Little update: I am now at 2.3 BTC paid out so far. Which means that I have still 6.6 BTC to go before ROI. Fingers crossed ... :-)

What came as a bit of surprise: The payout last Sunday was higher than the week before. I wonder how that could be. Wasn't there a diff raise in between? But maybe I mix things up.

I also noted that they have done a little bit of work on their page. Nothing super fancy but still some improvements in the back end. Maybe that's wishful thinking but a thought stroke me: It this is a ponzi: Why would they even bother to enhance the user experience in the back end? It just means work for them with no benefit selling more. Just a thought ...

I will keep everybody updated on the progress next week again. Until then if anybody wants to risk investing there, using my ref code is highly appreciated: http:/pbmining.com?ref=iflash11

Happy mining,


iFlash

Nonsense - at least if you are referring to my posts. My account was created long before I ever heard about pbmining.

As every contract is for five years, they need to handle each purchase separately, I would suppose. This does not make sense if two contracts are bought the same day, but in general.

Hello,

folks. New Sunday, new payout. Standing at 1.5 BTC paid to my account as of today. With the increased difficulty I expect about 0,80 to 0,85 mined by next Sunday.

Still 7,4 to go - will report next Sunday.

If you - despite the warnings - want to give it a try, I want to throw my ref-code in the ring.

http://pbmining.com?ref=iflash11

Until then happy mining!


iFlash

@DAN: The post box in the whois info is not theirs, I think, but the post box of the service that anonymizes their domain data. Their ebay profile claims that they are from Canada.

Regarding the meds you might be right. I thought the same.

Piggles, you need to learn to read. I never said I would like to stop this discussion. I was just summarizing.

But I also think that you have some kind of problem which is shown by your aggressiveness towards other people's opinion.

See, the point is: You don't even see a minimum chance that you might be wrong. Yes, it might be unlikely but: it is not impossible.

You can laugh at me as soon as pbmining closes its doors taking the BTCs with them. But you don't swear at me, mister, just because I see things different. Understood?

Well, 1 GH/s cost 5 USD. I think that there is not much risk with that ... 

I do not see the point any longer in this discussion. As of today, we can not be absolutely sure what the outcome will be.

I would suggest that everybody that is unsure should not use them and let the ones that are already with them report on their findings.

By doing so, no potential harm is done and everybody is happy.

By this sunday I should have done a total of around 1.3 BTC paid out to me. Still, this is 7+ BTC away from my initial payment to them. I am still in good faith that I will reach my ROI somewhen in June or July.

IF THIS HAPPENS, then IMHO it's clearly NOT a ponzi as a Ponzi rarely makes profit for anybody else then the guys running one. Yes, I know, some schemes work even for the "early adopters" but being user #2332 I do not rate this "early", definitely not in a community where the target group is so small.

So - in a word: Don't sign up with them. Relax, wait a few months and see what happens to others. Then we will have an answer.

iFlash

I have come to the conclusion that Mr. Piggles mission is merely to warn about a possible scam but bash people that don't follow his recommendation to not buy hash power from pbmining.com

I am hoping now for two things really:

1. That I will have my money back home in two to three months with pbmining still in business.

2. Having a great laugh at this discussion here.

I think we're running in circles. Nobody in this thread claims that they are 100 per cent legit. Some just say, they are not sure whether they are or not where you - without showing evidence - claim that they are a scam.

You might be right. But so far your claim is only based on assumptions why they behave like they do.

Fact is: To this day all they have done is exactly what they advert they would.

Only when they fail to deliver THEN we know.

I don't fear that - after reading this thread - anybody would not be able to make a mature decision on whether to invest with them or not.

He already said what his customer id is. It's probably fair to assume that he got the timing wrong. He mines at 73 GH/s. Invested money is partly back with him. But far from everything.

I think the discussion does not lead to anywhere from this point as nobody can say for sure if they are legit.

I do hope, though, that I will be able to report further payouts until the day comes when I break even.

Well, that would be difficult as they have created the Domain on December, 23rd 2013. When did they start selling hash power?

What would really be helpful if you'd share your customer number with us so we can see how you did so far?

Best

iFlash

No need to be sorry. If it will be a loss than it's my very own fault due to being too naive and stupid.

I have invested 8.9 BTC of which I got back 0.6 so far (after 4.5 days).

Three scenarios are possible:

Scenario 1: They are legit
Outcome: In this case I still need to hope for difficulty levels in future that still will allow for enough BTC to be mined with 1 TH/s that I will make a return

Scenario 2: They are a ponzi and close their doors in a few weeks

Outcome: Depending on when they shut down I am in danger of losing up to 8 BTC.

Scenario 3: They are a ponzi and close their doors in 6 months or later
Outcome: Same as #1

So: If they are still around in a few months, I don't give a damn if they are legit or now. I will have break even and will have made definitely more BTC than mining/trading ever falling markets on CEX.IO or other platforms that have a ridiculous price scheme.

We will see.

iFlash

We will see.

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

Best


iFlash

You might be right. You might be wrong. I simply don't know and I think as of today nobody can say for sure where the truth lies.

But I will see in coming weeks what's going on. In about 12 weeks I can say for sure whether this was a bad idea or not. By that time I should have mined enough coins to have the investment cared for.

The point that I "worry" much more is: Probably by that time (in 12 weeks), my hashing power of 1 TH/s won't be good enough for generating any significant profit on top of the coins mined to pay for the investment.

It all depends on how the difficulty changes over the next 3 months.

I might be lucky. I might not be lucky.

It's a bit of a casino.

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.

@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

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

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).