PBmining - legit?

[WoopDeBoop]

PBMining discovered a user that was using a keylogger to steal his refferals accounts. They frozen his account and said they will gladly give the informations about the hacker to law enforcements. If they would run a ponzi wouldn't they expose themselves and make them so easy to find after they decide tu pull the plug?

And you've seen the police report? Sounds like more bullshit from con artists to me

[dyask]

PBMining discovered a user that was using a keylogger to steal his refferals accounts. They frozen his account and said they will gladly give the informations about the hacker to law enforcements. If they would run a ponzi wouldn't they expose themselves and make them so easy to find after they decide tu pull the plug?

Why would police understand bitcoin mining?

[jonsi]

PBMining discovered a user that was using a keylogger to steal his refferals accounts. They frozen his account and said they will gladly give the informations about the hacker to law enforcements. If they would run a ponzi wouldn't they expose themselves and make them so easy to find after they decide tu pull the plug?

Why would police understand bitcoin mining?

Using a keyloger and stealing passwords, accesing email accounts and use this data to steal (even bitcoins) is a cyber crime. Law enforcements take this extremely serious.

[Group Bitcoin]

PBMining discovered a user that was using a keylogger to steal his refferals accounts. They frozen his account and said they will gladly give the informations about the hacker to law enforcements. If they would run a ponzi wouldn't they expose themselves and make them so easy to find after they decide tu pull the plug?

Seemed like marketing to me, very fake.

They also quickly changed the subject on their thread when I mentioned the fact 5 years electricity ALONE for 1GH/s is over $2 in one of the cheapest areas in the world with hardware efficiency that isn't out yet.

They charge $2....

Has no one else worked that out ?

[dyask]

PBMining discovered a user that was using a keylogger to steal his refferals accounts. They frozen his account and said they will gladly give the informations about the hacker to law enforcements. If they would run a ponzi wouldn't they expose themselves and make them so easy to find after they decide tu pull the plug?

Why would police understand bitcoin mining?

Using a keyloger and stealing passwords, accesing email accounts and use this data to steal (even bitcoins) is a cyber crime. Law enforcements take this extremely serious.

Actually the police don't very often get involved in cyber crime, that is way it is such a problem.  There are crime fighting groups that do, but a police report isn't likely to get experts on the case.  Also, PBMining wouldn't have much to fear because the knowledge of how a mining site should work isn't very common.   Most police probably know very little about it.   This does nothing to prove much.   I'm sure PBMining has some mining, they probably just don't have the amount they are selling.

[thirdprize]

If you check their stats page https://pbmining.com/stats.html?sort=9 you can see how many people have joined recently ie, those with 0 payout since last Sunday.  They still seem to be popular.  A few really big spenders as well.

[dyask]

If you check their stats page https://pbmining.com/stats.html?sort=9 you can see how many people have joined recently ie, those with 0 payout since last Sunday.  They still seem to be popular.  A few really big spenders as well.

It is crazy!  However the rate isn't as cheap as it was, maybe they are trying to make themselves look more legit.   However some of the newer hardware is now cheaper.  (Antminer S3) 

[DimensionsOfHell]

Something just doesn't seem right to me here... I purchased 2Th+ from PBMining just recently, and the balance seems to update every second (I've refreshed the screen multiple times within a few secs), so that must mean we're getting paid in a PPS system. How can that possibly be, specially at this recent diff jump where no one is really solving many blocks (average block time 10.1 minutes). This makes me wonder hard about if this really is a Ponzi scheme. I really pray that I'm wrong, because I've already poured more than a couple of grand into PBmining, and I really want to get rid of my mining gear at home.


PBMining, could you please tell us exactly what rate we are getting in the PPS system? You should have that displayed somewhere on the site (sorry if it already is and I haven't run across it).

[dyask]

Something just doesn't seem right to me here... I purchased 2Th+ from PBMining just recently, and the balance seems to update every second (I've refreshed the screen multiple times within a few secs), so that must mean we're getting paid in a PPS system. How can that possibly be, specially at this recent diff jump where no one is really solving many blocks (average block time 10.1 minutes). This makes me wonder hard about if this really is a Ponzi scheme. I really pray that I'm wrong, because I've already poured more than a couple of grand into PBmining, and I really want to get rid of my mining gear at home.


PBMining, could you please tell us exactly what rate we are getting in the PPS system? You should have that displayed somewhere on the site (sorry if it already is and I haven't run across it).

I could also mean that it isn't real.   It is just a program updating values.

[cloverme]

Something just doesn't seem right to me here... I purchased 2Th+ from PBMining just recently, and the balance seems to update every second (I've refreshed the screen multiple times within a few secs), so that must mean we're getting paid in a PPS system. How can that possibly be, specially at this recent diff jump where no one is really solving many blocks (average block time 10.1 minutes). This makes me wonder hard about if this really is a Ponzi scheme. I really pray that I'm wrong, because I've already poured more than a couple of grand into PBmining, and I really want to get rid of my mining gear at home.


PBMining, could you please tell us exactly what rate we are getting in the PPS system? You should have that displayed somewhere on the site (sorry if it already is and I haven't run across it).

You should read the pbmining thread... it reads like a mt.gox novel. He's got all sorts of claims about keylogging on refereal links, stolen passwords, hacked accounts, all sorts of things going on there.  In short, he won't disclose what mining equipment they use, but alludes to they buy hashing power from someone else and resell it. In short, he says do your own research when it comes to making an profit and creating a spreadsheet.  There's a subtle wink-wink-nudge-nudge to it all. 

PBmining has this odd cult-like following of clientele here who tout that because they pay, they are legit.  Heck, mt.gox processed a withdrawl once in a blue moon and look how legit they were.

Just read all his posts, after a few pages, you're going to start panicking.

https://bitcointalk.org/index.php?action=profile;u=195208;sa=showPosts

[guitarplinker]

Well I have a few days off and I'm in the same province as their head office. Maybe I'll send them an email and see if they'd be alright with me coming in, and meeting the PBMining staff one of these days.

It shouldn't be too much of a hassle, seeing as this is their main office, and they supposedly run all their miners in a different province at an undisclosed location. Hopefully they'll be fine with somebody coming in and meeting the crew, maybe discussing bitcoin for awhile too.

EDIT: I sent them an email and asked if I could meet with them at their offices and talk about both their service, as well as bitcoin in general. They denied saying they want to stay anonymous and instead would happily answer my questions over email instead.

Seems a little bit fishy to me...

[nugrata]

How about newnoteminers cloud mining? is it legit?

[oztusk]

Legitimately charging more than you will ever make, same as the rest...

[ronskii]

Lots of discussion here. Any cliffs? Has anyone got to a conclusion?

[Group Bitcoin]

Lots of discussion here. Any cliffs? Has anyone got to a conclusion?

Yes. You cannot sell a GH/s today 03/07/14 for $2 to mine for 5 years with zero running costs.

So PB mysterious ponzish payouts, not mining.

'Feed your greed' sounds like the wolf of wall street.

It's over $2 per GH/s in electricity alone for 5 years in Washington State one of the cheapest areas in the world on hardware efficiency that isn't out yet. ELECTRICITY ALONE 5 years over 2 DOLLLAAA understand....

The fact no one else seems to have mentioned this is beyond me. There's arguments on their thread about mining profitability. It's a joke. (a non funny one)

They're like a giant newbie hoover for the mathematically inept.

And I'm still waiting to get shit on Mr PB?!

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[guitarplinker]

Lots of discussion here. Any cliffs? Has anyone got to a conclusion?

Yes. You cannot sell a GH/s today 03/07/14 for $2 to mine for 5 years with zero running costs.

So PB mysterious ponzish payouts, not mining.

'Feed your greed' sounds like the wolf of wall street.

It's over $2 per GH/s in electricity alone for 5 years in Washington State one of the cheapest areas in the world on hardware efficiency that isn't out yet. ELECTRICITY ALONE 5 years over 2 DOLLLAAA understand....

And where they're hosting their miners (Alberta) the average electricity cost, as of last year, in Calgary (I believe they said they have a facility there) is about $0.14 per kW/hr.

So let's figure this out, if a single GH/s costs $2, and let's say the efficiency of the hardware is 0.5 watts per GH/s, then your $2 would only be paying the power cost for the hardware for ~3 and a quarter years. Power costs are going up too you have to remember, so I'm not sure how they plan to pay for it after that time length. You also have to factor in AC costs, internet costs, facility costs - all this other stuff that would cost much more than power.

And yeah, the "Feed your greed" slogan kind of turns me off as well.

[tempestb]

They are not going to use the same inefficient hardware to mine for the next 5 years.

If they bought Antminers, they watts per gh are what?  1.5watt to the gh?

If they ordered SP30's from Spondoolie, the watts per gh becomes 0.5watt per gh or less.

If BFL ever ships, their wattage is even less.  If they downclock, the wattage is even less than that.


Plus, you have to look at top end vs bottom.  If a thousand miners bought in at 1gh.  They can buy a single Dragon Miner to mine that at 1.1watt to the gh now.  Then, later, they can put all 1000 people on an Imperial Monarch and pay 0.45 watts per gh.


The power argument over 5 years is stupid.  Due to the difficulty rise, the folks mining after the first year are only going to earn a few Satoshi.  They can buy a modern miner at that time, and pay those people for the entire rest of the four years on that one miner's profits in the first couple months.

They aren't going to just have a miner running and pay more for power than it profits.  That's insane.


I'm critical of these guys as much as anyone, but this power argument is stupid.

[guitarplinker]

They are not going to use the same inefficient hardware to mine for the next 5 years.

If they bought Antminers, they watts per gh are what?  1.5watt to the gh?

If they ordered SP30's from Spondoolie, the watts per gh becomes 0.5watt per gh or less.

If BFL ever ships, their wattage is even less.  If they downclock, the wattage is even less than that.


Plus, you have to look at top end vs bottom.  If a thousand miners bought in at 1gh.  They can buy a single Dragon Miner to mine that at 1.1watt to the gh now.  Then, later, they can put all 1000 people on an Imperial Monarch and pay 0.45 watts per gh.


The power argument over 5 years is stupid.  Due to the difficulty rise, the folks mining after the first year are only going to earn a few Satoshi.  They can buy a modern miner at that time, and pay those people for the entire rest of the four years on that one miner's profits in the first couple months.

They aren't going to just have a miner running and pay more for power than it profits.  That's insane.


I'm critical of these guys as much as anyone, but this power argument is stupid.

My argument was based on power yes, but that's not all. For $2 a GH/s, I highly doubt anyone can rent a facility to run their miners, pay utilities - internet costs and power for both the miners and air conditioning, and hire people to manage the rigs and maintain them.

[Syke]

Plus, you have to look at top end vs bottom.  If a thousand miners bought in at 1gh.  They can buy a single Dragon Miner to mine that at 1.1watt to the gh now.  Then, later, they can put all 1000 people on an Imperial Monarch and pay 0.45 watts per gh.

Only if they buy additional hardware. But they already spent the income on the current hardware and power. New income from new customers is required to keep the ponzi alive.

But all evidence points to them not having any hardware, so their hardware and energy costs are all $0.

[Group Bitcoin]

They are not going to use the same inefficient hardware to mine for the next 5 years.

If they bought Antminers, they watts per gh are what?  1.5watt to the gh?

If they ordered SP30's from Spondoolie, the watts per gh becomes 0.5watt per gh or less.

If BFL ever ships, their wattage is even less.  If they downclock, the wattage is even less than that.


Plus, you have to look at top end vs bottom.  If a thousand miners bought in at 1gh.  They can buy a single Dragon Miner to mine that at 1.1watt to the gh now.  Then, later, they can put all 1000 people on an Imperial Monarch and pay 0.45 watts per gh.


The power argument over 5 years is stupid.  Due to the difficulty rise, the folks mining after the first year are only going to earn a few Satoshi.  They can buy a modern miner at that time, and pay those people for the entire rest of the four years on that one miner's profits in the first couple months.

They aren't going to just have a miner running and pay more for power than it profits.  That's insane.


I'm critical of these guys as much as anyone, but this power argument is stupid.

I think that holds the record for the most silly posts I've ever seen on the internet.

THEY SELL 5 YEAR CONTRACTS

How is the power argument irrelevant. If I sell you a mining contract TODAY 03/07/14 FOR $2 for 1GH/s to run for 5 years... you expect me to 'mine' for you..... FOR 5 YEARS !!!  

The fact power costs more than the cost of the GH/s in the one of the cheapest areas in the world with hardware efficiency that isn't out yet (SP30)?! It's not a riddle, it's not complicated. THE POWER WOULD COST MORE THAN $2 FOR 5 YEARS, WAY MORE.

That's assuming they get free hardware, a free giant mega mine data center, fee cooling, free staff... come on use your brain...

YOU CANNOT UPGRADE! You cannot buy new hardware with old hardware especially if it's less efficient IT'S WORTH LESS RELATIVE TO THE NEW HARDWARE PER GH/s!!!!!!!!!!!!!!!!!

They have 800TH/s lol the second hand market would be a bit flooded right now.

The idea that they will go along upgrading to more efficient hardware with a dollar spent today is an absurdly impossible idea.

The value of inefficient hardware goes down in relation to new hardware, it's simple.

It's just mysterious ponzish payouts with no terms of service, pictures and mixed coins not 'mining'

FEED YOUR GREED !