Thoughts on Pyramining?

[isis]

I've been doing some looking for a place to semi-deepfreeze funds for a period of about a year and have them generate interest instead of sitting in a paperwallet somewhere.

I was wondering what everyone's thoughts are about Pyramining (www.pyramining.com)
Is it considered legit and at least moderately safe?  It sounds like a good plan but has anyone actually verified they have the hardware etc and aren't a ponzi?

Thanks for any info!

[BR0KK]

its supposed to be a mining bond. The name "pyra" is kind of confusing --> pyramind mining. I tried it with two BTC a week ago

you could try it too with just a small ammount of BTC.

[lassdas]

its supposed to be a mining bond.

Some people might think so, but that's kinda wrong.
In a bond, you as an investor own a share of the company issuing it, with pyramining you own nothing.

You're basically just giving someone a (pretty cheap) loan, who then builds up a mining-farm for his own (or at least tells you so).

[eliale]

I, with my associate Paci, visited Pyramining twice. 

Because The Rock provides insurance, trade back and bonds for Pyramining we had to verify its real existance and potentials.

We both had a very positive feeling about Pyramining future!

[symbot]

I made an initial small deposit in Pyramining, then spent quite a bit of time researching them before increasing my investment.  My advice is to send PMs to "pyramining" here and ask to see the photos of the gear and the solar power panels, and also ask any other questions.  "pyramining" has responded quickly to all the questions I have sent by PM.  He/she has also answered nearly all questions posed in public in their thread. 

One caveat is that they have maintained some secrecy about who they are and where they are located, etc.  But, it isn't a big secret.

I think they are legit, and I have invested with them.  But, like any investment you ultimately have to make your own judgement!

[isis]

It is a very good service, I was one of the first people to sign up with them and couldn't be happier with how my funds have grown, very legit. I was lucky enough to see picture of there mining setup obviously I can't show them, but some people have visited them. But make sure you use a referral code to get 10% instead of signing up with 5%.


http://www.pyramining.com/referral/rdmxqn9z4
http://www.pyramining.com/referral/cma9hkbex
http://www.pyramining.com/referral/329b84tfg   
http://www.pyramining.com/referral/cr8bph7ks
http://www.pyramining.com/referral/4x2fptrhq

Signed up with your cr8 code.  I figured what the heck, you and I bump heads enough, if you give it a thumbs up it must be alright.

[SysRun]

I've been doing some looking for a place to semi-deepfreeze funds for a period of about a year and have them generate interest instead of sitting in a paperwallet somewhere.

I was wondering what everyone's thoughts are about Pyramining (www.pyramining.com)
Is it considered legit and at least moderately safe?  It sounds like a good plan but has anyone actually verified they have the hardware etc and aren't a ponzi?

Thanks for any info!

There's no free lunch, isis. TNO

[ElectricMucus]

Pyramid Scheme anyone?

It doesn't get much more obvious than that.

[crazyates]

Pyramid Scheme anyone?

It doesn't get much more obvious than that.

Think of it as more of pyramid, referral system, so if I refer you, I get a percent, and the person that referred me get a percent and all the way back to the top. Hence the pyramining

Ya, that's his point: sounds exactly like a pyramid scheme.

[Akka]

Pyramid Scheme anyone?

It doesn't get much more obvious than that.

Think of it as more of pyramid, referral system, so if I refer you, I get a percent, and the person that referred me get a percent and all the way back to the top. Hence the pyramining

Ya, that's his point: sounds exactly like a pyramid scheme.

But how is it a pyramid scheme, if they are bringing in external funds, from mining?

Its kind of a pyramid scheme.  You get 15% of the hashing power of everyone that joint pyraming to your reveal (until yor account is completed of course) and 7.5% of everyone joined trough someone below you and even 7.5% of the 3rd level. So 30% of this project is a pyramid scheme.

[Raoul Duke]

One of the best methods I've seen to fund a mining operation. Granted.

[dextryn]

It's only a 1/2 pyramid scheme.  You don't have to participate in the "pyramid" part if you don't want to but I don't see why not.  If you don't feel like participating, just sit back and enjoy your initial investment.

You can also sign up under me and enjoy a 10% bonus on that investment *Shameless plug

http://pyramining.com/referral/nkp29a7cs
http://pyramining.com/referral/ch63xqnke
http://pyramining.com/referral/3y7afs9hr
http://pyramining.com/referral/hc47t9mry
http://pyramining.com/referral/4m9qxc6pr

[dyingdreams]

http://www.pyramining.com/referral/8tpq4kcms   2012-09-01 17:22:16 UTC   still active
http://www.pyramining.com/referral/pdftrsmc6   2012-09-15 00:27:52 UTC   still active
http://www.pyramining.com/referral/t4xdy8f9b   2012-09-19 05:27:52 UTC   still active
http://www.pyramining.com/referral/kaeh6psqm   2012-09-23 21:43:33 UTC   still active
http://www.pyramining.com/referral/r24kz68p7   2012-10-05 05:50:08 UTC   still active

For anyone who signs up as a referral under me and deposits at least 0.1 BTC, I'll sign up under you with 0.1 BTC giving you a 10% extra bonus.

If you sign up under me send me a message with your pyramining id and referral link so I can sign up under you.

[psilan]

What were the odds this would turn in to a referral spam thread?
This is the only reason I don't like it. Referrals are so annoying.

[GenTarkin]

Wait, if you dont participate in the referral system do you still make a return on ur deposited BTC? Or it just kinda chilling there...doin nothing...

[Akka]

Wait, if you dont participate in the referral system do you still make a return on ur deposited BTC? Or it just kinda chilling there...doin nothing...

You are getting always your deposit +10% back. With reveals you increase your payback by 10% of what this person deposited, and more important, your hashrate increases (see post above).

So if someone deposits 1BTC with my reveal, he gets 1.1 BTC back (after mining them of course) and I get 0.1 BTC (after mining them of course, too).

[stepkrav]

I've deposited a small amount, to test it. We'll see...

[gweedo]

I've deposited a small amount, to test it. We'll see...

Small amounts don't work well, cause if it does hit about 1 bitcoin then you have to wait for the full payout, I am currently got a descent size and I get paid pretty regularly from it

[IMakeComps]

So its a pyramid scheme that admits its a pyramid scheme? Sounds legit.

[regular]

Where do the returns come from?  Are you basically paying an unknown person BTC so they can mine on your behalf?