You could use escrow up to the point where you sent an email to friedcat (putting buyer and escrow in cc) explicitly stating that the deal is irreversible. That way you dont have to wait weeks for your coin, and the buyer at least has some security.

Yes:
https://bitcointalk.org/index.php?topic=321630.msg3445371#msg3445371

If I could have shorted assets like peta and all the previous mining securties, ponzi's and scams, yes Id be a multi bazillionnaire by now. But I cant. Nor does grade school math give any clues as to where bitcoin itself is headed, so I'll have to settle for the ~20000% ROI on my coins so far. Doesnt cost me any time, any effort, and so I have plenty of time to give a little back to the community and prevent at least some people from getting raped blind. Up to you if you want to take advantage of it.

One more thing, particularly for newbies who intend to hold peta long term. This here is why I am not surprised by the current situation:



source and discussion:
https://bitcointalk.org/index.php?topic=295270.0

You can add 50% to those numbers because of the BTC price rise since I made that post, and <$1000/TH hardware has already been announced. Therefore, a 600+ PH bitcoin network is already a given, its just a matter of how fast we can get there. Im also quite confident the cost will drop far below that.

Now see how much peta mine would earn in that network. Hint: its a huge negative number.

Its not even close to low enough. Ive posted my most optimistic simulations that so far have vastly understated the network growth,  so you can easily conclude from that at what point I might begin to consider buying in. At least if it werent for the fact i made another prediction that will prevent me from buying in at any price.

For those not paying attention, I did my math based on 1%/day network growth with rapid deceleration. Reality is this;



1.5-2% per day and accelerating. For the math impaired, 1.5%^365=~23000%.

That may not last very long, but in the coming  ~8 weeks, peta will pay out more in dividends then it will for the rest of its existence, meager as those divs may be. As always with mining, the first few months are make or break, and in the case of peta its clearly "break".

Spot the trend:
https://blockchain.info/charts/balance?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

You guys are even more predictable than peta's share price. First you ridicule me, but when only a few weeks later some of my predictions (all of which glaringly obvious) begin to pan out, and as a logical consequence the share begins to  tank (we are nowhere near the bottom yet), you blame me for it. Exactly as predicted BTW.

Rofl!

Bitcoin Difficulty:   13,462,580,115
Estimated Next Difficulty:   17,078,736,583 (+26.86%)

Roll out of asicminer, knc 20nm, and blackarrow has only just begun. BFL, antminer 28nm, next gen bitfury and next gen spondoolies have yet to start.


These people got exactly what was promised to them.

"Lots of people", volume is still very very low. Most shareholders will only see the light after a few more plummeting dividends, as they seem immune to math or reason. Check back in a month or so.

LOL. How do you accumulate through asks ?

Hey newbie, stop making sense. Its not appreciated around here.

Not too mention: ignorance, delusion and blind faith in the greater fool theory/

Now generally, I would actually agree that share price isnt that important, especially if you are a long term investor. But please do the math on what the long term could possibly offer you besides the current bid book. Maybe thats when your eyes will open.

If you didnt fill out a VAT number when you ordered, then you ordered as a consumer, no matter what KnC claims.

Let me start by point 5, which is completely wrong. Your return will remain (virtually) identical for the next ~2000 blocks.  I gave you the formula, it doesnt change with network speed, nor block generation speed, all that matters is your hashrate vs current difficulty. That gives you the probability of solving a block, nothing else. Of course if you double the network speed, the next difficulty adjustment will increase by a factor of 2x and it will happen twice as fast. But until then, your revenue per GH remains the same. Difficulty trails network speed, and therefore, as long as the network grows, we are mining more than the "planned" 25 BTC / 10 minutes. As has been happening for years now.

The chance of producing an orphan or stale block always exists, but assuming a decent network connection, its on the order of <1% . I guess theoretically that number will increase if block generation speed increases, but thats not something you would ever experience and is completely statistical noise compared to all the rest. Besides, it would apply to everyone solving blocks, so it would again reduce block generation speed proportionally. TLDR; it doesnt matter. Difficulty and hashrate are all that matter.

Its the other way round. Difficulty is a number that determines what the odds are to find a block with a given hashrate. Average time in seconds is: difficulty * 2^32 / hashrate.

Difficulty is tuned so the entire network on average will find one block every 10 minutes. But if the overall network hashrate is bigger than before the previous adjustment,  more blocks will be found than once every 10 minutes and so overall block generation time goes down, which will cause the next difficulty to rise. But your individual block generation time for your particular hashrate remains exactly the same until the difficulty changes.

Block generation time is currently  8.3 minutes (500 block avg), which will cause the next difficulty to go up by an estimated ~25-26%. As a result, your mining revenue per GH will drop proportionally and instantly once the new difficulty sets in. For petamine bag holders, that  means  your dividends will go down by an even larger fraction, since hosting fees dont scale with dividends. Oh and that 25% is on top of the previous 14.5% decrease which you havent felt yet.

I apologize, I did get it wrong, I entered +12% in my spreadsheet, but it applied it retroactively to last month when I made it.

That said, your numbers dont quite add up either. At todays difficulty, which has been in effect since the end of last dividend,  1150TH will yield ~300 BTC per week, minus 73 hosting is ~227 BTC for this friday. Next difficulty is projected to be 17B which would result in ~238-73=~166 BTC. Okay probably a little more next week, since a few days will be mined with todays difficulty, but the week after that it will be in full effect, and difficulty might have gotten another increase.

Regardless, paying off the loan faster doesnt change the problem. If I gave you personally 100BTC to invest, would you really want to spend it  on overpriced mining hardware that is hosted with exuberant fees, and will only pay out a fraction of its mining revenue? If not, then its better to collect full dividends and put them in a cold wallet or invest it in something that actually makes sense (if there is such a thing). Reinvestments only make a bad situation worse. Its repeating the same mistake over and over.

Perhaps. Cant decide if its a bigger achievement than that time I correctly predicted the sun would rise in the morning, and only got the cardinal direction wrong.


Of course, at last you understand my evil plot. All it took was some fake math and deploying 40PH.  



Phase 1  complete, now I will single-handedly begin decreasing network hashrate and reek in my juicy cryptx dividends. Muhahaha

Ahm.. lol?
You are not actually calculating with a 12% per week dividend increase, are you? Network hashrate is currently growing at that speed, meaning dividends will drop by that speed (in fact, faster since hosting costs remain constant).  If that growth were to continue (which even I am not predicting) the loan would never be paid back in full ever, even if dividend payments where stopped today.


Bingo. Or selling hardware or hashrate. Cryptx himself, Im sure is doing just fine.


The problem is inherent to the weird market mechanisms, and certainly not unique to Peta. But peta pricing is completely absurd, it makes even cex.io look cheap. Well, maybe BFL "mining by the gh" is even worse, but I cant imagine they sold any contracts for the past 6 months.


They dont have to keep up, they create the growth, and get paid handsomely for it.


Yes, you can buy asicminer shares. If you had done that during their IPO, you would have seen several 100% profit, and if you sold near the peak, a few 1000%. Whether its wise to buy now, I'll let you do your own research ( no doubt its far better than peta, but then so is almost anything else).


I already explained that a few times.

Got that right too.

There is nothing to fix. The hardware has been bought, it generates a mining income, but that will drop faster than snow melts in the desert and never come close to earning its cost. The only way to "fix" that is by preventing everyone else from buying mining hardware. How do you plan on doing that?


Yeah, and in two weeks it will be 30% less, and it will keep falling very very fast, so fast that in a few months it will earn less than they cost in hosting.. Moreover, 313 BTC isnt a whole lot of money compared to how much was invested.


You mean withhold dividends and use that to dig an even bigger hole? Keep doing that, and soon enough there will be nothing left. Besides, do tha math, and see how little hashrate your dividend could possibly buy.


Because large operations have an electricity cost that is at least 5x lower than Cryptx. Because KnC, Cointerra, cex.io and several others dont buy their hardware at market rates, but produce them for a cost that is by my guess, around 1/10th of the market price, and get even that subsidized by retail customers paying far too high rates,  like Cryptx . And because many are as clueless as you and will buy miners no matter what.

If you want to know what I think is the least worst outcome at this point: sell all the hardware asap, some people still dont get it and will pay considerably more for it than it will ever mine. Pay out the revenue from the sales as dividend and call it a day. That is what would benefit shareholders the most, but of course, is of no benefit to the issuer, who will no longer pocket his 70+ BTC per week hosting fee. And  since the issuer holds no shares whatsoever himself, I wouldnt hold my breath. Im sure he would love to withhold dividends and dig a deeper hole though. That would increase his hosting fee, he may well pocket some kickbacks on the purchase of new hardware, and lose nothing in the process. win-win for him, lose-lose for you.

Edit: I misread. But this is even funnier. How do you expect dividends to rise when difficulty is exploding and hashrate is fixed for the next ~3 months?