Lots of discussion, fact remains, still money not returned...
Pirate needs to stop the bleed (interest) ASAP.......
a YEAR into the scheme and hes only starting to notice that 3400% is a bit
too much "bleed" to be profitable ?
Topic: Bitcoin Savings & Trust - Money Returned List (One reported - CLOSED). (Read 67125 times)
August 28, 2012, 02:00:15 AM
Lots of discussion, fact remains, still money not returned...
Pirate needs to stop the bleed (interest) ASAP.......
a YEAR into the scheme and hes only starting to notice that 3400% is a bit
too much "bleed" to be profitable ?
August 27, 2012, 04:44:41 PM
So, it's been a week since this thread has been created.
I've counted 12-13 some-odd small accounts that claim to have been repaid, but nothing substantial.
Has pirate disappeared ? Any updates on this ?
EDIT: nm. found this thread: https://bitcointalksearch.org/topic/centralized-post-of-pirate-payouts-it-is-over-piratescammer-admits-default-101958
I've counted 12-13 some-odd small accounts that claim to have been repaid, but nothing substantial.
Has pirate disappeared ? Any updates on this ?
EDIT: nm. found this thread: https://bitcointalksearch.org/topic/centralized-post-of-pirate-payouts-it-is-over-piratescammer-admits-default-101958
August 27, 2012, 11:45:59 AM
Lots of discussion, fact remains, still money not returned...
August 26, 2012, 10:37:00 PM
Which is where the confusion comes from. Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).
When I asked about this, the best answer for the purpose of the service was for buyers to pay a premium in exchange for getting generated coin (aka vanilla or virgin coin), coins without a transaction history. But there is little demand.
August 26, 2012, 10:03:45 PM
GPUMAX is a service. It allows you to route your miners through the service so that you still mine at your normal pool, but only when there is no public work. When public work is available, then your miners are working on the public work at a pps that you set in your account.
the public work comes from people who purchase shares at a rate higher than the standard pps rate at other pools.
Which is where the confusion comes from. Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).
The thinking about it, im guessing its intended to be a form of gambling, or pool hopping. Where you purchase 100,000 shares, then the public 100-200ghash, or whatever the speed is that day, get pointed at your pool until those shares get found.
I imagine that there is a possibility to make a lot of money that way, but from what I've seen in the GPUMAX forum, the odds of return are small. It just doesn't seem like enough to sustain the site, but I haven't purchased any shares either, so i'm not speaking from experience.
the public work comes from people who purchase shares at a rate higher than the standard pps rate at other pools.
Which is where the confusion comes from. Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).
The thinking about it, im guessing its intended to be a form of gambling, or pool hopping. Where you purchase 100,000 shares, then the public 100-200ghash, or whatever the speed is that day, get pointed at your pool until those shares get found.
I imagine that there is a possibility to make a lot of money that way, but from what I've seen in the GPUMAX forum, the odds of return are small. It just doesn't seem like enough to sustain the site, but I haven't purchased any shares either, so i'm not speaking from experience.
The reason you do it, is somewhat gambling. You purchase the shares for the extra horsepower if you will, to try and get "lucky". If you have it pointed towards a proportional pool, which pays out due to hash rate/shares used to solve the block, and you get lucky and get a block that is 1)Solved quickly, and 2) Multiple blocks solved within the time it takes you to get your shares, you can walk away with much more coin than what you put it. So if you buy 250k shares, and you get up to 600GH for it, you point it towards a proportional pool, and say it takes 500k to solve that block, and of that 500k, you grab 25k of those shares, you get a decent pay out because its proportional, not PPS. Now say you get really lucky and that takes only 10 minutes, well you have more shares coming your way so its on to the next block the pool finds. And again you are lucky and get somewhat the same result. When its all said and done, you can come away with much more than you put it. But again, its all about luck.
Where you get screwed like in this example, is when you dont get multiple blocks solved quickly. You get stuck in one of those 10 hour long rounds. Now, you are spending more coin than what you are getting. Its all about timing and luck.
Play Satoshi dice instead?
August 26, 2012, 04:40:33 PM
GPUMAX is a service. It allows you to route your miners through the service so that you still mine at your normal pool, but only when there is no public work. When public work is available, then your miners are working on the public work at a pps that you set in your account.
the public work comes from people who purchase shares at a rate higher than the standard pps rate at other pools.
Which is where the confusion comes from. Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).
The thinking about it, im guessing its intended to be a form of gambling, or pool hopping. Where you purchase 100,000 shares, then the public 100-200ghash, or whatever the speed is that day, get pointed at your pool until those shares get found.
I imagine that there is a possibility to make a lot of money that way, but from what I've seen in the GPUMAX forum, the odds of return are small. It just doesn't seem like enough to sustain the site, but I haven't purchased any shares either, so i'm not speaking from experience.
the public work comes from people who purchase shares at a rate higher than the standard pps rate at other pools.
Which is where the confusion comes from. Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).
The thinking about it, im guessing its intended to be a form of gambling, or pool hopping. Where you purchase 100,000 shares, then the public 100-200ghash, or whatever the speed is that day, get pointed at your pool until those shares get found.
I imagine that there is a possibility to make a lot of money that way, but from what I've seen in the GPUMAX forum, the odds of return are small. It just doesn't seem like enough to sustain the site, but I haven't purchased any shares either, so i'm not speaking from experience.
The reason you do it, is somewhat gambling. You purchase the shares for the extra horsepower if you will, to try and get "lucky". If you have it pointed towards a proportional pool, which pays out due to hash rate/shares used to solve the block, and you get lucky and get a block that is 1)Solved quickly, and 2) Multiple blocks solved within the time it takes you to get your shares, you can walk away with much more coin than what you put it. So if you buy 250k shares, and you get up to 600GH for it, you point it towards a proportional pool, and say it takes 500k to solve that block, and of that 500k, you grab 25k of those shares, you get a decent pay out because its proportional, not PPS. Now say you get really lucky and that takes only 10 minutes, well you have more shares coming your way so its on to the next block the pool finds. And again you are lucky and get somewhat the same result. When its all said and done, you can come away with much more than you put it. But again, its all about luck.
Where you get screwed like in this example, is when you dont get multiple blocks solved quickly. You get stuck in one of those 10 hour long rounds. Now, you are spending more coin than what you are getting. Its all about timing and luck.
August 25, 2012, 06:09:39 PM
So they can pay with PayPal?
GPUMAX only accepts btc for payment right now.
GPUMAX only accepts btc for payment right now.
If you want BTC for Paypal go bitcoinary.com and enter a trade of Zyk
Cheers Zyk
this guy is a scammer according to a good amount of members on the forums, just heads up
yeah, no one here was really looking to puchase btc with paypal, it was just used as an example of why people would pay $15-$30 for a btc off of EBay.
but thanks for the heads up anyway...
August 25, 2012, 06:02:59 PM
So they can pay with PayPal?
GPUMAX only accepts btc for payment right now.
GPUMAX only accepts btc for payment right now.
If you want BTC for Paypal go bitcoinary.com and enter a trade of Zyk
Cheers Zyk
this guy is a scammer according to a good amount of members on the forums, just heads up
August 25, 2012, 03:42:30 PM
So they can pay with PayPal?
GPUMAX only accepts btc for payment right now.
GPUMAX only accepts btc for payment right now.
If you want BTC for Paypal go bitcoinary.com and enter a trade of Zyk
Cheers Zyk
August 25, 2012, 03:14:22 PM
I don't know anything about the interface to gpumax. Obviously for what I was talking about you'd need to be able to construct the block you sent out to gpumax workers. If you can't do that then my idea doesn't work.
Your idea would work if the timing were better. Right now, jobs are put into a queue and started manually from there. Perhaps once it's out of beta you will be able to buy jobs that start right away.
August 25, 2012, 11:36:25 AM
My only claim is I've thought of a viable use than can pay good returns
And its a use that hasnt been proposed, debated and debunked a few 100 times already? That list is pretty long, you know.
Now Im quite willing to believe there could be things I havent thought of (even though I have thought about it for more than 15 minutes
), but it strikes me as unlikely that apparently no else would have in these 9 months of BST and 6 or whatever months gpumax has been operating, even though both are among the most highly contentious and most debated topics. August 25, 2012, 11:27:03 AM
So they can pay with PayPal?
GPUMAX only accepts btc for payment right now.
GPUMAX only accepts btc for payment right now.
August 25, 2012, 11:25:32 AM
The same reason why people will pay 15-30 dollars for 1btc on ebay when they can get it any exchange for far less.
August 25, 2012, 11:20:04 AM
GPUMAX is a service. It allows you to route your miners through the service so that you still mine at your normal pool, but only when there is no public work. When public work is available, then your miners are working on the public work at a pps that you set in your account.
the public work comes from people who purchase shares at a rate higher than the standard pps rate at other pools.
Which is where the confusion comes from. Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).
The thinking about it, im guessing its intended to be a form of gambling, or pool hopping. Where you purchase 100,000 shares, then the public 100-200ghash, or whatever the speed is that day, get pointed at your pool until those shares get found.
I imagine that there is a possibility to make a lot of money that way, but from what I've seen in the GPUMAX forum, the odds of return are small. It just doesn't seem like enough to sustain the site, but I haven't purchased any shares either, so i'm not speaking from experience.
the public work comes from people who purchase shares at a rate higher than the standard pps rate at other pools.
Which is where the confusion comes from. Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).
The thinking about it, im guessing its intended to be a form of gambling, or pool hopping. Where you purchase 100,000 shares, then the public 100-200ghash, or whatever the speed is that day, get pointed at your pool until those shares get found.
I imagine that there is a possibility to make a lot of money that way, but from what I've seen in the GPUMAX forum, the odds of return are small. It just doesn't seem like enough to sustain the site, but I haven't purchased any shares either, so i'm not speaking from experience.
August 25, 2012, 09:59:01 AM
Can someone explain what GPUMAX actually is? Or post a link to where I can read about it?
I'm guessing its just like another mining pool.... except you are simply paid for your hash rate and the hashing power could be going to anyone willing to pay for it?
I'm guessing its just like another mining pool.... except you are simply paid for your hash rate and the hashing power could be going to anyone willing to pay for it?
August 25, 2012, 09:41:08 AM
Or owner of GPUMAX could use it to >50% attack network, to return some of their debts, but mainly for fun. or even a threat of possibility of attack could lower price just enough, for knowing party to purchase BTC, for profit.
This isn't really possible since the second anyone noticed this happening they just point their workers another direction and he'd lose majority. Miners aren't going to mine themselves out of existence.
I'm curious what people think the use of hashing power is though. As noted already if was anything but bitcoin then miners would ahve to use something other than cgminer ect. which does work on gpumax afaik. The whole "we figured it out because we're smart and you're dumb" is getting old.
Most likely is just a way to mint untraceable coins to pay for that ticket to Bermuda at noon. But it could be as simple and innocent as clever pool hoping. Most pool have fixed this so growth as this point seems odd though.
If you understand how the system works, you too can think of it. Pirate said GPUmax isn't about subverting the network (not his words - he said something about not destroying the cryptocurrency we all love) and that corresponds with what I thought of.
I have nothing to gain or lose from GPUmax, I'm not involved. My only claim is I've thought of a viable use than can pay good returns (it's unclear to me what those returns might be, that would take some interesting analysis). I'm sure you can think of a use too if you throw away nutjob ideas of a conspiracy etc. and just think for yourself a bit. Literally it took me about 15-30 minutes last night, but I'm willing to put that down as luck and it might normally take 6 hours.
Is that what it's being used for? I'm not sure, but like you I cannot see any other viable use either
That's what the free market is all about right? He who can exploit the opportunities wins. Perhaps pirate (on GPUmax at least, nor sure about BTCST) is just smarter than you give him credit for? If so, kudos to him, I'm not going to give the game away just because I can.
August 25, 2012, 09:29:39 AM
I don't know anything about the interface to gpumax. Obviously for what I was talking about you'd need to be able to construct the block you sent out to gpumax workers. If you can't do that then my idea doesn't work.
August 25, 2012, 09:23:13 AM
I've thought a potential reason to use GPUMAX would be if you solve a block and another pool solves a block at the same time, you can pay gpumax users extra to build off of your block, hopefully increasing the chance that the next block gets built off of yours rather than the other miners.
Wouldn't Pirate be the only one with that option? Regular GPUMax users don't have that kind of granularity.
August 25, 2012, 09:19:15 AM
I've thought a potential reason to use GPUMAX would be if you solve a block and another pool solves a block at the same time, you can pay gpumax users extra to build off of your block, hopefully increasing the chance that the next block gets built off of yours rather than the other miners.
August 25, 2012, 08:59:13 AM
I just got my invite to gpumax yesterday. I spent all night getting things setup.
Then I started to wonder what the real benefit of the site was and had a hard time figuring it out. I can manage my miners just as easy without it. And the only reason I could figure for people buying shares would be to test out a new pool (can't be many of those) or to gamble on a pool getting lucky. It didn't seem like enough to sustain the site. So I started to read up on the man at the top.
Then I started to wonder what the real benefit of the site was and had a hard time figuring it out. I can manage my miners just as easy without it. And the only reason I could figure for people buying shares would be to test out a new pool (can't be many of those) or to gamble on a pool getting lucky. It didn't seem like enough to sustain the site. So I started to read up on the man at the top.
I thought the same, until I racked my brains and thought of a really cool occasional use of the hashpower. Not sure if that's what pirate's customers are using it for, but there's a good chance.
Think hard and you might come up with a reason for its existence too.
Shhhhh. Let them be smug in their accusations a little bit longer.
duuuuuuuuuude you just smugged all over him.
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