PB Mining -- 5 year mining contracts!

[RD965]

interesting, i guess the BTC are worth a lot less fiat than when you paid for the contracts.

Unfortunetly, that is the awful truth. I don't want even to remember how much those invested bitcoins cost me at the time. :-(
Also, take in consideration that I always reinvested all the payouts, so the total invested sum is higher than the actual BTC I had to invest.

So, let me be clear. The profit is in BTC. That's an old discussion here, and I always said the same: I see this as an investment in BTC. As such, it has paid out.

But in Fiat, no, it hasn't. And it will probably never will - not only is BTC/USD in decline, but I got my BTC in Euros - the drop is even more significant.

Rough estimate I would say I'm about 56% of breakeven in EUR ...

But hey, if BTC suddenly went up to 450 EUR (it's around 260 this weekend), I would be in profit

Again, for me, the investment is double:

PBmining is an investment in BTC. It pays, but considerably less and probably only worth for the first 12/18 months.

BTC itself is also an investment, in EUR. It's way off paying out ... but that's my fault. I could had joined the game when it was worth less than 100 EUR .. but I only got in when it was already down to 420 and dropping like a rock :-(

Cheers.

Kinda the same story here bought in on the drop and keep buying (approaching 250 atm). So thank you for clarifyng the situation, its useful since i have to deal with €urocoins as well 

[SlientBit]

So before the comment, I have to say that I totally agree with the concept that a Bitcoin is always a Bitcoin regardless of the current price, but now that you have been very organised on your calculations, why dont you include BTC/USD rates as well? I will be a lot more realistic and dont think you really "profit" taking this into account!

RD

Read my response to elasticband, I think it also answers your point :-)

I know not everybody sees that way - consider each investment per si - but that's how I stand.

Let me give you another example, without BTC:

You live in Europe and work with EUR.
You buy some stock in NYSE in USD.
The stock goes up by 10% over a year and, in the same time period, USD drops 12% in relation to EUR.

Was that stock a good investment? In terms of the stocks' valuation, it was a hell of an opportunity that paid out! 10% in a year is a very sweet deal.

Was the USD purchased to buy the stock a good investment? Hell, no. I lost 12% in a year.

If you do the math, you can see that the stock's valuation in EUR is, at the end of the period, just 92,21 % of the initial investment in EUR - I'm loosing a net worth of 7,79%. A pretty lousy deal, by any standards :-)

This little mockup shows exactly what you feel about PBmining: That it's risky.

However, it shouldn't take this much to understand that to make investments on something that can have daily fluctuations of over 5%, it's traded 24/7  and a steady decline of over 50% in 6 months ... is a very risky business!

[RD965]

So before the comment, I have to say that I totally agree with the concept that a Bitcoin is always a Bitcoin regardless of the current price, but now that you have been very organised on your calculations, why dont you include BTC/USD rates as well? I will be a lot more realistic and dont think you really "profit" taking this into account!

RD

Read my response to elasticband, I think it also answers your point :-)

I know not everybody sees that way - consider each investment per si - but that's how I stand.

Let me give you another example, without BTC:

You live in Europe and work with EUR.
You buy some stock in NYSE in USD.
The stock goes up by 10% over a year and, in the same time period, USD drops 12% in relation to EUR.

Was that stock a good investment? In terms of the stocks' valuation, it was a hell of an opportunity that paid out! 10% in a year is a very sweet deal.

Was the USD purchased to buy the stock a good investment? Hell, no. I lost 12% in a year.

If you do the math, you can see that the stock's valuation in EUR is, at the end of the period, just 92,21 % of the initial investment in EUR - I'm loosing a net worth of 7,79%. A pretty lousy deal, by any standards :-)

This little mockup shows exactly what you feel about PBmining: That it's risky.

However, it shouldn't take this much to understand that to make investments on something that can have daily fluctuations of over 5%, it's traded 24/7  and a steady decline of over 50% in 6 months ... is a very risky business!

Sure ive replied up there!

Well I agree with you but as a forex trader I can tell you you really have to take into account both things as an investment (normally if you want to invest in a different currency to buy any financial product across the border any financial proffessional would get those dollars as a loan, not converting the € directly into dollars, I dunno if I clarify my point). You always have to take into account all variables of the equation since I cant buy muy meat in BTC because the prices of goods are set to be in your local currency, so even youre able to spend youre still tied to the FIAT ratios.

RD

[elasticband]

I was just playing devils advocate  An investment into BTC only ROI's if the full amount of BTC are returned, I don't hodl fiat but i do hodl bitcoins

[RD965]

I was just playing devils advocate  An investment into BTC only ROI's if the full amount of BTC are returned, I don't hodl fiat but i do hodl bitcoins

Id be worried if I wouldnt hold fiat (whats that about hodl?)

To avoid this kind of things is why i posted that i fully support the idea of 1BTC=1BTC, but some of us have to use other currencies to invest so it makes sense to take this into account in the equation.

Cheers 

[elasticband]

Noobs(edit for spelling) don't know the hodl movement?

Google bitcoin hodl or bitcoin hodl meme

[Anyayakubu]

Nice work you did with your charting your activity Silentbit, I salute you. I like to work with the figures 1 BTC = 1BTC and then work out price changes and currency seperate.
Since people sharing their PB stories today I thought I would share mine. I dont have the nice spread sheet to show you so I will simply tell. I began on April 6, buying contracts of various amounts each week and each difficulty period. Accumulating 3000 ghs from April through August.  In total 15 contracts purchased at all price range and all difficulty levels.  7 of the 15 contracts are into profit and reached breakeven at 21 to 26 weeks. Others are close. In total 11.53 bitcoins were spent. Today 9.55 bitcoins have been received. I expect total breakeven ROI on this group of contracts before the end of the year for sure.

[RD965]

Noobs(edit for spelling) don't know the hold movement?

Google bitcoin hold or bitcoin hold meme

Still doesnt make sense to me, I try to be on the "serious threads" im afraid, but maybe you can explain the joke so we can laugh together 

[Anyayakubu]

Noobs(edit for spelling) don't know the hold movement?

Google bitcoin hold or bitcoin hold meme

Still doesnt make sense to me, I try to be on the "serious threads" im afraid, but maybe you can explain the joke so we can laugh together 

Maybe you can look it up . but basically long time ago, in a land far far away a bitcoiner who may of just been a bad speller  or as rumor has it may of had too much to drink.
Misspelled Hold and sent hodl instead.  so to this day is common to see this. I hope that helps.

[elasticband]

Noobs(edit for spelling) don't know the hold movement?

Google bitcoin hold or bitcoin hold meme

Still doesnt make sense to me, I try to be on the "serious threads" im afraid, but maybe you can explain the joke so we can laugh together  

https://bitcointalk.org/index.php?topic=375643.0

Hodl or hodling it a term that has stuck in the bitcoin community because of a user posting a thread with a spelling mistake during the December 2013 crash, i guess it brought some humor upon dark times and brought people together with humor.

Just as Beauty is in the eye of the behodler i would say humor is the same.

edit: maybe it was one of those you had to be here/there at the time....

[elasticband]

[RD965]

Noobs(edit for spelling) don't know the hold movement?

Google bitcoin hold or bitcoin hold meme

Still doesnt make sense to me, I try to be on the "serious threads" im afraid, but maybe you can explain the joke so we can laugh together  

https://bitcointalk.org/index.php?topic=375643.0

Hodl or hodling it a term that has stuck in the bitcoin community because of a user posting a thread with a spelling mistake during the December 2013 crash, i guess it brought some humor upon dark times and brought people together with humor.

Just as Beauty is in the eye of the behodler i would say humor is the same.

edit: maybe it was one of those you had to be here/there at the time....

[elasticband]

just going to leave this here for the epicness of the post... really still cracks me up.

I AM HODLING
December 18, 2013, 10:03:03 AM
Reply with quote  #1
I type d that tyitle twice because I knew it was wrong the first time.  Still wrong.  w/e.  GF's out at a lesbian bar, BTC crashing WHY AM I HOLDING? I'LL TELL YOU WHY.  It's because I'm a bad trader and I KNOW I'M A BAD TRADER.  Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro.  Likewise the weak hands are like OH NO IT'S GOING DOWN I'M GONNA SELL he he he and then they're like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY'RE DOING buy back in but you know what?  I'm not part of that group.  When the traders buy back in I'm already part of the market capital so GUESS WHO YOU'RE CHEATING day traders NOT ME~!  Those taunt threads saying "OHH YOU SHOULD HAVE SOLD" YEAH NO SHIT.  NO SHIT I SHOULD HAVE SOLD.  I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU.  You only sell in a bear market if you are a good day trader or an illusioned noob.  The people inbetween hold.  In a zero-sum game such as this, traders can only take your money if you sell.

so i've had some whiskey
actually on the bottle it's spelled whisky
w/e
sue me
(but only if it's payable in BTC)

[bitgeek]

what the sh i t going on front page, it says 0.0021 btc/ ghs

but you can buy 0.0015 btc / ghs in order page...

hey houston you have a web problem..

  On front page i have: "Current Rate: 0.0015 BTC / GHs"

I can reproduce the problem faced by petahashminer.
When I first loads the site, the price shown on the page is 0.0021 BTC, but after a few refreshing, it becomes 0.0015.

yes it is really  annoying

I'm facing the same problem. On the contrary, competition is now offering 0.001 BTC/GHS. Check www.cloudmining.website.

Why is that every post you make contains the link to that site? Could you by any chance be the owner?

[1Referee]

what the sh i t going on front page, it says 0.0021 btc/ ghs

but you can buy 0.0015 btc / ghs in order page...

hey houston you have a web problem..

  On front page i have: "Current Rate: 0.0015 BTC / GHs"

I can reproduce the problem faced by petahashminer.
When I first loads the site, the price shown on the page is 0.0021 BTC, but after a few refreshing, it becomes 0.0015.

yes it is really  annoying

I'm facing the same problem. On the contrary, competition is now offering 0.001 BTC/GHS. Check www.cloudmining.website.

Why is that every post you make contains the link to that site? Could you by any chance be the owner?

Who else? I don't think that many people will give them free advertising as they are just a few days old.

Must be the owner of that site.

[TigerMart]

what the sh i t going on front page, it says 0.0021 btc/ ghs

but you can buy 0.0015 btc / ghs in order page...

hey houston you have a web problem..

  On front page i have: "Current Rate: 0.0015 BTC / GHs"

I can reproduce the problem faced by petahashminer.
When I first loads the site, the price shown on the page is 0.0021 BTC, but after a few refreshing, it becomes 0.0015.

yes it is really  annoying

I'm facing the same problem. On the contrary, competition is now offering 0.001 BTC/GHS. Check www.cloudmining.website.

Why is that every post you make contains the link to that site? Could you by any chance be the owner?

Who else? I don't think that many people will give them free advertising as they are just a few days old.

Must be the owner of that site.

I think the owner of PB Mining and CloudMining.website is actually the same person. Check the following posts. This user is promoting both...

-snip-

PBmining price is 0.0015/GHS if you see 0.0021 thats your browser issue - you have to refresh site (sometimes few times).

Thats PBmining investment stats (not mine):


If you show me something like this from www.cloudmining.website - maybe i will try..

Wczoraj ( 1 listopada) ruszyło www.cloudmining.website można kupić 1GHS za 0.0010    (piszą, że tylko przez jakiś czas..)

Minimum to 10GHS czyli 0.01. Kupiłem za 0.02 żeby potestować zobaczymy co z tego będzie..

[5ick3uffalo]

0.0014 not bad think i order 500GH now


Would stay FAR away from http://www.cloudmining.website

Likely gone in some weeks same lunamining (or what was the name again?)

[5ick3uffalo]

Tigermart, you think because User "kotwica666" is promoting pbmining and cloudmining website to get refereal bonus via his refereal link it is the owner of PBMining?


looooooooooooooool  

[MrTeal]

Unfortunetly, that is the awful truth. I don't want even to remember how much those invested bitcoins cost me at the time. :-(
Also, take in consideration that I always reinvested all the payouts, so the total invested sum is higher than the actual BTC I had to invest.

If you're always reinvesting the payouts, you haven't really reached the breakeven point. You're just being credited with more paper slips promising hashing power that may or may not exist. You've only really reached profitability if you invested X in PBMining and now have X+Y in your wallet, where Y isn't negative.

[Biomech]

Unfortunetly, that is the awful truth. I don't want even to remember how much those invested bitcoins cost me at the time. :-(
Also, take in consideration that I always reinvested all the payouts, so the total invested sum is higher than the actual BTC I had to invest.

If you're always reinvesting the payouts, you haven't really reached the breakeven point. You're just being credited with more paper slips promising hashing power that may or may not exist. You've only really reached profitability if you invested X in PBMining and now have X+Y in your wallet, where Y isn't negative.

I may have read the report wrong, but I was under the impression that the reinvestment was in addition to what he posted, so for statistical purposes this would be valid.

As I had said earlier, I have been in profit for some time, but most of my hash has been referrals. However my initial investment did indeed pay for itself quite a while back. I unfortunately did this on a lark, and didn't keep good records. I don't recall what price I bought in at, but the minimum was 2 GH/s at the time

I do understand the concerns here. It is my opinion that they are not correct, but I can't say they're invalid given pbmining's reticence in revealing their mining. I have done quite well with them, and as always, I say do your due diligence and decide what risks you're willing to take. I've invested in three cloud mining schemes and pb is the only one that didn't burn me, either by fraudulent action or simply becoming too expensive (GHash).