PBmining - legit?

[Blotter]

I have an account with them , and have been paid like clockwork every Friday.

I don't get why there are so many posters on a jihad against these folks. Unless they have screwed you over, go get a effin hobby.

[TechByPC]

I have an account with them , and have been paid like clockwork every Friday.

I don't get why there are so many posters on a jihad against these folks. Unless they have screwed you over, go get a effin hobby.

Ouch, Mr. Piggles, you were slammed down by a first post newbie for trying to help people out.

Blotter, you may not get it yet, but what you did by creating a new account and posting this is to make them appear less trustworthy rather than more. The first thing anyone is going to think is that your account is a sock puppet for the site owners.

If you really are new, welcome to bitcointalk where paranoia is learned and constantly confirmed to be justified.

[MrPiggles]

I have an account with them , and have been paid like clockwork every Friday.

I don't get why there are so many posters on a jihad against these folks. Unless they have screwed you over, go get a effin hobby.

You're the third (i think) person to make their first post in this thread in defence of PBMining.

https://bitcointalk.org/index.php?all=;topic=100696.0

Ponzi Indicators
1. High rate of return - Tick for PBMining
2.  Provides no evidence of business activity - Tick for PBMining
3. Business activity is "speculation" - no
4. Steady rates of return - PBmining pays the theoretical rate per gh
5. Increasing demand for capital - MAJOR tick, jumped from 14th to 64 in weeks....

Unlike a regular business which has its largest demand for capital at the start, the ponzi starts off with a very small amount of capital ("refuses" deposits), and then grows rapidly.  An increasing demand for capital makes sense only if the business can show what the money is being used for.  A ponzi will need to have its capital grow at a standard rate that exceeds the withdrawals, whereas a legitimate business will have a varying rate of investment.

6. Operator hides their identity - Big tick for PBmining (I have found out who they are)
7. A Super Majority of Non-Investors view it as a Ponzi - Not sure, but certainly many people think so.
8. They advertise a "Limited Availability" tick for pbmining

I'd add 9  - offer referrals to bring in new business - and 10 - use shill accounts to pump their scheme.

They tick 6 or 7 out of 8 for the "how to spot a ponzi" thread list, and 8 or 9 out of 10 if you add my two to the list.

[FalconFly]

Very well-said...

The bad/sneaky thing about a well-operated ponzi to unsuspecting investors is that for a certain, even a long time - everything works as advertised.

Just like the turkey that is being held by its farmer for 1000 days...
For 999 days, the turkey gets absolutely everything it needs, like clockwork, never gets let down, always gets its food.

But then - on the day where the confidence of the turkey in its farmer is at the very highest (everything was perfect the last 999 days, what could possibly go wrong?) - something goes terribly wrong.
The turkeys die in masses without even knowing what the hell is happening to them.

...on day 1000, the farmer kills the turkey to produce meat, which is what he wanted all along. Turkey didn't expect that.

PS.
Completely natural when users raise attention to protect others from what smells like a meat grinder. Seen alot of meat grinders in the Bitcoin world come & go already and they just keep coming.

[tempestb]

I bought an initial contract but this forum thread brings up good points.  I won't be investing further until the company is properly vetted.  There is no good reason to just hide the information about your operation unless something is up.  I'm going to just follow the same pattern and hide my money from them.  Seems fair.

[Cryptonian]

I have 500ghs as a test in Pbmining and will see how it works out.. So far in the past 4 weeks I have got payouts on every sunday at 00:00 am. Just like they promised.
ROI will take a while still though
Also I am not defending pbmining here.. I see it as very suspicious but I like taking risks and testing.

and as a sort of comparison 400ghs on Cex.io. Which has its good sides of being able to sell the ghs off. In Pbmining you cant.

[MrPiggles]

I have 500ghs as a test in Pbmining and will see how it works out.. So far in the past 4 weeks I have got payouts on every sunday at 00:00 am. Just like they promised.
ROI will take a while still though

and as a sort of comparison 400ghs on Cex.io. Which has its good sides of being able to sell the ghs off. In Pbmining you cant.

Can I see a screenshot of both sites dashboards? Feel free to blur out the private stuff.

Just seems a bit sus that you are now the 4th person to join this thread and post about PBmining in their first post.

(sorry your 2nd post, but your first was also about PBmining).

[Ron~Popeil]

I have 6 gh with them as an experiment. I may bump it up to 10 soon. I won't get my first payout until Sunday so I can't report on that yet but I will as soon as it hits my wallet. As for the over riding question of legitimacy I am not sure at this point. I will not put much more than an occasional GH into it until they get at least a little bit of transparency. If they were willing to be reasonably transparent I would drop 1 BTC in there today. 

[dandirk]

1. High rate of return - Tick for PBMining

pbmining doesn't meet your #1 point... high rate of return imo would be prices lower then buying a miner yourself and/or higher payouts per GH/s neither which are true.   $5 per gh/s isn't a deal really and what I would probably expect from a reseller/host type business.

For the rest no comment because I have no direction knowledge.  Could very well be a ponzi...


$5 per gh/s imo does not offer the returns worthy of investment, not nearly worth the risk with a new company which has not been 100% transparent.

[MrPiggles]

1. High rate of return - Tick for PBMining

pbmining doesn't meet your #1 point...

It works out to around 10% weekly interest

[flounderella]

It may or may not be a scam, who knows, but what I do know is and beyond any doubt: it will NEVER reach ROI ... eventually in a few months, all you'll mine are some satoshi here, some satoshi there. If you want to be involved with BTC, either own your ASIC which you can actually use today (e.g. antminers), don't fall for preorder scams or just buy BTC outright and hold it. If you do want to buy cloud hashing, do not take any price more than GHS/BTC of 0.005... because that's what you can buy in a physical ASIC today (Antminer S1)

All you need to see is this:



Don't fight an almost exponentially moving chart. And this is despite all the rumor mill on China, regulations, Mt Gox, and all else

[amprocket]

and as a sort of comparison 400ghs on Cex.io. Which has its good sides of being able to sell the ghs off. In Pbmining you cant.

What does that mean selling GH/s on & you can't with pbmining? Do other cloud miners let you resell GH/s by the hour???

[FalconFly]

Although extremely unprofitable for mining purposes, cex.io for example let's you buy or sell their GHs any second you like.
You could even trade it with bots via their API 24/7 if you're so inclined (alongside LTC/NMC/IXC), without any trading fees.

[fedor3327]

I have 6 gh with them as an experiment. I may bump it up to 10 soon. I won't get my first payout until Sunday so I can't report on that yet but I will as soon as it hits my wallet. As for the over riding question of legitimacy I am not sure at this point. I will not put much more than an occasional GH into it until they get at least a little bit of transparency. If they were willing to be reasonably transparent I would drop 1 BTC in there today. 

Someone got payment today?
Ron did you?
I also have some Gh even can login to site and site working too but .....
At least I can say that payout wasn't exist yet......at 01:55 AM.
So going to bed, let's see tomorrow
 

[cloudminingreviews]

I have an affiliate account with pbmining and according to Global Stats page the owner had 35BTC on Friday and 57 today!  :-)

[MrPiggles]

I have an affiliate account with pbmining and according to Global Stats page the owner had 35BTC on Friday and 57 today!  :-)

Yeah he's raking it in. I saw on the advertising auction he was bidding near 12 btc a week to advertise on this site.

$4 a gh - power costs, - other running costs still leaves him 12 btc a week to pay for advertising here! He must have the cheapest source of hashing power ever! haha
 

[rara12121]

Someone got payment today?
Ron did you?
I also have some Gh even can login to site and site working too but .....
At least I can say that payout wasn't exist yet......at 01:55 AM.
So going to bed, let's see tomorrow
 

yes, i got a payment today:
https://blockchain.info/tx/e2e3fde0a51244994f4bb7fa85b68364057035097b284b7f450528f82934e25b

[fedor3327]

Yep. Me too at 05:02:01

Regards.

[go4nature]

There are many people invested heavily on this one, But at this point bitcoin mining is not profitable.

[newtypeseed]

Yes, it is legit