Is "jeremy biggs" living in a fantasy land where you cannot prove you are mining with a bitcoin address/farm pics? The same alternate reality where you pinpoint the location of a mining operation with nothing but a btc address?
He basically says "we won't provide proof that we aren't a ponzi because everyone else is just as shady/scammy. We will just continue giving payouts to gain trust like every good ponzi.".
He deliberately removes all forms of consumer protection and claims "that's just how the bitcoin ecosystem is". What he really means is that Gavin's points extend to every corner of the world of Bitcoin SCAMS, not real bitcoin companies.
I don't know how anyone could believe this is a legit company.
I think Jeremy's position is (correct me if I'm wrong):
1. The decision was made to be very secretive about company details and operations in the interest of security. Information may be revealed at a later date.
2. Despite being a black box operation and despite the risk that customers might not break even due to rapidly rising difficulty, new money is coming in at faster and faster rates. The business model is very successful, so there is no need to make any changes.
3. No consumer protection was removed. I don't think there was any to begin with (it's the world of Bitcoin). However, pbmining has been a trustworthy company with thousands of satisfied customers.
4. The company has always made its promised payouts. The fact that peer companies have turned out to be scams does not impact pbmining (other than customers might be more skeptical than before).
5. Publishing photos of mining equipment doesn't prove anything (did lunamine post any pics?).
6. If you don't like the terms or lack of information, then don't buy a contract. Simple as that.
I am a customer. It is my role to consider the risk of mining, the pbmining contract terms, and the stability/legitimacy of the company. I decide whether or not to buy a contract as well as the size of the contract. Once I start collecting my payouts, I become a passive participant. I've parted with my Bitcoins, and there is no point in worrying about whether or not I will ever break even (as a kid, I learned not to worry about things I can't control). My role only becomes active again if I am considering purchasing more contracts.
Since I have previously bought contracts, why don't I just blindly buy more contracts? The contract terms are always changing. Difficulty increases while the cost per GH decreases. The two variables might not change enough to offset each other. Would I buy another contract today? Personally not right now. Not because I think it is a scam (although there is always the risk), but because I think my chances of breaking even at today's prices are not so good. That's a personal decision, but obviously many other customers believe the odds must be very good.
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