PBmining - legit?

[amprocket]

They have moved the servers, it can take 48 hours for the dns settings to propogate.
Try clear your cache maybe, or try this address https://pbmining.com

[bayu41]

I think thats site is legit...

[MrPiggles]

I think thats site is legit...

Cool story bro

[DanGilmore]

I ordered 5Gh/s at pbmining. But I had an issue with my wallet.
The result was that i couldn't pay... so I wrote them an email.
I got an nice answer right away, even thought it was sunday 

So I didn't try their mining sevice BUT the support is amazingly quick and helpful!

[controls]

No issues here so far, invested just under 100 gh/s. They have responded to every email I have sent and sent payments like clockwork on Sundays.

Cheers,

[bitterdog]

Little update: I am now at 2.3 BTC paid out so far. Which means that I have still 6.6 BTC to go before ROI. Fingers crossed ... :-)

What came as a bit of surprise: The payout last Sunday was higher than the week before. I wonder how that could be. Wasn't there a diff raise in between? But maybe I mix things up.

I also noted that they have done a little bit of work on their page. Nothing super fancy but still some improvements in the back end. Maybe that's wishful thinking but a thought stroke me: It this is a ponzi: Why would they even bother to enhance the user experience in the back end? It just means work for them with no benefit selling more. Just a thought ...

I will keep everybody updated on the progress next week again. Until then if anybody wants to risk investing there, using my ref code is highly appreciated: http:/pbmining.com?ref=iflash11

Happy mining,


iFlash

Every single post by you since you got out of beginner jail has been about PBmining.... 31/33   ... yeah ok

[STT]

i have buy my first 1 gh/s on Saturday and let i't working and on Sunday after one day i have recive payout of 0.00015064 btc so i say site is legit

So how much the going rate to hire 1gh for a day or whatever you did

[amprocket]

i have buy my first 1 gh/s on Saturday and let i't working and on Sunday after one day i have recive payout of 0.00015064 btc so i say site is legit

So how much the going rate to hire 1gh for a day or whatever you did

You can't hire it for a day, it's 5 year contracts, for 1GH/s it'll cost .007 btc, about $3.40, you get paid what your GH/s generates every sunday.
That's $3.40 in total for 5 years, not a weekly or monthly fee, it's a 1 off fee, no extras added on.

[CrackedLogic]

it is a legit site, I get my payouts every sunday

[tempestb]

You're not understanding the concept...

Let's say PBMining sells you a mining contract for $100.

Sunday comes, you earn $10
Another Sunday comes, you earn $10
Another Sunday comes, you earn $10

You say, "This is great, I'm going to put more money in and buy another contract!"

You pay another $100 for a new contract.

Sunday comes, you earn $20
Another Sunday comes, you earn $20


...And then in theory, if it's scam (Which I'm not saying it is) PBMining then vanishes.

So you got payouts that equaled = $70
But you paid $200 for contracts.

So you lost $130.


That's the fear of a Ponzi scam, they get a bunch of money in, until the Ponzi isn't sustainable to pay everyone, and so they stop paying out, take the rest of the money and split.

And this is why it's good to see hardware and have assurances that they actually are in business, exist, and have the resources they say they do, etc.

[arsha99]

I guess its good but....... It is always down or very freaking slow. Thats why I would use http://scrypt.cc For scrypt cloud mining.

[xdmlaser]

Little update: I am now at 2.3 BTC paid out so far. Which means that I have still 6.6 BTC to go before ROI. Fingers crossed ... :-)

What came as a bit of surprise: The payout last Sunday was higher than the week before. I wonder how that could be. Wasn't there a diff raise in between? But maybe I mix things up.

I also noted that they have done a little bit of work on their page. Nothing super fancy but still some improvements in the back end. Maybe that's wishful thinking but a thought stroke me: It this is a ponzi: Why would they even bother to enhance the user experience in the back end? It just means work for them with no benefit selling more. Just a thought ...

I will keep everybody updated on the progress next week again. Until then if anybody wants to risk investing there, using my ref code is highly appreciated: http:/pbmining.com?ref=iflash11

Happy mining,


iFlash

Yes I noticed that too, I have 125GH on pbmining, but that payout was really late for me like 11pm eastern, when the week before was about 2-3pm, so that extra 8hrs or so I think is what made the week slightly higher.

[iflash]

Every single post by you since you got out of beginner jail has been about PBmining.... 31/33   ... yeah ok

So?

As I have quite a bit of BTC with them, this is one of my favorite interests regarding bitcoins.

Are you suggesting that I am from pbmining myself or what?

Look at my first posts here. I was kinda noob back in November/December, but still clever enough to sell right at 1.000 USD cause I was one of the few that saw what is was: a bubble and nothing else.

Now part of the money I made I decided to put into another risky asset: pbmining. Maybe I am less lucky than last December …

But never suggest again that I belong to a potential fraud, Mister. Understood?

[iflash]

You're not understanding the concept...

Let's say PBMining sells you a mining contract for $100.

Sunday comes, you earn $10
Another Sunday comes, you earn $10
Another Sunday comes, you earn $10

You say, "This is great, I'm going to put more money in and buy another contract!"

You pay another $100 for a new contract.

Sunday comes, you earn $20
Another Sunday comes, you earn $20


...And then in theory, if it's scam (Which I'm not saying it is) PBMining then vanishes.

So you got payouts that equaled = $70
But you paid $200 for contracts.

So you lost $130.


That's the fear of a Ponzi scam, they get a bunch of money in, until the Ponzi isn't sustainable to pay everyone, and so they stop paying out, take the rest of the money and split.

And this is why it's good to see hardware and have assurances that they actually are in business, exist, and have the resources they say they do, etc.

Oh my, thanks for sharing.

Of course I know what a ponzi scheme is. But if they pay back my complete invest (which still is a few months away) then I begin to wonder what strange kind of ponzi this is, huh? Maybe I get my money back because I was early enough, but I doubt that. In a ponzi scheme only the inner circle usually makes a profit. Every week I get payouts makes me believe more that the reason is more simple: They simply could be legit.

So far I got back more than 30 per cent of my initial invest. By the end of this week it will be close to 40 per cent. I will NOT add to my position with them as I think that in the end it will not pay much more then the initial invest. After 12 month I might have one additional BTC (probably much less) and the rest of the five years there will be some satoshis mined here and there.

But if I make - let's say - one BTC, this would still be a 12,5 per cent profit which is far better than other things.

Let's see ...

[MrPiggles]

Of course I know what a ponzi scheme is. But if they pay back my complete invest (which still is a few months away)

Still a few months away, exactly.

[tempestb]

I think the point is, anyone saying the company is legit doesn't know that to be true except the owners.  Since they apparently do not show anyone their hashing power and have refused to show it, etc.  They are pretty closed down and there is very little info about any of them.

It's quite possible that you could earn your money back and then some.  It depends on if you got in early enough and if the Ponzi is growing.  So long as it grows, they can keep feeding people.  So you COULD make out, but you'd be in a minority. 

I bought in as well, so am just concerned that they'll take the money and run as anyone else.  I hope it's legit, but I refuse to invest any more money in it until I see evidence that it is.  So far, I haven't seen that.

[Syke]

Running the numbers, they are just too good to be true. Running miners for 5 years will cost more in electricity than they made from the contract sale. That's not even counting the cost of hardware. They'll only be able to keep paying out as long as they continue receiving new sales. Once the new sales dry up, they will fail.

[TechByPC]

Running the numbers, they are just too good to be true. Running miners for 5 years will cost more in electricity than they made from the contract sale. That's not even counting the cost of hardware. They'll only be able to keep paying out as long as they continue receiving new sales. Once the new sales dry up, they will fail.

I am sure that it is part of their plan to continue upgrading their equipment over time, making money on the resale of equipment, etc. Having the returns accrue at theoretical rather than actual detaches their contracts from actual hardware, so if they didn't have all the hashrate for a month or two, but they did have the bitcoin capital they could swing it. They also would be hashing at a greater rate than returns require. I think this is really, if they are indeed legitimate, where they will make their money over time. All they need to do is maintain the edge between profitability ahead of the difficulty curve over time. Their contracts should have years 2-5 in the bank by the end of year 1 and just pay out from that pot of money over time, no hashing (or electricity) required. In the mean time, that pot of money keeps them agile. The business model is actually pretty smart in my opinion, if that's actually what they are doing.

I think the concern here is that there isn't really any hashing going on and this is nothing more than a difficulty hedge fund, a ponzi, a way to launder bitcoin, or a combination of those. Transparency is what people want.

[Syke]

Their contracts should have years 2-5 in the bank by the end of year 1 and just pay out from that pot of money over time, no hashing (or electricity) required.

Not possible. They're offering roughly $3/ghps. That's essentially the going cost of hardware. If they have unlimited free electricity, then yes, it's possible. Who here believes they have unlimited free electricity? They might break even for a year. There's no way they'll survive 5 years.

[TechByPC]

Their contracts should have years 2-5 in the bank by the end of year 1 and just pay out from that pot of money over time, no hashing (or electricity) required.

Not possible. They're offering roughly $3/ghps. That's essentially the going cost of hardware. If they have unlimited free electricity, then yes, it's possible. Who here believes they have unlimited free electricity? They might break even for a year. There's no way they'll survive 5 years.

That's assuming they haven't made a deal with a hardware manufacturer.