PBmining - legit?

[Muhammed Zakir]

Is there any proof of that they are mining at all?

Now there are no proof. They aren't giving a pic of their miners, not going the pool they mine(if they're) and I couldn't see a block if they are using their own pool. So I came to a conclusion : "It is definitely a ponzi scheme"
Kindly,
        MZ

[onlinepro]

Is there any proof of that they are mining at all?

Now there are no proof. They aren't giving a pic of their miners, not going the pool they mine(if they're) and I couldn't see a block if they are using their own pool. So I came to a conclusion : "It is definitely a ponzi scheme"
Kindly,
        MZ

Okay.
I think I'm not getting in then since this have been running already kind of long time so changes are I might not make profit anymore.

[fivejonnyfive]

Is there any proof of that they are mining at all?

Now there are no proof. They aren't giving a pic of their miners, not going the pool they mine(if they're) and I couldn't see a block if they are using their own pool. So I came to a conclusion : "It is definitely a ponzi scheme"
Kindly,
        MZ

Sigh. No. "It is possibly a ponzi scheme" would be a correct statement.
"Definitely" requires that there's no possibility of it being legitimate, and also that there's no possibility that it's some OTHER type of scheme. Both of which are also possible.

some Contracts have ROI'd for me and that's all I care about; but feel free to invest your money in the manner you wish. I'm only saying that it's still not a clear cut conclusion.

[Afton1]

Anyone heard from group bitcoin not answering phone nearly three weeks,  where are they?.

[cloverme]

I think it is as it is paying every Sunday without much delay.
Kindly,
       MZ

that's why i think they don't do real mining
have you ever see their amount of payment? exact amount of bitcoin with calculation from bitcoin mining calculator

Exactly and if you read through pbminings postings, he gives advice on how to use Excel to calculate ROI. All he has to do is calculate how much they paid at what date and then apply the payout over time which is less and less every week. The price of a ghs through them will never pay off, all he has to do is claim because of the rise in difficulty.

No pics of miners, no audits, no transparency, and they run payouts through a mixer.  Legit my foot...

[jjc326]

What was the explanation for running payouts through a mixer?  Wow that does seem really shady. I can't see any legit reason why they would so that. The problem is you have people who aren't smart enough and all they care about Is trying to get in on the big thing at the moment just like they are doing with GHash.

[Muhammed Zakir]

Is there any proof of that they are mining at all?

Now there are no proof. They aren't giving a pic of their miners, not going the pool they mine(if they're) and I couldn't see a block if they are using their own pool. So I came to a conclusion : "It is definitely a ponzi scheme"
Kindly,
        MZ

Sigh. No. "It is possibly a ponzi scheme" would be a correct statement.
"Definitely" requires that there's no possibility of it being legitimate, and also that there's no possibility that it's some OTHER type of scheme. Both of which are also possible.

some Contracts have ROI'd for me and that's all I care about; but feel free to invest your money in the manner you wish. I'm only saying that it's still not a clear cut conclusion.

Done!

Now there are no proof. They aren't giving a pic of their miners, not going the pool they mine(if they're) and I couldn't see a block if they are using their own pool. So I came to a conclusion : "It is definitely a ponzi scheme"

Yeah ROI is there but still Ponzi schemes are little dangerous and risky. Because in Ponzi schemes, they pay to members from the money they get from new members' investment and from their business. What if their business fail? How can we get out money? That's why I told it is a little dangerous and risky.
Kindly,
      MZ

[Crypto_123]

I skimmed the thread and looked at the website. I'm suspicious as their price is very low and there is no evidence that they are actually mining.   Possibly a very professional ponzi.

Ponzis are realizing they need to be pretty smart to fool bitcoiners after the big Pirate fiasco.  See Bitcoin Trader (sponsoring bitcoin conferences to build its reputation - and very nice website).

I think a lot of people know that they are doing a ponzi, but they risk it and you can obviously make a profit out of it. It is at the expense of some who buy late relatively to the time the ponzi scheme will get to an end.
The prices are too low, and this is why it is not possbible (when you compare the prices to the prices of all other suppliers (Gawminers, Genesis-Mining.com ...)

[sandykho47]

Is there any proof of that they are mining at all?

No proof at all
but some people said they already get profit from this site

they don't show the ASIC miner
they don't tell us which pool they join / pool they create
they don't tell us what blocks are they mined

is there anyone can find PBMining blocks at here : https://blockchain.info/blocks
some people think this just a ponzi

I'm already buy 11 GHs here
anyway, if i get profit. i don't care they ponzi / not 

[fractal02]

I skimmed the thread and looked at the website. I'm suspicious as their price is very low and there is no evidence that they are actually mining.   Possibly a very professional ponzi.

Ponzis are realizing they need to be pretty smart to fool bitcoiners after the big Pirate fiasco.  See Bitcoin Trader (sponsoring bitcoin conferences to build its reputation - and very nice website).

I think a lot of people know that they are doing a ponzi, but they risk it and you can obviously make a profit out of it. It is at the expense of some who buy late relatively to the time the ponzi scheme will get to an end.
The prices are too low, and this is why it is not possbible (when you compare the prices to the prices of all other suppliers (Gawminers, Genesis-Mining.com ...)

Price too low ?  

I take your example (except Genesis-mining because it's alt coins scrypt based where you buy MH/s not GH/s) :

- Gawminer :

S3 Bitmain Antminer 478 gh/s Hosted : $ 449.95 = ~ 0.75 BTC

- PBmining :

478 GH/s @ 0.0029 = ~ 1.38 BTC

Well...isn't much supa low...

[windpath]

I skimmed the thread and looked at the website. I'm suspicious as their price is very low and there is no evidence that they are actually mining.   Possibly a very professional ponzi.

Ponzis are realizing they need to be pretty smart to fool bitcoiners after the big Pirate fiasco.  See Bitcoin Trader (sponsoring bitcoin conferences to build its reputation - and very nice website).

I think a lot of people know that they are doing a ponzi, but they risk it and you can obviously make a profit out of it. It is at the expense of some who buy late relatively to the time the ponzi scheme will get to an end.
The prices are too low, and this is why it is not possbible (when you compare the prices to the prices of all other suppliers (Gawminers, Genesis-Mining.com ...)

Price too low ?  

I take your example (except Genesis-mining because it's alt coins scrypt based where you buy MH/s not GH/s) :

- Gawminer :

S3 Bitmain Antminer 478 gh/s Hosted : $ 449.95 = ~ 0.75 BTC

- PBmining :

478 GH/s @ 0.0029 = ~ 1.38 BTC

Well...isn't much supa low...

Very few of the S3s run 478... 440GHs is the revised spec from Bitmain.

[ftoole]

So got my payout this week even with the diff change it went up. So how the calculate is prob from mining i had read some were they had an agreement with spoondolies for hardware. Also i know they have not allowed hash rate purchases in the past because they ran out.

[jimmothy]

i had read some were they had an agreement with spoondolies for hardware.

Where did you read that?

[IacceptBTC]

Is there any proof of that they are mining at all?

Now there are no proof. They aren't giving a pic of their miners, not going the pool they mine(if they're) and I couldn't see a block if they are using their own pool. So I came to a conclusion : "It is definitely a ponzi scheme"
Kindly,
        MZ

they have a pool that they direct their miners to. Blockchain.info reports they their pool does find blocks.

[jimmothy]

they have a pool that they direct their miners to. Blockchain.info reports they their pool does find blocks.

Which pool?

[cloverme]

Is there any proof of that they are mining at all?

Now there are no proof. They aren't giving a pic of their miners, not going the pool they mine(if they're) and I couldn't see a block if they are using their own pool. So I came to a conclusion : "It is definitely a ponzi scheme"
Kindly,
        MZ

they have a pool that they direct their miners to. Blockchain.info reports they their pool does find blocks.

Uh huh... where did you get this info from?  pbmining disclosed earlier this year they send payments through a mixer so that no one would know where the source of their bitcoins comes from.

[dyask]

they have a pool that they direct their miners to. Blockchain.info reports they their pool does find blocks.

Which pool?

Agreed we need proof.  Newbie statement isn't proof.

[Gyorn]

I've had a 44GH/s contract since May 18th, 2014. I've gotten paid every week just as stated without fail.

Could they not have any mining activity going on at all? Sure, it's possible. But we're not gonna know that for sure for quite a long time.

Payments still coming on time after 2+ months, so no concerns here so far.

[5ick3uffalo]

Started mid March, GH/s bouht back then broke even already and it´s just July with 4.5 years to go in contract. Numbers don´t lie

[onlinepro]

Started mid March, GH/s bouht back then broke even already and it´s just July with 4.5 years to go in contract. Numbers don´t lie

We aren't talking about is it paying or is it possible to make profit with this.
We are talking about that is it ponzi or real mining.
Because investing now will be very risky if it is ponzi and if it is legit mining it won't be so risky.
Because if it is ponzi, it probably won't run for even near to that promised 5 years.
And that means people might not get their investment back.

This sure could be legit, it is kind of loan service where they sell their mining power so they get money faster compared to waiting to get block rewards so they can buy new cheaper mining hardware asap.
But it is weird why they don't show any proof of mining. Maybe it isn't ponzi but they might take small % of the real mining profit or something else shady bussines. Remember that mining calculators caclulates only estimates, so they might get slightly more from mining than they actually pay.

I'm tired so I'm sorry if this text is messy.