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Request for claims
http://gigamining.com/claims.html
http://gigamining.com/claims.html
Quote
To the bitcoin/gigamining community:
Virtual Processing Solutions, LLC (hereinafter VPS) has entered into a number of assignable agreements (sometimes known as gigamining), whereby, among its other provisions, in exchange for financial consideration, VPS agreed to conduct electronic data processing services and provide some portion of the outcome of this processing in the form of bitcoins to the current beneficial assignees of these agreements.
These agreements were offered and subsequently traded on www.glbse.com. As you may be aware, www.glbse.com has suspended normal operations. It is the intention of VPS to comply with its obligations pursuant to these agreements to the extent consistent with U.S., international, and local law. While VPS is not aware of any current regulatory action involving www.glbse.com or itself, it is clear that trade in bitcoins is attracting increased regulatory and taxation scrutiny. Accordingly, VPS has retained the Law Offices of Carlos M. Fleites, to resolve such outstanding agreements in a lawful manner.
If you believe you are the beneficial assignee of such an agreement, you are requested to contact the Law Offices of Carlos M. Fleites in writing at the below listed e-mail or physical address to provide the following information:
All information provided will be held in confidence and used only for the purposes of lawfully fulfilling the obligations of the agreements and not shared with outside parties except as required by law. If you have any questions or concerns, please address these to the law offices at the following e-mail or mailing address.
qpage@mylawyr.com
or
Law Offices of Carlos M. Fleites, ATTN: Quentin A. Page
407 Lincoln Road, Suite 12-E
Miami Beach, FL 33139
USA
Finally, since no unique identification exists for outstanding agreements, ALL CURRENT BENEFICIAL ASSIGNEES ARE STRONGLY ADVISED NOT TO ENGAGE IN ANY TRANSFER, SALE, OR ASSIGNMENT OF THESE AGREEMENTS OUTSIDE OF GLBSE, AS IT MAY RENDER IT IMPOSSIBLE TO VERIFY AND SERVICE SUCH AGREEMENTS.
Thank you for your prompt attention in this matter.
Virtual Processing Solutions, LLC (hereinafter VPS) has entered into a number of assignable agreements (sometimes known as gigamining), whereby, among its other provisions, in exchange for financial consideration, VPS agreed to conduct electronic data processing services and provide some portion of the outcome of this processing in the form of bitcoins to the current beneficial assignees of these agreements.
These agreements were offered and subsequently traded on www.glbse.com. As you may be aware, www.glbse.com has suspended normal operations. It is the intention of VPS to comply with its obligations pursuant to these agreements to the extent consistent with U.S., international, and local law. While VPS is not aware of any current regulatory action involving www.glbse.com or itself, it is clear that trade in bitcoins is attracting increased regulatory and taxation scrutiny. Accordingly, VPS has retained the Law Offices of Carlos M. Fleites, to resolve such outstanding agreements in a lawful manner.
If you believe you are the beneficial assignee of such an agreement, you are requested to contact the Law Offices of Carlos M. Fleites in writing at the below listed e-mail or physical address to provide the following information:
- The bitcoin payment address associated with your glbse.com claim
- Name of the person or entity claiming beneficial assignment of the agreement,
- The physical address of the person or entity (no Post Office boxes or mail suites),
- The tax identification number of the person or entity claiming beneficial assignment,
- For real persons: a photocopy or scanned PDF of government issued photo identification, or, for corporations the document number and issuing jurisdiction of the incorporating charter and proof of current good standing.
- An affidavit attesting to the beneficial assignment of the agreement, which has been notarized (US residents/corporations) or local equivalent bearing the apostille of the competent jurisdiction. Copies of an acceptable affidavit can be obtained upon request from the law offices.
All information provided will be held in confidence and used only for the purposes of lawfully fulfilling the obligations of the agreements and not shared with outside parties except as required by law. If you have any questions or concerns, please address these to the law offices at the following e-mail or mailing address.
qpage@mylawyr.com
or
Law Offices of Carlos M. Fleites, ATTN: Quentin A. Page
407 Lincoln Road, Suite 12-E
Miami Beach, FL 33139
USA
Finally, since no unique identification exists for outstanding agreements, ALL CURRENT BENEFICIAL ASSIGNEES ARE STRONGLY ADVISED NOT TO ENGAGE IN ANY TRANSFER, SALE, OR ASSIGNMENT OF THESE AGREEMENTS OUTSIDE OF GLBSE, AS IT MAY RENDER IT IMPOSSIBLE TO VERIFY AND SERVICE SUCH AGREEMENTS.
Thank you for your prompt attention in this matter.
WOW, talk about f'd in the A..
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
I underpromise and overdeliver. So while NASTY shares will be backed by more shareholder owned hashing power than claimed, gigamining is backed by less hashing power than is listed in the MH/s per share claim and shareholders don't own it.
So far you haven't delivered anything except a few token dividends. Time will tell if you overdeliver.
Giga has a proven track record of delivering exactly as promised for 6 months.
What exactly happened with your dividend on September 15th? Why was it so low? Overdelivered?
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
Hmm I stand corrected 
Only problem for me personally is this.
So if I buy 100 giga shares I won't be sure I'll have the option to use the paid upgrade. (or did I misunderstood that?)
Only problem for me personally is this.
Quote
The right to the upgrade is proportional to the number of GIGAMINING bonds held. The PAID UPGRADE is not transferrable.
So if I buy 100 giga shares I won't be sure I'll have the option to use the paid upgrade. (or did I misunderstood that?)
I think it means that once you pay for the upgrade you can't transfer it to a different gigamining bond holder, but ask giga, I'm sure he'll clarify.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
This asset currently pays less then 0.5 Mh/s per share, for awhile it didn't pay at all. Most ASIC companies will be paying 100+ MH/s for the same value as this, which only guarantees 20 Mh/s per share.
Look at Gigamining for example its been paying 5Mh/s per share for a long time, and will upgrade to 100 Mh/s (Giga is first in line too for ASIC). It trades for approximately the same price as NASTY, that is insanity. Either Gigamining is radically undervalued, or this is radically overvalued.
Ok I got this form the gigamining topic.
Code:
GIGAMINING TERAMINING
Total Gh/s 200Gh 5,400Gh
Mh/s per bond 5Mh/s 9Mh/s
Total bonds 40,000 600,000
Total Gh/s 200Gh 5,400Gh
Mh/s per bond 5Mh/s 9Mh/s
Total bonds 40,000 600,000
Each gigamining share will get you 4 terramining shares. At the current rate for 1BTC you'll get 65Mh/s/BTC
NASTY got 648,832MH/s ordered and a total of 25000 shares. At the current rate 1BTC will get you 54Mh/s/BTC
Also it isn't sure how much shares will be sold when all the equipment is working so the actual Mh/s might be higher.
Not such a big difference imo.
Nasty won't upgrade the OP or contract to reflect 648Gh/s / 25000 = 25.9 Mh/s per share. It still remains 20 Mh/s per share. Until the OP or contract change Nasty isn't obligated to pay more.
Last Nasty share sold for .49 BTC
1 BTC = 20MH/s/.49 = 40.8 MH/s per BTC
Giga is 15 shares of Tera with paid upgrade of .29 BTC. 135 MH/s per upgraded share.
Last Giga share sold for .5598 BTC
1 BTC = 135 MH/s/(.5598+.29) = 158.8 MH/s per BTC
Giga is 158.8/40.8= 3.89 times better deal then Nasty, if you go by the contracts and OP's.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
@Bastone
Sorry, I was rewording that last paragraph when you posted your response just now.
As for your request, I don't understand why the OP or the GLBSE contract should be changed to state anything differently, other than clarification on the subject of operating costs (currently, it is quite vague)
I looked around on the market for equivalent of 20MH/s worth of "mining bond" or similar. There aren't really any out there with ownership in the company and/or voting rights like this. Also, price checked various ones that state at or around 1 MH/s (since we're currently operating closer to that)
Maybe prices have changed in the past 2 months I will look again and check how many are actually DELIVERING DIVIDENDS ant what the rates are. (and will also consider liquidity / rate at which they are being traded, etc.)
Pretty sure I WILL NOT be dumping all my shares of nasty mining in favor of something else, and at most will diversify into other mining-type companies and contracts. The business plan here was the best one around when I bought my first share a few weeks ago (more than a month at this point, perhaps two?)
Ah whatever, we're already getting more transparency and better returns here than with most traded companies (which are typically traded on fiat currency, not bitcoin.)
Sorry, I was rewording that last paragraph when you posted your response just now.
As for your request, I don't understand why the OP or the GLBSE contract should be changed to state anything differently, other than clarification on the subject of operating costs (currently, it is quite vague)
I looked around on the market for equivalent of 20MH/s worth of "mining bond" or similar. There aren't really any out there with ownership in the company and/or voting rights like this. Also, price checked various ones that state at or around 1 MH/s (since we're currently operating closer to that)
Maybe prices have changed in the past 2 months I will look again and check how many are actually DELIVERING DIVIDENDS ant what the rates are. (and will also consider liquidity / rate at which they are being traded, etc.)
Pretty sure I WILL NOT be dumping all my shares of nasty mining in favor of something else, and at most will diversify into other mining-type companies and contracts. The business plan here was the best one around when I bought my first share a few weeks ago (more than a month at this point, perhaps two?)
Ah whatever, we're already getting more transparency and better returns here than with most traded companies (which are typically traded on fiat currency, not bitcoin.)
This asset currently pays less then 0.5 Mh/s per share, for awhile it didn't pay at all. Most ASIC companies will be paying 100+ MH/s for the same value as this, which only guarantees 20 Mh/s per share.
Look at Gigamining for example its been paying 5Mh/s per share for a long time, and will upgrade to 100 Mh/s (Giga is first in line too for ASIC). It trades for approximately the same price as NASTY, that is insanity. Either Gigamining is radically undervalued, or this is radically overvalued.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
Oh no, something just "clicked" in my brain which seems to be in line with other people being worried / confused / asking questions you've labeled as troll-ish and so on.
That won't work though.
If 100% mined output is going to shareholders, the surplus hashing power has no way of being funneled off (into another account or otherwise) unless you do something like:
Wild theories / assumptions:
-- front some money so that an "operating costs" account can buy the required number of shares at market price
-- outright GIVE the shares away to the "operating costs" account
-- somehow create "special operating cost shares" to fill the account with, which will have to be excluded from the original 25000 shares, but still pay dividends or some other scary maneuver.
As I said above. Something just "clicked" in my brain:
It still remains unclear what the exact nature of how / logic for how the extra hashing power will be allocated to pay for electricity and operating costs (( seems to me, the extra power will simply affect the value to ALL shareholders ... if so, the "surplus power per share" will make ALL shares higher than 20 MH/s and you're still left without any way to put that hash power into electricity or other operating costs ))
Three questions:
How will an "operating costs" account be done?
Will the "operating costs" account own some of the original 25000 shares?
Will there be a transfer of shares "at market price" or zero cost or what?
Edited to add:
My main realization was this:
Why is "extra hashing power" (beyond 20MH/s) per share even needed for the first place since that will be 100% paid to shareholders as dividends anyway and you would otherwise have no access to it. You can't just "claim it" so I wouldn't think this helps pay for electricity in any way whatsoever.
(finished re-proofreading and fixing. oops) -- Last Edit: Wednesday October 3rd 2012 @ 18:50 GMT
((...snip / partial quote from FAQ...))
HOW MANY SHARES ARE YOU SELLING?
25,000 shares have been issued. The rate which shares are sold will be determined by investor demand.
HOW CAN YOU PROVIDE FREE ELECTRICITY?
I intend to purchase more than 20MH/s in mining equipment for each share sold. That surplus in power will provide an ongoing means to pay electricity costs for the operation.
((...snip / partial quote from FAQ...))
HOW MANY SHARES ARE YOU SELLING?
25,000 shares have been issued. The rate which shares are sold will be determined by investor demand.
HOW CAN YOU PROVIDE FREE ELECTRICITY?
I intend to purchase more than 20MH/s in mining equipment for each share sold. That surplus in power will provide an ongoing means to pay electricity costs for the operation.
((...snip / partial quote from FAQ...))
That won't work though.
If 100% mined output is going to shareholders, the surplus hashing power has no way of being funneled off (into another account or otherwise) unless you do something like:
Wild theories / assumptions:
-- front some money so that an "operating costs" account can buy the required number of shares at market price
-- outright GIVE the shares away to the "operating costs" account
-- somehow create "special operating cost shares" to fill the account with, which will have to be excluded from the original 25000 shares, but still pay dividends or some other scary maneuver.
As I said above. Something just "clicked" in my brain:
It still remains unclear what the exact nature of how / logic for how the extra hashing power will be allocated to pay for electricity and operating costs (( seems to me, the extra power will simply affect the value to ALL shareholders ... if so, the "surplus power per share" will make ALL shares higher than 20 MH/s and you're still left without any way to put that hash power into electricity or other operating costs ))
Three questions:
How will an "operating costs" account be done?
Will the "operating costs" account own some of the original 25000 shares?
Will there be a transfer of shares "at market price" or zero cost or what?
Edited to add:
My main realization was this:
Why is "extra hashing power" (beyond 20MH/s) per share even needed for the first place since that will be 100% paid to shareholders as dividends anyway and you would otherwise have no access to it. You can't just "claim it" so I wouldn't think this helps pay for electricity in any way whatsoever.
(finished re-proofreading and fixing. oops) -- Last Edit: Wednesday October 3rd 2012 @ 18:50 GMT
The Nasty contract on GLBSE and the OP of this thread, both only obligate NASTY to pay 20Mh/s. I asked Ognasty to change the OP (to show a higher MH/s rate) several pages ago and he refused. If he does happen to pay more it will be exceeding the contract.
I still fail to see why the market is valuing this asset so high for a puny 20Mh/s, even being first in line at BFL doesn't account for it.
Are you going to buy more equipment? Or is the rest of the IPO pure profit for you?
This was already answered. Please re-read the FAQ section on how free electricity is provided and the above posts for clarification.Where was it answered? Again, you avoid a straight answer.
We all will have to assume that you will not buy any more equipment and will pocket all of the remaining IPO funds raised.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
The OP clearly states 20Mh/s per share. You won't change it. That sure looks like a cap to me.
Then make your investment decisions based on your assumptions. The imaginary cap has been addressed several times now and I don't think anyone appreciates your trolling using a sock puppet account. As mentioned, with the current shares issued and the ordered equipment, it would be impossible not to exceed 20MH/s per share without either a shareholder motion to issue more shares, or the equipment providers falling short of their estimates.
You never answered my questions about whether your going to pocket the income from the remaining 18k shares, since your 20MH/s per share obligation is met.
Are you going to buy more equipment? Or is the rest of the IPO pure profit for you?
I'm clearly not trolling, your contract and intentions are about as clear as mud, and you won't clarify them except to say that the OP stays as it is, which means your done buying equipment and intend to pocket the rest of the IPO funds, but you don't want to say it, because no one will invest.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
why don't you change the OP to state that 100% of the hashing power of the gear will be returned to the shareholders with no 20Mh/s per share cap.
I have no plans to change the OP or contract at this time. There is no cap.
The OP clearly states 20Mh/s per share. You won't change it. That sure looks like a cap to me.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
So your saying you own all those unsold shares? I thought the shareholders owned this company and the equipment? Apparently they only own 7k and you own 18k?
As stated, I control them. I do not own them. Due to controlling them on behalf of the shareholder, I have an incentive to make sure they are valued highly and distributed in a way that maximizes shareholder value.
So all the funds from the sale of the 18k remaining shares will be used to purchase equipment or pay dividends to the shareholders, since they aren't your shares? You won't pocket the proceeds from the sale of the remaining shares? (Since you've met your 20Mh/s per share obligation)
If this is true, why don't you change the OP to state that 100% of the hashing power of the gear will be returned to the shareholders with no 20Mh/s per share cap, and to state that all IPO funds will be used to buy mining equipment.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
So when you get your ASIC's and its over 20Mh per share, you said that you would transfer shares to a private account until the payout was 20Mh per share and use the private account to pay for electricity and buybacks.. So the time it will be over 20Mh per share is very brief. That seems to be in effect a 20Mh per share cap. Until all of the gear is received and it will be slightly over 20Mh for the full 25,000 shares.
You are making assumptions about the rate at which shares would be transferred to a private account. As the controller of the company, that makes me the single largest controller of NASTY shares at the present time. That is a rather large incentive to keep dividends high, shareholders happy, and the share price elevated.
So your saying you own all those unsold shares? I thought the shareholders owned this company and the equipment? Apparently they only own 7k and you own 18k?
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
I'm still completely confused as to how this works, could you please rewrite the OP to show how much you payout? Do you payout 100% of your gear to 25,000 shares (with 18k of them held by the company)? Do you payout 20Mh/s per share and keep the rest for electricity (as the OP states)?
You don't seem to understand how GLBSE works. Dividends are paid out only to the Outstanding Shares (noted on the OP). Currently there are http://bit.ly/VlU94G "Shares Outstanding." 100% of the dividends generated by the "Currently Operating" equipment (also noted on the OP) is paid to the Outstanding Shares.
So when you get your ASIC's and its over 20Mh per share, you said that you would transfer shares to a private account until the payout was 20Mh per share and use the private account to pay for electricity and buybacks.. So the time it will be over 20Mh per share is very brief. That seems to be in effect a 20Mh per share cap. Until all of the gear is received and it will be slightly over 20Mh for the full 25,000 shares.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
So then the cap for dividend payments to shareholders is 20Mh/s per share. The excess will be used for electricity and buybacks.
There is no "cap" and seeing as though there are only 25,000 shares and more than 500,000MH/s currently on order, without a motion passing with a 66% 'yes' shareholder vote to issue more shares, the MH/s per share is guaranteed to exceed 20MH/s.
I'm still completely confused as to how this works, could you please rewrite the OP to show how much you payout? Do you payout 100% of your gear to 25,000 shares (with 18k of them held by the company)? Do you payout 20Mh/s per share and keep the rest for electricity (as the OP states)?
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
How will you pay for electricity, if you pay 100% to the shareholders?
The quote below is from the thread FAQ. Basically, the way I'm planning to implement it is like this... Once we have our equipment in place and have exceeded the 20MH/s per share goal, shares still held by the company will begin being placed in a separate account, with dividends used to pay electricity costs and buy more shares on the open market. This should allow NASTY to remain free of operator costs & electricity costs, while also providing an ongoing demand for shares and not dilluting the market. HOW CAN YOU PROVIDE FREE ELECTRICITY?
I intend to purchase more than 20MH/s in mining equipment for each share sold. That surplus in power will provide an ongoing means to pay electricity costs for the operation.
I intend to purchase more than 20MH/s in mining equipment for each share sold. That surplus in power will provide an ongoing means to pay electricity costs for the operation.
So then the cap for dividend payments to shareholders is 20Mh/s per share. The excess will be used for electricity and buybacks.
Thanks for the information. The OP is correct then.
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
So will you pay more then 20Mh/s per share? or not?
I will pay more than 20MH/s per share if we have more than 20MH/s per share operating. I will not be dumping 18,000 shares on the market at once, so there will be a transitional period where it would be reasonable to assume that more than 20MH/s per share in dividends will be paid. How will you pay for electricity, if you pay 100% to the shareholders?
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
Those are the stated goals. However, the MH/s per share could increase significantly while buyers are found for the additional shares hitting the market. Dividends during this period should be extremely high due to being at the front of the line for ASIC miners, which should allow us to exploit a low difficulty, as well as a potentially higher MH/s per share while buyers are found. That is the "intrinsic bet" MoinCoin mentioned.
So will you pay more then 20Mh/s per share? or not?
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
The end goal is to provide 20MH/s per share as stated in the contract. It will be require some management on my part to go from the current 1MH/s per share FPGA goal to the 20MH/s per share ASIC goal as we start massively increasing hashing power. Investor demand will ultimately determine the rate at which the MH/s per share amount is adjusted. There is no way to say exactly how many shares will be on the market when the ASICs arrive, but I will try to keep things orderly, and keep the share count down until the ASICs arrive.
So this is 20Mh/s per share, once ASIC's have arrived and 1 MH/s per share until then.
Is 20Mh/s for .37 BTC a share a good price?
Re: [GLBSE] NASTY - No Operator Costs, Free Electricity, Free ASIC Upgrade!
I'm considering investing in this stock!
I am confused about what one share represents, the Contract say that one share is a 20Mh/s? Is that still the case or will one share be more? The OP says 469GH and 6985 shares?
So does this pay 469GH/6985 shares= 67 Mh/s once the ASIC's arrive?
or does it pay 20 Mh/s?
I am confused about what one share represents, the Contract say that one share is a 20Mh/s? Is that still the case or will one share be more? The OP says 469GH and 6985 shares?
So does this pay 469GH/6985 shares= 67 Mh/s once the ASIC's arrive?
or does it pay 20 Mh/s?
Correct me if I am wrong, but is GLBSE violating every shareholders privacy by requiring that they reveal themselves to the delisted asset issuer to regain control of their shares? Isn't this illegal?