Bitcoin Forum

New project listed at https://cryptostocks.com
Direct url - https://cryptostocks.com/securities/23

DESCRIPTION:
The purpose of the Pyra-Proxy LTC project is to allow those parties interested in Pyramining and the health of LTC to pool their resources and create a conducive environment where they can enter and leave participation at will while still having the opportunity to participate in the pyramining model of mining.

Pyra-Proxy LTC will establish a permanent presence in the Pyramining ecosystem with appropriate reinvestment to maintain and marginally grow its stake while simultaneously providing maximum dividends to project constituents to keep the project viable.

INVESTMENT PLAN

Pyra-Proxy LTC will invest all resources into a 4 tiered Pyramining cluster to maximize reward and benefits from the Pyramining model. Investments will be adde in whole BTC increments. Initial resource induction will seed all 4 tiers at a ratio of 1:2:4:8 to maximize mining bonuses and speed the time when LTC purchases and dividends can be made.

Upon receipt of Pyramining payments the reinvestment and dividend take plan active at the time will be implemented within 48 hours.

The Pyramining top level account will be made public so that any participants or prospective participants can fully audit current and past performance as well as verify that the program is operating properly within the given charter.

REINVESTMENT AND DIVIDEND PLAN

90% of pyramining payments will be reinvested in the 4th tier as soon as the total is greater than 1 BTC 10% of pyramining payments will be redirected as a dividend take less 5% of the dividend take for administration fees, these will be paid within 48 hours of payment.

Non-voting planned adjustment to this structure immediately following the first pyramining payment received after 1 BTC has cascaded sequentially through each of the 4 tiers.

The new plan at this time will be 60% reinvestment into the 4th tier and a 40% dividend take less the 5% of dividend take for administration fees

All future amendments to this plan will require majority vote by the programs participants.

CURRENCY TRADING FOR PROFIT GENERATION

This program is not designed to reap gains through the currency trading between BTC and LTC and thusly will initiate the necessary trades at market value solely on the vircurex exchange unless that exchange chooses to cancel LTC BTC trading in which case another exchange will be voted upon by members

Trade announcements will not be announced in advance to protect the interest of program participants but will happen within 48 hours of pyraming payments or receipt of greater than 500 LTC of newly invested resources.

PROGRAM SOLVENCY

Pyra-Proxy LTC will remain viable so long as 3 environmental conditions are true. 1-Cryptostocks is active and allowing for continued operation; 2-Vircurex or some other web based secure exchange between LTC and BTC are viable with active trading; 3-Pyraming remains a viable mining operation.

In the event of a collapse of LTC or BTC and/or a failure of the conditions above, the administrators will attempt within reasonable power to proportionally disburse cryptocurrency units to the program participants as they become available with 0% reinvestment and 0% administration fee.

Looks like pyramining has updated the stats output for the ASICs they are developing/adding, looks nice!  So in December/January ish your investment will certainly get a huge jump in value!  In comparison, that is about 1 BTC for just under the current performance of a BFL single FPGA.

We currently have some investors but not quite enough to start seeding this project's accounts, but not too much longer.  The DVC project has already gotten some seeding and it looks like it is getting the 11.71 MH/s rate applied so that's good news here as well when the LTC project starts getting seeded.

We finally met a deposit threshold to start seeding the project with. As promised for auditing purposes here is a link to the head of the LTC Pyra-Proxy Pyramining account: http://pyramining.com/account/browse?id=qxzh7cet (http://pyramining.com/account/browse?id=qxzh7cet) Currently we fully seeded tier1 and tier2, we started seeding tier3 once each tier gets fully seeded at the ratio we will start the seeding again until all LTC Pyra-Proxy shares are sold.

Thanks for the support thus far and I hope this is a long and prosperous relationship for all of us!

Note for auditing purposes: A ledger spreadsheet error was made, in which initial LTC investments were sent to the DVC pyramining accounts, this was resolved by adding my own personal BTC in excess of the initial LTC funds (by ~1 BTC over) to replace the loss, so shares purchased currently actually have a slightly higher investment ratio based on current market forces in the LTC accounts.  Additionally, the DVC fund will not be charged for this error as it was a *now fixed* clerical error and they will have a significantly higher investment ratio based on current market forces as I will take this as a personal loss vice trying to manage the accounting for proper recovery of the funds.

LTC funds will continue to be invested at the current ratios spelled out in the issuing description.  DVC funds will have advanced seeding into the Tier 1 to 3 accounts and will thus be seeded in the Tier 4 and Tier 3 accounts until the ratio has been returned to the expected values, from which normal seeding patterns will continue.

This represents no loss to constituent shareholders.

We have now filled tier 3 of the first round of initial LTC investments and will be moving onto the 4th tier until the deposit ratios are as stated from which we will move onto the second round.

Thanks for the support and happy profiting all!

Do you have any referral links created from your stocks deposits into Pryamining?

I do just never posted them, if you would like one I'll send you one, just let me know which link in the chain you want to hang off of.

The LTC one as that's my investment fund LTCI - https://bitcointalk.org/index.php?topic=114157.0 - is buying into.

Here is the current ones off the 4th tier of the LTC fund.

http://pyramining.com/referral/zqtxb2grd (http://pyramining.com/referral/zqtxb2grd)
http://pyramining.com/referral/c9eh3bn4x (http://pyramining.com/referral/c9eh3bn4x)

If for some reason you'd like a referral off a higher tier let me know.

When are the first dividends due from this fund?

Within 48 hours of pyramining payouts...  current top tier mined balance is about 0.04 but its getting faster due to a recent share purchase which will allow about another 4 btc deposit in the fourth tier account.  LTC to date has had much slower acceptance, I.e. the DVC version already has 0.09 in the top tier and > 0.14 in each of the others and it was released just a couple ish days before.

Morale of the story... within 48 hours of pyramining payouts but I don't expect the first dividends all that soon until the account has built up a fair bit more deposited balance. 

An unstated goal has been to (excluding drastic swings in currency price and issuing no more shares on the market) build up about a 1k btc fund behind each version.  At current mining rates that would tick us off about 1 BTC every pyramining balance update, so about 2 or 3 times a day... this changes a lot when pyramining releases its asics I would imagine.

When is the first Pyramining payout expected?

The long story was because its hard to say really... I mean with no new deposits, and taking out the impact of funds moving from 1 tier to the next and not accounting for the asic migration we would be looking at a little more than 200 days... BUT we just got a new deposit which nearly fills up the fourth tier in the first round of seeding, with 1 more btc worth of ltc it will be topped off and the next btc will go into the first Ltc tier essentially doubling its direct mining capability.

If I were to take a semi educated speculative stab/guesstimate I'd say around the end of November but faster each time after that.

New vote issued:  https://cryptostocks.com/welcome/news (https://cryptostocks.com/welcome/news)

Regarding pyramining announcement:  https://bitcointalk.org/index.php?topic=80845.msg1314762#msg1314762 (https://bitcointalk.org/index.php?topic=80845.msg1314762#msg1314762)

Vote passed this weekend and we hit the outlined 10 BTC threshold so have made a 4th tier asic prepurchase.  With this pyramining will add a supporting asic deposit referred from here as well to increase even higher the hash power of this chain of accounts.

https://cryptostocks.com/securities/23 (https://cryptostocks.com/securities/23)

New vote to add a pyramining enhanced 10 BTC value asic prepurchase to the 3rd tier LTC mining chain before resuming the standard deposit plan.

This will give us pyramining enhanced mining off of both the 4th and the 3rd tier so all the benefits will be seen in our entire chain, at about these ratios:

Tier 1 - 7.5% boost from pyramining enhancement off tier 3
Tier 2 - 7.5% boost from pyramining enhancement off tier 3 + 7.5% boost from pyramining enhancement off tier 4  (approximate 15% based on nearly identical sized deposits)
Tier 3 - 15% boost from pyramining enhancement off tier 3 + 7.5% boost from pyramining enhancement off tier 4 (approximate 22.5% based on nearly identical sized deposits)
Tier 4 - 15% boost from pyramining enhancement off tier 4

This vote passed and we have deposited the 10 BTC ASIC deposit to secure the pyramining enhancement as described on the third tier deposit address.  Standard deposit schedules will resume now.

Congrats LTC proxy pyramining miners, first BTC moved from Tier 4 to Tier 3 of your chain (and the first movement of the 3 available but DVC is close behind).  If you maintain the order ( 4 --> 3 --> 2 --> 1 ) the first dividends paid out will be at the higher rate described in the fund overview and it's looking very positive that will be the case in this investment (also there is a very low chance that a payout will become an asic pre-order in an above tier which will break the chain briefly stalling the higher dividend rate since those funds are stalled until asic mining is released in pyramining which upon the latest news is looking to be in the next couple weeks anyway so no real loss there).  Ultimately it may mean that a little bit of the "working" coins may shrink for a bit since the higher payout rate anticipates all coins going through all tiers but it will be negligible and grown back over time.  Also to note dividends are paid when the tier 1 accounts pay out as that is when funds are available for dispersion and reinvestment as per the fund description.

You can see the movement here:
Tier 4: http://pyramining.com/account/browse?id=b8f7kqyr (http://pyramining.com/account/browse?id=b8f7kqyr)
Tier 3: http://pyramining.com/account/browse?id=q2d8egba (http://pyramining.com/account/browse?id=q2d8egba)  (Noting the ~1 BTC bump up from the standard ratios)

Something new?

Not really, investment in this fund has pretty much stood still since ltc price skyrocketed but we're not too far from first dividends, when pyramining implements its asics (soon) this fund will be in really good shape and should start getting dividends much quicker.

When will asic? ;)

Good news for investors, although need to figure out the best course of action as the prospectus was based on full btc payments but we should get payouts a little more often now, just smaller amounts and all of the funds should be eligible for payments soon. I've already posed the question about when this change starts.

See https://bitcointalk.org/index.php?topic=80845.msg1970065#msg1970065 (https://bitcointalk.org/index.php?topic=80845.msg1970065#msg1970065)

New vote issued reflected unsatisfactory performance of this funds holdings, the vote text was clipped on cryptostocks but the following is the text in it's entirety:


If nothing is improved on our current holdings the sad truth is that it could be in excess of 10 years just to reach basic break even on our fund (sadly it is my opinion that this may be optimistic at this point given the developments within the bitcoin mining ecosystem if there is no major shake-ups with our current investment vehicle)

Maybe it's time to close the project.

Vote on that was already in place.  I'll be checking the results early next week.

What are you planning? What is the financial status of the project?

I'm working on a new prospectus for the funds to diversify mining out of just pyramining investments since it has been so slow and not yielding desirable return timelines.  This will likely be up for voting around the upcoming holiday break.  If you have any ideas for inclusion into a new prospectus, please throw some out here.  Financially we have no losses or anything it's just our return rate has been stretched so that I can't award dividends at a desirable rate currently.  If you browse the pyramining accounts you can easily see what assets we are in control of.  The obvious benefit of the slow return is that with the increasing values of LTC the fiat value of the current fund owners has increased significantly.

So 90% of the Pyramining payouts are reinvested in Pyramining?  If so how much BTC does the fund have in the current Pyramining 28nm pre-order hold?

Currently that is correct, I will go look and get back to you, admittedly it won't be much because payouts are so slow these days even with significantly reduced payout thresholds.  (And I'm still hashing out a new prospectus for vote on soon to help diversify out of pyramining to more liquid funding options with a speedier ROI)

So looking back at the transaction history...

The last payout was on 2014-01-13 from any account.  Rumor, since there has been no official statement from pyramining to my knowledge is that the existing hardware is now unprofitable so the cluster has been shut down and all new deposits are queued to new hardware.

The tier 3 account has about 0.2 BTC worth of payouts queued in it.
The tier 2 account has about 0.12 BTC worth of payouts queued in it.
The tier 1 account has about 0.25 BTC worth of payouts queued in it.
Total queued is about 0.57 BTC queued for new hardware.  (This will equate to an estimated ~50 GH/s addition to our accounts if the new infrastructure stat is correct)

I can only hope that this new hardware brings these accounts good, since BTC price has risen dramatically since these deposits were made there is still hope that profitability is still possible.  If pyramining goes defunct then well... let's not hope that happens as my investment in these funds as well as my personal investments has a many thousands of dollars in a loss....  Not going to lie here, with pyramining not saying anything in a long time and payouts essentially halted it seems for a couple weeks now I'm concerned for the health of these funds and the solvency of the invested BTC...  All I can suggest is to try and reach out to pyramining directly for info as to the status/future of the pyramining system.  The last official statement I saw was regarding a mid/late January deployment of much better hardware and a significant amount of it but I've seen no update regarding how that plan is proceeding.

any news ?

sadly not yet, I'm keeping watch on the forums regularly for news.  I don't think anything mallicious is taking place and tend to favor that this may just be due to pyramining working with new hardware vendors etc. but I have not heard anything for some time as to the current status.

wtf ?
Sell orders (LTC)
999,999,999.000000   1   999,999,999.000000