I hear you bro. When I travel they often shut my card down. For example I was in L.A. paying for brunch when my card was declined. I paid for my airline tickets with that card, rented the hotel room with that card, and was eating at the hotel restaurant. Still they flagged the transaction. It's a hassle. A few weeks ago I had brunch in Seattle. Because I paid with bitcoin, there wasn't an authority in the world that could screw with my transaction.
You do realize that every CC company has a policy that says "you must tell them when you travel" right? If this keeps happening to you, then you aren't very smart lol... Or need a different CC that doesn't have this issue. My hate for the policy isn't the policy itself, but the completely arbitrary manner in which they enforce it. I went to visit family for Christmas as an example. Bought the tickets with my Visa. Got there, bought everything there with Visa. Bought a 1500 dollar computer there as a present. All fine. No transactions blocked. Get to the airport to come home and my 2 dollar cup of coffee is blocked. WTF? Or a few months back I buy some stuff online from a merchant. 3 thousand dollar transactions all go through to the same merchant, the fourth one gets blocked. WTF? |
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You're doing it wrong. The difficulty in May is 10 million and the PBMining price you set is .0056
The difficulty changed today. It is currently 8 million. And PBMining adjusted the price to .0053
Don't choose MAY. Stick with April since that is now, today's difficulty, and the difficulty is factored on that. If you choose May, it's 1 month in the future so it changes the difficulty to 10 million.
If you do it correctly, your investment profits.
What? Why would I put April when it isn't April? It's May. Here it is again: https://tradeblock.com/mining/a/9c7bd552eaSee when you ROI? Oh right, you don't, ever. |
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Nevermind, I think I see why people buy these things, they don't get basic math. According to the calculator YOU linked to, 1gh/s purchased at 0.0056btc will never return 0.0056btc. Ever. I do see where you made your mistake, if you run the calculator starting in April it will eventually return more than 0.0056btc. But of course April is already over. Starting now, since pgmining doesn't seem to offer a time machine on their website, you can expect to get around 0.004 btc back by August.
Regarding your second point, you keep saying that if the price of btc goes up it makes this a profitable move. It doesn't. Obviously the dollar value of the btc you get back would go up in value, but then so does the dollar value of the cost you paid. One last time, paying 0.0056btc now to get 0.004btc later is not a good deal! And makes no difference what the btc is worth in dollars. But Im a very generous person. If you think it is such a good deal, I promise to give you 0.004btc in august for every 0.0056btc you give me now. Any reputable escrow service you wish to use.
You're not zeroing out the electrical costs, the accessory costs and the like. You pay none of that. You have to measure with the current difficulty vs what you're buying. It profits. Learn how to use the mining calculator. It's funny that you think you're smarter than all the miners. We must all be idiots right? I explained the math on how mining makes more than holding, but you're not getting it. If you buy a Bitcoin and it becomes $4,000 in value. Great. Now, if I buy a miner for the same price that you bought the Bitcoin at. The only reason the miner ever stops making money is if the cost of electricity is higher than what it earns. If the value of Bitcoin reaches $4,000 then the miner WILL EARN MORE BITCOINS THEN I PAID FOR IT. You say no, but that is incorrect. It's simple math. I zeroed out all costs except the price of the hash. Here it is: https://tradeblock.com/mining/a/975f84599cNotice if you change the value of bitcoin it does not change your bring even date (which is never) Why do you keep bringing up miners? We aren't talking about purchasing miners. We're talking about purchasing a hashing contract. And to answer your question, no I don't think you're all idiots. I think the only ones are idiots are the ones purchasing a contract that is clearly going to pay out less then the contract. On the contrary I think any miner who can sell their hashing power for more btc then it will ever create is a genius. |
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None of that applies to a 5 year mining contract, since they are under contract to continue to provide the hashing power for 5 years whether it is economical to do so or not. This is simply basic math, the total proceeds from hashing for the entire 5 year contract come to be less than what it costs to purchase.
I don't think that's correct. The current cost of a gh on PBMining is 0.0056. https://tradeblock.com/mining/a/702307c1fbIt's profit by August forward. Assuming current BTC price remains constant. This is better than holding. (Assuming not a ponzi for the purpose of this discussion only.) I've already explained the apex where mining is worth more than holding, but you need a value around $4,000 for that to work out. Which isn't likely. Nevermind, I think I see why people buy these things, they don't get basic math. According to the calculator YOU linked to, 1gh/s purchased at 0.0056btc will never return 0.0056btc. Ever. I do see where you made your mistake, if you run the calculator starting in April it will eventually return more than 0.0056btc. But of course April is already over. Starting now, since pgmining doesn't seem to offer a time machine on their website, you can expect to get around 0.004 btc back by August. Regarding your second point, you keep saying that if the price of btc goes up it makes this a profitable move. It doesn't. Obviously the dollar value of the btc you get back would go up in value, but then so does the dollar value of the cost you paid. One last time, paying 0.0056btc now to get 0.004btc later is not a good deal! And makes no difference what the btc is worth in dollars. But Im a very generous person. If you think it is such a good deal, I promise to give you 0.004btc in august for every 0.0056btc you give me now. Any reputable escrow service you wish to use. The dollar value of the cost I paid does not go up. It remains the same. If the BTC I am mining goes up so does my profit. Perhaps you need to re-think your argument. It is flawed. According to you, no one mining is making any money. What would happen if everyone stopped? If I listened to people like you, I would do nothing but purchase coins. Then what? Without miners, you have nothing. So get over it. Huh? You aren't buying the shares with dollars. You are buying them with bitcoins. This really isn't that difficult to comprehend. You and I each have 0.0056 bitcoins. You buy one of these shares. I don't. Bitcoin goes to the moon, and hits 10,000 dollars by august. You have 0.004btc worth 40 dollars. I have 0.0056btc worth 56 dollars. Why is this so difficult to comprehend? |
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None of that applies to a 5 year mining contract, since they are under contract to continue to provide the hashing power for 5 years whether it is economical to do so or not. This is simply basic math, the total proceeds from hashing for the entire 5 year contract come to be less than what it costs to purchase.
I don't think that's correct. The current cost of a gh on PBMining is 0.0056. https://tradeblock.com/mining/a/702307c1fbIt's profit by August forward. Assuming current BTC price remains constant. This is better than holding. (Assuming not a ponzi for the purpose of this discussion only.) I've already explained the apex where mining is worth more than holding, but you need a value around $4,000 for that to work out. Which isn't likely. Nevermind, I think I see why people buy these things, they don't get basic math. According to the calculator YOU linked to, 1gh/s purchased at 0.0056btc will never return 0.0056btc. Ever. I do see where you made your mistake, if you run the calculator starting in April it will eventually return more than 0.0056btc. But of course April is already over. Starting now, since pgmining doesn't seem to offer a time machine on their website, you can expect to get around 0.004 btc back by August. Regarding your second point, you keep saying that if the price of btc goes up it makes this a profitable move. It doesn't. Obviously the dollar value of the btc you get back would go up in value, but then so does the dollar value of the cost you paid. One last time, paying 0.0056btc now to get 0.004btc later is not a good deal! And makes no difference what the btc is worth in dollars. But Im a very generous person. If you think it is such a good deal, I promise to give you 0.004btc in august for every 0.0056btc you give me now. Any reputable escrow service you wish to use. |
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Paying 1btc now to get .5 btc at some point in the future is not ever, under any circumstances, a good business decision.
It completely baffles me how some people can actually think that is a good deal.
You're mostly correct, there is some upper level Bitcoin price that it can rise to where Mining produces more profit than holding. That's because the miner becomes unprofitable to run after a period of time when the electricity exceeds the miner's ability to produce coins. However if the value of Bitcoin rises, the miner can run longer and produce more Bitcoins. So in theory instead of earning only 1 Bitcoin, it could earn 1.1 Bitcoin if the value is large enough to make it worthwhile to keep running. The other thing, is that some people simply aren't good at holding. It takes patience and confidence. Mining sort of forces people to hold, but in a different way. So that if the value of the coin rises, they gain the FIAT by the slow return on mining vs cashing out the Bitcoins now for a smaller profit. None of that applies to a 5 year mining contract, since they are under contract to continue to provide the hashing power for 5 years whether it is economical to do so or not. This is simply basic math, the total proceeds from hashing for the entire 5 year contract come to be less than what it costs to purchase. |
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 Website | Twitter | BitcointalkHi,PhilosopherStone Community We have added your coin to ECOINFUND vote list.（ http://www.ecoinfund.com/vote） an effective vote will cost 10 ECFC； repeating vote are allowed； the Exchange Market will be open as soon as the voting reach 1000.! ECFC is the fee share program launched by Ecoinfund. Ecoinfund will commit 50% of trade revenue to ECFC program. (highest on market ECFC Details) Here the ways of getting ECFC: 1. buy the ECFC through our ECFC/BTC or ECFC/LTC market. 2. taking part into our GIVEAWAY. Big ECFC GIVEAWAY before 10.MayTweet this green text on your own twitter account then recive 20 ECFC; ecoinfund.com |New Exchange,multi-language support,Earn 20 ECFC(fee shares) by every retweet before 10 May,don't miss the train! Pls post your twitter link and Ecoinfund ID on https://bitcointalk.org/index.php?topic=501030.0 ,you will get 20 ECFC! Happy trading ! Why would we bribe you to get on your obscure exchange? |
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You know the US Federal government isn't the only government in the world, right? |
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Paying 1 BTC now to get 0.5-.6 BTC later is a losing move. It doesn't matter what bitcoin does, it can go up, it can go down, it can stay exactly the same as it is, you willingly, of your own free will, gave them money now, to get less than that back at some point in the future. It doesn't have to be a Ponzi scheme, you lost money on this deal either way.
I don't happen to agree with you. The Bitcoin I spent on this mining contract costs me approx. $435. If, for the sake of argument, the price of Bitcoin goes up to $600 or $700 or higher, the value of the Bitcoin I am mining goes up as well and it becomes a much more attractive value. That is simple arithmetic. Maybe PB Mining is counting on this as well. According to everything I read, the general ongoing acceptance of Bitcoin worldwide and Wall Street's new involvment, I would say that's a given. Only time will tell. So far I have not lost a dime. I am certainly making more on my investment than a savings account, money market fund or the stock market. If, and it is a big if, I get ripped off, I will deduct it from my taxes and move on. I don't feel like playing the safe game. It gets you even less. You completely miss the point. If bitcoin goes down, you lose money obviously. If bitcoin stays the same, you lose money. If bitcoin goes up, you make money yes, but a lot less money than you would have made if you cut out the middle man and just bought the bitcoin directly. You can't seem to understand this. They may or may not be a scam but it makes no difference. They don't have to be a scam for it to be a terrible deal. They could be exactly what they say they are and it is still a terrible deal. I'll say it one more time: Paying 1btc now to get .5 btc at some point in the future is not ever, under any circumstances, a good business decision. It completely baffles me how some people can actually think that is a good deal. |
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Paying 1 BTC now to get 0.5-.6 BTC later is a losing move. It doesn't matter what bitcoin does, it can go up, it can go down, it can stay exactly the same as it is, you willingly, of your own free will, gave them money now, to get less than that back at some point in the future. It doesn't have to be a Ponzi scheme, you lost money on this deal either way.
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Ive had best stability with rpi.
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Anyone have any idea why a blade would hash but not submit work? I am using cgminer on windows 7. No matter how many blades i plug in, it sees them all, and they all hash, but the last board never submits any work (based on device id it is a different one each time but i don't know if the device id is unique to each unit or of it changes each time i plug it in). What I mean is, if i plug one blade in, one board submits work and one doesn't. If i plug two blades in, i get 3 boards submitting work, one not. If i plug 3 blades in, 5 boards submit work, 1 doesn't. etc. etc. The "non working" board does hash though, it just doesn't submit work. I have checked everywhere and see other people have had this issue, but not found a solution.
Any have any ideas?
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I just wanted to say these guys are great. I had a problem with my order (actually, I complained about it in this thread....) and they actually called me that same day (saturday) and fixed the problem. Not only did they get the blades to me first thing this morning, they actually gave me a credit for my lost time. It's so refreshing to deal with an honest company for a change! I definitely recommend them over anyone else.
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Ok, cryptsy slowly made progress, withdraw is working normal and a deposit took around 12h.
They look more overworked than scamming, their new fiat markets are delayed too.
So relax, PHS rate is doing well enough with just a half exchange.
No it's not. My deposit made days ago is still missing. |
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I would like to rescind what I said earlier. Josh called me and took care of the issue. Thank you!
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I just got a response from them:
"We assume your issue is resolved after waiting for a response from you for 5 days. We are guessing your issue was resolve satisfactorily. If you require more assistance please contact us in a new ticket. Thanks again for using Cryptsy.com"
I can assure you that they have NOT been waiting for a response from me (and given that everyone else is having this problem why would they ask me for information anyways???) At this point one can only conclude that they are fraudulent. No one is THIS incompetent.
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I don't know. They are probably incompetent, but who knows, they could be front running transactions, or goxing people, or who knows. But anyways yea I vote there every time I log in, which is often!
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This sucks. First we couldn't withdraw, now we can't deposit. I love this coin but we need to get it on another exchange.
I simply won't do business with Cryptsy anymore. Either they are thieves who do this on purpose, or they are incompetent, I don't know which. But no other major exchange has these sorts of problems that Cryptsy has ALL the time. Considering they charge by far the highest fees it is ridiculous.
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