[ANN] [LTC] PYRPXYLTC - Pyra-Proxy LTC Mining Fund

[pyra-proxy]

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.

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[gebir]

When will asic?

[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)

[gebir]

Maybe it's time to close the project.

[pyra-proxy]

Maybe it's time to close the project.

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

[gebir]

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

[pyra-proxy]

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.

[matthewh3]

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?

[pyra-proxy]

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)

[pyra-proxy]

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.

[gebir]

any news ?

[pyra-proxy]

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.

[gebir]

wtf ?
Sell orders (LTC)
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