And... here's the link to the discussion while on btct
https://bitcointalk.org/index.php?topic=280570Archive btct contract before btct goes down.
CryptX Business Goals
CryptX’s primary goal is to provide opportunities for the public to invest in the Bitcoin mining business. The company will do this by offering shares of a PETA-MINE, a hosted mining project with an initial maximum capacity of 1,000,000 GH/s of hashing power.
CryptX hereby offers an asset (its PETA-MINE) for shares in the profit of the company’s operation. CryptX will offer a maximum of 100,000 shares, where every share represents 10 GH/s of hashing power.
For every share sold, CryptX will invest in an additional 20% hashpower, with a minimum of 20 TH/s, which will be deployed as early as the end of September. All mining revenue from this additional 20% will go to public shareholders until 0.65 BTC/share is recovered in dividends.
The PETA-MINE’s hashing power will represent a percentage of the total hashing power of the entire Bitcoin network. This percentage will decrease whenever the hashing power of the network increases. To mitigate this issue, CryptX will reinvest 35% of the mine’s net revenue in additional hashing power. This means that as the PETA-MINE continues to grow, each share will, in turn, represent more hashing power. 65% of the net revenue will be paid to shareholders through a weekly dividend.
Deployment of the PETA-MINE will start at the end of September 2013.
Shareholder Information
CryptX will issue a maximum of 100,000 non-dilutable PETA-MINE shares at IPO. Each share represents at least 10 GH/s of the total hash power of the PETA-MINE, and shareholders will receive a weekly dividend payment every Friday.
For every share sold, CryptX will invest in an additional 20% hashpower, with a minimum of 20 TH/s, which will be deployed as early as the end of September. All net mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65 BTC/share is recovered in dividends.
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares. No shares beyond these 100,000 will ever be sold or created in the future, so shares can never be diluted.
CryptX will issue shares in batches of 10,000 with a maximum of 100,000 shares. Each batch of 10,000 shares will be divided in blocks of 2,000 shares. The first block of 2,000 shares starts at 0.65 BTC. Price with each new block will increase with 0.01 BTC.
Shareholder Protection
After 27 September 2013, we won't issue new batches of 10,000 shares. The IPO will continue to run until the last issued batch of 10,000 shares is sold. For example if 6,000 shares are sold on 27 September, a maximum of 10,000 shares will be issued. For example if 15,000 shares are sold on 27 September, a maximum of 20,000 shares will be issued.
CryptX will regularly update all relevant information about the PETA-MINE so shareholders can evaluate the performance, capital outlay, and future of the project. It will make this information available through a regular shareholder newsletter, periodic updates to its website (cryptx.com), and a forum it will create on bitcointalk.org dedicated exclusively to CryptX news.
CryptX will pay weekly dividends to shareholders amounting to a percentage share of ownership in the PETA-MINE. CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC.
PETA-MINE Deployment Date
First deployment is scheduled for the end of September 2013. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid-January, 2014, an additional 20% of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 12 GH/s of hash power. If the company starts deployment after mid-February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 14.4 GH/s of hash power.
Dividends
Dividends will automatically appear in shareholders’ Bitcoin wallets every Friday around 15:00 GMT. Dividends will consist of 65% of PETA-MINE net revenue for the week. Net revenue is defined as the total of all Bitcoins mined minus electricity, hosting, and mine maintenance costs.
The percentage of the net revenue paid in dividends can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it.
Reinvestment
Every week, CryptX will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 35% of net revenue. These investments will allow CryptX to produce and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of shareholders.
Because of the unique partnership between CryptX and Cointerra, a world-class semiconductor engineering company, future investments in the PETA-MINE will occur at the most competitive prices. CryptX will also have first access to future chip designs direct from Cointerra.
While the reinvestment percentage is subject to change via shareholder vote, such action will only occur if the state of the Bitcoin mining space demands it.
Terms and Conditions
Each share represents minimum 10 GH/s of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
Below is the OLD NO LONGER VALID CONTRACT
CryptX Business Goals
CryptX’s primary goal is to provide opportunities for the public to invest in the Bitcoin mining business. The company will do this by offering shares of a PETA-MINE, a hosted mining project with a capacity of 1,000,000 GH/s of hashing power.
CryptX hereby offers an asset (its PETA-MINE) for shares in the profit of the company’s operation. CryptX will offer 100,000 shares, where every share represents 10 GH/s of hashing power.
The PETA-MINE’s hashing power will represent a percentage of the total hashing power of the entire Bitcoin network. This percentage will decrease whenever the hashing power of the network increases. To mitigate this issue, CryptX will reinvest 35% of the mine’s net revenue in additional hashing power. This means that as the PETA-MINE continues to grow, each share will, in turn, represent more hashing power. 65% of the net revenue will be paid to shareholders through a weekly dividend.
Deployment of the PETA-MINE will occur mid December, 2013.
Shareholder Information
CryptX will issue 83,333 out of 100,000 non-dilutable PETA-MINE shares at IPO. Each share represents 1/100,000 of the total hash power of the PETA-MINE, and shareholders will receive a weekly dividend payment every Friday. The PETA-MINE will deploy with a capacity of 1,000,000 GH/s where one share represents 1 GH/s in hashing power.
The company will issue shares in two batches:
The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.
All shares are entitled to an equal percentage of dividends and all shares sold in the IPO are considered voting shares. A total of 83,333 out of 100,000 shares will sell at IPO. No shares beyond these 100,000 will ever be sold or created in the future, so shares can never be diluted.
For every share sold, CryptX will invest in an additional 20% 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.
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 will invest in an additional 20% hashpower for every 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.
CryptX will regularly update all relevant information about the PETA-MINE so that shareholders can evaluate the performance, capital outlay, and future of the project. It will make this information available through a regular shareholder newsletter, periodic updates to its website (cryptx.com), and a forum it will create on bitcointalk.org dedicated exclusively to CryptX news.
CryptX will pay weekly dividends to shareholders amounting to a percentage share of ownership in the PETA-MINE. CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC.
PETA-MINE Deployment Date
PETA-MINE deployment is scheduled for mid December, 2013. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 200 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 12 GH/s of hash power. If the company starts deployment after February 15, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 14.4 GH/s of hash power.
Dividends
Dividends will automatically appear in shareholders’ Bitcoin wallets every Friday around 15:00 GMT. Dividends will consist of 65% of PETA-MINE net revenue for the week. Net revenue is defined as the total of all Bitcoins mined minus electricity, hosting, and mine maintenance costs.
The percentage of the net revenue paid in dividends can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it.
Reinvestment
Every week, CryptX will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 35% of net revenue. These investments will allow CryptX to produce and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of shareholders.
Because of the unique partnership between CryptX and Cointerra, a world-class semiconductor engineering company, future investments in the PETA-MINE will occur at the most competitive prices. CryptX will also have first access to future chip designs direct from Cointerra.
While the reinvestment percentage is subject to change via shareholder vote, such action will only occur if the state of the Bitcoin mining space demands it.
Terms and Conditions
Each share represents 1/100,000 of PETA-MINE net revenue. Net revenue, once again, is defined as Bitcoins earned by the mine minus electricity, hosting, and maintenance costs. 65% of net revenue will be paid in dividends every Friday around 15:00 GMT. CryptX will then reinvest 35% of net revenue in additional mining capacity. Every shareholder is also entitled to his or her share of net revenue from hashing power reinvestments. The 65%/35% distribution rule will also apply to hardware acquired through reinvestment.
The shares have no voting power. Shares of PETA-MINE on BTC-TC do not represent real world shares of CryptX. The shares are solely a distribution mechanism for rights to profits from the PETA-MINE. Profit distribution will not be dependent on BTC-TC existence; in the event BTC-TC closes down, the equity will be moved to another trading platform. If no adequate platform exists, CryptX will manually transfer payouts to shareholders’ Bitcoin addresses.
The issuer has no right to release additional shares at any time or for any price. Thanks to this limitation, the value of initial shareholders’ shares is non-dilutable. The issuer does, however, have the right to change the price and/or quantity of any scheduled sale batches of shares.
