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

[stompysteve]

no update for today?

[1715088558]

1715088558

[1715088558]

1715088558

[mruiter]

no update for today?

still not finished counting there hosting dividens 8P

[EdoBcn]

like if we had any way to check... simply invent a number.
30% less div from previous week.
Did the difficulty and exchange rates reflect this ? WHO CARES!

[TheSmackDown]

Yes you are right. Something needs doing properly. I did not get to vote, it was closed and i bought 244BTc worth of units at IPO....! ?

so what are the results of the vote....it got closed early and looks like some people didnt even get to

yep, they closed to early, when i went there is was already taken offline. So my vote is lost.
Again cryptx is upping his untrustyness bigtime

I had a mail back for crypt x and they say the voting stopped at 12pm GMT, is this correct?
I was allowed to make my vote by email.
The market conditions of LTC/BTC have really messed this project up, and if difficulty is changing so fast then why is the LTC price still so low? If its not profitable for miners then why are they?
As I previosuly say I am more a business person than detail specific techy. Can a techy pls solve the crypt x puzzle. Come on you clever cloggs - I know some of you are!

[alexius89]

Total reinvestment fund now reaches 93.60 BTC


These are the results of the survey. 57% of all unit holders have cast their vote:

1. Purchase of 23 Scrypt Miners - 7%
2. Convert every Scrypt-X unit to 5 PetaMine units. - 11%
3. One time dividend of the reinvestment fund. - 34%
4. Keep the reinvestment funds for future opportunities. - 48%

The result is clear that a large majority of unit holders who cast their vote prefers to use option 3 or 4.

Therefore we open the second voting round with options 3 & 4. Unit holders can place their vote till Friday 29 August 2014, 12:00 GMT on https://www.surveymonkey.com/s/3QLQR8J

We also like to thank all users for their positive comments and advice.

We particularly found the suggestion on Gawminers Vaultbreakers (this week released as Hashlet) very usefull. Therefore we have contacted Gawminers to discuss a possible cooperation. We will keep you updated about this progress. In case the second round also points to option 4, we could possibly make a new proposal with Gawminers hardware.

check the bold text....thats indeed  now very good news! :-)

So everyone please  VOTE  to keep the reinvestment fund to see what the outcome with GawMiners!

[EdoBcn]

[EdoBcn]

I mean, after loosing everyone's trust, we really want to attempt buying other machines and letting them profit for ever?
let's get what we can and see.
With the current dividends, I could make more by day trading...

[alexius89]

I think  CryptX  meant War Machine  because the vaultbreaker are not released yet.

the current price is 1600$  for 100 MH/s  in hashlet form.  The Price will drop in the next days as it happend before.

http://gawminers.com/pages/hashlet

current payput for 100 MHs/24h  is about 0.065 BTC which is actually pretty high!

They even promised an intern Market to sell the hashlets as well as more integrated Algorithm..

Edit: link, spelling

[Korbman]

I mean, after loosing everyone's trust, we really want to attempt buying other machines and letting them profit for ever?
let's get what we can and see.
With the current dividends, I could make more by day trading...

They'll be profiting regardless of what happens to investors. That's the way they've set it up. Dumping the reinvestment fund kills any chance of this fund expanding and puts us in the same position as PETA, and that hurts us, not Cryptx. They'll pull in fees and hosting costs until the hardware can't mine enough to cover those expenses.

At least now that they're looking into the GAWMiners there's a chance for growth. With the current reinvestment fund (and at the current BTC/USD price of ~$500), we can purchase 62 54MH/s miners, adding 3,348MH/s to the current ~4,000MH/s we're working with. How is that a bad thing?

[EdoBcn]

rough calculations:
we double the hashing power
we double the fees
we double the dividends.

looking at the las div, still looks pretty bad

[webbrowser]

Is there any future in scrypt/altcoin mining anyway (denominated either in btc or usd), or is it a sinking boat?

[DebitMe]

rough calculations:
we double the hashing power
we double the fees
we double the dividends.

looking at the las div, still looks pretty bad

Not necessarily double fees.  If we buy hashlets then the hosting fee will be a lot less than what we are paying cryptx.  It's an easy comp out for them as they don't have to really do anything in terms of setup and what not, but it would increase weekly payouts as we would have less hosting fees, we would have zenpool which somehow is making more than other multipools, and we would benefit from having coins stored with them and gaining interest on deposits.  Overall its a win win for us to go with them.  And, assuming that they hashlet can be adapted and changed in the future with either new hardware or to a new algorithm, it would increase the overall longevity of this asset.

Now the only downside is whether or not GawMiners is a scam.  There is lots of evidence going both ways, but I would hope cryptx would do some diligence before blindly investing that sum of btc.

[stompysteve]

rough calculations:
we double the hashing power
we double the fees
we double the dividends.

looking at the las div, still looks pretty bad

Not necessarily double fees.  If we buy hashlets then the hosting fee will be a lot less than what we are paying cryptx.  It's an easy comp out for them as they don't have to really do anything in terms of setup and what not, but it would increase weekly payouts as we would have less hosting fees, we would have zenpool which somehow is making more than other multipools, and we would benefit from having coins stored with them and gaining interest on deposits.  Overall its a win win for us to go with them.  And, assuming that they hashlet can be adapted and changed in the future with either new hardware or to a new algorithm, it would increase the overall longevity of this asset.

Now the only downside is whether or not GawMiners is a scam.  There is lots of evidence going both ways, but I would hope cryptx would do some diligence before blindly investing that sum of btc.

im not sure i understand the hashlet, you can change the algo in it and mine different coins

[DebitMe]

rough calculations:
we double the hashing power
we double the fees
we double the dividends.

looking at the las div, still looks pretty bad

Not necessarily double fees.  If we buy hashlets then the hosting fee will be a lot less than what we are paying cryptx.  It's an easy comp out for them as they don't have to really do anything in terms of setup and what not, but it would increase weekly payouts as we would have less hosting fees, we would have zenpool which somehow is making more than other multipools, and we would benefit from having coins stored with them and gaining interest on deposits.  Overall its a win win for us to go with them.  And, assuming that they hashlet can be adapted and changed in the future with either new hardware or to a new algorithm, it would increase the overall longevity of this asset.

Now the only downside is whether or not GawMiners is a scam.  There is lots of evidence going both ways, but I would hope cryptx would do some diligence before blindly investing that sum of btc.

im not sure i understand the hashlet, you can change the algo in it and mine different coins

Well...it doesn't seem like many people realize what it is, myself included, so this could be all wrong.  But to me, it sounds like they have some hardware (much like cex.io does) and they sell you the output of the hardware (a certain amount of mining power).  But, they can change out the hardware in the future with more cost efficient hardware, and in turn, pass the power savings onto you.  You could also change to different hardware possibly and mine a different algo.

They seem to be trying to package the hashlet as a brand new piece of hardware, but I am not thinking it is.  They probably just have a couple of large data centers with a lot of hardware in them and then they sell it to you and can switch out new machines in the future once they are invented.

[Korbman]

rough calculations:
we double the hashing power
we double the fees
we double the dividends.

looking at the las div, still looks pretty bad

Not entirely true. Purchasing energy efficient equipment (at least more so than the previous A2 purchases) doesn't double their expenses. Think of it like purchasing a 1TH/s @ 500W miner and adding it to your existing 1TH/s @ 1000W miner. Suddenly you have twice the hashing power, but only 50% more energy use.

Speaking of fees though...anyone else notice that the fees have been increasing little by little over the weeks even though no new equipment has been added? Last I checked, energy use is typically stable when you have a constant amount of hardware running 24/7...considering the prospectus clearly states a fixed expense of $0.25/kWh.

im not sure i understand the hashlet, you can change the algo in it and mine different coins

Well...it doesn't seem like many people realize what it is, myself included, so this could be all wrong.  But to me, it sounds like they have some hardware (much like cex.io does) and they sell you the output of the hardware (a certain amount of mining power).  But, they can change out the hardware in the future with more cost efficient hardware, and in turn, pass the power savings onto you.  You could also change to different hardware possibly and mine a different algo.

They seem to be trying to package the hashlet as a brand new piece of hardware, but I am not thinking it is.  They probably just have a couple of large data centers with a lot of hardware in them and then they sell it to you and can switch out new machines in the future once they are invented.

From what I've been able to gather, I think you're right. I actually purchased a 1MH/s Hashlet from them yesterday as a test, and so far it seems to be going well (hashing on their ZenPool). I also noticed that the price has gone up...yesterday I spent $15.99 per 1MH/s, and today it's $19.99. Promotional period perhaps? In any case, I'd proceed with caution until we know more about it. Blindly investing BTC90 into "the cloud" doesn't sound like the smartest idea at the moment.

[IamNotSure]

Reinvestment is a lost cause.

If we had distributed last reinvest fund insted of buying (to cryptx?) more hash power, we would be richer now.

Why does everyone wants to keep digging their own grave ?

Distribute the fund among shareholder and save what can be saved, that's the only solution. Other options are delusions.

PS: indeed, div decrease is more than LTC/BTC + diff increase... indeed, no word from ScyptX... Who cares ?? not cryptX actually...

[Korbman]

Reinvestment is a lost cause.

I see you've never run your own mining farm before...

[TheSmackDown]

Just had another look at the prospectus and we hv mined like 20% of what the projection for this week is on their chart. I guess nobody knew LTC would drop so much but hey, they should have known better than me, thats for sure.

We should go with option 3 for 2 weeks and then revert to re-investment and updating machines over time. Thats the only logical way forward I see.

[IamNotSure]

Reinvestment is a lost cause.

I see you've never run your own mining farm before...

No but I've seen CryptX running one. And I don't want them to run it anymore.

[Korbman]

We should go with option 3 for 2 weeks and then revert to re-investment and updating machines over time. Thats the only logical way forward I see.

So...you're opting to empty your savings account for that fleeting moment where you think you've done well...and then start up your savings again? Why not just maintain the savings in the first place?

Besides, that's unfortunately not one of Cryptx's options. Once the savings account is emptied, it's not being opened again.

Reinvestment is a lost cause.

I see you've never run your own mining farm before...

No but I've seen CryptX running one. And I don't want them to run it anymore.

And with that, just because Cryptx is running the farm improperly doesn't mean reinvestment isn't necessary (I assure you, it is). Don't focus on the team because that will just lead to endless frustration, impairing rational decision making in the process.

As an ex-farm operator, my advice is to focus on the fund's assets instead. Right now they're operating somewhere around 46-47 A2 Innosilicon miners. At 4U each, and consuming ~750W, we can assume they have enough space for 4-6 full server racks (42-44U each) depending on additional equipment, and can support more than 35,250Wh in continuous power. Combined with ~$45,000 in cash, there's quite a bit to work with here, and a lot can be done to turn this around. The question at this point is how?

The way I think about it is to imagine yourself standing in a datacenter staring at the racks of miners. The reality is that you're in a good position to do quite well for yourself, so with the cash in your hand, what's the best way to grow / update the current operation? There's always a miner that's bigger, better, faster, cheaper, cooler, and/or more efficient out there (either on the market or under development), you just have to find it.