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Author Topic: PB Mining -- 5 year mining contracts!  (Read 378859 times)
PilotofBTC
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October 15, 2014, 07:33:59 PM
 #4101

Yea! Just looked at my wallet, and in US$ I am a bit above 100% return on investment, or "at ROI" as people colloquially like to say. Bought first contract May 10, 2014 and my second June 10, 2014. I've probably broken even in BTC before that due to the US$ price differential. I did get one small referral so that helped a bit.

But, I will start rolling 100% of my payouts back into contracts now. I wish PM Mining has a way to do this automatically.

Woot! Ain't this fun.


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October 15, 2014, 09:46:22 PM
 #4102

Hey pbmining admin,

are you starting to take fees from our contracts?

In your site, it says
"At Piggyback Mining, we cover the electricity costs and all pool fees." And you promise that, there is no other fees, no recurring cost etc..

till yesterday, there is no fees, in our contracts, but when i double-checked the stats in the global page, it seems that, there is at least 2% fees, in rewards, since yesterday..

is there a problem, or is there a new hidden fee in effect? i hope it is some kind of mathematical problem, and will be fixed soon..


For sure, i will check all the users global stats for 24 hours..


[/quote

I'm not seeing this in my contracts,    mining at the current difficulty as normal.  100 Ghs is paying .00998236 last week and on the track to do same this week. What is it your seeing?
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October 15, 2014, 11:31:33 PM
 #4103

Purchased 500GH/s on Monday at around 9pm PST. Still hasn't been added on, the contract has disappeared from my page.

I emailed PBMining on Tuesday and still no response.

Well, there goes 25% of my earnings for the period -_-.

Making Apps and Websites for people. I charge reasonable rates ($30-40/hour in BTC).
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October 15, 2014, 11:40:11 PM
 #4104

Purchased 500GH/s on Monday at around 9pm PST. Still hasn't been added on, the contract has disappeared from my page.

I emailed PBMining on Tuesday and still no response.

Well, there goes 25% of my earnings for the period -_-.

weird I purchased some gh Monday morning EST and it went through in an hour or two. Hopefully PBmining gets back to you they are usually pretty good. Did you try pming them on this forum?
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October 16, 2014, 07:48:39 AM
 #4105

So far pbmining hasn´t missed any payouts if I remember correctly.

You buy a 5 year mining contract and get the payouts from the hashing amount you purchased.
The contract is all-inclusive, no additional fees apply.
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October 16, 2014, 08:37:16 AM
 #4106

So far pbmining hasn´t missed any payouts if I remember correctly.

You buy a 5 year mining contract and get the payouts from the hashing amount you purchased.
The contract is all-inclusive, no additional fees apply.

Not what some ppl are saying
PBmining (OP)
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October 16, 2014, 11:04:20 AM
 #4107

Quote
I emailed PBMining on Tuesday and still no response.

I like this one.  When he posted this it was Wednesday.  Our support is faster than most, I thought.  Just not fast enough!   Wink

Did you know?: Most of our hash power comes from other sources.  We are now specialized in the resale of cloudmining contracts through our associates!
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October 17, 2014, 05:00:13 PM
 #4108

Quote
I emailed PBMining on Tuesday and still no response.

I like this one.  When he posted this it was Wednesday.  Our support is faster than most, I thought.  Just not fast enough!   Wink

What about proof of the mining that is going on? Roll Eyes
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October 17, 2014, 07:09:08 PM
 #4109

Quote
I emailed PBMining on Tuesday and still no response.

I like this one.  When he posted this it was Wednesday.  Our support is faster than most, I thought.  Just not fast enough!   Wink

What about proof of the mining that is going on? Roll Eyes

ya they have been around for a whole year and still no proof wtf!  how do we know they arent giving us profit from a different investment like a stock or something. we want PROOF!


With those prices theres definitely something funny going on. Im not putting money into this until theres some proof
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October 17, 2014, 08:15:30 PM
 #4110

Quote
I emailed PBMining on Tuesday and still no response.

I like this one.  When he posted this it was Wednesday.  Our support is faster than most, I thought.  Just not fast enough!   Wink

What about proof of the mining that is going on? Roll Eyes

ya they have been around for a whole year and still no proof wtf!  how do we know they arent giving us profit from a different investment like a stock or something. we want PROOF!


With those prices theres definitely something funny going on. Im not putting money into this until theres some proof

LOL, what's wrong with the prices? They're extremely reasonable...
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October 17, 2014, 08:36:14 PM
 #4111

Quote
I emailed PBMining on Tuesday and still no response.

I like this one.  When he posted this it was Wednesday.  Our support is faster than most, I thought.  Just not fast enough!   Wink

What about proof of the mining that is going on? Roll Eyes

ya they have been around for a whole year and still no proof wtf!  how do we know they arent giving us profit from a different investment like a stock or something. we want PROOF!


With those prices theres definitely something funny going on. Im not putting money into this until theres some proof

Do you actually know what PBmining offers ?

They sell contracts that let you mine for five whole years, the prices are normal for the kind of product they offer.

The proof is that people are getting their payments every week, and this since January.
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October 17, 2014, 09:32:28 PM
 #4112

Quote
I emailed PBMining on Tuesday and still no response.

I like this one.  When he posted this it was Wednesday.  Our support is faster than most, I thought.  Just not fast enough!   Wink

What about proof of the mining that is going on? Roll Eyes

ya they have been around for a whole year and still no proof wtf!  how do we know they arent giving us profit from a different investment like a stock or something. we want PROOF!


With those prices theres definitely something funny going on. Im not putting money into this until theres some proof

Do you actually know what PBmining offers ?

They sell contracts that let you mine for five whole years, the prices are normal for the kind of product they offer.

The proof is that people are getting their payments every week, and this since January.
He's saying the offer is too good. Right now they are charging $0.60 per GH/s for a 5 year "guaranteed" contract. Out of that, they have to pay
1. Capital cost of the equipment
2. Capital cost of the facility its housed in
3. Maintenance and replacement of failures for 5 years
4. Power for 5 years
5. A normal profit

Just look at the power cost: Even if they somehow average 0.2J/GH/s over that time (3.5x better than anything on the market) and pay $0.04/kWh, that's 8.76kWh and $0.35 in power. Equipment costs are similar, even in bulk that's another $0.30/GH/s. That's just the initial investment in equipment, it says nothing of the additional investment needed to keep pace with efficiency.
If they are doing what they claim which is actually operating the hashrate they're selling, there's no way they can do so and still make money. If they actually are in Saskatchewan as they claim, the numbers are even worse as you won't get power anywhere close to $0.04/kWh.

Spondoolies charges $0.653/GH/s for hardware (with November delivery) and $0.20/GH/s for 3 months of hosting
KnC charges $0.6225/GH/s, for 6 months of cloud mining
Cointerra charges between $1.75(for a $3500 order) and $1(for a $1M order) per GH/s for a 12 month contract, and it doesn't start hashing until the new year.
Hashnest currently sells for 0.001125฿/GH/s, but they only pay out profits after expenses are paid, and will close the mine if expenses >  income.

All of those entities also make their own ASICs and have demonstrated multiple PH/s of gear where they would be getting the lowest possible prices. All of them charge considerably more than PB Mining. You could say they are gouging people, but if is deal is too good to be true it probably is. That's doubly true when they claim to be powering over 1% of the network, but have never demonstrate any mining equipment or mining revenue, but have demonstrated repeatedly paying dividends with incoming customer money.
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October 17, 2014, 09:57:04 PM
 #4113

Quote
I emailed PBMining on Tuesday and still no response.

I like this one.  When he posted this it was Wednesday.  Our support is faster than most, I thought.  Just not fast enough!   Wink

What about proof of the mining that is going on? Roll Eyes

ya they have been around for a whole year and still no proof wtf!  how do we know they arent giving us profit from a different investment like a stock or something. we want PROOF!


With those prices theres definitely something funny going on. Im not putting money into this until theres some proof

Do you actually know what PBmining offers ?

They sell contracts that let you mine for five whole years, the prices are normal for the kind of product they offer.

The proof is that people are getting their payments every week, and this since January.
He's saying the offer is too good. Right now they are charging $0.60 per GH/s for a 5 year "guaranteed" contract. Out of that, they have to pay
1. Capital cost of the equipment
2. Capital cost of the facility its housed in
3. Maintenance and replacement of failures for 5 years
4. Power for 5 years
5. A normal profit

Just look at the power cost: Even if they somehow average 0.2J/GH/s over that time (3.5x better than anything on the market) and pay $0.04/kWh, that's 8.76kWh and $0.35 in power. Equipment costs are similar, even in bulk that's another $0.30/GH/s. That's just the initial investment in equipment, it says nothing of the additional investment needed to keep pace with efficiency.
If they are doing what they claim which is actually operating the hashrate they're selling, there's no way they can do so and still make money. If they actually are in Saskatchewan as they claim, the numbers are even worse as you won't get power anywhere close to $0.04/kWh.

Spondoolies charges $0.653/GH/s for hardware (with November delivery) and $0.20/GH/s for 3 months of hosting
KnC charges $0.6225/GH/s, for 6 months of cloud mining
Cointerra charges between $1.75(for a $3500 order) and $1(for a $1M order) per GH/s for a 12 month contract, and it doesn't start hashing until the new year.
Hashnest currently sells for 0.001125฿/GH/s, but they only pay out profits after expenses are paid, and will close the mine if expenses >  income.

All of those entities also make their own ASICs and have demonstrated multiple PH/s of gear where they would be getting the lowest possible prices. All of them charge considerably more than PB Mining. You could say they are gouging people, but if is deal is too good to be true it probably is. That's doubly true when they claim to be powering over 1% of the network, but have never demonstrate any mining equipment or mining revenue, but have demonstrated repeatedly paying dividends with incoming customer money.

Thank you for the detailed numbers, very interesting to see the differences.

I think the people that buy these contracts are well aware of the risks, and as with all investments, risk is not something you can put aside.

People are satisfied as PBmining delivers week on week payments, and I'm sure they will do so in the future as well.

It's up to PBmining to decide whether they will demonstrate their hardware or not, for me personally it won't change anything.
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October 17, 2014, 10:27:32 PM
 #4114

Thank you for the detailed numbers, very interesting to see the differences.

I think the people that buy these contracts are well aware of the risks, and as with all investments, risk is not something you can put aside.

People are satisfied as PBmining delivers week on week payments, and I'm sure they will do so in the future as well.

It's up to PBmining to decide whether they will demonstrate their hardware or not, for me personally it won't change anything.
They don't even need to demonstrate the hardware, they just need to demonstrate the 2.7PH/s of hashpower they have. That much power is pretty apparent on the network, it's about the same amount as  Bitminter or P2Pool. Where are the blocks?
https://blockchain.info/blocks/CloudHashing
https://blockchain.info/blocks/KnCMiner
https://blockchain.info/blocks/Unknown%20with%201BX5YoL%20Address (Cointerra)
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October 17, 2014, 11:06:02 PM
 #4115

Thank you for the detailed numbers, very interesting to see the differences.

I think the people that buy these contracts are well aware of the risks, and as with all investments, risk is not something you can put aside.

People are satisfied as PBmining delivers week on week payments, and I'm sure they will do so in the future as well.

It's up to PBmining to decide whether they will demonstrate their hardware or not, for me personally it won't change anything.
They don't even need to demonstrate the hardware, they just need to demonstrate the 2.7PH/s of hashpower they have. That much power is pretty apparent on the network, it's about the same amount as  Bitminter or P2Pool. Where are the blocks?
https://blockchain.info/blocks/CloudHashing
https://blockchain.info/blocks/KnCMiner
https://blockchain.info/blocks/Unknown%20with%201BX5YoL%20Address (Cointerra)

Currently "unknown" pool is hashing with 21% of the total power. It's probably a collection of several mining services combined?
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October 17, 2014, 11:12:57 PM
 #4116

Currently "unknown" pool is hashing with 21% of the total power. It's probably a collection of several mining services combined?

Yes! It's not a single pool... Also blockchain.info isn't all that accurate but that's another thing.

..Stake.com..   ▄████████████████████████████████████▄
   ██ ▄▄▄▄▄▄▄▄▄▄            ▄▄▄▄▄▄▄▄▄▄ ██  ▄████▄
   ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██  ██████
   ██ ██████████ ██      ██ ██████████ ██   ▀██▀
   ██ ██      ██ ██████  ██ ██      ██ ██    ██
   ██ ██████  ██ █████  ███ ██████  ██ ████▄ ██
   ██ █████  ███ ████  ████ █████  ███ ████████
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 ██████████████████████████████████████████
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▀█████▄       ▄█████▀
▀▀▀███▄▄▄███▀▀▀
..PLAY NOW..
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October 17, 2014, 11:27:49 PM
 #4117

Thank you for the detailed numbers, very interesting to see the differences.

I think the people that buy these contracts are well aware of the risks, and as with all investments, risk is not something you can put aside.

People are satisfied as PBmining delivers week on week payments, and I'm sure they will do so in the future as well.

It's up to PBmining to decide whether they will demonstrate their hardware or not, for me personally it won't change anything.
They don't even need to demonstrate the hardware, they just need to demonstrate the 2.7PH/s of hashpower they have. That much power is pretty apparent on the network, it's about the same amount as  Bitminter or P2Pool. Where are the blocks?
https://blockchain.info/blocks/CloudHashing
https://blockchain.info/blocks/KnCMiner
https://blockchain.info/blocks/Unknown%20with%201BX5YoL%20Address (Cointerra)

Currently "unknown" pool is hashing with 21% of the total power. It's probably a collection of several mining services combined?

Yes and at any point PBmining could just say "to prove we are not a ponzi, here is our mining address which anyone can clearly see is mining with ~2.7PH/s".

The only side effect from doing this would be transforming the skeptics(probably 90% of the people who see their ads) into customers and making tons of money.

But apparently Mr Pbmining doesn't like making tons of money because he refuses to prove his company is not a ponzi and thus limiting his customer base to nothing but gamblers and financially ignorant investors.

Seriously why would Pbmining NOT want to double the amount of customers they have? The answer is really quite simple. (it's a ponzi)

Here's more proof if you're not convinced:


Hmm.  That could have easily been insurance kicking in if our hardware didn't have 100% uptime for that week.  Not sure though, since it's such a small amount I would have to dig through the logs.  It could have also bounced back unintentionally -- which could possibly explain why we have had excess Bitcoins in the payday wallet for quite awhile now (around 8 BTC - 15 BTC after each payout).  Smiley

Either way, things appear to be running very smoothly. 

Here are just a few more instances you've paid from the "insurance fund(s)"

https://bitiodine.net/a2a/1HammmJ8zaGVHicRxTPRDMdfGCujrfZc8y/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1PBackwRV1rHvDpqkYRTR9WCEEEMEwuSrJ/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1Bacon6DCo11jrXMvm39sgTxhRG9bRjQWy/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1FeedQtUArhfWVGuVH13dX8dbf5XqqqJSq/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1Porky8h4XMoM1RbtTHe7ZpPAe7DpE79Hb/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1BaconH9L8CQ9eGJkjDqN28Pw8v8Rzbp6f/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1Bacont6QxTg3SxfqEG5gfiqefGMCeSNqs/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1PiGgYR36C3VdCP9k2zQLrp1ZvDQNdQsre/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1BaconV3vARfyvKDMCbfZ5rE6acstH6GFV/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

https://bitiodine.net/a2a/1PorkyB6s8Tb7JU8QiBpreD159iW6aaSWt/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

Just curious do you ever pay from the mining fund? I'm having a hard time finding any payments that originate from mining.
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October 18, 2014, 12:53:35 AM
 #4118

ROI seems so steady above 100% though. how does a ponzi last so long? i think they are making profit somehow. it looks like more money has been paid back than paid in sooo maybe they sell bacon  Cool
You can pay above 100% to the initial investors as long as you have more money coming in than you're having to pay out.
This would actually probably be a lot easier ponzi to run than Pirate's was, since you don't ever have to worry about an early whale wanting to withdraw his stake.
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October 18, 2014, 01:03:24 AM
 #4119

ROI seems so steady above 100% though. how does a ponzi last so long? i think they are making profit somehow. it looks like more money has been paid back than paid in sooo maybe they sell bacon  Cool

They just need to keep getting new customers to pay out the old ones.

Look at the "sent" chart: https://www.blocktrail.com/address/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z

They've had a steady increase in customers/payouts until around a month ago.

So far ROI has been only ~10% for the early birds and that can easily be covered by new customers payments.

Some contracts were priced to the point they will never ROI and new contracts will not break even in less than ~6 months so this ponzi could easily last a while.
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October 18, 2014, 02:04:44 AM
 #4120

Anyone else just notice PBmining slip up his shilling?

He just posted a response "What I was saying ....." as if he was JohnnyBTC. Then he edited the post to fix his mistake "As customers are saying..."

Unfortunately refreshed the page after he deleted the post so I have no proof so maybe someone else can confirm this.

I have to admit, good job shilling (besides that minor slip up). I would have never guessed JohnnyBTC was a shill account based on his post history.
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