Topic: [BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 10. (Read 238226 times)

Cryptx keeps saying the same response to you all repeatedly, ignoring specific questions. Why even consider investing in this?

If the design of the IPO is poor, and the offering is underwhelming, just move on, no?

Stop giving money to people you've no reason to trust, and whom make no convincing argument for being trusted.

@nubbins - Before making bold statements like that, please make sure you read through the details.

- The first deployed 20TH in September and 100TH in December is for the first batch of 10k shares, that equals to 12GH per share.
- And no, we won't get 17% of the shares ourselves for free, we are also investing in this project by investing in the 20% additional hashrate for which public shareholders get dividend payouts first.
- The 35% reinvestment is to keep up with the growing difficulty and will be invested directly in additional mining hardware at below (future) retail prices. We did some calculations and with a reinvestment of 35% you get almost 3x more revenue in a period of 12 months than if you would with no reinvestment.

Again, emphasis mine.

This smells like a scam.

If I understand correctly:

1) Each share represents 2GH/s. This is the same performance/cost as USB block erupters @ 0.10 each.

2) You guys collect 55,833.1 BTC from suckers investors in your IPO.

3) In addition to your 35% fees, you will be keeping 17% of the IPO shares for yourselves. This 17% is in addition to your initial 35% skim. 17% of 65% is 11%, so in practice, shareholders will receive 54% of mining revenue, and you guys will receive 46% of mining revenue.

4) Even if you guys weren't skimming 46% of revenue from the 20TH/s, and even if difficulty STOPPED INCREASING, it would take almost exactly 365 days for you guys to pay back the IPO funds in dividends.

5) Given that you're taking almost half of mining revenue, and difficulty continues to rapidly increase, it's safe to assume that investors will NEVER see a full return of their IPO funds.

6) In December (3-4 months from now), you'll add another 100TH/s to your mining operation, and 54% of THIS hashing power will be paid out to shareholders in perpetuity, or until you guys get tired of running your scam.

TL;DR: you're looking for suckers to buy a mining farm for you.

As I mentioned earlier, this smells like a great big dirty:
SCAM

But I could be wrong.

Ain't got time for that.  Easier to spout potential fallacies and let others correct them as needed.

Heck of a job Sparky!

Bitfunder allows issuers to just edit their contracts - so they can just skip the stage of talking about it on the forum.  Not sure why you think that's better - or weren't you aware that was the case?

That's how, when Bakewell vanished, he was able to delete his whole contract on Bitfunder (Ukyo subsequently restored it).

That's how Icedrill were able to amend their contract mid-IPO without any shareholder vote (the changes WERE all beneficial to investors).

That's how TF's fund there changed from a bond with a guaranteed value to a fund with no guarantee without any vote, advance warning or recall of outstanding units (it was done for a sensible reason and is well above the old guaranteed level anyway - but still should not have been possible to do unilaterally).

etc

Sometimes knowing the relevant facts is advisable before posting an opinion.

Changes to contracts on BTC-TC need burnside's approval once any shares have been sold.
For many (not all) securities on Bitfunder changes to contracts can be made by the issuer without any input or agreement from Ukyo.

You can tell which are which on Bitfinder by looking at the profile for the Security.  E.g. go to ActiveMining secuirty profile and you''ll see:

Issuer may Modify Description:   Yes, without vote.

That means Ken can change the Description (which is where what passes for a contract is) at any time however he likes.

In short : you are totally wrong.  The BTC-TC situation isn't ideal but the Bitfunder one is even worse.

We will deploy 20 TH in September and all dividends will be divided among shareholders until the 0.65 BTC investment is recovered.

We will also deploy 10 GH/share in December and shareholders will continue to receive dividends of this deployment also after investment is recovered.

Are you BTCT's equivalent of iCEBREAKER?

Also baffling is the exchange operator's indulgence of such anarchy.  Ukyo would never stand for that nonsense!

It's baffling how some issuers seem to think unilaterally changing their contract after shares have been sold is acceptable. This defeats the entire purpose of having a contract.

Emphasis mine. I apologize if this has already been asked and answered, but you mention several times that dividends will be paid until shareholders' initial investment is recovered. Will shareholders continue to receive dividends after their initial investment is recovered? The quoted text seems to imply the opposite.

NOW is a strange concept in the bitcoin world. NOW changes extremely fast

Down the line you may be right...but for NOW it is the best deal available to the avg joe

at today's rate (off mt gox) that's 94.25 dollars per 10gh in december or 9.425 /gh guaranteed in december.

this may be the best deal in the world it may also be the worst deal in the world (well, not worst). too many unknowns.

lol everyone whining and trying to refund is ridiculous.

This IPO is a BETTER deal than it was initially...wtf are you doing trying to get out now? If anything buy more now.

I am GLAD they are continuing regardless of whether 10k gets sold...I was worried before that I might have to get refunded when I don't want to.

there is NOWHERE you can go to get hash rates like this.

CryptX thank you for being so polite. I for one will be buying significantly more than I have already bought as soon as my paycheck comes in

PM send.

How do I process a refund,  the email was not clear on how to do it.

Thanks, the refund has gone through.

Our goal is still to deploy the 1PH mine, we will start with an initial batch of 10k shares (20TH September + 100TH December).
Instructions have been mailed to shareholders in case you would like a refund.

cryptx,

As you have now changed the whole IPO with no warning and no motions, and broken the whole contract that I signed up to when I bought my shares, I would like to request that you buy-back my shares.

I have 15 shares.
 
15 x .65btc plus transaction fees I incurred.

Please let me know how we can arrange this.

Edit: You should also change your business name. You are no longer aiming for 1PH/s, so Peta-Mine is false advertising.

The original hashrate offering has never been changed.

1 Share is still entitled to 10 GH/s of hashpower starting in December

We have added some extra incentives to our (potential) shareholders:

CryptX will invest in an extra 20% of hashpower for each share sold and the revenue of this hashpower will be divided among shareholders until 0.65 BTC is recovered in dividend payements.

We have now pulled the date of this extra 20% from December to end of September. (the cost of doing this is considerable and will be carried by CryptX)


What did change?

We are offering a first batch of 10,000 shares. We are not going to cancel the project if not all shares are sold.
For this reason we will refund every shareholder, who is not happy with this alteration. We will offer a buyback of the shares at 0.65 BTC.

This way everybody who does not agree with this new approach has the opportunity to cancel their investment.

An email will be sent to all current shareholders to explain the procedure.