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Author Topic: Triplemining.com || Ponzi scheme ? Pyramid ?  (Read 7372 times)
MrSam
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July 06, 2011, 05:52:54 PM
 #1

Hej guys, since there is clearly alot of doubt / discussion about this i would like to explain it once more in this thread.

How does it work?
Every time a block is found, 1% of the block goes back to the pool, the redistribution is as follows:

    User1 registers on his own, his part of the 1% fee goes to the pool and is redistributed to anyone via the weekly jackpot.
    User2 registers using the link of User1, his part of the 1% fee goes to User1.
    User3 registers using the link of User2, his part of the 1% fee goes to User2, nothing goes to User1
    User4 registers using the link of User3, his part of the 1% fee goes to User3, nothing goes to User1 or User2

There is no limit to the amount of users that can be part of your minipool.

Conclusion: There is no downside to joining someone else's minipool, while you have a lot to gain from starting your own minipool!

PS: This system lacks all the required items needed to be called a pyramid scheme, since there is no-one at the top, and the top layer has no advantage over the bottom layer.

PS2: It is strange that there is so much fuss about a 1% block fee redistributed to the pool, it seems that some of you would like the pool to keep that fee, full stop.


-edit-
This topic is now locked... Let it fade away in our memories Smiley
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WillMitchell
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July 06, 2011, 05:56:36 PM
 #2

Hej guys, since there is clearly alot of doubt / discussion about this i would like to explain it once more in this thread.

How does it work?
Every time a block is found, 1% of the block goes back to the pool, the redistribution is as follows:

    User1 registers on his own, his part of the 1% fee goes to the pool and is redistributed to anyone via the weekly jackpot.
    User2 registers using the link of User1, his part of the 1% fee goes to User1.
    User3 registers using the link of User2, his part of the 1% fee goes to User2, nothing goes to User1
    User4 registers using the link of User3, his part of the 1% fee goes to User3, nothing goes to User1 or User2

There is no limit to the amount of users that can be part of your minipool.

Conclusion: There is no downside to joining someone else's minipool, while you have a lot to gain from starting your own minipool!

PS: This system lacks all the required items needed to be called a pyramid scheme, since there is no-one at the top, and the top layer has no advantage over the bottom layer.

PS2: It is strange that there is so much fuss about a 1% block fee redistributed to the pool, it seems that some of you would like the pool to keep that fee, full stop.


It is amazing how much people resist this pool...The intelligence of the user base here is less than impressive.
WillMitchell
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July 06, 2011, 06:01:15 PM
 #3

First they ignore you, then they laugh at you, then they fight you, then you win.
EskimoBob
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July 06, 2011, 06:07:37 PM
 #4

Ponzi scheme ? Pyramid ?


Short answer is "none".

Amazing, how 0.000 BTC for the guy who invited you, can be so hard to accept.
Go and mine in some other pools and then come back, and mine at same speed and time with us. Lets talk after that. Smiley

Have fun, do note be greedy! 


 


While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
Jack of Diamonds
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July 06, 2011, 06:16:09 PM
 #5

First they ignore you, then they laugh at you, then they fight you, then you win.

Why would I want to mine with a 1% fee?
The best way to maximize your earnings is to mine at a 0% pool like bitcoins.lc, and use a pool like triplemining.com only for the referral link.

That way you get free money from suckers who join under your link,
but you don't have to pay a 1% fee while mining yourself.

I don't get anything out of paying the 1%. For every 100 BTC I mine, I get 99 at triplemining and 100 at BTCguild or bitcoins.lc

Referrals can just be used as serfs while you do none of the mining, that's what I'd do. If I was cheap enough to spam a link all over the forum to get 20 cents of cash a day.

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MrSam
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July 06, 2011, 06:23:30 PM
 #6

Well you could also join as a statement of not having the top 3 pools have 80% of the network.

And deepbit actually takes 3% or 10% when you choose PPS.

Also, with triplemining if you actually mine you have also the chance of the jackpot that would make more then up for the 1 BTC that you loose in the 100 that you make.
Tx2000
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July 06, 2011, 06:34:14 PM
 #7


If I was cheap enough to WillMitchell all over the forum to get 20 cents of cash a day.

FTFY
Jack of Diamonds
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July 06, 2011, 06:35:48 PM
 #8

Quote from: MrSam
There are large pools like bitcoins.lc that take 0% and even redistribute the transaction fees back to miners.

Just mine there, and make a shell account at triplemining.com & recruit newbies to work for you.

In the long term you make more profit (discounting a jackpot that you might or might not win) with this method.

Of course, it makes no financial sense to mine yourself on the pool,
but as long as you don't let the refs know this you're safe. They'll keep mining for you while you're at a 0% pool

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CNMOH
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July 06, 2011, 06:57:38 PM
 #9

Why would I want to mine with a 1% fee?
The best way to maximize your earnings is to mine at a 0% pool like bitcoins.lc, and use a pool like triplemining.com only for the referral link.

That way you get free money from suckers who join under your link,
but you don't have to pay a 1% fee while mining yourself.

I don't get anything out of paying the 1%. For every 100 BTC I mine, I get 99 at triplemining and 100 at BTCguild or bitcoins.lc

Referrals can just be used as serfs while you do none of the mining, that's what I'd do. If I was cheap enough to spam a link all over the forum to get 20 cents of cash a day.
I make around $1.35 per day from my referrals. Please point out my spam, good sir.

Auspician
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July 06, 2011, 07:26:16 PM
 #10

It seems amazing to me that people are so concerned about a 1% fee, and spend so much effort trying to circumvent it without realizing that their actions doing so weaken the system as well as destroy trust between the community.  This level of absurd greed and selfishness needs to be purged from the marketplace. 

Seriously, what's wrong about using the system as it was intended and spending a bit of time referring others to make up for the 1% fee you pay if its that big of deal to you?  This way you both make more than you would otherwise, don't cheat the system, and contribute to shared success.  Triple Mining is the most fun pool I've yet to come across, and I'd like to see it succeed. 

Those who abuse the honor system now will simply be ostracized from the marketplace when reputation companies hit the scene.  Enjoy your greed now, but know that we do not support you.
Jack of Diamonds
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July 06, 2011, 07:26:47 PM
 #11

Quote from: CNMOH
Not you. From what I gather you have the biggest amount of referrals on the network

I'm talking about individuals who stick their links into any possible field of text as long as it's readable
& make topics about their ref links and use gigantic banner ads with some cartoon aliens in it

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Artefact2
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July 06, 2011, 07:31:28 PM
 #12

Quote from: CNMOH
Not you. From what I gather you have the biggest amount of referrals on the network

I'm talking about individuals who stick their links into any possible field of text as long as it's readable
& make topics about their ref links and use gigantic banner ads with some cartoon aliens in it

This. Exactly. I gave up trying to convince people this pool is a pyramid scheme, it's their problem if they want to be scammed. But I respect you for trying nonetheless.

A pool-biased blockchain representation, by me: pident (WTFPL)
Auspician
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July 06, 2011, 07:37:13 PM
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This. Exactly. I gave up trying to convince people this pool is a pyramid scheme, it's their problem if they want to be scammed. But I respect you for trying nonetheless.

Why is paying a 1% fee "being scammed", especially when there is no fine print or obfuscation going on here?  If you're paying a 1% fee, why should you care if those funds go to person who referred you rather than just to the pool itself?  Does the destination of this 1% fee by itself somehow change the nature of the pool?

This perspective is obviously pure lunacy - if you don't want to mine with Triple Mining, go to another pool or just go away.  Your misinformation is not wanted.
EskimoBob
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July 06, 2011, 07:38:38 PM
 #14

Quote from: CNMOH
Not you. From what I gather you have the biggest amount of referrals on the network

I'm talking about individuals who stick their links into any possible field of text as long as it's readable
& make topics about their ref links and use gigantic banner ads with some cartoon aliens in it

I have no ugly looking aliens  in my pool nor in my posts  Roll Eyes


While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
Jack of Diamonds
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July 06, 2011, 07:39:03 PM
 #15

Quote from: artefact2
It's not a scam or traditional pyramid scheme because the site owner doesn't get tier 1 referral profits from anyone.
Only the minipool host gets part of the fee. So the owner has good intentions in that sense.

It just doesn't make sense financially if you have 10+ghash capacity.
Unless you just bring in referrals & never mine yourself, in which case it's just free income at zero risk.

The 'sucker' left holding the bag is the small miner who is just another brick in the wall enriching the person who introduced him. He is paying to mine, a concept that is diminishing with newer pools. There are more free pools than those taking fees.

Giants like deepbit are the exception to the rule. You pay them for practically zero variance

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Auspician
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July 06, 2011, 07:41:10 PM
 #16

With Triple Mining, you do not gain income from your minipool if you are not mining yourself as well.  Additionally, you can never gain more than double the income you are personally generating through mining with Triple Mining through your minipool.

The solution Jack is suggesting simply will not work.  The pool op has seen to that.
CNMOH
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July 06, 2011, 07:43:11 PM
 #17

Quote from: CNMOH
Not you. From what I gather you have the biggest amount of referrals on the network

I'm talking about individuals who stick their links into any possible field of text as long as it's readable
& make topics about their ref links and use gigantic banner ads with some cartoon aliens in it
I have the third biggest minipool at the moment. It jumps up and down a lot.

Well, in that case I agree. I agree with the critics on two points:

1. People are spamming their referral links, and this is bad for both the pool and the Bitcoin community.
2. This is a pyramid scheme.

However, #1 isn't the fault of the pool, but its membership. And #2 isn't necessarily a problem, as it is completely voluntary to participate in. I have no problem with pyramid schemes as long as everyone is aware that it is a pyramid scheme, although apparently a lot of my fellow Tripleminers seem to have a hard time accepting this fact.

Jack of Diamonds
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July 06, 2011, 07:43:25 PM
 #18

Quote from: Auspician
Wrong, since the system doesn't care about your mining power proportional to those in your ref. chain, you can just leave an old CPU miner in the pool

or even use a free cloud computing site & assign a processor with 1% affinity to the pool, so that it still gets a few khash/s and submits shares every few hours + you never get banned off the cloud because your usage is so low

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ZombieDeity
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July 06, 2011, 07:45:42 PM
 #19

What ever happened to that 50 GH/s by July 5th thing?  Did any of the Top 5 teams get paid their 1 BTC or their PPS portion of the other 5 BTC?  Are we waiting on the next block to be found before it gets paid out?

I've heard absolutely nothing about the contest since it ended.
Auspician
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July 06, 2011, 07:47:42 PM
 #20

@Jack: Then it seems that the pool op needs to enforce the 'triple' rule that was implicitly included in the pool information.

@Zombie: We didn't attain 50Ghash/s before July 5th, by any timezone.  That, and on July 5th the Ghash/s of the pool dropped below 50Ghash/s at least twice that I know about.

@CNMOH: According to wikipedia, "A pyramid scheme is a non-sustainable business model . . ."  By the first few words of the definition alone it is clear that Triple Mining is not a pyramid scheme because it is completely sustainable.  Were the referral structure created in such a way that the system would not continue to function unless new referrals were brought in, then I would agree with you.  But this is simply not the case.
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