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Massive dilution is what is going on. According to OTC Markets,
http://www.otcmarkets.com/stock/ELRA/profile
here are the stock splits since 2007
Capital Change=shs increased by 10 for 1 split Ex-date=12/18/2007. Rec date=12/14/2007. Pay date=12/17/2007.
Capital Change=shs decreased by 1 for 100 split Ex-date=01/25/2013.
Capital Change=shs decreased by 1 for 10 split. Ex-date=05/02/2014.
Prior to the 1 for 100 reverse split in 2013, there were 2.5 billion shares outstanding. If you factor in the recent 1 for 10, that would equate to 25 Billion shares. Just say, "wow." With the amount of convertibles coming due, there will be further dilution and further reverse splits. ELRA's current share structure is probably over over 10 million issued and outstanding and growing each day. I don't any way that a currently share holder can get their money back. HHG indicated you could probably trade it, but that is very difficult because no one knows when this dilution will slow to allow the stock to rise. Last week, there was an opportunity, but it was short lived and very risky. With today's close and the current bid, anyone and everyone that holds this stock is underwater. I hope people can make enough money on other trades to balance out the losses being produced by this awful company.
The market is strange animal. You cannot explain price movements and market capitalizations. Just look at the marijuana stocks for insight into this phenomena. No one can really make any predictions vis a' vis price movements. All stock holders have an "irrational exuberance" feeling about their holdings. It is only natural. No one knows when/if a "Blast off" will occur, because the market is totally unpredictable. All a person can do is their due diligence and make purchases or non purchases based on that research. So far, this stock has baffled me. I thought by now we would have at least maintained the mid .002 level. There is a lot of positive news surrounding BTC, especially with the recent auction of 30,000 BTC. There were over 60 bidders. That indicates there is a lot interest in BTC. The price also reflects this interest (currently at $650 for one BTC). I said all this to say that patience is key here.
Let's get ready to rumble. The pool is currently down and undergoing maintenance..
I will give you my take on todays action.
1. Buy the rumor sell the news is in full swing.
2. Yesterday, people saw the blurb on the pool website that indicated news would be released today pre open. People who bought yesterday at or below .0022 are now sellers. Some even posted yesterday that would sell today regardless because they just wanted a quick flip. This should trade flat to down in the next two weeks until people get confirmation that miners are in the pool. GLTU
5 to 7 BTC a day would be an accurate estimate (I know accurate and estimate is an oxymoron). The percentage of BTC a person receives depends on your contributed mining speed and also the luck of the pool. Look at the miners currently in the pool and you will see their BTC/day amounts and percentages. Note these amounts and percentages change daily because the speed (hash rate) of the miners fluctuate daily and also the luck of the pool fluctuates daily.
Thank you for selling. Now please stop posting here and move on. And if you buy back in later at a higher price, we don't need to know. I am glad you did not make a quick buck. MELY and BTC are for investors. BTW, I hope all traders sell and move on. The miners will be delivered and installed. When is anyone's guess, but they will be delivered. I anyone is serious about BTC and MELY, just do some DD and contact BTC miner manufacturers and BTC distributors. Ask them about the scarcity of procuring a miner. Then ask them how long it take them to deliver 100 1TH/s miners. After they stop laughing, they will say "are you serious." Then they will provide with some obscure date in the not so distant future. A single order of 100 miners is a monumental feat and the fact that MELY did this speaks volumes vis a' vis the company's serious intent in the BTC mining/cloud space. No need to reply because I am only interested in discussing MELY with potential shareholders and present shareholders.
Calculations at this point are pure speculation because the price of BTC is not constant and the amount of servers will not be constant. They will have more than 100 servers running a year from now. The 100 servers is only phase one. I don't think MELY will stop at 100 servers that is why they indicated in a PR that this is phase one. What happens if they reach 1PH/s or 2PH/s in the next 12 months?
I am not sure I understand your comment. Are you saying 21 million is a bad thing? To me, 21 million is one of the reasons why I got into BTC. This means they are scarce. Scarcity will be an ingredient that will allow BTC to increase in value. Do you realize that BTC can go to 10,000 or 100,000 each?BTW, it will take 140 years to mine 21M BTC.
For comparison, there were 829 billion dollars in circulation as of December 2007.
Tower, that is really some bad math. Do you think MELY will stop at 100TH/s? Would you? The street looks for growth and is forward looking. This is just the start. First, it is 5-7 BTC a day and then when they get to 1PH/s it will be 50-70 BTC a day. When they get to 2PH/s, it will be 100-140 BTC a day. The stock will be way higher than .15 a share when 1PH/s is reached. At 1PH/s, revenue will be (at current BTC prices) at least 50BTC X $600 = $30,000 per day. Now what if BTC price in a year is $2,000 per BTC? Then it is 50BTC X $2000 = $100,00 per day. I know BTC could also go down, but it could go up. I am betting on it going up because of the amount of money being spent by VC's and the infrastructure that is being developed. Finally, how many pink sheet stocks do you know that have revenue of $3,000 a day? If any, the list is very short. IMO, there is ton of money to be made in BTC and with MELY.
When the miners go online, this board will be very happy. I can tell you from personal experience that mining BTC is very exciting. My mining rate in the last 24 hours was .21 BTC. I am just sitting back and literally "making money." This is what MELY will do when the miners go online. I want to get more miners, but the supply is very scarce and for good reason. I am going to buy more miners with my MELY profits and eventually, I want to mine 1 BTC a day. Can you imagine getting at least $600 a day for just waking up ($219,000/year). I would encourage all shareholders to buy at least one miner with their profits and once you see the potential, you too will be very excited.
What is your point vis a' vis posting this info? Is this a soft bash or scare tactic?
BTW, here is what Ghash.io said:
http://www.coindesk.com/ghash-io-never-launch-51-attack/
No one is going to fault you or anyone else for taking a profit. After all, you cannot go broke taking a profit. As for me, my profits will be much higher. I currently have miners operating a 5.8TH/s. I am being rewarded .20 BTC a day. That is 6 BTC a month. The miners pay for themselves in 2.5 months. After that, I will will printing free BTC (minus power consumption). MELY will be rewarded 5-6 BTC a day. This is phase I. If MELY gets 500 miners plus pool participants. Well you get the idea. Just think if/when BTC goes back over $1,000. I will not sell my BTC for at least 10 years. I am sure they will worth well over $1M and maybe closer to $10M ($10,000/BTC). This is my opinion after conducting my DD vis a' vis BTC.
This is from the mining pool: "Update June 13th 2014 - Power upgrades in progress until 2AM PST."
I am surmising the power upgrades are in preparation of installing the miners. Things are moving along...
Something is going on. Currently there are no miners in the pool and there is 0.000 hash rate being mined. Let the speculation begin...
Does anyone have any other contact info for the company? I called the 949 area code number and left messages everyday this week and I have not received a call back from Brett. Also, I emailed them and my email was returned as undeliverable. I received my Spondoolies Dawson SP10 miners and I have some technical questions about the mining pool.
Secondly, people need to understand that MELY getting 100 miners is an extremely impressive coup. I was lucky to get two 1/TH miners. Currently, there are no 1/TH or 3/TH or 6/TH miners available for purchase. I tried buying two additional 1/TH miners and none are available. All preorders from the January timeframe are sold out and there is currently zero inventory of these miners. Repeat I cannot find any Spondoolies or Blackarrows for sale. FWIW, I was told to stay away from miners made in China because they are unreliable. Therefore, to get 100 miners at once is quite an accomplishment by MELY. Current BTC interest is huge and anyone that doubts the huge potential of MELY does not have a grasp on BTC.
Here is the link to the miners
http://www.spondoolies-tech.com/products/sp10-dawson-mid-june-batch
When I add them to the pool, I will let the board know my BTC productivity.
I bought two 1.4TH miners that will go into the pool next week. This is the only stock that an individual shareholder can actually have a direct affect on the stock price. Just think, if shareholders bought just one miner. The pool can easily get to 1000 or more miners. This will attract more miners and so on. You would not only get an increase in share price, but also BTC. Amazing...
I posted this previously. Here it is again.
http://minersource.net/products/spondoolies-tech-sp10-dawson-1-5th-bitcoin-miner
I will be getting my swim trunks in around 1 week to 10 days. Then I will be in the pool. I am buying two of these http://www.spondoolies-tech.com/products/sp10-dawson-may-second-batch.
This is the only stock where you can directly affect the PPS by entering the pool. It is a no brainer. Just think if every shareholder joined the pool. You would not only increase the PPS, but also get BTC. Then you have a money compounding effect. If this pool can get to 1,000 and over, the PPS will be...Well you get the point. Everyone should read this post and let this information digest for a while. I will update the board when I am in the pool. Summer is here...
Some people just don't get it. I have no problem with my .0029 purchases today. You can never time the market. Just know what you buy and why. Also, know your exit strategy. I know in the long run I will make money. This stock will run and run hard. In a couple of months, people will be disappointed they did not buy at these levels.
EOD will tell if this was the mother of all shakes.
Looks are definitely deceiving. I have bought 2M shares this morning at .0029 at the bid. So far no movement. It is still .0029 X .0030. Therefore, you cannot rely on L2 to be accurate because evidently there are many more share available than what is being shown on L2. Lets see if another 1M will move it up.
You got your penny. Albeit, a penny and half. Are you still going to average down huge? If so, I will be curious to see if your buys move the market. Please post amount/price of shares when you have bought. Thanks.
So are you saying that all future mining operations (in all BTC mining companies) will not be profitable? Additionally, according to your logic, since all future operations will not be profitable, everyone should stop mining and leave the remaining coins unmined? I don't agree with this logic. Finally, you intimate the company is spinning its wheels buying miners, beta testing, and buying more miners for nothing and zero profit? What is the point of that? They could have just issued PR's and done nothing if they wanted to pump this stock. Instead they are actually producing money...
HHG, give it up! You cannot save or educate these sheeple. You have made some very good points, but these sheeple are not listening. They made a bad investment and on top of that, they continue to ride it into the ground. I pointed out a long time ago that people should sell and buy back triple or quadruple the amount of shares at a lower price. No one sold because "it makes no sense to sell at these prices." With the bid at .0029 (pre-split) they will never get their money back. Look at the previous poster that has held and needs this stock to go to over $70 to break even. Never gonna happen. Also, as Integral has pointed out, the dilution will be endless and thus again there will no way to get back to even. The next reverse split (and there will be another reverse split after more dilution) will exacerbate the situation more. Finally, I have learned, you cannot rationalize with irrational people (sheeple).
Why are you and others so surprised by the dilution? Or are you surprised that it is happening so soon after the r/s? This is why the 1 for 10 r/s happened...so they could dilute it back down to .01 and then reverse split again and then dilute. This will continue until the convertibles are satisfied. I am glad to see that no one in their right mind is buying these "cheapies." However, I still don't understand why people don't sell and move on with some money. If another reverse split happens this year, it will be become increasingly impossible to recover monies invested.
FYI. The 400K and 500K blocks at .0024 were mine and they were buys. Now currently a little over 6M bid support on level II.
I have received three different emails from MR (last one today) pumping this stock. Since the stock is not moving, I would surmise they continue to issue these emails/alrerts so that someone or entitie(s) can exit this stock. The continued pump with little to no movement is my clue to move on to something more attractive. Good luck to everyone who trades this issue. I wish you nothing but profits.
This board has an unusual amount of supporters no matter what bad news is released or no matter how low the stock price declines. I can't believe people are discussing;
1. Is it 20 days before trading resumes? Who cares. I would be more concerned that my funds are locked up (even for a day). Bottom line is you don't have access to your funds, period. You are in the twilight zone until this thing trades again. That is what should be discussed.
2. Is a reverse split good or bad? Crazy discussion because the stock was pound down to new lows and then on top of that a 10 for 1 reverse split. I would be mad just because the reverse happened and the company did not announce it because they knew people would probably have sold. Now you are trapped in the twilight and cannot trade no matter how you feel.
3. How can rational people support a company that has done nothing but dilute and dilute.
4. The news today was fluff PR. The company has not reported making a dime on any of the money it has spent.
5. Can someone, anyone, explain why you continue to support this company? I just don't get it.
The correct question is:
Was a reverse split done because convertibles can't be executed below .01? If this is true, look for more conversions shortly and back down to .01 or less. This has been the history as evidenced by the poster who said their break even is over $70.00.
If you want to know the answer, some DD is required.
lol. Too funny!
Integral I find your post most informational and spot on. I would love to have some conversations with you offline. Can you private message me with your email info? Thanks.
Please comment on the following.
Raise your hand if:
1. You will continue to buy these "cheapies" or
2. Think "it doesn't make sense to sell at these levels."
BTW, I think my surmise that the only reason to enact a reverse split is to continue to dilute is indeed true. Integral also commented on this issue. They may have stopped the dilution because there may be restrictions vis a' vis dilution below a certain share price. So what do we do? OH, I know. We do a reverse split and continue the dilution. It will be interesting so see if the T-Trades are restarted. It dilution restarts, you will know the stock will retest .01 or lower and reverse split again and so on. This is legal thievery!
Based on today's closing price of .008, the stock will open at .08. This board if full of the most supportive longs that I have EVER seen on any board. With stock going down to .006 and rebounding to the .01's and then an unannounced 1 for 10 reverse split and people somehow continuing to post positive thought???? I will admit you guys will not be shaken from your positions no matter what. I have to give you kudos for such a vehement stance. It may be misplace, but kudos nevertheless.
Lastly, with such a low float, circa 5M-6M, this stock will see huge price swings. It will be fun to watch.
What was the time and sells info (i.e. size/price). Please elaborate.
Something smells.
1. As previously posted, the numbers don't add up. A/S 1.7B pre split and 700M post split.
2. The only rationale I can come up with splitting a stock with O/S of 56M at .01 to 5.6M at .10 is to dilute at higher prices. Evidently the company did not believe the share price could get back to higher levels on its own merit. Dilution in the last two weeks has been not that evident. I am looking to see if dilution reemerges post split. As of now, I am still on the sidelines and this type of activity definitely keeps me on the sidelines.
The dearth of volume is what eventually kills grey sheet issues. If the volume is sustained, PHOT has a chance, but if volume begins to diminish incrementally, the party will be over. I am looking at the volume trends to guide any future purchases. Tomorrows volume needs to be at least 80% or more of todays volume for me to start to getting excited.
The "volumes" it speaks is that people have misplaced their belief in PHOT. Some people won't accept the fact that they have been duped. Those that still hold shares will soon see that it will be very difficult to get out of the door because there won't be any volume to allows them to exit. That is the thing with the grey market and ultimately what kills each issue. It dies slowly. Eventually, the people that continue to hold will just hold and write and their investment off. Again, watch the volume.
It doesn't matter what the stock did on Friday. People played the bounce. The grey sheets are no fun. The volume was 114M Friday. That volume consisted of people covering, flipping and a lot of selling. The flippers bought and then sold. The flippers are out, the shorts are out and the sellers are out. That leaves the people that believe the stock will go up. Watch the volume over the next week. It will tell the story. I will speculate/guess the volume on May 2, 2014 will be 1M or less. As the volume dries up, the price will go down and down. As the price goes down, it will be increasingly difficult to trade (either buy or sell). People were commenting on Friday that it took a while to get their orders filled with 114M volume. Just imagine trying to get an order filled with much less volume. The grey market is not a place I want to trade. I will be watching this on the sidelines.
He won't answer and no one else on this board will answer because only the company can verify this info. People post nonsense with zero thought about the validity of the information they are posting. They just sling crap and hope someone believes them. Mondays close ugly close was my cue to sell. I am looking to reenter at a much lower price point and ride another wave up.