Topic: http://www.pyramining.com/ - Discussion thread (no advertising here) - page 50. (Read 318060 times)

@pyramining: Have you got a fixed delivery date for new asic generation?

Its not an either or question.  You can split the investment and hence split the risk that one doesn't work out.  There is still the risk that the price plummets or that BTC fails, but that is always going to be there with any BTC investment.

You can however automate the reinvestment. They have an api and someone already put up a piece of software that interfaces with the api. I have been using it without issue since he released the alpha.

If I had to choose today, I would go with cex.

So right now I'll ask the question.  Now with the (sort of) competitor, CEX.io, which one is more profitable?  I'm thinking about invest some of my bitcoins, about 5 - 10 in one of these sites, which one do you guys suggest?

You can put money in and pyramining buys hardware with it (or you wait in queue until pyramining can get said hardware). You buy x hardware that's added to the pool of hardware that everyone uses and then you get back x/y from each block where y is the total deposited amount across all of pyramining (So your returns are proportional to your share of uncompleted deposits). A total of 30% of your hashing rate is used to complete accounts that referred your account. Each amount you deposit is tracked for completion separately, and once you get the full reward you lose the hashing power (and it goes back into the hardware pool for uncompleted deposits). The deposit bonus (the amount above 100%) that you earn on your deposit starts at 10% (so 110% return) and increases if you get referrals underneath your account. Getting the full return is currently fairly slow and there is no way to refund your deposit unless someone is willing to buy your account from you, however this likely is at a severely reduced price.

I may well have missed something, so I'd definitely recommend reading through the pyramining site and asking about anything specific that doesn't make sense.

Tl;dr - deposit; wait; profit. Bonus for referrals! (Note, no step).

Tips and tricks:
Opening multiple accounts is perfectly allowed, and opening one account as a referral of another of your accounts gets extra bonus for you.
The more you deposit the faster everyone hashes.
You can't withdraw your money once deposited!
The completion time is currently relatively high, this is not an overnight process.

They only start 3 deep, once an account is completed the bonus will continue up the chain until all accounts above you in the chain are completed as well. So until everyone is completed you'll still be "leaking" referral amounts. Additionally any of the accounts on the bottom (4.x or 5.x depending) don't get any bonus from having lower down referral accounts. I don't personally see any reason not to make them one long line off accounts all the way down instead of grouping them (Although given that some account that belongs to you is getting a bonus it might be about the same, I don't think that there would be any difference between just having a larger bottom account instead of having multiple accounts).

right

Because the referrals only go 3 deep, 5 imo would be overkill.
Yes, it speeds up the completion of the top account.

However, I have mine feeding up the chain topping off at the top one, so my (1) account will keep growing in size.
I view pyramining as a long term investment, akin to a CD or other locked investment vehicle.

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?

30% of your earnings go to the accounts above you.
15% to the one directly above and 7.5 to the next 2.
It slows down each accounts completion time but your referrals help you get paid faster.

I have mine 4 deep. small amounts in the first 3 with 4 being the largest. I also have a small chain of linked accounts on level 4.
1
2
3
4-4.1-4.2, etc

7.5/7.5/15 what that means?

general question
do you think the best way is to go deep or there is a level to stop for the best reward in pyramining ?

Quick glance. They look right.
You have to account for the 7.5/7.5/15 referral structure.

q2tskyzx

is it enough?

no. but as an intelligent being I can look,see and deduce
they are probably overlooking something.

And I can't do anything but look. only pyramining can change things.
If I felt inclined I could stumble around random links to I found  ones that matched those deposits.

are you in pyramining staff?

Would provide a link to one of the accounts?
I can look and see if I can see what's what.

yep so something is strange!

I've been seeing a lot of talk about Pyramining, here as well as other places. What is it exactly and how does it work? Can someone explain it so that even a complete newbie can grasp it?

Thanks

To play devils advocate here.... You did get the "asic" rate.
The rate before asic implementation was 11mhs/btc
After asic it went to 222.89/btc

Pyramining did do a poor job of explaining things.
But as I have posted previously, we are subsidizing the fpga investors.
FPGA outweighs first round asics by 4/1. Thats why the rate is so low.
But as pyramining has posted this will turn to an advantage, as asics get cheaper and more efficient we will all see our rate increase.

I invested again in September and he applied my new deposit at the OLD rate, despite having specifically said here (in this thread) that all new deposits would be at the ASIC rate.

I've been trying to get a reply from him for over 5 weeks now, still no response.

I would seriously think very, very hard before investing one Satoshi in Pyramining.

Art