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

[BitCrawler]

Hey guys, at the moment when most people voted PETA not to reinvest we all lost a lot of value. At the moment our stocks are worth maybe 1/10th they used to and the dividend is becoming less every day. Why was every so stupid to vote not to invest anymore? Now it's like *poof* and the money is gone.. Is there any future in PETA mining? I remember investing 5BTC, worth 9BTC after some time. Then after the vote I saw it lose its value to about 1BTC. Why did we let this happen? Also, I voted against and have been buying stocks with dividends.

[_biO_]

Difficulty killed the project. Reinvestments wouldn't have helped. Dividends would still be used to pay back the loan if the vote hadn't passed.

[fonsie]

and have been buying stocks with dividends.

What on earth made you believe it was a good idea to do that?

[Netwerked]

Hey guys, at the moment when most people voted PETA not to reinvest we all lost a lot of value. At the moment our stocks are worth maybe 1/10th they used to and the dividend is becoming less every day. Why was every so stupid to vote not to invest anymore? Now it's like *poof* and the money is gone.. Is there any future in PETA mining? I remember investing 5BTC, worth 9BTC after some time. Then after the vote I saw it lose its value to about 1BTC. Why did we let this happen? Also, I voted against and have been buying stocks with dividends.

I think the logic at the time of the vote was that the share price had already dropped a lot, and the dividends were quickly falling too.  Since we could not sell our existing shares and break even, we thought it would be better to receive larger dividends in the short-term as opposed to getting smaller dividends over the long-term.  In any case, I think we all knew that voting for higher dividends would shorten PETA's life.  Even if the majority had voted to reinvest, it would just slightly prolong PETA's life by several months.  In hindsight, with the information that we now know, I think the majority made the right decision.

One other thing to keep in mind is that PETA was hoping to sell a lot more shares at its IPOs.  Since only a fraction of the shares were sold, I think the economies of scale were bad.  This led to higher fees being charged per share, also effectively shortening the life of PETA.

Is there any future in PETA mining?  I think it will come to an end soon.  The fees are relatively high and there are other mining options that seem more attractive.  Even with the more attractive options, mining has become extremely competitive, and the chance of breaking even is diminishing in the near-term.  When breaking even with mining gets more risky, more people switch to the strategy of buying BTC at a low price and selling at a higher price.

You mentioned that you're buying stocks with dividends.  Unfortunately, you have a traditional mindset, where you think the goal of a company is to survive indefinitely.  I think many of us had that mindset when we first bought PETA shares.  We quickly realized that was not going to be the case.  The share price reflected that.  When you reinvested dividends in additional shares, you were effectively buying shares that other people no longer wanted.  You did not add additional mining capacity.  If you keep following this reinvestment plan, you will eventually have close to zero.

[nwfella]

One of the fairest overall summaries I've heard thus far on CryptX stock.  True enough, I knew at the time I was voting that this would shorten Peta's life and also agree with Netwerked's conclusion that pretty much any hardware manufacturer and % dividend reinvestment would've only prolonged the inevitable.  Although that inevitable could've been quite sometime if we could reverse the clock to when CryptX "loaned" us the money for the huge not so great last batch of hardware.  Oh well, at least it will disappear soon and no more money will be lost to it.

This asset was pretty much doomed from the start in retrospect but then again, what mining asset isn't nowadays? 

[BitCrawler]

Thank you all on your views. I was smart enough not to reinvest all in PETA stocks and now have a varying portfolio on different sites 

[oma5]

I guess that's it. No more comments. Everyone's thrown in the towel...

[EternalWingsofGod]

I guess that's it. No more comments. Everyone's thrown in the towel...

By the looks of it that is what happened
Since the thread has been quiet for the last few days and nothing of interest has happened in the meantime.

[Puppet]

[fonsie]

It seems that the peta dividends are trying to do the same a mining itself, as much zero's in the front as possible.

[Puppet]

Reminder, zero div day table:

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

Bitcoin plunging to $435 and the network at an estimated 285PH.
I always said it would happen before the end of the year, now it looks like zero div day may happen as soon as early october.

[oma5]

Bitcoin is dead. Long live Bitcoin.

[skuser]

Bitcoin plunging to $435 and the network at an estimated 285PH.
I always said it would happen before the end of the year, now it looks like zero div day may happen as soon as early october.

Yes, zero div day is coming also for cex.io which has .18 USD/GHs/month maintenance fee, probably as soon as October 7th-8th at current BTC price. Will be fun to watch if the GHs price will reflect the fact of zero/negative dividends. I suspect that it will take a while to owners notice they have to pay for owning GH/s...

[Puppet]

cex.io is far more nuts, Ill grant you that. In a week, at todays BTC price and using current estimated difficulty, mining revenue would be $0.1933 per month for $0.18 fees. Or $0.0133 in dividend, compared to $0.072 today. With some bad luck, if BTC price drops further or network growth accelerates, they could potentially hit zero a week from now. And yet the price is rising lol.

Moreover, cex.io terms state they will just pull the plug (or at least stop div payments), and thats it. With petamine at least you are supposed to get your share of the resale of hardware, pitiful as I expect that to be, especially since I strongly suspect cryptx has no interest to liquidate his mine already, he'll probably lower his fees to some point marginally below mining revenue and drag this out for as long as he can.  Wouldnt be surprised he came up with a plan to prefinance the hosting fee deficit in 'anticipation' of BTC price rise or difficulty drop.

[crino]

ok ok, but today 0.00000742 BTC/unit 

[oma5]

ok ok, but today 0.00000742 BTC/unit 

Still not zero! 

[Puppet]

ok ok, but today 0.00000742 BTC/unit  

Awesome.Its called variance.
And have you dont the math what it will be like a week from now, based on current price and network speed?

427 satoshi in mining revenue
-357 satoshi in fees
= 70 satoshi in dividends.

(btw, using the same numbers, cex.io goes negative on the next difficulty adjustment. Thats gonna be hilarious to watch too)

[stompysteve]

I like how it's about to die but cryptx still hasn't said anything about what happens next

Btc almost down to 350 and hashrate almost at 300 (how has one not slowed down who knows)

[Timetwister]

Is still 0.15$ charged per month per gh? That's nearly the same as revenues...

[Puppet]

Is still 0.15$ charged per month per gh? That's nearly the same as revenues...

Dont worry, there is always a solution:


Investing in an obvious ponzi should solve this

(disclaimer for the generally not so knowledgable cryptx investors, laxo is a ponzi, and has been sending out double spend millibits as advertisement. Its not peta's fault, and dont be so stupid as to give your money to these crooks)