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

[BitThink]

We can calculate like this. If we buy 0.3 BTC/G now for 10G now, that is 3BTC. Could we earn back 2.35BTC back at the time PM begins mining? If yes, go bladder , if not PM could be a valid choice.

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[richard_dein]

To justify the share price of 0.65BTC, this is for a guaranteed 10 GH/s (not 1 GH/s). We will also invest in an additional 20% or 2GH/s per share sold, all mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends..

Sorry for getting it wrong, some how I managed to read 10 GH/s as 1 GH/s.

The position is better, but unfortunately being 3 months late means you would possibly have to cope with 8-16x difficulty.
If you deliver on time it can be better than buying AM chips, but by risking profitability to save labor dealing with mining.

edit: lots of typos!!!

(Let me just delete my previous post to stop this FUD I just tossed out.)

[joele]

To justify the share price of 0.65BTC, this is for a guaranteed 10 GH/s (not 1 GH/s). We will also invest in an additional 20% or 2GH/s per share sold, all mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends..

Sorry for getting it wrong, some how I managed to read 10 GH/s as 1 GH/s.

The position is better, but unfortunately being 3 months late means you would possibly have to cope with 8-16x difficulty.
If you deliver on time it can be better than buying AM chips, but by risking profitability to save labor dealing with mining.

edit: lots of typos!!!

(Let me just delete my previous post to stop this FUD I just tossed out.)

1 PetaH in December with 30% diff increase is around 900M difficulty and mining 554 btc/day

[iCEBREAKER]

As I feared, this IPO is going nowhere fast.   

Not even 1% of the shares have moved; this is Hosted-mining all over again.  Too bad, I was hoping for another iCE.DRiLL.   

Moving to the postmortem, two outstanding issues are apparent.

1.  CryptX has no reputation, especially compared to Deadterra.

2.  BTCTC is a kiddy exchange with no deep-pocketed whales, compared to Bitfunder.

I wanted this to get off the ground, but it ain't gonna happen here.  You're doing it wrong.

To add injury to insult, now I have hundreds of coins stuck in BTCT because of their amateurish 'manual withdrawal' process.

I'd like to be buying cheap ACTM shares on Bitfunder, but will instead watch them disappear until Burnside gets around to giving me my money back.

[iCEBREAKER]

As I feared, this IPO is going nowhere fast.  

Not even 1% of the shares have moved; this is Hosted-mining all over again.  Too bad, I was hoping for another iCE.DRiLL.  

Moving to the postmortem, two outstanding issues are apparent.

1.  CryptX has no reputation, especially compared to Deadterra.

2.  BTCTC is a kiddy exchange with no deep-pocketed whales, compared to Bitfunder.

I wanted this to get off the ground, but it ain't gonna happen here.  You're doing it wrong.

To add injury to insult, now I have hundreds of coins stuck in BTCT because of their amateurish 'manual withdrawal' process.

I'd like to be buying cheap ACTM shares on Bitfunder, but will instead watch them disappear until Burnside gets around to giving me my money back.

As far as I saw, cryptx was angel of cointerra, and design/hosting their website, background is good and business plan is solid (assuming of course hardware arrives on schedule)- Personally I wouldn't have touched hosted-mining, but coins standing by to buy in Peta-mine.. looks like absolutely no traction on this one though, bit of a shame, coins back to wallet after 24hrs

I've learned an expensive/valuable lesson today, by missing the opportunity to buy cheap Ice.Drill/ACTM shares on BF because my coins are stuck in BTCT's completely shitty manual withdrawal queue.         

[cryptograd]

As I feared, this IPO is going nowhere fast.   

Not even 1% of the shares have moved; this is Hosted-mining all over again.  Too bad, I was hoping for another iCE.DRiLL.   

Moving to the postmortem, two outstanding issues are apparent.

1.  CryptX has no reputation, especially compared to Deadterra.

2.  BTCTC is a kiddy exchange with no deep-pocketed whales, compared to Bitfunder.

I wanted this to get off the ground, but it ain't gonna happen here.  You're doing it wrong.

To add injury to insult, now I have hundreds of coins stuck in BTCT because of their amateurish 'manual withdrawal' process.

I'd like to be buying cheap ACTM shares on Bitfunder, but will instead watch them disappear until Burnside gets around to giving me my money back.

+1

[001sonkit]

The only reputable member that is doing Group Hash on CoinTerra is this guy

https://bitcointalk.org/index.php?topic=277836.new;topicseen#new

Other are eithr troll or make no sense coz they are just too stupid and thinks that money grow on tree

[SebastianJu]

Out of interest... when not all shares are sold the IPO is lost and all shares are paid back? Are the bitcoins locked till the IPO is successful?
When would the IPO be a failure?

I invested not a few bitcoins so i would like to feel a bit safer.

[cryptx]

Out of interest... when not all shares are sold the IPO is lost and all shares are paid back? Are the bitcoins locked till the IPO is successful?
When would the IPO be a failure?

I invested not a few bitcoins so i would like to feel a bit safer.

Thanks for your support. 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.

[TsuyokuNaritai]

Out of interest... when not all shares are sold the IPO is lost and all shares are paid back? Are the bitcoins locked till the IPO is successful?
When would the IPO be a failure?

I invested not a few bitcoins so i would like to feel a bit safer.

Thanks for your support. 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.

If between 30k & 50k sell at IPO, would the remaining shares from batch 1 go into batch 2, or would they be left on the orderbook at the batch 1 price?

[BitThink]

Out of interest... when not all shares are sold the IPO is lost and all shares are paid back? Are the bitcoins locked till the IPO is successful?
When would the IPO be a failure?

I invested not a few bitcoins so i would like to feel a bit safer.

Thanks for your support. 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.

Thirty days could be a double edge sword. Now with the slow selling in the first day, every potential invester needs to consider the risky of locking fund for a long period. They will try to wait until the deadline is closer. Long IPO may just cause long delay.

[FloatesMcgoates]

This is quite literally hosted-mining 2.0

Why do people think they can value their company at multi million dollar levels when they have absolutely nothing?

[dhenson]

This is quite literally hosted-mining 2.0

Why do people think they can value their company at multi million dollar levels when they have absolutely nothing?

They aren't valuing their company at "multi million dollar levels" any more than a bucket would be valued at $10,000 if you were to place $10,000 in it.

They are simply collecting money to purchase mining equipment with which they will reinvest funds.

[FloatesMcgoates]

This is quite literally hosted-mining 2.0

Why do people think they can value their company at multi million dollar levels when they have absolutely nothing?

They aren't valuing their company at "multi million dollar levels" any more than a bucket would be valued at $10,000 if you were to place $10,000 in it.

They are simply collecting money to purchase mining equipment with which they will reinvest funds.

If you were to place $10,000 on a bucket, you would be valuing that bucket at $10,000 - and nobody would buy it because nobody else thinks the bucket is worth 10 grand.

Similarly, Cryptx has valued Peta-Hash at over 8 million dollars when it currently has absolutely nothing - and nobody is buying into it because nobody thinks that Cryptx is worth 8 million.

[dhenson]

This is quite literally hosted-mining 2.0

Why do people think they can value their company at multi million dollar levels when they have absolutely nothing?

They aren't valuing their company at "multi million dollar levels" any more than a bucket would be valued at $10,000 if you were to place $10,000 in it.

They are simply collecting money to purchase mining equipment with which they will reinvest funds.

If you were to place $10,000 on a bucket, you would be valuing that bucket at $10,000 - and nobody would buy it because nobody else thinks the bucket is worth 10 grand.

Similarly, Cryptx has valued Peta-Hash at over 8 million dollars when it currently has absolutely nothing - and nobody is buying into it because nobody thinks that Cryptx is worth 8 million.

This is a simple group buy where people with money pay someone else to buy equipment, maintain it and distribute profits so they don't have to.  That's it.

I personally don't want to have to maintain hardware at my house, nor do I have access to cheap power (.17 usd/kwh here).  This is an easy way to throw money at mining and let someone else do all of the work. Mining is just a small % of my overall bitcoin portfolio (maybe 10%) so this was a no hassle way to go.

It appears that I am in the minority as not very many shares are being sold, and that is ok.  I'll take my btc and invest in a different security.. or maybe I'll invest in some Cointerra hardware myself... No harm no foul.  But I would rather this IPO hit 30k shares so I can have my little piece of the pie without having to host the equipment.

[FloatesMcgoates]

This is quite literally hosted-mining 2.0

Why do people think they can value their company at multi million dollar levels when they have absolutely nothing?

They aren't valuing their company at "multi million dollar levels" any more than a bucket would be valued at $10,000 if you were to place $10,000 in it.

They are simply collecting money to purchase mining equipment with which they will reinvest funds.

If you were to place $10,000 on a bucket, you would be valuing that bucket at $10,000 - and nobody would buy it because nobody else thinks the bucket is worth 10 grand.

Similarly, Cryptx has valued Peta-Hash at over 8 million dollars when it currently has absolutely nothing - and nobody is buying into it because nobody thinks that Cryptx is worth 8 million.

This is a simple group buy where people with money pay someone else to buy equipment, maintain it and distribute profits so they don't have to.  That's it.

I personally don't want to have to maintain hardware at my house, nor do I have access to cheap power (.17 usd/kwh here).  This is an easy way to throw money at mining and let someone else do all of the work. Mining is just a small % of my overall bitcoin portfolio (maybe 10%) so this was a no hassle way to go.

It appears that I am in the minority as not very many shares are being sold, and that is ok.  I'll take my btc and invest in a different security.. or maybe I'll invest in some Cointerra hardware myself... No harm no foul.  But I would rather this IPO hit 30k shares so I can have my little piece of the pie without having to host the equipment.

Lets do some calculation and see if you revise your sentiment -
Assuming 25% Difficulty increases (lower than the last few and the next projected increase - all around 30), by mid December 1 MH/s will be able to mine less effectively by a factor of 9.31322574615478515625, essentially 1 MH/s now would be the same as 9.31 MH/s in mid December.

Take DMS.Mining at .0032 btc/share

DMS.Mining = 5 MH/s
1612.90 MH/Btc Current
This is the equivalent of 15016.099 MH/Btc in mid December

Take PETA-hash at .68 btc/share
PETA-hash = 10000MH/s
In mid December, this would equate to 14705.88 MH/Btc


As you can see even at this point, PETA-hash is less profitable than a Perpetual Mining Bond. This does not even take into account how you can purchase DMS.Mining right away and begin receiving dividends nor does it take into account the possibility of reinvesting the dividends into the much lower price of DMS.Mining as time goes on.


So Peta-hash is worse than a PMB that I think even now is overvalued.

Edit: As Dhenson points out below, the math above is slightly incorrect by the tune of 5% because I used .68 in error when I should have used .65 - it should be noted that PETA-Hash is still unprofitable given these numbers and moderate estimates of difficulty growth

[dhenson]

This is quite literally hosted-mining 2.0

Why do people think they can value their company at multi million dollar levels when they have absolutely nothing?

They aren't valuing their company at "multi million dollar levels" any more than a bucket would be valued at $10,000 if you were to place $10,000 in it.

They are simply collecting money to purchase mining equipment with which they will reinvest funds.

If you were to place $10,000 on a bucket, you would be valuing that bucket at $10,000 - and nobody would buy it because nobody else thinks the bucket is worth 10 grand.

Similarly, Cryptx has valued Peta-Hash at over 8 million dollars when it currently has absolutely nothing - and nobody is buying into it because nobody thinks that Cryptx is worth 8 million.

This is a simple group buy where people with money pay someone else to buy equipment, maintain it and distribute profits so they don't have to.  That's it.

I personally don't want to have to maintain hardware at my house, nor do I have access to cheap power (.17 usd/kwh here).  This is an easy way to throw money at mining and let someone else do all of the work. Mining is just a small % of my overall bitcoin portfolio (maybe 10%) so this was a no hassle way to go.

It appears that I am in the minority as not very many shares are being sold, and that is ok.  I'll take my btc and invest in a different security.. or maybe I'll invest in some Cointerra hardware myself... No harm no foul.  But I would rather this IPO hit 30k shares so I can have my little piece of the pie without having to host the equipment.

Lets do some calculation and see if you revise your sentiment -
Assuming 25% Difficulty increases (lower than the last few and the next projected increase - all around 30), by mid December 1 MH/s will be able to mine less effectively by a factor of 9.31322574615478515625, essentially 1 MH/s now would be the same as 9.31 MH/s in mid December.

Take DMS.Mining at .0032 btc/share

DMS.Mining = 5 MH/s
1612.90 MH/Btc Current
This is the equivalent of 15016.099 MH/Btc in mid December

Take PETA-hash at .68 btc/share
PETA-hash = 10000MH/s
In mid December, this would equate to 14705.88 MH/Btc


As you can see even at this point, PETA-hash is less profitable than a Perpetual Mining Bond. This does not even take into account how you can purchase DMS.Mining right away and begin receiving dividends nor does it take into account the possibility of reinvesting the dividends into the much lower price of DMS.Mining as time goes on.


So Peta-hash is worse than a PMB that I think even now is overvalued.

I'm honestly trying to understand your point. But my math isn't jiving with your math.

You are saying that DMS.mining is currently @ .0032/share and is worth 5 MH/s.

According to my math, you can buy 312.5 shares @ .0032/share for 1 btc for a total of 1562.5 MH or 1.5625 GH/BTC

I haven't run the difficulty numbers, but lets assume in december the total network hashrate will be 9.31 x what it is now (your estimate).  That would mean that 1 btc worth of DMC.Mining now would be worth 14.546875 GH in December.

With Peta-mine, we have the ability to pay .65 btc for 10GH in december or 15.3846 GH/btc which according to my math is more than 14.546875 GH you would have with DMC.Mining.

That isn't even taking into account the reinvestment that Peta-mining is planing to invest in order to stay somewhat consistent with the overall network hash rate.  Over time, your initial .65 investment will be much more than 10GH.

[FloatesMcgoates]

This is quite literally hosted-mining 2.0

Why do people think they can value their company at multi million dollar levels when they have absolutely nothing?

They aren't valuing their company at "multi million dollar levels" any more than a bucket would be valued at $10,000 if you were to place $10,000 in it.

They are simply collecting money to purchase mining equipment with which they will reinvest funds.

If you were to place $10,000 on a bucket, you would be valuing that bucket at $10,000 - and nobody would buy it because nobody else thinks the bucket is worth 10 grand.

Similarly, Cryptx has valued Peta-Hash at over 8 million dollars when it currently has absolutely nothing - and nobody is buying into it because nobody thinks that Cryptx is worth 8 million.

This is a simple group buy where people with money pay someone else to buy equipment, maintain it and distribute profits so they don't have to.  That's it.

I personally don't want to have to maintain hardware at my house, nor do I have access to cheap power (.17 usd/kwh here).  This is an easy way to throw money at mining and let someone else do all of the work. Mining is just a small % of my overall bitcoin portfolio (maybe 10%) so this was a no hassle way to go.

It appears that I am in the minority as not very many shares are being sold, and that is ok.  I'll take my btc and invest in a different security.. or maybe I'll invest in some Cointerra hardware myself... No harm no foul.  But I would rather this IPO hit 30k shares so I can have my little piece of the pie without having to host the equipment.

Lets do some calculation and see if you revise your sentiment -
Assuming 25% Difficulty increases (lower than the last few and the next projected increase - all around 30), by mid December 1 MH/s will be able to mine less effectively by a factor of 9.31322574615478515625, essentially 1 MH/s now would be the same as 9.31 MH/s in mid December.

Take DMS.Mining at .0032 btc/share

DMS.Mining = 5 MH/s
1612.90 MH/Btc Current
This is the equivalent of 15016.099 MH/Btc in mid December

Take PETA-hash at .68 btc/share
PETA-hash = 10000MH/s
In mid December, this would equate to 14705.88 MH/Btc


As you can see even at this point, PETA-hash is less profitable than a Perpetual Mining Bond. This does not even take into account how you can purchase DMS.Mining right away and begin receiving dividends nor does it take into account the possibility of reinvesting the dividends into the much lower price of DMS.Mining as time goes on.


So Peta-hash is worse than a PMB that I think even now is overvalued.

I'm honestly trying to understand your point. But my math isn't jiving with your math.

You are saying that DMS.mining is currently @ .0032/share and is worth 5 MH/s.

According to my math, you can buy 312.5 shares @ .0032/share for 1 btc for a total of 1562.5 MH or 1.5625 GH/BTC

I haven't run the difficulty numbers, but lets assume in december the total network hashrate will be 9.31 x what it is now (your estimate).  That would mean that 1 btc worth of DMC.Mining now would be worth 14.546875 GH in December.

With Peta-mine, we have the ability to pay .65 btc for 10GH in december or 15.3846 GH/btc which according to my math is more than 14.546875 GH you would have with DMC.Mining.

That isn't even taking into account the reinvestment that Peta-mining is planing to invest in order to stay somewhat consistent with the overall network hash rate.  Over time, your initial .65 investment will be much more than 10GH.

I used .68 on accident rather than .65.

10 GH in december in today's terms is the equivalent of 1.0741138560687432867883995703545 GH
1 MH/s currently pays 0.00000765 Btc, so a share of PETA-hash in today's equivalency would pay 0.0082161 per day
Using infinite geometric series calculations,
(0.0082161*7)+(((0.0082161/1.25)*12)/.25) = 0.37301094000000004540

So over its entire lifetime, 10 GH in december will only pay out .373 BTC

[FloatesMcgoates]

And if you assume you get the extra 20% instantly (which is not going to be the case),

then
(0.00985932*7)+(((0.00985932/1.25)*12)/.25) = .4476 BTC, which still doesn't cover the initial cost.



With your math earlier, you showed that PETA-Hash was only 5% better than a Perpetual Mining Bond, and the above math shows that in a similar fashion to all available PMBs out there, there will not be a return.

[T-Y-R]

With your math earlier, you showed that PETA-Hash was only 5% better than a Perpetual Mining Bond, and the above math shows that in a similar fashion to all available PMBs out there, there will not be a return.

Not even 5% better than DMS ... that argument was completely discarding ALL the daily dividends that DMS would be paying from now until December (which incidentally is the bulk of the dividends it will ever pay).  Buying the DMS bond now would be much more profitable than PetaMine and I'm with FloatesMcgoates that even DMS.Mining will not ROI.  According to current calculations (Coinish in expert mode), 5MH/s should be around 0.0023 these days to break even.