[ANN] [DVC] PYRPXYDVC - Pyra-Proxy DVC Mining Fund

[pyra-proxy]

New DVC mining program listed on https://cryptostocks.com/

Program Description:
The purpose of the Pyra-Proxy DVC project is to allow those parties interested in Pyramining and the health of DVC 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 DVC 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 DVC will invest all resources into a 4 tiered Pyramining cluster to maximize reward and benefits from the Pyramining model. Investments will be added 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 DVC 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 immidiately 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 DVC and thusly will initiate the necessary trades at market value solely on the vircurex exchange unless that exchange chooses to cancel DVC 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 500,000 DVC of newly invested resources.

PROGRAM SOLVENCY

Pyra-Proxy DVC 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 DVC and BTC are viable with active trading; 3-Pyraming remains a viable mining operation.

In the event of a collapse of DVC 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.

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[markm]

So Pyramining is a DeVCoin-mining operation? What other currencies does it also mine alongside with DeVCoin in its merged-mining mix? Presmably namecoins, since seemingly everyone who merged-mines at all includes namecoins? Any others?

-MarkM-

[pyra-proxy]

So Pyramining is a DeVCoin-mining operation? What other currencies does it also mine alongside with DeVCoin in its merged-mining mix? Presmably namecoins, since seemingly everyone who merged-mines at all includes namecoins? Any others?

-MarkM-

No its not merge mining at all.  It mines BTC which will be used to buy DVC dividends, i'm sorry I thought that was clear.

[markm]

Not at all clear. For one thing it is presumably a failure to seek to maxmise returns for investors to leave money on the table by not merged-mining.

For another it plainly says in ithe title "DVC Mining Fund", so of course DVC mining is expected to be involved.

Are investors' returns to be in devcoins? If so it is especially insulting to deliberately deprive them of the devcoins the hardware they invest in should be producing.

Surely it is a fiduciary responsibility of those maximising the devcoin returns of the hardware on behalf of the investors to see to it that valuable hashing power is not wasted by failing to obtain for it the various coins, in particular at least devcoins, that it ought to be obtaining?

You seem to be planning to cheat devcoin supporters out of not only their devcoins but also the actual value of the devcoins they hold, by deliberately preventing hashes from being applied to the devcoin chain that could perfectly well be applied to the devcoin chain, and you want devcoiners to pay for those hashes for you. That is so pervertedly scammy and underjanded and devoius it is outright disgusting.

"Help me undermine your blockchain by diverting investment / hashing-power / investment in hashing power away from it!", in short.

-MarkM-

EDIT: All that is without even looking at the fact that it is a pyramid scheme, too.

[pyra-proxy]

Not at all clear. For one thing it is presumably a failure to seek to maxmise returns for investors to leave money on the table by not merged-mining.

For another it plainly says in ithe title "DVC Mining Fund", so of course DVC mining is expected to be involved.

Are investors' returns to be in devcoins? If so it is especially insulting to deliberately deprive them of the devcoins the hardware they invest in should be producing.

Surely it is a fiduciary responsibility of those maximising the devcoin returns of the hardware on behalf of the investors to see to it that valuable hashing power is not wasted by failing to obtain for it the various coins, in particular at least devcoins, that it ought to be obtaining?

You seem to be planning to cheat devcoin supporters out of not only their devcoins but also the actual value of the devcoins they hold, by deliberately preventing hashes from being applied to the devcoin chain that could perfectly well be applied to the devcoin chain, and you want devcoiners to pay for those hashes for you. That is so pervertedly scammy and underjanded and devoius it is outright disgusting.

"Help me undermine your blockchain by diverting investment / hashing-power / investment in hashing power away from it!", in short.

-MarkM-

EDIT: All that is without even looking at the fact that it is a pyramid scheme, too.

1) I am not preventing anyone from merge-mining or directly mining dvc, this is altogether a different concept.  I am mining in a merge-mining fashion at bitparking right now and will continue to do so, even when I get the asics that I have already ordered, but in addition to that I personally have used pyramining to ensure that the service works as laid out and have investigated the operation in a limited fashion to ensure a certain level of legitimacy.

2) There is no pyramid scheme, there is real mining applied to your pyramining account.  The "pyramid" part of pyramining applies to only how the referral bonuses work... so by your definition of a pyramid scheme then any service offering referral bonuses continuously is a pyramid scheme.

3)  I could mine with 1000000 gh/s on a worthless coin but provide no benefit to it, the amount of hashes to a chain does not provide economic viability, what I am attempting to offer is economic viability by encouraging the repeated buying of dvc which in turn I hope encourages miner and service adoption due to improved prices on a reputable public exchange.

4)  I like devcoin, I like Pyramining, I like Cryptostocks and this offering is to promote each service while offering prospective pyraminers a way to get involved without the 12+ month commitment as they can transfer their project participation any time they choose.

[pyra-proxy]

First round of initial investments have been entered into the Pyra-Proxy DVC pyramining accounts.  And thanks for the excellent show of support we were able to seed all of the first 3 tiers and started on the 4th tier in this first round of seeding.

Here is the top tier account for full auditing capabilities: http://pyramining.com/account/browse?id=6tk4a7r2

Again thanks for the support and in time I hope this helps us all and the general dvc ecosystem! 

[pyra-proxy]

Also noteworthy the LTC version just announced will use entirely separate accounts etc. so there is no need to worry about mixing of funds etc.  DVC performance will be entirely based on DVC investment and vice versa with the LTC version.

[pyra-proxy]

Current infrastructure:   9.56 MH/BTC
New infrastructure:   ~ 11.71 MH/BTC
ASIC infrastructure:   ~ 757 MH/BTC

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.  Additionally looking at the stats in the project's accounts now, we are getting the 11.71 MH/s rate for the currently invested BTC.

[pyra-proxy]

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.

[pyra-proxy]

We have now topped off the initial round of seeding through tier 4, and with the funding mishap that I corrected we will now go straight into funding tier 3 and tier 4 for the second round of seeding.
The current balances being at:
Tier 1: 2 BTC; Tier 2: 4 BTC; Tier 3: ~5 BTC (To be brought up to ~8 BTC in seeding round 2); Tier 4: ~8 BTC (To be brought up to ~16 BTC in seeding round 2)

Thanks for the continued support!

[pyra-proxy]

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

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

[pyra-proxy]

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/22

New vote to add a pyramining enhanced 10 BTC value asic prepurchase to the 3rd tier DVC 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

[pyra-proxy]

We got the Tier 3 ASIC deposit threshold, but it took a little longer than the proposed incentive was to last, I went ahead and made the deposit as outlined by the vote in hopes that if there is any flexibility we can still get the bonus support when pyramining ASIC mining is implemented, in any case we'll have added ASIC hashing power in the chain even if we missed the bonus support window.  The normal deposit structure is again in place for further investment now with the completion of this votes activity.

[pyra-proxy]

Been a little bit since status was reported, but we have nearly completed another round of initial investment funding deposits.

And even better news!-- The 4th tier account has paid out to the 3rd tier and the 3rd tier is almost at payout threshold as well.  If payouts continue in this order (and it looks like this will be the case) then initial dividend rates will be based on the higher dividend payout rate described in the fund overview.

[xchrix]

is there any progress? when comes the first dividend?

[pyra-proxy]

Status:   active
Total deposited amount:   2.99000000
Rewarded amount:   0.66410638
Sent amount:   0.00000000
Completion:   16%

From: http://pyramining.com/account/browse?id=6tk4a7r2

So we are getting much closer, when the Rewarded amount on this account hits 1.0x (the amount will be just over for pyramining's fee) then we'll get a distribution, additionally if you follow the link to the second, third and fourth tier accounts from there, they have up until now rewarded in such a way that dividends will likely be paid at the higher rate right away.

[pyra-proxy]

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

[pyra-proxy]

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:

Hash rate vs. bitcoin network difficulty is going in a very adverse direction for this fund.  This initial vote is to determine shareholder sentiment regarding how to approach this issue.  Should this fund continue with the current investment outline as stated in the prospectus (Yes)? Or should we change course (No)?

Should we decide to change course another vote will be issued following this to begin diversifying into other investment vehicles or seek to dissolve this fund at the earliest opportunity?

This vote is motivated primarily by the poor performance of this funds investment and the direction which future investment returns are getting longer and slower than was expected.  Outstanding shares will not be re-released to the market until these decisions have been made.

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)

[jjaquarius]

Hi Pyra-Proxy

We are MASTERCOIN Foundation.

One of our board members mentioned that we would love to have your participation as part of our Smart Contracts Advisory Board.
 
We are building a consortium of crypto-finance firms to ensure that Bitcoin entrepreneurs benefit from a distributed system of trading firms for issuing smart tokens on Bitcoin.  We believe that will be a BIG revenue opportunity for trading firms like Pyra-Proxy DVC Mining Fund
 
The role of this advisory board is to provide an opportunity for Bitcoin industry members to influence the direction of the Master Protocol.
 
Perhaps we can have a chat about whether this is something you can participate in?
 
Thank you and I look forward to hearing from you.

Mastercoin Foundation
International Community Coordinator

[pyra-proxy]

Hi Pyra-Proxy

We are MASTERCOIN Foundation.

One of our board members mentioned that we would love to have your participation as part of our Smart Contracts Advisory Board.
 
We are building a consortium of crypto-finance firms to ensure that Bitcoin entrepreneurs benefit from a distributed system of trading firms for issuing smart tokens on Bitcoin.  We believe that will be a BIG revenue opportunity for trading firms like Pyra-Proxy DVC Mining Fund
 
The role of this advisory board is to provide an opportunity for Bitcoin industry members to influence the direction of the Master Protocol.
 
Perhaps we can have a chat about whether this is something you can participate in?
 
Thank you and I look forward to hearing from you.

Mastercoin Foundation
International Community Coordinator

Thanks for the offer but I'm not interested.  I want to limit my personal commitment to these small funds I operate and not expand my footprint beyond that.  Good luck all the same!

[cannachris]

vircurex is fucked so i assume you will be using another site?