[HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit)

[IamNotSure]

I think that IPO shares have to be removed, or at least moved at higher price. Why? Well, for one, those that buy IPO shares now are not taking the risk of late hardware delivery, and can NOT be entitled to that 20% 'protection' (hashrate increase to 2.88). Also, it's not fair to early investors - we all could wait until now, and buy just now, with minimum risk and still at IPO price!?

If CryptX has hardware ordered from unsold shares, he can still mine with it, privately, and keep all the coins from that part of hardware.

I completely agree with ujka. It is not fair on the early investors that new players come in a receive the shares at below IPO cost and still be entitled to the 20% hashrate increase for receiving the units late. What do the early investors get out of this??

I second this, we took risks by investing early. I hope CryptX hears us.

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[rolo]

Personally, the only situation which would make me feel hard done by is if new share sales after hashing dilute our dividends. Would imagine that when people see the tasty divs coming from hashing starting they will want in.

If dividends will dilute, how about suggesting a deal whereby share price is increased, and a percentage of new share sales is added to the dividend pool?

I really think people will be all over this if the numbers are close to the projections.

[DPoS]

still seems overpriced.. only getting 65% div of overpriced $$/Gh shows what the state of mining is in these days

[ujka]

Personally, the only situation which would make me feel hard done by is if new share sales after hashing dilute our dividends. Would imagine that when people see the tasty divs coming from hashing starting they will want in.

If dividends will dilute, how about suggesting a deal whereby share price is increased, and a percentage of new share sales is added to the dividend pool?

I really think people will be all over this if the numbers are close to the projections.

For not diluting dividends, new hashing power has to be added to the mine soon after new IPO shares are sold. Probably it's not a problem for smal number of new shares, but if greater number or all are sold, minimum of 60th has to be added.
Oh, well, maybe that's why there is second contract with bitmine.ch for additional 100th end of january (as stated on their havelock page)?

[ujka]

still seems overpriced.. only getting 65% div of overpriced $$/Gh shows what the state of mining is in these days

Point here is on 'seems'

@ $820/btc Petamine shares are ~ $17/GH!!
@ $820/btc CEX.io shares are ~ $36.408/GH
@ $820/btc Cloudhashing.com contracts are ~ $100/GH
Is this the cheapest non-hardware way to get involved in mining currently?  Why aren't we advertising that fact to get the IPO share wall down so we can find a proper value for this stock?

[DPoS]

still seems overpriced.. only getting 65% div of overpriced $$/Gh shows what the state of mining is in these days

Point here is on 'seems'

@ $820/btc Petamine shares are ~ $17/GH!!
@ $820/btc CEX.io shares are ~ $36.408/GH
@ $820/btc Cloudhashing.com contracts are ~ $100/GH
Is this the cheapest non-hardware way to get involved in mining currently?  Why aren't we advertising that fact to get the IPO share wall down so we can find a proper value for this stock?

good point..  just wow though

[trek27]

The shares which are lastly referred to as 'IPO shares' have its owner and it's up to his discretion what to do with them.

Petamine contract makes it clear that the number of shares will NEVER exceed 100k. In this sense shares will not dilute in the future.

If the hash rate related to 1 share keeps up with difficulty is another story. According to projections by CryptX it won't, so if someone wants to preserve his dividend on constant level will have to reinvest a part of it.

IMHO what's in our best interest is that Petamine starts hashing as soon as possible.

[ujka]

The shares which are lastly referred to as 'IPO shares' have its owner and it's up to his discretion what to do with them.

Petamine contract makes it clear that the number of shares will NEVER exceed 100k. In this sense shares will not dilute in the future.

We were not talking about share dilution, but about div dilution (situation when petamine has sold new shares but still hasn't added that new hardware to mine).
IPO shares don't have owner - look at havelock, outstanding shares, IPO shares are not there.

Anyway, cointerra news, and maybe our little chat about removing IPO shares, did something - IPO wall got bitten   with 190BTC

[webbrowser]

cryptx said somewhere that he had also placed orders for the hashpower corresponding to the "unsold" shares.  In my mind, that means that he has effectively bought them at IPO-time.  As per the original contract, I think these shares should not enjoy dividends from the bitfury miners or capital protection (which no long exist anyway), but cryptx is free to dispose of these shares however he wants, otherwise.

[ujka]

It's in the contract that cryptx can do what he wants with unsold shares. We only discusing here that it's not fair to early investors to leave unsold shares at IPO price once the mine is (will be) operating.

[havelock]

From the Prospectus on Havelock

https://www.havelockinvestments.com/reportdownload.php?id=48

"4. THE IPO

Currently 63,496 units out of 100,000 units are outstanding. 36,504 Shares will be offered in the IPO on havelockinvestments.com At a fixed price of 0.05 BTC between December 9th – 16th, 2013 These 36,504 Units will add another 2.4 GH/s per Unit to the existing contract of 150 TH/s for a maximum total hashing power of 240 TH/s.

The funds will be used to extend PETA-MINE to a total hashing power of 240 TH/s and to provide the ability to close and make down payments for deals for future deployment of mining equipment."



As of Today January 21,2014  there are 19,763 units left for the total offering of 100,000 units. Any funds raised by Cryptx will be used to extend the total hashing power of PETA.


Havelock Investments

[spartan82]

Oh well lets see how this turns out. I think its time to gather investors into my GPU mining farm and extend the living hell out of it. I wonder if I can get an IPO up and running instead of renting all my miners out I can invest in more and more seeing that I have access to everything I need, I think it can be very successful.
Havelock... You got mail!

[varakunai]

If cointerra is this close to shipping, you would think Petamine would know as they're investor in the company.  I bet the shares from the IPO would sell in a heartbeat if we could get a solid start date.  

[webbrowser]

Havelock's post brings up an interesting point.

"Prior to the offering, no public market existed for these units."

PETAMINE existed on BTCT, before moving to Cryptostocks and followed by Havelock.  The BTCT IPO started with a certain prospectus which became the contract.  This contract was modified through a shareholder vote, and the text of the original and modified contract are archived in https://bitcointalk.org/index.php?topic=310783.msg3339035#msg3339035.

If there are substantive changes in the contract which had not been put to the vote, should they be valid?

[trek27]

Came partly through both contracts and effectively there is an important difference when comes to the rules concerning selling of additional shares. But it seems that the change was voted by shareholders - CryptX update from 04/12/2013 on current thread.

[currencydebt]

Any guesstimates: If mining started on February 1 and the additional power was added as expected in a month or so, what amount of dividends are we looking at by the time mining is finished relative to the .05 per share?

[ujka]

Any guesstimates: If mining started on February 1 and the additional power was added as expected in a month or so, what amount of dividends are we looking at by the time mining is finished relative to the .05 per share?

Just download their projection spreadsheet, and modify/correct some values to see some expectations for a year:
https://docs.google.com/spreadsheet/ccc?key=0AjI5bgsiFJAidFdzOTk1aXl6cS1zNG1nck5OZjRBeXc&usp=drive_web#gid=0

And it's a perpetual mine, so no 'mining finished' date.

[ujka]

so guys I have some questions:

- now they sold around 64K share right ? what about the rest of the shares?
- will they be selling more shares anytime soon ?
- any ETA about when the operation is coming online ?
- what guaranties the investors have on these guys?
- what if it will be a fail as the previous bitburner operation ?


I am thinking about buying some shares, but I am a doubtful about these guys here...

They sold about 80k shares. The rest is still for sale on havelock at the same IPO price. And there are some shareholders selling below that, also.
ETA - when cointerra and bitmine deliver hardware. Cointerra batch 1, bitmine early january.   yes, I know, we are past that.
Guaranties? In bitcoin bussiness?
Bitburner fury boards? What was wrong with that operation? We got 1000 btc in dividends from that boards. Then they sold all chips and boards and moved to cointerra and bitmine (preorder, unfortunately) hardware.

[hephaist0s]

so guys I have some questions:

- now they sold around 64K share right ? what about the rest of the shares?
- will they be selling more shares anytime soon ?
- any ETA about when the operation is coming online ?
- what guaranties the investors have on these guys?
- what if it will be a fail as the previous bitburner operation ?


I am thinking about buying some shares, but I am a doubtful about these guys here...

The remaining shares are already for sale on Havelock. No more shares will be issued.

It will be online as soon as they have hardware. CoinTerra is promising shipping within the week.

Cryptx and Peta-Mine have past proven performance, paying out dividends of ~15% of IPO value last fall. While that's not a guarantee of future performance, it's a good sign.

The Bitburner Fury based mine was not a failure. Why do you say that? It paid great dividends, then the hardware was sold in order to radically increase the hardware investment in the next (upcoming) wave.

[mmitech]

ok it seems that I went out of subject so my posts were deleted, sorry and I wish you best of luck...