Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 119. (Read 565833 times)

thats only 1 view based on one projection
you can generate thousands of multifactor exponential projections

when considering everything i think they can keep up, because they have the ability to adapt, unlike your projection
individuals long-term miners have the same problems, yet we persist

Quoted for reference. Though HL doesn't provide a voting mechanism, Cryptx could have at least made a lot of this information public in advance. It seems that a lot of shareholders feel blindsided by the past week's developments.

But this new reinvestment plan can only keep up with difficulty until August 4, 2014, as seen in your forecast in the prospectus. After that date we are in the exact same situation with not being able to keep up with the difficulty using just reinvestment funds. The only way it can sustain is if there is a big price spike in BTC before that date to buy much more miners with reinvestment funds when the reinvestment is largest and network hashrate is lowest, but then a different problem arises.

Are there any plans to to tackle this issue when it comes up again?

Spot on! In the case of 65/35 dividend/reinvestment we cannot keep up with difficulty. This is why we are doing this IPO and changing our strategy, so we do keep up with difficulty and be able to grow large.

It seems manifestly clear that 2.4 GH/s on 1st Jan >> 8.68 GH/s in two weeks (tm).  Heck, 1 GH/s on 1st Jan > 8.68 GH/s in two weeks.


This is the truth.  Unfortunately, it still appears to be the truth after IPO.  The reason dividends were going up was due to initial deployment not because reinvestment could keep up with difficulty rise.  Leaving the reinvestment rate alone means investors lose less, and you still make a healthy profit.  

And


So, it is not what has been done. It is the way it has been implemented.
The whole discussion here went south. Posts were deleted, fud is spread on other threads and forums.
Maybe the IPO block is good for timing. Step back. Consider things in contest. Maybe be humble. Agree that we are (were) giving trust to Cryptx to manage the project. Cryptx acknowledging that he is getting our trust, funds... could do a better job at communication.

And take the step back as a spring to jump further forward. Get additional funds (IPO?). Get additional revenue streams (Scryptx?). Show with numbers that this is the only fund on Havelock kicking ass.

Arrogance is not good for any of the two sides, but numbers should be the only thing that talks here. Assumptions on difficulty or btc prices, are just... assumptions.

That's the problem with virtual companies, there is no corporate governance, we have no 'rights' as shareholders, in fact we are not even represented by shareholder elected directors. So we should not be entirely suprised when so called 'founders' steamroller through their own decisions regardless of whether they might represent a conflict of interest.

Having said that, I knew I was taking a chance on the people behind honest when I got into this. But there IS a very good reason why none of these IPO's would be legal in the developed world.

Well shareholders voting rights were stripped in this latest prospectus so it wouldn't do anything now. These issues should have been voted on before this latest prospectus was even released.

From the December prospectus:

"The 65/35 percentages are chosen after careful consideration of the current and the future market. The percentages can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it."

"All shares issued have voting power. CryptX will not change the direction or goal of the PETA-MINE without shareholder votes."

This voting power is no longer mentioned in the new prospectus. The 65/35 split is no longer the dividend/reinvestment plan as originally stated when the mine started. Is it right to just go changing terms on shareholders like this with no input, especially given those 2 quotes above from the last prospectus?

Plus the Havelock description still says 65% in dividends will be paid out to shareholders on a weekly basis when the new dividend plan is 10% +3% each 10 days at the start, dwindling down to a 1% increase a year from now as outlined in the forecast in the new prospectus. This is very misleading for investors and should be fixed.

This will probably be deleted, but this is information that should be seen.

I trust the long-term vision, haven't been disappointed yet. I just wish we could get the wheels moving faster on this IPO.

this is probably the only thing this project is missing, and people would stop wining 

+1 i trust the long term vision, i feel like we have been consistently been moving forward in the right direction

I trust the long term vision !

Go on, hoping we will sell a good ammount of shares from the ipo, to avoid big sufference in div distribution..... (10 days to go.....).

Someday, CryptX will become a big monster in mining world if they always act ambitious like this.
I like it.
Maybe 10~25% of total network hash rate would be good.

havelock does not provide voting.

Let me first quote from the IPO Prospectus on Havelock in December:

CryptX has issued an asset ( PETAMINE) for shares in the profit of the PETA-MINE
project. Each unit represents 2.4 GH/s of the total hash power of the PETA-MINE,
and unit holders will receive a weekly dividend payment every Friday

Let me remind you of the update we gave end February:

1.   Start date of the PETAMINE

We suffered delays which were out of our control. Nevertheless we are proud to have started the deployment of the mine on the 13th of February. The progress of deployment can be followed here:
http://eligius.st/~wizkid057/newstats/userstats.php/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

2.   Initial hashrate of the PETAMINE

Our initial contract stated a hashrate of 1 GH/s per share which we were able to increase to 2.4 GH/s per share thanks to the Bitfury hardware sale.

Due to current delays in delivery and because of the crucial importance of the initial hashrate of the PETAMINE, we like to announce that WE WILL DEPLOY AN ASTONISHING 700 TH/S INSTEAD OF THE PROMISED 230 TH/S. This means a hashrate of 8.68 GH/S PER SHARE OR 3 TIMES THE PROMISED HASHRATE! We are confident that this is the extra push the PETAMINE needs to really excel! You can find the confirmed deployment schedule below.

You realize we were only obliged by contract to deliver 2.88 GH/s?
You realize we were never obliged to cut hosting from 0.45$ to 0.25$?

Now, we could just wait for the last hardware to arrive. We would be hashing at 700 TH/s with 80,760 shares in a couple (?) of weeks. We could pay 65% dividend and all investors with a short term view, would be happy. Until they realize a few weeks/months later we are slowly dying and dividends dry out.

I would like to ask all of you to trust our long term vision and ambition. We want this project to become big, we want to create value and become a large player on this market.

I don't think Havelock has that functionality, does it?

You're wrong there, they promised 8.68 GH/S / share and they almost delivered by buying back and "destroying" those shares (units outstanding went from 80,673 to 66,206 which represent a rise from 6 GH to 7.55 GH per unit)

Though, they promised 8.68 GH/s per share so it's still a 13% shortfall

The problem is that they are re-creating and IPOing those shares with new promises without waiting the market to stabilize. That's why many feels trapped.

I have the feeling that a week or two of the mine @500 Th and divs distributed amongst the 66206 units would have make things easier to understand.

Was it that hard to explain, share and call for quick vote?
We were all for the long term and most likely voted in favor of the logical option...

You do realize that they cannot make the hardware appear from thin air, right?

The manufacture didn't delivered the hardware, so we got a refund...

The mining industry is a continuing changing business, you adapt or die and as far as I can see cryptx is doing a good job, or at least trying very hard, adapting to new circumstances.

so many IPO...