Topic: PBmining - legit? - page 39. (Read 67932 times)

is it possible for a pool operator to skim TH from the pool?

say you had a 1PH pool, made up of 500 operators of various gh/th

Do you think the operator could skim a small amount from each operator, without them noticing, and sell it on?

Well the point is they are selling it at 5 years, and they are reducing the cost per GHs at every difficulty change, or at least so far as I have been paying attention. At some point my weekly returns will buy another 1GHs+ and I'd probably start taking half the profits and reinvesting the other half. Think of it as an investment and ignore the 1GHs quantity. I put in .008 and I get .009 over the course of 6 months (just say as an example, there's no math behind that). If 1GHs costs .0008 in six months, who cares if I can get .0009 over the course of the next 6 months because the return on investment is the same. Will I be investing .0008 or .008 (10GHs) at that time, or will a better investment come along? A year is too far out to predict what I'll be doing. I will be doing a profitability calculation every time before I buy. Anyone telling you what the difficulty will be at that point is either making some huge guesses or trying to sell you something. 5 years is certainly too far for anyone, even PBmining, to say what mining will be like.

This low budget investment strategy protects me from some of the risk both in PBmining and in the difficulty increases while still offering me increasing rewards over time should I decide at any point to invest more because there is less risk in PBmining than there was before, or their cost calculation has provided me with a larger return on my investment making it worth the risk.

Just my own thoughts on it though. I'm small-time but I'm widely diversified. It's a strategy that guarantees I'll be burned (which I have been), but not have all my eggs in one basket when I do get burned.

Haha! I like the way your wife is thinking! That's great she support you in your interest in BTC as I know a lot of guys who's wives are not interested in Bit-whatever-it-is-called things.

When you write you add 1 GH/s every diff change - that would mean approx 100 GH/s in a year from now.

I wonder: In a year from now, won't 100 GH/s mine close to nothing? What is the point in mining with 1 GH/s?

Am I missing something?

Agreed. However it's quite possible they had hardware on preorder and were planning this from half a year back or more. I wish they would be more forthcoming also, and until they do I will not invest significantly more. I was thinking of maybe buying an additional 1GHs on every diff change. I think what they are saying though is that there are a lot of "bitcoin millionaires" out there who have more bits than brains and are glad to throw their money at risky things. They don't need people like us in order to succeed.

I agree, but that alone didn't make me think a ponzi.

I asked how they managed to acquire 15th of mining equipment in days after selling out (for the second time) their 14TH. No answer

I asked if they could post a pic of a single mining rig. No answer.

I asked if they could show us even just a small amount of mined coins. No answer.

It's the combination of everything that makes me suspicious.

And the "Well if you're suspicious then don't bother, we don't need new customers so go elsewhere" which is a classic scammer approach.

Rather than try and gain new customers (why else did they add 15TH to their hardware if not to gain new customers) they simply get defensive and tell me to go away.

The whole thing is sketchy.

Right now they can just dismiss it without providing evidence, but eventually the onus will come back to PBmining to prove they are not a Ponzi. If they have operations in the US this will certainly be the case. For now I can't imagine someone so wealthy that throwing thousands of dollars after something like this is within the realm of risk/reward.

If PBmining is legit, it will turn a profit for investors at the current rates and at most people's estimate of difficulty. That is unless PBmining knows something we don't about the difficulty (unlikely) or they are actually generating coin with hardware (more likely). However, the rate of reward is not going to be in the get-rich-quick range required of typical Ponzi investors. So what is the catch here? Perhaps just a bunch of unseasoned kids with a few bitcoin who never have seen something like this done with fiat currency and who think they are going to get rich. On the other hand, from their perspective, PBmining gets the return for their mining equipment investment up front rather than having to wait for the gear itself to generate a return and can then accelerate their subsequent re-investments. They cut margins thin and their investors benefit from volume discounts and efficiencies of scale they otherwise could not afford. It makes a lot of sense from a business model as well.

I'm more concerned about PBmining falling in on itself having failed to consider the ongoing profitability of mining/selling new contracts vs. their maintenance. 5 years is a long time to guarantee, and I do not believe for one second that my 1GHs will still be mining 4 years from now. It would be much cheaper for them to just pay my contract out than to run any equipment or maintain an otherwise idle account. That entire year's proceeds will cost more to manage and transmit to me than I will receive.

This is all speculation.

About payments - it is entirely likely they are mining on Eligius or something similar with their equipment and just don't want to be traced, watched and audited by customers. Proving some coins are generated would not disprove a Ponzi just like proving coins are shuffled would not prove a Ponzi. The question is more complex than that, unfortunately.

Just post a link to your mining wallet address on the blockchain and it will be clear whether it's freshly mined coins, or if they are just moving them around from payments they receive.

see mine here:

https://blockchain.info/address/1ANz1Y6ZR7Fym4tMGzx4Esj4SZp9LCfk59

Hello Piggies,

I am not that skilled with block chain. Can you elaborate on this? How would you determine that it does not come from "freshly" mined coins?

Let's say, they solve a block and get 25 BTC. Those would go to their pocket and they split it up to many addresses, right?

But if they are themselves in a bigger pool, how would that look like?

Sorry for asking noob question, but I am not sure if I understand where you come from.

Best


iFlash

Payouts don't prove it's not a ponzi unless they look like this

https://blockchain.info/tx-index/21d59e261bdb4da5c318d1ed563f3d526593647eb01ead0364e6de9d660cbe89

If it's just money being transferred from another wallet, and that is always the case, then that is not mining, it's most likely someone paying you back small amounts of your initial investment. A classic ponzi

Hmm, could it be that they increased that easily because they used to sell mining gear themselves since 2012 (at least that's what the ebay profile of them suggests)?

As said before I am mining with them at 1 TH/s. I think that's a decent amount to find out without doubt whether it makes sense mining with them or not.  At it stands now, I made 0,014 in about three hours or so. By Sunday I should do something like 0,5 BTC if all goes well.

And surely enough, I will report on this.

If you want to check them out, I would be more than happy if you used my referral link: http://pbmining.com?ref=iflash11 cause every GH/s counts ...

Best


iFlash

They doubled their hash rate in 24 hours.

They won't provide anywhere that shows where their coins are generated.

It's a ponzi

http://i.imgur.com/sjpriVq.png
pb is very useful from cex well I crossed the cex io the pb mining
If you want to take the GHS pb mining effort and you find this number here is accurate as I round off if there is no exact number will protects other players your GHS ;)you must be careful when buying..

Agree.If you wanna make profit from mining you have to find better price for GH than CEX and pbming too I think.

Because CEX is a joke program. Nobody has made any btc!!  The price is way to high and difficult to make a profit.

Why is cex.io have more than half price than PBmining ?

Not counting referrals in me breaking even.  Yes, I am member #1830 vs. 5K (current # of members).  So there have been 3,000 people to join this program since I joined a month ago.  Those numbers should speak for themselves.

Someone with a link to an obvious ponzi in their sig isn't helping my confidence.

Wife think it's a bad idea anyway, which means if I do it and it turns out to be a ponzi I'll never hear the end of it.

If I do it and it turns out to be a great investment she'll think it was her idea.

Is that break-even based on pure mining, or are you including referrals in that as well? I noticed you have a referral link.
Thanks.

PB Mining is EXCELLENT!!  I have been a member for almost 30 days and 2 weeks from breaking even on my investment.  I'm customer #36

PB pays every Sunday with excellent customer service.  They are vetted on Ebay with a 97% approval rating. They only recently got into the cloud mining business after successfully selling mining equipment for about a year.

I have made good $$ cloud mining, don't let the ignorant posters in these forums scare you off by screaming "scam" to every program.  Do your homework, PM members like myself to verify and then make your own personal decision.