http://www.pyramining.com/ - Discussion thread (no advertising here) - page 56.

Akka

legendary

Activity: 1232

Merit: 1001

Quote from: Lincoln6Echo on October 27, 2013, 01:02:33 PM

oh crap!
Break even: ~ 114 months
Complete reward: ~ 125 months

Undecided

Hm, seems like this basically says "Game Over" for now.

I know, many don't like to here this, but maybe at some point the focus should be shifted from making a profit to give every Investor his money back = skip the bonus for all accounts. Or when an account is at 100% pause it until all current accounts had their original investments returned and then work off the bonus. Undecided

riX

sr. member

Activity: 326

Merit: 254

Quote from: chriswen on October 23, 2013, 08:35:12 PM

Also, I think buying accounts is the worst idea ever. Bitcoins should be used first to invest in mining hardware. Just buying old accounts is not going to increase growth. It would totally be a pyramid scheme.

It would be a lot more beneficial if people just invest to increase the pool.

If anyone want to buy an account and think it would be cool to be listed on the front page, make me an offer :p
I agree with the quote though, I wouldn't recommend anyone to do it.

ghostshirt

full member

Activity: 216

Merit: 100

Quote from: Lincoln6Echo on October 27, 2013, 01:02:33 PM

oh crap!
Break even: ~ 114 months
Complete reward: ~ 125 months

Undecided

The sad part is that this might be true.

Lincoln6Echo

legendary

Activity: 2461

Merit: 1058

Don't use bitcoin.de if you care about privacy!

oh crap!
Break even: ~ 114 months
Complete reward: ~ 125 months

Undecided

Giant

member

Activity: 95

Merit: 10

Quote from: symbot on October 23, 2013, 01:53:59 PM

Quote from: pyramining on October 23, 2013, 05:09:36 AM

I also have some personal funds that I want to invest into Pyramining. Actually I could buy ~2.5TH/s more, but I think it wouldn't make sense right now: we would add too little hashing power with current technology. What I have in mind is to wait for the 2nd gen ASICs to be available and invest with it, for the benefit of everyone. By that time I expect that difficulty will start to stabilize. I expect it would be around February 2014. I'd like to know your opinion about this.

Good to have you back, and good to hear that you are fully committed to the project. I agree that adding another 2.5TH/s doesn't make sense right now. We need better, more efficient technology to get ahead of the curve a bit if we are going to be able to pay off past deposits.

Mining is getting a bad name as an investment right now, and I think the pace of difficulty increases will have to slow down eventually. It might not happen soon, but I think the best strategy is to start investing in new tech when everyone else stops investing.

Why would anyone stop investing soon? If we wait for the 'next generation' it's a matter of being ahead, as it was with the ASIC's. We were a bit more in front for a short time, seeing our investment return time decline, but it soon went up again because of everyone getting ASIC's. I don't think the next generation will be any different.

Invensting when everyone else doesn't is of coure the right strategy, but how to time that right? That's almost impossible.

inaltoasinistra

full member

Activity: 142

Merit: 104

Quote from: platti on October 23, 2013, 08:19:37 PM

the most people who invested one year ago in asics, thought, that they get an high asic-hashrate, but what happened?
thi8s investments are used to pay the old accounts (maybe 17500 BTC) . that is very unfair, when the old investments are done, the bitcoincoinprice was under 5$, and now investments of 150$ ore more$ per BTC are used to pay out this old accounts

If I wanted to invest in dollars i hadn't invested in Pyramining... I chose it 'cause I expected the btc price was going up

Lincoln6Echo

legendary

Activity: 2461

Merit: 1058

Don't use bitcoin.de if you care about privacy!

@pyramining: Can you post some specs about current asic generation, please?

chriswen

hero member

Activity: 756

Merit: 500

Also, I think buying accounts is the worst idea ever. Bitcoins should be used first to invest in mining hardware. Just buying old accounts is not going to increase growth. It would totally be a pyramid scheme.

It would be a lot more beneficial if people just invest to increase the pool.

chriswen

hero member

Activity: 756

Merit: 500

Quote from: pyramining on October 23, 2013, 05:09:36 AM

Hello everyone, I have been off for a couple of weeks.

In the few next days I will reply to all the PM/requests.

Difficulty is increasing at a huge rate, making everything look scary. For the future I have in mind two things:
- Working on next-gen ASICs: it's a huge work, even if it should be easier than the first time for some aspects, working at higher level of optimization increases complexity a lot.
- Partnering with another company: I am exploring if there is a way to make a deal/collaboration with one of the current ASIC manufacturers and split the workload.

I also have some personal funds that I want to invest into Pyramining. Actually I could buy ~2.5TH/s more, but I think it wouldn't make sense right now: we would add too little hashing power with current technology. What I have in mind is to wait for the 2nd gen ASICs to be available and invest with it, for the benefit of everyone. By that time I expect that difficulty will start to stabilize. I expect it would be around February 2014. I'd like to know your opinion about this.

This sounds like a great idea.

platti

sr. member

Activity: 251

Merit: 250

the most people who invested one year ago in asics, thought, that they get an high asic-hashrate, but what happened?
thi8s investments are used to pay the old accounts (maybe 17500 BTC) . that is very unfair, when the old investments are done, the bitcoincoinprice was under 5$, and now investments of 150$ ore more$ per BTC are used to pay out this old accounts

pyramining: please freeze the hashrate for the old accounts at 4800GHs for all deposits, so the hashrate for old deposits
can grow, when accounts are completed.
And for the new deposits you could offer an high hash-rate. If you use an old account as sponsor for an new account, so this old account will finish sooner

Otherwise you got no new investments.
the Investments in the queue comes from accounts, where the payoutadress is the depositadress from an other account. And this accounts loosing massivly money, because they sponsor with 225$ per bitcoins accouts with investments from 5$ per btc

pyramining

hero member

Activity: 501

Merit: 500

Quote from: klee on October 23, 2013, 02:13:51 PM

KnC would be a good choice because they are based in EU like you...

KnC could be an option, but not at the price they are selling right now. I already tried to establish a contact with them, and I have just been ignored. Let's wait until the market stabilizes and the various pre-orders will be served.

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: apollojmr on October 16, 2013, 03:02:03 PM

I am wondering when I can expect to get my rewards? Also is there a way I can withdraw my coins? user name is zb3crgpn

Pending rewards get sent out at .10 BTC threshold and you can't withdraw your coins.

*Disclaimer not affiliated with pyramining but I know how to read Wink

*

klee

legendary

Activity: 1498

Merit: 1000

KnC would be a good choice because they are based in EU like you...

symbot

member

Activity: 118

Merit: 10

Nobody accepts bitcoin on the moon.

Quote from: pyramining on October 23, 2013, 05:09:36 AM

I also have some personal funds that I want to invest into Pyramining. Actually I could buy ~2.5TH/s more, but I think it wouldn't make sense right now: we would add too little hashing power with current technology. What I have in mind is to wait for the 2nd gen ASICs to be available and invest with it, for the benefit of everyone. By that time I expect that difficulty will start to stabilize. I expect it would be around February 2014. I'd like to know your opinion about this.

Good to have you back, and good to hear that you are fully committed to the project. I agree that adding another 2.5TH/s doesn't make sense right now. We need better, more efficient technology to get ahead of the curve a bit if we are going to be able to pay off past deposits.

Mining is getting a bad name as an investment right now, and I think the pace of difficulty increases will have to slow down eventually. It might not happen soon, but I think the best strategy is to start investing in new tech when everyone else stops investing.

pyramining

hero member

Activity: 501

Merit: 500

Quote from: Lincoln6Echo on October 23, 2013, 06:06:24 AM

With his Immersion Cooling project you can build more compact rigs and reduce the influence of thermal hotspots. Which Process is planned for next gen ?

I was already considering immersion cooling with 3M products, but for the current infrastructure it didn't give much benefits considered it's cost. Maybe with higher performance chips it may be worth it.

Quote from: Lincoln6Echo on October 23, 2013, 06:06:24 AM

@ pyramining: How about a collaboration with Friedcat? He is in Gen 2 or Gen3 development right now.

I will try to get in touch with him to see if he is available for partnering.

Lincoln6Echo

legendary

Activity: 2461

Merit: 1058

Don't use bitcoin.de if you care about privacy!

@ pyramining: How about a collaboration with Friedcat? He is in Gen 2 or Gen3 development right now. With his Immersion Cooling project you can build more compact rigs and reduce the influence of thermal hotspots. Which Process is planned for next gen ?

pyramining

hero member

Activity: 501

Merit: 500

Hello everyone, I have been off for a couple of weeks.

In the few next days I will reply to all the PM/requests.

Difficulty is increasing at a huge rate, making everything look scary. For the future I have in mind two things:
- Working on next-gen ASICs: it's a huge work, even if it should be easier than the first time for some aspects, working at higher level of optimization increases complexity a lot.
- Partnering with another company: I am exploring if there is a way to make a deal/collaboration with one of the current ASIC manufacturers and split the workload.

I also have some personal funds that I want to invest into Pyramining. Actually I could buy ~2.5TH/s more, but I think it wouldn't make sense right now: we would add too little hashing power with current technology. What I have in mind is to wait for the 2nd gen ASICs to be available and invest with it, for the benefit of everyone. By that time I expect that difficulty will start to stabilize. I expect it would be around February 2014. I'd like to know your opinion about this.

Nikolaj06

member

Activity: 116

Merit: 10

WINSTARS - We are changing the face of gambling

Quote from: miffman on October 20, 2013, 05:17:37 AM

4 and a half months and my 0.04 BTC deposit is at 2.4% :l

Be glad you've only invested 0.04... I'm stuck at 0.8 btc rewarded from a total of 37 deposited, in 3 months. Where 0.5 came within the first month. I'm not very optimistic about my decision right now. I also think that's why it has gotten so quiet lately, everyone has just given up..

miffman

legendary

Activity: 1904

Merit: 1005

PGP ID: 78B7B84D

4 and a half months and my 0.04 BTC deposit is at 2.4% :l

rdyoung

legendary

Activity: 994

Merit: 1000

Quote from: platti on October 19, 2013, 06:45:36 PM

maybe it is a good idea to freeze the hashpower to all deposits on 265 MHs / BTC.
And all new deposits get the full asic hashpower. that would generate a lot more new deposits.

In the moment it makes no sense to pay 1 BTC for 265 MHs, when you get on CEX more than 7000 MHs/BTC (=30*pyramining)

Quote

Actually it makes perfect sense, cause on CEX you are paying for the futures, in the future when the chips are delivered you are hoping 7000 MHs will be profitable.

NO. Trading GHS on cex is akin to buying dividend paying stocks. You start earning from the GHS as soon as you purchase. And can sell it at anytime.

Quote

You are betting the difficulty is going up but not too much. With pyramining you are getting 265 MHs right now and you are paying for someone to buy the mining equipment and set it up on behalf of you, two very different things

True.

However as I keep repeating, as deposits get paid off with pyramining our individual piece of the pie gets bigger.

Why are people so hell bent of fixing whats not broken with pyramining. If you didnt understand the way bitcoin mining and pyramining works when you invested, shame on you. You should have done your homework and made sure you knew what you were getting into.

All of these "attempts" to "fix" pyramining show the lack of understanding on the part of bitcoin mining.
It is not a get rich quick scheme. Even the companies that have invested millions in design and production of asics likely wont see a profit from mining until the difficulty evens out and the price goes higher.

By profit I mean expenses-income=profit

Topic: http://www.pyramining.com/ - Discussion thread (no advertising here) - page 56. (Read 318060 times)