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

[nwfella]

I wonder if I should pm CryptX the private key to my BTC wallet since it's looking like we remaining few will be owing him on the daily to continue running the gear we don't own here soon enough...I give it 8 weeks tops. :p

Death by difficulty alas it is the fate of all mining hardware, unless difficulty decreases which won't happen
Just slows down and then speeds up all over again

This asset died as a result of far more than just difficulty increases...trust me.

As for the shareholders, it's basically "death by unga-bunga"

[Jayjay04]

Is it me, or Peta is a damn good bargin right now !!!

.00075 btc / Ghash

0.375 $ / Ghash

[DebitMe]

Is it me, or Peta is a damn good bargin right now !!!

.00075 btc / Ghash

0.375 $ / Ghash

You have to figure in their fees when buying and/or comparing them to Cex or another mining company.

[Jayjay04]

cex.io is at 0.0038 btc/GH and between 10 / 30 % fees !!!

[fractal02]

cex.io is at 0.0038 btc/GH and between 10 / 30 % fees !!!

Yep but you can sell quickly at CEX.

And very soon....no div at that rate...

1 bond normally is 1 GH/s but that don't work...see the actual div...

A very well made SCAM IMHO...well done CryptX...well done... 

[thatguy42]

Either way the price has rallied from what some people said was certainly the death of PETA,I feel like I need Dramamine

The death knell for PETA was sounded ages ago...whether or not people choose to listen to it is a different story.

Yeah - but don't forget, one can make money in any market! Even on a dying enterprise! 

Isn't that statement usually true, because you can usually short sell stocks, buy puts, or sell calls?  I don't think Havelock offers that functionality.

Yes Havelock does offer that option. B.Exch, B.Mine, B.Sell.
The great thing about B.Mine, no electricity fees, no hosting fees,
daily dividends; dividends only change at difficulty changes.
Same payout per Gh/s as
https://alloscomp.com/bitcoin/calculator.
@5 gh/s per unit

CEX=         .0037 per Gh/s  ~ 1/3 fees
Peta=        .0007 per Gh/s  ~ 1/2 fees
Pbmining= .0033 per Gh/s no fees, cannot trade, div once a week
B.mine=    .0024 per Gh/s no fees, can trade on market, daily div

[nwfella]

cex.io is at 0.0038 btc/GH and between 10 / 30 % fees !!!

Yep but you can sell quickly at CEX.

And very soon....no div at that rate...

1 bond normally is 1 GH/s but that don't work...see the actual div...

A very well made SCAM IMHO...well done CryptX...well done... 

Don't know that I would go so far as to call it an outright scam but certainly one helluva hustle at the very least.

[Puppet]

cex.io is at 0.0038 btc/GH and between 10 / 30 % fees !!!

For argument's sake, assume its 10% and cryptx 50% (too lazy to look up actual numbers), then the first one will keep paying out dividends until the network tenfolds,  while the latter would be worth virtually zero once the network just doubles. Thats why fees are so important, and what doomed peta from the start.

Thats not to say cex.io isnt obscenely overpriced, because it definitely is, even after the price crashed 60+%. It will keep crashing.

[Dexter770221]

Low divs was caused by troubles with cex.io https://bitcointalk.org/index.php?topic=627111.msg8525065#msg8525065.
My miner also have had trouble to connect and stayed idle for few hours...

[Puppet]

Low divs was caused by troubles with cex.io https://bitcointalk.org/index.php?topic=627111.msg8525065#msg8525065.

Sure, something is up at ghash. Good thing cryptx didnt listen to its shareholders and moved away from it.
That said, its not like they were supposed to be very high.
1GH = 0.00002109 BTC / day
Fee = 0.15 / $500 / 30 day/month= 0.00001
Expected dividend is therefore 0.00001109

From next week on, an important milestone will be achieved: fees will be higher than dividends and things will collapse real fast. it looks like ~850 satoshi's in 3 days, and a 20% increase after that will push it to ~450 satoshi's. At 365PH, with current BTC rate,  its all over, and if the current network growth continues, that means in less than 2 months.



FWIW, my initial simulations showed it would happen by the end of the year, but I didnt foresee the BTC price drop.

[Jayjay04]

Is there anyone from PetaMine/CryptX here that could comment on that situation ?

Thx

[KarmaShark]

Is there anyone from PetaMine/CryptX here that could comment on that situation ?

Thx

While your request is a fair one, I do not see what incentive Cryptx would have to show up and comment on any of this. The asset is dead in weeks, he has all of the BTC he can extract from the community with this asset. This is Lord of the Flies now, you're on your own.

[Jayjay04]

Maybe a plan for the future or planning the sale of the equipment into a big dividend for shareholders... ?

[Puppet]

Is there anyone from PetaMine/CryptX here that could comment on that situation ?

He just gave a press conference:

[nwfella]

Maybe a plan for the future or planning the sale of the equipment into a big dividend for shareholders... ?

I suspect it won't be a very 'big' dividend if it even happens.  I suspect if he does sell off the equipment he will probably figure out some way to weasel 6-8% out of that as well.  Or dump them to some unknown, cannot be named entity (cough cough cryptx) that picks them up in a single swoop for 'half market price'.  Not sure what's going to happen but one thing I am pretty sure of, weather forecast lookin like a high probability of more future shady.

[Jayjay04]

Technically we bought ghashes, so we could reclaimed them ?

[Anotheranonlol]

Technically we bought ghashes, so we could reclaimed them ?

yes, shareholders own the hardware (they paid for it - this was what the loan was for, the equipment is not rented)
and can vote for liquidation at any time, as all shares have voting power.

ANTMINER S3 september 20th shipping - 0.58 BTC
Price per 1 GH - 0.00128035 BTC

PETA 1 GH units 1149988
Price per 1GH -0.00064999 BTC

sell price at S3 rate- 1472 BTC

Dividend per share - 0.00128 / 0.00064999
=  197%

Of course if such a thing were to happen you would expect slippage on that sell rate for various reasons, but still more than you would ever get dumping at current market prices.

There's people picking up at 0.00056100 right now, Chance to make some nice earnings there under the right conditions.

[NotLambchop]

...
yes, shareholders own the hardware (they paid for it - this was what the loan was for, the equipment is not rented)
...

Didn't Cryptx make the loan to himself, and took shares in lieu of payment (originally to be repaid over time from mined BTC)?  

[rdyoung]

...
yes, shareholders own the hardware (they paid for it - this was what the loan was for, the equipment is not rented)
...

Didn't Cryptx make the loan to himself, and took shares in lieu of payment (originally to be repaid over time from mined BTC)?  

Yes, so one would expect them to have an interest in reducing the running costs of the mine. Maybe they are happy just getting paid the cost for management, they may have made more via that avenue than they have/will from mining dividends.
I doubt I will get a response, but I sent them a message via facebook asking about the 75% cost for overhead.

[Puppet]

Yes, so one would expect them to have an interest in reducing the running costs of the mine.

Lol?
Of course he has -and always had- an interest in minimizing the actual running costs, which one can only guess. But the difference between that, and the $0.15/GH "hosting fee" is what butters his sandwich. And yes, within a month or two, he will drop those fees; otherwise dividends would end up being negative, prompting a sale of his farm and ending his hosting fee revenue. So most likely you will see him come up with some excuse as to why he can suddenly reduce the fees and keep paying a few dozen satoshi's in divs until there is barely any resale value in the hardware. So after losing their shirt, pants and socks,  'unit' holders lose their underwear too.

Still looking good though. Annual Yield 584.66%. What a bargain