[HAVELOCK] SCRYPT 4 GH/s hosted scrypt mining project by CRYPTX

[TheSmackDown]

i am gonna wait the long haul, best option right now. or i cud crash the market myself and buy back, mmmrrrrrroaahh

[nwfella]

Not heading anywhere but down fellas

This really, really sucks!  Gotta say, I'm seriously disappointed with lack of communication by cryptx and crew.  But after giving it some serious thought, I came to the conclusion that the reason communication is so freaking terrible from the cryptx camp is because any news they could/would deliver would simply wake more people up faster to this dual-disaster (for investors anyway).

[MonkeyBear68]

Not heading anywhere but down fellas

This really, really sucks!  Gotta say, I'm seriously disappointed with lack of communication by cryptx and crew.  But after giving it some serious thought, I came to the conclusion that the reason communication is so freaking terrible from the cryptx camp is because any news they could/would deliver would simply wake more people up faster to this dual-disaster (for investors anyway).

I think that trying to profit by mining in general is now a lost cause. CryptX has little to do with the fact that the model in general is one that currently guarantees losses. Let me explain as follows:

Whenever the "next" greatest mining chip is being planned, you have to pre-order months in advance. Your estimate of profits is based on getting the chips exactly in time and the network hashrate going up in set intervals. The problem is that there are always delays and hashrate (from existing chips still coming online) will be much higher when you get your chips. If you look at any mining projections the first few weeks are crucial to whether you break even, let alone make a profit. Once a set of chips are released then this immediately will cause a huge jump in hashrate when this new technology comes online.

Another thing that I find curious is the huge increase in hashrate a couple of weeks ago, followed by the current dip. I have no proof but I suspect that many manufacturers were "testing" the miners for a couple of weeks before sending them out. If you think about this it makes perfect sense as they now have taken the miners offline in order to ship them, thus the current lull in hashrate. Once customers receive their miners the hashrate will abruptly rise. The problem is that the BTC/LTC mined during testing should belong to the customers and this BTC/LTC is crucial to a customer being able to make a profit from the miners they purchased in good faith. They are essentially stealing from their customers by doing this. The problem is that they can justify this by saying that they need to test the equipment. I believe if a customer has pre-paid for any chips or mining equipment, then any BTC/LTC mined during testing should be the customers and taken off the price of the equipment.

Yet another issue is the perceived profitability of mining shares based on the annual yield. The problem is that hashrate is always going up, which in turn causes dividends to drop, which in turn causes share price to drop and this of course causes the annual yield to again go up. The problem is that the annual yield is now based on a LOWER share price! You are in reality simply paying yourself a dividend by eating away at your initial investment capital. The fact that the mining chips will never generate enough BTC/LTC to pay for themselves, let alone provide for profits, means that the current BTC/LTC mining model is a losing proposition for investors.

Do not base the current BTC/LTC mining situation on what happened in the past!!  The easy mining days are over.

[EdoBcn]

wrong. both projects were advertised as either "cryptx has pre orders" / "hardware is already shipped".
cryptx knew what he was doing.

So yeah, as soon on the peta thread someone started suggesting a road trip to Belgium, pictures appeared.
As soon as someone provided mathematical evidence of the point of failures of peta, Cryptx disappears and halts communication.
Shareprice falls to unacceptable levels, Cryptx doesn't gice a shit about it. They already got their money and profit is there until mining pays for fees. After that, liquidation and (maybe) start again.
fuck fuck fuck. I was not on their precious project and I blame only myself for not having done some due diligence and study why the hell their previous didn't work.

Someone suggested me to sue them. Not sure on what legal basis, but fuck yeah. let's give the case to a lawyer and see what comes out. Worse case scenario we throw away 5k for nothing. Compared to the hundreds of thousands lost by everyone, it is really nothing.

Anyone has a good contact in Belgium or around there? Maybe a bitcoin enthusiast lawyer?

[TheSmackDown]

the dividend has surely affected the share price and people selling, then the LTC/BTC ratio, there is still a glimmer that at bottom, things will only improve and share price. But, for anyone who invested a lot it seems a bit hairy right now, thats for damn sure

[TheSmackDown]

hv u seen ltc - its at damn 7.60USD??!!

I never in a million years thought ltc value would slump so bad, and so has the dividend. what we need guys is LTC to rocket like it is supossed to and for all parties to do well from it
dividend wise the peta mine has done good and people had plenty opportunity to sell shares at a good profit

[DebitMe]

How can we get an extra 33% of power and dividends still decrease by 20%?  did we really lose over 50% of value on btc/ltc price and difficulty change in one week?  or did we not get everything deployed?

Even just half a week hashing seems like that was a pretty big decrease.

[EdoBcn]

xbond type: Cryptx buys back all shares at ipo price.

This should happen.
If they really belive in what they are doing, buy us out.

[rdyoung]

How can we get an extra 33% of power and dividends still decrease by 20%?  did we really lose over 50% of value on btc/ltc price and difficulty change in one week?  or did we not get everything deployed?

Even just half a week hashing seems like that was a pretty big decrease.

Cryptx posted sometime ago that they had split the hashing power between wemineltc and ghashs multipool.
This IMO is a giant mistake, they should be focusing on multipools only and have others as backup pools, not having the hashing power divided among them.

I am running a few small miners pointed at ghashs multi and I am currently averaging 15-20% over mining ltc alone.
The ltc/btc ratio will continue to suffer as more hashing power is pointed at ltc and multipools in general, those that are autoconverting ltc into btc are creating huge sell walls and forcing the price even lower. This isn't to say that the altcoins that prove to have utility and a userbase won't recover from this, but atm anyone mining scrypt and looking to roi for reinvestment or for pocket money should be using a multipool.

[NotLambchop]

...
And can you go back to PETA's topic I have some orders that need to be filled.

Did you fill those yet?  Some good prices here too, you know...  

The yearly yield is almost as good as PETA too.

[counting-stars]

Is it located in belgium, too?

[EdoBcn]

Is it located in belgium, too?

http://www.cryptx.com
address is on homepage.

Google it

[EdoBcn]

why people accept to sell at 0.001 and why someone buys them?

*edit 0.01

[jonsi]

why people accept to sell at 0.001 and why someone buys them?

*edit 0.01

If you look at Recent Trades it's just one share buy at 0.01 from time to time. Probably it's someone that is trying to mentain the illusion that a share it's worth that much.

[fractal02]

why people accept to sell at 0.001 and why someone buys them?

*edit 0.01

If you look at Recent Trades it's just one share buy at 0.01 from time to time. Probably it's someone that is trying to mentain the illusion that a share it's worth that much.

Exactly...

[TheSmackDown]

I think all this whinging has driven the share price down. its like a stock market security too. so as the LTC/BTC ratio screwed our dividends, we screwed ourselves.

Someone has probably wanted this to happen so they can buy in dirt cheap, otherwise the share price should be at least half of IPO right now.

So I am sure it will be good as the re-investment funds seem to grow pretty fast and I am sure crypt x will use them to buffer dividends in future while they wait on new chips.

Yes I am pissed off at my share price right now but freaking out here has 100% not helped any share holders. Always work in interest of the share holders is the key to any project.

[EdoBcn]

Honestly, regardless of the price decided by these small exchanges of 1 to 20 shares, I think that a 1% weekly dividend is an acceptable rate.
As the last div was 0.0002, a shareprice of 0.02 would be more realistic.
As it is half of that right now, it would be a good purchase.
Even considering difficulty changes, say 20%, 0.016 would be acceptable.

But 0.01 is way below. Not counting the extra hashing power "that should have been deployed last week".

Let's see if finally Cryptx comes to senses and decides to give us some more info and updates.
And yes, if we were to vote today, no re investments thanks. Let us get full dividends and decide to purchase more shares instead (cex.io style).

(if someone is willing to purchase high quantities, please PM me. Really need to cash out, exchange for fiat and use the money for something else).

[TheSmackDown]

Only a third of people voted, so I was unhappy that crypt x took that as a yes. And in any case they need to make the expert decisions.

I too hope they buffer the dividend and share price as soon as they can to keep investors happy, as nobody like me thought LTC price would fall so low.

[EdoBcn]

Only a third of people voted, so I was unhappy that crypt x took that as a yes. And in any case they need to make the expert decisions.

I too hope they buffer the dividend and share price as soon as they can to keep investors happy, as nobody like me thought LTC price would fall so low.

Guess that that is the downside of democracy. You need to vote to express your right. Non voting may be a powerful thing as well. Maybe the 66% that didn't use their right were just relying on Cryptx decision. Or on the other 33% that voted.

But hey, we should have the right to call for other votes as well
How about sell all hardware and refund all shareholders (adding reinvestment fund)?
Or, how about, repurchase all shares at ipo price?

[mvidetto]

xbond type: Cryptx buys back all shares at ipo price.

This should happen.
If they really belive in what they are doing, buy us out.

We can only hope.