Pages:
Author

Topic: Did you guys get instant ROI during the Paycoin scandal of 2014? (Read 1354 times)

legendary
Activity: 3808
Merit: 1723
There were rigs that got instant ROI if you were one of the first 0.01ZEC to make it into the exchange. There was HUGE volume, don't believe me check the charts.

Most pools weren't ready for the launch, so the one pool that was ready got most of the blocks at once. I think within minutes 150 blocks were solved.

You had to sell within minutes of the launch however...

If you sold at 30BTC/ZEC you actually sold way too late hours later.

You could not have sold "within minutes of the launch". There is something called the coinbase maturity duration and the blocks were not found that fast that the coins matured within minutes. The first dust came hours after launch to the exchange. I mined myself from start with the 1.0.0 client and saw in real-time how blocks and difficulty increased. It was much slower than what you described.



Yes it launched, and there were bids and no coins on Poloniex, 120 blocks later it hit the exchanges. I have no idea why you people are arguing and think I am making this up. Some people just got in at the right place and right time and cleared a few BTCs because of it. Good for them.
full member
Activity: 307
Merit: 101
There were rigs that got instant ROI if you were one of the first 0.01ZEC to make it into the exchange. There was HUGE volume, don't believe me check the charts.

Most pools weren't ready for the launch, so the one pool that was ready got most of the blocks at once. I think within minutes 150 blocks were solved.

You had to sell within minutes of the launch however...

If you sold at 30BTC/ZEC you actually sold way too late hours later.

You could not have sold "within minutes of the launch". There is something called the coinbase maturity duration and the blocks were not found that fast that the coins matured within minutes. The first dust came hours after launch to the exchange. I mined myself from start with the 1.0.0 client and saw in real-time how blocks and difficulty increased. It was much slower than what you described.

legendary
Activity: 3808
Merit: 1723
There were rigs that got instant ROI if you were one of the first 0.01ZEC to make it into the exchange. There was HUGE volume, don't believe me check the charts.

Most pools weren't ready for the launch, so the one pool that was ready got most of the blocks at once. I think within minutes 150 blocks were solved.

You had to sell within minutes of the launch however...

If you sold at 30BTC/ZEC you actually sold way too late hours later.

full member
Activity: 307
Merit: 101
Reading people moaning about how they missed out on selling at 50 BTC/ZEC reminds me a lot about people who also whine about not holding on to this or that collectable; baseball cards, beanie babies, etc. The problem is if *everyone* held on to these they would not be so valuable. Same thing with ZEC. If everything was working perfect and pools were paying out, the price would have plunged even faster and you would have still only been able to sell at 10 btc/zec, 5/btc/zec, or whatever you ended up with.

You might as well bemoan the fact that you didn't pick those exact wining lottery numbers after the drawing has already taken place. And if this explanation doesn't satisfy you take comfort in the fact most of those crazy high early trades were fake with speculators trying to establish an early high price and buying into their own sells. Sorry Sunshine, no one actually bought at 3,600 BTC/ZEC and gave someone else an instant ROI mining farm.

True. What people also don't get: Despite the 3,300 BTC/ZEC, the total available coins were just a fraction of one ZEC, so pretty much nothing was sold, i.e. no volume.
As you say, these stories about ROI entire rigs or farms is utter bullshit.
legendary
Activity: 1596
Merit: 1000
Indeed. I consider myself lucky to have been able to sell ~0.2 at ~30BTC/ZEC.
legendary
Activity: 1078
Merit: 1011
Reading people moaning about how they missed out on selling at 50 BTC/ZEC reminds me a lot about people who also whine about not holding on to this or that collectable; baseball cards, beanie babies, etc. The problem is if *everyone* held on to these they would not be so valuable. Same thing with ZEC. If everything was working perfect and pools were paying out, the price would have plunged even faster and you would have still only been able to sell at 10 btc/zec, 5/btc/zec, or whatever you ended up with.

You might as well bemoan the fact that you didn't pick those exact wining lottery numbers after the drawing has already taken place. And if this explanation doesn't satisfy you take comfort in the fact most of those crazy high early trades were fake with speculators trying to establish an early high price and buying into their own sells. Sorry Sunshine, no one actually bought at 3,600 BTC/ZEC and gave someone else an instant ROI mining farm.
sr. member
Activity: 254
Merit: 250
I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.


Well, zcash didn't work out for most people even at the beginning, because difficulty pretty much spiked so high in the first few hours that you'd only have earned 20-40$ a day (which got to around ten at the end of the day due to difficulty spikes). Instant ROI is a bit of an exaggeration, but you might have earned a good 20$ or less on the first day of Zcash.

There are people who not only ROI'd their GPUs they ROI'd their entire GPUs rigs mining the first day when it was around 50BTC/ZEC.

But you had to be on the right pool, which paid out ASAP and payout to a "t" address. I sold very late but I managed to sell at 10BTC/ZEC even. Imagine those that sold at 100-200BTC/ZEC. 



At that time, there is very little trade volume. So not many could sell at the 100 BTC/ZEC. Some pools have late payments.
legendary
Activity: 1596
Merit: 1000
As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.

Was it really 1000%, crazy.

Its also 100% right now for some reason on Nicehash. I guess its good to be a Bitcoin ASIC miner during these times, reduces ROI days.

Yeah, the BTC was flowing in. Crazy times.

Wonder why people are paying so much on nicehash right now?
member
Activity: 93
Merit: 10
I feel really bad for the investors. Peaked at 0.04 BTC, now 0.00000400 BTC.

Imagine buying $1,000,000 worth and now having it worth $100.

All those ASICs were paid by these broke people.

There were major red flags pretty much from the start, so I don't feel too bad about it.
legendary
Activity: 3808
Merit: 1723
I feel really bad for the investors. Peaked at 0.04 BTC, now 0.00000400 BTC.

Imagine buying $1,000,000 worth and now having it worth $100.

All those ASICs were paid by these broke people.
member
Activity: 93
Merit: 10
As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.

Was it really 1000%, crazy.

Its also 100% right now for some reason on Nicehash. I guess its good to be a Bitcoin ASIC miner during these times, reduces ROI days.

It was insane. Even renting nicehash to mine paycoin was extremely profitable.
legendary
Activity: 3808
Merit: 1723
As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.

Was it really 1000%, crazy.

Its also 100% right now for some reason on Nicehash. I guess its good to be a Bitcoin ASIC miner during these times, reduces ROI days.
legendary
Activity: 1596
Merit: 1000
As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.
hero member
Activity: 882
Merit: 500
I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.


Well, zcash didn't work out for most people even at the beginning, because difficulty pretty much spiked so high in the first few hours that you'd only have earned 20-40$ a day (which got to around ten at the end of the day due to difficulty spikes). Instant ROI is a bit of an exaggeration, but you might have earned a good 20$ or less on the first day of Zcash.

There are people who not only ROI'd their GPUs they ROI'd their entire GPUs rigs mining the first day when it was around 50BTC/ZEC.

But you had to be on the right pool, which paid out ASAP and payout to a "t" address. I sold very late but I managed to sell at 10BTC/ZEC even. Imagine those that sold at 100-200BTC/ZEC.  



I made 2 btc first hour mining cause i have sold range 100-50 btc istantly.
sorry for those ones who bought at that range btw
legendary
Activity: 1176
Merit: 1015
I mined on Nicehash the first day and never received a payment EVER. My coin address does not even register at this point, so in my mind nicehash was more of a "scam" than coinsforall.

Nicehash paid out only 15-20% of what you earned, 2-3 days late. Still have that dust floating there, wonder when that disappears...
sr. member
Activity: 429
Merit: 250
I was mining on that scam pool Coinsforall because my AMD GPUs ran the fastest on there. But the payouts were crazy delayed but eventually a payout went thru while the price was still 10BTC/ZEC.

But there was thousands of dollars of unrealized gains that were lost literally every hour. People were PISSED on that thread. I wished I mined on Suprnova instead. I think he got the payouts out the fastest.


I am 100% sure Coinsforall is not a scam. I mined from day 2 there and got all my payouts (yes it took a little time). I think the initial launch was crazy and bad because no pool, wallet, etc. worked properly. I mine on flypool currently since Claymore released his miner and seems its the only consistent paying pool besides coinsforall. Nicehash and suprnova are still having issues (from what I have read on the zcash forums) and people are not calling them a scam....

I mined on Nicehash the first day and never received a payment EVER. My coin address does not even register at this point, so in my mind nicehash was more of a "scam" than coinsforall.
legendary
Activity: 4256
Merit: 8551
'The right to privacy matters'
I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.



I did very well with niches rentals during the paycoin runup.

I did 10x the btc rate for 3 days.  and maybe 3x the btc rate for 15 days.

as for zec it will spike again very soon.  It is now under valued.
legendary
Activity: 1624
Merit: 1130
Bitcoin FTW!
I was mining on that scam pool Coinsforall because my AMD GPUs ran the fastest on there. But the payouts were crazy delayed but eventually a payout went thru while the price was still 10BTC/ZEC.

But there was thousands of dollars of unrealized gains that were lost literally every hour. People were PISSED on that thread. I wished I mined on Suprnova instead. I think he got the payouts out the fastest.


Solo was definitely the way to go if you wanted a quick payout, only issue was difficulty was a bit high and lower hashrate rigs won't get ZEC nearly as fast. I even considered opening my own ZEC pool (lol) but figured it wasn't worth it. It's still a nice coin to mine, though- not terrible, but not as good as it was. I'm just disappointed people are falling for even clear scams, such as ZEC cloudmining- only Genesis could possibly have legitimate contracts, and even those buyers might not ROI.
legendary
Activity: 1176
Merit: 1015
If I had a second chance I would go solo.

Nicehash made some, good for them.
legendary
Activity: 3808
Merit: 1723
I was mining on that scam pool Coinsforall because my AMD GPUs ran the fastest on there. But the payouts were crazy delayed but eventually a payout went thru while the price was still 10BTC/ZEC.

But there was thousands of dollars of unrealized gains that were lost literally every hour. People were PISSED on that thread. I wished I mined on Suprnova instead. I think he got the payouts out the fastest.

Pages:
Jump to: