[BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 14.

iCEBREAKER

legendary

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Crypto is the separation of Power and State.

Quote from: ?? on ??

Quote from: iCEBREAKER on August 29, 2013, 02:32:37 PM

As I feared, this IPO is going nowhere fast. Undecided

Not even 1% of the shares have moved; this is Hosted-mining all over again. Too bad, I was hoping for another iCE.DRiLL. Cry

Moving to the postmortem, two outstanding issues are apparent.

1. CryptX has no reputation, especially compared to Deadterra.

2. BTCTC is a kiddy exchange with no deep-pocketed whales, compared to Bitfunder.

I wanted this to get off the ground, but it ain't gonna happen here. You're doing it wrong.

To add injury to insult, now I have hundreds of coins stuck in BTCT because of their amateurish 'manual withdrawal' process.

I'd like to be buying cheap ACTM shares on Bitfunder, but will instead watch them disappear until Burnside gets around to giving me my money back.

As far as I saw, cryptx was angel of cointerra, and design/hosting their website, background is good and business plan is solid (assuming of course hardware arrives on schedule)- Personally I wouldn't have touched hosted-mining, but coins standing by to buy in Peta-mine.. looks like absolutely no traction on this one though, bit of a shame, coins back to wallet after 24hrs

I've learned an expensive/valuable lesson today, by missing the opportunity to buy cheap Ice.Drill/ACTM shares on BF because my coins are stuck in BTCT's completely shitty manual withdrawal queue. Cry

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

As I feared, this IPO is going nowhere fast. Undecided

Not even 1% of the shares have moved; this is Hosted-mining all over again. Too bad, I was hoping for another iCE.DRiLL. Cry

Moving to the postmortem, two outstanding issues are apparent.

1. CryptX has no reputation, especially compared to Deadterra.

2. BTCTC is a kiddy exchange with no deep-pocketed whales, compared to Bitfunder.

I wanted this to get off the ground, but it ain't gonna happen here. You're doing it wrong.

To add injury to insult, now I have hundreds of coins stuck in BTCT because of their amateurish 'manual withdrawal' process.

I'd like to be buying cheap ACTM shares on Bitfunder, but will instead watch them disappear until Burnside gets around to giving me my money back.

joele

legendary

Activity: 1022

Merit: 1000

Quote from: richard_dein on August 29, 2013, 09:58:09 AM

Quote from: cryptx on August 29, 2013, 04:11:26 AM

To justify the share price of 0.65BTC, this is for a guaranteed 10 GH/s (not 1 GH/s). We will also invest in an additional 20% or 2GH/s per share sold, all mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends..

Sorry for getting it wrong, some how I managed to read 10 GH/s as 1 GH/s.

The position is better, but unfortunately being 3 months late means you would possibly have to cope with 8-16x difficulty.
If you deliver on time it can be better than buying AM chips, but by risking profitability to save labor dealing with mining.

edit: lots of typos!!!

(Let me just delete my previous post to stop this FUD I just tossed out.)

1 PetaH in December with 30% diff increase is around 900M difficulty and mining 554 btc/day

richard_dein

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Quote from: cryptx on August 29, 2013, 04:11:26 AM

To justify the share price of 0.65BTC, this is for a guaranteed 10 GH/s (not 1 GH/s). We will also invest in an additional 20% or 2GH/s per share sold, all mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends..

Sorry for getting it wrong, some how I managed to read 10 GH/s as 1 GH/s.

The position is better, but unfortunately being 3 months late means you would possibly have to cope with 8-16x difficulty.
If you deliver on time it can be better than buying AM chips, but by risking profitability to save labor dealing with mining.

edit: lots of typos!!!

(Let me just delete my previous post to stop this FUD I just tossed out.)

BitThink

legendary

Activity: 882

Merit: 1000

We can calculate like this. If we buy 0.3 BTC/G now for 10G now, that is 3BTC. Could we earn back 2.35BTC back at the time PM begins mining? If yes, go bladder , if not PM could be a valid choice.

Zubilica

hero member

Activity: 837

Merit: 1000

it begins

torbank

full member

Activity: 217

Merit: 100

I especially like this bit:

Quote

For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 200 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 12 GH/s of hash power. If the company starts deployment after February 15, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 14.4 GH/s of hash power.

001sonkit

hero member

Activity: 784

Merit: 1000

Casper - A failed entrepenuer who looks like Zhou

Quote from: bobboooiie on August 29, 2013, 03:49:37 AM

How does 5 YES and 4 NO-es make it acceptable ? Such a weird thing... why are the NOes even there for then ?

Voldemort has the privilege to answer your question

cryptx

sr. member

Activity: 350

Merit: 250

Quote from: ?? on ??

Quote

How does 5 YES and 4 NO-es make it acceptable ? Such a weird thing... why are the NOes even there for then ?

It's actually 2 NO-s, but yeah, I'm thinking of protesting about this. On the other hand as an exchange one does not really have to fairly evaluate whether a company justifies its IPO price, the bottom line is just good faith and clear contract terms.

About profitability, ASICMINER blades now cost less than BTC0.4 per GH/s with much less waiting time, and even USB miners at BTC1.17 per GH/s would likely be more profitable than BTC0.65 per GH/s three months later. This IPO is a train wreck. It is much more professionally presented than many other mining companies, but shareholders are at a very bad position to earn their IPO money back.

edit: typos

To justify the share price of 0.65BTC, this is for a guaranteed 10 GH/s (not 1 GH/s). We will also invest in an additional 20% or 2GH/s per share sold, all mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends..

cryptx

sr. member

Activity: 350

Merit: 250

Quote from: Mutated btc on August 29, 2013, 03:26:06 AM

hmm,

so we have to wait 3 month until they deploy?

i emailed him, no reply, so maybe you guys know more i think

Yes, systems based on CoinTerra's chip will be deployed in December. We are reviewing different options to start hashing sooner (e.g. if our batch of 10k Avalon chips ever gets delivered).

gogxmagog

legendary

Activity: 1456

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Ad maiora!

Quote from: bobboooiie on August 29, 2013, 03:49:37 AM

How does 5 YES and 4 NO-es make it acceptable ? Such a weird thing... why are the NOes even there for then ?

why is the red bat even there?
http://www.youtube.com/watch?v=jHy1TzhIrAU

Mutated btc

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Activity: 84

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Quote from: BitCsByBit on August 29, 2013, 03:49:19 AM

Quote from: dhenson on August 29, 2013, 03:41:00 AM

Quote from: Mutated btc on August 29, 2013, 03:39:02 AM

btw help me out a bit, do we really have to wait until December for hashing?

im afraid i cant wait, market and difficulty might swoop big time

Yes, this mine will be using Cointerra chips that will release in mid December.

The network will most likely be between 3.5-6PH by then.

The chips will be realised mid December if there are no delays. Then they need to be assembled. I'd say it will be lucky if they are hashing end of Jan.

maybe he went off with smile , hoping to login back and see the money Tongue

.

but hey, wait a min, didnt ken say in his update, that he will change some plan due to market, now i smell ken(ActM) is planning to build PH/s miner

FloatesMcgoates

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Quote from: dhenson on August 29, 2013, 03:35:24 AM

Quote from: FloatesMcgoates on August 29, 2013, 03:31:16 AM

Hmm, at 2.5k initial shares this might not be such a bad investment.

However, the contract clearly states that there would be 50k initial shares - what has prompted this change and what do you plan to do with the other shares? I certainly dont want to invest believing the IPO is 2.5k when there is the possibility of another 97.5k being dumped.

2.5k is actually a reasonable offering, there is absolutely no chance that 50k shares will be sold for this IPO - just take a look at HOSTED-MINING for reference.

I'm confused by that too... The 100 purchase was me, not the issuer.

Do you seriously think this company is correctly valued at twice labcoin's value? All this guy is doing is buying 3rd party mining hardware while companies are out there developing their own ASICs.

bobboooiie

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How does 5 YES and 4 NO-es make it acceptable ? Such a weird thing... why are the NOes even there for then ?

BitCsByBit

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Activity: 252

Merit: 250

Quote from: dhenson on August 29, 2013, 03:41:00 AM

Quote from: Mutated btc on August 29, 2013, 03:39:02 AM

btw help me out a bit, do we really have to wait until December for hashing?

im afraid i cant wait, market and difficulty might swoop big time

Yes, this mine will be using Cointerra chips that will release in mid December.

The network will most likely be between 3.5-6PH by then.

The chips will be realised mid December if there are no delays. Then they need to be assembled. I'd say it will be lucky if they are hashing end of Jan.

yuansuyi

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Activity: 210

Merit: 10

With raised fund of first batch shares, PETA can buy all shares of ActM on BTCT.CO with doubled price(0.009).

FloatesMcgoates

full member

Activity: 238

Merit: 100

Not sure why Cryptx decided to log off almost immediately launching his IPO with a share count that was completely unexpected, I am sure many potential investors are waiting for answers regarding what will happen to the rest of the shares before deciding whether to jump in or not.

Edit: I see he has changed it to 50k, well I'm out have fun with this one - I don't see it going anywhere

dhenson

legendary

Activity: 994

Merit: 1000

Quote from: Mutated btc on August 29, 2013, 03:39:02 AM

btw help me out a bit, do we really have to wait until December for hashing?

im afraid i cant wait, market and difficulty might swoop big time

Yes, this mine will be using Cointerra chips that will release in mid December.

The network will most likely be between 3.5-6PH by then.

Mutated btc

member

Activity: 84

Merit: 10

btw help me out a bit, do we really have to wait until December for hashing?

im afraid i cant wait, market and difficulty might swoop big time

Mutated btc

member

Activity: 84

Merit: 10

Quote from: dhenson on August 29, 2013, 03:35:24 AM

Quote from: FloatesMcgoates on August 29, 2013, 03:31:16 AM

Hmm, at 2.5k initial shares this might not be such a bad investment.

However, the contract clearly states that there would be 50k initial shares - what has prompted this change and what do you plan to do with the other shares? I certainly dont want to invest believing the IPO is 2.5k when there is the possibility of another 97.5k being dumped.

2.5k is actually a reasonable offering, there is absolutely no chance that 50k shares will be sold for this IPO - just take a look at HOSTED-MINING for reference.

I'm confused by that too... The 100 purchase was me, not the issuer.

uh ok, i see it moving by 10x

first 5, then 10, then 100

Topic: [BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 14. (Read 238096 times)