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

[radiumsoup]

We will initially deploy systems based on Cointerra's chip. Future deployment from reinvestment is not bound to a single supplier, this allows diversification as well as make the best decision in terms of price, scalability, ROI and time of deployment.

Well, I'll keep watching, then, but until that hardware diversification happens, there's really no risk mitigation by investing with you compared to any other mining operation, unless I diversify on my own and choose a bunch of miners that use different suppliers (but, as I said before, pure mining plays aren't really all that attractive to me.) If (once) you provide true hardware diversification, you might get my attention.

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[cryptx]

Cryptx. I noticed you took down the buy button on your website.  So we have to wait for btct.co now?

We took it down to not jeopardize or listing on BTC-TC. We are approved by the admin and are bumped up from “locked” to “awaiting approval”. We have received already 2 positive votes. When we reach 5 positive votes we will go to market.

https://btct.co/security/PETA-MINE

[cryptx]

Update BTC-TC application:

We have now received 3 YES votes on our application.

[Wayne_Chang]

My concern is also the supply of chip. If your supplier cannot provide the chip as planned, investors will be doomed.
Avalon issue is the best sample.

[Zubilica]

Unfortunately there is not an excitement about this IPO. Donno if you will succeed. Bonne chance !!!

[cryptx]

News about our partner Cointerra:

http://www.coindesk.com/cointerra-cuts-price-of-terraminer-iv-bitcoin-mining-rig/

[cryptx]

We received some valuable feedback and updated our IPO details with the following:

For every share sold, CryptX will invest in an additional 20% of hashpower.
All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65 BTC/share is recovered in dividends.

[Mytche]

Seems like a pretty solid offering you are keeping costs low and providing a high amount of shareholder protection.

I do wonder about the somewhat high buy-in level.  Why not 1,000,000 @ 0.065?  Do you already have a split in mind?

[canth]

Seems like a pretty solid offering you are keeping costs low and providing a high amount of shareholder protection.

I do wonder about the somewhat high buy-in level.  Why not 1,000,000 @ 0.065?  Do you already have a split in mind?

I can't imagine they'd go into it expecting a split, since that would incur exchange fees.

[cryptx]

Seems like a pretty solid offering you are keeping costs low and providing a high amount of shareholder protection.

I do wonder about the somewhat high buy-in level.  Why not 1,000,000 @ 0.065?  Do you already have a split in mind?

We felt that 10GH/share for 0.65BTC would be an affordable number to invest in mining. If liquidity ever becomes a problem we can file a motion for a split.

[dhenson]

This seems like a very good deal. Even if you only maintain 5% of the network you are still looking at a 75%/year dividend.

[damiano]

This seems solid and very reasonable.  I will be investing

[cryptx]

Update BTC-TC application:

We have now received 4 YES votes on our application, so one YES vote left before going live.

[dhenson]

Update BTC-TC application:

We have now received 4 YES votes on our application, so one YES vote left before going live.

CryptX,

Is there any information on your team members other than what is posted on the www.cryptx.com website?  Also, I saw a post by cointerra wishing you luck on your IPO which isn't exactly confirmation of the partnership.  Do you have any confirmation of the Cointerra and Burnin partnerships that we can view?

Thank you, as I'm sure you can understand, the more information we can use to do our due diligence, the more investors you will have once you go live.

[FloatesMcgoates]

The IPO is just asking for way too much BTC, I have a feeling this will go the way of Hosted-Mining and end up DOA unless the initial price gets lowered and is replaced by some money from the actual founder in order to get his skin in the game.

[dhenson]

Update BTC-TC application:

We have now received 4 YES votes on our application, so one YES vote left before going live.

In other words.  Just 1 YES vote until you see a noticeable drop in share price of AM, ActM and labcoin.  If this is anything like the BTCGarden/Labcoin IPO people will be moving their btc around to buy shares.

[dhenson]

The IPO is just asking for way too much BTC, I have a feeling this will go the way of Hosted-Mining and end up DOA unless the initial price gets lowered and is replaced by some money from the actual founder in order to get his skin in the game.

If you run the numbers, this is actually a very interesting value proposition.  There is plenty of room for growth considering they will be going live with 1PH when the network is forecasted to be around 3.5-4PH translating to an initial 20% of the network.

@ 20% of the network that's 800 btc/day * 65% for dividends = .0052btc/share per day or .0364/week (around 300%/year dividends over IPO price).

edit... As far as skin in the game, they have already stated they will be adding 20% hash rate out of their pockets with the dividends going 100% to investors until .65 is returned.

[cryptx]

The IPO is just asking for way too much BTC, I have a feeling this will go the way of Hosted-Mining and end up DOA unless the initial price gets lowered and is replaced by some money from the actual founder in order to get his skin in the game.

Our skin is in the game:

UPDATE 27/08/2013

We received some valuable feedback and updated our IPO details with the following:

For every share sold, CryptX will invest in an additional 20% of hashpower. All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.


From "shareholder protection":

The IPO will prove successful with the sale of at least 30,000 shares. If fewer than 30,000 shares sell within 30 days, CryptX will refund the entire IPO to shareholders. What’s more, the fact that no shares beyond those offered at IPO will ever be issued means shareholders need not fear dilution of the value of their shares.

[cryptx]

CryptX,

Is there any information on your team members other than what is posted on the www.cryptx.com website?  Also, I saw a post by cointerra wishing you luck on your IPO which isn't exactly confirmation of the partnership.  Do you have any confirmation of the Cointerra and Burnin partnerships that we can view?

Thank you, as I'm sure you can understand, the more information we can use to do our due diligence, the more investors you will have once you go live.

We will attent to your question shortly.

[FloatesMcgoates]

The IPO is just asking for way too much BTC, I have a feeling this will go the way of Hosted-Mining and end up DOA unless the initial price gets lowered and is replaced by some money from the actual founder in order to get his skin in the game.

If you run the numbers, this is actually a very interesting value proposition.  There is plenty of room for growth considering they will be going live with 1PH when the network is forecasted to be around 3.5-4PH translating to an initial 20% of the network.

@ 20% of the network that's 800 btc/day * 65% for dividends = .0052btc/share per day or .0364/week (around 300%/year dividends over IPO price).

edit... As far as skin in the game, they have already stated they will be adding 20% hash rate out of their pockets with the dividends going 100% to investors until .65 is returned.

A few points:

-Surely having spent a fair amount of time around bitcoins and companies that deal in them, you cannot expect PETA-MINE to deploy on time.

-PETA-MINE does not have any additional revenue streams other than bitcoin mining. In order to maintain revenue, PETA-MINE would have to deploy an additional 20-30% of its total hash rate every 12 days. This equates to adding 200-300 Gigahashes the first time, then 240-390 Gigahashes the 2nd time and you get the picture. This is entirely non feasible given 35% reinvestment from mining alone.

-cryptx is as far as I understand not doing anything that any of us could not do. He is raising money in order to buy mining rigs - this is something that you and I or any average joe could theoretically do, so this is essentially a group buy with an extra fee.


These reasons are why I am skeptical of companies like basic-mining, cognitive, or peta-hash. It will be very hard to maintain any sort of network percentage and prohibitively expensive to keep up with difficulty increases. Real money is in making machines, not mining with them.