"to cheat, swindle," 1889, American English, probably derived from the colloquial shortening of Gypsy (cf. gip). Related: Gypped. As a noun, "fraudulent action, a cheat," by 1914.
gastric inhibitory polypeptide
: a gyp joint/ gyp terms
To cheat; swindle; con: We got gypped out of it all in two days
/gips/ or /jips/ [Analogy with MIPS] Giga-Instructions per Second (or possibly "Gillions of Instructions per Second"; see gillion).
In 1991, this was used of only a handful of highly parallel machines and one sequential processor built with Josephson devices. DEC's Alpha AXP 21164 processor was the first commercially available 1 GIPS sequential processor (7 Sep 1994). Compare KIPS.
["A 1-GIPS Josephson Data Processor", Yuji Hatano et al, IEEE J Solid State Circuits, vol 26, 6, June 1991]