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

[gambitx]

so the PETAMINE shares were sold at a time when bitcoin was $100, now the share price is teh SAME. doesn't that mean i'm paying 8x-10x MORE for teh same share right now? Doesnt seem fair since i'm paying 10x more for a share that didnt actually rise in value. correct me if im wrong

[mruiter]

so the PETAMINE shares were sold at a time when bitcoin was $100, now the share price is teh SAME. doesn't that mean i'm paying 8x-10x MORE for teh same share right now? Doesnt seem fair since i'm paying 10x more for a share that didnt actually rise in value. correct me if im wrong

Well its fair. It is not out problem you did not want to take the risk when i was low.
BTC is still the same, so are you a btc guy or a dollar guy. If you are the last you are probably bound to lose.
I hope btc Will be 2000 dollar in the next month.
There Will be guys just like you saying iTS not fair because you could buy at 1 thousand.

If you don't like to gamble or are just a dollar Guy. Get away from petamine and risks
Just go buy and sell the btc when rise or drop is a few dollar and play safe.

[ujka]

so the PETAMINE shares were sold at a time when bitcoin was $100, now the share price is teh SAME. doesn't that mean i'm paying 8x-10x MORE for teh same share right now? Doesnt seem fair since i'm paying 10x more for a share that didnt actually rise in value. correct me if im wrong

can't say you are wrong, if you are looking only in $, but...
Expected return, and price, of this shares is nominated in btc.

[mainline]

so the PETAMINE shares were sold at a time when bitcoin was $100, now the share price is teh SAME. doesn't that mean i'm paying 8x-10x MORE for teh same share right now? Doesnt seem fair since i'm paying 10x more for a share that didnt actually rise in value. correct me if im wrong

Think about it this way:

You bought Daisy, a milker, and paid for her in milk.  Instead of paying X dollars, you gave Farmer John Y gallons of milk.
After you bought Daisy, the price of milk rose x10.

Q:  Is Daisy worth more dollars?
A:  Sure, since Daisy's milk is worth x10 more, Daisy is worth ~x10 more.*

Q:  Is Daisy worth more milk?
A:  No.  Daisy will give you the same amount of milk in her lifetime, regardless of milk prices.  She's a good cow, and smart, too, but she doesn't get free market.  She might be a commie, definite Marxist leaning, reads Keynes too...

Q: Is it dumb to buy Daisy now that milk prices have gone up?
A: No dumber than when milk prices were low.

Q: Was it dumb to buy her then?
A: Lol yes!  But that got nothing to do with the price of milk.

*We should add a fudge factor to our Daisy Mining Bond Model to account for rising difficulty, but that's way too depressing.

[altoidmintz]

so the PETAMINE shares were sold at a time when bitcoin was $100, now the share price is teh SAME. doesn't that mean i'm paying 8x-10x MORE for teh same share right now? Doesnt seem fair since i'm paying 10x more for a share that didnt actually rise in value. correct me if im wrong

You are wrong.

Cost went up in $, return also went up in $. The net effect is a wash.

[nwfella]

Doc Holiday. It's not often one get's an opportunity to speak to the dead.  What are your thoughts on this whole bitcoin/cryptx phenomenon?  Should I be buying more BTC and CRYPTX shares?

Doc: "Your daisy if you do!"

[EdoBcn]

http://mineforeman.com/2014/02/03/cointerra-hacked/

I imagine it doesn't affect us, right?

Monday again, Cryptix, any update? Are the units being shipped? Something delivered? Any forecast on mining start?

Thanks!

[spartan82]

http://mineforeman.com/2014/02/03/cointerra-hacked/

I imagine it doesn't affect us, right?

Monday again, Cryptix, any update? Are the units being shipped? Something delivered? Any forecast on mining start?

Thanks!

Please note that this situation will not affect the shipping of units to early customers from our first batches, which is currently in progress. We will post an update with further information as soon as we have more information. Thank you for your patience. Team CoinTerra.

^^^ I think CoinTerra is on top of things. From what they have said, they are currently in progress of shipping and "first batches" includes us.

[mmitech]

Cryptx any update from both Cointerra and Bitmine ?

[mmitech]

Cryptx, can I ask what kind of hardware did you order from Bitmine ? is it the Rig or the Desk ? because they said the Rig will be delayed even more !

The rig is a more advanced design that requires longer production time than the desk which is a very simple unit, production goes in parallel but rigs come some days later out of the production.

[mww]

Cryptx any update from both Cointerra and Bitmine ?

+1

This just screams amateur operation. CryptX, your running well behind on schedule which is understandable, but ignoring your investors at a time like this just shows that your not ready for a business of this size.

[pleiotropik]

Update:  http://www.coindesk.com/cointerra-performance-issues-security-breach/

[michaelGedi]

Cryptx any update from both Cointerra and Bitmine ?

+1

This just screams amateur operation. CryptX, your running well behind on schedule which is understandable, but ignoring your investors at a time like this just shows that your not ready for a business of this size.

if it's understandable you wouldn't need your hand held via constant updates and you wouldn't feel the need to have a dig at the operation

[Morguk]

"All customers who ordered the first batch of TerraMiner IV units, scheduled to ship in December, will now receive a second rig, free of charge." via http://www.coindesk.com/cointerra-performance-issues-security-breach/

So we're getting even more hash right? Or is that just the "insurance" that we were initially offered?

[EdoBcn]

double???

[MonkeyBear68]

"All customers who ordered the first batch of TerraMiner IV units, scheduled to ship in December, will now receive a second rig, free of charge." via http://www.coindesk.com/cointerra-performance-issues-security-breach/

So we're getting even more hash right? Or is that just the "insurance" that we were initially offered?

From the Petamine Website:

"For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 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 3.45 GH/s of hash power."

Our insurance states we will have a 20% increase for every 30 days late. We are already at 2.88 GH/s because of missing the mid-Jan deadline. The above statement Morguk quoted seems to imply a benefit of 100% that will be given to all customers who ordered the first batch of TerraMiner IV units. I realize that some of our hashing power will come from other sources (Bitmine, second batch of Cointerra), but this doubling that Cointerra has given on the first batch should still provide increased hashing power to us.

Can Cryptx confirm what affect Cointerra's second free rig will have for us on the hash power per share of PETA?

[spartan82]

"All customers who ordered the first batch of TerraMiner IV units, scheduled to ship in December, will now receive a second rig, free of charge." via http://www.coindesk.com/cointerra-performance-issues-security-breach/

So we're getting even more hash right? Or is that just the "insurance" that we were initially offered?

From the Petamine Website:

"For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 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 3.45 GH/s of hash power."

Our insurance states we will have a 20% increase for every 30 days late. We are already at 2.88 GH/s because of missing the mid-Jan deadline. The above statement Morguk quoted seems to imply a benefit of 100% that will be given to all customers who ordered the first batch of TerraMiner IV units. I realize that some of our hashing power will come from other sources (Bitmine, second batch of Cointerra), but this doubling that Cointerra has given on the first batch should still provide increased hashing power to us.

Can Cryptx confirm what affect Cointerra's second free rig will have for us on the hash power per share of PETA?

As for Cryptx, by rights they should provide us with the extra hash power as stated by CoinTerra, but they have clearly covered themselves in this situation by stating their terms as above on their website. So really they dont have to share all this extra hashing power with us and still be within their rights to the investors. However, I do not think one single investor, especially the long term holders, would be happy with this, not one bit.

Would be great to hear from Cryptx right about now...

[cryptx]

Current status of PETA-MINE project:

• Both CoinTerra and Bitmine enter production stage. Although this is good news, we still don’t have an exact shipping date for the delivery of our miners. We have been in close contact with both companies and estimates are that we should begin receiving our first units in the 2nd week of February (but this still remains an estimate).
• We are also in talk with several PCB and software engineers to develop our own mining board based on Bitmine’s A1 chip. This to increase our flexibility to deploy new systems and focus on criteria that are important for the growth of PETA-MINE like cost per unit, energy consumption, scalability, heat dissipation etc.
  

Our primary goal goes to getting the miners as soon as possible and start the deployment / mining of PETA-MINE.

[Morguk]

Current status of PETA-MINE project:

• Both CoinTerra and Bitmine enter production stage. Although this is good news, we still don’t have an exact shipping date for the delivery of our miners. We have been in close contact with both companies and estimates are that we should begin receiving our first units in the 2nd week of February (but this still remains an estimate).
• We are also in talk with several PCB and software engineers to develop our own mining board based on Bitmine’s A1 chip. This to increase our flexibility to deploy new systems and focus on criteria that are important for the growth of PETA-MINE like cost per unit, energy consumption, scalability, heat dissipation etc.
  

Our primary goal goes to getting the miners as soon as possible and start the deployment / mining of PETA-MINE.

Thanks for the update but you completely missed this out...

"All customers who ordered the first batch of TerraMiner IV units, scheduled to ship in December, will now receive a second rig, free of charge." via http://www.coindesk.com/cointerra-performance-issues-security-breach/

So we're getting even more hash right? Or is that just the "insurance" that we were initially offered?

[spartan82]

Current status of PETA-MINE project:

• Both CoinTerra and Bitmine enter production stage. Although this is good news, we still don’t have an exact shipping date for the delivery of our miners. We have been in close contact with both companies and estimates are that we should begin receiving our first units in the 2nd week of February (but this still remains an estimate).
• We are also in talk with several PCB and software engineers to develop our own mining board based on Bitmine’s A1 chip. This to increase our flexibility to deploy new systems and focus on criteria that are important for the growth of PETA-MINE like cost per unit, energy consumption, scalability, heat dissipation etc.
  

Our primary goal goes to getting the miners as soon as possible and start the deployment / mining of PETA-MINE.

This puts us all back at square one really. Now as part of your original insurance we were told that if we start mining after mid February then an additional 20% will be added:

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 3.45 GH/s of hash power.

CoinTerra has informed the public that all December orders will receive 100% on top of their original orders. I dare say we are included in this. Could you let us know which of these two we will be compensated with so we, the investors, know where we stand in this venture?