PBmining - legit?

[FloridaBear]

My latest calculations show that incoming money is fairly close to commissions they need to pay out. I'm not trying to yell "fire" in a crowded theater here (and since there's no effective way to sell contracts anyway, it doesn't really matter), but I think we will know fairly soon if the jig is up.

Recent data:

Code:

Date		GH	New GH/day	BTC in/day	BTC Out/day	
08/27/14	1966639	--				36.06
08/28/14	1974314	7675		25.33		36.20
09/02/14	2039476	11690		38.58		37.39

So, it's close. I will keep monitoring.

[cloverme]

I wouldn't be shocked to see an announcement from them soon that "given the recent developments in the bitcoin ecosystem, blah blah blah.... we've made the difficult decision to blah blah blah" and the whole thing goes 404.  If Mr. Piggles is looking for a new challenge, there's another wacky ponzi (alleged) starting up over GAW, more stubborn newbies, a payout campaign full of shills and sock puppets, mysterious payouts, mining farms that actually warehouse photos, you name it.

[dyask]

I wouldn't be shocked to see an announcement from them soon that "given the recent developments in the bitcoin ecosystem, blah blah blah.... we've made the difficult decision to blah blah blah" and the whole thing goes 404.  If Mr. Piggles is looking for a new challenge, there's another wacky ponzi (alleged) starting up over GAW, more stubborn newbies, a payout campaign full of shills and sock puppets, mysterious payouts, mining farms that actually warehouse photos, you name it.

It remains to be seen if the GAW Hashlets are a scam or not.   At this point GAW isn't claiming the Hashlets are actual mining.   In any case it isn't a simple Ponzi like PBMining.   Even PBMining likely has some mining going on, probably just not enough real mining.   

[MrPiggles]

I wouldn't be shocked to see an announcement from them soon that "given the recent developments in the bitcoin ecosystem, blah blah blah.... we've made the difficult decision to blah blah blah" and the whole thing goes 404.  If Mr. Piggles is looking for a new challenge, there's another wacky ponzi (alleged) starting up over GAW, more stubborn newbies, a payout campaign full of shills and sock puppets, mysterious payouts, mining farms that actually warehouse photos, you name it.

haha I don't go looking for challenges on purpose, this one just nearly scammed me and I took it personally 

[KimNam]

My latest calculations show that incoming money is fairly close to commissions they need to pay out. I'm not trying to yell "fire" in a crowded theater here (and since there's no effective way to sell contracts anyway, it doesn't really matter), but I think we will know fairly soon if the jig is up.

Recent data:

Code:

Date		GH	New GH/day	BTC in/day	BTC Out/day	
08/27/14	1966639	--				36.06
08/28/14	1974314	7675		25.33		36.20
09/02/14	2039476	11690		38.58		37.39

this one is interesting
if BTC in are way too small compare than BTC out, we will see something interesting later
So, it's close. I will keep monitoring.

[leex1528]

My latest calculations show that incoming money is fairly close to commissions they need to pay out. I'm not trying to yell "fire" in a crowded theater here (and since there's no effective way to sell contracts anyway, it doesn't really matter), but I think we will know fairly soon if the jig is up.

Recent data:

Code:

Date		GH	New GH/day	BTC in/day	BTC Out/day	
08/27/14	1966639	--				36.06
08/28/14	1974314	7675		25.33		36.20
09/02/14	2039476	11690		38.58		37.39

this one is interesting
if BTC in are way too small compare than BTC out, we will see something interesting later
So, it's close. I will keep monitoring.

I am slightly confused by that, so now they are making actually 38.58 BTC per day, while only paying out 37.39?  I wouldn't call that a fire, I would say *IF* it was a ponzi, that they would be able to continue for awhile then...

[leex1528]

Sure, if they get the mining hardware and the 2 MW or more of electricity it would require for free.

I know about the electric cost and how it technically wouldn't work....

I am just saying if it is a ponzi, now they are bringing in MORE money then they are sending out, which is great for a ponzi.

[WoopDeBoop]

Sure, if they get the mining hardware and the 2 MW or more of electricity it would require for free.

I know about the electric cost and how it technically wouldn't work....

I am just saying if it is a ponzi, now they are bringing in MORE money then they are sending out, which is great for a ponzi.

So the only way they can continue right now is if they are in fact a ponzi.

Interesting...

[cloverme]

haha I don't go looking for challenges on purpose, this one just nearly scammed me and I took it personally 

I know how you feel! You deserve credit for pulling back the blanket on pbmining, without your posts in this thread or the pbmining service thread, a lot of the information we have now on pbmining would have never come to light. A tip of the hat sir...

[MrPiggles]

haha I don't go looking for challenges on purpose, this one just nearly scammed me and I took it personally 

I know how you feel! You deserve credit for pulling back the blanket on pbmining, without your posts in this thread or the pbmining service thread, a lot of the information we have now on pbmining would have never come to light. A tip of the hat sir...

I made this thread and then they've still made millions of dollars, so I didn't do much good. Wait til they 404 on everyone and then you'll see what I really know.

I just like to stop people getting scammed. If you look through my post history I've stopped a few scammers in their tracks, but even when I have given a detailed explanation of some scams (like that Escalade guy) people invested $5000 with him. ffs.

You literally cannot help some people.

[snowcrawl]

I only have about 0.1 BTC to go before I break even.  So I'm at least not on the hook for a significant amount, and I have sworn off buying more contracts.  However this thread definitely did help to open my eyes about bitcoin mining schemes in general, and contribute to making me more cautious and skeptical.  The idea of paying a lump sum for a cloud mining contract, with the eventual outcome that you perhaps (hopefully) earn back the same amount of BTC, makes it similar to a mail in rebate.  You pay money up front for an item and the promotional gimmick from the company that made the product is that they will mail you a portion of the money you paid up front at a later time.  During that interval of time they can earn interest on that money.

http://en.wikipedia.org/wiki/Rebate_(marketing)

[bootsfirst]

I only have about 0.1 BTC to go before I break even.  So I'm at least not on the hook for a significant amount, and I have sworn off buying more contracts.  However this thread definitely did help to open my eyes about bitcoin mining schemes in general, and contribute to making me more cautious and skeptical.  The idea of paying a lump sum for a cloud mining contract, with the eventual outcome that you perhaps (hopefully) earn back the same amount of BTC, makes it similar to a mail in rebate.  You pay money up front for an item and the promotional gimmick from the company that made the product is that they will mail you a portion of the money you paid up front at a later time.  During that interval of time they can earn interest on that money.

http://en.wikipedia.org/wiki/Rebate_(marketing)

i just wonder how much "interest" these guys can really earn.....

[der_troll]

haha I don't go looking for challenges on purpose, this one just nearly scammed me and I took it personally 

I know how you feel! You deserve credit for pulling back the blanket on pbmining, without your posts in this thread or the pbmining service thread, a lot of the information we have now on pbmining would have never come to light. A tip of the hat sir...

I made this thread and then they've still made millions of dollars, so I didn't do much good. Wait til they 404 on everyone and then you'll see what I really know.

I just like to stop people getting scammed. If you look through my post history I've stopped a few scammers in their tracks, but even when I have given a detailed explanation of some scams (like that Escalade guy) people invested $5000 with him. ffs.

You literally cannot help some people.

You did a great job with your posts, problem is that people listen but don't hear. Don't give up man

[Coopster8888]

yes, it's Legit but plan on taking 6 months to get ROI.. I have mine for about 3 months, and still haven't gotten ROI, but I do get paid weekly so I can't complain

[snowcrawl]

yes, it's Legit but plan on taking 6 months to get ROI.. I have mine for about 3 months, and still haven't gotten ROI, but I do get paid weekly so I can't complain

The time needed to recoup the BTC invested could also approach infinity, for those who bought contracts after a certain point in time.   Likewise, people who had the good fortune to buy early contracts, or else start home mining at the key earlier points in time would have done quite well by now.  The desire  to follow in their footsteps is what compells newbies to head down the path of throwing good money after bad.  Yet it has been tough for the average user to grasp just how dramatically earnings will decrease over time.  Also, too much of the bitcoin economy has come to revolve around ripping people off. 

[MrPiggles]

yes, it's Legit but plan on taking 6 months to get ROI.. I have mine for about 3 months, and still haven't gotten ROI, but I do get paid weekly so I can't complain

Explain how it is legit, what mining hardware have you seen? Where did they purchase it from? Why do they pay with mixed coins?

Answer any of these and I'll be satisfied it's legit.

If you can't, and your idea of "legit" is that they have given you back half the money you gave them, you're a moron.

[der_troll]

It will be legit when they show their 2+ PHS farm, period!

Hope some cloud service shows up soon that presents everything to public with decent prices. It will be fun to watch pbmining going to dust.

[KimNam]

It will be legit when they show their 2+ PHS farm, period!

Hope some cloud service shows up soon that presents everything to public with decent prices. It will be fun to watch pbmining going to dust.

yeah, but they won't show it to us
because they don't have it
they can have hundred reason to avoid this question, but they won't be legit before they prove it to us all

[llanillo]

They don't give photos about their installations or anything... really hard to believe.. we will have to wait and see...

[microsoftman]

I really think they are legit cause I always get timely payments from them. I haven't come across an event of them being fraudelent in any sort of payment.