I think several people in this thread are mistaking this thread for an accusation against bitcoin and mining in general.
But rather, it's a remark regarding the rise of "companies" claiming to sell mining contracts.
However, instead of actually mining bitcoin, these companies rather use a ponzi scheme using the investment made by users to pay them out in order to fake legitimacy.
This practice doesn't have much to do with bitcoin itself and mostly just relies on how long it takes for investors to see ROI.
This leaves them plenty of time to pull more "customers" into their scam, before ultimately disappearing into anonymity.
It's a very low risk setup for them and requires only minimal effort. Customers will provide all the funds they need to keep up the sham for months on end.
Any company going to great lengths to hide their identity while claiming to provide a legitimate service shouldn't be trusted.
The most likely scenario is they need the anonymity to disappear after having suckered a sufficient amount of people into the scam.
Thank you for explaining this. I thought I was missing something, I didn't realise they were missing the point entirely and thinking I was attacking bitcoin mining in general. This thread is about a few mining firms which are scams, not mining in general. I thought that was quite clear. |
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I hope these assholes end up in the gutter dead somewhere.
You do realise you were ripping off other people too don't you? Everyone knew it was a ponzi, you just hoped to profit off it before they scammed the people you referred. |
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- Bitcoiners are generally highly intelligent
This was my opinion until I started posting here regularly |
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Fake mining operation takes money, pays back investors a small percent of their own money claiming it is "mining profits".
How is that NOT a ponzi?
I found myself making a similar mistake several weeks ago. Somebody claimed disk capacity prices were dropping "exponentially", and I accused them of not understanding what the word "exponential" means. The word is mis-used so often that I start to assume it is always used incorrectly. In fact, disk capacities have gone up exponentially, while prices have remained relatively flat. In this case, no Bitcoin is not a Ponzi; but it is very possible that these "mining" operations are. Indeed, I don't quite understand the multiple accusations of misusing the word. Charles Ponzi set up a company which claimed to make huge profits off arbitrage on international return coupons. I suppose all the people who believed they were "investors" were really "customers" since they were prospected and therefore Charles Ponzi wasn't running a Ponzi either. |
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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'm not bashing anyone, i came to this forum primarily because I wanted to join PBmining, and all I got was accusations of initially being a shill for them, and then people accusing me of not understanding what the word ponzi means, both of which are patently untrue. |
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But in this case you're not a new investor, you're a prospected customer. This IS different.
A scam, maybe. A Ponzi, no.
lol you make no sense At least you're in good humor about it :-) Customers are not investors. Investors are share holders. Customers and investors play entirely different roles in an organization. A Ponzi scheme is a type of scam that defrauds investors. If I overlooked where you were investing in this company, I apologize. These people believe they are investing. |
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But in this case you're not a new investor, you're a prospected customer. This IS different.
A scam, maybe. A Ponzi, no.
lol you make no sense |
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Explain their behaviour in a non-scammer way then?
You can't.
My point was only to ensure that this page didn't just turn into a circle jerk between PBmining shill accounts about whether or not they can log into their account
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Yeah no point discussing it further, may as well just let this die down.
There is no reason for them to be so shady unless they're scamming, I think it's important that that is clearly noted on every page of this thread, so that attempts to make it look more legit by asking questions unrelated to their legitimacy doesn't cover this thread.
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I have been with pbmining for about 90 days and can say I have been paid every week. No problems so far so they seem legit and their support is helpful and quick
Waiting to hear how you were with PBmining before they had a domain? |
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That's total bullshit, counterparty risk is the only reason you won't get into btc lol.
Find some miners who will sell you blocks, go on localbitcoins, there are people offering up to $100,000 trades actually located on Wall street.
You're basically just shilling for secondmarket, or you'll announce soon that wannabe investors no longer need worry about counterparty risk because.....some company you're involved with has sorted out this issue you have created.
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Alright, I see. If that's the case, that you submitted all the required info and your withdrawal still isn't getting through, and there's not additional details you aren't mentioning, like MissPiggy above who thought it was a clever idea to sign up with a fake name, t
Oh I really hope your personal details were leaked by Gox  Not that you'd admit it now of course  Hope your identity gets hijacked |
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LOL @ all the assholes who gave me grief for giving bitstamp fake details.
I hope they all get their identities hijacked.
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I have been with pbmining for about 90 days and can say I have been paid every week. No problems so far so they seem legit and their support is helpful and quick
you've been with them longer than they have had a domain name? How'd you manage that? |
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Here is my BTC address if you want to check the transaction: 1FuhuajieMxPepf324Q5Jqc11evy4HUMsG
That's the transaction id: eb5eb7d3d902a628aa50d29297a0097302ab031faad6874e71da402bd2598e7a
That 1Payday bitcoin address they use is just like the others. Not newly generated coins, only laundered coins. It appears they launder their coins through coinjoin before they send them to their "payout" address. Why on earth would a mining scheme launder their coins? It's a scam |
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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.
iFlash
That doesn't prove anything, early adopters in a ponzi scheme often make more money than they put in, they are needed to encourage others to invest. |
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Snowden stands with the great scion of democracy and civil rights known as russia! Surely you cannot doubt or cease to praise the man who had the balls to run to such an enlightened society and government who has nothing but respect for transparency and openness!
Such justice and righteousness in standing behind russia who is interfering to annex a part of a country currently undergoing a political change to free itself from russia's BENEVOLENT yoke of natural gas and.....
......dumb motherfuckers.
You don't travel much do you? |
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@alivecrypto
We are not racist, but Muslim Terrorist is the most active in the recent years. It will not be the IRA.
Exactly, claiming we're somehow bigoted for pointing out the obvious is disingenuous. Are most muslims terrorist? no. Are most terrorists muslim ? yes Saying otherwise is just being ridiculous. Here's a question for you: 96% of the FBIs most wanted terrorist list are_______ ? "According to NCTC, of the 12,533 terrorism-related deaths worldwide, 8,886 were perpetrated by “Sunni extremists,” 1,926 by “secular/political/anarchist” groups, 1,519 by “unknown” factions, 170 by a category described as “other”, and 77 by “Neo-Nazi/Fascist/White Supremacist” groups." My point above saying Malaysia is a muslim country and therefore just as likely to suffer terrorism as any other was to point out that most muslim terrorists attack other muslims, rather than non-muslims. “In cases where the religious affiliation of terrorism casualties could be determined, Muslims suffered between 82 and 97 percent of terrorism-related fatalities over the past five years,” added the report. all stats from here: http://www.nctc.gov/docs/2011_NCTC_Annual_Report_Final.pdf |
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Wall St. is quietly getting in and will be doing more on this.
We are working on some things and others are as well.
haha |
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