Topic: [PicoStocks] 100TH/s bitcoin mine [100th] - page 81. (Read 470088 times)

Use Google and your common sense by looking for what the founders did in the past. Why would you trust someone here to tell you if this project is trustworthy?


They don't have a website (ASICMINER, the other ASIC-based mining operation doesn't have one either). What you refer to may be the exchange on which shares of 100TH can be traded.
If you care about bells and whistles to establish trust, you are in for a severe disappointment. For example several nicer-looking websites have been hacked and lost the assets of their users in the past.

i'm lost. how trustworthy is this project and why does their website kind of suck as of the moment.
anyone who can clue me in on  actual current situation

I doubt the 200MHs/share number factors in infrastructure costs. Since the price of bitcoin has risen so much, running costs (at least initially) will be trivial relative to hashing power and variance.

ASICMINER will be solo mining shortly.

yes I know the colocation costs are expected to be around $5000.

But what isn't clear is if the 200Mhashes per share figure has been calculated after deducting those costs, meaning we keep everything generated by those 200Mh OR if the dividends we can expect are those 200Mh MINUS colocation costs MINUS pool fees.

BTW ASICMINER mines in pools, so I'm not sure if even with 100TH pursuing block rewards solo mining makes more statistical sense. 

Well I imagine they'll be running their own multiple "solo pools" in different locations with the mining divided up among them and failover to the others of course ... and external mining software, not firmware ... unlike someone else ...

from what i remember, there is a $5000 monthly cost for colocation and dividends will be paid monthly(i think).

not sure about the pool though...since megabigpower says they will have their own pool, i'm assuming 100TH will use that pool (basically it's own pool/solo mining).

I've read carefully this thread and the business plan but I failed to find more info on how dividends will be paid.

Will they be paid on a monthly or weekly basis? It's stated that 1 share equals 200MHashes, are operating costs already deducted here? meaning we can expect 1 share to yield the same revenue of a 200Mhashes device?

Also it isn't mentioned o which pool will the rig mine, will we need to deduct pool fees from our dividends also?

It looks promising to me but I'm a little lost finding how dividends will work so I can calculate ROI at current share price.

Thanks

Looks like chips will be done a little sooner than previously stated. May 16th according to Bitfury.

https://bitcointalksearch.org/topic/m.2059977

Google translate doesn't work the best, but this is interesting/concerning:


They intend to pump out 0.5 PH/s per month?? Is something lost in translation there? As tytus stated earlier, that hashing power will not be part of the 100TH project, but that hashing power is not taken into account in the business plan either...

Tytus, can you clarify future plans for chip production? I understand your other projects are separate, but it would be nice to know what impact they will have on this project.

It would also be nice if you would consider converting 100TH or starting another security so that investors can take advantage of future hashing power. I understand that since you're already funded, it might be more lucrative to self mine, but selling a security based on future earnings/hashing power can also reduce risk for you. A security trading at 3X, 4X or 10X future earnings (like ASICMINER) could provide some short term stability if you cash out a portion of your holdings.

Last report on Picostocks:
Chip production update
The wafers will be completed on 2013-05-19 (May 19th). We are negotiating the timing of packaging now. 
Created on 2013-04-04 11:50:00    by Leszek Rychlewski; Published on 2013-04-04 11:52:06    by koji;

So, chips are not done yet.

2 weeks until the chips are done.

how's the datacenter readiness?

are PCBs done/ready?

I would like to say BIG THANKS to Tytus here in public forum. I've had issue with my wallet, address generated by my wallet and registered at picostocks is somehow lost. BTCs sended there lands in cyberspace and not in my wallet Tytus was kind to change it for address that is known for my wallet, of course after I confirmed that account belongs to me. He didn't have to, but he did, and I'm happy that my BTC are safe now. I'm suspecting that this issue is somewhat corelatted with blockchain fork, I was generating that feral address a few days after that happend. I have old copies of my wallet but trying restore old blockchain and reindexing didn't help. So, another 5BTC maybe counted as lost forever....

BTW: in that process minimum withdraw amount from PicoStocks have been change to 0.01.

Thanks again Tytus...

I wrote this up over the course of a few hours while I tried to deal with this whole issue.

I thought I might be interested in investing a bit so I threw some into my account. I changed my mind, however. But when attempting to get my funds back, I got the message:

"Amount must be > 1.0"

Nowhere on the site am I warned about this withdraw limit prior to this message.

So I panicked and sent the difference to the account, paying a 0.001 transaction fee because the client told me it was over the size limit.

Waited for the 5 confirmations.

Shit. > 1.0 not >= 1.0

Phew, 1.0005 works because the transaction fee is taken from the total you want to withdraw, not from the rest of the amount in your account (unlike mtgox)

Now it's queued? How long do I have to wait? No information is given. I guess it will be a while.

So due to going through all this and the not-so-well-organized design of the website, I will not be dealing with picostocks ever again.

Accepted... still no activity on my wallet though. There seems to be a lack of information on what these statuses mean. I assume it won't be sent until the status is "done"?

several more minutes and still no transaction activity noted on blockchain.info...

status "busy". Now I have an unconfirmed transaction of 1BTC back to my address. This is finally over.

While I was fixing up this post formatting, a block was found and I have one confirmation. Even better



Anyway, that was my experience.

So this is:

1. A heads-up to anyone to either put in enough BTC to cover both the investment and add 1BTC more so you can get your change back or only send the exact amount you are investing.

2. A request to Tytus. Please either make it clear somewhere that this is your policy or remove the policy. It's not much when BTC was worth $10 each but now I could have over $100 tied up because of the policy.

wow nice to see the price trending up...albiet on low volume, but still nice.

1 month until we see the chips!

tytus, did you guys fill in those NAND2s?

Thank you sir.

1. Go to https://picostocks.com
2. Register an account using an e-mail and bitcoin address that belongs to you.
3. Transfer bitcoins to your picostocks account.
4. Buy shares of 100TH

is there a guide how to invest here? im interested please pm me

web site down?

Hello Tytus,

I am considering an investment in "100TH/s" project stocks. I have read the business plan and the forum posts carefully. But there are unanswered questions which are crucial for potential investor.

I believe that in one of your previous post you misunderstood the original question. The sentence
wasn't about physical security of the project, the poster was rather talking about long term plans with the stocks! (securities = stocks).

This is very important. I would like to kindly ask you to answer the following questions:

1) Do you guarantee you will not issue more stocks in the future? I have concerns about share dilution.
2) Can you clarify long-term goals with this project? E.g will you order another batch of chips, will you develop new-generation? Simply, will you try to keep stable piece of the total hashrate pie? If so, which funds will be used for that? And, the most important thing, will this happen under the current project or not? I mean will current shareholders be in or out?
3) Correct me if I'm wrong but I have seen nowhere (!) that you plan to sell the chips or even produce more of them. It's not mentioned in the b-plan either here on this forum. And now you are saying that you ordered double hashrate and one quarter of it is already sold (!). Will shareholders benefit from this transaction? If not, how will this revenues be used? Another quarter "goes for own development" - it probably means you will mine on these chips and make profit, won't you? Don't tell me you need 50 TH for technical development...

Serious investor simply needs more transparency, he/she needs to know if this is only one-time project or a sustainable long-term ship where he/she will always be onboard. So far it doesn't seem to me like that, it seems you used money from shareholders also to fund your own private sub-project.

Thanks in advance for clarifying it all...

Right side: click Balance.
Top right side click withdraw. Minimum 1.0 BTC.

How do you withdraw coins from your account?