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- 09/12/2013 – 16/12/2013 trade stop on Cryptostocks
- 09/12/2013 – 16/12/2013 IPO of remaining 36,504 shares on Havelock
- 17/12/2013 – trading resumes on Havelock
This is a bad proposition for the shareholders. You want to freeze trading of the current shares in order to sell more shares yourself at 0.05btc/share. Current shareholders need to be allowed to trade from the beginning if PETAMINE is moved to Havelock. |
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you gotta be kidding me!
no encrypted wallet? no cold storage?
(...)
The art of reading with understanding is rare lately. PicoStocks is down for a while and will remain like this for sure over the weekend.
Funds from our hot wallet and cold wallet account have been stolen
(...)
There is no sign of an intrusion into the systems. Both wallets were located on different computers. We suspect that these have been copied by people who had access to the system in the past and decrypted.
This is of course a serious loss for the company, but we expect no losses for the users. the funds collected on user account will be returned.
We will have to create a new hot wallet and we will change all PicoStocks addresses for all users, but the rest will remain as it was. We will open the system when we have positively reviewed the security and collected the funds for the users :-( Maybe in 1 week from now :-(
Don't really understand all the user comments posted here too. I guess it's a mix of not being able to read and trolling. Tytus said they would reimburse everything so what is the problem? |
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The selling price of €600 is way too optimistic.
More and more people realize there is no ROI in high priced mining hardware.
More realistic is €250 per board, so that means 416BTC in one time dividend.
Continue to mine for the next 5 difficulty periods could bring in 528BTC.
I took a hefty 40% increase in difficulty to prevent being overly optimistic.
If I am too pessimistic, it could even be more than 528BTC.
Taking 40, 37, 34, 32, 30, ... is thinking too positive IMHO.
Many vendors are close to releasing new hardware.
I stand by my choice of No.
There is no hardware cheaper than this available to be bought immediately. Also they are not auctioning the boards so if they can't sell for the price they are asking they will just continue hashing. I think there is nothing to lose by trying to sell. |
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MASSIVE sell off just now. People learning the truth.
0.5BTC has been sold in the last 24hr, that is MASSIVE sell off to you? Also are you the same kleeck who was the first to scream scam on reddit because of some random Cointerra support message saying they are not selling stock?  What is your agenda here? Anything to do with your investments in Activemining (and Labcoin)? |
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Hi guys. Don't believe the FUD. We are *still* working diligently to build the mine. There was a significant delay caused by Chinese Mid-Autumn Festival, which was compounded by a component manufacturer playing games with our supply. We have a significant amount of hardware on the brink of arrival.
I'm spending a ton of money (not 100TH investor money) preparing a new site to handle the power needs of future growth, which includes the 200TH mining project.
Think about it this way: Tytus and I are both still holding shares of this mining project. The *only* way to get shares to rise is to land significant hashpower that is measurably paying dividends to shareholders. You can sell your shares based on FUD and troll posts or you can hang in there and get the benefit of the hashing we promised.
We remain committed to delivering the intended value of this investment - both for you investors and for our own investments.
This is the official status of all the hardware we have at this point:
***There is no own-mining...its all going to this project***
Soon the hashpower figures will be up on megabigpower.com, and you can track it for yourself.
First i thought you will announce to establish a permanent reinvestment since you wrote about rising the shareprice. Then i read "get the benefit of the hashing we promised". So only the TH that were promised. What means only a temporary rise. "***There is no own-mining...its all going to this project***" would be way sweeter when i could read ***There is no own-mining or own-selling...its all going to this project*** By the way... the own-mining claim was not that you now mine for yourself only. It means you will do once the 200TH are met. Maybe you even will raise the 200TH to make up for the waiting time but this project was never meant for the long run. At least i would await that you would mention a ongoing mine since this statement really would change the shareprice. Looks like im angry. Though the only thing i could be angry against the issuer is that the 200TH werent built fully from the start and other tech was bought instead that was sold without profiting all shareholders. I'd like to get some clarification on this too. I would expect that the issuer would expand over the 200TH but the wording is not clear. Reinvesting would be really great for shareholders and I think it would compensate for the mine being late. Dave also wrote: "We remain committed to delivering the intended value of this investment - both for you investors and for our own investments." This sounds like they would continue to work on 200TH mine. Dave or tytus could comment on this so the investors wouldn't have to guess how they are going to proceed. |
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Cryptx,
1) Now that the USD/BTC exchange rate is exploding and the mining hardware is priced in USD, the amount of hardware the mine is able to deploy should scale linearly with the btc/usd exchange rate (using IPO funds). Could you please verify your plans in this regard?
2) What are your thoughts on the Cointerra tape-out delay. How will this effect roll-out plans?
3) Could you please update us on the status of the 20TH roll-out?
Thank you.
1) We always convert all received BTC's in fiat money, because we have to buy all mininq equipement in EUR/USD. This way we elimate the exchange risks involved. Even if the BTC rate would crash, we would still have to deploy the agreed GH/s. 2) According to Cointerra, they are still on schedule to deliver as promised. We have a hashrate protection in place if there are delays. ( http://www.cryptx.com/faq/ look under "the insurance") 3) All boards are deployed now. However we are not able to reach the full 20 TH/s because of 2 reasons. First, we anticipated a higher hashrate per board after first tests had shown 4 GH/chip. Second, we have about 1 TH in broken boards and will try to get these fixed. I hope this answers your questions; How about the reinvestment fund, will that be kept in usd or btc? I would think btc would make more sense as you could distribute the reinvestment fund to investors in case there are no reasonable options to expand the mine. How are you planning to proceed with the reinvestment fund? What is the timescale of deploying hashing power and if there is no reasonable hardware investments to be made how long do you wait until distributing reinvestment fund to investors? |
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I think it's too early to judge, I'm sure tytus and dave have been very busy, lets see what they can do.
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they are counting bitcoin by selling hardware.not interst in reinvestment,maybe put the hashrate to 200TH first.
I guess when hardware sales stagnates, they will think over reinvestment Why? They only promised 200TH. They now own an Asic design and bitcoins. They can now build their own mining farm like they already sell hardware in their own pockets only. They never mentioned that they will go beyond 200th even after many requests. And when they would have wanted to do so then it would have been wiser to say so from the start to attract more investors. They will reinvest. But without sharing the profits. They never said they will. You can see from picostocks that only under 10% of the shares are owned by "outsiders". Making good on the investors wouldn't cost them much and would gain them a lot of reputation. Reputation could be useful if they really want to promote their exchange and now would be a good time to take a big share of the bitcoin security market because almost all competition is out of the game. 10%? You mean 90% belongs to the issuer? Why was an IPO needed then? Or did they do buy back most of the ipo'ed shares? The IPOs idea was to promote the picostocks exchange, they wouldn't have needed any outside investors on the project. No one knows what is going to happen to the project yet, but especially in this market situation where they could grasp a big share of the bitcoin security market it would be strange if they chose not to increase their reputation by compensating the investors somehow. It certainly wouldn't cost them too much. All the 5 digit investors are insiders and some of the lesser share owner accounts too. So the ipo was only a gimmick and not needed. That makes the workflow look way worse moral to me. They could have built their own asic anyway and build their own farm. I guess if the crying goes on that they might say that they will deploy nor 300 or even 400th. But i think that will it be then. But... you wrote the little bit of shares that were ipo'ed are normal shares since the big rest is of the original shareholders. Then it doesnt make sense to me what happens with the revenue from miner sales. I mean the revenue should go to the initial investors and those have shares. But if only those get the revenue from miner sales it would mean there are two classes of investors owning the same shares but with different rights. Doesnt make sense to me yet when the initial investors really hold 90% of all shares from the start on. The stock wasn't supposed to have anything to do with sales or reinvesting. Still the sales affected the investors in this stock and of course they should compensate somehow because of the delays. We will see what they decide to do. Their reputation will sure take a hit if they don't make a fair compensation. edit: Actually after re-reading the business plan it seems like there is some talk about reinvesting. These parts are pretty interesting: "- Upgrade plan from the manufacturer We, as the manufacturer of the ASIC chips, will propose a lucrative upgrade deal for the mine in case better ASIC chips will be developed. Terms and conditions can not be specified yet because the ASIC development process is not easy to predict, but we will continuously improve the technology and provide access to the newest hardware for the 100TH-mine project." "The manufacturer will have the option to drop the current development line and focus on the 28nm chips if the hashrate has risen so high that the deployment of the current chip board could not recover losses. The fundraising for the NRE and hardware costs will be much simpler if a working chip version exists. After deployment of the 28nm technology the manufacturer will equip the 100TH-mine with enough hashing power so that losses can be recovered" |
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Heh.. Please be reminded that the shares may not be publicly resold. Any subsequent
transfer of the shares shall be governed by the Share Purchase Agreement, the
Company Bylaws, Company’s Amended Article of Incorporation and applicable
Securities laws. Please note that THE SHARES REPRESENTED HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND
UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES
LAW https://picostocks.com/files/31/cointerra.pdfHow well do you know the law? Picostocks is not selling any shares, they are just a passthrough for dividend profits and they are not operating in the US. Do you think tytus has not taken any consideration on the legal aspect of this passthrough? That "not operating in the US" argument has been debunked so often now... is picostocks available to US investors? If yes, then they are operating in the US. And you are going to have a bloody hard time explaining this is not somehow pledging shares. Picostocks lists them as "cointerra" shares, not some unnamed passthrough for dividends only, which wouldnt be any more legal btw and begs the question what you are actually buying. Eg, what happens when someone buys cointerra? Do your picostocks "PT" become worthless? Or do they represent actual company shares? Hope the issuer could clear this out. I don't really know about the legality of this. On their site they claim that they are operating legally in Marshall Islands. |
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they are counting bitcoin by selling hardware.not interst in reinvestment,maybe put the hashrate to 200TH first.
I guess when hardware sales stagnates, they will think over reinvestment Why? They only promised 200TH. They now own an Asic design and bitcoins. They can now build their own mining farm like they already sell hardware in their own pockets only. They never mentioned that they will go beyond 200th even after many requests. And when they would have wanted to do so then it would have been wiser to say so from the start to attract more investors. They will reinvest. But without sharing the profits. They never said they will. You can see from picostocks that only under 10% of the shares are owned by "outsiders". Making good on the investors wouldn't cost them much and would gain them a lot of reputation. Reputation could be useful if they really want to promote their exchange and now would be a good time to take a big share of the bitcoin security market because almost all competition is out of the game. 10%? You mean 90% belongs to the issuer? Why was an IPO needed then? Or did they do buy back most of the ipo'ed shares? The IPOs idea was to promote the picostocks exchange, they wouldn't have needed any outside investors on the project. No one knows what is going to happen to the project yet, but especially in this market situation where they could grasp a big share of the bitcoin security market it would be strange if they chose not to increase their reputation by compensating the investors somehow. It certainly wouldn't cost them too much. All the 5 digit investors are insiders and some of the lesser share owner accounts too. |
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Heh.. Please be reminded that the shares may not be publicly resold. Any subsequent
transfer of the shares shall be governed by the Share Purchase Agreement, the
Company Bylaws, Company’s Amended Article of Incorporation and applicable
Securities laws. Please note that THE SHARES REPRESENTED HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND
UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES
LAW https://picostocks.com/files/31/cointerra.pdfHow well do you know the law? Picostocks is not selling any shares, they are just a passthrough for dividend profits and they are not operating in the US. Do you think tytus has not considered the legal aspect of this passthrough? |
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they are counting bitcoin by selling hardware.not interst in reinvestment,maybe put the hashrate to 200TH first.
I guess when hardware sales stagnates, they will think over reinvestment Why? They only promised 200TH. They now own an Asic design and bitcoins. They can now build their own mining farm like they already sell hardware in their own pockets only. They never mentioned that they will go beyond 200th even after many requests. And when they would have wanted to do so then it would have been wiser to say so from the start to attract more investors. They will reinvest. But without sharing the profits. They never said they will. You can see from picostocks that only under 10% of the shares are owned by "outsiders". Making good on the investors wouldn't cost them much and would gain them a lot of reputation. Reputation could be useful if they really want to promote their exchange and now would be a good time to take a big share of the bitcoin security market because almost all competition is out of the game. |
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Have to say this doesn't look good now. I believed they would compensate people who invested in this early on.
They should have deployed the mine before they started to send equipment to customers, some people invested money in this on February believing they would be the first to benefit from the bitfury asics if they were succesful. Now people who ordered equipment in July got their miners on August before the 100Thash mine.
If the people behind the project don't find a way to compensate investors I'm sure the trust is gone forever.
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We are optimizing rigs now, which is slow, but gives the potential for at least 10 - 15TH across the mine. Meanwhile 35TH in hardware is on the way - this should put us solidly above 100TH. Getting to 200TH will draw on the gear in production. We had a 1 week-ish delay due to Chinese New Year, but I expect by the time we are done getting the 35TH up & running, we'll start to see more gear showing up.
Just noticed this, what happened to the extra 35TH that was supposed to be deployed? |
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We have been experimenting with some different setups, one of which mines against a local wallet, rather than paying out directly to pico. For example, I just triggered a payout of 100 BTC.
We are still mining at about 80 - 83TH, waiting for new gear to arrive. With the China holiday we've encountered some unfortunate slowness in getting more production boards.
There are lots of boards coming for both retail and for the mine. We do have to ship now that its October, so we will be doing both as fast as possible - but I assure you Tytus has a made a completely separate run that goes to the mine - its not even the same design, so it won't be used for retail.
Anything you read about us mining for ourselves or whatever is just FUDsters working the price lower. We should be way past 100TH by end of this month, based on what I know is coming...
Dave
Thanks for the update Dave! Your last sentence sounds like there might be some surprise coming for the shareholders, sure hope so! Never believed the FUDsters in this thread, I'm sure you and Tytus are doing your best. |
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I really hope it will move beyond 200TH at the end... dreaming still allowed isnt it?
What's the ETA for 200 ths?
In addition to making good financial sense, from a project management perspective, I think it would make things easier on the Megabigpower team if the 100/200TH mine turned into the 10%/20% mine (read: reinvestment mine) . Instead of needing to rush to deploy 200TH, this would allow MBP to gradually add hashing power and free them up to fulfill customer orders. Investors in the mine would probably support this change as well since it will cause share prices to rise sharply. Of course, I don't know what the investment strategy of the top 5 (92.5%) shareholders are, but they should consider the long term benefits of that course of action (if it is contractually possible). Indeed some kind of reinvestment plan would be nice. Latecomer shareholders have had a substantial drop on their investment value, reinvestment plan would do a great deal to recover the stock value. |
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Hm... Asicminer shares normally are priced that high that one could make 25% over a year. This share here now has 100% div in a year. I see a difference to asicminer but still i dont like the shareprice actually. If they had 200TH now already it would be 400% per year. I hope they get it done and that this security is found by more investors. Since they seem to mine already. Thats more than other securities can say.
AM is selling blades at ~4 BTC/10GH. This security represents 100TH, i.e., 10,000 blades worth of hashpower. That would cost 40,000 BTC to buy. Market cap: 120526.04077839 BTC This is provably overvalued. You are getting a 3x better deal by buying ASICMiner blades, and you are likely to lose money on those too. This security is going to be 200TH not 100 Still overvalued by the same math. The blades are just 1.5x cheaper. And we haven't discussed whether those are a good deal, just that they're a better one. 20000 blades would cost 80000btc to buy. Current lowest asking price of 200Thash mine is 0.15btc per share when the total share amount is 518271 which would make 200Thash cost 77741btc. So the cost is about equal. In 200Thash mine you don't have to manage anything by yourself and the management costs are much lower than running blades. Why do you even see the trouble of making a post when you have almost all the facts wrong and your calculations are off by 300%? |
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Hm... Asicminer shares normally are priced that high that one could make 25% over a year. This share here now has 100% div in a year. I see a difference to asicminer but still i dont like the shareprice actually. If they had 200TH now already it would be 400% per year. I hope they get it done and that this security is found by more investors. Since they seem to mine already. Thats more than other securities can say.
AM is selling blades at ~4 BTC/10GH. This security represents 100TH, i.e., 10,000 blades worth of hashpower. That would cost 40,000 BTC to buy. Market cap: 120526.04077839 BTC This is provably overvalued. You are getting a 3x better deal by buying ASICMiner blades, and you are likely to lose money on those too. This security is going to be 200TH not 100 |
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I figured this would be one reason not to have a stop-loss feature. Maybe it's even a good one, I'm hardly qualified to say. But wouldn't those investors who are willing to take higher variance reap more profits from the whales anyway, if all the scared investors were auto-divested almost immediately when high variance shows up?
You make a good point. Where does the site need investors who divest when large max bet is required? These kind of "investors" just leech the low variance profit and make profitability worse for everyone. |
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UPDATE 16/09/2013 Hashrate protection These refunds will be given when the tested hashrate of the board is below 64 GH/s: - 100€ refund for each board
- 600€ refund for each 8 boards unit
BTW, who will test the boards for hashrate guarantee? Is the refund in cash, or store credit? Mind, if you've paid with BitPay, there's already around 10% conversion loss from BTC -> EUR. Have you bought one? I kinda had to make an order to get at least some money back from my canceled BitBurner XXs... Hmm, in another topic you claimed to have some info about another distributor that you couldn't disclose and now you made order from cryptx yourself? Starting to feel like those rumors by a couple users were just to prevent everyone from ordering from cryptx. I never claimed I had info on another distributor. I just had an email from burnin which he asked me to not disclose, so that's that. I had a 15 board BitBurner XX order in earlier, and I had to choose if I'd want to lose 30% or 50% of that money. You do the math. And since they don't do partial refunds, I had to order 2 boards to cover the full cost of the "refund". Seriously, stop being paranoid. Guess I've spent too much time on securities section of this forum, the amount of fud in there is going to make everyone paranoid. |
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