[BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 11.

bobboooiie

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Quote from: SebastianJu on September 01, 2013, 07:57:41 AM

The more important question for me is why the exchange is allowing to change the contract onesided. Why is it possible?

Nobody allowed that though, he just pulled few share, which he can as an issuer and wrote change in this thread but as soon as he breach contract it will get locked on BTCT

SebastianJu

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The more important question for me is why the exchange is allowing to change the contract onesided. Why is it possible?

zy02264

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Quote from: bobboooiie on September 01, 2013, 03:48:40 AM

^ exactly, you cannot just change that, you would be breaching the contract. You need to do buyback first then offer it with changes

Agree. Please respect the contract. Please respect people who trust you by putting money in your venture.

bobboooiie

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^ exactly, you cannot just change that, you would be breaching the contract. You need to do buyback first then offer it with changes

BitThink

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Quote from: cryptx on September 01, 2013, 03:23:42 AM

I also want to add that we will deploy the 20TH in September even if the 10,000 shares are not sold.

For example:

If only 4000 shares are sold, the revenue of the 20TH will be divided over these shares until 0.65 BTC is received in dividend.
Of course in December an additional 40TH of Cointerra systems will be deployed for these 4000 shares

Hi, if I am not wrong, the IPO will be canceled if less than 30000 shares are sold. Now do you mean the IPO is valid even only 4000 shares are sold? Could you clearly confirm this instead of dodging this question?

cryptx

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Quote from: ?? on ??

Then why are you saying that Bitfury chips won't provide any profit to shareholders beyond the .65B initial investment? Why is there a reinvestment fund in the first place if your investorcustomers don't see the benefit beyond .65B?

The deployment of Bitfury chips in September is an extra incentive we give to shareholders to recover their investment sooner.
The reinvestment policy applies to the 10 GH/s for each share that will be deployed in December.

cryptx

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I also want to add that we will deploy the 20TH in September even if the 10,000 shares are not sold.

For example:

If only 4000 shares are sold, the revenue of the 20TH will be divided over these shares until 0.65 BTC is received in dividend.
Of course in December an additional 40TH of Cointerra systems will be deployed for these 4000 shares

Deprived

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Quote from: cryptx on September 01, 2013, 03:09:00 AM

Quote from: Deprived on August 31, 2013, 04:20:55 PM

An exchange-rate senstive IPO needs to either:

a) Only run for a very short period of time
OR
b) Be denominated in USD with the BTC price changing as the exchange-rate moves
OR
c) Have some other clear provision to address any such exchange-rate move.

This is one of the reasons we are offering smaller batches.

The time to make changes to the contract is BEFORE you sell any shares or AFTER the IPO has sold out (after a shareholder vote).

Making changes to contract in the middle of an IPO should be totally banned. You certainly don't have the right do so unilaterally - debatably (from the BTC-TC terms) you can do so if the change is approved by a shareholder vote (which has to last at least a week). The BTC-TC terms don't explicitly ban changes to contract during IPO (though they should) but there's zero provision for changes being made by editing a forum post.

From past discussions on this issue if you DO change the contract now (after a vote) burnside would insist that you refund at full price any investor who no longer wanted to stay in.

My view (likely NOT the same as burnside's) is that if there's a mistake/flaw in the contract so serious it needs to be fixed before the IPO has even ended then a full refund should be made to everyone, the asset put back to awaiting-approval status then the issuer allowed to change whatever they want before seeking moderator approval again. The contract is meant to be finished before asking for funds - not some 'under development' thing that changes in an attempt to stumble on a formula that will attract investment.

cryptx

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Quote from: Deprived on August 31, 2013, 04:20:55 PM

An exchange-rate senstive IPO needs to either:

a) Only run for a very short period of time
OR
b) Be denominated in USD with the BTC price changing as the exchange-rate moves
OR
c) Have some other clear provision to address any such exchange-rate move.

This is one of the reasons we are offering smaller batches.

cryptx

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Quote from: AM4Bitcoin on August 31, 2013, 07:41:26 PM

As stated in the initial shareholder agreement, for each share sold, 10 GH/s of hashpower, based on CoinTerra systems, will also be deployed in December, this equals to an additional 100 TerraHash by December for 10,000 shares.

This is correct + we offer the additional 20% free at the end of September.

cryptx

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I can see that our last update has created some confusion.

This is the situation:

We are still offering 10 GH of hashpower for each share sold. CryptX is still investing an extra 20% of hashpower on top of that.
So each share does have 10 GH + 2 GH of hashing power. All mining revenue from this additional 2 GH will go to public shareholders until the initial investment of 0.65 BTC/share is recovered in dividends.

For the first 10,000 shares, the extra free 20% of hashpower will not be deployed in december BUT already end September.

The future:

When the first 10,000 shares are sold, we can repeat this offering. This means we can offer an additional batch of 10,000 shares with 20TH end September and 100TH in December.

Deprived

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Quote from: ?? on ??

Quote from: Deprived on August 31, 2013, 04:20:55 PM

Let me explain what's happening to those too stupid to work it out for themselves (i.e. most of you).
...

Deprived, is this another drunkmail?

Nope, that post was made just before I went to the pub not afterwards.

Funds were being raised that would not be spent or converted into USD for at least a month (as a full refund was promised at end of September if less than 30k were sold).

If BTC fell heavily vs USD then the issuer would be unable to provide what was promised as either:

a) The price they were quoted was in USD and they'd no longer be able to buy enough USD
OR
b) The price they were quoted was in BTC and if they went to purchase they'd be told the quote was no longer valid as the exchange-rate had moved.

Conversely if (as is so far the case) BTC rose heavily vs USD then the deal would represent far worse value to investors as they'd be giving away all the extra USD they could have bought.

An exchange-rate senstive IPO needs to either:

a) Only run for a very short period of time
OR
b) Be denominated in USD with the BTC price changing as the exchange-rate moves
OR
c) Have some other clear provision to address any such exchange-rate move.

This had none of those. Which is one of the reasons it was horrible from the start - as its behaviour is undefined when exchange-rate moves heavily in EITHER direction.

I don't think saying most people are too stupid to even notice that is inaccurate.

cryptx

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Quote from: ?? on ??

Your terminology is confusing. I just want to be sure.
TerraHash is a company: "TerraHash is a Silicon Valley based company. We make ASIC Bitcoin Mining Gear using the Avalon ASIC chips made by BitSyncom. "

You mean 20 terahash, as in 20,000 gigahash, right?

20,000 gigahash, that's correct

stereotype

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Quote from: ?? on ??

Quote from: Deprived on August 31, 2013, 04:20:55 PM

Let me explain what's happening to those too stupid to work it out for themselves (i.e. most of you).
...

Deprived, is this another drunkmail?

I knew i wasnt the only one who saw a pattern emerging..... https://bitcointalksearch.org/topic/m.2995220

He is on an awareness crusade against the evil forces of exchange rates, and he is only taking the righteous few with him on his conquest. He's off to RentalStarter next, i guess. Wink

FloatesMcgoates

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Quote from: ?? on ??

Quote from: FloatesMcgoates on September 01, 2013, 01:06:56 AM

Quote from: ?? on ??

Quote from: FloatesMcgoates on August 31, 2013, 09:34:36 PM

Quote from: dhenson on August 31, 2013, 09:29:56 PM

Quote from: FloatesMcgoates on August 31, 2013, 08:32:05 PM

I really dont see how there is a conflict of interest, much less that this is somehow a "direct competitor".

Seriously? There really is no point in even responding to that. You're being either willfully ignorant, or willfully deceitful.

I'm being serious, I do not see how DMS.Purchase and PETA-Hash are in any way competitive against each other.

Well, half of DMS.PURCHASE is a mining bond. Still, I doubt that Deprived's comments in this case are influenced by competition, what little there might be.

Yeah but the other half is basically the exact opposite of a mining bond, negating it completely

Getting totally off topic here, but let me point this out: If that were true, then the value of DMS.PURCHASE would be 0, but it's not.

Continuing to derail the train - As you well know, the value of DMS.PURCHASE is completely unrelated to what we are arguing over. There exists demand because people bet on both sides of the aisle.

FloatesMcgoates

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Quote from: ?? on ??

Quote from: FloatesMcgoates on August 31, 2013, 09:34:36 PM

Quote from: dhenson on August 31, 2013, 09:29:56 PM

Quote from: FloatesMcgoates on August 31, 2013, 08:32:05 PM

I really dont see how there is a conflict of interest, much less that this is somehow a "direct competitor".

Seriously? There really is no point in even responding to that. You're being either willfully ignorant, or willfully deceitful.

I'm being serious, I do not see how DMS.Purchase and PETA-Hash are in any way competitive against each other.

Well, half of DMS.PURCHASE is a mining bond. Still, I doubt that Deprived's comments in this case are influenced by competition, what little there might be.

Yeah but the other half is basically the exact opposite of a mining bond, negating it completely

iCEBREAKER

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Quote from: FloatesMcgoates on August 31, 2013, 09:34:36 PM

Quote from: dhenson on August 31, 2013, 09:29:56 PM

Quote from: FloatesMcgoates on August 31, 2013, 08:32:05 PM

I really dont see how there is a conflict of interest, much less that this is somehow a "direct competitor".

Seriously? There really is no point in even responding to that. You're being either willfully ignorant, or willfully deceitful.

I'm being serious, I do not see how DMS.Purchase and PETA-Hash are in any way competitive against each other.

Cognitive is selling COG.F3 to buy Cointerra chips.

I got four shares instead of CryptX's thing. Undecided

FloatesMcgoates

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Quote from: dhenson on August 31, 2013, 09:29:56 PM

Quote from: FloatesMcgoates on August 31, 2013, 08:32:05 PM

I really dont see how there is a conflict of interest, much less that this is somehow a "direct competitor".

Seriously? There really is no point in even responding to that. You're being either willfully ignorant, or willfully deceitful.

I'm being serious, I do not see how DMS.Purchase and PETA-Hash are in any way competitive against each other.

dhenson

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Quote from: FloatesMcgoates on August 31, 2013, 08:32:05 PM

I really dont see how there is a conflict of interest, much less that this is somehow a "direct competitor".

Seriously? There really is no point in even responding to that. You're being either willfully ignorant, or willfully deceitful.

FloatesMcgoates

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Topic: [BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 11. (Read 238226 times)