PBmining - legit?

[PangPang]

Any idea how many TH/s PBmining should have? 

[oztusk]

Any idea how many TH/s PBmining should have? 

300 th + right now

[Coef]

It seems the site has never explained where the hashrate comes from (what kind of ASIC is used?) and where the hashrate is pointed at (solo mining? pool mining? which pool is used?)

[Bagus23]

It seems the site has never explained where the hashrate comes from (what kind of ASIC is used?) and where the hashrate is pointed at (solo mining? pool mining? which pool is used?)

they never being transparent from now, don't know why..

they always say about "risk" when being transparent.

please check more page behind.

[ChuckBuck]

It seems the site has never explained where the hashrate comes from (what kind of ASIC is used?) and where the hashrate is pointed at (solo mining? pool mining? which pool is used?)

they never being transparent from now, don't know why..

they always say about "risk" when being transparent.

please check more page behind.

Ponzi schemes rarely are transparent.

[tzortz]

Nothing is transparent with them.

[windpath]

Ponzi schemes rarely are transparent.

Nothing is transparent with them.

Exactly!

Seriously folks, I've been in this thread since the beginning, was "thinking" scam then, stated this, and waited for something to convince me otherwise....

Response = 0

More then ever pretty sure (99.99999%) SCAM....

[iflash]

And here is a little update again:

I will be closing on this week north of 6 BTC mined with http://pbmining.com?ref=iflash11 (yup, there is a ref code here) which means that I am less than 3 BTC away from profit. You can see my stats on their page (Username iflash).

So far, so good. I am still not convinced that they are a Ponzi but I know that a Ponzi runs as long as people buy in it.

On the other hand: What will all the nay-sayers say when - let's say a year from now - the thing is still up and running with thousands of people making money mining (assuming BTC itself is still around at a price higher than the one now)?

Guess, we can only tell a year from now. Or two. Or five. :-)

Happy mining,


iFlash

[ChuckBuck]

And here is a little update again:

I will be closing on this week north of 6 BTC mined with http://pbmining.com?ref=iflash11 (yup, there is a ref code here) which means that I am less than 3 BTC away from profit. You can see my stats on their page (Username iflash).

So far, so good. I am still not convinced that they are a Ponzi but I know that a Ponzi runs as long as people buy in it.

On the other hand: What will all the nay-sayers say when - let's say a year from now - the thing is still up and running with thousands of people making money mining (assuming BTC itself is still around at a price higher than the one now)?

Guess, we can only tell a year from now. Or two. Or five. :-)

Happy mining,


iFlash

Remember, no referral links in posts, the mods will delete it.

What will you do when your hash becomes unprofitable?  Will you have to re-invest and buy more?  

Hypothetical, what if Bitcoin goes to $1, how will you get out of your 5 year contract?

If you re-invest again, and they just up and disappear, what do you do?

[iflash]

What will you do when your hash becomes unprofitable?  Will you have to re-invest and buy more?  

Hypothetical, what if Bitcoin goes to $1, how will you get out of your 5 year contract?

If you re-invest again, and they just up and disappear, what do you do?

If the hash grows too fast for mining with pbmining profitable then I won't rebuy because you can not make profit buying more of something that makes a loss.

If Bitcoin goes to $1 then the gamble is clearly over as well, sure.

So - in a nutshell: I would only reinvest if I see that I make a profit within a reasonable time AND the bitcoin price is stable at least ideally with a positive trend.

So far, I am sitting still and wait for a few months.

Happy mining,

iFlash

PS: The mods delete posts with ref-codes? Why? it's not like I try to trick somebody into this. I make it always super obvious that there is a ref code. But if it's a policy round here, well, then I do not post them any longer. (although I see tons of ref codes in posts round here).

[Jumpsu]

i will mine 60 days and then i will shut down my miners.

[deepakpore]

Hi guys,
this is my first post on bitcointalk, so please bare with me and my English.

The following are my speculations,

1. The farm is mining at 340Th/s but where are the stats for block finding, user shares which is a basic requirement for running a cloud mining or even for a pool.
2. The company doesn't have a registered office?
3. User security is taken for granted, no two factor authentication, it entirely relies on cookies to identify users and pretty basic security for a cloud company.
4. The value of hardware, even if you today buy cointerra's 1.6Ghz miner at a discounted price of $3499 (excluding shipping) which gives us $2.18 per Gh/s and considering pbmining ($430/BTC today's value ) gives us $2.279 per Gh/s.
Are they going to generate enough revenue for running 340Th/s farm for a constantly 5 years or even for upgrading hardware???
I don't see any profit is made by the company.

I have just brought 5Gh/s contract to validate all the info, on wards I wont put any money here.

My best guess is they are collecting money from paying users and repaying them in small fractions so many people can trust and join and they will generate heap of money and then boom...

[ChuckBuck]

Hi guys,
this is my first post on bitcointalk, so please bare with me and my English.

The following are my speculations,

1. The farm is mining at 340Th/s but where are the stats for block finding, user shares which is a basic requirement for running a cloud mining or even for a pool.
2. The company doesn't have a registered office?
3. User security is taken for granted, no two factor authentication, it entirely relies on cookies to identify users and pretty basic security for a cloud company.
4. The value of hardware, even if you today buy cointerra's 1.6Ghz miner at a discounted price of $3499 (excluding shipping) which gives us $2.18 per Gh/s and considering pbmining ($430/BTC today's value ) gives us $2.279 per Gh/s.
Are they going to generate enough revenue for running 340Th/s farm for a constantly 5 years or even for upgrading hardware???
I don't see any profit is made by the company.

I have just brought 5Gh/s contract to validate all the info, on wards I wont put any money here.

My best guess is they are collecting money from paying users and repaying them in small fractions so many people can trust and join and they will generate heap of money and then boom...

Let's play fill in the blanks.

A _______ ________ is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

Operators of ______ __________ usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme.

[deepakpore]

This one is amazing,
if you have brought a contract go to your own profile.
check your balance.
and refresh page.
without block findings pbmining.com will add money straight to your account every second.
amazing

[fedor3327]

Not so amazing.
If you mine with f2pool same things because PPS.

Regards.

[FalconFly]

Not so amazing.
If you mine with f2pool same things because PPS.

Regards.

PPS like all other methods can only yield BTC reward after a block is found.
The only thing a pool could count you every second would be your number of shares of the total pie.

Since block duration is completely unknown, continiously counting BTC to an account (regardless of method block rewards are shared) is therefor impossible and any such figure has no credibility.

[fedor3327]

OK. Please check that screenshots with timestamps

http://imgur.com/EfWMmnY,JkHmGeI#0


After refreshing page same things.
I mean it looks very similar like deepakpore told amazing.
Each refresh give increasing value in BTC account.
They count not number of shares but exactly BTC.
I mine on that pool myself. You can join and check yourself.
Regards.

[tempestb]

What he's saying is that the amount of Bitcoin earned is not based on anything but time.  You get instant payout by the second, simply by refreshing your browser.

And that there isn't cheap-enough hardware available, custom or otherwise, to allow them to provide the rates they are giving. 

Everything points to this being a scam. 

Greed blinds people. 

[oztusk]

ots hardware is avail@ .0025 btc/ghs or less

[tempestb]

Really?  Where?