Did you guys get instant ROI during the Paycoin scandal of 2014?

[adaseb]

I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.

[leowonderful]

I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.

Well, zcash didn't work out for most people even at the beginning, because difficulty pretty much spiked so high in the first few hours that you'd only have earned 20-40$ a day (which got to around ten at the end of the day due to difficulty spikes). Instant ROI is a bit of an exaggeration, but you might have earned a good 20$ or less on the first day of Zcash.

[adaseb]

I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.

Well, zcash didn't work out for most people even at the beginning, because difficulty pretty much spiked so high in the first few hours that you'd only have earned 20-40$ a day (which got to around ten at the end of the day due to difficulty spikes). Instant ROI is a bit of an exaggeration, but you might have earned a good 20$ or less on the first day of Zcash.

There are people who not only ROI'd their GPUs they ROI'd their entire GPUs rigs mining the first day when it was around 50BTC/ZEC.

But you had to be on the right pool, which paid out ASAP and payout to a "t" address. I sold very late but I managed to sell at 10BTC/ZEC even. Imagine those that sold at 100-200BTC/ZEC. 

[sidehack]

Why would anyone buy at those prices, especially if it's apparently so easy to mine that a rig gets paid off quickly?

[leowonderful]

Why would anyone buy at those prices, especially if it's apparently so easy to mine that a rig gets paid off quickly?

Not everyone has that kind of hashpower, and investors saw it as a good opportunity. There are also conspiracy theories it was made to be a pump and dump coin, which I personally believe partially. Their system of mining supply was odd, to say the least.

I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.

Well, zcash didn't work out for most people even at the beginning, because difficulty pretty much spiked so high in the first few hours that you'd only have earned 20-40$ a day (which got to around ten at the end of the day due to difficulty spikes). Instant ROI is a bit of an exaggeration, but you might have earned a good 20$ or less on the first day of Zcash.

There are people who not only ROI'd their GPUs they ROI'd their entire GPUs rigs mining the first day when it was around 50BTC/ZEC.

But you had to be on the right pool, which paid out ASAP and payout to a "t" address. I sold very late but I managed to sell at 10BTC/ZEC even. Imagine those that sold at 100-200BTC/ZEC.  

Lots of people didn't get in that quickly, and difficulty jumped to 10,000 on the first day. As you said before, you needed to be on the right pool, and there were even scam pools there that didn't send zcash. Of course there would be some, but it was was a huge issue. It's like buying hundreds of lottery tickets and realising they were fake.

[navydude]

Yeah i lost alot of money even though i had a t address the pool didnt pay until almost 40 hours later. But what you gonna do? Its over now! I had 45 cards mining when it switched to mainnet so i got to watch thousands of dollars go down the drain.

[adaseb]

I was mining on that scam pool Coinsforall because my AMD GPUs ran the fastest on there. But the payouts were crazy delayed but eventually a payout went thru while the price was still 10BTC/ZEC.

But there was thousands of dollars of unrealized gains that were lost literally every hour. People were PISSED on that thread. I wished I mined on Suprnova instead. I think he got the payouts out the fastest.

[antantti]

If I had a second chance I would go solo.

Nicehash made some, good for them.

[leowonderful]

I was mining on that scam pool Coinsforall because my AMD GPUs ran the fastest on there. But the payouts were crazy delayed but eventually a payout went thru while the price was still 10BTC/ZEC.

But there was thousands of dollars of unrealized gains that were lost literally every hour. People were PISSED on that thread. I wished I mined on Suprnova instead. I think he got the payouts out the fastest.

Solo was definitely the way to go if you wanted a quick payout, only issue was difficulty was a bit high and lower hashrate rigs won't get ZEC nearly as fast. I even considered opening my own ZEC pool (lol) but figured it wasn't worth it. It's still a nice coin to mine, though- not terrible, but not as good as it was. I'm just disappointed people are falling for even clear scams, such as ZEC cloudmining- only Genesis could possibly have legitimate contracts, and even those buyers might not ROI.

[philipma1957]

I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.

I did very well with niches rentals during the paycoin runup.

I did 10x the btc rate for 3 days.  and maybe 3x the btc rate for 15 days.

as for zec it will spike again very soon.  It is now under valued.

[rockyforever]

I was mining on that scam pool Coinsforall because my AMD GPUs ran the fastest on there. But the payouts were crazy delayed but eventually a payout went thru while the price was still 10BTC/ZEC.

But there was thousands of dollars of unrealized gains that were lost literally every hour. People were PISSED on that thread. I wished I mined on Suprnova instead. I think he got the payouts out the fastest.

I am 100% sure Coinsforall is not a scam. I mined from day 2 there and got all my payouts (yes it took a little time). I think the initial launch was crazy and bad because no pool, wallet, etc. worked properly. I mine on flypool currently since Claymore released his miner and seems its the only consistent paying pool besides coinsforall. Nicehash and suprnova are still having issues (from what I have read on the zcash forums) and people are not calling them a scam....

I mined on Nicehash the first day and never received a payment EVER. My coin address does not even register at this point, so in my mind nicehash was more of a "scam" than coinsforall.

[antantti]

I mined on Nicehash the first day and never received a payment EVER. My coin address does not even register at this point, so in my mind nicehash was more of a "scam" than coinsforall.

Nicehash paid out only 15-20% of what you earned, 2-3 days late. Still have that dust floating there, wonder when that disappears...

[jeremy grol]

I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.

Well, zcash didn't work out for most people even at the beginning, because difficulty pretty much spiked so high in the first few hours that you'd only have earned 20-40$ a day (which got to around ten at the end of the day due to difficulty spikes). Instant ROI is a bit of an exaggeration, but you might have earned a good 20$ or less on the first day of Zcash.

There are people who not only ROI'd their GPUs they ROI'd their entire GPUs rigs mining the first day when it was around 50BTC/ZEC.

But you had to be on the right pool, which paid out ASAP and payout to a "t" address. I sold very late but I managed to sell at 10BTC/ZEC even. Imagine those that sold at 100-200BTC/ZEC.  

I made 2 btc first hour mining cause i have sold range 100-50 btc istantly.
sorry for those ones who bought at that range btw

[Prelude]

As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.

[adaseb]

As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.

Was it really 1000%, crazy.

Its also 100% right now for some reason on Nicehash. I guess its good to be a Bitcoin ASIC miner during these times, reduces ROI days.

[Mugatu]

As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.

Was it really 1000%, crazy.

Its also 100% right now for some reason on Nicehash. I guess its good to be a Bitcoin ASIC miner during these times, reduces ROI days.

It was insane. Even renting nicehash to mine paycoin was extremely profitable.

[adaseb]

I feel really bad for the investors. Peaked at 0.04 BTC, now 0.00000400 BTC.

Imagine buying $1,000,000 worth and now having it worth $100.

All those ASICs were paid by these broke people.

[Mugatu]

I feel really bad for the investors. Peaked at 0.04 BTC, now 0.00000400 BTC.

Imagine buying $1,000,000 worth and now having it worth $100.

All those ASICs were paid by these broke people.

There were major red flags pretty much from the start, so I don't feel too bad about it.

[Prelude]

As soon as I noticed nicehash was paying 1000%+ more than regular BTC mining I switched about 50TH over. Made some nice coin.

Was it really 1000%, crazy.

Its also 100% right now for some reason on Nicehash. I guess its good to be a Bitcoin ASIC miner during these times, reduces ROI days.

Yeah, the BTC was flowing in. Crazy times.

Wonder why people are paying so much on nicehash right now?

[Almat]

I wasn't around mining with Bitcoin ASICs back then but I met a fellow and he said he bought a few new Antminer S5 and SP20e back then and the only reason he made a profit was because he got instant ROI because he mined the Paycoin scandal back in 2014.

Nicehash doesn't have any stats going back that far and can't find anymore info.

But he said that it reminded him of what is happening now with ZCASH how if you mined right at the beginning you would of got instant ROI on some RX470 GPUs.

Well, zcash didn't work out for most people even at the beginning, because difficulty pretty much spiked so high in the first few hours that you'd only have earned 20-40$ a day (which got to around ten at the end of the day due to difficulty spikes). Instant ROI is a bit of an exaggeration, but you might have earned a good 20$ or less on the first day of Zcash.

There are people who not only ROI'd their GPUs they ROI'd their entire GPUs rigs mining the first day when it was around 50BTC/ZEC.

But you had to be on the right pool, which paid out ASAP and payout to a "t" address. I sold very late but I managed to sell at 10BTC/ZEC even. Imagine those that sold at 100-200BTC/ZEC. 

At that time, there is very little trade volume. So not many could sell at the 100 BTC/ZEC. Some pools have late payments.