GPUMAX | The Bitcoin Mining Marketplace

[Epoch]

According to BTCGuild, the current PPS rate is 0.0000363.
On gpumax, the current price to buy per share is 0.0000572.
Using 20,000 shares, that would cost me  1.144BTC. In return, I would only get 0.726BTC from BTCGuild.
Why would anyone wants to do that?
I can see a reason to buy if the price to buy is quoted in USD. But if I am paying in BTC, and receiving in BTC, what am I to gain from this?

I am not going to go into detail about what most people don't seem to understand but I will tell you that it can become very profitable very quickly.

I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?

Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.

[1714146858]

1714146858

[pirateat40]

According to BTCGuild, the current PPS rate is 0.0000363.
On gpumax, the current price to buy per share is 0.0000572.
Using 20,000 shares, that would cost me  1.144BTC. In return, I would only get 0.726BTC from BTCGuild.
Why would anyone wants to do that?
I can see a reason to buy if the price to buy is quoted in USD. But if I am paying in BTC, and receiving in BTC, what am I to gain from this?

I am not going to go into detail about what most people don't seem to understand but I will tell you that it can become very profitable very quickly.

I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?

Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.

I'm not going to be the one to spill the beans as it's a closely guarded secret.  I think if you spent enough time thinking about it you could figure it out.

[Starlightbreaker]

According to BTCGuild, the current PPS rate is 0.0000363.
On gpumax, the current price to buy per share is 0.0000572.
Using 20,000 shares, that would cost me  1.144BTC. In return, I would only get 0.726BTC from BTCGuild.
Why would anyone wants to do that?
I can see a reason to buy if the price to buy is quoted in USD. But if I am paying in BTC, and receiving in BTC, what am I to gain from this?

I am not going to go into detail about what most people don't seem to understand but I will tell you that it can become very profitable very quickly.

I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?

Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.

I'm not going to be the one to spill the beans as it's a closely guarded secret.  I think if you spent enough time thinking about it you could figure it out.

well, someone on this thread already explained why, subtly.

[rjk]

According to BTCGuild, the current PPS rate is 0.0000363.
On gpumax, the current price to buy per share is 0.0000572.
Using 20,000 shares, that would cost me  1.144BTC. In return, I would only get 0.726BTC from BTCGuild.
Why would anyone wants to do that?
I can see a reason to buy if the price to buy is quoted in USD. But if I am paying in BTC, and receiving in BTC, what am I to gain from this?

I am not going to go into detail about what most people don't seem to understand but I will tell you that it can become very profitable very quickly.

I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?

Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.

I'm not going to be the one to spill the beans as it's a closely guarded secret.  I think if you spent enough time thinking about it you could figure it out.

well, someone on this thread already explained why, subtly.

I'm just having fun playing god and pissing hashes all over various pools!

BTW pirateat40, why is the hash rate jumping up and down so much? It slowly creeps up from 55ghash or so to about 70, and then suddenly resets back to 55 or so, and starts over.

[pirateat40]

According to BTCGuild, the current PPS rate is 0.0000363.
On gpumax, the current price to buy per share is 0.0000572.
Using 20,000 shares, that would cost me  1.144BTC. In return, I would only get 0.726BTC from BTCGuild.
Why would anyone wants to do that?
I can see a reason to buy if the price to buy is quoted in USD. But if I am paying in BTC, and receiving in BTC, what am I to gain from this?

I am not going to go into detail about what most people don't seem to understand but I will tell you that it can become very profitable very quickly.

I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?

Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.

I'm not going to be the one to spill the beans as it's a closely guarded secret.  I think if you spent enough time thinking about it you could figure it out.

well, someone on this thread already explained why, subtly.

I'm just having fun playing god and pissing hashes all over various pools!

BTW pirateat40, why is the hash rate jumping up and down so much? It slowly creeps up from 55ghash or so to about 70, and then suddenly resets back to 55 or so, and starts over.

We have lots of purchases running, ending and new ones starting.  So its bounces around a lot.

[michaelmclees]

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

What I'm wondering is if there's an element of gambling involved with sending those shares to a pool like Slush.  Suppose one doesn't buy 20k, but rather 500k, and this costs 10BTC.  If you rush those shares onto Slush all at once AND a block is found, would your reward of huge very recent shares be profitable?  Can you crowd out everyone else?

[siggy]

I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?

Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.

As a miner.. I've been wondering this myself.  I had pretty much come to the conclusion that I was gonna pull my miners on moral grounds that "they gotta be hopping" .. Luckily just around that time, Pirate made the anti-hop post.  I was back to "Hrrmmmm....  what the heck"

About an hour ago, I just had an epiphany that it really IS possible there is a 1) completely legal, 2) completely moral, 3) non-hopping (for those of you who don't have a moral issue with hopping) reason for one to purchase hashing power at above market rate.  I'm not going to spill the beans on my idea just yet.  Suffice it to say that very soon, I'll be going from a net-seller to a net-buyer of hashies.

My apologies for this being the complete oposite of "concrete example" .. I just wanted to get out there that there is at least one person who has thought of a non-hopping reason to buy shares.

Sigg

[grue]

I'm not going to be the one to spill the beans as it's a closely guarded secret.  I think if you spent enough time thinking about it you could figure it out.

well, someone on this thread already explained why, subtly.

pool hopping? but is it really that profitable to pay 120%+ pps?

As a miner.. I've been wondering this myself.  I had pretty much come to the conclusion that I was gonna pull my miners on moral grounds that "they gotta be hopping" .. Luckily just around that time, Pirate made the anti-hop post.  I was back to "Hrrmmmm....  what the heck"

About an hour ago, I just had an epiphany that it really IS possible there is a 1) completely legal, 2) completely moral, 3) non-hopping (for those of you who don't have a moral issue with hopping) reason for one to purchase hashing power at above market rate.  I'm not going to spill the beans on my idea just yet.  Suffice it to say that very soon, I'll be going from a net-seller to a net-buyer of hashies.

My apologies for this being the complete oposite of "concrete example" .. I just wanted to get out there that there is at least one person who has thought of a non-hopping reason to buy shares.

Sigg

ok what's the secret? laundering dirty coins? attacking alt-coins?

[pirateat40]

I'm not going to be the one to spill the beans as it's a closely guarded secret.  I think if you spent enough time thinking about it you could figure it out.

well, someone on this thread already explained why, subtly.

pool hopping? but is it really that profitable to pay 120%+ pps?

As a miner.. I've been wondering this myself.  I had pretty much come to the conclusion that I was gonna pull my miners on moral grounds that "they gotta be hopping" .. Luckily just around that time, Pirate made the anti-hop post.  I was back to "Hrrmmmm....  what the heck"

About an hour ago, I just had an epiphany that it really IS possible there is a 1) completely legal, 2) completely moral, 3) non-hopping (for those of you who don't have a moral issue with hopping) reason for one to purchase hashing power at above market rate.  I'm not going to spill the beans on my idea just yet.  Suffice it to say that very soon, I'll be going from a net-seller to a net-buyer of hashies.

My apologies for this being the complete oposite of "concrete example" .. I just wanted to get out there that there is at least one person who has thought of a non-hopping reason to buy shares.

Sigg

ok what's the secret? laundering dirty coins? attacking alt-coins?

grue,

We have made is extremely clear that our system can not be used for attacking alt-coins.  I also don't know where this thought of laundering dirty coins came from but it sounds like FUD to me.  I will say it again and again and again.  If you don't understand it, don't buy it.  I find it really hard to believe that someone like you can't see the benefits of a service like this.  It seem that anyone that doesn't understand jumps to the conclusion that it has to be illegal or harmful.

I am a huge supporter of Bitcoin and the community and can't understand why people would think I of all people would create something to destroy not only my reputation but the very reason we're all here.

[grue]

grue,

We have made is extremely clear that our system can not be used for attacking alt-coins.  I also don't know where this thought of laundering dirty coins came from but it sounds like FUD to me.  I will say it again and again and again.  If you don't understand it, don't buy it.  I find it really hard to believe that someone like you can't see the benefits of a service like this.  It seem that anyone that doesn't understand jumps to the conclusion that it has to be illegal or harmful.

I am a huge supporter of Bitcoin and the community and can't understand why people would think I of all people would create something to destroy not only my reputation but the very reason we're all here.

I'm just curious why people would want to pay 150% pps. if it's indeed that profitable and risk free, i want to get in on it

but this is free market so i probably won't know the secret

[pirateat40]

Update:

We are running about a 2 hour delay on purchases.  I know a lot of your have messaged me asking if everything is ok and just wanted to let everyone know that everything is fine, we're just backed up.

[fulepp]

Pirate40,

I am wondering when are you planing to implement the transaction history and manual payout? It seems my account is not processed every day and i can't really follow what payment arrived from your site or from an other site.

[BinaryMage]

I am resurrecting this old post because I would like to understand this. It isn't the first time a question similar to @chungenhung's was brought up, but each time (as in @pirateat40's response above) the 'answer' was vague at best. I have read this entire thread, twice, and it still hasn't clicked with me. Perhaps I am naive; perhaps my mindset is in the wrong place.

My the basic question: why would someone buy shares at a rate greater than the current PPS rate? Why pay 1.2BTC for a service that returns 1.0BTC to the buyer? I can visualize some uses (testing a pool, for example), but I find it hard to believe this is what the bulk of the purchases are being used for. How does a buyer profit?

Obviously this is popular with the miners because they get paid more; I understand that. But how does it profit the buyers?

Would someone care to explain this with some concrete examples of what most people actually do with the purchased shares? Something more informative than 'I won't go into detail', or 'if you do not get it do not use the service'. Thanks in advance.

One of the possible reasons (though unlikely the one being discussed, I certainly wouldn't describe it as an epiphany) is pool start up. Especially for proportional pools, a pool looking to gain inroads in a crowded market needs a significant hashrate. Pool operators could buy at above PPS now to (theoretically) make money later.

However, I do not think this is the reason being discussed, and I would appreciate an explanation. Free market, yes, but I think most of us here believe in information sharing. I certainly would like to learn, and I hope someone would be willing to help. Brooding on it for a while brought me naught but the above.

[siggy]

Pirate40,

I am wondering when are you planing to implement the transaction history and manual payout? It seems my account is not processed every day and i can't really follow what payment arrived from your site or from an other site.

double-plus-one on the transaction history for payouts... this currently tops my wish list by an order of magnitude.

Sigg

[BinaryMage]

I certainly would like to learn, and I hope someone would be willing to help. Brooding on it for a while brought me naught but the above.

Who cares it is what it is we are getting paid for our hashing power as long as it is not used for malicious purposes I'm fine with it..

You may be; I'm curious, and I'd like to be my own judge of what are and are not malicious purposes.

[pirateat40]

I certainly would like to learn, and I hope someone would be willing to help. Brooding on it for a while brought me naught but the above.

Who cares it is what it is we are getting paid for our hashing power as long as it is not used for malicious purposes I'm fine with it..

You may be; I'm curious, and I'd like to be my own judge of what are and are not malicious purposes.

If we were using our hashing power to be destructive... you would know by now.

[jamesg]

I certainly would like to learn, and I hope someone would be willing to help. Brooding on it for a while brought me naught but the above.

Who cares it is what it is we are getting paid for our hashing power as long as it is not used for malicious purposes I'm fine with it..

You may be; I'm curious, and I'd like to be my own judge of what are and are not malicious purposes.

If we were using our hashing power to be destructive... you would know by now.

+ you are dealing with one of the most honest pirates you will ever know.

[pirateat40]

I certainly would like to learn, and I hope someone would be willing to help. Brooding on it for a while brought me naught but the above.

Who cares it is what it is we are getting paid for our hashing power as long as it is not used for malicious purposes I'm fine with it..

You may be; I'm curious, and I'd like to be my own judge of what are and are not malicious purposes.

If we were using our hashing power to be destructive... you would know by now.

+ you are dealing with one of the most honest pirates you will ever know.

Don't listen to him.... I'll steal all your money!

[rjk]

I certainly would like to learn, and I hope someone would be willing to help. Brooding on it for a while brought me naught but the above.

Who cares it is what it is we are getting paid for our hashing power as long as it is not used for malicious purposes I'm fine with it..

You may be; I'm curious, and I'd like to be my own judge of what are and are not malicious purposes.

If we were using our hashing power to be destructive... you would know by now.

What is the total hash power of GPUMAX right now anyway? There isn't really any way to tell.

[pirateat40]

What is the total hash power of GPUMAX right now anyway? There isn't really any way to tell.

Ah, yes...  and we will keep it that way.