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761
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Economy / Service Discussion / Re: http://www.pyramining.com/ - Discussion thread (no advertising here)
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on: June 19, 2014, 08:17:02 PM
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I know why it was done, I just fundamentally disagree with doing it. We all knew what we joined when we joined it (although some people appear unable to read a page of writing and cry foul, but you will always get that).
I would be happy with small payouts if the structure was what I paid for at the start. What annoys me is that people complained, so he changed the entire structure for everyone, without proper consultation. I agree that if it was left as it was, we would still be receiving small payouts, but they would be greater than they currently are, and it would be what we all agreed to at the start.
Now the idea is to benefit new accounts at the expense of older ones (and for months you haven't even been able to make new accounts). Difficulty is continuing to rise at a massive rate and you cant create new accounts to add to the power.
Since he changed the rules, the wheels have fallen off this. I think we ware just going to have to man up and write off any outstanding coins (which for me is a considerable amount of coins and/ or fiat!!).
I disagree with the idea that pyramining is dead in the water. There are ways to fix this, the changes he made are how things should have been from the beginning, the way it was was a good idea it simply did not see the asic generation of mining power coming. If he would do one of the things I laid out in a previous post it would get things going again, especially if he brings back account creation so that those that are good at marketing can bring in some new accounts as well as being willing to buy available hardware instead of creating his own. Another project I am invested/watching petamine was able to bring on over a petahash in a very short time, where as pyra was bringing on 10ths or less every week or so. Its irrelevant how things should have been. This is not how they were implemented and we all knew the rules and agreed to them by signing up. I dont have an issue changing the rules for new deposits but that is not what has happened. the rules changed after money was taken (and held in a queue) and a block on any new accounts being created. I see no way to make back the outstanding coins, unless difficulty decreases by a factor of at least 100 (unlikely unless the GHash data centers fail- and even then it would be temporary). For example, I have over 25 BTC outstanding and since he reimplemented payouts, I have received approx 0.09 BTC. At that rate (not allowing for difficulty increasing by at least 10% every ten days) it will take me approx 45 years to receive my coins. And with no way to create new accounts? How is that not dead in the water? |
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762
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Economy / Service Discussion / Re: http://www.pyramining.com/ - Discussion thread (no advertising here)
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on: June 17, 2014, 09:40:01 PM
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I know why it was done, I just fundamentally disagree with doing it. We all knew what we joined when we joined it (although some people appear unable to read a page of writing and cry foul, but you will always get that).
I would be happy with small payouts if the structure was what I paid for at the start. What annoys me is that people complained, so he changed the entire structure for everyone, without proper consultation. I agree that if it was left as it was, we would still be receiving small payouts, but they would be greater than they currently are, and it would be what we all agreed to at the start.
Now the idea is to benefit new accounts at the expense of older ones (and for months you haven't even been able to make new accounts). Difficulty is continuing to rise at a massive rate and you cant create new accounts to add to the power.
Since he changed the rules, the wheels have fallen off this. I think we ware just going to have to man up and write off any outstanding coins (which for me is a considerable amount of coins and/ or fiat!!).
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763
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Economy / Service Discussion / Re: http://www.pyramining.com/ - Discussion thread (no advertising here)
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on: June 17, 2014, 07:25:46 PM
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It has only been 'get the hash rate you paid for' for a couple of months. He changed the rules recently before releasing the new ASICs.
Previously it has always been a certain amount of hashing power was added to the system every time anyone deposited and all rewards were split amongst all active accounts on a ratio of what they paid for, so as time went by, new members contributed more has rate, but older accounts still got paid. This was changed in order to encourage new deposits, which means old accounts will never be paid and you cant even create new accounts. The whole thing is a mess.
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766
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Economy / Service Discussion / Re: http://www.pyramining.com/ - Discussion thread (no advertising here)
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on: May 14, 2014, 07:00:52 PM
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I think you are being massively optimistic. In the accounts you quoted above(which is a single chain), two accounts had over 400 BTC with a combined total of 646 BTC remaining. The bonus for these accounts would be at least 10% adding another 64 BTC to them but Ill assume a total of 700 BTC.
30 THash will bring in approx 1.7 BTC per day (dropping to 1.55 BTC per day next difficulty and continuing to decrease).
So assuming its 1.55 BTC enduring and the 30 THash are allocated across 10 accounts (3 THash each- 0.155 BTC per day per account), these two accounts would take 2258 days to clear.
And this does not allow for difficulty increases or other accounts. I have at least 1000 BTC in my up chain and again, this is a single chain.
Any bonus should not be used to 'clear out' old accounts, but rather split evenly across all accounts so we all benefit a little and dont have to wait decades to see any benefit.
I thought this is what we signed up to, a pyramid type pool, where older adopters benefited and were not written off!
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768
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Economy / Service Discussion / Re: http://www.pyramining.com/ - Discussion thread (no advertising here)
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on: April 30, 2014, 07:36:00 PM
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Can you give a stat that gives an indication of number of accounts above your one, or of expected time till the extra hashing will hit your account. I think that it really depends upon your definition of 'huge account' to be able to say that there are not many. I know of at least 10 that I would consider huge and with current difficult level and hence earnings, I think anything with more than 20 BTC currently remaining, can be considered huge. Even with 'only' 20 BTC, it would take more than 10 days to clear out and that is assuming the entire 30 THash is dedicated to that account!
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770
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Other / Beginners & Help / Re: Bitcoin 2.0
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on: April 27, 2014, 06:47:47 PM
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Any new coin needs to be considerably better than Bitcoin. Bitcoin has first mover advantage, publicity and the infrastructure. Very few other coins come anywhere near. Many people have now heard of Bitcoin and merchants are accepting it but only handful have heard of other crypto and even fewer merchants accept any of the others.
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776
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Other / Beginners & Help / Re: what should I do with 0.20247 bitcoins?
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on: April 27, 2014, 06:09:25 PM
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That really depends upon what you want to get out. If you want to use it as a currency, buy stuff with it. there are many firms now accepting BTC. If your aim is to use it as an investment, the best bet is probably to just hold BTC. Mining is extremely unpredictable and unlikely to make ROI in anything like reasonable time frames. Any investment in alt coins is a complete gamble as BTC has massive first mover advantage and a much bigger infrastructure, so it would take a super alt coin to displace BTC's lead.
Just hold the coins.
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777
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Economy / Service Discussion / Re: http://www.pyramining.com/ - Discussion thread (no advertising here)
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on: April 27, 2014, 06:06:08 PM
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Above me, there are several accounts with hundreds of BTC and which still have a long way to go to be complete. As the whole Pyramining enterprise is generating a couple of BTC every few days, this will take literally years at current difficulty, and this makes no account for increasing difficulty or other accounts that are older than mine, which are not directly above mine (and mine date from mid 2012). This is why I did not agree with the concept of applying high hash rate to only 10 accounts and not across the board. Very few people will ever see any benefit from this.
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