Topic: PBmining - legit? - page 38. (Read 67932 times)

How much did u invest?

I'm sorry for your loss!

We will see.

I keep everybody posted on the development on a regular basis.

Best


iFlash

They have since adjusted their prices... I think I paid 2.4btc (2000usd) for 500gh/s.    Then never had any hashing power, just full of shit the whole time. They had a live chat linked with dynastack.com (sells cloud hosting, accepted visa etc, registered for 5 years), which to me gave it more reputation so I stupidly trusted them.

I think they had planned to run it as a ponzi, but it all collapsed in very quickly so they just cut and run.  Mainly because so many people realised that it was a scam so early on, see this bitofglory thread here.

Then some guy came along on that thread to tell us that he owned dynastack.com and his cousin used his website (dynastack.com) to scam everyone, also that dynastack.com was nothing to do with the scam. It's obviously just an attempt by the scammers to make everyone back off and give up looking for them, most people just think ok his cousin is already after him so if he can't find him, what hope I do have, but it's clear all the names used since the beginning are most probably fake.

I'll check back here in a few weeks, I would be very surprised if the mood of this thread hasn't changed dramatically by then.

I feel a duty to give out this warning for people on the fence and thinking about registering... THIS IS A SCAM. Until at least one person comes along with proof that some payouts come from freshly mined blocks I'm 99.9% sure this is scam.  I hope for the sake of people who have already invested that i'm wrong, but unfortunately it just smells SCAM to me.

If you interested in risking your bitcoin for profit... My suggestion, 1x 50/50 bet on satoshidice to either double your money or loss it all.  I think the double or nothing bet has a much better risk reward ratio than trusting your money with these brand new start up companies, even if there was a 50% chance of them being legit you wouldn't double your money and would also have to wait months for any kind of return, so yea a 50/50 bet is a much smarter investment.

Well,

I don't know. It might be a scam, it might not be a scam.

Just like: Bitcoins might do well in future. Or they might not.

If it really *is* a scam (and I do not suggest they are at this stage) then I simply hope that the shit hits the fan long time after I made my money ... 

Again: So far everything looks to me like a normal business. Only time will tell. Speculating does not lead to anywhere at this stage, I feel.

I will keep posting about how things go.

That 1Payday bitcoin address they use is just like the others.

Not newly generated coins, only laundered coins.

It appears they launder their coins through coinjoin before they send them to their "payout" address.

Why on earth would a mining scheme launder their coins?

It's  a scam

That doesn't prove anything, early adopters in a ponzi scheme often make more money than they put in, they are needed to encourage others to invest.

@Davida: I looked at the site Why on earth would bitofglory be a ponzi? Their prizes are ridiculously high! They do not need to run a ponzi scheme, they make more than enough money with selling what they are offering.

1 TH/s for one year for 10.000 USD??? Can you NEVER, NEVER, NEVER mine 15-20 BTCs (which you would need to get back your money) in that time frame. That is completely impossible (unless difficulty suddenly drops or stops and this will not happen).

Everybody who buys from simply has the iq of a fence post. But that does not make bitofglory a ponzi scheme.

Just my 2 cents.

iFlash

Hello,

I am now with them for a few days and got paid close to 0.6 BTC today.

Still that does not prove that they are legit.

Here is my BTC address if you want to check the transaction: 1FuhuajieMxPepf324Q5Jqc11evy4HUMsG

That's the transaction id: eb5eb7d3d902a628aa50d29297a0097302ab031faad6874e71da402bd2598e7a

I don't know whether anybody can see if these are "new" coins or not. But I don't think that's even important. pbmining could well use other mining sources than own hardware. Couldn't they be in a pool as well?

Anyway: I have been paid out, so for the time being I have absolutely nothing to be suspicious of. The price they sell TH/s for is not unbelievably low, it is just at a level where you have a real chance to make some cash.

In a few weeks I should have been paid around 3 to 5 BTC. If that has happened I think we all can agree that it would be very strange Ponzi scheme ie. it is none.

Until then happy mining and fingers crossed


iFlash

You might want to check on the service discussion.

But to answer you question, if the site is legit? Most people are getting paid with transaction id posted.

Also for a anything dealing with risk, I`d invest with what I can afford to lose.

To me, this just sounds like the bitofglory.com scam all over again. I got done out of 2.4btc last month, several other people lost a lot more!

I bought just a few Gh/s to try it out.  If it seems to pan out.  I may throw a few more BTC that way to spread out my hashing power.  Does anyone know which pool it is mining?

Hi Crazy,

I had a big laugh when I saw you added 1 GH/s. But there is now a third TH-Miner there and I wondered if I get another 200 GH/s to get back to the top ... :-)

Let's see what the next diff level will be and if there will be a price adjustment first.

Good luck with your mining - let's hope they are legit.

Best,

iFlash

I'm the other 1TH person on PBMining.  Glad to see I found the other person (and potential 'mark'  ) doing 1TH on PBMining. I thought I'd stay at the top of the list ALONE for a bit longer though. I've actually considering buying another 1MH to just stay at the top of that darn list - LOL! Seriously, I just might do that today!!!

The person that referred me to it also got my referral fees, so I know that process does work and he's rather happy right now as well.

For what it's worth, if I understand KnC's current rounds/shipping schedule, they have 2400 miners at 3TH that will be shipping by the end of Q2. I think one of the reasons we are seeing the difficulty for mining BTC rise are these units have already started shipping. I don't track other vendors, but I'm sure they are shipping their TH+ products as well now or soon will.

I go back and forth between is this a scam or not. I definitely see the difficulty level of mining BTC going nuts over the next 3 to 6 months. He could also be trying to build out a larger mining operation and using the upfront money to fund it. And frankly what looks like a good deal, may not be in the next 3 months. Someone involved in selling this stuff would definitely be well aware of the equipment about to be shipped/shipping. It's actually one of the reasons I jumped quickly on it was because everyday we are getting closer to the next difficulty rise. I'd go as far as to even wait for the next price decline before jumping in for more.

If it's a scam, I figure he'll run it for another 1 to 6 months and hopefully by that time I've gotten most if not all my money back plus some. Being blunt, if it is scam, the greater risk is for the people that get on it late in the game, or those that reinvest their earnings into more hash. So, ironically, if you are on the fence and it is a scam, probably better to jump in now then in 6 months. (As warped as that logic is!)

My two cents.

That's the main point: Difficulty.

If it increases the way it increased lately, there simply is NO WAY AT ALL in making profits through mining. The only person earning are the guys that sell the hardware and I think they do a shitload of money right now.

Once all those orders are finally shipped in spring 2014, there is big chance that diff levels go to the moon.

And then we might see prices for mining collapsing.

It also depends on how many people still want to jump on the mining train.

I think that my 1 TH/s will do fine for about 3 to 5 months. After that, the return will be too little to even be bothered to pay out. By that time I need to earn 8.9 BTC. This will *just* happen if we have a steady 20 to 30 per cent increase. If diff is higher, money will be burned. If lower, I make money.

Let's wait and see.

PS: I made 0,1258 BTC so far (close to one day).

I don't get the 5 year model myself, even 500 GHs is only going to generate bitcoin dust in a couple years if difficulty keeps rising 27% every 12 days. Are they really going to keep those miners running after a year? Too much power and too expensive to payout is my guess after that long... a year, sure. 5 years? I'd pass...

Already did, earned 0.18

I agreed to buy, said I need 12 hours since I was at work and my 2fa key was at home, in which time btc went from $580-680, he insisted price was still 9.5btc.

Im waiting on the pics of the miner + asked for the new price in btc.

He's said 8btc, but still won't provide pics of the miner. Also offered 1.5 btc less if I don't do escrow 

Somehow thinks sending me .18 btc means I should be safe to send him 8 because clearly he's trustworthy.

He could send .18 to 20 people, 1 of whom sends 8btc and he's still doubled his money.

I half suspect this entire forum is myself, 2 or 3 other people and 1 scammer with hundreds of alts. lol

i posted this on the cex.io thread, thought i would repost here:

Why would you want to do that for 5 years? And by the looks of it you cant sell back your gh/s. And don't forget the constant rise in diff. at the end of 5 years you might make .0000001 a week or something if you are lucky. (o and that you started with like (1Ph/s).

Sure its 1/2 the price of cex right now, but you can sell the gh/s back and make back "some" of your btc. PB, you cant its gone.

Icon

PS

Who will keep an btc address for 5 years anyways, says on web site cant never be changed.

Take the 24 hours first

Isn't that strange in itself that they pay the theoretical rate of return rather than what actually happens?

This guy trying to sell me a 1th miner won't show me a pic of the miner, yet will happily give me 24 hours mining at 1th.

Why on earth would he be able to mine for me, yet not show me a pic? unless he's a skimming pool operator?

I'm just gonna HODL I think.

I suspect this happens in a traditional pool or two from time to time, but that's all I'm going to say about that. It would be harder to have this happen at PBmining though because they are paying the theoretical rate of return rather than the varied rate of return that normal mining gear and erlang distributed block finds would provide. It's much easier to skim when users are accustomed to variance in a normal pool. In PBmining I can do a calculation and see my expected return. I would know something is wrong with my calculation or theirs if the numbers didn't agree.