PB Mining -- 5 year mining contracts!

[Testing123]

Can it (pbminings bad payouts today) be explained by bad solo (or pool) luck? Nobody knows how they are supposed
to mine, so if they claim they had bad luck this week, there's no way to refute that claim.
I'm not so sure how probable it is with 4.3 PHs to have such a bad luck that could explain this -15%. I tend to believe
it's not entirely impossible, but maybe someone can make a short calculation..

victim + ponzi = scam


you're welcome.

It can well be defined as a mining variance by PB. How much is the return of CEX/AM Hash last week against a certain hash power ? Do u have any data ?

but pbmining already stated earlier in this thread, quite categorically, that the rewards are based on fixed calculations. They even posted the actual calculation formula which they use. Posted way back in the spring.

Its good if someone can point to that link...

post has been deleted. it was on or around 5th March 2014

The post has been deleted, but it has been quoted in https://bitcointalk.org/index.php?topic=418183.msg7692696#msg7692696.
Also, the post has been archived in https://bitcointa.lk/threads/pb-mining-5-year-mining-contracts.238321/page-7#post-4610463

[Puppet]

Someone should write to PB's support. It makes no sense for them to go down with payouts to 85%,
in case they are legit as well as in the case they are a ponzi. I can only think of a technical
error as of now.

pbmining was online a few minutes ago. He chooses not to tell you.

My best guess is that he is testing Anya's theory that reducing payouts without reason or cause is a good way to increase credibility in this scam. If enough investors are as delusional and as she is -and Ill have to assume a quite high level of delusion among people who invest money in a scam as obvious as this- it might even work.

[SpanishSoldier]

Someone should write to PB's support. It makes no sense for them to go down with payouts to 85%,
in case they are legit as well as in the case they are a ponzi. I can only think of a technical
error as of now.

pbmining was online a few minutes ago. He chooses not to tell you.

My best guess is that he is testing Anya's theory that reducing payouts without reason or cause is a good way to increase credibility in this scam. If enough investors are as delusional and as she is -and Ill have to assume a quite high level of delusion among people who invest money in a scam as obvious as this- it might even work.

Why r u so silent about the -ve payment of CEX.io ? PB Mining pays 85%... that is a crime. And CEX.io, AM hash etc. pay -ve... that is fine ?

On one acc, I have 1350 GHS, according to the dashboard, I should get 0.10143842
I received this amount. To the satoshi. So no difference between the dashboard and the payout.

But I also believe I should have received around 0.1179. Strange...

So u have got 86% of the theoretical yield. Looks like all the payments are within the range of 80% to 90%. Is it the historical data or PB mining used to pay 100% at some point of time ? Can u guys plz check your previous week's payment and report here ?

Can someone tell me why I got -0.010100 btc after mining for a week in cex.io?  I have 500 ghs.

[BitCoinDream]

How much is the return of CEX/AM Hash last week against a certain hash power ? Do u have any data ?

You can view the historical data for AMHash on the Havelock website. Just click the Dividends tab.

Code:

Announcement Date 	Payment Date 	Amount (BTC/Unit)
2014-11-30 		2014-11-30 	0.00000816
2014-11-29 		2014-11-29 	0.00000806
2014-11-28 		2014-11-28 	0.00000807
2014-11-27 		2014-11-27 	0.00000807
2014-11-26 		2014-11-26 	0.00000813
2014-11-25 		2014-11-25 	0.00000822
2014-11-24 		2014-11-24 	0.00000805
2014-11-23 		2014-11-23 	0.00000791
2014-11-22 		2014-11-22 	0.00000784
2014-11-21 		2014-11-21 	0.00000784
2014-11-20 		2014-11-20 	0.00000802
2014-11-19 		2014-11-19 	0.00000817
2014-11-18 		2014-11-18 	0.00000847
2014-11-17 		2014-11-17 	0.00000859
2014-11-16 		2014-11-16 	0.00000842
2014-11-15 		2014-11-15 	0.00000850
2014-11-14 		2014-11-14 	0.00000873
2014-11-13 		2014-11-13 	0.00000879
2014-11-12 		2014-11-12 	0.00000845
2014-11-11 		2014-11-11 	0.00000830
2014-11-10 		2014-11-10 	0.00000824
2014-11-09 		2014-11-09 	0.00000805
2014-11-08 		2014-11-08 	0.00000795
2014-11-07 		2014-11-07 	0.00000799
2014-11-06 		2014-11-06 	0.00000788
2014-11-05 		2014-11-05 	0.00000822
2014-11-04 		2014-11-04 	0.00000895
2014-11-03 		2014-11-03 	0.00000901
2014-11-02 		2014-11-02 	0.00000894
2014-11-01 		2014-11-01 	0.00000898
2014-10-31 		2014-10-31 	0.00000927

Per unit signifies to how much GHs here ?

[MrTeal]

Someone should write to PB's support. It makes no sense for them to go down with payouts to 85%,
in case they are legit as well as in the case they are a ponzi. I can only think of a technical
error as of now.

pbmining was online a few minutes ago. He chooses not to tell you.

My best guess is that he is testing Anya's theory that reducing payouts without reason or cause is a good way to increase credibility in this scam. If enough investors are as delusional and as she is -and Ill have to assume a quite high level of delusion among people who invest money in a scam as obvious as this- it might even work.

You never know, he might be. I've heard it described that many of the 419 scams are intentionally made ridiculous precisely because they don't want to attract any questioning people. They make the claims so outlandish that only the most gullible will follow up, increasing the percentage of people who will follow through and send them money.

[Testing123]

How much is the return of CEX/AM Hash last week against a certain hash power ? Do u have any data ?

You can view the historical data for AMHash on the Havelock website. Just click the Dividends tab.

Code:

Announcement Date 	Payment Date 	Amount (BTC/Unit)
2014-11-30 		2014-11-30 	0.00000816
2014-11-29 		2014-11-29 	0.00000806
2014-11-28 		2014-11-28 	0.00000807
2014-11-27 		2014-11-27 	0.00000807
2014-11-26 		2014-11-26 	0.00000813
2014-11-25 		2014-11-25 	0.00000822
2014-11-24 		2014-11-24 	0.00000805
2014-11-23 		2014-11-23 	0.00000791
2014-11-22 		2014-11-22 	0.00000784
2014-11-21 		2014-11-21 	0.00000784
2014-11-20 		2014-11-20 	0.00000802
2014-11-19 		2014-11-19 	0.00000817
2014-11-18 		2014-11-18 	0.00000847
2014-11-17 		2014-11-17 	0.00000859
2014-11-16 		2014-11-16 	0.00000842
2014-11-15 		2014-11-15 	0.00000850
2014-11-14 		2014-11-14 	0.00000873
2014-11-13 		2014-11-13 	0.00000879
2014-11-12 		2014-11-12 	0.00000845
2014-11-11 		2014-11-11 	0.00000830
2014-11-10 		2014-11-10 	0.00000824
2014-11-09 		2014-11-09 	0.00000805
2014-11-08 		2014-11-08 	0.00000795
2014-11-07 		2014-11-07 	0.00000799
2014-11-06 		2014-11-06 	0.00000788
2014-11-05 		2014-11-05 	0.00000822
2014-11-04 		2014-11-04 	0.00000895
2014-11-03 		2014-11-03 	0.00000901
2014-11-02 		2014-11-02 	0.00000894
2014-11-01 		2014-11-01 	0.00000898
2014-10-31 		2014-10-31 	0.00000927

Per unit signifies to how much GHs here ?

https://www.havelockinvestments.com/fund.php?symbol=AMHASH1
"AMHash1 is a mining Fund which has 5 Peta-hash per second or (5,000,000 Giga-hashes per second) in total.
The Fund is divided into 5 million (5,000,000) units each of which represents 1Gigahash per second.And this IPO is set to 5 blocks,each block is 1PH(1,000,000 units). If one block is sold out,the next will start automatically."

So, 1 unit = 1 GH/s.

[Puppet]

Why r u so silent about the -ve payment of CEX.io ? PB Mining pays 85%... that is a crime. And CEX.io, AM hash etc. pay -ve... that is fine ?

Because
1) the question about cex.io has been answered
2) cex.io payments (afaik) are consistent with their published fees and pool luck
3) AMhash payments are consistent with their published fees and pool luck (and far from negative atm)
3)  this thread is about pbminig

[MrTeal]

Someone should write to PB's support. It makes no sense for them to go down with payouts to 85%,
in case they are legit as well as in the case they are a ponzi. I can only think of a technical
error as of now.

pbmining was online a few minutes ago. He chooses not to tell you.

My best guess is that he is testing Anya's theory that reducing payouts without reason or cause is a good way to increase credibility in this scam. If enough investors are as delusional and as she is -and Ill have to assume a quite high level of delusion among people who invest money in a scam as obvious as this- it might even work.

Why r u so silent about the -ve payment of CEX.io ? PB Mining pays 85%... that is a crime. And CEX.io, AM hash etc. pay -ve... that is fine ?

Yes, because it's clearly spelled out in the terms. You pay maintenance fees based on time, and your payout is based on the income of that hashing power. If you have a run of significant bad luck, you can get paid negative. If you have a run of luck, you can get paid out greater than 100%. Either way, it's the terms people agreed to.

[raskul]

Can it (pbminings bad payouts today) be explained by bad solo (or pool) luck? Nobody knows how they are supposed
to mine, so if they claim they had bad luck this week, there's no way to refute that claim.
I'm not so sure how probable it is with 4.3 PHs to have such a bad luck that could explain this -15%. I tend to believe
it's not entirely impossible, but maybe someone can make a short calculation..

victim + ponzi = scam


you're welcome.

It can well be defined as a mining variance by PB. How much is the return of CEX/AM Hash last week against a certain hash power ? Do u have any data ?

but pbmining already stated earlier in this thread, quite categorically, that the rewards are based on fixed calculations. They even posted the actual calculation formula which they use. Posted way back in the spring.

Its good if someone can point to that link...

post has been deleted. it was on or around 5th March 2014

The post has been deleted, but it has been quoted in https://bitcointalk.org/index.php?topic=418183.msg7692696#msg7692696.
Also, the post has been archived in https://bitcointa.lk/threads/pb-mining-5-year-mining-contracts.238321/page-7#post-4610463

thanks, i went looking but couldn't even find the quoted posts 

1. Of course we are hashing, otherwise we would be paying our users out of our own pockets and that would eventually make us bankrupt. We are here to succeed and have paid out our customers on time since our launch.

2. There are no mining pool fees to the customer. We cover our own mining fees from our pool workers which the customer will never have to see.

Instead, the customer is payed based on this fixed formula, taken right from our PHP script:

$per24 = ($totalHashingPower * 25 / $difficulty) * (60 * 60 * 24 * 65535 * pow(10,6) / pow(2,48));

This formula is standard with all Bitcoin Profit Calculators. Our users do not mine directly with our hardware -- the advantage of this is that we are capable of insuring them during any downtime or performance reductions. PB Mining guarantees a fixed rate of hash power at 100% efficiency -- a luxury you will not find anywhere else.

Enough time will pass to the point where the Blockchain ledger speaks for itself when you look at all our happy piggies. 

We are also the first company to give away free hash power.

[raskul]

didn't realise it was that far back...

1. Of course we are hashing, otherwise we would be paying our users out of our own pockets and that would eventually make us bankrupt.  We are here to succeed and have paid out our customers on time since our launch.
 
2. There are no mining pool fees to the customer.  We cover our own mining fees from our pool workers which the customer will never have to see.

Instead, the customer is payed based on this fixed formula, taken right from our PHP script:

$per24 = ($totalHashingPower * 25 / $difficulty) * (60 * 60 * 24 * 65535 * pow(10,6) / pow(2,48));

This formula is standard with all Bitcoin Profit Calculators.  Our users do not mine directly with our hardware -- the advantage of this is that we are capable of insuring them during any downtime or performance reductions.  PB Mining guarantees a fixed rate of hash power at 100% efficiency -- a luxury you will not find anywhere else. 

Enough time will pass to the point where the Blockchain ledger speaks for itself when you look at all our happy piggies.   

We are also the first company to give away free hash power. 

Can you break this calculation down?

[BitCoinDream]

How much is the return of CEX/AM Hash last week against a certain hash power ? Do u have any data ?

You can view the historical data for AMHash on the Havelock website. Just click the Dividends tab.

Code:

Announcement Date 	Payment Date 	Amount (BTC/Unit)
2014-11-30 		2014-11-30 	0.00000816
2014-11-29 		2014-11-29 	0.00000806
2014-11-28 		2014-11-28 	0.00000807
2014-11-27 		2014-11-27 	0.00000807
2014-11-26 		2014-11-26 	0.00000813
2014-11-25 		2014-11-25 	0.00000822
2014-11-24 		2014-11-24 	0.00000805
2014-11-23 		2014-11-23 	0.00000791
2014-11-22 		2014-11-22 	0.00000784
2014-11-21 		2014-11-21 	0.00000784
2014-11-20 		2014-11-20 	0.00000802
2014-11-19 		2014-11-19 	0.00000817
2014-11-18 		2014-11-18 	0.00000847
2014-11-17 		2014-11-17 	0.00000859
2014-11-16 		2014-11-16 	0.00000842
2014-11-15 		2014-11-15 	0.00000850
2014-11-14 		2014-11-14 	0.00000873
2014-11-13 		2014-11-13 	0.00000879
2014-11-12 		2014-11-12 	0.00000845
2014-11-11 		2014-11-11 	0.00000830
2014-11-10 		2014-11-10 	0.00000824
2014-11-09 		2014-11-09 	0.00000805
2014-11-08 		2014-11-08 	0.00000795
2014-11-07 		2014-11-07 	0.00000799
2014-11-06 		2014-11-06 	0.00000788
2014-11-05 		2014-11-05 	0.00000822
2014-11-04 		2014-11-04 	0.00000895
2014-11-03 		2014-11-03 	0.00000901
2014-11-02 		2014-11-02 	0.00000894
2014-11-01 		2014-11-01 	0.00000898
2014-10-31 		2014-10-31 	0.00000927

Per unit signifies to how much GHs here ?

https://www.havelockinvestments.com/fund.php?symbol=AMHASH1
"AMHash1 is a mining Fund which has 5 Peta-hash per second or (5,000,000 Giga-hashes per second) in total.
The Fund is divided into 5 million (5,000,000) units each of which represents 1Gigahash per second.And this IPO is set to 5 blocks,each block is 1PH(1,000,000 units). If one block is sold out,the next will start automatically."

So, 1 unit = 1 GH/s.

I'm not very verse with this HaveLock thing. So I'm assuming that all the data provided above are correct...

So, the highest and lowest payment of AM Hash in last week against 1 Ghs as found from the above data are 822 & 805 Satoshi respectively.

On the other hand the theoretical yield of each day in last week was supposed to be 1248 Satoshi.

So, AM Hash payout is varying in between 64.5% to 65.9% as against PB mining's 80% to 85% !!!

[Puppet]

So, the highest and lowest payment of AM Hash in last week against 1 Ghs as found from the above data are 822 & 805 Satoshi respectively.
On the other hand the theoretical yield of each day in last week was supposed to be 1248 Satoshi.

Only ponzi's with no hardware can pay out theoretical yields without including electricity and maintenance fees. AMhash fees are clearly published, do the math, and if you still cant figure it out, please take it to the appropriate thread.

[BitCoinDream]

So, the highest and lowest payment of AM Hash in last week against 1 Ghs as found from the above data are 822 & 805 Satoshi respectively.
On the other hand the theoretical yield of each day in last week was supposed to be 1248 Satoshi.

Only ponzi's with no hardware can pay out theoretical yields without including electricity and maintenance fees. AMhash fees are clearly published, do the math, and if you still cant figure it out, please take it to the appropriate thread.

But PB mining is not paying out the theoretical yield here. I cant take this as an indication of not being a Ponzi. I'll just give it a benefit of doubt as they are paying more than all legit services.

My Q is elsewhere. If a Ponzi can pay better than a real service, then what is the purpose of running that service at all from business point of view ?

[Puppet]

My Q is elsewhere. If a Ponzi can pay better than a real service, then what is the purpose of running that service at all from business point of view ?

Do you even know what a ponzi is?  Its a scam. It can only pretend to offer high rewards right until when it collapses because not enough new investors buy in to it, and the scammer runs off with the loot.  Calculate your "profits" if you bought last month and pbmining runs off next month.

[coinmaster222]

Lets just assume its the scam it is and open a new thread "What to do when a cloudminer runs away with your cash" might as well get it set up and ready.

[Anyayakubu]

Lets just assume its the scam it is and open a new thread "What to do when a cloudminer runs away with your cash" might as well get it set up and ready.

Well, if were opening up a new thread like that, lets think about putting a button on it for donations for restitution of the victims. Lets get a list going of volunteers
who can at the right time provide a shoulder to cry on and a sympathetic ear.  We might be able to provide some small comfort to them assuring them life will go on even though their bitcoin won't be going on with them.

[5ick3uffalo]

Estimated Next Difficulty:   40,480,814,187 (+0.45%)
Adjust time:   After 282 Blocks, About 1.9 days


Good

[miner454]

My Q is elsewhere. If a Ponzi can pay better than a real service, then what is the purpose of running that service at all from business point of view ?

Do you even know what a ponzi is?  Its a scam. It can only pretend to offer high rewards right until when it collapses because not enough new investors buy in to it, and the scammer runs off with the loot.  Calculate your "profits" if you bought last month and pbmining runs off next month.

What do you think about the fiat currency being a ponzi?

[jseppeli]

Here is some of my payments I have received

9.11
513,3GHs
https://blockchain.info/tx/0af4647985b9e1d7e4d9767c8bba27b9678f84390b596c93c53532177f23ac1d

16.11
550,8GHs
https://blockchain.info/tx/ef19fee6af7bb739c1c8743cca620b6f5725f4f35fd28cda993cd5ca5c59ce72

23.11
555,8GHs
https://blockchain.info/tx/4e21d59f789db80d242f841aa20d4278b9e737438c7d815b3410fbd567c96af8

30.11
555,8GHs
https://blockchain.info/tx/5947d006cb9d7fd82548487652bc75882465d840b300b5e00cc44a07835ba4b7

I cant make out from those transactions how much you were paid, because I dont know your address. The transaction contains 100s of payouts.

Sorry!

My payout adress is https://blockchain.info/address/19nFEdGgUghXZKAneAJAYPrxQwmPgRhsre

[MrTeal]

Sorry!

My payout adress is https://blockchain.info/address/19nFEdGgUghXZKAneAJAYPrxQwmPgRhsre

To see where a lot of the coin into that 1Payday account is coming from. From the transaction on the 23rd we have the following funding transactions
BTC96 from BTC-e (all those trace back to 1FaNGLkBTLgyuBjQrqoNZLtbWixpTz2kij)
BTC150 from Bitstamp
BTC90 from BTC-e

I haven't looked too much into it yet. So far all the coin into the current 1Piggy is just sitting there, other than 500BTC sent to 17MuDSz3oaHBV9QNjFdzNPRnwYhe9Efrn2, 15JsW8CvZU2mtpMPfKhNUJXMtLGPXGjAdP and 17MuDSz3oaHBV9QNjFdzNPRnwYhe9Efrn2.

Some older 1Piggy addresses seem to be sending all the coin to exchanges though. For instance, 1PiggyWpsA4wktHbtFwgqyiuMkvZmVRfMU pooled incoming Bitcoin and the sent it in the following addresses.
BTC95 to 1Fzj3UbZE7d65KzQD3EkPexorwBEsphmq4 (Bitstamp)
BTC25 to 1Fzj3UbZE7d65KzQD3EkPexorwBEsphmq4 (Bitstamp)
BTC25 to 175VYGSjGMmHS4hWLZjX3Hjiegsy4W8nqY (Bitstamp)
BTC55 to 157dJwa32ngQjQG38z91SrP3Qjkp9F114H (BTC-e)
BTC77 to 13ugJ3uw2RvwAhwqyPCR2ttyJEXw6uukj3 (BTC-e)
BTC80 to 1M2FLDt2ZYZhhAC4offd58fPBqnLfsgrTN (Bitstamp)
BTC85 to 16JMrsCW4p4MSMEKzxXMSaDpyYyZM88aTv (Bitstamp)
etc, etc

Unless someone has seen something indicating otherwise, it seems to me that PBmining is just taking all the coin brought in and dumping it into an exchange, and then funding the payout addresses from those exchanges.
It will be interesting when this does implode whether the one running the Bitstamp account is the OP or a service. I doubt BTC-e would play ball, but if a UK customer sued PBmining and was able to get an order for Bitstamp to turn over the records related to those transactions, it might be pretty damning.

Funny: Searching through the forum for other 1Piggy addresses, there's this gem.

Is there a windows build for this?  All I see so far from reading through the thread is Linux.

The guy running 4.3PH/s isn't familiar enough with Linux to run vanitygen.