Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 105. (Read 565833 times)

(As if we could vote-in a new director at any point...)

I agree. ...and like in the real world, control is in the hands of the directors that are voted in by the shareholders. But day to day decisions are not open to voting on. If shareholders are not happy then they can vote in new directors once a year. This deal may be set up differently. I think we are relying on blind faith here and just have to wait and see.

I do think there is a disconnect between the idea of "voting shares" and how the project has actually been managed, and maybe that should be clarified. But frankly, although I love the idea of voting, I think the reality of opening every Peta-Mine decision up to discussion and a vote would be a disaster. There have been so many changes in the past 8 months, if we had stopped to discuss every one of them -- I just can't imagine that could even have been done. We can't even receive a surprise doubling in per-share hashrate without a lengthy, painful and baffling debate over whether that is good or bad.

At this point, I'm content knowing that cryptx does check in on this thread and does listen to posted concerns that, you know, make sense.

Even on the Havelock Exchange the original offer said: "All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares."
They also said in their email to subscribers: "Announcing the upcoming public offering for PETA-MINE CryptX  (PETA)" which leads me to believe we invested in "PETA-MINE CryptX". PETA-MINE is the project, but the public offering was for "PETA-MINE CryptX".  It looks like CryptX is the shortened name for the original "PETA-MINE CryptX".
But if this is all wrong, what can we then vote on? May be all we own is the right to receive dividends but cannot control any aspect of the mining operation?
Yes, this is all confusing and perhaps an explanation is due from CryptX.
In the mean time, let them finish what they're doing. So far, neither Havelock nor CryptX have let us down. It all seems to be getting better and better.

You are of course technically right on the voting, but because these are virtual shares in a project not a corporation, managed in a juristiction well out of normal international law, then in practise we have no enforceable rights at all!! We are to all intents and purposes taking a leap of faith on the honesty of the real Cryptx shareholders.

In fact it would not be unreasonable to point out that the project has already taken several major changes in direction without any consultation of the shareholders, so please lets not kid ourselves we are in control!

Having said all that, i'm still in, because to date i've had no reason to doubt the integrity if Cryptx, but will be much much happier with them as project shareholders also, just to keep our interests aligned sufficiently to avoid conflict.

id vote 40/60, over time that 40% dividend in actual BTC would grow to larger then what your 65% would get thanks to the reinvestments

That isn't accurate either.  Under the original prospectus, I purchased voting shares.

https://btct.co/security/PETA-MINE

also


This is the major sticking point for me.  This was undoubtedly a major change that should have been voted on.  I don't mind buying an asset where voting rights are not provided.  I do however have a problem with those voting rights being unilaterally removed.

edit...

As far as I'm concerned, until we vote to change it, the Dividend/Reinvestment ratio should still be 65%/35%.

I think you need to re-evaluate your understanding of this project. We are NOT shareholders of Cryptx we are shareholders of a finance deal to a Cryptx project called PETA. We don't get to vote on anything, we have no particular rights other than to dividend from the project, and most certainly the statement that "Everything that CryptX does is 'ours' - the shareholders." is a gross misrepresentation of the true state of affairs.

...and if I were them, I'd be a shareholder as well, in which case all of our interests would be in alignment.

Also, any shares not sold remain in the treasury and remain the property of the corporation (us!). So if only 77166 shares are sold, each share represents ownership of 1/77166'th of the company. If all shares are sold, each share would only be 1/100000'th of the company. The only reason for selling more shares is to get money for the operations of the company.

If any of the old hardware is sold, the money received goes into the corporation's bank account and not anyone else's pocket. From there, new equipment is purchased and/or debts are paid, and of course expenses.

Everything that CryptX does is "ours" - the shareholders.

So no worries.... unless they are fraudsters, which I don't believe they are, and that is why I remain a shareholder for the long haul.

Great work guys!

@Skuser, I rest my case. if you would read the prospectus you would see the pictures of the farm. You would have seen the same if  you opened their website: http://www.peta-mine.co/inside-the-petamine/

That and havelock's post above should put your suspicions to rest. On a general note, please read the prospectus (and havelock updates) so everything said on this forum can be put in perspective of all the information available. Knowledge soothes the nerves more than reading a thread filled with panic and half-information.

What you'll find based on the update history is that the CryptX team has always acted very professionally. They do not engage in debates often, and they shouldn't. Their job is to build an amazing company with a long term vision, not to argue with short-term investors.

Don't get me wrong, I have the same legitimate questions as everything else (like if the hardware was btc of fiat purchased) but I'm sure that they will figure things out as beneficially as possible. Even if the hardware was btc purchased they are probably working something out with the supplier, and if it was fiat paid they will probably wait to see if the btc price stays high until dividend day before posting happy messages.

They have continually favored radio silence until good news, rather than spend time on the forum posting status updates. They spend that time working on fixing any problems and acting to our benefit.

In the past they needed to wait for new chips to arrive. The manufacturers were delaying the deployment. This time around the chips were in stock, not pre-ordered as before.

You may also monitor the address directly:
https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

Sorry for being a bit suspicious, but are there any actual pictures of the farm? Considering the snail speed of adding dozens of terrahashes weekly in previous months yesterdays addition of +600 THs sounds too good to be true...

If the profits of the +200 or so TH/s that are currently mining and are not associated with a share are used to resume the dividends sooner, then all is well. If they pocket those profits then I have technically still nothing to complain about, except maybe about them trying to invoke a "team spirit" in that mail, while still profiting directly from any share not being sold. It reads a bit hypocritical.

The hashrate is 1156 TH/s. There is no 'remaining hashrate' until more IPO shares are sold. There is also no 'missing hardware'. The IPO is meant to add 1000 TH/s, and since not all shares were sold only part was added.


Using the bought hardware to mine is the best strategy. Also selling the IPO is the best for everyone involved. The growth of PETA mine is good for all shareholders as it improves our economy of scale, not to mention that dividends start sooner.

What in the world is there to be offended about? They are expressing enthusiasm in an email updating us on the hard work they did. If I had just operationalized a 1+ PH/s mine I'd be pretty excited too. I tend to like enthusiastic people in business, they get far crazier things done than deskplants.


Ujka means exactly what he is saying, and is right. The old 500 TH/s second is replaced by new hardware. The IPO should add 1000 TH/s, and the old 500 TH/s was replaced.



Guys, practicing scepticism is a good way to make sure you don't lose your money. But please make sure you are fully informed and don't draw panic conclusions based on some half truths and enflaming forum posts. All the information is out there, and sensationalism or repetitive questions is not going to solve anything.

I for one am very happy explaining things to those who are confused, and I'm very happy there is people here that explain things to me when I'm confused. But half the stressful debating here the past weeks could have been avoided if everyone took 10 minutes to read the prospectus and actually read the status updates that are emailed to you...

Have a nice day everyone, try not to look at the /stats/ page all day. I find myself doing so every so many hours, just because it looks pretty

It is on the previous page.
But thank you for updating the community.

Email from cryptx (noticed nobody had posted it)

To buy that new efficient hardware.
IPO is for additional 1000TH.
500TH we already have is being replaced by selling old hardware and buying new, not using IPO funds.

I do not think you are understanding what I am asking.  I agree, it is good that they got new hardware to replace the old hardware, but where is the money going that they are getting for the old hardware?

^
I'm very glad if CryptX is able to buy new, efficient, hardware, with only selling old ones.

New IPO is for the additional 1000TH.
500TH we already have is being replaced.

yea, but correct me if I am wrong but...

we paid for the old hardware with the initial IPO.
Now, we paid for new hardware (or will by the end of all of this, either through sold out IPO or dividends withheld)
They sold/are selling old equipment for btc.

Shouldn't whatever they make from the old hardware go to the benefit of us either through dividends or used in lieu of dividends if the current IPO doesn't sell out?