PB Mining -- 5 year mining contracts!

[rodeoclownicp]

Our price drops have nothing to do with the price of a Bitcoin in USD.  We drop the cost in relation to the difficulty factor and an increasing maintenance cost.   It's all relative.  If you have mining hardware worth $100, and Bitcoin doubles, it should now be worth $200 since it is capable of mining Bitcoins which have doubled in value.  Of course the BTC price of the hardware has stayed the same the whole time.  You will see this in a fiat based marketplace, such as eBay -- people will hold onto their miners much tighter and sell higher when Bitcoin goes up.  They would rather do this than lose potential profits to you over an increasing Bitcoin value.

We choose to value our hardware higher (in USD, not BTC) as Bitcoin goes up, just as anyone else would.  

To counteract this, you will see the market flooded even more aggressively with ASIC hardware.  Supply and demand.    We feel our price is fair and very competitive, and remains to stay that way.

ok, it was an exhausting chore to broach this subject, lots of emotion - you have some fans -thanx for the reply

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[Steiny217]

Our price drops have nothing to do with the price of a Bitcoin in USD.  We drop the cost in relation to the difficulty factor and an increasing maintenance cost.   It's all relative.  If you have mining hardware worth $100, and Bitcoin doubles, it should now be worth $200 since it is capable of mining Bitcoins which have doubled in value.  Of course the BTC price of the hardware has stayed the same the whole time.  You will see this in a fiat based marketplace, such as eBay -- people will hold onto their miners much tighter and sell higher when Bitcoin goes up.  They would rather do this than lose potential profits to you over an increasing Bitcoin value.

We choose to value our hardware higher (in USD, not BTC) as Bitcoin goes up, just as anyone else would.  

To counteract this, you will see the market flooded even more aggressively with ASIC hardware.  Supply and demand.    We feel our price is fair and very competitive, and remains to stay that way.

ok, it was an exhausting chore to broach this subject, lots of emotion - you have some fans -thanx for the reply

The only one showing emotion here was you, getting all butt hurt, calling people names, and questioning everyone else's intelligence but your own.  For someone with the username Rodeoclownicp, you are too serious...... Rodeo clowns are suppose to be fun. 

You can always go to BitmainTech and purchase about 3x the GH in Antminer S1's that you'd buy here but then you are going to have to bite the bullet when it comes to electricity, cooling, and attention.  I dunno how experienced you are in mining but that begins to rack up after awhile especially when you are trying to continue to grow.....  If you got those abilities it's great, I love mining but it's far more convenient for me to get my Bitcoin through buying low, Cloud Services and other Investment opportunities. 

[rodeoclownicp]

dude shut the fuck up with your emotional outbursts i asked a guy a question and  you flipped out and made it last all day, god damn i would have liked to been in 3 or for 4 posts trying to get some input but you took offense when none was made

[Steiny217]

dude shut the fuck up with your emotional outbursts i asked a guy a question and  you flipped out and made it last all day, god damn i would have liked to been in 3 or for 4 posts trying to get some input but you took offense when none was made

You are one classy individual!  Remember pinkies up when you sip your faygo on the rocks!

[byt411]

dude shut the fuck up with your emotional outbursts i asked a guy a question and you flipped out and made it last all day, god damn i would have liked to been in 3 or for 4 posts trying to get some input but you took offense when none was made

Are you trying to talk to yourself? Have you realized that what you are talking about is what you have done? All we did is make reasonable statements with evidence, and all you did was rage and insult people.
Awesome.

By the way, the one that has "emotional outbursts" is you, we haven't raged at people, you have.

[SlientBit]

Well, I'm kind of tired of reading all this buffing about profitability in PB, so here are some actual facts:

started  24th March, did a small initial buy to test it and them gone ahead with actual investments. Reinvested all of the payout received until the 5th May.
I'll share all the details here, for everyone's benefit, I hope:



All values are exact BTC and all calculations have 8 decimal accuracy; Calculated values are refreshed every week with new total payout values
Averages have been lowering and will predictably keep on doing so, because payouts are showing a ~10% drop per week.

Just facts, no predictions

Notice that my data is always in BTC, because that's the only logic analysis possible, since PB is an investment in BTC  - if you get profits or not in USD/EUR/whatever is a complete different situation and depends on how and for how much you got your BTC in the first place
As you can see, so far, profitability is achievable around week 15 after the investment date, i.e., ~3,5 months.


Now, is it so difficult to believe the breakeven in BTC is achievable in 6 months? And that from that point on, it's profit land all the way through, in BTC?

For those that *still* believe that PB might be a scam or a ponzy, all you have to do is invest only once, wait 6 months, and enjoy the ride - is it's a scam, they'll loose money with you from that point foward, LOL

[BaalMcKloud]

I'd like to ask again, if there is clear cut evidence that this is a legit mining operation.  Such as showing an address that receives newly generated coins.

maybe try to search a bit ... i can say for sure that PB Mining was mining on eligius

but only for you again

you are up around 30 terrahash/s now, congrats.
ive been wondering.... what type of mining equip are you using?

They're not using any.
The reason they can add so much hashing power this fast and this cheap is because it's a ponzi scheme.

I hope its not a ponzi scheme but so far payments have been coming weekly for a month straight for me. Support is also very quick and prompt

That is a reasonable question..., I too would like to know what type of equipment are you guys using and how are you able to get more hashing power so fast?

respectfully
Wattda

the only i can say is that he is mining on eligius with this address... http://eligius.st/~wizkid057/newstats/userstats.php/1PBMyo8kLhwtxKdNwSdjwvA377D6M5EgzS

but i think that he is mining on different addresses since the name is ( #3 merged with #6, out at Mel. )

enough proof ?!

[Steiny217]

Well, I'm kind of tired of reading all this buffing about profitability in PB, so here are some actual facts:

started  24th March, did a small initial buy to test it and them gone ahead with actual investments. Reinvested all of the payout received until the 5th May.
I'll share all the details here, for everyone's benefit, I hope:



All values are exact BTC and all calculations have 8 decimal accuracy; Calculated values are refreshed every week with new total payout values
Averages have been lowering and will predictably keep on doing so, because payouts are showing a ~10% drop per week.

Just facts, no predictions

Notice that my data is always in BTC, because that's the only logic analysis possible, since PB is an investment in BTC  - if you get profits or not in USD/EUR/whatever is a complete different situation and depends on how and for how much you got your BTC in the first place
As you can see, so far, profitability is achievable around week 15 after the investment date, i.e., ~3,5 months.


Now, is it so difficult to believe the breakeven in BTC is achievable in 6 months? And that from that point on, it's profit land all the way through, in BTC?

For those that *still* believe that PB might be a scam or a ponzy, all you have to do is invest only once, wait 6 months, and enjoy the ride - is it's a scam, they'll loose money with you from that point foward, LOL

+1

I'm in the same boat but I rather not put all my investments out there,  I'll break even with BTC in about a month give or take a week or two depending on difficulty jumps......    

[SlientBit]

I'm in the same boat but I rather not put all my investments out there,  I'll break even with BTC in about a month give or take a week or two depending on difficulty jumps......    

I know, but I'm really tired of the FUD with predictions and pseudo-analysis from all these coach-based investors and wanted to make sure everyone has some real numbers, even those that have not invested, so fuckit

Trace me as much as you want 
If this helps any newcomer, you can always use the link in the sig to buy a contract and get me some extra revenue

[Steiny217]

I'm in the same boat but I rather not put all my investments out there,  I'll break even with BTC in about a month give or take a week or two depending on difficulty jumps......    

I know, but I'm really tired of the FUD with predictions and pseudo-analysis from all these coach-based investors and wanted to make sure everyone has some real numbers, even those that have not invested, so fuckit

Trace me as much as you want 
If this helps any newcomer, you can always use the link in the sig to buy a contract and get me some extra revenue

EXACTLY!!!!  Every couple of weeks and that's probably being really generous there, it seems like we get the same thing over and over again.......

[rodeoclownicp]

dude shut the fuck up with your emotional outbursts i asked a guy a question and you flipped out and made it last all day, god damn i would have liked to been in 3 or for 4 posts trying to get some input but you took offense when none was made

Are you trying to talk to yourself? Have you realized that what you are talking about is what you have done? All we did is make reasonable statements with evidence, and all you did was rage and insult people.
Awesome.

By the way, the one that has "emotional outbursts" is you, we haven't raged at people, you have.

hey, if u did i wasnt talking to you stop being so pathetic you have to call yourself we to make yourself seem more important,,, if u did not i wasnt talkingto you so u dont need to include yourself in the group i was talking to so you can rebut , jesus fucking crist is this the king baby thread

about legitimacy this might help

((TotalHashrate/HashratePerUnit)*WattsPerUnit)/1000

((375500/180)*360)/1000=751

So in a given month thats ((30*24)*751)=540720

I think they said they were in canada: the average electric price in canada (1) for an industrial facility is $.0732/KWh CAD or $.07USD

540720*$.07=$37,850.4 Monthly Power Cost

Per GH that's 37850.4/375500=$0.1008 Cost per month.

Over 5 years that's $0.1008*(12*5)=$6

So - we can deduce that in order to maintain profit, they'll have to upgrade their hardware after a year assuming they are running S1's. But, customers have paid up front. So they have the capital to get new hardware.

Furthermore, since they are charging double the hardware cost, they could buy double the hardware, basically using the customer as a loan for them to build a huge mining farm half of which is mining for them.

Power consumption aside - baseline - they are basically doubling their money on hardware. Further profit can be derived from merged mining. Even further profit can be derived from the fact that their fixed payment calculator accounts for avg 10 minute blocks. As difficulty increase approaches blocks are solved faster, and then when difficulty increase arrives they pay out less. They are mining more than they are paying out. Users, like me, are okay with this because of their guaranteed fixed payout rate.

At 375TH/s they are making about $4,423.36 per month just in NAMECOIN. There's room for profit. 

There's a risk in pre-ordering hardware too.

[syncsam]

dude shut the fuck up with your emotional outbursts i asked a guy a question and you flipped out and made it last all day, god damn i would have liked to been in 3 or for 4 posts trying to get some input but you took offense when none was made

Are you trying to talk to yourself? Have you realized that what you are talking about is what you have done? All we did is make reasonable statements with evidence, and all you did was rage and insult people.
Awesome.

By the way, the one that has "emotional outbursts" is you, we haven't raged at people, you have.

hey, if u did i wasnt talking to you stop being so pathetic you have to call yourself we to make yourself seem more important,,, if u did not i wasnt talkingto you so u dont need to include yourself in the group i was talking to so you can rebut , jesus fucking crist is this the king baby thread

about legitimacy this might help

((TotalHashrate/HashratePerUnit)*WattsPerUnit)/1000

((375500/180)*360)/1000=751

So in a given month thats ((30*24)*751)=540720

I think they said they were in canada: the average electric price in canada (1) for an industrial facility is $.0732/KWh CAD or $.07USD

540720*$.07=$37,850.4 Monthly Power Cost

Per GH that's 37850.4/375500=$0.1008 Cost per month.

Over 5 years that's $0.1008*(12*5)=$6

So - we can deduce that in order to maintain profit, they'll have to upgrade their hardware after a year assuming they are running S1's. But, customers have paid up front. So they have the capital to get new hardware.

Furthermore, since they are charging double the hardware cost, they could buy double the hardware, basically using the customer as a loan for them to build a huge mining farm half of which is mining for them.

Power consumption aside - baseline - they are basically doubling their money on hardware. Further profit can be derived from merged mining. Even further profit can be derived from the fact that their fixed payment calculator accounts for avg 10 minute blocks. As difficulty increase approaches blocks are solved faster, and then when difficulty increase arrives they pay out less. They are mining more than they are paying out. Users, like me, are okay with this because of their guaranteed fixed payout rate.

At 375TH/s they are making about $4,423.36 per month just in NAMECOIN. There's room for profit.  

There's a risk in pre-ordering hardware too.

I don't know why you put all those calculations, yes he is selling the contracts at more then what it is costing PBmining, it is a business, he is in it to make money, not hand out money, it's not our concern if he is buying double the equipment  or if he is mining namecoin as well, we have paid for a contract and that is what PBmining is providing

And just based on your previous comments about the US$2.5, we are working in a digital economy and the currency we are using is bitcoin, you need to forget about USD, all calculations about profit need to be based in the underlying currency which is bit coin, if you get paid more bitcoin over the 5 years then you have paid then you are profitable, if you get paid less it is a loss.  Lets say you buy 1 Btc worth of contract and in 5 years you have been paid back 0.95 Btc but BTC/USD has doubled it doesn't make it a good investment even though you will have more USD at the end of the day (just an example those numbers were just pulled out of thin air)

[rodeoclownicp]

dude shut the fuck up with your emotional outbursts i asked a guy a question and you flipped out and made it last all day, god damn i would have liked to been in 3 or for 4 posts trying to get some input but you took offense when none was made

Are you trying to talk to yourself? Have you realized that what you are talking about is what you have done? All we did is make reasonable statements with evidence, and all you did was rage and insult people.
Awesome.

By the way, the one that has "emotional outbursts" is you, we haven't raged at people, you have.

hey, if u did i wasnt talking to you stop being so pathetic you have to call yourself we to make yourself seem more important,,, if u did not i wasnt talkingto you so u dont need to include yourself in the group i was talking to so you can rebut , jesus fucking crist is this the king baby thread

about legitimacy this might help

((TotalHashrate/HashratePerUnit)*WattsPerUnit)/1000

((375500/180)*360)/1000=751

So in a given month thats ((30*24)*751)=540720

I think they said they were in canada: the average electric price in canada (1) for an industrial facility is $.0732/KWh CAD or $.07USD

540720*$.07=$37,850.4 Monthly Power Cost

Per GH that's 37850.4/375500=$0.1008 Cost per month.

Over 5 years that's $0.1008*(12*5)=$6

So - we can deduce that in order to maintain profit, they'll have to upgrade their hardware after a year assuming they are running S1's. But, customers have paid up front. So they have the capital to get new hardware.

Furthermore, since they are charging double the hardware cost, they could buy double the hardware, basically using the customer as a loan for them to build a huge mining farm half of which is mining for them.

Power consumption aside - baseline - they are basically doubling their money on hardware. Further profit can be derived from merged mining. Even further profit can be derived from the fact that their fixed payment calculator accounts for avg 10 minute blocks. As difficulty increase approaches blocks are solved faster, and then when difficulty increase arrives they pay out less. They are mining more than they are paying out. Users, like me, are okay with this because of their guaranteed fixed payout rate.

At 375TH/s they are making about $4,423.36 per month just in NAMECOIN. There's room for profit.  

There's a risk in pre-ordering hardware too.

I don't know why you put all those calculations, yes he is selling the contracts at more then what it is costing PBmining, it is a business, he is in it to make money, not hand out money, it's not our concern if he is buying double the equipment  or if he is mining namecoin as well, we have paid for a contract and that is what PBmining is providing

And just based on your previous comments about the US$2.5, we are working in a digital economy and the currency we are using is bitcoin, you need to forget about USD, all calculations about profit need to be based in the underlying currency which is bit coin, if you get paid more bitcoin over the 5 years then you have paid then you are profitable, if you get paid less it is a loss.  Lets say you buy 1 Btc worth of contract and in 5 years you have been paid back 0.95 Btc but BTC/USD has doubled it doesn't make it a good investment even though you will have more USD at the end of the day (just an example those numbers were just pulled out of thin air)

no,no,nonnononononononono,no u can not have possibly misinterpreted that too

you literally restated what i am saying , and re said it as if it was not what i was saying- and tried to defend against what you implied i was saying-- that's it, this is the official pussy thread, cry baby post space - i will take it back if u re-read and realize that what i posted was for those who were claiming it is illegitimate. as for the second part if u dont get the significance then  you dont understand the importance of it.. the conversion is how the value of btc is derived it will always be traded against a countries dollar.. lowering hash against the usd leads to profit to a much much lesser extant btc .. and if it didnt matter then pb would break the 2.5 barrier which i was trying to get feedback on and talk about it learn about it and find out for investments sake what it was there for and if it was around the corner or just discuss whatever..like you know, a  forum-absolutely nothing personal... but what ever you do , who ever is reading this, this next part is very important , IF u are going to make a personal issue out of this you have misunderstood the point just wait a few days and move the calculator around and you will begin to see my point, hopefuly it will come up and i or we can just find out more about it- is it staying are they maybe even going up? will the readjustment for difficulty reset the 2.5? you know stuff like that- will the readjustment be slightly under? the reason i am not talking btc by per btc profit is because it has nothing to do with my question thats all

[syncsam]

Nothing I said was personal, it was all facts. And yes you are right about part of what you said, your calculations about how the business might be run, could show it is legitimate

But your USD$2.5 figure doesn't equate to anything , the price is in bitcoin, because it is the base currency we are all using, PBmining will drop the price in Btc because what we are doing has nothing to do with the price of the US $, I don't work my numbers on the price of the US$ (because I can't tell the future, so I have no idea what the BTC/USd will be in the future).  

Your profit and loss from mining should be worked out in BTC (Base Currency).  It would be like me wanting to buy something from the US and asking them to change their prices because the NZD (where I'm from) used to be worth more.  I don't think any business works like that  

 but I do see your point about me mis reading your previous post, sorry about that

[syncsam]

The price (BTC) is based on difficulty  and has nothing to do with the USD or BTC/USD conversion, the next price drop won't purposefully have anything to do with the current $2.5/Ghs and the current price has nothing to do with US$2.5, it just happens when you converted it that is what it worked out at

BTC is its own currency in the digital community, BTC's worth is not based on the USD, but can converted to USD, PBmining is basing its prices on BTC, not doing a USD price converted into BTC like a lot of businesses run. Is that the confusion? PBmining is running completely by BTC on the client side

just trying to understand your point of view

[rodeoclownicp]

Nothing I said was personal, it was all facts. And yes you are right about part of what you said, your calculations about how the business might be run, could show it is legitimate

But your USD$2.5 figure doesn't equate to anything , the price is in bitcoin, because it is the base currency we are all using, PBmining will drop the price in Btc because what we are doing has nothing to do with the price of the US $, I don't work my numbers on the price of the US$ (because I can't tell the future, so I have no idea what the BTC/USd will be in the future).  

Your profit and loss from mining should be worked out in BTC (Base Currency).  It would be like me wanting to buy something from the US and asking them to change their prices because the NZD (where I'm from) used to be worth more.  I don't think any business works like that  

<bold> but I do see your point, I did misread your previous post </bold>

fare enough, u are light years above the rest- im  ahead of the time as well (but i concede that people do not see me that way) by the time the magnitude changes twice it will be very obvious what i am saying but too late to discuss- at least you did not freak out on me so i hear by eat my words - there is one good man left - the 2.5 barrier is significant but bringing it up is so difficult because people want to fight about it... i would never consider the lesser of a currency the base,, soft power is def w the usd/euro/etc .. if i were buying a mining machine that would net me 5000 usd .. if the price drops in btc and the value of btc has gone up the deal is still the same but if the price drops in btc and btc hasnt changed i am now going to get more,,, well when machines prices are dropping more people will follow supply and demand and the other asspect is when time passes profitability goes down adjusting the btc price isnt nothing but a sticking base price is worthy of discusion- thats all- so you dont agree ok - if the value of the dollar changes it isnt based on btc if btc is traded for more or less dollars it is a huge deal--- i really hope to hear about it but i have been c-blocked to death, oh well

[syncsam]

I added something to my previous post I thought I would point out, most businesses work on USD and do a conversion to BTC when you pay for stuff.  PBmining is not doing that, they are working on BTC (on the client side) and when they need cash for the business they convert it into whatever currency they need.  This is my perception not a fact 

I now see exactly what you were asking, hope the above paragraph helps

I did see you comment on the murraycoin thread, but I'm not technical so I couldn't help u, thats why I cloud mine

[syncsam]

and that is a good point, What rodeo clown was pointing out is that lets say BTC/USD jumps to say USD$5000 tomorrow, what would the price for contracts do, as it would make them seriously unattractive over buying from someone who charges in USD

 Would PB change price accordingly to stay attractive or everyone else will raise their prices accordingly to capitalise on the high BTC price

option 2 would be my guess

[kained]

Is there a way to work out what I'm getting per GH on pbmining?  What the rate of satoshi is per GH?

[SlientBit]

Is there a way to work out what I'm getting per GH on pbmining?  What the rate of satoshi is per GH?

Do an effort, maybe? scrool down a few posts, at least   I gave it all away for free, ffs

https://bitcointalk.org/index.php?topic=418183.msg6957655#msg6957655