Topic: [HAVELOCK] SCRYPT 4 GH/s hosted scrypt mining project by CRYPTX - page 12. (Read 64118 times)

There is currently much better hardware. For example here:

http://gawminers.com/collections/all-miners/products/54-mh-s-the-war-machine-by-gaw-miners-1-month-of-free-zencloud-hosting-service-24-hour-activation-asic-scrypt-miner

54MH/s  for 800$  including one month free hosting (6 different pools to choose,  nicehash, coinking and other good ones)


Furthermore:

WHOLESALE INQUIRY (from GAWminers)
As our many existing resellers will tell you, being a GAW reseller comes with some GAWsome benefits. For starters, you receive up to 5-20% in bulk pricing discounts on orders, direct shipping to customers, expanded customer support, and early-access to some of our latest product releases.

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i dont get it why CryptX still insist of their A2 . . .

MAYBE WE MAKE THEM TO CHANGE THE VOTING TO THE ABOVE MENTIONED MACHINES!

Take this for what it's worth:

PetaMine divs per share from the last 7 days = 0.00008705
(0.00001245+0.00000924+0.00001195+0.00001658+0.00001244+0.00001294+0.00001145)

For one share of Scrypt-X, we'd get 5 shares of Peta, so weekly becomes 0.00043525
(0.00008705 * 5)

This week's Scrypt-X share was only 0.00009065/share, or ~21% of the Peta equivalent divs.
(0.00009065 / 0.00043525)


A one time payout of 90.5 BTC comes to 0.003074 / share.

Here's my opinion of how the options rank:

(2) or (3) > (4) > (1)

Isnt there better hardware to invest in besides A2's i dont get it?

August 15th, 2014 - Dear Unit Holders,

Update about this weeks dividend payout:

Calculation:
1,055 LTC or 10.6133 BTC in total from mining
- 2.66844871 BTC as dividend (0.00009065 BTC/share)
- 4.002673071 BTC reinvestment
- 3.94217822 BTC as hosting fee

Total reinvestment fund now reaches 90.78 BTC.

We would like to propose some ideas / options for the Scrypt-X project. We will issue a first voting round between 4 possible options. A second voting round will be held between the two most favorable/supported options.

Options:

1.   Purchase of 23 Scrypt Miners (A2 Innosilicon Terraminers, hashrate of ~85-90Mh/s)
Total hashrate: 2,000 Mh/s
Overall hashrate of Scrypt-X will increase by 50 percent to a total of 6,000 Mh/s
Deployment is possible immediately after the second voting round
Total price $45,977 or $1,999 per miner

2. Convert every Scrypt-X unit to 5 PetaMine units. The Scrypt-X project will cease to exist.

3. One time dividend of 90.5 BTC. The Scrypt-X project will continue with a weekly 100% dividend payout.

4.   Keep the reinvestment funds for future opportunities. The Scrypt-X project remains like it is today.


First voting round:

Unit holders can place their vote on https://www.surveymonkey.com/s/BXLC5JP till Thursday 21 August 2014, 12:00 GMT.

Second voting round:

The second voting round will start on Friday 22 August 2014 and end on Friday 29 August 2014.


Team CryptX

No update on new hash to be added to network.
BTC price crashing.
CryptX admin/hosting fee's still outrageous but hey at least somebody's making money.

Going to be a helluva ride to the bottom it seems.

^LTC/USD price chart for the year 2014.

..... What happend is no communicado after the shouted everywhere how good the were to deploy the hardware right away.

Calculation:
11.88 BTC in total from mining
- 3.39771429 BTC as dividend (0.00011542 BTC/share)
- 5.09657143 BTC reinvestment
- 3.38571429 BTC as hosting fee

Total reinvestment fund of 86.78 BTC

Meaning, 15.7% less than last week.

They are supposed to be the tech experts??? What happened?

Look, i dont believe spending 1200BTC=600000USD on mining equipment can turn to shit like this. I just dont believe it.
That someone could spend that money irresponsibly and making the claims about chip manufactures then ends up with shit machines. I dont buy it right now.
That 1200BTC worth of mining equip only yielded 44BTC in 1st week. And if that was the case they should hv just turned it into a btc mine instead.
What happened to LTC and doge being mined on same chip?
I cant add it up anymore. I am not a techy.

Crypt x give us proper refunds and keep the mine for yourselves.
Or sort this shit out. It was all in your hands. And i for one hv turned 244btc into what exactly. I wont accept that loss. What hv crypt x lost? The shirts off their backs?

I wish I had paid my own engineers and bought machines.

I'll assume that Cryptx screw up enough not to get any more confidence from new investors. Whoever checks this thread (and the Peta one) will stay away from this company (and maybe from Havelock as well). So my idea of buying back shares to increase the price would not work. It could just give some investors a way out taking a huge loss.
Me, as an example, if I could sell today all my shares, would take 16btc versus the 82 I spent. Better than nothing? Yes, maybe. Still, not sure if I would take it. Distributing the full 85btc of the reinvestment fund to all shareholders would add another 7.4btc. Meaning I could take 16+7.4=23.4btc back and leave with a loss of 71%. Would probably accept it.

However, who would buy me out? At this stage, no one has more confidence in the project. But Cryptx knows that they will keep making a profit for many more months... so the only option on the table is that Cryptx buys us back. We can't force them to do such thing. Not legally and not by pressuring them with bad advertising. Worst case scenario, they will open a new company with a different name and start over.

Long story short, we are screwed.
But if we can get the shareholders that own more than 51% combined to send a strong message, maybe we could be heard. Maybe.

Might not have anything to do with PETA but points out the obvious common denominator(s).

1.) CryptX and crew raking in serious BTC with hosting/admin fee's
2.) Both PETAMINE and SCRYPT are failing miserably (no communication on either)
3.) Barring something changing on either all either will manage to do is piss off entirely new waves of investors foolish enough to invest in either if something drastic doesn't change soon.

Whats there to understand?  These things are under the water, and something needs to be done.  What I said has absolutely nothing to do with PETA in the slightest.  I am saying, we need to maximize the amount of bitcoin that can be made with what is in the reinvestment fund.

Our reinvestment fund will have roughly 85 bitcoins in it tomorrow that can be used in one of two ways...
1) It can be distributed as dividends to shareholders
2) It can be used to purchase things to benefit shareholders.

Number 2 only makes sense if whatever you buy, will in its lifetime create more than 85 bitcoins.

Now, there are many theories going around about ways this would be useful, such as buying back shares or purchasing better scrypt equipment.  But I do not think either of those will produce a value of 85 bitcoins back from the investment, and as such, option number 1 above would have been better.  I am saying, take those 85 bitcoins and buy SHA-256 equipment, such as the Antminer, that has a reasonable chance to make back over 85 bitcoins in its lifetime, thereby making a profit for owners.  If whatever you do with those coins will not create 85+ bitcoins in the future, you might as well have just distributed them as dividends today.

because the same thing will happen to PETA, i dont think you guys understand? or maybe im not understanding you all

Why not just BTC mine instead?

This has absolutely nothing to do with PETA.  There is about 85 bitcoins sitting in a reinvestment fund, now you tell me, is it better to buy scrypt miners or SHA-256 miners.  That amount can buy roughly 57 TH/s of SHA-256 or roughly 1 GH/s of scrypt.  Do the math and figure out which one will make more in its lifetime.

This project has sunk pretty darn far, I think most people agree on here it is time for it to make a change, lots of suggestions have been thrown out, this is just one that I see that is a better option than what we are currently doing.

you guys must not follow the scene at all....
have you not heard of PETA

I understand that this is a scrypt project, but why not use the reinvestment fund to buy some SHA-256 equipment?  It has a brighter outlook right now as difficulty adjustments are lower and ASICS are heavily introduced already, whereas, as the big companies start to ship scrypt ASICS, we will see further and further big jumps in hashrate.  At least buying some SHA-256 ASICS for this project will allow a higher bitcoin stream to come in.

With roughly 85 bitcoins in the reinvestment fund by tomorrow, they can purchase roughly 130 antminers S3's assuming no discount (possibly more with a discount).

That would be about 57 TH/s of hashing power, which would about double our current weekly bitcoin intake and would decline at a much slower rate than what scrypt is currently doing.

they have already bought another GH(from 3 to 4 now) with the reinvestment fund, but the network keeps growing quickly

just how mining goes sometimes

I dont believe any of it. I am mortified. I hardly believe someone could spend 1200BTC on hardware that turns into this shit mess and its due to the fact they dont seem to give a fuck about the share price or the dividend.

Does anyone technically absolutely know their stuff? Does 1200BTC turn to shit like this in mining or is it me.

I went by their PETA mine and its all bollox as far as I can see. It should be generating enough and re-invested correctly to ensure maximum yield. Thats supposed to be their job not mine.
I hv lost all my savings. Thanks crypt x. You guys rock and keep it rockin.

This what they say on PETA mine so what the hell is happening?

"Strategic partnership with leading hardware designers/manufacturers means CryptX will have access to future chip developments at the most competitive rates on the market."