Does autorebuy feature not work when PACMiC is sold out?  I have been getting principle back all day.

I have been reviewing the different options for buying hash power on Hashnest and have come to the conclusion that besides the PACMiC, it is not really worth it to buy hashpower.  I base this decision on too many factors to explain here (and people should do their own due diligence and math anyway), but just thought I would share my opinion.

I also wanted to highlight the number one reason I don't think its worth it to buy hashpower, and that is the redemption of the units at the end.  Not the fact that you can get the units shipped to you, in fact that is one reason it is a great option, but the fees involved.  Let me explain...

If I were to buy hashpower, I would want to get back to almost even or a little under what i paid for it while it was still profitable to run.  Currently, at the prices provided, this is about do able in my opinion.  But then I would want the unit shipped to me to more than likely sell on amazon or ebay and recoup the rest of my return and get my profit.  Of course this is an option, but you will be taking a loss.  Reading through the ToS, it looks like I will be charged a $50 handling fee for requesting my unit to be shipped to me, then I have to pay shipping costs as well, which will probably be around 40 to 50 dollars on top of that.  If we look at the S3 as an example, currently going for around $100 to maybe $120 on third party sites (even less on these forums), we see that the cost of the unit is eaten up by shipping and handling fees, which will ultimately give me a loss.

So after all my math, I have figured I will be a little short on getting my full balance back by buying hash power, then I will not recoup the rest of my money by selling the unit, which ultimately makes this a bad buy (again in my opinion).  Please also note, the same math and situations apply to all units currently on Hashnest.  

This is just my opinion, it should be taken with a grain of salt and you should do your own math to formulate what works best for you.  Currently I believe the PACMiC is a great buy (and I have been continuously adding to the number of those I own.  My yearly return is currently close to 20% (i expect that to go up with reinvestment of dividends), but the trick is finding the right point to change your auto rebuy feature to, "Off".  I currently think that it can stay to reinvest for about another 2 months (give or take and that will change in time due to bitcoin price and difficulty changes), if it gets to about a month I will probably switch it over, just to be on the safe side.

I hope you don't feel too bad when someone buys one of these units because they thought you were, "standing up for the little guy", and they lose all their money.  Again, your not dispelling or responding to any of my opinions, which is all they are, but simply following it up with nonsense and foolishness.  You are free to share your opinion on why they should be trusted (I have shown my opinion the other way), but you have yet to do that.  So please, explain why you think they should be trusted.

What are they going for?

They have been offering promotions for both, "batches", but I have yet to see anyone post that they have bought a unit or received a unit, despite claims that the first batch has been sold out, and this one is almost sold out.

It sounds like they are saying batches are almost sold out to make it sound like a, "Last Chance" type of deal, get yours before they are gone, but there really is no proof that these exist, and no one claiming they do from the previous batch.

Also, they apparently refuse to get them reviewed, which would only cost them one unit, but instead are able to offer a 50% discount on 5 units, which would be equivalent of 2.5 units being given away, when, once a verified member reports these as real, they shouldn't have a problem selling them at full price.

These things lead me to call them suspicious.

Boy that is suspicion.  I would advise caution as I am losing trust in this company.

I haven't quite decided on that one, was just curious as the amount is getting up there if you were able to.  Let me think it over and I will let you know.

I am thinking of getting a TV, would you be able to do something like this...
http://www.amazon.com/gp/offer-listing/B00BYQYZJ6/ref=olp_tab_new?ie=UTF8&condition=new

Guess I should unplug some of my older machines and finally upgrade them.  Here is what I am looking for and the price I will pay...

Antminer S2 - $125 ea

Antminer S3+ - $100 ea

Antminer S4 - $350 ea

Antminer S5 - $325 ea

Shipping can be negotiated, but I am in the US and shipping from out of country would probably be too expensive.  All miners should run at their advertised speeds at stock settings.

If your interested please let me know.

Thanks,

DebitMe

330 plus reasonable shipping to America

Hey man, I will try to explain this to help you out, but I think the way it is working right now is correct.  Forgive me if this gets really confusing.

Ok, first you buy 1 TH/s for 1 bitcoin and are supposed to get paid back 1 bitcoin.  Cool, the contract takes 120 days, you get your 1 btc back, plus some profit, lets say that ends up being .1 btc to make it easy.  So now you have 1.1 bitcoins and can buy another contract for 1 TH/s for 1 btc.  No problem, nice and easy to follow, now lets add in the rebuy option.

I buy 1 TH/s for 1 bitcoin and am supposed to get paid back 1 bitcoin.  After 120 days of reinvesting my profit, my contract now hashes at 1.5 TH/s and I am owed 1.1 btc (it would obviously be more due to compounding interest and all, but for the sake of explanation lets assume).  If each block found were to add the total amount and the principal together, I would now be owed 2.1 btc, which obviously isn't right.  Another way to think about it is...
I buy 1 TH/s for 1 bitcoin.  The first block is solved and I am awarded 50,000 satoshi's, of which 10,000 is profit.  I am paid and my contract is decreased by the 40,000 that goes towards principal, leaving my unpaid balance at .99960000, but I now have 50,000 satoshi's in my wallet.  I now buy another contract for 50,000 satoshi's, which is supposed to pay me back 50,000 satoshi's plus profit.  Adding that into my other contract, I now have a contract hashing at 1.00050000, but they only owe me 1.00010000.

I hope that helps, please let me know if there are any questions.

It matters because it's used in the calculation for when the contract expires. It either expires when your balance hits zero or the maintenence fees are too high. So if you turn on reinvesting, you need to know all the factors otherwise it is impossible to predict when to turn off the reinvest and let it pay you back.

I am on my phone, I will respond to chunky more later and explain this a little better as well.

EDIT:  It matters for a couple of reasons, and they don't necessarily pertain to the auto reinvest feature.  If I were to buy a new contract, I would need to know if the contract is going to pay me back before it becomes not profitable to run (as my contract terminates in this instance).  If I think, that it will continue to be profitable to run for another 200 days, and I believe I will get paid back in 120 days, then obviously it is a smart investment.  If I believe it will become unprofitable to run before I get paid back, then it would not be a smart investment.  To determine how long it remains profitable, a need to know the power consumption is vital.  You can play with the numbers here...
https://bitcoinwisdom.com/bitcoin/calculator
Put in a 5% increase, electricity price of .098, no pool fee, hash rate at 1 TH/s, and the rest zero.  Now put in a power in watts of 590 and 510.  You see that the unit remains profitable to run for about 236 days with 590 watts and 277 with 510 watts.  That is over 40 days difference, just for 80 watts of power.  Now this becomes even more important with the auto invest feature as my contract basically doesn't start until I turn off the feature.  So by finding the point where the days out it would take to pay me back and the days out until it is no longer profitable is the day I should switch off the auto invest.  Obviously, 80 watts of power can make a big difference (almost a month and a half), so for accurate calculations the power used to figure out the profitability is actually very important.

Right, but we are not getting the same hashrate as an S5, so I am wondering if it is based off of 590 watts of power (.51 watts per GH/S), or scaled down to the amount of hash we actually get, which at .51 watts per GH/s, would be 510 watts.

Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?

Man too bad these are one of the most confusing things in bitcoin land. lol.  In thinking about it again, I think it is actually right.  We should only have our principal increasing by the profit amount.  If they were to add in the payback amount, it would effectively be doubling our investments for us.  I think everything is working out the way it is supposed to now.

Will keep watching and thinking it through, but it looks to be right.

Ok, I think I have this figured out.

When a block is found, we get a payout based on the hashrate.  The formula is used to determine our profit, which goes to increasing the amount they have left to pay us out.  The rest goes toward buying more hashrate.

This doesn't seem right to me though, as I believe the amount that goes to buying more hashrate should also go to increasing the unpaid principal amount.

When you buy 1 PACMiC for 1 bitcoin, you get 1 TH/s of power and a contract to pay back 1 btc.  If I get half of that back and buy another contract, I get 500 GH/s of power and a contract to pay back .5 btc.  So why, when I am doing fractions of that, am I actually losing bitcoins?  If I have 70000 satoshi's, I should get .7 of a GH/s and a contract to pay back 70000 satoshi's.  But, where it is right now, I am getting a contract of X GH/s and Y amount that needs to be paid back.

Actually, I think I was wrong on that one (and deleted it from my post above).  The hashrate increase was done correctly and has the paid back and profit in it. 

Looking at the second block now, the hashrate does increase.  This was a great feature to add and one that will keep me using the service.  Going to have to do some math now to redetermine my calculations on the profitability of this.

yes agreed, but I am curious if I am getting more hash power, or if my principle is only increasing?  If I am not getting any extra hashpower out of the deal, I might as well just hold my payouts for a few days, then buy a new PACMiC.

Also, it shows my profit as 0, but it should still show a profit number I think.  this is purely cosmetic as I still am getting profit, but I think it should still show it.

EDIT: If my hashpower is not increasing with each block, then all I am effectively doing is betting that when it is not profitable to run anymore will be further down the line than the current estimate.

Taken from their website, sounds like the value of your PACMiC will increase when you have a payout, thereby reinvesting profits.  Not sure how often "incrementally" is, but def interested to find out!  Great new feature, only 1 more confirm to see what is going to happen.