Bitcoin Savings & Trust - Money Returned List (One reported - CLOSED).

[Matthew N. Wright]

I just got my invite to gpumax yesterday.  I spent all night getting things setup.

Then I started to wonder what the real benefit of the site was and had a hard time figuring it out. I can manage my miners just as easy without it.  And the only reason I could figure for people buying shares would be to test out a new pool (can't be many of those) or to gamble on a pool getting lucky. It didn't seem like enough to sustain the site.  So I started to read up on the man at the top.

I thought the same, until I racked my brains and thought of a really cool occasional use of the hashpower.  Not sure if that's what pirate's customers are using it for, but there's a good chance.

Think hard and you might come up with a reason for its existence too.

Shhhhh. Let them be smug in their accusations a little bit longer. 

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[myrkul]

I just got my invite to gpumax yesterday.  I spent all night getting things setup.

Then I started to wonder what the real benefit of the site was and had a hard time figuring it out. I can manage my miners just as easy without it.  And the only reason I could figure for people buying shares would be to test out a new pool (can't be many of those) or to gamble on a pool getting lucky. It didn't seem like enough to sustain the site.  So I started to read up on the man at the top.

I thought the same, until I racked my brains and thought of a really cool occasional use of the hashpower.  Not sure if that's what pirate's customers are using it for, but there's a good chance.

Think hard and you might come up with a reason for its existence too.

Cracking passwords for the CIA?

[Shadow383]

I just got my invite to gpumax yesterday.  I spent all night getting things setup.

Then I started to wonder what the real benefit of the site was and had a hard time figuring it out. I can manage my miners just as easy without it.  And the only reason I could figure for people buying shares would be to test out a new pool (can't be many of those) or to gamble on a pool getting lucky. It didn't seem like enough to sustain the site.  So I started to read up on the man at the top.

I thought the same, until I racked my brains and thought of a really cool occasional use of the hashpower.  Not sure if that's what pirate's customers are using it for, but there's a good chance.

Think hard and you might come up with a reason for its existence too.

I've not tried making a purchase yet - do they start instantly if public work is currently underway (ie, somebody at GPUMax is there to start it  )?

[CodesInChaos]

While hash power may have uses outside Bitcoin(+altchains), existing miners wouldn't be able to do that without significant changes to the software. In particular password cracking wouldn't work. Considering the value of altchains, it's extremely unlikely that the hashpower is used for anything but bitcoin mining.

I see no way to make additional money in mining(pool hopping gain is likely too small), so the only application I can see is money laundering, where somebody pays a premium to exchange his dirty coins for freshly mined ones. So I think GPUMAX is used to launder money.

[dishwara]

I just got my invite to gpumax yesterday.  I spent all night getting things setup.

Then I started to wonder what the real benefit of the site was and had a hard time figuring it out. I can manage my miners just as easy without it.  And the only reason I could figure for people buying shares would be to test out a new pool (can't be many of those) or to gamble on a pool getting lucky. It didn't seem like enough to sustain the site.  So I started to read up on the man at the top.

I thought the same, until I racked my brains and thought of a really cool occasional use of the hashpower.  Not sure if that's what pirate's customers are using it for, but there's a good chance.

Think hard and you might come up with a reason for its existence too.

GPUmax can be used as a centralized server or node or anything, to control Bitcoin, if 51% attacks happen by anyone.

[drakahn]

GPUMAX rips the wings off of fairies to process into pony food.

[wrend]

Or owner of GPUMAX could use it to >50% attack network, to return some of their debts, but mainly for fun.  or even a threat of possibility of attack could lower price just enough, for knowing party to purchase BTC, for profit.

[556j]

Or owner of GPUMAX could use it to >50% attack network, to return some of their debts, but mainly for fun.  or even a threat of possibility of attack could lower price just enough, for knowing party to purchase BTC, for profit.

This isn't really possible since the second anyone noticed this happening they just point their workers another direction and he'd lose majority. Miners aren't going to mine themselves out of existence.

I'm curious what people think the use of hashing power is though. As noted already if was anything but bitcoin then miners would ahve to use something other than cgminer ect. which does work on gpumax afaik. The whole "we figured it out because we're smart and you're dumb" is getting old.

Most likely is just a way to mint untraceable coins to pay for that ticket to Bermuda at noon. But it could be as simple and innocent as clever pool hoping. Most pool have fixed this so growth as this point seems odd though.

[drakahn]

"we figured it out because we're smart and you're dumb" is getting old.

Any sort of knowledge that leads to profit will very rarely be shared freely, the more people milking profit the less profit each person gets for the same work

[556j]

But the people who say it are all highly suspect. Matthew for example has admitted little technical knowledge of bitcoin or mining but he has figured out something developers cannot. Also all of the people who have figured it out of course will never start a competing business themselves. So every single person that has figured out what gpumax and bs&t does have no interest in profit themselves. Makes a lot of sense. The other fascinating thing is everyone that has figured these things out have direct financinal incentive for bs&t to be legit while naysayers have nothing to gain.

[sadpandatech]

I'm curious what people think the use of hashing power is though. As noted already if was anything but bitcoin then miners would have to use something other than cgminer ect. which does work on gpumax afaik. The whole "we figured it out because we're smart and you're dumb" is getting old.

Most likely is just a way to mint untraceable coins to pay for that ticket to Bermuda at noon. But it could be as simple and innocent as clever pool hoping. Most pool have fixed this so growth as this point seems odd though.

Most of it was used previously to pool hop. Or atleast that's what I would have imagined as the market for clean coins was low. Atleast one miner had detailed their use of it for hoping in the gpumax thread if anyone is really curious, go spend some time reading through that thread.

The intended purpose of the GPUMax service is to provide clean coins at a price. Or atleast thats really its most useful feature. And its not something thats been a secret. So it makes no sense for everyone to act like they just stumbled on this super hidden use for it.

As far as 51% with it, not possible with the hash power there. The last time GPUmax exposed its hashing power a month or so back, it had roughly 1TH total capacity at the time.

[Hunterbunter]

I just got my invite to gpumax yesterday.  I spent all night getting things setup.

Then I started to wonder what the real benefit of the site was and had a hard time figuring it out. I can manage my miners just as easy without it.  And the only reason I could figure for people buying shares would be to test out a new pool (can't be many of those) or to gamble on a pool getting lucky. It didn't seem like enough to sustain the site.  So I started to read up on the man at the top.

I thought the same, until I racked my brains and thought of a really cool occasional use of the hashpower.  Not sure if that's what pirate's customers are using it for, but there's a good chance.

Think hard and you might come up with a reason for its existence too.

Shhhhh. Let them be smug in their accusations a little bit longer. 

duuuuuuuuuude you just smugged all over him.

[BoardGameCoin]

I've thought a potential reason to use GPUMAX would be if you solve a block and another pool solves a block at the same time, you can pay gpumax users extra to build off of your block, hopefully increasing the chance that the next block gets built off of yours rather than the other miners.

[MrTeal]

I've thought a potential reason to use GPUMAX would be if you solve a block and another pool solves a block at the same time, you can pay gpumax users extra to build off of your block, hopefully increasing the chance that the next block gets built off of yours rather than the other miners.

Wouldn't Pirate be the only one with that option? Regular GPUMax users don't have that kind of granularity.

[BoardGameCoin]

I don't know anything about the interface to gpumax. Obviously for what I was talking about you'd need to be able to construct the block you sent out to gpumax workers. If you can't do that then my idea doesn't work.

[zebedee]

Or owner of GPUMAX could use it to >50% attack network, to return some of their debts, but mainly for fun.  or even a threat of possibility of attack could lower price just enough, for knowing party to purchase BTC, for profit.

This isn't really possible since the second anyone noticed this happening they just point their workers another direction and he'd lose majority. Miners aren't going to mine themselves out of existence.

I'm curious what people think the use of hashing power is though. As noted already if was anything but bitcoin then miners would ahve to use something other than cgminer ect. which does work on gpumax afaik. The whole "we figured it out because we're smart and you're dumb" is getting old.

Most likely is just a way to mint untraceable coins to pay for that ticket to Bermuda at noon. But it could be as simple and innocent as clever pool hoping. Most pool have fixed this so growth as this point seems odd though.

What I thought of isn't illegal, a conspiracy theory, or anything to do with money laundering.

If you understand how the system works, you too can think of it.  Pirate said GPUmax isn't about subverting the network (not his words - he said something about not destroying the cryptocurrency we all love) and that corresponds with what I thought of.

I have nothing to gain or lose from GPUmax, I'm not involved.  My only claim is I've thought of a viable use than can pay good returns (it's unclear to me what those returns might be, that would take some interesting analysis).  I'm sure you can think of a use too if you throw away nutjob ideas of a conspiracy etc. and just think for yourself a bit.  Literally it took me about 15-30 minutes last night, but I'm willing to put that down as luck and it might normally take 6 hours.

Is that what it's being used for?  I'm not sure, but like you I cannot see any other viable use either

That's what the free market is all about right?  He who can exploit the opportunities wins.  Perhaps pirate (on GPUmax at least, nor sure about BTCST) is just smarter than you give him credit for?  If so, kudos to him, I'm not going to give the game away just because I can.

[Faraday]

Can someone explain what GPUMAX actually is? Or post a link to where I can read about it?

I'm guessing its just like another mining pool.... except you are simply paid for your hash rate and the hashing power could be going to anyone willing to pay for it?

[digital]

GPUMAX is a service.  It allows you to route your miners through the service so that you still mine at your normal pool, but only when there is no public work.  When public work is available, then your miners are working on the public work at a pps that you set in your account.

the public work comes from people who purchase shares at a rate higher than the standard pps rate at other pools.

Which is where the confusion comes from.  Most people have problems trying to figure out why someone would pay more for a bitcoin than you would get back. (ex. pay 1.2btc for 1btc).

The thinking about it, im guessing its intended to be a form of gambling, or pool hopping.  Where you purchase 100,000 shares, then the public 100-200ghash, or whatever the speed is that day, get pointed at your pool until those shares get found.

I imagine that there is a possibility to make a lot of money that way, but from what I've seen in the GPUMAX forum, the odds of return are small.  It just doesn't seem like enough to sustain the site, but I haven't purchased any shares either, so i'm not speaking from experience.

[peasant]

The same reason why people will pay 15-30 dollars for 1btc on ebay when they can get it any exchange for far less.

[digital]

So they can pay with PayPal?

GPUMAX only accepts btc for payment right now.