Topic: http://www.pyramining.com/ - Discussion thread (no advertising here) - page 130. (Read 318060 times)

New codes:

http://www.pyramining.com/referral/azxg29n4t
http://www.pyramining.com/referral/7a93zkpx8
http://www.pyramining.com/referral/dgtybap2m
http://www.pyramining.com/referral/a2bg9ftqy
http://www.pyramining.com/referral/pzhc4qn7a

Thanks

What are the cons and pros of this change for users?
Particularly, how will this affect the 1BTC payout? And, just out of curiosity  what is the reason for this change?

Thanks

2) Deposits will be kept separated inside the account. Now all deposits are joined in one single balance. Soon they will be kept separated inside an account, and it will be possible to see the completion % of each single deposit.

This will not change anything for current members, it will affect only new accounts, made after the update.


So older accounts cannot see this??

It's not possible to "withdraw funds" but rewards from mining operations are being sent in 1 BTC slices. If the deposit is less than 2 BTC, it will take ~ 10 months to get anything back. Larger amounts receive rewards (on their rewards address) daily.

It means up to the very top of the tree.


Yes, exactly!


Beware that there will be two little changes in the next few days. The upgrade is almost ready so I can announce it already:

1) there will be no more chances to join without a referral. This is made to disincentivate people in making 0.x account with all the capital after, in order to help members receiving more rewards and a % of the referral (and sub-referrals) mining results.

2) Deposits will be kept separated inside the account. Now all deposits are joined in one single balance. Soon they will be kept separated inside an account, and it will be possible to see the completion % of each single deposit.

This will not change anything for current members, it will affect only new accounts, made after the update.

Moar Codes:

http://pyramining.com/referral/tsk6dy2zn   2012-07-24 07:06:11 UTC   still active
http://pyramining.com/referral/2bsn7hqr4   2012-07-19 19:41:55 UTC   still active
http://pyramining.com/referral/qeh6pb7y3   2012-07-10 16:07:59 UTC   still active
http://pyramining.com/referral/rbyhm34ct   2012-07-03 03:48:47 UTC   still active
http://pyramining.com/referral/q2fakym9t   2012-06-27 23:37:26 UTC   still active

It took me a bit to fully understand what the payout is and what the percentage winds up being.  To me, it seems easier to look at two quantities, by splitting up the above formula.

First, there is the base deposit.  The larger this is, the faster you earn BTC.  By depositing BTC into your pyramining account you add to your final payout amount by that deposit * 1.05 or 1.1, depending on whether or not you used a referral link.

Second, there is the referral amount.  By distributing the your_deposit term across the outer most parenthesis, the first term becomes total_referrals_deposits/10.  This means that whenever someone deposits BTC using one of your referral links, 10% of their deposit is added to your final payout amount.  Also, this increases the rate at which you get paid out (although not nearly as fast as by depositing directly into your account).

While you have received less than your final payout amount, you receive rewards as they are available, at a rate proportional to the amount that you have deposited.  When you have received the entire final payout amount, the account becomes dormant.

The whole notion of percentage payout is just a nice way of representing the return, since that's how most investments list their return, but it doesn't quite grasp fact that part of the return is not based on your own investment, thus leading to people with 1000+% return.

Is this an accurate description of the payout system?  Also, a couple of questions:

• The FAQ states: "If any upper grade sponsor's account are complete, the % that would have been credited to him it's credited to the first active upper grade sponsor. If all upper grade sponsors' accounts have been completed, this amount will be credited to you."  Does "all upper grade sponsors" mean all three of the ones immediately above you, or does it mean all of them, up to the very top of a chain?
• For the total_referral_deposits in the above equation, is that only for the first-level depositors, or do you get rewarded for accounts several layers down (other than the increase in revenue rate)?
• In the spirit of exploring various investment strategies, is there any drawback to the following: 
  • Invest a small token amount in an un-sponsored account.
  • Use that account to sponsor a second account with the vast majority of deposits.
  • Seek further investors to use referral codes from the second account
  
  From what I can tell, this strategy will give you the following benefits:
  • Your entire deposit (minus the token amount) will get the 10% base return from being sponsored
  • YOU get the entire benefit that would go to a sponsor (an extra 10%)
  • Any people who use your referral link will increase the final payout of the account that has the largest amount deposited, which means it will pay out the most quickly
  
  Is there anyone who can find a better investment strategy? (i.e. faster and/or larger return)

Sorry if this was too wordy.  I'm looking forward to investing with this service.  Thanks, all, for any reply.

I don't think it is like this, you get paid out as your reward is completed...

Some fresh links:

http://www.pyramining.com/referral/mxdepyzr3    2012-07-15 14:55:18 UTC    still active
http://www.pyramining.com/referral/ge6x2df7p    2012-05-31 13:47:44 UTC    still active
http://www.pyramining.com/referral/ah7p8qkgf    2012-05-27 08:54:44 UTC    still active
http://www.pyramining.com/referral/g98z7kteh    2012-05-27 08:54:44 UTC    still active
http://www.pyramining.com/referral/x7pymhkbe    2012-05-27 08:54:44 UTC    still active

So it seems to me that this is essentially just a mining company distinct from the others in that a) no fluctuating GLBSE share price nonsense, b) high MH/btc returns (seems to be about 2.8%/week from the one bitcoin i deposited --no referral), c) no withdrawal until "completion"=10 months, d) a referral system that can add a bit of a reward at the end of 10 month completion.

I suppose my only concern is waiting 10 whole months to get my deposit plus 5-10% back. The ~2.8%/week i calculated looks pretty good, so I'm interested. I think I might need some more transparency though to be fully convinced. Do you (pyramining) have any sort of verification as per GLBSE verification? Pictures of mining rigs? Background?

Since I asked last time, here's Pyramining's previous answer from this thread


For me : http://pyramining.com/referral/amkc83y9d

Quick question, if one of my referrals puts more money in my reward percent would go up, but if I put more money in later would the reward percent go down?

You can point from these:)
http://pyramining.com/referral/qcexpf7t6
http://pyramining.com/referral/zhq4bd7g8
http://pyramining.com/referral/zaxte2cpd
http://pyramining.com/referral/9szcfbd3h
http://pyramining.com/referral/b9ez8qkrd
http://pyramining.com/referral/dtqyxs47r
http://pyramining.com/referral/xt97zbghf
http://pyramining.com/referral/8hem9qzdf
http://pyramining.com/referral/kbt7syhq3

all active

It would explode! (kidding)

It's not possible, because you don't know the deposit address until you insert the rewards address. So one of them must point outside.

Link   Created   Expired
http://pyramining.com/referral/8yka6bxe9   2012-07-02 19:28:02 UTC   still active
http://pyramining.com/referral/9nm6x4z2h   2012-06-27 13:54:03 UTC   still active
http://pyramining.com/referral/ahez9r8ys   2012-06-27 13:54:03 UTC   still active
http://pyramining.com/referral/x4esp6z8y   2012-06-27 13:54:03 UTC   still active
http://pyramining.com/referral/dhcbsz2q4   2
What I wanna see is 2 pyramining accounts that deposit into each other

very interested!

Email sent.

And yes, great material for a new thread.

I can publish some documentation in the near future, now I am just exploring which is the interest in this subject and if this is a proper way to get funding.

I invite you (and any other who is interested) to drop an email at [email protected] with the indicative amount of funds you're willing to dedicate to this project. If I'll see that there is enough interest, we can proceed on this way.

Interesting Idea, but considering the huge amount you need, some evidence that you are really capable of this would be fine.

Concept drawings of the hardware structure (without actual circut shemes, to not give away you knowlege), would be sufficent for me to invest in this.

ASIC update: I am cooperating into a project to build new ASIC hashers. The R&D part is almost done. Expected results will be a product that is capable of 1TH/s with 0.5KW  as power requirement (almost 1/3 compared to BFL) and 1/3 of BFL cost. This means that it will remain profitable for a lot of time even with huge difficult increase.

It's not meant for selling: we are a little company and we don't have enough staff to make an external box with cool design, user-friendly software, customer care and so on. So I think that to keep price and performances very attractive/aggressive, it's better to concentrate on the core development, and in case, selling it "as a managed mining service", and not as an hardware box.

The new infrastructure will be used for Pyramining too, but I am planning also another mining farm without the "referral system" for those of you who are scared by the pyramid-scheme assonance! :-)

At this time, production will require more or less 10 months. The needed investment is huge too (a bit less than $2.000.000)! :-) I can cover more than half of it, and I am wondering if there are any of you who would like to partecipate for the remaining ~100.000 Bitcoins (at current price, $9.x). I accept all your comments and I'd like to discuss it.

Also I don't plan to use GLBSE for two main reasons: 1) keep everything simple, 2) GLBSE gets a (small) % and at those levels it's a significant amount that it would be better to funnel into the development/production and get more power.

My idea was to set up a website for the collection of funds: I keep accounts with every deposit, and I will keep those bitcoins safe. When the complete amount (my capital + deposits) reach the threshold, I will start the hardware production. In case it will not happen before a due date (to be established with you), all funds will be sent back to their owners.

If I can't reach the target alone I will need to involve other companies, but I will have to share also the technology, so there might be a bit more "competition" on mining out there. If we can find the way to do it with our own forces, profitability will be very high.

Return of investment, considering the _WORSE_ case with huge difficulty increases, will be in less than 1 year starting from when the infrastructure will be installed/working. Otherwise it will be as short as 3 months.

What do you think about it? Should I start a new thread for this discussion?

Codes:


http://www.pyramining.com/referral/azxg29n4t
http://www.pyramining.com/referral/7a93zkpx8
http://www.pyramining.com/referral/dgtybap2m
http://www.pyramining.com/referral/a2bg9ftqy
http://www.pyramining.com/referral/pzhc4qn7a