Triplemining.com || Ponzi scheme ? Pyramid ?

[CNMOH]

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.

We didn't reach 50 GH/s before the fifth.

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[WillMitchell]

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

FTFY

 

[WillMitchell]

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.

God you are fucking dumb. Thank god the majority of people are so fucking gullible and malleable. How else could we make undeserved money...

[Auspician]

Don't pay attention to Artefact - he runs his own pool and thus runs a tidy business of libeling other pools with misleading and inaccurate information.

[CNMOH]

@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.

You do have a point, but it has some characteristics of a pyramid scheme.

[Auspician]

You do have a point, but it has some characteristics of a pyramid scheme.

True; I never denied this.  But Triple Mining lacks the very things that make pyramid schemes scams, such as unsustainablilty, an actual 'pyramid' structure, the main source of income being referrals, etc.

My wife works for a major bank and they offer her incentive to refer others to come to work for her company.  If her referral gets hired, she gets $75.  If they pass training, she gets another $75.  If they stay on for 6 months, she gets another $75, and if they stay on for a year she gets another $75.  But you certainly couldn't argue that this banks incentive for current employees to refer new employees is a 'pyramid scheme'. 

Triple Mining works very much the same way, other than the variance of referral payments based upon the actual amount of work the referree brings to the table. 

[CNMOH]

You do have a point, but it has some characteristics of a pyramid scheme.

True; I never denied this.  But Triple Mining lacks the very things that make pyramid schemes scams, such as unsustainablilty, an actual 'pyramid' structure, the main source of income being referrals, etc.

My wife works for a major bank and they offer her incentive to refer others to come to work for her company.  If her referral gets hired, she gets $75.  If they pass training, she gets another $75.  If they stay on for 6 months, she gets another $75, and if they stay on for a year she gets another $75.  But you certainly couldn't argue that this banks incentive for current employees to refer new employees is a 'pyramid scheme'. 

Triple Mining works very much the same way, other than the variance of referral payments based upon the actual amount of work the referree brings to the table. 

I'm definitely not claiming it is a scam.

The difference between your example and Triplemining is that the $75 referral incentive does not come from somebody else's paycheck. Again, I see no problem with this, as it is all voluntary, but it does have certain characteristics of a pyramid scheme.

[Parja]

You do have a point, but it has some characteristics of a pyramid scheme.

You could say it's a 2-level pyramid.  But by my reckoning, that's a pretty half-assed pyramid.

[Fletch]

Pyramid or not, all the topics, plugs and annoying blinking banners sure makes it annoying. Let people decide on their own which pool they want to use and stop bugging us about this particular one. If it's that fantastic, I'm sure its time will come.

[WillMitchell]

Don't pay attention to Artefact - he runs his own pool and thus runs a tidy business of libeling other pools with misleading and inaccurate information.

Thank god he has a motive and isnt really that stupid.

[WillMitchell]

@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.

You do have a point, but it has some characteristics of a pyramid scheme.

What characteristics? The fact that there is a referral incentive? If incentive = corruption, capitalists and people who actually make money are in for quite a rough life.

[Jack of Diamonds]

What characteristics?

The fact that people join in an unknown person's downline and he gets money from their work without doing anything.
The person joining benefits nothing while the referrer earns from his work.

Same thing with MLM schemes; You recruit people to sell useless crap, while selling none of it yourself; They work for you.
Except with triplemining, they *pay* to work for you.

As in the example above, for every 100 bitcoins you'd mine at a 0% pool, you are recieving just 99 BTC at this pool.

For every 50 BTC found, you get 49.50.
The 0.50-1 BTC goes to the person who referred you. You are giving him money for mining.

Sure, in this case people don't deposit money. It's definitely no ponzi scheme because nobody is 'out' of anything (except that 1%) if new members aren't recruited.
But the ones already in the system lose every day.

"Who cares because triple mining is fun, 1% is nothing" seems like a lame excuse for taking someone's money. If the person you referred wants to make back that 1%, he either needs to recruit even more members to the pool so he gets something, or hope to win a "jackpot".

BTW: You stole that banner from Panda, lol. You even leeched off his photobucket account. But I guess parasites will find a shortcut for everything

[MrSam]

I bet that when you go out with your friends you allways split the bill and complain that you only had a water.

[ZombieDeity]

@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.

The times I remember the pool dropping below 50 GH/s were due to DoS scenarios where workers were unable to connect to the pool servers.  This hardly seems like any fault of the miners'.  Whether we hit 50 GH/s before July 5th or not, I would have appreciated hearing this from MrSam or some notification on the site itself.

[MrSam]

@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.

The times I remember the pool dropping below 50 GH/s were due to DoS scenarios where workers were unable to connect to the pool servers.  This hardly seems like any fault of the miners'.  Whether we hit 50 GH/s before July 5th or not, I would have appreciated hearing this from MrSam or some notification on the site itself.

I noted on the other threads that a compensation is coming up for that, i'll try to communicate better next time :/

[Jack of Diamonds]

I bet that when you go out with your friends you allways split the bill and complain that you only had a water.

Not really. I insist to pay the bill usually.

Your pool expects all the diners to tip the guy who introduced them to the restaurant, because it's "fun" and "we're supporting a smaller restaurant".
Except that guy doesn't represent the restaurant. You are supporting him personally; Not the owners of the place.

It only makes sense for the guy getting free money for nothing.
The other people are paying to do something that ordinarily doesn't cost anything. Everyone loses except the referrer.

[Auspician]

Your pool expects all the diners to tip the guy who introduced them to the restaurant, because it's "fun" and "we're supporting a smaller restaurant".
Except that guy doesn't represent the restaurant. You are supporting him personally; Not the owners of the place.

Its less about 'tipping the guy who introduced them' as much as it is paying a tiny bit more for your meal to allow the restaurant an advertising budget.

If you were a restaurant owner and you wanted people to come to your restaurant, you could either: A) advertise, paying someone in advance to attract business to your establishment, B) offer a discount or incentive to those who refer new customers, or C) yell and scream until your face turns blue.  The advantage of B is that you don't have to pay until new customers are attracted, and you pay directly in line with how much those customers buy.  To be more specific, by the restaurant owner offering incentives to its current customers to refer new customers THEY are arguably the main beneficiary. 

But, because the interactions are voluntary and people wouldn't participate if they didn't feel that doing so benefited them, it is actually beneficial to all three parties involved.  If it wasn't, nothing is forcing them to participate.  If you don't want to participate, don't.  But you're actually doing a disservice to all three parties by continuing to rant about why no one else should participate.

[MrSam]

I bet that when you go out with your friends you allways split the bill and complain that you only had a water.

Your pool expects all the diners to tip the guy who introduced them to the restaurant, because it's "fun" and "we're supporting a smaller restaurant".

This is where you are fundamentally wrong, everybody has to tip.

And I soly choose to distribute tips amongst people that worked and got new customers.

The money of the miners does not go to the parent, everybody has a 1% , and i distribute it to my the pool owners(and the jackpot)

[MrSam]

But if you really feel so bad about this i can set up a seperate account for you where your fee goes directly to my account.

I'm sure that if i combine that with the amount of fee's i get from the block (0.02 so far), i minus all the incentives i have done (20 BTC) i could have the server running for another .. euh nothing ?

No pyramid involved.

[Jack of Diamonds]

But, because the interactions are voluntary and people wouldn't participate if they didn't feel that doing so benefited them, it is actually beneficial to all three parties involved.  If it wasn't, nothing is forcing them to participate.

People voluntarily take part in ponzi schemes all the time.
People voluntarily gave Bernard Madoff billions of dollars.

Just because it's voluntary doesn't mean they don't understand they're getting ripped off.
TM used to advertise with the slogan "triple your mining income", that probably fooled a lot of miners new to bitcoin.

Nothing of value is lost by educating people about the risks of joining something they will lose money to.
1% of your earned bitcoins is still a loss.
It doesn't support the site or it's hosting fees, it supports a random parasite who had enough coverage for his link for it to be noticed by anyone.

The fee doesn't go into growing the site's advertising budget or running costs.
It goes to someone spamming forums with banners and links as long as it yields a few cents.

This is nothing against you or people recruiting their friends & random people online. More power to you; You're smarter than the guy who joins under you; You deserve every penny and I commend you for that.
I'm just telling the bag holders how things are.

1.This is where you are fundamentally wrong, everybody has to tip.
2.But if you really feel so bad about this

1.   1% tip of a 0.5mhash CPU miner is nominal at best, and costs (for all practical purposes) zero if you run it off a site like Amazon cloud

2.   No, as I said, you're smart. So is everyone gaining free money off this (negligible amounts, but still).
I'm just educating the people who end up paying for it. Most wont be reading this topic anyway so your profits are safe