Topic: www.lunamine.com - 0.0025 BTC/GHs mining contracts | On-demand withdrawals - page 18. (Read 41501 times)

Lunamine should say something to calm us down 

So OP is dead?

Technically OP doesn't have to be a scammer. He can just pay his users the correct amount that the hypothetical "miners" would produce and he would still make a profit. The miners get the returns they are supposed to get and OP can stay in business forever, everybody "wins".

At least.

At least they should say when are they specting to pay.

Yeah, it's Sunday but it sure would be nice to get an update on what's going on. Did I make a huge mistake buying 2THs here?

Ok, thats why google dereferenced you. Shut down the server, continue mining operations. Buy another domain. another server, DDNS protection, cloudflare or anything else, Nether give anything, and nether play in places you are irresponsible. Recode the entire website. And say to us if our passwords are compromised, waiting for you to have a good issue.

Can you post or show a link to the street view information again?  I agree with some of your points now this delay in payments and sig campaign payments doesn't help a new site gain trust.

In absence of valid irrefutable proof, this cloud "mining operation" could very well be just another HYIP, as PB Mining and many others, that prey upon the gullible, the greedy and the uninformed.

Bear with me a few more minutes...
I'll venture a little on the hypothetical realm.

Let's say, for the argument's sake, one can identify a considerably big market in which the "investors" are able and willing to put down perfectly good money today and declare themselves happy to pay them back whatever chunk of their own money whenever they desire, the only limit being the rate of return that is linked to an arbitrary established and generally accepted algorithm.
Rate of repayment is the mining rate of a so called cloud mining operation that gives back less and less money every day because that's what's expected from it, as difficulty rises.
Wait a minute...
This is every ponzi scheme's manager's wet dream.
Not only you don't have to pay back all the money to all the people, but they are perfectly happy to accept the fact that their investment is depreciating by the day and your operation has a continuous inflow of capital due to the fact that the dragon needs feeding.
Every investor is directly motivated to feed the cow periodically if they want it to produce this digital milk.

Until now, all cloud "mining operations" hit all these marks.
The difficulty resides in differentiating between the ones that do in fact mine and the ones that just say they do.
Blockchain analysis could, in time, tell us if in fact the revenue stream of an investor is really fed by a mining operation and where is that operation situated, or how far down the chain is the generated block.

On the other hand, consider how messed up is this: the cloud mining operators that have a problem with disclosing relevant and convincing info about their whereabouts, their equipment, their pools, are not using the most effective tools they have to gain and keep  the very trust their business model rely on.

Saying I'm a farmer that produces tomatoes when I'm selling said tomatoes to a ketchup factory does not make me a farmer.
I could be the farmer.
I could be the farmer's son.
I could be the farmer's neighbor.
I could be the driver that the farmer sent to the market.
I could be the wholesaler that bought the tomatoes from the said driver.
...and so on...
For the ketchup factory does not really matter as long as they get their tomatoes.
When the stream stops, all hell breaks loose because no one bothered to ask how reliable is that stream.
No one cared where the farm is because they were selling it at the factory's gate.
No one wondered what happens when there's ice on the road because the deliveries were always on time.
No one asked how old, how healthy or how sane the farmer was despite the fact that the entire operation relied on that...

The disconnect happens even faster in the digital world.

Let's make a little social-economic experiment.
It's success will depend only on the trust the investors will have in the manager and his power of persuasion.
The manager could put up a site, with 2FA and SSL and all that jazz, if necessary.
One bitcoin address will be posted.
Anyone can send to that address any amount they want, larger amounts will be encouraged, if not mandatory.
For that amount you will get a receipt that says you own mining capacity in my mining farm.
That receipt is nothing but the proof that I've got your money.
The contract says I'll give you back some money as you need it back if you ask me nicely.
The same contract says you will NEVER BE ABLE TO GET ALL YOUR MONEY AT ONCE.
There, also says you will NEVER BE ABLE TO WITHDRAW IN ONE DAY MORE THAN the daily percentage the difficulty says you can virtually mine with your virtually owned virtual mining capacity.
I take no risks.
I get all your money.
I can pull the plug whenever I want because some day my electricity bill may prove the operation is "unprofitable".

That about sums it all up, doesn't it?!?

Now, let's explore a little the incentive aspect of these cloud shrouded mining operators.
Let's say I have somehow managed to buy a mining rig and, for scaling the operation, I need money, lots of them and fast.
Now I am plugging it in and I'm currently mining with it.
I see that mining rig producing some value after I factor in the operating costs.
How can I increase the daily profit?
If I sell the value the rig produces, I get exactly what that rig has produced.
If I sell the mining power of that rig, I can charge any amount the market will sustain.
So, what can stop me from selling GHS to the ones that have no mining rigs of their own?
What can motivate me to sell them my mining power instead of the value that mining power produces?

Does any of you think the cloud mining operators have racks of equipment unplugged and idle waiting for any of you to pop up with $50 to make them happy?!?
The rigs are online 24/7, whether their mining for you or for the operators.
If they mine for you, they are getting more money than if they would mine for them.

Only the ones that have personally seen a data center at least once in their lives can begin to fathom the complexity involved in such a operation at such a scale it would be profitable to mine or sell mining capacity at a moment's notice to anyone in the world.
Those who are capable of doing it, are already doing it.

My point is that for me it's impossible to believe that a newcomer in this market could simultaneously engage in the race to the bottom we see in terms of BTC/GHS pricing and be profitable at the same time scaling up a real cloud mining operation and all it is expected in terms of hosting, cooling, securing such a operation, but, somehow shy away from disclosing info about where, who and how are they doing it.

I doubt that being skeptic hurt more people than being brave or dauntless.
Some of us are still here because there was a time when a few of us heard some strange noises coming from outside the cave and didn't rush out to see what's what when they did not have all the necessary tools and know-how. I'd like to believe those were the skeptics. They asked the right questions at the right time and lived to tell the whole story.
I'm sure there are Genesis related stories, as well, but I assume those are for another crowd.

Someone bothered to search on street view the neighborhood...
Few piled on that.
All is now buried under "more relevant matters", leaving the first real and the most important things unanswered.
Where's this wonderful tomato farm?
How exactly does the vines look in the daylight?
Who's working there every day?

Thinking is allowed, encouraged, mandatory even.

Everything may be slightly delayed because we are dealing with an attack and blackmail. Can't go in details at the moment.

Cannot say for sure when the withdrawals will be made but they of course will be made.

Lunamine signature campaign has not paid out either. These are the types of thing a site site can't afford to do to lose credibility.

Just to say that I asked for a withdraw (0.020btcs) there is 48h and 23m - still nothing

The order in question has been refunded.

Even if the reasons customer asks for a refund are questionable - we try to keep our word. This one took a little longer, sorry for that 

Wow nice customer service again, I'm really surprised you're giving a refund.

I tried to engage in some talk on the PBmining thread, seriously just looking a the numbers etc. and my posts are getting deleted there.  What a shame PBmining can't even converse with someone...

In my opinion it is a combination of three things:

1) Delayed order confirmation (for example order was made when our working day ended so a couple hours there)
2) Variance (as you know you cannot mine every single block, however we compensate for certain amount of bad luck by crediting your balance from our own storage before the coins are actually mined - this is our so called insurance against variance - to prevent misunderstandings like this)
3) Around 0.001 would be consumed in electricity (our miners actually consume electricity (just a fact: over 5 years they would consume 3 times the contract cost))

I will be able to do the refund tomorrow - not in the office currently. Hope that's fine by you!

Best regards,
lunamine

I agree, it most certainly could be variance. If Lunamine is mining on pools, as they say they do, the pools they use may have just had some bad luck.

That's precisely the thing that makes me nervous about PBMining, they pay out like there's no variance. And if someone's actually mining, there is going to variance due to luck.

Pools also have a "charge up" period where you don't start getting paid until shifts complete or blocks are confirmed. That can take up to a day to start getting paid out by the pool. That is to prevent pool hopping.

Lunamine should come on with an explanation for the bad numbers.  But after only 60 hours couldn't it be variance?

100 GH/s at 18736441558.3 difficulty = 0.00268411 BTC / 24 hours

= 0.00011183791 BTC / hour

= 0.006710275 BTC / 60 hours

I am not sure, but I have noticed that the balance change around every hour.

I just check and the balanced raised to 0.00456301 (after almost 65 hours)

Maybe the balance updates every 24 hours and your current balance is an old number?