E f f e c T
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April 19, 2014, 10:03:23 AM
Last edit: April 19, 2014, 10:21:47 AM by E f f e c T |
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I am extremely happy with the job CryptX is doing!
Kudos to you! It's a pleasure to come to this thread everyday.
It would be great if we could organise an investor meeting somewhere someday.
Anybody who is coming to China (Beijing) send me a pm to meet up for a beer or three.
BUT:
What is going on with Bitmine is bothering me quite a lot. I have followed their official thread. The last update was over a week ago and did not contain any specific information whatsoever. Although I am just a small investor in this venture we all could be much better of if they had delivered their rigs in time.
Sure bitmine might be a small company in a difficult situation but they have received big amounts of cash, given out guarantees and are not/late delivering. With every week that passes we loose how much of possible profits and reinvestments?
250 TH: 8k USD per day? 250k per month?
PS:
I am presently making enquiries how much it would cost to host Chinese miners directly in a professional datacenter in Beijing.
I will send the results to CryptX via PM/email and post the results here. That way we could save transportation and tax and would not have to ramp up the Belgian datacenter. I don't want to make any profit with this just want to contribute to this great venture. Happy Easter everybody!
i'll be in beijing for a few weeks sometime in october; ill have to check the exact dates but i'll give you a shout closer to the time, and if your still up for it then great. as for an investors meeting, if we could, it should be quite a laugh. would be great if we could get an appearance from CryptX themselves? would like to meet the people behind the project, would happily buy them a drink or three. |
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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kenmomotaro
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April 19, 2014, 11:12:00 AM |
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Good job on the custom systems.
@Cryptx
As Bitmine´s production remains low and they didn´t meet their contractually stated deadlines again, would it be an option to simply convert the order of rigs/desks into a larger order of Chips?
(larger because assembly cost, PSU cost etc., aswell as compensation for late delivery...)
Assuming you can produce a decent amount of units per week (which this week has shown us) this might be a faster, cheaper solution with considerable advantages for both us and them.
I dont know the leadtime for parts used in your system. However, i think hat bitmine might also be happy with that agreement,
as they would no longer need to compensate for their continouing delay.
Totally agree with you. Convert those orders into chips would be great. And by doing that maybe we can hit 1 PH/s very soon. |
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BongaManollo
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April 19, 2014, 11:22:10 AM |
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Problems within a few days. We need a new speedometer..
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VonSpecht
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April 19, 2014, 11:24:23 AM |
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YAY, over 300TH/s and 15 min meter is out of the scale now!  |
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mikemikemike
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April 19, 2014, 11:31:41 AM |
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YAY, over 300TH/s and 15 min meter is out of the scale now! We've increased size by nearly 50% within a week. this should just be the beginning as well as production is ramped up. looks like we will make our 2% target! |
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VonSpecht
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April 19, 2014, 11:49:26 AM |
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Good job on the custom systems.
@Cryptx
As Bitmine´s production remains low and they didn´t meet their contractually stated deadlines again, would it be an option to simply convert the order of rigs/desks into a larger order of Chips?
(larger because assembly cost, PSU cost etc., aswell as compensation for late delivery...)
Assuming you can produce a decent amount of units per week (which this week has shown us) this might be a faster, cheaper solution with considerable advantages for both us and them.
I dont know the leadtime for parts used in your system. However, i think hat bitmine might also be happy with that agreement,
as they would no longer need to compensate for their continouing delay.
Totally agree with you. Convert those orders into chips would be great. And by doing that maybe we can hit 1 PH/s very soon. I also totally agree if there's not any contract points with Bitmine which could prevent that. There's certainly a lot of well capable companies out there who could do the job with better cost-effectivity, if CryptX's current resources are not enough... |
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mikemikemike
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April 19, 2014, 11:55:42 AM |
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Good job on the custom systems.
@Cryptx
As Bitmine´s production remains low and they didn´t meet their contractually stated deadlines again, would it be an option to simply convert the order of rigs/desks into a larger order of Chips?
(larger because assembly cost, PSU cost etc., aswell as compensation for late delivery...)
Assuming you can produce a decent amount of units per week (which this week has shown us) this might be a faster, cheaper solution with considerable advantages for both us and them.
I dont know the leadtime for parts used in your system. However, i think hat bitmine might also be happy with that agreement,
as they would no longer need to compensate for their continouing delay.
Totally agree with you. Convert those orders into chips would be great. And by doing that maybe we can hit 1 PH/s very soon. I also totally agree if there's not any contract points with Bitmine which could prevent that. There's certainly a lot of well capable companies out there who could do the job with better cost-effectivity, if CryptX's current resources are not enough... guys, CryptX and bitmine clearly have a very close relationship. I would assume whatever decisions they have come to are mutually beneficial for both companies. us speculating about what they should do most of the time is going to be counter-productive. let them deal with the business. if anything, we should be helping out with promotion and PR, these are probably the only two things we can contribute. |
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Collider
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April 19, 2014, 12:11:12 PM |
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I just wanted to present this option, cryptx might already have thought about this.
This would be mutually beneficial, as bitmine could focus more on their retail market, pleasing more of their waiting customers, while still retaining a profit from the chips they sold, are selling and will be selling to us.
However, if parts etc. need a huge lead time or cryptx wouldn´t be able to source them in quantity, this would not really be an option.
(I do not really think this though because we are already deploying a fairly large amount of GH)
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pedrog
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April 19, 2014, 04:14:13 PM |
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Bitcoin Difficulty Derivative (BDD) is a set of three distinct linked securities, BDD.MINE, BDD.SELL, and BDD.EXCHANGE, that allows users to speculate on the future of the Bitcoin Network Difficulty. BDD.MINE acts as a 5 GH/s (5 GigaHash per second) Mining Bond BDD.SELL is a bet that buyers will overvalue BDD.MINE BDD.EXCHANGE is the security that can be purchased to receive a BDD Pair (1 BDD.MINE and 1 BDD.SELL) |
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Darkstone2
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April 19, 2014, 04:18:00 PM |
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The price of 1 GH/s for PETA is 0.018054 BTC/GH/s
Add around 30% to that number since you're also paying electricity fees which BDD does not have. |
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Anotheranonlol
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April 19, 2014, 04:31:16 PM |
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what choice do we need to help you with sweety? you sold already, remember? Petamine is two times more expensive as cex.io until end of Mai.
And now I want my Bitcoin!
Yes, "Petamine is two times more expensive as cex.io"  So I sold all my Petamine and am now happy mining at http://cex.io/
now fuck off and stop posting nonsense |
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kenmomotaro
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April 19, 2014, 04:43:24 PM |
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I tell you what. Since B.MINE is so fucking cheap right now, you should just strong buy B.MINE shares and sell all your PETA shares if you have any, do not stop until B.MINE shares hit 0.09 btc per share. That won't cost you much, probably 20~30 btc can do it. And congratulations, you get all the cheap shares in the market, yaaaaaaaaay. |
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mikemikemike
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April 19, 2014, 04:52:40 PM
Last edit: April 19, 2014, 05:22:23 PM by mikemikemike |
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BDD.Mine's value is a calculation and it drops pretty much in proportion to the dividends its paid out. its not exact, but there is a small percentage swing each way if you hold the winner out of BDD.MINE and BDD.SELL. In Theory, if you have both BDD.MINE and BDD.SELL, the total value of your investment plus your dividends will never change. While PETA-Mine is a security. It has assets that are purchased using the funds raised during IPO, and funds provided by CryptX. CryptX uses these funds to invest in assets, these assets produce income, and that income is used to generate more assets and pay dividends. Unlike BDD.Mine, PETA-MINE's share price is set by the market, and not by a calculation. Basically, these are two completely different things. If you don't fully understand what BDD is, then for your own sake, stay away from it. it is a very complex financial instrument, and is not there just for a simple buy-and-hold strategy. The price of 1 GH/s for PETA is 0.018054 BTC/GH/s
Add around 30% to that number since you're also paying electricity fees which BDD does not have. And Darkstone2, you either don't understand what you are doing or you are trolling. Not that i've already said that before.. |
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twentyseventy
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Merit: 1000
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April 19, 2014, 05:17:09 PM |
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BDD.Mine's value is a calculation and it drops pretty much in proportion to the dividends its paid out. its not exact, but there is a small percentage swing each way if you hold the winner out of BDD.MINE and BDD.SELL. In Theory, if you have both BDD.MINE and BDD.SELL, the total value of your investment plus your dividends will never change. While PETA-Mine is a security. It has assets that are purchased using the funds raised during IPO, and funds provided by CryptX. CryptX uses these funds to invest in assets, these assets produce income, and that income is used to generate more assets and pay dividends. Unlike BDD.Mine, PETA-MINE's share price is set by the market, and not by a calculation. Basically, these are two completely different things. If you don't fully understand what BDD is, then for your own sake, stay away from it. it is a very complex financial instrument, and is not there just for a simple buy-and-hold strategy. I check this thread sporadically; surprised to see BDD pop up here! I'm the fund manager for BDD mikemikemike speaks the truth when he recommends only speculating in BDD if you know what you're doing - it's a seriously multifaceted derivative and is very much unlike a stock, bond, or managed fund. While B.MINE is cheaper per GH/s at the moment, there is no fund reinvestment or anything of that sort - you get the equivalent daily payout of a 5GH/s miner and nothing more. The share stops paying out once all of the funds for BDD are exhausted due to paying out dividends to B.MINE (if the difficulty increases / stagnates) or once 200 Days of dividends is less than .2mBTC (if the difficulty continues to increase). PETA, on the other hand, has more equipment coming (as I understand it), will continually reinvest in the venture, and will sell off underperforming equipment at the end of its useful life (I assume). B.MINE is valued on the market at what some speculators think the value of a 5GH/s miner will mine over its useful life. PETA is valued on the market at its current hashrate, the hashrate of future hardware, any BTC it has on hand, and the (eventual) liquidation value of its equipment. It's really an apples to oranges comparison, but B.MINE does offer a good benchmark rate on how the market values mining at a per GH/s rate (currently cex.io represents about a 65% premium over B.MINE). |
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Darkstone2
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April 19, 2014, 05:48:01 PM |
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And Darkstone2, you either don't understand what you are doing or you are trolling. Not that i've already said that before..
For somebody that is complaining i don't know what i'm talking about, you're making quite the bullshit statements yourself: Unlike BDD.Mine, PETA-MINE's share price is set by the market And i think i have already said that as well. If you think that i am wrong, tell me why i am wrong. This is the last time i am asking this in a nice way. |
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mikemikemike
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April 19, 2014, 05:52:59 PM
Last edit: April 19, 2014, 06:19:39 PM by mikemikemike |
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And Darkstone2, you either don't understand what you are doing or you are trolling. Not that i've already said that before..
For somebody that is complaining i don't know what i'm talking about, you're making quite the bullshit statements yourself: Unlike BDD.Mine, PETA-MINE's share price is set by the market And i think i have already said that as well. If you think that i am wrong, tell me why i am wrong. This is the last time i am asking this in a nice way. BDD.Mine's price is recalculated at the end of every difficulty rise. yes, the market is what buys and sells it, but thats the bet. it has a fixed value, if you can work out that value, you can make money. what im saying is its fixed. while PETA-MINE isn't. and no. you haven't already said that. if you want to promote the comparison between a bond that's true value is derived from a calculation and a security then yes, your going to get called an idiot or a troll. |
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Darkstone2
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April 19, 2014, 07:02:05 PM |
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You shall be hereafter known as herp V2. Good bye.
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altoidmintz
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After Economics: Learning is just the first step.
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April 19, 2014, 07:58:00 PM |
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Now that we are going over 300 and breaking the peta stats spedometer is it time to go solo mining yet?
Or is that out of the question and/or not helpful bc of the nature of the new pool?
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ateneto
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April 19, 2014, 10:48:29 PM
Last edit: April 20, 2014, 05:48:35 AM by ateneto |
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B Mine:
"Give me 100 oranges and for 100 days I will give you an orange every day."
Troll:
"Wait... that's over 300% per year. Wow great investment I will buy shares NOW. So many oranges..."
B Mine:
"100 days later: Ok no more oranges."
Troll:
"Damn I didn't get rich again."
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