PBmining - legit?

[Crazy4Crypto]

I'm the other 1TH person on PBMining.  Glad to see I found the other person (and potential 'mark'  ) doing 1TH on PBMining. I thought I'd stay at the top of the list ALONE for a bit longer though. I've actually considering buying another 1MH to just stay at the top of that darn list - LOL! Seriously, I just might do that today!!!

The person that referred me to it also got my referral fees, so I know that process does work and he's rather happy right now as well.

For what it's worth, if I understand KnC's current rounds/shipping schedule, they have 2400 miners at 3TH that will be shipping by the end of Q2. I think one of the reasons we are seeing the difficulty for mining BTC rise are these units have already started shipping. I don't track other vendors, but I'm sure they are shipping their TH+ products as well now or soon will.

I go back and forth between is this a scam or not. I definitely see the difficulty level of mining BTC going nuts over the next 3 to 6 months. He could also be trying to build out a larger mining operation and using the upfront money to fund it. And frankly what looks like a good deal, may not be in the next 3 months. Someone involved in selling this stuff would definitely be well aware of the equipment about to be shipped/shipping. It's actually one of the reasons I jumped quickly on it was because everyday we are getting closer to the next difficulty rise. I'd go as far as to even wait for the next price decline before jumping in for more.

If it's a scam, I figure he'll run it for another 1 to 6 months and hopefully by that time I've gotten most if not all my money back plus some. Being blunt, if it is scam, the greater risk is for the people that get on it late in the game, or those that reinvest their earnings into more hash. So, ironically, if you are on the fence and it is a scam, probably better to jump in now then in 6 months. (As warped as that logic is!)

My two cents.

[iflash]

Hi Crazy,

I had a big laugh when I saw you added 1 GH/s. But there is now a third TH-Miner there and I wondered if I get another 200 GH/s to get back to the top ... :-)

Let's see what the next diff level will be and if there will be a price adjustment first.

Good luck with your mining - let's hope they are legit.

Best,

iFlash

[firejuan]

I bought just a few Gh/s to try it out.  If it seems to pan out.  I may throw a few more BTC that way to spread out my hashing power.  Does anyone know which pool it is mining?

[davida]

To me, this just sounds like the bitofglory.com scam all over again. I got done out of 2.4btc last month, several other people lost a lot more!

[techgeek]

Is this site legit?

It's half the price of Cex.io

Actually looks like mining with them might be profitable, hence my suspicion ha

I searched the forum but only found one mention of them

You might want to check on the service discussion.

But to answer you question, if the site is legit? Most people are getting paid with transaction id posted.

Also for a anything dealing with risk, I`d invest with what I can afford to lose.

[iflash]

Hello,

I am now with them for a few days and got paid close to 0.6 BTC today.

Still that does not prove that they are legit.

Here is my BTC address if you want to check the transaction: 1FuhuajieMxPepf324Q5Jqc11evy4HUMsG

That's the transaction id: eb5eb7d3d902a628aa50d29297a0097302ab031faad6874e71da402bd2598e7a

I don't know whether anybody can see if these are "new" coins or not. But I don't think that's even important. pbmining could well use other mining sources than own hardware. Couldn't they be in a pool as well?

Anyway: I have been paid out, so for the time being I have absolutely nothing to be suspicious of. The price they sell TH/s for is not unbelievably low, it is just at a level where you have a real chance to make some cash.

In a few weeks I should have been paid around 3 to 5 BTC. If that has happened I think we all can agree that it would be very strange Ponzi scheme ie. it is none.

Until then happy mining and fingers crossed


iFlash

[iflash]

@Davida: I looked at the site Why on earth would bitofglory be a ponzi? Their prizes are ridiculously high! They do not need to run a ponzi scheme, they make more than enough money with selling what they are offering.

1 TH/s for one year for 10.000 USD??? Can you NEVER, NEVER, NEVER mine 15-20 BTCs (which you would need to get back your money) in that time frame. That is completely impossible (unless difficulty suddenly drops or stops and this will not happen).

Everybody who buys from simply has the iq of a fence post. But that does not make bitofglory a ponzi scheme.

Just my 2 cents.

iFlash

[MrPiggles]

In a few weeks I should have been paid around 3 to 5 BTC. If that has happened I think we all can agree that it would be very strange Ponzi scheme ie. it is none.


iFlash

That doesn't prove anything, early adopters in a ponzi scheme often make more money than they put in, they are needed to encourage others to invest.

[MrPiggles]

Here is my BTC address if you want to check the transaction: 1FuhuajieMxPepf324Q5Jqc11evy4HUMsG

That's the transaction id: eb5eb7d3d902a628aa50d29297a0097302ab031faad6874e71da402bd2598e7a

That 1Payday bitcoin address they use is just like the others.

Not newly generated coins, only laundered coins.

It appears they launder their coins through coinjoin before they send them to their "payout" address.

Why on earth would a mining scheme launder their coins?

It's  a scam

[iflash]

Well,

I don't know. It might be a scam, it might not be a scam.

Just like: Bitcoins might do well in future. Or they might not.

If it really *is* a scam (and I do not suggest they are at this stage) then I simply hope that the shit hits the fan long time after I made my money ... 

Again: So far everything looks to me like a normal business. Only time will tell. Speculating does not lead to anywhere at this stage, I feel.

I will keep posting about how things go.

[davida]

@Davida: I looked at the site Why on earth would bitofglory be a ponzi? Their prizes are ridiculously high! They do not need to run a ponzi scheme, they make more than enough money with selling what they are offering.

They have since adjusted their prices... I think I paid 2.4btc (2000usd) for 500gh/s.    Then never had any hashing power, just full of shit the whole time. They had a live chat linked with dynastack.com (sells cloud hosting, accepted visa etc, registered for 5 years), which to me gave it more reputation so I stupidly trusted them.

I think they had planned to run it as a ponzi, but it all collapsed in very quickly so they just cut and run.  Mainly because so many people realised that it was a scam so early on, see this bitofglory thread here.

Then some guy came along on that thread to tell us that he owned dynastack.com and his cousin used his website (dynastack.com) to scam everyone, also that dynastack.com was nothing to do with the scam. It's obviously just an attempt by the scammers to make everyone back off and give up looking for them, most people just think ok his cousin is already after him so if he can't find him, what hope I do have, but it's clear all the names used since the beginning are most probably fake.

I'll check back here in a few weeks, I would be very surprised if the mood of this thread hasn't changed dramatically by then.

I feel a duty to give out this warning for people on the fence and thinking about registering... THIS IS A SCAM. Until at least one person comes along with proof that some payouts come from freshly mined blocks I'm 99.9% sure this is scam.  I hope for the sake of people who have already invested that i'm wrong, but unfortunately it just smells SCAM to me.

If you interested in risking your bitcoin for profit... My suggestion, 1x 50/50 bet on satoshidice to either double your money or loss it all.  I think the double or nothing bet has a much better risk reward ratio than trusting your money with these brand new start up companies, even if there was a 50% chance of them being legit you wouldn't double your money and would also have to wait months for any kind of return, so yea a 50/50 bet is a much smarter investment.

[iflash]

We will see.

I keep everybody posted on the development on a regular basis.

Best


iFlash

[davida]

We will see.

I keep everybody posted on the development on a regular basis.

Best


iFlash

How much did u invest?

I'm sorry for your loss!

[ghur]

Unfortunately this will be a hard lesson for several people on how payouts don't guarantee profits.

I can't reason why a legitimate business would go through so much effort to hide their identities, hide their farm and even hide the source of btc in their payouts.

I'm sorry for the people that have lost money on this. Several of us have made an attempt to make this scam known.
I'd somewhat hope they'd continue long enough for you to get your investment back, but that would also mean a lot of new people are going to get scammed along the way.


https://blockchain.info/address/1Payday1sm5wGqtatKscfXnxARZ2B2MF3z?filter=2
That's not what payouts from a mining pool looks like. That's what someone hiding the true source of their btc looks like.

[iflash]

No need to be sorry. If it will be a loss than it's my very own fault due to being too naive and stupid.

I have invested 8.9 BTC of which I got back 0.6 so far (after 4.5 days).

Three scenarios are possible:

Scenario 1: They are legit
Outcome: In this case I still need to hope for difficulty levels in future that still will allow for enough BTC to be mined with 1 TH/s that I will make a return

Scenario 2: They are a ponzi and close their doors in a few weeks

Outcome: Depending on when they shut down I am in danger of losing up to 8 BTC.

Scenario 3: They are a ponzi and close their doors in 6 months or later
Outcome: Same as #1

So: If they are still around in a few months, I don't give a damn if they are legit or now. I will have break even and will have made definitely more BTC than mining/trading ever falling markets on CEX.IO or other platforms that have a ridiculous price scheme.

We will see.

iFlash

[stergium]

I am tracking this topic since the beggining.
I was tempted a lot of times to comment.
Firstly to answer the main question. Nobody knows and yes they have very shady back story (from the actual miners to why their coins are "washed" before sent to owners of contracts).
Before someone tries to throw a stone , about my signature, i can tell this:
i was and am playing with cloud mining with small amounts (even if i had more , that would be a conscious choice for me).
Yes , they have something like 1/2 price pers ghs vs cexio. ok . Why ?  
Lets say that they give you 1/3 of the price of what cexio give you. Then what? A member posted before me that you can trade the purchased ghs  to btc or ltc or whatever the cex platform gives you.
On pbmining you cannot go anywhere. you are "imprisoned" for a 5 year contract . So, i do not regret the outstanding .... 5 ghs on pbmining , as a test , but i wouldnt buy more since its smells really funny.

[davida]

No need to be sorry. If it will be a loss than it's my very own fault due to being too naive and stupid.

I have invested 8.9 BTC of which I got back 0.6 so far (after 4.5 days).

...

iFlash

Ouch. looking back wouldn't you have rather sent the 8.9btc to satoshidice double or nothing bet... If so, you would either be standing here now with 17.8btc or nothing, I only point out because in my mind there is much less risk than investing in a new startup cloud mining company, not only that but the potential reward is much greater too!

Although I lost 2.4btc, I wasn't that hard done by because I started with a wallet with 0.5btc in it, used satoshi dice to gamble it up to 3btc, then spent 2.4btc on a fake mining contract. At that point i felt so good about my investment I just lost the other 0.6btc in a few bets at satoshidice without even caring, if i had held onto that I would have still broke even.

[ajw7989]

I have been with pbmining for about 90 days and can say I have been paid every week. No problems so far so they seem legit and their support is helpful and quick

[MrPiggles]

I have been with pbmining for about 90 days and can say I have been paid every week. No problems so far so they seem legit and their support is helpful and quick

you've been with them longer than they have had a domain name?

How'd you manage that?

[iflash]

I have been with pbmining for about 90 days and can say I have been paid every week. No problems so far so they seem legit and their support is helpful and quick

Well, that would be difficult as they have created the Domain on December, 23rd 2013. When did they start selling hash power?

What would really be helpful if you'd share your customer number with us so we can see how you did so far?

Best

iFlash