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

[pedrog]

Network hashrate is hitting 200,000,000 GH/s and today I've sold my remaining PETA shares, just made the math and dividends plus all the trades I have a profit of ~0.002 bitcoins, retirement here I go!

[fonsie]

Network hashrate is hitting 200,000,000 GH/s and today I've sold my remaining PETA shares, just made the math and dividends plus all the trades I have a profit of ~0.002 bitcoins, retirement here I go!

Well done, you did better than most. 

[nwfella]

Welcome to the CryptX asset purchaser club!

Not me. I sold out before the IPO and spent quite a bit of time in May preparing figures and spreadsheets to let people know what they were getting themselves into.

Unfortunately, everyone threw caution to the winds when cryptx announced that hewould purchase any unsold portion of the IPO batch one.  And the worst part was that they didn't make cryptx put his own money into the sinking ship.

True enough.  This whole fiasco basically put's cryptx and team for me right up there with BFL, Hashfast, and AT.  Not quite as bad as NeoBee or Inputs.io obviously but bad nonetheless.

[Puppet]

Network hashrate is hitting 200,000,000 GH/s

As predicted, it once again nearly doubled in 2 months.  

Time for some fun stats. At what point do peta divs hit zero (mining revenue  per GH <= $0.15/GH hosting fee) ?

Code:

$/BTC	Zero div PH
200	146
250	182
300	219
350	255
400	292
450	328
500	365
550	401
600	438
650	474
700	511
750	547
800	583

At the current BTC exchange rate, somewhere around 340 PH or in ~6-8 weeks at current growth.
Or at the current network speed, when BTC would drop further to ~$300.

[JRBeagle]

So are they really gonna just let it die?I would think they would be forced to do something soon or liquidate and pay out a one time big dividend

[dexu]

I wonder, to what price will fall...

[Puppet]

I wonder, to what price will fall...

[dexu]

So pretty animation of the market. Please gimme link

[webbrowser]

So are they really gonna just let it die?I would think they would be forced to do something soon or liquidate and pay out a one time big dividend

You seem to be under the impression that this is not going the way cryptx planned, and that the purpose of the project is not to extract the maximum amount of hosting fees.

This situation was already foreseen in the prospectus - see the section under dissolution.

However, it's pretty doubtful that there will be any value left in the assets at that point in time.

[nwfella]

So are they really gonna just let it die?I would think they would be forced to do something soon or liquidate and pay out a one time big dividend

You seem to be under the impression that this is not going the way cryptx planned, and that the purpose of the project is not to extract the maximum amount of hosting fees.

This situation was already foreseen in the prospectus - see the section under dissolution.

However, it's pretty doubtful that there will be any value left in the assets at that point in time.

Yup.  Although I'm thinking a more appropriate title for this section might've been "My Poverty solution"...at least as it applies to cryptx himself.

[angelete]

Someone is bidding 47 BTC at 0.00081 per share.

Buy very cheap and expect the liquidation is perhaps the best solution to limit losses?

[Puppet]

This situation was already foreseen in the prospectus - see the section under dissolution.

However, it's pretty doubtful that there will be any value left in the assets at that point in time.

You assume that point is still far away; it could be upon us in october. And the sooner it happens, the better, ironically.

Ive been away for a while, but AFAICS, new mining hardware is still selling for ~$800/TH. Used hardware isnt going to fetch the same price, especially not when its cryptx selling  as he utterly blew his reputation on that. And in two months, prices will have come down further, but lets optimistically guestimate cryptx could still fetch $300/TH. Thats ~0.6BTC at todays low exchange rate. Or 0.00062BTC per unit. Hardly trivial considering the current market price which isnt even twice that.

Of course, two months from here, its entirely possible BTC value will have doubled, which would reduce the miner's BTC denominated value almost proportionally,  and prolong the current flow of money towards cryptx fees while market prices per TH continue to tumble. Moreover I suspect cryptx will lower his fees once mining revenue is almost equal to minng fees, as its far more economical for him to continue mining (read: collect fees) than sell the hardware and having to hand out the proceeds.

And lets not forget; I didnt only predict that PETA shares would drop dramatically in price, I also made another prediction; I dont have a time line for that, but sooner or later, cryptx will face regulatory issues, and the impact of that could be very severe. Possibly very positive for IPO investors  (think Activeminer), possibly disastrous for everyone.

[webbrowser]

This situation was already foreseen in the prospectus - see the section under dissolution.

However, it's pretty doubtful that there will be any value left in the assets at that point in time.

You assume that point is still far away; it could be upon us in october. And the sooner it happens, the better, ironically.

Ive been away for a while, but AFAICS, new mining hardware is still selling for ~$800/TH. Used hardware isnt going to fetch the same price, especially not when its cryptx selling  as he utterly blew his reputation on that. And in two months, prices will have come down further, but lets optimistically guestimate cryptx could still fetch $300/TH. Thats ~0.6BTC at todays low exchange rate. Or 0.00062BTC per unit. Hardly trivial considering the current market price which isnt even twice that.

Of course, two months from here, its entirely possible BTC value will have doubled, which would reduce the miner's BTC denominated value almost proportionally,  and prolong the current flow of money towards cryptx fees while market prices per TH continue to tumble. Moreover I suspect cryptx will lower his fees once mining revenue is almost equal to minng fees, as its far more economical for him to continue mining (read: collect fees) than sell the hardware and having to hand out the proceeds.

Exactly. I assume that cryptx will lower his fees, which is bound to be much higher than his costs. Dissolution and distributing the proceeds to shareholders does not benefit him since he doesn't hold any shares.  Whereas continuing mining means he continues to collect fees until the mining revenue reaches marginal costs.  So I doubt that there will be any value left in 1.1PH of obsolete assets at that point in time.

[Puppet]

Exactly. I assume that cryptx will lower his fees, which is bound to be much higher than his costs. Dissolution and distributing the proceeds to shareholders does not benefit him since he doesn't hold any shares. 

He does. Unless he dumped them all since, he converted the loan in to 4650 peta shares (x14 after split).
But he seems to be trying to get rid of them. Check the Scryptx updates, he is offering scryptx shareholders peta shares rofl.

[dexu]

Talking talking we here and the price rises ;-)

[cryptonaut420]

If anyone misses the old daily 50% reinvestment strategy they were doing, I am offering a similar opportunity via a PetaMine investment fund, built using CounterParty (token name: PETAMINE). The gist of it is that money is pooled together to buy PetaMine shares from Havelock. Any money directly invested into the fund gets you PETAMINE tokens to your http://counterwallet.co wallet (which you can hold or trade on the decentralized asset exchange).  Every day 48% of the daily dividends received are directly reinvested into buying more shares, and 50% goes towards weekly payouts. Once a week (every saturday), total earned is paid out to any bitcoin addresses that hold PETAMINE tokens.

More info and official thread: http://letstalkbitcoin.com/forum/post/petaminexcp-mine-bitcoin-with-your-counterwallet

cheers

[dexu]

If anyone misses the old daily 50% reinvestment strategy they were doing, I am offering a similar opportunity via a PetaMine investment fund, built using CounterParty (token name: PETAMINE). The gist of it is that money is pooled together to buy PetaMine shares from Havelock. Any money directly invested into the fund gets you PETAMINE tokens to your http://counterwallet.co wallet (which you can hold or trade on the decentralized asset exchange).  Every day 48% of the daily dividends received are directly reinvested into buying more shares, and 50% goes towards weekly payouts. Once a week (every saturday), total earned is paid out to any bitcoin addresses that hold PETAMINE tokens.

More info and official thread: http://letstalkbitcoin.com/forum/post/petaminexcp-mine-bitcoin-with-your-counterwallet

cheers

Sounds like scam

[twentyseventy]

If anyone misses the old daily 50% reinvestment strategy they were doing, I am offering a similar opportunity via a PetaMine investment fund, built using CounterParty (token name: PETAMINE). The gist of it is that money is pooled together to buy PetaMine shares from Havelock. Any money directly invested into the fund gets you PETAMINE tokens to your http://counterwallet.co wallet (which you can hold or trade on the decentralized asset exchange).  Every day 48% of the daily dividends received are directly reinvested into buying more shares, and 50% goes towards weekly payouts. Once a week (every saturday), total earned is paid out to any bitcoin addresses that hold PETAMINE tokens.

More info and official thread: http://letstalkbitcoin.com/forum/post/petaminexcp-mine-bitcoin-with-your-counterwallet

cheers

This just compounds an investment in PETA - if PETA does poorly, this just does even more poorly (because of the 2% fee). There's no reason that anyone couldn't do this on their own.

[cryptonaut420]

Sounds like scam

Typical bitcointalk user response is typical. I could have bet money that one of the first responses on here would be somebody screaming "scamm!!!" honestly I cant blame you though.

For the record, I am essentially putting my reputation on the line for this (i.e, not going to run away with the money.. not much I can do it Peta/Cryptx itself crashes to nothing though). For what its worth, im the main admin and developer over at Lets Talk Bitcoin! and if somebody wants to find out who I am (im not actually anonymous) and where I live, they could do so with little effort (il even tell you if you ask).

This just compounds an investment in PETA - if PETA does poorly, this just does even more poorly (because of the 2% fee). There's no reason that anyone couldn't do this on their own.

Yep that is true. Your free to do the same thing on your own and skip the 2% fee. Its just another option for somebody that doesnt want to take the bit of time each day to manage it themselves, or prefers weekly payouts instead of every day.

Really, its more of an experiment in creating CounterParty based assets/tokens. Take it or leave it, figured I mise well make a post on here though.

[jjdub7]

If anyone misses the old daily 50% reinvestment strategy they were doing, I am offering a similar opportunity via a PetaMine investment fund, built using CounterParty (token name: PETAMINE). The gist of it is that money is pooled together to buy PetaMine shares from Havelock. Any money directly invested into the fund gets you PETAMINE tokens to your http://counterwallet.co wallet (which you can hold or trade on the decentralized asset exchange).  Every day 48% of the daily dividends received are directly reinvested into buying more shares, and 50% goes towards weekly payouts. Once a week (every saturday), total earned is paid out to any bitcoin addresses that hold PETAMINE tokens.

More info and official thread: http://letstalkbitcoin.com/forum/post/petaminexcp-mine-bitcoin-with-your-counterwallet

cheers

This just compounds an investment in PETA - if PETA does poorly, this just does even more poorly (because of the 2% fee). There's no reason that anyone couldn't do this on their own.

+1

What happens when you buy all the shares?  Reinvestment compounding is nice when prices are static or rising, but for depreciating assets...