[BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 5.

dhenson

legendary

Activity: 994

Merit: 1000

As I'm sure you are aware there is a very common tactic to spread FUD in order to fill low bids. Just spend 5 minutes watching the Labcoin thread and you will see what I mean. This blatant manipulation pisses me off. I'm not interested in tricking other shareholders into market selling for my own profit and when I see others do it I lose respect and the tone comes across in my responses. If that wasn't your intention then I apologize for the (duh?) bit.

Creativex has admitted to trying it here.

Quote from: creativex on September 11, 2013, 11:34:02 AM

Quote from: AngelSky on September 11, 2013, 11:12:11 AM

This is getting boring. People waiting for the update all day long and screaming like kids. Please.. can we move on ?

It seems the opportunistic manipulators don't realize that when they admit to manipulating it decreases their effectiveness at manipulating.

Quote from: zumzero on September 11, 2013, 11:27:40 AM

Listen guys, I'm at work so I'll join you all later....

Don't start the party without me, it's gonna be a whole lot of fun!! Kiss

Quote from: limbaugh on September 10, 2013, 06:35:58 PM

Quote from: bulltrap on September 10, 2013, 06:31:15 PM

Quote from: limbaugh on September 10, 2013, 05:27:02 PM

Hashing but no info to post. Labcoin no where to be found. I'm calling BS on this now.

Quote from: limbaugh on September 10, 2013, 05:35:16 PM

Wow dropping so fast. Labcoin bagholder anyone?

Quote from: limbaugh on September 10, 2013, 05:38:41 PM

Oh well I took my IPO profits. I really wanted to believe in Labcoin but they make it incredibly difficult. Good luck to the remaining shareholders.

Quote from: limbaugh on September 10, 2013, 05:42:26 PM

Yep bids are getting pulled and I don't blame them. Most with a decent amount will be stuck soon.

Quote from: limbaugh on September 10, 2013, 05:50:24 PM

here we go folks, leaving .003 soon. There are still some bids open though.

Quote from: limbaugh on September 10, 2013, 05:57:50 PM

You might get lucky? The sell off continues.

Quote from: limbaugh on September 10, 2013, 06:24:45 PM

My bids filled. I think there are some happy campers now.

This is just priceless. Be sure to read the last line.

So many sheeple, I can't help myself.

Quote from: creativex on September 10, 2013, 09:23:01 PM

This is nothing compared to PETA-MINE. Gonna need a truckload of smelling salts over there.

I'm actually torn on the issue for this stock as it's in my best interest for 10,000 shares to be sold before the IPO completing on the 27th and not 10,001. If the 10,001st share is sold prior to the IPO finishing then an additional 10k shares will be issued thus suppressing the value of the the existing shares until the additional 10k is sold.

It's in my best interest to stay silent, but that would be the same as supporting the FUD. For that reason I've decided to call out bullshit when I see it. I just hope this doesn't lead to feeding the trolls and promoting the very behavior I'm trying to suppress.

MilkyLep

hero member

Activity: 583

Merit: 500

Bitcoin for all & all for Bitcoin

My point is this contract is adding room for more assumptions. Assumptions have no place of belonging in a contract.

Do I want this IPO to fail? No. Do I care if it succeeds. Not really.

What I want from this IPO is a clear, concise, concrete contract which favors an equality of shareholders and issuer alike. I have yet to witness this.

Your response came across very emotional, which is understandable, I urge you to be cautious. Don't overlook the present while waiting to ride towards your large gain.

And for the record, thirty days from September 30, 2013 would indeed be October 30, 2013.

dhenson

legendary

Activity: 994

Merit: 1000

Quote from: MilkyLep on September 11, 2013, 12:54:22 PM

I'm sorry, but this addendum to your contract in current motion status made me chuckle.

Quote

PETA-MINE Deployment Date

First deployment is scheduled for the end of September 2013. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.

-snip-

The headline for the given section reads "Deployment Date", yet no specified date is given. Just end of September. How is additional "free" hashrate supposed to be added 30 days after missed deployment date when there is no deployment date?

And for shareholders who have skimmed over Creativex's post regarding shareholder protection, I suggest you go back and read his concerns.

If the motion passes, PETA-MINE's IPO can NOT fail. Perhaps some additions such as the 20th of bitfury chips/gear appear beneficial, but thats looking at the short term imho.

1) 30 days after the end of September would be Nov. 1st (duh?)
2) Did you want the IPO to fail? If so, why did you buy shares? Shareholders have voted and %71.4 have approved. As a large shareholder I definitely do not want it to fail and am looking forward to riding this asset to a large gain.

MilkyLep

hero member

Activity: 583

Merit: 500

Bitcoin for all & all for Bitcoin

I'm sorry, but this addendum to your contract in current motion status made me chuckle.

Quote

PETA-MINE Deployment Date

First deployment is scheduled for the end of September 2013. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.

-snip-

The headline for the given section reads "Deployment Date", yet no specified date is given. Just end of September. How is additional "free" hashrate supposed to be added 30 days after missed deployment date when there is no deployment date?

And for shareholders who have skimmed over Creativex's post regarding shareholder protection, I suggest you go back and read his concerns.

If the motion passes, PETA-MINE's IPO can NOT fail. Perhaps some additions such as the 20th of bitfury chips/gear appear beneficial, but thats looking at the short term imho.

dhenson

legendary

Activity: 994

Merit: 1000

http://www.coindesk.com/belgiums-finance-minister-has-no-objection-to-bitcoin/

Cryptx, did you have anything to do with this? Wink

creativex

sr. member

Activity: 434

Merit: 250

Quote from: cryptx on September 11, 2013, 02:03:42 AM

The revised contract is available for review since september 7 (see motion on BTC-TC) and currently has +70% approval. All shareholders received a separate email for that and a link that highlights those changes ( http://www.diffchecker.com/j0dofqjs ).

Sneaky contract edit that went unnoticed then.

kthnx.

cryptx

sr. member

Activity: 350

Merit: 250

Quote from: Grinny on September 11, 2013, 12:44:21 AM

cryptx: is http://www.asic-hardware.com/ a part of PETA-MINE and are the sales for that site beeing relevant for the dividend? if so, can you explain it a little bit (i.e. how much of the turnover is relevant for the dividends / what's you long term plan behind this etc.)?

or are those two different businesses?

Thanks!

www.asic-hardware.com is a seperate project of CryptX.

This will help us to scale even more and will give us a stronger negotiation position towards suppliers.

cryptx

sr. member

Activity: 350

Merit: 250

The revised contract is available for review since september 7 (see motion on BTC-TC) and currently has +70% approval. All shareholders received a separate email for that and a link that highlights those changes ( http://www.diffchecker.com/j0dofqjs ).

Grinny

sr. member

Activity: 390

Merit: 250

cryptx: is http://www.asic-hardware.com/ a part of PETA-MINE and are the sales for that site beeing relevant for the dividend? if so, can you explain it a little bit (i.e. how much of the turnover is relevant for the dividends / what's you long term plan behind this etc.)?

or are those two different businesses?

Thanks!

creativex

sr. member

Activity: 434

Merit: 250

Quote from: SebastianJu on September 10, 2013, 12:53:36 PM

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails? When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

Quote from: SebastianJu on September 10, 2013, 01:41:10 PM

Ok, but this last sentence now makes me worry even more. I mean even without a successfull IPO you will deploy 20TH? Is there an IPO needed at all then?

Original Contract:

Quote

Shareholder Protection

The IPO will prove successful with the sale of at least 30,000 shares. If fewer than 30,000 shares sell within 30 days, CryptX will refund the entire IPO to shareholders. What’s more, the fact that no shares beyond those offered at IPO will ever be issued means shareholders need not fear dilution of the value of their shares.

CryptX will invest in an additional 20% hashpower for every 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 will regularly update all relevant information about the PETA-MINE so that shareholders can evaluate the performance, capital outlay, and future of the project. It will make this information available through a regular shareholder newsletter, periodic updates to its website (cryptx.com), and a forum it will create on bitcointalk.org dedicated exclusively to CryptX news.

CryptX will pay weekly dividends to shareholders amounting to a percentage share of ownership in the PETA-MINE. CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC.

Another typo...?

Proposed Contract:

Quote

Shareholder Protection

After 27 September 2013, we won't issue new batches of 10,000 shares. The IPO will continue to run until the last issued batch of 10,000 shares is sold. For example if 6,000 shares are sold on 27 September, a maximum of 10,000 shares will be issued. For example if 15,000 shares are sold on 27 September, a maximum of 20,000 shares will be issued.

CryptX will regularly update all relevant information about the PETA-MINE so shareholders can evaluate the performance, capital outlay, and future of the project. It will make this information available through a regular shareholder newsletter, periodic updates to its website (cryptx.com), and a forum it will create on bitcointalk.org dedicated exclusively to CryptX news.

CryptX will pay weekly dividends to shareholders amounting to a percentage share of ownership in the PETA-MINE. CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC.

BitCsByBit

sr. member

Activity: 252

Merit: 250

With you being a main distributor for Burnin Electronics for the BitFury boards, will it affect the PETA-MINE offering and the available hash rate in anyway?

cryptx

sr. member

Activity: 350

Merit: 250

Quote from: SebastianJu on September 10, 2013, 01:41:10 PM

Ok, but this last sentence now makes me worry even more. I mean even without a successfull IPO you will deploy 20TH? Is there an IPO needed at all then?

The 20 TH/s in September will be funded by CryptX and the dividends will be paid to the public shareholders.
The IPO will fund the 10 GH/s per share of the December deployment.

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: cryptx on September 10, 2013, 01:12:55 PM

Quote from: SebastianJu on September 10, 2013, 12:53:36 PM

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails?
When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

We have spent none of the BTC's from the IPO.
The Datacentre units were bought with private funds of CryptX. The solar plant (350.000 Watts capacity) and the warehouses were already our property.

From our motion:

After 27 September 2013, we won't issue new batches of 10,000 shares. The IPO will continue to run until the last issued batch of 10,000 shares is sold. For example if 6,000 shares are sold on 27 September, a maximum of 10,000 shares will be issued. For example if 15,000 shares are sold on 27 September, a maximum of 20,000 shares will be issued.

We will deploy the 20 TH/s even if the first batch is not sold out at the start of hashing.

Ok, but this last sentence now makes me worry even more. I mean even without a successfull IPO you will deploy 20TH? Is there an IPO needed at all then?

cryptx

sr. member

Activity: 350

Merit: 250

Quote from: SebastianJu on September 10, 2013, 12:53:36 PM

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails?
When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

We have spent none of the BTC's from the IPO.
The Datacentre units were bought with private funds of CryptX. The solar plant (350.000 Watts capacity) and the warehouses were already our property.

From our motion:

After 27 September 2013, we won't issue new batches of 10,000 shares. The IPO will continue to run until the last issued batch of 10,000 shares is sold. For example if 6,000 shares are sold on 27 September, a maximum of 10,000 shares will be issued. For example if 15,000 shares are sold on 27 September, a maximum of 20,000 shares will be issued.

We will deploy the 20 TH/s even if the first batch is not sold out at the start of hashing.

TMAN

legendary

Activity: 1414

Merit: 1808

Exchange Bitcoin quickly-https://blockchain.com.do

please can you confirm what you mean in buying a DC. have you rented a rack, a data suite or have you actually purchased a whole DC.

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: cryptx on September 09, 2013, 12:34:34 PM

UPDATE 09/09/2013

CRYPTX BUYS DATACENTER

CryptX is pleased to announce the purchase of its own datacenter.

The datacenter has an initial power capacity to host 300 TH/s of Bitcoin mining equipment. The capacity can be expanded if necessary. The electricity costs can be kept at a minimum due to our on-site solar plant of 350,000 Watt. The first deployment of 20 TH/s at the end of September has a monthly total cost, including electricity, maintenance and hosting, of maximum 5,000$.

The purchase of the datacenter is the second milestone in the development of the PETA-MINE. This enables CryptX to run the mine very cost efficient.

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails?
When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

bulltrap

member

Activity: 76

Merit: 10

Quote from: cryptx on September 09, 2013, 02:53:18 PM

In the end there is a lot more to consider apart from the costs itself. We have chosen to eliminate all manageable risks concerning delays in deployment. One of these risks concerns shipment and customs. We personally pick up our chips and do not let them out of our site until they are safely hashing in our datacenter. You will never make up for the delays you can encounter with shipping or customs. We can still reconsider when the time comes that electricity cost outweighs anything else.

We also like to have our mine close, so we can keep an eye on it. When a problem occurs we can intervene immediately without relying on a third party. We can easily and fast deploy, expand and monitor.

About the costs itself, there is a fixed cost and a variable cost. When we start the mine the fixed cost will be at the highest per GH and will only decrease when we expand. For example at 100 TH/s, we are nowhere near the 0.34$ mark.

Could you give some estimate about the management fees at 100Thash capacity? It's true that because of the fixed costs the fees will be higher on the average in smaller installations.

cryptx

sr. member

Activity: 350

Merit: 250

Quote from: dhenson on September 09, 2013, 01:22:00 PM

Quote from: cryptx on September 09, 2013, 12:34:34 PM

UPDATE 09/09/2013

CRYPTX BUYS DATACENTER

CryptX is pleased to announce the purchase of its own datacenter.

The datacenter has an initial power capacity to host 300 TH/s of Bitcoin mining equipment. The capacity can be expanded if necessary. The electricity costs can be kept at a minimum due to our on-site solar plant of 350,000 Watt. The first deployment of 20 TH/s at the end of September has a monthly total cost, including electricity, maintenance and hosting, of maximum 5,000$.

The purchase of the datacenter is the second milestone in the development of the PETA-MINE. This enables CryptX to run the mine very cost efficient.

Cryptx,

Awesome news!

The bitcoin investment market is interesting right now as most people are playing the labcoin/activemining movements at the moment and don't want to tie their investment funds up in a security that can't really increase in value until ~ 5000 more btc are invested. There really isn't much penalty for investors to wait until the 28th to buy.

Notice how the FUD stopped once you clarified the 10,000 share release scheme? Everyone was trying to keep others from investing because they wanted the 20TH dividends split fewer ways. I personally don't care for those games as I've invested the amount in PETA-MINE that I want to hold long and I have different funds I'm playing the short game with.

Don't take the lack in volume to mean lack of interest. You're doing a great job with this security, keep it up!

Thanks! We appreciate your support.

cryptx

sr. member

Activity: 350

Merit: 250

In the end there is a lot more to consider apart from the costs itself. We have chosen to eliminate all manageable risks concerning delays in deployment. One of these risks concerns shipment and customs. We personally pick up our chips and do not let them out of our site until they are safely hashing in our datacenter. You will never make up for the delays you can encounter with shipping or customs. We can still reconsider when the time comes that electricity cost outweighs anything else.

We also like to have our mine close, so we can keep an eye on it. When a problem occurs we can intervene immediately without relying on a third party. We can easily and fast deploy, expand and monitor.

About the costs itself, there is a fixed cost and a variable cost. When we start the mine the fixed cost will be at the highest per GH and will only decrease when we expand. For example at 100 TH/s, we are nowhere near the 0.34$ mark.

bulltrap

member

Activity: 76

Merit: 10

Quote from: cryptx on September 09, 2013, 02:08:40 PM

Quote from: bulltrap on September 09, 2013, 01:52:01 PM

If we assume 1Ghash per watt then 20Thash and 5000usd a month would mean 0.34usd hosting fee per kilowatt. That is a really high fee for a data center hosting. For example 100Thash bitfury project has 5000usd hosting fee for 100Thash which is much more reasonable.

Can you explain how you got the 0.34 usd?

20kW per hour is 14600kW per month. 5000usd/14600kW is 0.34 usd per kW

edit: of course not all the fees are only electricity costs but I used 1ghash per watt in my calculations when in reality bitfury chips use much less than that. 0.34 usd per kW for hosting is really expensive when you can even run the equipment much cheaper in average household.

Topic: [BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 5. (Read 238226 times)