3+ (i think its more like 132) probably shouldn't convince you it's not a ponzi scheme, but it's DEFINITELY not evidence that they ARE a ponzi scheme. You think about things in a weird way man! why are you so suspicious?

Being suspicious in the mining world is a healthy way to not get scammed.

M

of course - totally agree. but there's a big difference between being suspicious and calling a company a ponzi scheme for no reason at all, and with zero evidence to support such claim. I guess for me, I assume a business is legit unless it appears otherwise in my research. Maybe others do it the opposite - they assume a business is a scam unless they can be convinced otherwise.

Again we will see... They need to raise capital or the whole thing folds. Giga has no skin in the game from what it looks like from the outside. They are raising the capital from the miners and locking in unsustainable costs(my analysis of what I see). This isn't some paradigm shift. In the real world it costs money for facilities, electricity, ongoing maintenance, staff, and I don't believe the numbers add up. I know what it costs to the penny to run my miners at home. I know what it costs to the penny to host my miners at a hosting facility. I know the basic costs and even taking into account areas with low cost of electricity I don't think Giga numbers add up. I know my costs are not fixed for any kind of time frame into the future, but Giga is somehow able to predict the future.

So take that for what it is worth. If you ran the numbers and it seemed to make sense to you then great. I wish you the best of luck. But I do not think my concerns are unfounded. I think people need to know that there is reason to give Giga the critical eye to their sales pitch.

So instead of Giga I went with a hosting location with low energy costs, but my actual costs are still no where near the hosting locations base load cost for electricity. Why? Because the facility, staff, and the need to grow require them to charge me more than their costs in order to continue to function. Plus the hosting location has a reputation here on the forums and takes care of their customers. Instead of front loading like Giga with too many unknowns going forward I prefer the hosting facility that is telling me the scoop based on market conditions and the needs of the facility. If costs get too high I did NOT get hit with a front loaded cost so I can move my miners if I need to. If Giga chooses to not honor their "locked in" price you already paid your money to get in there. So it is no sweat off their backs if you decide you need to leave. They got your money, your miner, paid way in advance so they have practically no risk. All the risk is on you.

What a brilliant business model... Again I wish you guys the best of luck who are buying into the Giga ponzi scheme.

I've read your posts carefully and honestly i really just dont think you understand the project. I think you have a lot of misconceptions.

First of all, 100% of businesses need sufficient capital or they fold. There's nothing unique about that from gigawatt - that's universal. If (name any company ever) didn't raise sufficient capital they would fold.

Second, they are not raising capital from the miners. They raised capital from their WTT token ICO, which already completed and raised over $20,000,000 in capital. That's exactly what pays for the "facilities, electricity, ongoing maintenance, staff" you point out. Where did you think the money came from? Yes, I had to invest in their WTT token ICO in order to have the right to host my own miners (which i own and ordered directly from Bitmain) at the brand new gigawatt facilities, which were built and funded from their ICO and token sale. The numbers add up perfectly. Because I gave gigawatt substantial funds up front, I now have access to 3.3c/kwh electricity and use of their mining facilities. the difference in electricity costs alone will pay for the investment in about 4 months.

I guess they could just be like "HAHA JK IM TAKING YOUR MONEY LOL" but that's not a reasonable fear or suspicion. When you buy a candy bar, are you suspicious it will actually be a turd under the wrapper? There's no logical reason for this other than the fact that it theoretically COULD happen.

I do get what you're asying about the front loaded costs. yes that is true, but again, thats exactly what their value proposition is: pay us up front and then recoup that cost in ultra-cheap electricity costs (and some other benefits like on-site maintenance of miners if needed).

And ultimately, if i don't like gigawatt, I can always go grab my miners, take them back home to mine, and then rent out or sell my WTT tokens.

It alllllll makes sense man.