Topic: Putting your money where Pirate's mouth is. - page 17. (Read 73367 times)

They aren't. Funds are explicitly flowing from BS&T to a completely separate GPUmax wallet.

This is very disappointing, I have to agree. It's now down to about 0.56 Ponzis/thread atm.


Do you have any ideas how this data could be obtained? You could ask pool ops I guess, they'd probably have a good idea when GPUMax came a-calling.


Someone with a non-mining reason. I can't see anyway of paying a premium like the one quoted here and obtaining a useful mining income without pool hopping.

I suppose if electricity in a customers' country costs more than 32c per kWh it's cheaper to buy coins from GPUMax (based on 1.7Ghps and 1000 W miner, 1 coin per day at current D. Someone check my calcs?)

Repeating the questions at hand:

• How much hashpower might Gpumax have?

None of your business.

• Who is paying for the premium on Gpumax, and why?

None of your business.

Actually, I was just talking about Gpumax being a laundry. There has been a rather small ratio of "Ponzi" said in these last posts.

I have no way to know whether anything you say is true, but a lot of the posting style suggests it's not. It's just distracting, insulting, and distracting again. If it were really so boring, there would be no reason to post in the first place.



Repeating the questions at hand:

• How much hashpower might Gpumax have?
• Who is paying for the premium on Gpumax, and why?

Nothing to report, Van. This thread went waaaaaay OT ages ago. There's no way for any post to be OT.

And for the record, I'm a popcorn eater. I have no allegiance to either side in this debate. I still have no idea exactly what Pirate is doing with investor coins, and am just waiting see what happens in the end.

Goat is a "Pirate pass-through" operator. Three consecutive posts on his own typing? I'll start reporting if this continues.

Re-stating the current points of discussion:

• How much hashpower might Gpumax have?
• Who is paying for the premium on Gpumax, and why?

other possible use cases:
* hopping (is that still profitable with the allowed pools?)
* launching a pool and pretending there are lots of miners
* getting over a pool payout threshold
* one more not of relevance that I want to keep to myself as I might give it a try

It is kinda frightening that nobody can tell what percentage of the mining network pirate controls - even if that control would be short lived if used in a really bad way.

Why wouldn't they? I know plenty of persons who write just like they speak, even when it makes sentences odd(and by saying odd I'm being nice). Please explain it to us. Give your best shot at the literary analysis of Pirate's posts, please.

Also, google doesn't agree with you, on the rarity of the exact same sentence structure
http://www.google.com/search?client=ubuntu&channel=fs&q="I+hope+you+soon+realize"

The sentence structure is non-standard, but not beyond the norms. Nowhere near engrish. It may be more indicative of his personality, than his native tongue.

Odd, sure, but some native speakers aren't as good at formal (ish) written language construction as they are at spoken language, especially if their spoken language is usually very informal, and includes "Arrrr!" much of the time.

rjk: Who in his right mind would buy mining shares that yield less than they cost? If bought shares do not get laundered, then I would assume Pirateat40 is reserving this privilege to himself?

But I agree on a more important question, which BurtW also asked:


This is actually the only viable argument here. Is the laundry too slow? We have about 7200 coins produced daily, what fraction might it get?

As an example, 6% of hashpower over 100 days yield 43200 BTC. That's becoming interesting. If it is able to use 20% of hashpower -- well, then there's little question, with 100k BTC in 70 days! So, can someone persuade me there's not enough hashpower there? The gpumax thread looks pretty long for a minor operation, if I may say.

True, but some errors are typical and widespread, while some others are untypical for native English speakers. For example, would any native English speaker ever say:

"I hope you soon realize …"

Goat, I can honestly say I have never quite seen your type before

FTFY

I see plenty of native english speakers around here who can't tell the difference between THERE, THEIR and THEY'RE... and it's just a little example as there are much more.
Being born/raised in a certain country doesn't make you literate in that language.

What was your point again?

Vandroiy didn't say *you* can wash coins with GPUMAX. He said Pirate uses to wash his own coins. One way to do that would be paying miners with coins from BS&T, while keeping freshly mined coins to himself. Everything I heard confirms that this is happening, at least in part. But what I do not know is if the throughput is big enough to wash a significant part of BS&T money.

Close enough.

Why you flooding his thread bro?  Clearly you must have your nose up pirate's ass. 

If by flooding you mean posting, then tough shit princess, better get used to it.  This is a discussion forum, not your personal site to act weird on.

Good move editing out the part about this being your thread as well.  I had a nice reply typed up for that.

Also, if you think people care enough about what you're saying to actively try and force your posts away (which at most would push them a few spots up, oh no!), you're more deluded that I thought.   In fact, if that were the case, those people would be much better off just leaving your posts where they are (rather than a few posts up, oh no!) as you're doing a great job of coming across like a raving lunatic.

Your thread, my ass. Anyways, that's beside the point.

Is it a problem if the wallets of both services are one and the same, as long as the book keeping is separate and accurate?
If you cared to read the GPUMAX thread more carefully, you would be able to easily find out how it works. But since I'm feeling a little nice tonight, I'll humor you by explaining it.

First main point: Any miner with an account can point hash power at it. By default, all hash power is proxied to the "offline pool", which means an external pool. For the purposes of an example, I would point my miners at GPUMAX, and my hash power would be proxied to Eclipse. The offline pool can be any pool you want it to be, such as Ozcoin, EMC, Slush, etc.

Second main point: You can choose to be paid more for your hash power by allowing GPUMAX to redirect it to the pools of those that pay for the service. You set the price per share that you are willing to be paid. If the price is too high, your hash power continues to go to the offline pool and you are not paid extra. If the price you set is around market price, or if it is set absurdly low (market price varies), your hash power is then removed from your offline pool and directed to the pool of the person who purchased the hash power. This assumes that "purchases are running", which they may not be all the time.

Third main point: As a purchaser, you are forced to pay a fixed price on two levels - normal priority, and high priority. The "fixed" price actually varies based on what miners are asking for their PPS price, but you cannot adjust it as a buyer in order to raise or lower your bid, except for the 2 priority levels. This makes it somewhat of a one-sided market, although the PPS price of faster miners has more weight that that of slower miners.

Fourth main point: As a purchaser, you are provided with a fixed deposit address that is unique to you. As a miner, you must set a payout address if you wish to be paid for your work.

Fifth main point: As a purchaser, the hash power you pay for must be directed at a small list of whitelisted compatible pools. You cannot mine to your own dark pool, or p2pool, or uncle bob's brand new prop pool that he just set up 3 days ago.

Sixth main point: As a purchaser, the ability to throw around 400-600 or even more gh/s of power to some of the big main pools basically on demand is very useful and profitable, if done with a bit of common sense. This is why you will pay a premium to use the service. Furthermore, a fee of 10% is collected on purchases by GPUMAX for their own coffers. The maximum purchase is currently 2 million shares, which at current market price will cost you BTC81.4 for normal priority, or BTC89.34 at high priority.

Final point: The accounts that are being mined to are not under control of GPUMAX, and the payout from them is sent directly to you. GPUMAX uses the above mentioned fee to be able to provide the service to so many people.

I hope this helps in your understanding of how the system works, and serves to illustrate how it is unlikely to be a component in the BS&T operation. It cannot be used effectively as a money laundering tool, because the throughput just isn't there. If we assumed that a 2 million share purchase would run continuously at 800gh/s, it would still take a little bit of time for that to complete, which means your laundering operation would be slow and allow very few coins through per day.