[BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE

[Vedran Yoweri]

This is good news.
Divs will set things in motion.

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[dhenson]

Does this mean that they are bringing 54TH or 20TH online in September?  The way it is worded makes me think it's only 20, but it would make sense that they purchased enough for another 2000 shares to be sold (to be able to cover the stated 20%).

[cryptx]

Does this mean that they are bringing 54TH or 20TH online in September?  The way it is worded makes me think it's only 20, but it would make sense that they purchased enough for another 2000 shares to be sold (to be able to cover the stated 20%).

We offer 10 GH/s in December and an additional 20% in September.

This means for every 10,000 shares sold, 100TH will be deployed in December and 20TH in September.

The 54TH will cover enough hashpower in September for a total of 27,000 shares.

[dhenson]

Thanks, that makes complete sense.  Is the IPO still only running for 30 days as originally planned (ending on the 27th)?

[Duffer1]

Here are some numbers:

20 TH of Bitfury : 400,000$
(400 GH/s = 8,000$)

100 TH of Cointerra : 700,000$
(2 TH/s = 14,000$)

Total cost (without VAT, Shipping or Taxes): 1,100,000$

Total retail cost for each share: 110$

Be clear.  You're not paying retail.  Why should your investors?

The 54TH will cover enough hashpower in September for a total of 27,000 shares...

..But only until the .65 is repaid, correct?  Tell me why I should buy you equipment then not receive permanent access to profit it generates?  or, are you telling me that the money to buy the extra hashpower doesn't (or won't) come from profit you receive that will be generated in some manner by the PETA-MINE project (i.e. money that should belong to all shareholders)?

Give permanent access to all profit (-35% reinvestment/maintenance  -x% management fee -x% your equity) generated by PETA-MINE, AT COST,  then I'll buy in.  If you aren't trying to rip off your investors why is this so hard?

[cryptx]

Here are some numbers:

20 TH of Bitfury : 400,000$
(400 GH/s = 8,000$)

100 TH of Cointerra : 700,000$
(2 TH/s = 14,000$)

Total cost (without VAT, Shipping or Taxes): 1,100,000$

Total retail cost for each share: 110$

Be clear.  You're not paying retail.  Why should your investors?

Retail prices without VAT, Shipping or Taxes would be 0.90 BTC/share
(Average world VAT = 16,4%, which would be 1.05 BTC/share)

We are offering at 0.66 BTC/share

[Duffer1]

Here are some numbers:

20 TH of Bitfury : 400,000$
(400 GH/s = 8,000$)

100 TH of Cointerra : 700,000$
(2 TH/s = 14,000$)

Total cost (without VAT, Shipping or Taxes): 1,100,000$

Total retail cost for each share: 110$

Be clear.  You're not paying retail.  Why should your investors?

Retail prices without VAT, Shipping or Taxes would be 0.90 BTC/share
(Average world VAT = 16,4%, which would be 1.05 BTC/share)

We are offering at 0.66 BTC/share

I don't see how that could possibly be true.  You're valuing 100th of Cointerra hardware at $700k.  According to their website 100Th of Cointerra Goldstrikes retails for $559,000usd.  100Th of Cointerra full rigs even retails for less than $700k.  Not only are you trying to raise substantially more capital than what you're actually going to pay for the hardware, your IPO is asking ~$800k more than retail.  What am I missing?   Show me your math.  (and business plan..), and clarify where the money for the extra hash power is coming from, and specify who gains access from any additional hash provided as a result of a delay (Cointerra's +20% hash buyer protection plan).

[cryptx]

I don't see how that could possibly be true.  You're valuing 100th of Cointerra hardware at $700k.  According to their website 100Th of Cointerra Goldstrikes retails for $559,000usd.  100Th of Cointerra full rigs even retails for less than $700k.  Not only are you trying to raise substantially more capital than what you're actually going to pay for the hardware, your IPO is asking ~$800k more than retail.  What am I missing?   Show me your math.  (and business plan..), and clarify where the money for the extra hash power is coming from, and specify who gains access from any additional hash provided as a result of a delay (Cointerra's +20% hash buyer protection plan).

10,000 shares: 20TH Bitfury September + 100TH December

Retail price: 400k + 700k = 1.100.000$ (incl VAT = 1.281.000$)

IPO price: 0.67 * 10,000 * 125$ = 837.500$


(559.000$ = chips retail)

[dvdrewritable]

Another announcement, from separate ASIC supplier coming on Mon
9th. End-user shipment planned Nov (chips) & Dec (assembled units)
currently you can pay 1 week prior to delivery. price seems right now
little more attractive than cointerra

of course its all just words at the moment and until products are in hands it's not important
However I hope you can anticipate these projects and have negotiated good volume rate with your position to stay competitive. The volume is very low now but once you start hashing- should be increased demand -- although it's  little shame early investors will lose some edge, since you will deploy 20TH on first 10k regardless of what amount sold 

I wonder if you've considered resale of bitfury supplies? for reinvestment purposes it seems more profitable than continue mining?, don't know whether your boards will be at 3gh or managed to push further

[dhenson]

Thanks, that makes complete sense.  Is the IPO still only running for 30 days as originally planned (ending on the 27th)?

Cryptx, could you please respond to this question?

[bulltrap]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, and use the reinvestment part later to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

[Deprived]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, evaluate the situation later and use the reinvestment part to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

You're seriously asking a 40 post account for details of what they'll do if you send them a few million USD?  I can think of worse things to do with thousands of BTC (flushing them down the toilet, burning them, investing them with usagi) but none are MUCH worse - and likely investing with usagi is better as from past results you'd get 10-15% back after a year.

Seriously, if someone hasn't got a track record and hasn't got (provably) a load of cash then just ignore them (shockingly there's a reason why people without cash lack cash - and it doesn't make them good investments).  When you look at potential investments you absolutely MUST look for reasons NOT to invest - not look for excuses to throw your cash away.  These guys haven't even worked out how BTC-TC works yet - and are selling under a contract (which only exists in forum posts that they can edit) that isn't even the one listed on the exchange.  And you're seriously asking for clarification on details of a theoretical contract in an irrelevant forum post? 

Just destroy your coins and jump off a cliff - it'll achieve the same result faster without spamming the forum while you work out just how fucking stupid you are.

[dhenson]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, evaluate the situation later and use the reinvestment part to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

You're seriously asking a 40 post account for details of what they'll do if you send them a few million USD?  I can think of worse things to do with thousands of BTC (flushing them down the toilet, burning them, investing them with usagi) but none are MUCH worse - and likely investing with usagi is better as from past results you'd get 10-15% back after a year.

Seriously, if someone hasn't got a track record and hasn't got (provably) a load of cash then just ignore them (shockingly there's a reason why people without cash lack cash - and it doesn't make them good investments).  When you look at potential investments you absolutely MUST look for reasons NOT to invest - not look for excuses to throw your cash away.  These guys haven't even worked out how BTC-TC works yet - and are selling under a contract (which only exists in forum posts that they can edit) that isn't even the one listed on the exchange.  And you're seriously asking for clarification on details of a theoretical contract in an irrelevant forum post? 

Just destroy your coins and jump off a cliff - it'll achieve the same result faster without spamming the forum while you work out just how fucking stupid you are.

Am I justified in getting seriously pissed off by all these competing asset issuers attempting to FUD this security?  If you are going to stoop to this type of behavior, at least have the balls to state your conflict.

[Deprived]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, evaluate the situation later and use the reinvestment part to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

You're seriously asking a 40 post account for details of what they'll do if you send them a few million USD?  I can think of worse things to do with thousands of BTC (flushing them down the toilet, burning them, investing them with usagi) but none are MUCH worse - and likely investing with usagi is better as from past results you'd get 10-15% back after a year.

Seriously, if someone hasn't got a track record and hasn't got (provably) a load of cash then just ignore them (shockingly there's a reason why people without cash lack cash - and it doesn't make them good investments).  When you look at potential investments you absolutely MUST look for reasons NOT to invest - not look for excuses to throw your cash away.  These guys haven't even worked out how BTC-TC works yet - and are selling under a contract (which only exists in forum posts that they can edit) that isn't even the one listed on the exchange.  And you're seriously asking for clarification on details of a theoretical contract in an irrelevant forum post? 

Just destroy your coins and jump off a cliff - it'll achieve the same result faster without spamming the forum while you work out just how fucking stupid you are.

Am I justified in getting seriously pissed off by all these competing asset issuers attempting to FUD this security?  If you are going to stoop to this type of behavior, at least have the balls to state your conflict.

Yeah you got me fair and square.

I have to admit to a huge conflict of interest.  I trade shares and badly want ones where there's transparency on the contracts, where the issuer works out what they're doing BEFORE selling shares (and then sticks to it) and where the's a non negliglible chance of investors making a BTC-denominated profit.  So I'm VERY biased against shit like this.

Good catch.  Now go do your lemming impression.

[bulltrap]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, evaluate the situation later and use the reinvestment part to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

You're seriously asking a 40 post account for details of what they'll do if you send them a few million USD?  I can think of worse things to do with thousands of BTC (flushing them down the toilet, burning them, investing them with usagi) but none are MUCH worse - and likely investing with usagi is better as from past results you'd get 10-15% back after a year.

Seriously, if someone hasn't got a track record and hasn't got (provably) a load of cash then just ignore them (shockingly there's a reason why people without cash lack cash - and it doesn't make them good investments).  When you look at potential investments you absolutely MUST look for reasons NOT to invest - not look for excuses to throw your cash away.  These guys haven't even worked out how BTC-TC works yet - and are selling under a contract (which only exists in forum posts that they can edit) that isn't even the one listed on the exchange.  And you're seriously asking for clarification on details of a theoretical contract in an irrelevant forum post? 

Just destroy your coins and jump off a cliff - it'll achieve the same result faster without spamming the forum while you work out just how fucking stupid you are.

What is wrong with asking questions? I haven't invested anything in this yet. The issuer are saying that they are angel investors on Cointerra so they are not just anyone on the forum. Also what the fuck forum post count has to do with credibility?

[Deprived]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, evaluate the situation later and use the reinvestment part to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

You're seriously asking a 40 post account for details of what they'll do if you send them a few million USD?  I can think of worse things to do with thousands of BTC (flushing them down the toilet, burning them, investing them with usagi) but none are MUCH worse - and likely investing with usagi is better as from past results you'd get 10-15% back after a year.

Seriously, if someone hasn't got a track record and hasn't got (provably) a load of cash then just ignore them (shockingly there's a reason why people without cash lack cash - and it doesn't make them good investments).  When you look at potential investments you absolutely MUST look for reasons NOT to invest - not look for excuses to throw your cash away.  These guys haven't even worked out how BTC-TC works yet - and are selling under a contract (which only exists in forum posts that they can edit) that isn't even the one listed on the exchange.  And you're seriously asking for clarification on details of a theoretical contract in an irrelevant forum post? 

Just destroy your coins and jump off a cliff - it'll achieve the same result faster without spamming the forum while you work out just how fucking stupid you are.

What is wrong with asking questions? I haven't invested anything in this yet. The issuer are saying that they are angel investors on Cointerra so they are not just anyone on the forum. Also what the fuck forum post count has to do with credibility?

Nothing wrong with asking questions - other than when there's already evidence to suggest that no matter what the answers are you shouldn't touch it.  Amending contracts mid-IPO is one such piece of evidence - once that happens asking more questions is just a waste of time as there's no sensible scenario in which an investment could make sense.

It's like asking a convicted paedophile what they believe the age of consent should be.  They may have a valid opinion but you don't need to hear it to decide not to hire them to babysit your kids.

[bulltrap]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, evaluate the situation later and use the reinvestment part to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

You're seriously asking a 40 post account for details of what they'll do if you send them a few million USD?  I can think of worse things to do with thousands of BTC (flushing them down the toilet, burning them, investing them with usagi) but none are MUCH worse - and likely investing with usagi is better as from past results you'd get 10-15% back after a year.

Seriously, if someone hasn't got a track record and hasn't got (provably) a load of cash then just ignore them (shockingly there's a reason why people without cash lack cash - and it doesn't make them good investments).  When you look at potential investments you absolutely MUST look for reasons NOT to invest - not look for excuses to throw your cash away.  These guys haven't even worked out how BTC-TC works yet - and are selling under a contract (which only exists in forum posts that they can edit) that isn't even the one listed on the exchange.  And you're seriously asking for clarification on details of a theoretical contract in an irrelevant forum post? 

Just destroy your coins and jump off a cliff - it'll achieve the same result faster without spamming the forum while you work out just how fucking stupid you are.

What is wrong with asking questions? I haven't invested anything in this yet. The issuer are saying that they are angel investors on Cointerra so they are not just anyone on the forum. Also what the fuck forum post count has to do with credibility?

Nothing wrong with asking questions - other than when there's already evidence to suggest that no matter what the answers are you shouldn't touch it.  Amending contracts mid-IPO is one such piece of evidence - once that happens asking more questions is just a waste of time as there's no sensible scenario in which an investment could make sense.

It's like asking a convicted paedophile what they believe the age of consent should be.  They may have a valid opinion but you don't need to hear it to decide not to hire them to babysit your kids.

I agree they should have planned the IPO better but the changes have been made to actually benefit shareholders. Instead of deploying 20% more hashing power in December they decided to deploy it in late September.

Also you can't be 100% sure that this is a scam.

[Deprived]

What is the reason for investing in Cointerra chips at this point if you can deploy Bitfury equipment in late September? Under $15 per Ghash in late September is more profitable than Cointerras $6/Ghash in early December. Also Bitfury chips have been proven to work already.

Wouldn't it be a better option to only deploy Bitfury equipment first, evaluate the situation later and use the reinvestment part to acquire more hashing power? I'm interested in this stock but would like to hear from the management the reasoning behind their choice to invest in Cointerra chips already at this stage.

You're seriously asking a 40 post account for details of what they'll do if you send them a few million USD?  I can think of worse things to do with thousands of BTC (flushing them down the toilet, burning them, investing them with usagi) but none are MUCH worse - and likely investing with usagi is better as from past results you'd get 10-15% back after a year.

Seriously, if someone hasn't got a track record and hasn't got (provably) a load of cash then just ignore them (shockingly there's a reason why people without cash lack cash - and it doesn't make them good investments).  When you look at potential investments you absolutely MUST look for reasons NOT to invest - not look for excuses to throw your cash away.  These guys haven't even worked out how BTC-TC works yet - and are selling under a contract (which only exists in forum posts that they can edit) that isn't even the one listed on the exchange.  And you're seriously asking for clarification on details of a theoretical contract in an irrelevant forum post?  

Just destroy your coins and jump off a cliff - it'll achieve the same result faster without spamming the forum while you work out just how fucking stupid you are.

What is wrong with asking questions? I haven't invested anything in this yet. The issuer are saying that they are angel investors on Cointerra so they are not just anyone on the forum. Also what the fuck forum post count has to do with credibility?

Nothing wrong with asking questions - other than when there's already evidence to suggest that no matter what the answers are you shouldn't touch it.  Amending contracts mid-IPO is one such piece of evidence - once that happens asking more questions is just a waste of time as there's no sensible scenario in which an investment could make sense.

It's like asking a convicted paedophile what they believe the age of consent should be.  They may have a valid opinion but you don't need to hear it to decide not to hire them to babysit your kids.

I agree they should have planned the IPO better but the changes have been made to actually benefit shareholders. Instead of deploying 20% more hashing power in December they decided to deploy it in late September.

Also you can't be 100% sure that this is a scam.

Of course I can't be 100% sure it's a scam.  In fact, depending on how you define 'scam' I don't necessarily think it's one at all (I believe it's designed to guarantee the issuers profit without any real likelihood of profit for investors - is that a scam?).

When someone asks for millions of dollars is it really too much to ask that they get a few paragraphs of text right?  I mean they claim to have legal counsel - yet rather obviously their contract was never run past such (there's a totally unremarked-upon ambiguity over their fees for one thing).

I'm VERY lazy myself - and the contracts for my own securities have typoes in.  But despite never even properly proof-reading them myself (let alone getting anyone else to) I've NEVER needed to edit one mid-IPO.  Am I just lucky?  Or are they just incompetent?  I means the DMS contract is way more complicated than this - yet other than a few tiny changes it's all worked fine.  And I just typed it in then submitted it - and I don't have any legal counsel or whatever (well I do, but not for that).  It's trivial to get a few pages of text roughly right - so why would you even consider investing in anyone who:

a) was too incompetent to do so,
b) was too delusional to hire someone competent to do so?

Do bear in mind that right now they're pretending to be selling shares under some forum-post contract that has never been approved for the actual listing on BTC-TC (which requires a vote by shareholders lasting at least 7 days to change the contract).  I just don't see what is conceivably so brilliant about this as to ignore such a major fuck-up.

[stereotype]

Once again, an unarguable smart, intelligent, and agile mind, flawed by having the social qualities of an amoeba. Cant have it all, i guess.   

[cryptx]

The Bitcoin (mining) space is a very fast changing environment.  If you make up a strategic business plan, put your head in the sand and stick rigorous to your plan, you are set up for failure.

Literally every day, new information presents itself and new competition enters the market. It is the task of a good strategic manager to take this all into consideration and to anticipate to future developments. If you are not flexible here, you are dead in the water.

I would rather invest in a company with a management that is willing to review, reconsider and adjust their projects on a continuous basis instead of a rigid company who sticks to its original plan.

Yes, we have changed our originally filed business plan. This may seem like profanity to some people, but we have always the benefit of our shareholders in mind.