Topic: [BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE - page 7. (Read 238226 times)
legendary
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September 07, 2013, 11:58:09 PM
I'm new to this asset can someone tell me what's going on
September 07, 2013, 11:55:46 PM
wait wait wait....
now you're mixing something up.
noone here from PETA-MINE stated that burnin is going to assemble their Bitfury chips - i assumed that, because burnin is the only person I KNOW who's probably capable of doing that for the moment....
...AND because he seems to be the partner for their upcoming Cointerra chips (see opening post) - btw. I asked him about the Cointerra design too and I'm curious about his answer.
So please, if you don't have a concrete answer to my question (which all potential buyers should be interested in), than...let's leave at this.
now you're mixing something up.
noone here from PETA-MINE stated that burnin is going to assemble their Bitfury chips - i assumed that, because burnin is the only person I KNOW who's probably capable of doing that for the moment....
...AND because he seems to be the partner for their upcoming Cointerra chips (see opening post) - btw. I asked him about the Cointerra design too and I'm curious about his answer.
So please, if you don't have a concrete answer to my question (which all potential buyers should be interested in), than...let's leave at this.
Actually I'm pretty sure that when this thread was created it was stated in the OP that burnin is testing the Bitfurry chips and that PETA-MINE sent him the sample chips.
I can't find that any more, so I guess it was removed.
Also, Drillbit System Mining assembly are capable of assembling the Bitfurry chips.
September 07, 2013, 07:46:23 PM
PETA-MINE shareholders always had and always will have voting rights!
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
Ok, good to hear that. But, to having "voting rights" and "voting power" are obviously two different things??
So, if "The shareholders are 100% owners of the PETA-MINE" (from your contract), but "The shares have no voting power" (from your contract), then who have the voting power?
Shareholders are 100% owner of PETA-MINE and shares have voting power! Also see the motion (that is where we corrected the typo).
Ok sorry, that was my mistake, I did't noticed the motion.. But I'm still wondering, how it's possible in any way to do that kind of "typos"?
September 07, 2013, 07:29:02 PM
PETA-MINE shareholders always had and always will have voting rights!
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
Ok, good to hear that. But, to having "voting rights" and "voting power" are obviously two different things??
So, if "The shareholders are 100% owners of the PETA-MINE" (from your contract), but "The shares have no voting power" (from your contract), then who have the voting power?
Shareholders are 100% owner of PETA-MINE and shares have voting power. Also see the motion (that is where we corrected the typo).
September 07, 2013, 07:24:22 PM
PETA-MINE shareholders always had and always will have voting rights!
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
Ok, good to hear that. But, to having "voting rights" and "voting power" are obviously two different things??
So, if "The shareholders are 100% owners of the PETA-MINE" (from your contract), but "The shares have no voting power" (from your contract), then who have the voting power?
September 07, 2013, 07:12:16 PM
PETA-MINE shareholders always had and always will have voting rights.
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
As stated: All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
September 07, 2013, 07:05:32 PM
From cryptx.com:
All shares issued on IPO will have voting power.
CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC...
It's quite big conflict on there indeed, so dear CryptX, please explain - without going to the that now, is it acceptable or not to chancing these - WHY you actually decided to remove the voting rights from your shareholders afterwards?
I'm kindly asking you to answering this as a shareholder.
If you can't answer it absolutely straightly and with a very good reason, I'm asking you to refunding all my shares immediately, because I bought them in the belief, that all shares has voting rights as still stated on your site.
Personally, this is not a minor matter for me. I'm expecting that companies that I'm dealing with - especially when operating on such a very risky-business anyway - has at least maximal transparency and consistency on their all operations.
All shares issued on IPO will have voting power.
CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC...
It's quite big conflict on there indeed, so dear CryptX, please explain - without going to the that now, is it acceptable or not to chancing these - WHY you actually decided to remove the voting rights from your shareholders afterwards?
I'm kindly asking you to answering this as a shareholder.
If you can't answer it absolutely straightly and with a very good reason, I'm asking you to refunding all my shares immediately, because I bought them in the belief, that all shares has voting rights as still stated on your site.
Personally, this is not a minor matter for me. I'm expecting that companies that I'm dealing with - especially when operating on such a very risky-business anyway - has at least maximal transparency and consistency on their all operations.
September 07, 2013, 05:35:54 PM
WAIT!
Did you just claim that you ACCIDENTALLY negated voting rights from shares?!? That it was a TYPO? That for no apparent reason whatsoever you'd intended to affirm that which would have otherwise been self evident, but you ACCIDENTALLY added two letters and two spaces and negated shareholder voting rights?
MIND. BLOWN.
Edit:This is my last post in this thread. I'm stunned that anyone would give this guy a single satoshi. Deprived is brilliant and everyone just attacks him when he points out what should be glaringly obvious. So before I get as frustrated as he is and I too begin insulting investors I'm just going to STFU.
Original Contract
Proposed Contract
https://btct.co/security/PETA-MINE
Did you just claim that you ACCIDENTALLY negated voting rights from shares?!? That it was a TYPO? That for no apparent reason whatsoever you'd intended to affirm that which would have otherwise been self evident, but you ACCIDENTALLY added two letters and two spaces and negated shareholder voting rights?
MIND. BLOWN.
The typo of the initial contract is corrected in the motion.
Edit:
Original Contract
Quote
CryptX Business Goals
CryptX’s primary goal is to provide opportunities for the public to invest in the Bitcoin mining business. The company will do this by offering shares of a PETA-MINE, a hosted mining project with a capacity of 1,000,000 GH/s of hashing power.
CryptX hereby offers an asset (its PETA-MINE) for shares in the profit of the company’s operation. CryptX will offer 100,000 shares, where every share represents 10 GH/s of hashing power.
The PETA-MINE’s hashing power will represent a percentage of the total hashing power of the entire Bitcoin network. This percentage will decrease whenever the hashing power of the network increases. To mitigate this issue, CryptX will reinvest 35% of the mine’s net revenue in additional hashing power. This means that as the PETA-MINE continues to grow, each share will, in turn, represent more hashing power. 65% of the net revenue will be paid to shareholders through a weekly dividend.
Deployment of the PETA-MINE will occur mid December, 2013.
Shareholder Information
CryptX will issue 83,333 out of 100,000 non-dilutable PETA-MINE shares at IPO. Each share represents 1/100,000 of the total hash power of the PETA-MINE, and shareholders will receive a weekly dividend payment every Friday. The PETA-MINE will deploy with a capacity of 1,000,000 GH/s where one share represents 1 GH/s in hashing power.
The company will issue shares in two batches:
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares. A total of 83,333 out of 100,000 shares will sell at IPO. No shares beyond these 100,000 will ever be sold or created in the future, so shares can never be diluted.
For every share sold, CryptX will invest in an additional 20% hashpower. All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.
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.
PETA-MINE Deployment Date
PETA-MINE deployment is scheduled for mid December, 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.
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.
Dividends
Dividends will automatically appear in shareholders’ Bitcoin wallets every Friday around 15:00 GMT. Dividends will consist of 65% of PETA-MINE net revenue for the week. Net revenue is defined as the total of all Bitcoins mined minus electricity, hosting, and mine maintenance costs.
The percentage of the net revenue paid in dividends can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it.
Reinvestment
Every week, CryptX will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 35% of net revenue. These investments will allow CryptX to produce and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of shareholders.
Because of the unique partnership between CryptX and Cointerra, a world-class semiconductor engineering company, future investments in the PETA-MINE will occur at the most competitive prices. CryptX will also have first access to future chip designs direct from Cointerra.
While the reinvestment percentage is subject to change via shareholder vote, such action will only occur if the state of the Bitcoin mining space demands it.
Terms and Conditions
Each share represents 1/100,000 of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have no voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
CryptX’s primary goal is to provide opportunities for the public to invest in the Bitcoin mining business. The company will do this by offering shares of a PETA-MINE, a hosted mining project with a capacity of 1,000,000 GH/s of hashing power.
CryptX hereby offers an asset (its PETA-MINE) for shares in the profit of the company’s operation. CryptX will offer 100,000 shares, where every share represents 10 GH/s of hashing power.
The PETA-MINE’s hashing power will represent a percentage of the total hashing power of the entire Bitcoin network. This percentage will decrease whenever the hashing power of the network increases. To mitigate this issue, CryptX will reinvest 35% of the mine’s net revenue in additional hashing power. This means that as the PETA-MINE continues to grow, each share will, in turn, represent more hashing power. 65% of the net revenue will be paid to shareholders through a weekly dividend.
Deployment of the PETA-MINE will occur mid December, 2013.
Shareholder Information
CryptX will issue 83,333 out of 100,000 non-dilutable PETA-MINE shares at IPO. Each share represents 1/100,000 of the total hash power of the PETA-MINE, and shareholders will receive a weekly dividend payment every Friday. The PETA-MINE will deploy with a capacity of 1,000,000 GH/s where one share represents 1 GH/s in hashing power.
The company will issue shares in two batches:
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares. A total of 83,333 out of 100,000 shares will sell at IPO. No shares beyond these 100,000 will ever be sold or created in the future, so shares can never be diluted.
For every share sold, CryptX will invest in an additional 20% hashpower. All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.
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.
PETA-MINE Deployment Date
PETA-MINE deployment is scheduled for mid December, 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.
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.
Dividends
Dividends will automatically appear in shareholders’ Bitcoin wallets every Friday around 15:00 GMT. Dividends will consist of 65% of PETA-MINE net revenue for the week. Net revenue is defined as the total of all Bitcoins mined minus electricity, hosting, and mine maintenance costs.
The percentage of the net revenue paid in dividends can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it.
Reinvestment
Every week, CryptX will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 35% of net revenue. These investments will allow CryptX to produce and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of shareholders.
Because of the unique partnership between CryptX and Cointerra, a world-class semiconductor engineering company, future investments in the PETA-MINE will occur at the most competitive prices. CryptX will also have first access to future chip designs direct from Cointerra.
While the reinvestment percentage is subject to change via shareholder vote, such action will only occur if the state of the Bitcoin mining space demands it.
Terms and Conditions
Each share represents 1/100,000 of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have no voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
Proposed Contract
Quote
CryptX Business Goals
CryptX’s primary goal is to provide opportunities for the public to invest in the Bitcoin mining business. The company will do this by offering shares of a PETA-MINE, a hosted mining project with an initial maximum capacity of 1,000,000 GH/s of hashing power.
CryptX hereby offers an asset (its PETA-MINE) for shares in the profit of the company’s operation. CryptX will offer a maximum of 100,000 shares, where every share represents 10 GH/s of hashing power.
For every share sold, CryptX will invest in an additional 20% hashpower, with a minimum of 20 TH/s, which will be deployed as early as the end of September. All mining revenue from this additional 20% will go to public shareholders until 0.65 BTC/share is recovered in dividends.
The PETA-MINE’s hashing power will represent a percentage of the total hashing power of the entire Bitcoin network. This percentage will decrease whenever the hashing power of the network increases. To mitigate this issue, CryptX will reinvest 35% of the mine’s net revenue in additional hashing power. This means that as the PETA-MINE continues to grow, each share will, in turn, represent more hashing power. 65% of the net revenue will be paid to shareholders through a weekly dividend.
Deployment of the PETA-MINE will start at the end of September 2013.
Shareholder Information
CryptX will issue a maximum of 100,000 non-dilutable PETA-MINE shares at IPO. Each share represents at least 10 GH/s of the total hash power of the PETA-MINE, and shareholders will receive a weekly dividend payment every Friday.
For every share sold, CryptX will invest in an additional 20% hashpower, with a minimum of 20 TH/s, which will be deployed as early as the end of September. All net mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65 BTC/share is recovered in dividends.
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares. No shares beyond these 100,000 will ever be sold or created in the future, so shares can never be diluted.
CryptX will issue shares in batches of 10,000 with a maximum of 100,000 shares. Each batch of 10,000 shares will be divided in blocks of 2,000 shares. The first block of 2,000 shares starts at 0.65 BTC. Price with each new block will increase with 0.01 BTC.
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.
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.
For example, if CryptX ultimately deploys the mine after mid-January, 2014, an additional 20% 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 mid-February, 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.
Dividends
Dividends will automatically appear in shareholders’ Bitcoin wallets every Friday around 15:00 GMT. Dividends will consist of 65% of PETA-MINE net revenue for the week. Net revenue is defined as the total of all Bitcoins mined minus electricity, hosting, and mine maintenance costs.
The percentage of the net revenue paid in dividends can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it.
Reinvestment
Every week, CryptX will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 35% of net revenue. These investments will allow CryptX to produce and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of shareholders.
Because of the unique partnership between CryptX and Cointerra, a world-class semiconductor engineering company, future investments in the PETA-MINE will occur at the most competitive prices. CryptX will also have first access to future chip designs direct from Cointerra.
While the reinvestment percentage is subject to change via shareholder vote, such action will only occur if the state of the Bitcoin mining space demands it.
Terms and Conditions
Each share represents minimum 10 GH/s of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
CryptX’s primary goal is to provide opportunities for the public to invest in the Bitcoin mining business. The company will do this by offering shares of a PETA-MINE, a hosted mining project with an initial maximum capacity of 1,000,000 GH/s of hashing power.
CryptX hereby offers an asset (its PETA-MINE) for shares in the profit of the company’s operation. CryptX will offer a maximum of 100,000 shares, where every share represents 10 GH/s of hashing power.
For every share sold, CryptX will invest in an additional 20% hashpower, with a minimum of 20 TH/s, which will be deployed as early as the end of September. All mining revenue from this additional 20% will go to public shareholders until 0.65 BTC/share is recovered in dividends.
The PETA-MINE’s hashing power will represent a percentage of the total hashing power of the entire Bitcoin network. This percentage will decrease whenever the hashing power of the network increases. To mitigate this issue, CryptX will reinvest 35% of the mine’s net revenue in additional hashing power. This means that as the PETA-MINE continues to grow, each share will, in turn, represent more hashing power. 65% of the net revenue will be paid to shareholders through a weekly dividend.
Deployment of the PETA-MINE will start at the end of September 2013.
Shareholder Information
CryptX will issue a maximum of 100,000 non-dilutable PETA-MINE shares at IPO. Each share represents at least 10 GH/s of the total hash power of the PETA-MINE, and shareholders will receive a weekly dividend payment every Friday.
For every share sold, CryptX will invest in an additional 20% hashpower, with a minimum of 20 TH/s, which will be deployed as early as the end of September. All net mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65 BTC/share is recovered in dividends.
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares. No shares beyond these 100,000 will ever be sold or created in the future, so shares can never be diluted.
CryptX will issue shares in batches of 10,000 with a maximum of 100,000 shares. Each batch of 10,000 shares will be divided in blocks of 2,000 shares. The first block of 2,000 shares starts at 0.65 BTC. Price with each new block will increase with 0.01 BTC.
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.
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.
For example, if CryptX ultimately deploys the mine after mid-January, 2014, an additional 20% 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 mid-February, 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.
Dividends
Dividends will automatically appear in shareholders’ Bitcoin wallets every Friday around 15:00 GMT. Dividends will consist of 65% of PETA-MINE net revenue for the week. Net revenue is defined as the total of all Bitcoins mined minus electricity, hosting, and mine maintenance costs.
The percentage of the net revenue paid in dividends can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it.
Reinvestment
Every week, CryptX will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 35% of net revenue. These investments will allow CryptX to produce and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of shareholders.
Because of the unique partnership between CryptX and Cointerra, a world-class semiconductor engineering company, future investments in the PETA-MINE will occur at the most competitive prices. CryptX will also have first access to future chip designs direct from Cointerra.
While the reinvestment percentage is subject to change via shareholder vote, such action will only occur if the state of the Bitcoin mining space demands it.
Terms and Conditions
Each share represents minimum 10 GH/s of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
https://btct.co/security/PETA-MINE
September 07, 2013, 05:03:35 PM
Literally.
Holders of shares with no voting power, please vote on our motion as your vote is currently important to us.
Holders of shares with no voting power, please vote on our motion as your vote is currently important to us.
From Shareholders information:
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares.
The typo of the initial contract is corrected in the motion.
September 07, 2013, 04:58:31 PM
Literally.
Holders of shares with no voting power, please vote on our motion as your vote is currently important to us.
Holders of shares with no voting power, please vote on our motion as your vote is currently important to us.
September 07, 2013, 04:28:07 PM
September 07, 2013, 04:14:52 PM
What happened to the BTC.65/share price?
Quote from: cryptx
Shares will be sold in batches of 2,000 shares each, starting at 0.65BTC. Price with each new batch will increase with 0.01BTC
Quote
The company will issue shares in two batches:
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
You CANNOT alter your contract by editing a forum post. That's why we have contracts.
https://btct.co/security/PETA-MINE
From the "Terms and Conditions" of our original contract: The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
Agreed. That portion of your contract renders other portions of your contract meaningless so let's quote the entire portion of your contract under "Terms and Conditions".
Quote
Terms and Conditions
Each share represents 1/100,000 of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have no voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
Each share represents 1/100,000 of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have no voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
So why have these contradictory clauses in your contract at all?
Quote
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.
September 07, 2013, 03:45:24 PM
What happened to the BTC.65/share price?
Quote from: cryptx
Shares will be sold in batches of 2,000 shares each, starting at 0.65BTC. Price with each new batch will increase with 0.01BTC
Quote
The company will issue shares in two batches:
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
You CANNOT alter your contract by editing a forum post. That's why we have contracts.
https://btct.co/security/PETA-MINE
From the "Terms and Conditions" of our original contract: The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
September 07, 2013, 03:42:14 PM
What happened to the BTC.65/share price?
Quote from: cryptx
Shares will be sold in batches of 2,000 shares each, starting at 0.65BTC. Price with each new batch will increase with 0.01BTC
Quote
The company will issue shares in two batches:
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
You CANNOT alter your contract by editing a forum post. That's why we have contracts.
https://btct.co/security/PETA-MINE
September 07, 2013, 01:47:33 PM
this thread has turned into a big mess
September 07, 2013, 01:35:51 PM
What happened to the BTC.65/share price?
Every other day I pop in here it looks like something new has been changed, planned, amended, edited, hoped or re-calculated. I never knew thats how contracts worked.
Deprived has made multiple valid, professional-minded statements, I suggest everyone break out their salt and pepper shakers because this thread requires you take more than a grain of salt.
Every other day I pop in here it looks like something new has been changed, planned, amended, edited, hoped or re-calculated. I never knew thats how contracts worked.
Deprived has made multiple valid, professional-minded statements, I suggest everyone break out their salt and pepper shakers because this thread requires you take more than a grain of salt.
Quote
YES 4 / 7 NO (1 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)
strongbow voted YES with comment: Good to see some additional liquidity and diversification in the Bitcoin mining space.
Anonymous voted NO with comment: Attempting to break the contract -- odolvlobo
Anonymous voted NO with comment: Contract terms in flux after moderator approval and shares sold.
BTCTRADINGPT voted NO with comment: BTC-Trading-PT shareholders voted 290-65 to not approve.
Anonymous voted NO with comment: Muddy contract terms that often change.
Anonymous voted NO with comment: Not following their contract!
Anonymous voted NO with comment: How about you try IPOing when it's actually hashing, rather than putting all the risk on investors? The difficulty in Dec may be astronomical, and thus rendering this investment to result in almost guaranteed loss.
cryptx replied Thank you for your feedback. CryptX will invest in an additional 20% of 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.
woodtech voted NO with comment: As other "No" voter said; all risk is on investors. You need to have some skin in the game yourselves please!
cryptx replied Thank you for your feedback and taking time to review our IPO. We updated our IPO details with the following: For every share sold, CryptX will invest in an additional 20% of hashpower. All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.
strongbow voted YES with comment: Good to see some additional liquidity and diversification in the Bitcoin mining space.
Anonymous voted NO with comment: Attempting to break the contract -- odolvlobo
Anonymous voted NO with comment: Contract terms in flux after moderator approval and shares sold.
BTCTRADINGPT voted NO with comment: BTC-Trading-PT shareholders voted 290-65 to not approve.
Anonymous voted NO with comment: Muddy contract terms that often change.
Anonymous voted NO with comment: Not following their contract!
Anonymous voted NO with comment: How about you try IPOing when it's actually hashing, rather than putting all the risk on investors? The difficulty in Dec may be astronomical, and thus rendering this investment to result in almost guaranteed loss.
cryptx replied Thank you for your feedback. CryptX will invest in an additional 20% of 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.
woodtech voted NO with comment: As other "No" voter said; all risk is on investors. You need to have some skin in the game yourselves please!
cryptx replied Thank you for your feedback and taking time to review our IPO. We updated our IPO details with the following: For every share sold, CryptX will invest in an additional 20% of hashpower. All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.
September 07, 2013, 08:33:40 AM
The Bitcoin (mining) space is a very fast changing environment. If you make up a strategic business plan, put your head in the sand and stick rigorous to your plan, you are set up for failure.
Literally every day, new information presents itself and new competition enters the market. It is the task of a good strategic manager to take this all into consideration and to anticipate to future developments. If you are not flexible here, you are dead in the water.
I would rather invest in a company with a management that is willing to review, reconsider and adjust their projects on a continuous basis instead of a rigid company who sticks to its original plan.
Yes, we have changed our originally filed business plan. This may seem like profanity to some people, but we have always the benefit of our shareholders in mind.
Literally every day, new information presents itself and new competition enters the market. It is the task of a good strategic manager to take this all into consideration and to anticipate to future developments. If you are not flexible here, you are dead in the water.
I would rather invest in a company with a management that is willing to review, reconsider and adjust their projects on a continuous basis instead of a rigid company who sticks to its original plan.
Yes, we have changed our originally filed business plan. This may seem like profanity to some people, but we have always the benefit of our shareholders in mind.
There's nothing wrong with changing a business plan. There IS something wrong with trying to unilaterally change a contract.
You only put in a contract the things that won't change. Operational things which are at the manager's discretion don't go in a contract (though the contract may define the scope the manager has for making decisions). Contracts define what you CAN'T do and what you MUST do - they don't define what you WILL do (which can be anything you want within the defined constraints).
A contract is a binding agreement between two parties. Both parties have to agree to any change to it. It follows from this that you can't change a contract during IPO - as the other party (investors) is in the process of being defined. Right now there may be people buying your shares from BTC-TC who have only seen the contract there and don't check the forums.
My objection isn't at all against changing plans - that's an entirely sensible thing to do at times. My objection is to you apparently believing that a contract is something one party can amend at will - and not just that but that one party can redefine the contract and publish it in a location other than where the original was published.
I'm not talking about a 'business plan'. You aren't selling equity in a business and have never published a business plan (a business plan for what you're doing would detail things like the markup you make on the contracts you sell to the public and how much extra you can make if BTC rises vs USD plus what your contingency plan was if BTC fell vs USD before you ordered). Don't try to make it sound like you're selling equity in a company - you aren't, you're selling a sort of 'PMB with reinvestment'.
September 07, 2013, 08:29:08 AM
wait wait wait....
now you're mixing something up.
noone here from PETA-MINE stated that burnin is going to assemble their Bitfury chips - i assumed that, because burnin is the only person I KNOW who's probably capable of doing that for the moment....
...AND because he seems to be the partner for their upcoming Cointerra chips (see opening post) - btw. I asked him about the Cointerra design too and I'm curious about his answer.
So please, if you don't have a concrete answer to my question (which all potential buyers should be interested in), than...let's leave at this.
now you're mixing something up.
noone here from PETA-MINE stated that burnin is going to assemble their Bitfury chips - i assumed that, because burnin is the only person I KNOW who's probably capable of doing that for the moment....
...AND because he seems to be the partner for their upcoming Cointerra chips (see opening post) - btw. I asked him about the Cointerra design too and I'm curious about his answer.
So please, if you don't have a concrete answer to my question (which all potential buyers should be interested in), than...let's leave at this.
September 07, 2013, 08:09:39 AM
Quote
who are you to tell me gtfo? get lost man.
I was harsh on you, so okay.Quote
burnin wrote me an email by this morning where he stated (in german) "i hope that everything works out and i get this bitfury miner running, so that you all get your [bitburner avalon chip] 70% refunds..."
Great, don't read anything in that that makes me think it's not going to pan out. He hopes is works out for his customers. Sounds like a nice guy.Quote
i was going to buy some of this shares, so it's a legit question to ask: who is going to assemble the asics from 18,000 chips and how long will it last... chips cannot hash when not soldered on a pcb, you know?
nah, probably you don't...
No it's not. You make a calc error (fine, it happens), you see a risk (pcb not on time), you see a solution (someone else needs to assemble the boards) and you demand an answer for you're perceived solution. That's close to trolling and if not then just an unfair question.nah, probably you don't...
If burnin states he is not going to deliver then we need to hear cryptx's plan on how he will fix it, not when someone invents the problem. Maybe he has a contingency plan he could communicate, but if the problem is not there then i don't think it's smart to do.
[edit: snipin whitespaces]
September 07, 2013, 07:36:28 AM
Quote
You ordered 18,000 Bitfury....CHIPS?
So... who's gonna assemble the ASICs for you? Please don't say burnin - i know that he's currently working on a BitFury design, but he isn't sure about weather it will work out or not.
So, you have inside knowledge of burnin's mind. Of cource he's not sure, as one can only be sure when it's done.So... who's gonna assemble the ASICs for you? Please don't say burnin - i know that he's currently working on a BitFury design, but he isn't sure about weather it will work out or not.
Quote
The question remains...who is going to make the boards for PETA-MINE if not burnin?
Doubts are a bitch. This fast moving, high risk bitcoin mining investing thing is not for you i guess, beter not invest. But, if you insist, the internets can help, try this: www.wikihow.com/Let-Go-of-Doubts or GTFO.who are you to tell me gtfo? get lost man.
burnin wrote me an email by this morning where he stated (in german) "i hope that everything works out and i get this bitfury miner running, so that you all get your [bitburner avalon chip] 70% refunds..."
i was going to buy some of this shares, so it's a legit question to ask: who is going to assemble the asics from 18,000 chips and how long will it last... chips cannot hash when not soldered on a pcb, you know?
nah, probably you don't...
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