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

[abdullahadam]

Not sure what you are saying. You just calculated a total return of 0.011 which is in line with the optimistic estimates Ive been making for some time. What that means is that a 0.011 BTC share price would seem reasonable (though that assumes a rapid deceleration of network growth. We may well hit 7% or lower, but not likely in the next few weeks which matter most). Its still trading around 0.03. The bubble is deflating, it hasnt popped yet.

Wouldn't there be some sale of assets after mining ends?

[abdullahadam]

Canadian company Vault of Satoshi launches Divcoin
https://www.vaultofsatoshi.com/divcoin
(~$50/month 10 gh/s)
The initial price per Divcoin is $5.00 CAD (USD/BTC equivalent). Fees are 0.00028 per Divcoin, per day, which will be automatically removed before payout.

[ateneto]

Recent difficulty spike is related to KNC miner.
They are shipping their Neptunes now.

I choose not to panic.

In the case of the Bitcoin network exponential growth won't last forever.
This project will continue to be around. Let's see where we are in 24 months.

[nwfella]

Recent difficulty spike is related to KNC miner.
They are shipping their Neptunes now.

I choose not to panic.

In the case of the Bitcoin network exponential growth won't last forever.
This project will continue to be around. Let's see where we are in 24 months.

True enough...but with shares at current price, 50% to pay off loan, and huge hosting/admin fee's it only needs to go on for 3 maybe 4 months max sadly.  That's the problem.

[Puppet]

Wouldn't there be some sale of assets after mining ends?

I would hope so. However, the value of the mining equipment drops roughly proportionally to difficulty too. Once that equipment is no longer even operationally profitable for cryptx, dont expect to get much for it anymore.

[MonkeyBear68]

Canadian company Vault of Satoshi launches Divcoin
https://www.vaultofsatoshi.com/divcoin
(~$50/month 10 gh/s)
The initial price per Divcoin is $5.00 CAD (USD/BTC equivalent). Fees are 0.00028 per Divcoin, per day, which will be automatically removed before payout.

I read it over and it sounds simply like a theoretical miner in which you are paying $5.00 for 1 GH/sec. You could simply buy B.MINE in which each share represents 5 GH/sec. One share of B.MINE (on Havelock) currently sells for a dollar equivalent of $10.54, so you would be paying only $2.10 for 1 GH/sec. You can sell your B.MINE shares at any time also.

IMHO there are too many hidden details for Divcoin. Vault of Satoshi volume has dropped since CaVirtEx has lowered its fees. I suppose VOS is trying to drum up business. In Canada I have used CaVirtex for just under 3 years now and I have found them to be reputable and trustworthy in all my dealings with them. CaVirtex is a Bitcoin/Litecoin exchange.

[jjdub7]

Canadian company Vault of Satoshi launches Divcoin
https://www.vaultofsatoshi.com/divcoin
(~$50/month 10 gh/s)
The initial price per Divcoin is $5.00 CAD (USD/BTC equivalent). Fees are 0.00028 per Divcoin, per day, which will be automatically removed before payout.

I read it over and it sounds simply like a theoretical miner in which you are paying $5.00 for 1 GH/sec. You could simply buy B.MINE in which each share represents 5 GH/sec. One share of B.MINE (on Havelock) currently sells for a dollar equivalent of $10.54, so you would be paying only $2.10 for 1 GH/sec. You can sell your B.MINE shares at any time also.

IMHO there are too many hidden details for Divcoin. Vault of Satoshi volume has dropped since CaVirtEx has lowered its fees. I suppose VOS is trying to drum up business. In Canada I have used CaVirtex for just under 3 years now and I have found them to be reputable and trustworthy in all my dealings with them. CaVirtex is a Bitcoin/Litecoin exchange.

I've mentioned this before to...

Let's say you wanted to buy a 15 GH/s miner.  You could buy a physical piece of hardware (very unlikely to hold resale value), buy a share of PETA (weekly divs/compounding for large quantity), or buy 3 shares of B.MINE.  PETA will supposedly grow (after their financials are done getting brutalized by Lord-knows-what-interest-rate-and-no-I'm not-bothering-to-ever-look-at-that-sad-deception-of-a-prospectus-again-to find-out-what-it-is) in the long, long term, but by that point you will have been better off just holding the BTC and buying in after they've reinvested in cheaper, more efficient chips.  B.MINE has no maintenance fee or interest payments as a derivative and is priced at >1% return (right now, at least until difficulty bumps).

Personally, I own ~45 GH/s of mining equipment, but all the coin that's generated is going into B.SELL (the shorting mechanism of 2070's fund).  I'm disclosing this because with difficulty set to increase by ~25% this period (with droves of ASIC's being shipped probably as I type), its just a safer investment (and pays ~3-4x more than B.MINE for the same period).  That being said, one of the major strategies with BDD seems to be to hold B.MINE starting early/mid-difficulty period, collecting as many daily divs as your risk appetite can handle, and then selling off and buying B.SELL before the bid line drops.

[jjdub7]

Recent difficulty spike is related to KNC miner.
They are shipping their Neptunes now.

I choose not to panic.

In the case of the Bitcoin network exponential growth won't last forever.
This project will continue to be around. Let's see where we are in 24 months.

Haha, you don't realize that while yes, exponential growth won't last forever, the tech that's on its way within the coming years, particularly the 14nm (currently in engineering for mass production by Intel for its i-however-many-cores-this-time processor) and 10nm architectures (which Samsung demoed in 2012) will make everything from BFLs to ASICMINER Gen 3's mine like CPUs within a fortnight of their eventual release.

The only thing that's currently stopping this tech from happening in SHA256d ASICs is scalability - Intel and Samsung can't stay profitable in a niche market such as BTC mining by producing such cutting-edge tech.  The current mining companies don't have all the intellectual capital built up that these two tech giants do, but believe me, its only a matter of time before some senior engineer quits, their non-compete runs out, and they jump into the mining chip space.  Think what impact that'll have on the difficulty, assuming even that the number of people mining doesn't grow at all.

[blizeH]

So Puppet, I'm curious, what in your opinion is a good investment? Crypto related or otherwise.

I consider Bitcoin itself a risky but potentially very lucrative investment that makes sense.

Im not aware of any bitcoin investments that Id call good. And that should surprise no one, there are millions of bitcoins in wallets with owners looking to grow their stash and willing to invest in anything that moves, and there is precious little available for the public to invest in. That alone drives up prices, creates bubbles, with no way to short sell them to deflate the bubbles and should make you think twice.

Here  is the kicker though, no matter how wise everyone would invest, the bitcoin economy does not create more bitcoins, other than the ones that are mined, and those are mined anyhow. So it should be clear that on average, no one wins. The overall gain is in the increase of the value of the bitcoins themselves.  Add to that the fact that a large portion of these "investment opportunities" are plain scams, and therefore profitable for the scammer, and its mathematical certainty that the average investor will make a BTC denominated loss. This is very different from the fiat economy, where new money is actually created through good investments, and the loss is the  devaluation of the currency for everyone who keeps theirs under their mattress.

TL:DR: invest your fiat in whatever fiat denominated asset you think makes sense or invest in bitcoins that you keep in cold storage. Trying to do both by investing in bitcoin securities, generally is stupid. Just ask yourself: where would your BTC denominated profit come from? Who is paying for it? Unlike fiat, bitcoins can not be created from thin air and your profit is not gonna come from my cold wallet either.

Good post, thank you Puppet.

[Puppet]

Recent difficulty spike is related to KNC miner.
They are shipping their Neptunes now.

I choose not to panic.

In the case of the Bitcoin network exponential growth won't last forever.

And after KnC is done shipping Neptunes, they will deploy them in their second private mega mine. And then the next rise will be caused by a flood of asicminer gear, then one caused by 28nm Antminers, then one caused by 28nm Bitfiry's, etc, etc. Its not gonna stop anytime soon, and by the time exponential growth does stop, your crytpx shares will look as worthless as a 200MH/s FPGA today.

This project will continue to be around. Let's see where we are in 24 months.

Lol. Make that "2-4 months".

[Puppet]

[NotLambchop]

Nothing to worry about.  Only improves the yearly yield.  It's at a record high--351.76%!!

*BTW, that sell ate most of the way through the last support:

863/2366      ฿0.02112346     ฿18.2295

[Puppet]

Nothing to worry about.  Only improves the yearly yield.  It's at a record high--351.76%!!

*BTW, that sell ate most of the way through the last support:

863/2366      ฿0.02112346     ฿18.2295

Thats long gone. Some support now only at ฿0.004.  Thats a cool 96% drop from the last IPO 5 weeks ago. Like I said, Ive seen lots of braindead investments, but Peta takes the cake.

How's the long term looking Dhenson?

[fonsie]

It's at a record high--351.76%!!

WOW, peta mine is becoming more profitable by the minute  well depending on how you look at it.

I'm wondering when cryptx is going to announce when they pull the plug, but all they seem to care about is wether or not they are going to p2pool or not, (mumbles something about priorities)

[bitlind]

Nothing to worry about.  Only improves the yearly yield.  It's at a record high--351.76%!!

*BTW, that sell ate most of the way through the last support:

863/2366      ฿0.02112346     ฿18.2295

Thats long gone. Some support now only at ฿0.004.  Thats a cool 96% drop from the last IPO 5 weeks ago. Like I said, Ive seen lots of braindead investments, but Peta takes the cake.

How's the long term looking Dhenson?

Kenneth Slaughter would like to have a word with you sir.  Don't step on his brain dead turf!

[abdullahadam]

It actually might not be a bad buy.  It's getting close to the calculations we made

[Puppet]

It actually might not be a bad buy.  It's getting close to the calculations we made

Calculations that assumed 7%/week growth and 100% reinvestment ROI, neither of which seem very likely. There is a price at which this is worth buying, but it aint very high.

[abdullahadam]

It actually might not be a bad buy.  It's getting close to the calculations we made

Calculations that assumed 7%/week growth and 100% reinvestment ROI, neither of which seem very likely. There is a price at which this is worth buying, but it aint very high.

My calculations above didn't include any reinvestment.  I'm thinking it would have been better if cryptx were actually shareholders so they actually cared about the price. Just like Facebook and others are majority holders and really so care a lot about the price.  With the current situation they don't care even if it goes to 0 because they still get their hosting fee.  


But they have now burnt bridges with all their shareholders. Who is gonna invest with them in the future?  I emailed them about reducing hosting fee and no response

[abdullahadam]

Dear unit holders.
These are the results of the survey. 68% of all unit holders have cast their vote:
Yes, PetaMine should switch over to P2Pool – 96%
No, PetaMine should stay with ghash.io – 3%
No, Petamine should switch to another pool like Eligius or BTCGuild – 1%
The result is clear that a big majority of unit holders prefer a switch to p2pool. As we were performing additional tests the past week, we have to inform you that unfortunately the Bitfury systems are not compatible with p2pool. We are currently working on a solution for this and we will switch to p2pool as soon as we are able to fix this problem.

[nwfella]

It actually might not be a bad buy.  It's getting close to the calculations we made

Calculations that assumed 7%/week growth and 100% reinvestment ROI, neither of which seem very likely. There is a price at which this is worth buying, but it aint very high.

My calculations above didn't include any reinvestment.  I'm thinking it would have been better if cryptx were actually shareholders so they actually cared about the price. Just like Facebook and others are majority holders and really so care a lot about the price.  With the current situation they don't care even if it goes to 0 because they still get their hosting fee.  


But they have now burnt bridges with all their shareholders. Who is gonna invest with them in the future?  I emailed them about reducing hosting fee and no response

Boy howdy, certainly burned this bridge that's for sure!  abdullahadam raises a great point though regarding cryptx not even holding any shares not being much incentive for him to see this project succeed.  Next week's hosting fee's should be roughly inline with what is being paid out for "loan" pay back and dividends, by the following week we should be paying more for hosting fee's than we are receiving in dividends.  Game set and match goes to cryptx and cryptx alone on this one :/