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

[BitThink]

I also want to add that we will deploy the 20TH in September even if the 10,000 shares are not sold.

For example:

If only 4000 shares are sold, the revenue of the 20TH will be divided over these shares until 0.65 BTC is received in dividend.
Of course in December an additional 40TH of Cointerra systems will be deployed for these 4000 shares

Hi, if I am not wrong, the IPO will be canceled if less than 30000 shares are sold. Now do you mean the IPO is valid even only 4000 shares are sold? Could you clearly confirm this instead of dodging this question?

[1714795715]

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[1714795715]

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[bobboooiie]

^ exactly, you cannot just change that, you would be breaching the contract. You need to do buyback first then offer it with changes

[zy02264]

^ exactly, you cannot just change that, you would be breaching the contract. You need to do buyback first then offer it with changes

Agree. Please respect the contract. Please respect people who trust you by putting money in your venture.

[SebastianJu]

The more important question for me is why the exchange is allowing to change the contract onesided. Why is it possible?

[bobboooiie]

The more important question for me is why the exchange is allowing to change the contract onesided. Why is it possible?

Nobody allowed that though, he just pulled few share,  which he can as an issuer and wrote change in this thread but as soon as he breach contract it will get locked on BTCT

[cryptx]

The original hashrate offering has never been changed.

1 Share is still entitled to 10 GH/s of hashpower starting in December

We have added some extra incentives to our (potential) shareholders:

CryptX will invest in an extra 20% of hashpower for each share sold and the revenue of this hashpower will be divided among shareholders until 0.65 BTC is recovered in dividend payements.

We have now pulled the date of this extra 20% from December to end of September. (the cost of doing this is considerable and will be carried by CryptX)


What did change?

We are offering a first batch of 10,000 shares. We are not going to cancel the project if not all shares are sold.
For this reason we will refund every shareholder, who is not happy with this alteration. We will offer a buyback of the shares at 0.65 BTC.

This way everybody who does not agree with this new approach has the opportunity to cancel their investment.

An email will be sent to all current shareholders to explain the procedure.

[bigdude]

cryptx,

As you have now changed the whole IPO with no warning and no motions, and broken the whole contract that I signed up to when I bought my shares, I would like to request that you buy-back my shares.

I have 15 shares.
 
15 x .65btc plus transaction fees I incurred.

Please let me know how we can arrange this.

Edit: You should also change your business name. You are no longer aiming for 1PH/s, so Peta-Mine is false advertising.

[cryptx]

cryptx,

As you have now changed the whole IPO with no warning and no motions, and broken the whole contract that I signed up to when I bought my shares, I would like to request that you buy-back my shares.

I have 15 shares.
 
15 x .65btc plus transaction fees I incurred.

Please let me know how we can arrange this.

Edit: You should also change your business name. You are no longer aiming for 1PH/s, so Peta-Mine is false advertising.

Our goal is still to deploy the 1PH mine, we will start with an initial batch of 10k shares (20TH September + 100TH December).
Instructions have been mailed to shareholders in case you would like a refund.

[bigdude]

cryptx,

As you have now changed the whole IPO with no warning and no motions, and broken the whole contract that I signed up to when I bought my shares, I would like to request that you buy-back my shares.

I have 15 shares.
 
15 x .65btc plus transaction fees I incurred.

Please let me know how we can arrange this.

Edit: You should also change your business name. You are no longer aiming for 1PH/s, so Peta-Mine is false advertising.

Our goal is still to deploy the 1PH mine, we will start with an initial batch of 10k shares (20TH September + 100TH December).
Instructions have been mailed to shareholders in case you would like a refund.

Thanks, the refund has gone through.

[Lomus]

How do I process a refund,  the email was not clear on how to do it.

[cryptx]

How do I process a refund,  the email was not clear on how to do it.

PM send.

[altoidmintz]

lol everyone whining and trying to refund is ridiculous.

This IPO is a BETTER deal than it was initially...wtf are you doing trying to get out now? If anything buy more now.

I am GLAD they are continuing regardless of whether 10k gets sold...I was worried before that I might have to get refunded when I don't want to.

there is NOWHERE you can go to get hash rates like this.

CryptX thank you for being so polite. I for one will be buying significantly more than I have already bought as soon as my paycheck comes in

[superduh]

at today's rate (off mt gox) that's 94.25 dollars per 10gh in december or 9.425 /gh guaranteed in december.

this may be the best deal in the world it may also be the worst deal in the world (well, not worst). too many unknowns.

[altoidmintz]

at today's rate (off mt gox) that's 94.25 dollars per 10gh in december or 9.425 /gh guaranteed in december.

this may be the best deal in the world it may also be the worst deal in the world (well, not worst). too many unknowns.

Down the line you may be right...but for NOW it is the best deal available to the avg joe

[superduh]

at today's rate (off mt gox) that's 94.25 dollars per 10gh in december or 9.425 /gh guaranteed in december.

this may be the best deal in the world it may also be the worst deal in the world (well, not worst). too many unknowns.

Down the line you may be right...but for NOW it is the best deal available to the avg joe

NOW is a strange concept in the bitcoin world. NOW changes extremely fast

[nubbins]

The net mining revenue of this 20 TH/s will be divided over the shareholders until their total investment is recovered.

Net revenue is defined as the total sum of Bitcoins mined, transaction fees received and net revenue from hardware sold, minus electricity, hosting, and mine maintenance costs.

All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.

Emphasis mine. I apologize if this has already been asked and answered, but you mention several times that dividends will be paid until shareholders' initial investment is recovered. Will shareholders continue to receive dividends after their initial investment is recovered? The quoted text seems to imply the opposite.

[creativex]

It's baffling how some issuers seem to think unilaterally changing their contract after shares have been sold is acceptable. This defeats the entire purpose of having a contract.

[iCEBREAKER]

It's baffling how some issuers seem to think unilaterally changing their contract after shares have been sold is acceptable. This defeats the entire purpose of having a contract.

Also baffling is the exchange operator's indulgence of such anarchy.  Ukyo would never stand for that nonsense!

[iCEBREAKER]

It's baffling how some issuers seem to think unilaterally changing their contract after shares have been sold is acceptable. This defeats the entire purpose of having a contract.

Also baffling is the exchange operator's indulgence of such anarchy.  Ukyo would never stand for that nonsense!

Are you Bitfunder's equivalent of MPOE-PR?

Are you BTCT's equivalent of iCEBREAKER?

[cryptx]

Emphasis mine. I apologize if this has already been asked and answered, but you mention several times that dividends will be paid until shareholders' initial investment is recovered. Will shareholders continue to receive dividends after their initial investment is recovered? The quoted text seems to imply the opposite.

We will deploy 20 TH in September and all dividends will be divided among shareholders until the 0.65 BTC investment is recovered.

We will also deploy 10 GH/share in December and shareholders will continue to receive dividends of this deployment also after investment is recovered.