Topic: PBmining - legit? - page 26. (Read 67909 times)

Let's play fill in the blanks.

A _______ ________ is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Operators of ______ __________ usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme.

Hi guys,
this is my first post on bitcointalk, so please bare with me and my English.

The following are my speculations,

1. The farm is mining at 340Th/s but where are the stats for block finding, user shares which is a basic requirement for running a cloud mining or even for a pool.
2. The company doesn't have a registered office?
3. User security is taken for granted, no two factor authentication, it entirely relies on cookies to identify users and pretty basic security for a cloud company.
4. The value of hardware, even if you today buy cointerra's 1.6Ghz miner at a discounted price of $3499 (excluding shipping) which gives us $2.18 per Gh/s and considering pbmining ($430/BTC today's value ) gives us $2.279 per Gh/s.
Are they going to generate enough revenue for running 340Th/s farm for a constantly 5 years or even for upgrading hardware???
I don't see any profit is made by the company.

I have just brought 5Gh/s contract to validate all the info, on wards I wont put any money here.

My best guess is they are collecting money from paying users and repaying them in small fractions so many people can trust and join and they will generate heap of money and then boom...

i will mine 60 days and then i will shut down my miners.

If the hash grows too fast for mining with pbmining profitable then I won't rebuy because you can not make profit buying more of something that makes a loss.

If Bitcoin goes to $1 then the gamble is clearly over as well, sure.

So - in a nutshell: I would only reinvest if I see that I make a profit within a reasonable time AND the bitcoin price is stable at least ideally with a positive trend.

So far, I am sitting still and wait for a few months.

Happy mining,

iFlash

PS: The mods delete posts with ref-codes? Why? it's not like I try to trick somebody into this. I make it always super obvious that there is a ref code. But if it's a policy round here, well, then I do not post them any longer. (although I see tons of ref codes in posts round here).

Remember, no referral links in posts, the mods will delete it.

What will you do when your hash becomes unprofitable?  Will you have to re-invest and buy more?  

Hypothetical, what if Bitcoin goes to $1, how will you get out of your 5 year contract?

If you re-invest again, and they just up and disappear, what do you do?

And here is a little update again:

I will be closing on this week north of 6 BTC mined with http://pbmining.com?ref=iflash11 (yup, there is a ref code here) which means that I am less than 3 BTC away from profit. You can see my stats on their page (Username iflash).

So far, so good. I am still not convinced that they are a Ponzi but I know that a Ponzi runs as long as people buy in it.

On the other hand: What will all the nay-sayers say when - let's say a year from now - the thing is still up and running with thousands of people making money mining (assuming BTC itself is still around at a price higher than the one now)?

Guess, we can only tell a year from now. Or two. Or five. :-)

Happy mining,


iFlash

Exactly!

Seriously folks, I've been in this thread since the beginning, was "thinking" scam then, stated this, and waited for something to convince me otherwise....

Response = 0

More then ever pretty sure (99.99999%) SCAM....

Nothing is transparent with them.

Ponzi schemes rarely are transparent.

they never being transparent from now, don't know why..

they always say about "risk" when being transparent.

please check more page behind.

It seems the site has never explained where the hashrate comes from (what kind of ASIC is used?) and where the hashrate is pointed at (solo mining? pool mining? which pool is used?)

300 th + right now

Any idea how many TH/s PBmining should have? 

This is a key point. Laundered coins from a "mining operation", is 99% a scam. If they had an actual mining farm, they would have generated coins with no history. Mined coins are completely untraceable. There is absolutely no reason to launder them. None.

I am sure the countdown has started.

Well put tempestb.

A Ponzi works great so long as more money comes in than leaves.  So long as you and people like you keep investing more and more money they can keep the Ponzi going because the payout is so small vs your initial investment.  As long as they are growing with new investments that are larger than their payouts, they can keep it up for a long time, including allowing early adopters to profit just fine.

But eventually they will either not be able to make their payments or decide at some point it's time to take the money and run.

I'm not saying this is the case, but evidence does not support they are legit just because they pay out people on time.

The wise investor would want to see simple proof of their mining farm.  Why not show it?  Everyone else involved in this kind of business provides such proof.  Instead, these guys have no identities that can be verified, they have no photos of their mining equipment, and they launder their coins so they can't be traced back to mining.

That's a pretty significant red flag.  The fact that so many newbie users without a long history of being on Bitcointalk also join in and say it's legit further fans the flames of suspicion.

Maybe it'll all be legit, but I'm not gambling my dollars on it.  I think it's likely a Ponzi.  I'll change my tune when they provide proof that they aren't.

First off, there is no good evidence for either argument. And being a bit of an anarchist I tend toward believing the best of people until proven otherwise.

(For those who don't know. One of the basic tenants of anarchy is that we don't need laws because people are basically good, so laws do very little to change things) 

Second, you didn't quote me correctly. I said "At least in my experience." Meaning that the Shakespearean "Me thinks though dost protest too much" seems to hold up in the Ponzi arena IN MY EXPERIENCE. Now, when I hear someone say "it's perfectly legal" my bullshit detector goes on full alert.

Apparently the people at PBMining basically say fuck off we don't give a shit what you think, and IN MY EXPERIENCE that is (very weak) evidence they are legit.

Seems legit...

Do you really think lack of evidence = evidence of legitimacy?

Is a few pics of their massive farm too much to ask for?

Or non mixed coins?

I have been roped into ponzi's before, and seen other ponzi's that didn't get me. Every one of them had loads of evidence for why they were NOT a ponzi, including government officials, lawyers, and law enforcment agents that all swore that the "business" was legit.

The fact that PBMining doesn't seem to give a shit what I think is huge evidence in its favor. At least in my experience. Or maybe I got roped in again.

By the way I have almost 2 TH/s with PBMining.  I've been with them for over a month and always been paid out on time and they have answered several customer support issues for me quickly, including updating an item on the Web site that I requested. This certainly doesn't prove they aren't a ponzi but I'm willing to risk it so far. I even recommend them in my signature.

Other than being a customer and the 10% I earn for being an affiliate I'm not in any way connected to them. I haven't done a lot of research to check them out, though I did read somewhere that they were a Canadian registered company. I, of course, don't know if what I read was accurate either.

EDIT: I also have one person who used my link that continues to reinvest each week, so I assume he/she is happy with the service also. And it's a little more evidence that they aren't cheating anyone since PBMining could just "forget" to pay me the 10% for the other persons investments.