PB Mining -- 5 year mining contracts!

[RocketSingh]

Pbmining interview: http://cointelegraph.com/news/112226/pb-mining

Is this Jeremy Biggs the owner of PB mining ?

https://twitter.com/jeremybiggs




Or http://incelaw.com/en/ourpeople/jeremy-biggs ?

[raskul]

I seriously doubt that a few nutcase nobodies on the internet
have any effect on the business of this co. Except maybe as
counter-indicators.

I dont know about that there sales are going down along with there so called mining payments

the 15% payment drop is yet to be addressed by pbmining themselves.

We are active on the Bitcointalk.org forums, and we constantly ask for customer feedback to determine how to grow. That’s the benefit of being a small and ambitious company.

At the moment, we are looking at the possibility of allowing our customers to trade their contracts on an open exchange.

[jimmothy]

It´s pointless to try to reason with these people

as has been amply demonstrated here.

In a year they´ll still be whining over how this

must be a ponzi scam  

You seem to get very defensive/irritated every time someone questions pbmining legitimacy.

Is it because you feel threatened that you might not get your money back before this ponzi collapses?

[MrTeal]

I wouldn't say it's drying up, PB Mining is still bringing in ~BTC60/day. They just aren't updating their website anymore.

[Puppet]

I wouldn't say it's drying up, PB Mining is still bringing in ~BTC60/day.

Are they really... if you do taint analysis on their new address:
https://blockchain.info/taint/1PBMyo8kLhwtxKdNwSdjwvA377D6M5EgzS

You notice a lot of payments can be traced back directly to (former) PB addresses. They cant be sales.

Moreover if you look at the transactions, like for instance this one:

https://blockchain.info/tx/61008764c6d120d557a758530afe20275b85be8cf3b48216b7a1de867c0583a0

Thats not a purchase. Thats more likely part of a mixer. No sales happened here, nor in the majority of transactions I can see.

Seems to me like PB is trying to reinflate the bubble; by creating fake revenue its trying to reassure at least those that knowingly invested in a ponzi, that its not on the verge of collapse. The unexplained (and unbelievably: unnoticed until just now!) reduction in payouts tells a different story.

[MrTeal]

I wouldn't say it's drying up, PB Mining is still bringing in ~BTC60/day.

Are they really... if you do taint analysis on their new address:
https://blockchain.info/taint/1PBMyo8kLhwtxKdNwSdjwvA377D6M5EgzS

You notice a lot of payments can be traced back directly to (former) PB addresses. They cant be sales.

Moreover if you look at the transactions, like for instance this one:

https://blockchain.info/tx/61008764c6d120d557a758530afe20275b85be8cf3b48216b7a1de867c0583a0

Thats not a purchase. Thats more likely part of a mixer. No sales happened here, nor in the majority of transactions I can see.

Seems to me like PB is trying to reinflate the bubble; by creating fake revenue its trying to reassure at least those that knowingly invested in a ponzi, that its not on the verge of collapse. The unexplained (and unbelievably: unnoticed until just now!) reduction in payouts tells a different story.

That one transaction likely isn't, but it's a fairly minor amount.
Most of the 1Piggy's have some taint back to other ones. It's hard to say whether it's change being swept up into the new address or just cycling things around in the system. It would be helpful if walletexplorer was updated more regularly.

There's still a decent bit of coin into the latest 1PBM from Bitstamp which is a little strange, though it could be a purchase that someone paid through that platform.

Some of the taint might also be people making poor decisions. There's a decent number getting payouts from a 1Payday address along with various other sources, and who them make a payment to 1PBM.

[Anyayakubu]

i received

0.04062165 BTC

for

540.4GH/s

...

should have been

0.04721 BTC


i can only presume this reduction is correct payouts has been happening for some time.

I dont know Rasku, I think this is something new we saw last Sunday. I follow the difficulty and pay out pretty close here, Only once a long time ago did I ever find a drop in payment that I couldn't relate to the difficulty adjustment. This last Sundays payment was surprisingly low without a difficulty adjustment to base it on. Actually my last three payments are dropping by a rate that suggest that they are not derived from the same protocol.  For example it took six weeks for my payment to fall from .29 to .26   Then sharply falling to .243  and last Sunday to .223 I think we got a deviation from that formula they been using. That's upsetting because if this trend were to continue at this pace. Then the theoretical yield that others have spoken about wont to met. One of things we enjoyed about PB was it's consistent payments of expected amounts. Not sure we have that now or not.

[thirdprize]

Or it could be a glitch in their software. 

[Minnlo]

PBmining was online an hour ago, but he didn't try to explain the payment problem. In fact, he hasn't made any post here for nearly a month now.

[miner454]

I made an order for 2 Ths on 11/29/2014 and it has not been fulfilled yet.  The amount sent is correct and exact.
They are certainly taking a lot longer this time.  Are they running out of miners?

This would be an evidence of loss of money.

sorry but..

BIG RED FLAG

Just for the record, it's been all the time processed in less than 12 hrs.  Maybe the fact that I purchased this on Saturday afternoon (and through the weekend).

please do let us know if / when that payment gets added to the pyramid.

Update:  Still not fullfilled...pending state.

[Samix]

I think this is the time to SOLD YOUR ACCOUNTS otherwise you will lost everything i already did it

[miner454]

I made an order for 2 Ths on 11/29/2014 and it has not been fulfilled yet.  The amount sent is correct and exact.
They are certainly taking a lot longer this time.  Are they running out of miners?

This would be an evidence of loss of money.

sorry but..

BIG RED FLAG

Just for the record, it's been all the time processed in less than 12 hrs.  Maybe the fact that I purchased this on Saturday afternoon (and through the weekend).

please do let us know if / when that payment gets added to the pyramid.

Update:  Still not fulfilled...pending state.

This is the first time I've had to contact PBMining for support and was very helpful in assisting me with the issue.  This is now RESOLVED.

Thank you!

[miner454]

I think this is the time to SOLD YOUR ACCOUNTS otherwise you will lost everything i already did it

With the amount of btc I'm mining per week. Why would I sell?

[Samix]

I think this is the time to SOLD YOUR ACCOUNTS otherwise you will lost everything i already did it

With the amount of btc I'm mining per week. Why would I sell?

JUXT a Warning !! coz mining worth nothing in future !! so sold now @goodrates !! will be good

i sold 244ghs they mine pretty well but i dont want so i sold.

[Puppet]

I wouldn't say it's drying up, PB Mining is still bringing in ~BTC60/day.

Are they really... if you do taint analysis on their new address:
https://blockchain.info/taint/1PBMyo8kLhwtxKdNwSdjwvA377D6M5EgzS

You notice a lot of payments can be traced back directly to (former) PB addresses. They cant be sales.

Moreover if you look at the transactions, like for instance this one:

https://blockchain.info/tx/61008764c6d120d557a758530afe20275b85be8cf3b48216b7a1de867c0583a0

Thats not a purchase. Thats more likely part of a mixer. No sales happened here, nor in the majority of transactions I can see.

Seems to me like PB is trying to reinflate the bubble; by creating fake revenue its trying to reassure at least those that knowingly invested in a ponzi, that its not on the verge of collapse. The unexplained (and unbelievably: unnoticed until just now!) reduction in payouts tells a different story.

That one transaction likely isn't, but it's a fairly minor amount.
Most of the 1Piggy's have some taint back to other ones. It's hard to say whether it's change being swept up into the new address or just cycling things around in the system. It would be helpful if walletexplorer was updated more regularly.

There's still a decent bit of coin into the latest 1PBM from Bitstamp which is a little strange, though it could be a purchase that someone paid through that platform.

Some of the taint might also be people making poor decisions. There's a decent number getting payouts from a 1Payday address along with various other sources, and who them make a payment to 1PBM.

That taint analysis only goes one step back. So it means those funds where directly sent from several 1Pxxx to that new sales address. That means he is buying (or faking) his own hashrate. If customers where reinvesting their payouts, there would be an address inbetween.

BTW, pbmining has been online several times, and he's reading and learning. He's got yet another address for payments (1Po6Ky37pC3sbwx8King4PeyqTxC52Y7mo). I checked out the first significant payment to that, its this one:

https://blockchain.info/tx/20f34d2d809be67900ac8790d54a0fd8dd4a1f82b02ae780d75ef07c2b6bcd34

4.2 BTC that appears to pertain to a new purchase you see on that stats for 7925 GHs, customer 39834.
But the transaction again doesnt make much sense to me, the change is sent to another address, I dont think any bitcoin wallet does that.

Moreover, if you follow the source of those 4.2 BTC, it seems clear to me its yet again a mixer.

Maybe Im wrong on this, but it certainly seems to me he is doctoring his stats.

[MrTeal]

Moreover, if you follow the source of those 4.2 BTC, it seems clear to me its yet again a mixer.

Maybe Im wrong on this, but it certainly seems to me he is doctoring his stats.

The BTC from that transaction come from CoinJar according to WalletExplorer. Doesn't mean he's not doctoring the stats, but I've found that a lot of the ones that look like mixers are really the outputs from an exchange. Hence my thinking that he's not using a mixer per se, but is funneling things through exchanges.

[Puppet]

Lets assume you're right; I now have 1 week stats (Tuesday to Tuesday, so not in sync with payouts yet). During this week, going by the stats page, 296TH was added, good for at most 414.6 BTC (since it assumes zero referral rewards, it could be as low as 373 if every purchase was referred).

The total now is 4.7PH. At todays difficulty that would cost him 410.6 BTC - if he were not skimming and if none of the hashrate is 'internal'. Thats getting precarious. Of course last time he only paid 333 BTC, and no one seems overly upset they are getting only 80-85% of what they were promised. I guess they are happy to be receiving anything at all, and they should be.

[Schwabac]

I think this is the time to SOLD YOUR ACCOUNTS otherwise you will lost everything i already did it

How and where did you sell it?

Tnx

[raskul]

they should have called themselves PBMixing.

[BitcoinExchangeIndia.com]

they should have called themselves PBMixing.

I heard that in the early days they did not use any mixer and paid directly from client deposits.