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

[DebitMe]

Dear unit holders,

Difficulty has increased a little more than we originally anticipated. Our IPO prospectus foresaw a difficulty of less than 2B by this time. In reality it is a little higher, at 17 times our projection. As a result, we have fallen a bit short of our initial 1BTC per share dividend goal for October. But if bitcoin exchange rate increases by a few orders of magnitude and difficulty declines dramatically over he next decade or two, our initial goal is still within reach.

To maintain the possibility of achieving this goal, PETA mine will continue running for as long as mining revenue exceeds our very low undisclosed hosting costs. But whenever the revenue falls below our publicly announced $0.15/GH/month, as happened yesterday and will happen more and more frequently in the future,  PETA will generously  lend unit holders the difference so that no negative dividends have to be collected. Actual dividends will only resume once this accumulated debt is repaid, which will be increasing unlikely to happen ever.

Looking further ahead, once mining revenue drops below our undisclosed hosting costs, we will auction off the hardware, and will deduct this sum from the outstanding loan, thereby reducing the debt unit holders owe to Peta.

PETA mine has come a long way, and together with Havelock, has been a leader in driving down prices per GH, from ~0.007 BTC per GH at IPO to 0.0003 0.00025 ฿0.00020 BTC today, an impressive 2300 2700 3000% decline in just a few months. We are proud of this achievement and look forward to continuing on this path and set new records along the way.

YHBT
Team CryptX

lmfao...wow!  That's really big of you CryptX.  You would be willing to do that for us?  What a guy!  Considering I seriously doubt that havelock has any provisions for asset holders to actually charge their customers for holding shares this basically amounts to a doggie treat with 0 flavor.

The debt unit holders owe to Peta?!?!  Did he really just say that!  So glad I'm out of this cluster-buck.

This asset has been a complete sham for quite sometime.  Buyer beware, petamine is likely to not be around much longer.

I believe that was a fake story put out by Puppet that he made to look like an actual announcement.  Not real though.

Although probably not too far off what the actual announcement will be.

[nwfella]

lmao.  Nice one Puppet.  Guess I should've read the beginning a little more carefully regarding the 1BTC/share, that would've given it away had I paid attention the first time around.

*I wouldn't doubt that CryptX's next announcement contains at least a few elements of Puppets spoof as well though.

[cryptoconomist]

I can only admit Puppet was right from the start. I humbly apologise for the past comments Puppet! I guess I wanted this venture to work (for once) and got carried away... again please accept my apology!

Clearly Cryptx for the past few weeks did not have the best interest of shareholders at heart. If indeed getting 100% div. made sense for a week or 2 shareholders got mislead on the intention of Cryptx to keep it at 100% for ever... It might have not made a huge difference but selling hardware + keeping some div. could have save us a lot of BTC

[DebitMe]

My current thoughts on the project...

At this point dividends are negligible and mean nothing, anything paid in divs is just a bonus to the cost of the assets owned by the fund.  Therefor, the only thing left that has any value in PETA are the assets, which are capable of mining at 1150 TH/s.

So, currently the AsicMiner Prisma is selling at 1.47 btc for 1.4 TH/s of hashrate in CanaryInTheMines Group Buy thread.
Obviously we won't get the same price as our power efficiency is worse, but I don't think it is out of reason to expect to get .75 btc per TH/s of power at this point.

So, if we were to liquidate all of the assets, we would have 862.5 btc roughly, which divided over 1,149,988 shares, would be .00075 btc per share.

Of course that assumes that all of the assets can be sold for that amount and can be sold quickly.  I suppose that is the gamble right now, if we do decide to liquidate, there could be dividends of about double the current price assuming Cryptx decides to listen to investors and sell the equipment.  If they don't, they will continue to mine to nothing (except Cryptx's pocket) and we will be left with worthless equipment.

The time is now the liquidate the fund and sell off the assets.

[crazydan]

My current thoughts on the project...

At this point dividends are negligible and mean nothing, anything paid in divs is just a bonus to the cost of the assets owned by the fund.  Therefor, the only thing left that has any value in PETA are the assets, which are capable of mining at 1150 TH/s.

So, currently the AsicMiner Prisma is selling at 1.47 btc for 1.4 TH/s of hashrate in CanaryInTheMines Group Buy thread.
Obviously we won't get the same price as our power efficiency is worse, but I don't think it is out of reason to expect to get .75 btc per TH/s of power at this point.

So, if we were to liquidate all of the assets, we would have 862.5 btc roughly, which divided over 1,149,988 shares, would be .00075 btc per share.

Of course that assumes that all of the assets can be sold for that amount and can be sold quickly.  I suppose that is the gamble right now, if we do decide to liquidate, there could be dividends of about double the current price assuming Cryptx decides to listen to investors and sell the equipment.  If they don't, they will continue to mine to nothing (except Cryptx's pocket) and we will be left with worthless equipment.

The time is now the liquidate the fund and sell off the assets.

hi i am originally invest when peta miners made the announcement on reddit about switch to p2pool and decide to make the switch here from cex .

i read this detail in the prospectus

The hardware will be deployed immediately after the IPO. Unit holders are
entitled to 15 GH/s per unit and are also owners of the hardware of the mine.

On top of this, our new hardware only consumes
0.785 Watt/GH, which is the best performance on the market


Unit holders are
entitled to 15 GH/s per unit and are also owners of the hardware of the min

Unique Bitcoin mining features come together in one project:
o You start mining immediately
o You have no contractual obligations
o You benefit from the most competitive unit price per GH on the market
o You are an owner of the hardware
o You benefit from our large purchasing power
o You choose your timeframe
o You pay zero management or pool fees
o You benefit from partnerships with the biggest chip manufacturers

our money in IPO fund are use to buy hardware. cryptx take our money second time for loan to buy miners and paid him back by convert shares  we own this hardware this is the condition of investing
This is why i invest here because we own the hardware. this binding condition can no be changed.
 but now cryptx is scaming us. price is to 0,0004 or lower today and will only fall. cryptx ignore the owner and continue to suck profit. long enough cryptx have sucked profit

 havelock come to speak and say this profit is relate to difficulty, everybody know this and there is no surprise here- cryprx cannot control diffiuclty but he can control the condition of the agreement. we OWN this hardware this is theft  many time you have been contact asking to return our hardware.

llook asicminer prisma =  1,47 bitcoins. Here is same efficient roughly, the value here is 1 bitcoins minimum can be easily sold,  i know already many buyer  and also there are those who will act as reseller.  div is 0,001 this way .

cryptx i will drive to your mine and pickup MY hardware in europe anywhere . is no problem for me. you ignore all my message

i pay 2 btc who can start legal action or share documents of cryptx owner- addres, picture? ?
if someone want to pool together for legal action we can start from friday i am ready

if they dont sell this they are criminals. everything is on record. they will be like this man
http://insidebitcoins.com/news/trendon-shavers-bitcoin-ponzi-schemer-charged-40-million-fine/24716

$40 million american dollar fine for scamming user of bitcoin because he not hide, same as cryptx not hide

SELL THE HARDWARE OR GIVE OUR HARDWARE BACK TO THEIR OWNER- WHO IS THE SHAREHOLDERS
THEN WE CAN SELL THIS

[RoadStress]

Nice fail cryptx!

[Puppet]

Next course of action is to determine whether the units were ever purchased as claimed with investors funds or leased, amounting to intentional deception by the operators. BitFury has been issued with questions .

Whoever you may be, you do seem to have a point here. Right from Bitfury's website:

CryptX and  DigitalBTC are among our clients which use BitFury’s hosted mining services

Or in Berts own words:

Professional hosted mining operations are the future of this market. CryptX operates in this space and has chosen BitFury’s hosted mining services for its project, PetaMine. We have worked together with BitFury on several occasions and we are very pleased with this business relationship.
BERT VALKENBORGS
CryptX CEO

http://www.bitfury.org/

Might be a bit of a problem to sell those miners. And so much for cryptx claim of buying and running its own datacenter in Belgium.

[Puppet]

So, if we were to liquidate all of the assets, we would have 862.5 btc roughly, which divided over 1,149,988 shares, would be .00075 btc per share.

Yeah why make it easy calculating with BTC/1GH since each unit represents 1GH

You make a few assumptions though; first of all, that the hardware can be sold. Since cryptx uses Bitfury hosted mining, its not clear to me who really owns the hardware at this point. EVen if cryptx owns the hardware, its very likely the contract with bitfury runs for a predetermined time, most likely 12 months if not more. Keep in mind bitftury built their datacenter to essentially serve two customers (DigitalBTC and cryptx). Who is going to pay the next 6 months (edit: or 11 months, since the datacenter apparently came online in august!) ?

 Lastly there is the matter of incentive. Cryptx is making as much on petamine today as it was in the beginning. Its still reaping in $0.15/GH/month. He has no incentive to sell the hardware. He may lower hosting fees if and when needed to maintain the illusion of shareholder returns, since he is hosted in Georgia with rock bottom electricity prices (*), Im sure he has enough leeway there on his $0.15.


(*) http://www.georgiapower.com/pricing/files/rates-and-schedules/large-business/5.10_PLH-9.pdf

[crazydan]

So, if we were to liquidate all of the assets, we would have 862.5 btc roughly, which divided over 1,149,988 shares, would be .00075 btc per share.

Yeah why make it easy calculating with BTC/1GH since each unit represents 1GH

You make a few assumptions though; first of all, that the hardware can be sold. Since cryptx uses Bitfury hosted mining, its not clear to me who really owns the hardware at this point. EVen if cryptx owns the hardware, its very likely the contract with bitfury runs for a predetermined time, most likely 12 months if not more. Keep in mind bitftury built their datacenter to essentially serve two customers (DigitalBTC and cryptx). Who is going to pay the next 6 months (edit: or 11 months, since the datacenter apparently came online in august!) ?

 Lastly there is the matter of incentive. Cryptx is making as much on petamine today as it was in the beginning. Its still reaping in $0.15/GH/month. He has no incentive to sell the hardware. He may lower hosting fees if and when needed to maintain the illusion of shareholder returns, since he is hosted in Georgia with rock bottom electricity prices (*), Im sure he has enough leeway there on his $0.15.


(*) http://www.georgiapower.com/pricing/files/rates-and-schedules/large-business/5.10_PLH-9.pdf

0.5679¢ per kWh or $0.0057 per KwH !!

we know they are screwing us on power along time  digital btc press releases on their site say they used bitfury hostedmining and made millions american dollars of profits quickly they brek even. In Georgia bitfury pays even less than this for their power they use their own generator 10 or 20 megwatt and oil tanks, i read story say their datacentre more efficient than googles .

bitfury show us picture of their warehourse and hardware in belgium . we payed for both piece of minignn equipment before and after it move. If this is just borrow hardware without owning i would never invest, they cannot make illegal statement like this
 
so today i am seeking advice from legal proffessionals if cryptx will not offer hardware to rightful owner

[Puppet]

Havelock is down as usual,  but judging  by the blockchain it would seem yet another of my predictions has come true : a lowering of his fees.  I'm guessing .10 or. 12.

https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

So no liquidation,  enjoy your peanuts

[Dexter770221]

0.00000329

[crino]

Dear unit holders,

We would like to announce that with immediate effect, hosting costs will be reduced from 0.15$/GH to 0.105$/GH per month. This in our effort to keep the mining operation as competitive as possible given the current market conditions where BTC rate remains at a yearly low and overall network hashrate increased significantly.

For people still having questions about how daily dividend is calculated, we refer to our update from August 25th.


Team CryptX

[Puppet]

Rofl, you don't say. And some idiots will  think this is good news too

BTW it's not like their electricity provider lowered prices,  so at the very least cryptx suckered investors out of $0.045 per gh per month x 1150000=$51750 per month in excess fees.

Nicely done bert

[stompysteve]

wish i woulda setup a wall at .0001 the other day now to sell back at .0006

[DebitMe]

Rofl, you don't say. And some idiots will  think this is good news too

How could anyone say that is good news?  All they did was reduce the fee by enough so that they would just barely be paying dividends again, and they will continue to  collect their daily cut.

Somehow the share price rebounded back up to .0006, who would be stupid enough to buy back up that high, my only thoughts are Cryptx themselves.  And it just goes to show how much money they have been making this whole time that they can just cut the hosting fee by a third, no big deal.

[skuser]

Emotions apart at current maintenance fees and market price this project suddenly became cheapest offer on the market I know about with theoretical possibility of getting some ROI...Hashnest at appr. the same maintenace costs is twice as expensive and cex.io almost four times. Of course all depends on difficulty growth 

[Puppet]

Emotions apart at current maintenance fees and market price this project suddenly became cheapest offer on the market I know about with theoretical possibility of getting some ROI...Hashnest at appr. the same maintenace costs is twice as expensive and cex.io almost four times. Of course all depends on difficulty growth 

It also was the "cheapest" a few months ago. How did that work out?
The drop in fees gets you back to dividend levels like you did a few weeks ago, around 500 satoshi's in theory (not that cryptx ever achieved its theoretical yield, god knows where he gets his exchange rate from). Even if BTC price recovers, this only buys you a few more months of peanuts at best. Months during which the value of the hardware, the only thing that made this potentially worthwhile IMO,  continues to evaporate.

[jaysabi]

Maybe if you guys all offer to go ride stationary bicycles outside their data center to generate free electricity, they'll lower the hosting fees some more and make this a worthwhile investment. 

Man, I just solved all your problems!

[hephaist0s]

Rofl, you don't say. And some idiots will  think this is good news too

BTW it's not like their electricity provider lowered prices,  so at the very least cryptx suckered investors out of $0.045 per gh per month x 1150000=$51750 per month in excess fees.

Nicely done bert

You're nuts. It is good news, by absolutely any definition whatsoever. Costs have been lowered -- regardless of motivation, conspiracy theory, trolling, drunkenness -- it is good news.

What is your angle, again?

[Puppet]

Slow learner huh ?

https://bitcointalk.org/index.php?topic=310783.msg8601840#msg8601840