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

[BiteMyShinyMetalAss]

I own a few hundred shares, but far less than 5%. I am very satisfied with how PETA is being run. Cryptx seems to be genuinely interested in making this project a success. I understand the hash rate/difficulty and how it will affect the mining. I am surprised that the current network hash rate is not above 100,000 TH/S. I have owned various mining shares over the past couple of years and understand the importance of updating equipment at crucial times and reinvesting to keep up with difficulty increases.

Basically you will know you are successful in keeping up with difficulty if the weekly dividend per share remains relatively constant over time. It is vital to have a dividend/reinvestment ratio that ensures the dividend will not drop due to difficulty increases. I would have no problem increasing the amount to go toward reinvestment.

It seems that some investors may simply want to see a huge weekly dividend so that the share price will rise and they can sell out and make a big profit at the long term expense of the project. IMO mikemikemike was pumping this project and constantly trying to drive up the share price a month or so ago simply to sell out. Now that he has apparently sold all his shares he has nothing but bad to say about PETA. It is wise to have only large > 5% shareholders vote, so that we can eliminate the self-interested pump and dumpers that do not care about the long term success and are only here for a quick buck.

Hats off to Cryptx for the fine work being done to ensure the long term success of Petamine!!

Share price stays the same and dividend doesnt not decrease - the perfect investment! I dont understand the whole fuss about voting at all! We got more than expected, way more than expected, isntead of 8.6GH/s ended up to 15GH/s that are currently hashing...

[Aireun]

I for one am really excited to see where things go from here! I can't wait to see those dividends come in. I'm a long term investor myself both on peta and bitcoin.

[EdoBcn]

Looking forward for end of IPO, new updated prospectus with correct info on shareholder voting power, reinvestment funds showing something, dividends starting to be paid again.

Then I'll decide what to do.

I missed the train for multiple reasons, but I can still take the next one, if shows the right things.

[karol]

Could You please spend some time to finally answer questions?

Cryptx,

Still not answered questions:
1. Why we are hashing at 466TH instead of 503 mentioned in prospect?
2. Why there is 27 Dragon miners in prospect when according to Your weekly updates about our re-investment found  we bought 39, for what we spend 220btc?
3. What option of refund from cointerra will we have or maybe it was delivered already?

And new onces:
4. Explain situation with voting, why You ask for vote only shareholders > 5%, it can be use for insider traiding.
5. Did havelock own shares of PETA?
6. How will You use money from selling gear? It will be used as our re-investment founds, so loan left - found from selling miners = loan to pay after IPO or no?

[EdoBcn]

4. Explain situation with voting, why You ask for vote only shareholders > 5%, it can be use for insider traiding.

I think it is clear already. Only >5% shareholders can vote. If they don't agree, Cryptx will even buy them out. Insider trading is allowed.

That said, If we can still make our regular profit (1 to 2% weekly), I don't really care that someone else is doing way more than that.

[stompysteve]

From email

Dear unit holders,

As the IPO is running towards an end, we would like to inform you about where we are and what is going to happen.

Current Status:
Currently, about 11,085 units are sold during IPO, which brings the total of outstanding units to 77,291. We increased hashrate from 7.55 GH to 15 GH/share on Monday, which brings the total hashrate of PetaMine to 1159 TH/s.

Why does it matter how many shares are sold in IPO? We now have 15GH/share, so what would be the benefit?
The more shares sold in IPO, the less CryptX has to pre-finance, we currently pre-financed 964 BTC. If and additional 10,000 shares are sold in IPO, the loan would be reduced to 530 BTC, with complete IPO sold out, this would mean, no loan has to be paid back.

What will happen after IPO?
Dividend payout will resume next Friday (June 6th), we propose to alter the dividend / reinvestment ratio to 50/50. So 50% of net mining revenue will be paid out as dividend. The remaining 50% will be used to repay the loan of 964 BTC CryptX has pre-financed to pay for new hardware, after that funds will be used to further expand PetaMine.

Team CryptX

[karol]

So it should be 964 - 310(reimvestmemt founds from last week and before) - 250 (around from this week)= 404 to pay for loan am i right?

[Stego]

I dont get it, cryptx was suppose to buy all the remaining share at the end of the week.

Buying shares for themselves = we don't have to pay for the pre-financed hardware ?
I am missing something ?

Cryptx, what have you done so far to promote your IPO ?

[altoidmintz]

Why does it matter how many shares are sold in IPO? We now have 15GH/share, so what would be the benefit?
The more shares sold in IPO, the less CryptX has to pre-finance, we currently pre-financed 964 BTC. If and additional 10,000 shares are sold in IPO, the loan would be reduced to 530 BTC, with complete IPO sold out, this would mean, no loan has to be paid back.

Ah ok that makes sense. It would have been more motivating for investors if we were clearer about this early on imho.

Dividend payout will resume next Friday (June 6th)

Sweetness-sauces.

...we propose to alter the dividend / reinvestment ratio to 50/50.

Huh? Lol. Define "propose." In this context, I think it is used to replace the following term with "will."

Maybe it's a good thing though idk. Bring in the numbers with the new ratio plz boys. We need to evaluate this move.

[ujka]

I dont get it, cryptx was suppose to buy all the remaining share at the end of the week.

End of last week, and only remaining shares in first batch.

[ujka]

Why does it matter how many shares are sold in IPO? We now have 15GH/share, so what would be the benefit?
The more shares sold in IPO, the less CryptX has to pre-finance, we currently pre-financed 964 BTC. If and additional 10,000 shares are sold in IPO, the loan would be reduced to 530 BTC, with complete IPO sold out, this would mean, no loan has to be paid back.

Ah ok that makes sense. It would have been more motivating for investors if we were clearer about this early on imho.

It was mentioned, in Prospecuts, and this post of CryptX:

We suggest to read the Prospectus in detail, depending on how many shares are sold in IPO, we can deploy a certain amount of hardware.

Depending on the quantity of units sold, one of the following scenarios will unfold:

[altoidmintz]

Why does it matter how many shares are sold in IPO? We now have 15GH/share, so what would be the benefit?
The more shares sold in IPO, the less CryptX has to pre-finance, we currently pre-financed 964 BTC. If and additional 10,000 shares are sold in IPO, the loan would be reduced to 530 BTC, with complete IPO sold out, this would mean, no loan has to be paid back.

Ah ok that makes sense. It would have been more motivating for investors if we were clearer about this early on imho.

It was mentioned, in Prospecuts, and this post of CryptX:

We suggest to read the Prospectus in detail, depending on how many shares are sold in IPO, we can deploy a certain amount of hardware.

Depending on the quantity of units sold, one of the following scenarios will unfold:

Call me dumb, but I really don't see anything about pre-financing in there.

In any case, just because it appears in the prospectus doesn't mean that potential investors "get it." Whatever happened to our marketing effort?

[lascar]

From email

Dear unit holders,

As the IPO is running towards an end, we would like to inform you about where we are and what is going to happen.

Current Status:
Currently, about 11,085 units are sold during IPO, which brings the total of outstanding units to 77,291. We increased hashrate from 7.55 GH to 15 GH/share on Monday, which brings the total hashrate of PetaMine to 1159 TH/s.

Why does it matter how many shares are sold in IPO? We now have 15GH/share, so what would be the benefit?
The more shares sold in IPO, the less CryptX has to pre-finance, we currently pre-financed 964 BTC. If and additional 10,000 shares are sold in IPO, the loan would be reduced to 530 BTC, with complete IPO sold out, this would mean, no loan has to be paid back.

What will happen after IPO?
Dividend payout will resume next Friday (June 6th), we propose to alter the dividend / reinvestment ratio to 50/50. So 50% of net mining revenue will be paid out as dividend. The remaining 50% will be used to repay the loan of 964 BTC CryptX has pre-financed to pay for new hardware, after that funds will be used to further expand PetaMine.

Team CryptX

CryptX, will dividends from the last two missing payouts be included in next week's dividends?

[ujka]

CryptX, will dividends from the last two missing payouts be included in next week's dividends?

I think not. All income from last and this week goes to pay off the pre-finance.

[Anonymousg64]

If i could vote, i would give a big resounding NO to 50/50, we should have that loan paid back as quickly as possible by putting 100% towards it so that reinvestment's can start sooner

[dhenson]

If i could vote, i wold give big resounding NO to 50/50, we should have that loan paid back as quickly as possible by putting 100% towards it so that reinvestment's can start sooner

I'm just guessing here, but I'm thinking my votes would counter yours.

[Anotheranonlol]

If i could vote, i wold give big resounding NO to 50/50, we should have that loan paid back as quickly as possible by putting 100% towards it so that reinvestment's can start sooner

If i could vote, i wold give big resounding NO to 50/50, we should have that loan paid back as quickly as possible by putting 100% towards it so that reinvestment's can start sooner

I'm just guessing here, but I'm thinking my votes would counter yours.

Here's an idea for accounting

http://piratepad.net/4IuFS2gHeU

Since there is no public source for share-ownership. fill in the shares you own, you can do so anonymously. Let's see whether it adds to 30% of total shares or more.

[altoidmintz]

If i could vote, i wold give big resounding NO to 50/50, we should have that loan paid back as quickly as possible by putting 100% towards it so that reinvestment's can start sooner

If i could vote, i wold give big resounding NO to 50/50, we should have that loan paid back as quickly as possible by putting 100% towards it so that reinvestment's can start sooner

I'm just guessing here, but I'm thinking my votes would counter yours.

Here's an idea for accounting

http://piratepad.net/4IuFS2gHeU

Since there is no public source for share-ownership. fill in the shares you own, you can do so anonymously. Let's see whether it adds to 30% of total shares or more.

I'm down. Revised:
http://piratepad.net/4IuFS2gHeU

[Puppet]

[
G. PROHIBITED ACTIVITIES, CIVIL LIABILITY AND ENFORCEMENT

Civil liability for any person found responsible for the loss or damage caused by the use of fraudulent or deceitful devices....

I have no opinion on the above, since I didnt follow it closely, and Im not sure what happened regarding the insider trading allegation (not that it would surprise me one bit),
But.. nice job spotting the mouse while missing the elephant in the room.

To the best of my knowledge, this entire IPO of an unregistered security by a company that is not an authorized investment firm in Belgium or anywhere else, is completely illegal in Belgium, the EU and the US (and probably just about anywhere else). There is a reason all the other exchanges were closed, there is reason gigavps and many others had to remove their public offerings. Moving to another exchange in some fiscal paradise changes nothing about the core of the problem: these unregistered securities are being offered publicly (very publicly, press release and all) to unsophisticated investors in whatever country cryptx shareholders live in, which is everywhere. The location of the exchange doesnt matter at all. Cryptx is simply not allowed to raise capital this way in these markets.

Now I should also add I am convinced (perhaps naively) that Bert has honorable intentions, I dont believe he intends to scam and run off with the bitcoins. His approach seems fairly professional, so Im left wondering, Bert, WTH are you doing? . If you are somehow convinced what you are doing is legal, contact the fsma asap and get their approval. Not that it will do you any good with the US SEC or in any other country, but since you are located in Belgium, at least it would be a start. Im willing to bet however, you will be closed down the moment the FSMA finds out what you are doing, so instead of committing hara kiri, talk to some expert lawyers to help you dig a legal way out of this mess.

[gigacoiner]

Just wondering how Bitcoin is being treated in the US.  Is Bitcoin considered to be currency or legal tender in the US now?

Cryptx is simply not allowed to raise capital this way in these markets.