www.lunamine.com - 0.0025 BTC/GHs mining contracts | On-demand withdrawals

[dyask]

Lol, I know this is a contrary post and off-topic. But I want to set a few misconceptions straight.

I bought contracts with PBMining in March and have just now reached a positive ROI. Although I don't think it would be possible now for new contracts with PBMINING to see positive ROI. Do I think it's a Ponzi? Heck, I don't know but I'm obviously not the best judge of trustworthiness since I lost 4.4BTC on Lunamine, lol.

BFL have actually delivered my Monarch about a week ago. I was a first day preorder (Aug 17th 2013). I was supposed to be shipped a second "free" Monarch at the same time but am still waiting for that. I also had 600GHs of compensation cloudmining since June 24th that was shutdown today. Yes, the current price is WAY too high at $1.97 per GHs but the Monarch is not outdated tech. It uses .7w/GHs which is still competitive with current generation miners from KNC, Bitmain and Spoondoolies.

Personally I'm happy to see you get your money out of PBMining and I hope you get a good amount of profit now.    I also agree that .7w/GH is very good by today's standards.   However, I think it will be hard to breakeven on that one.   At least you had mining since June 24th which should have helped a lot. 

Yeah, there's zero chance that Monarchs will ever break even. It's not logical that I didn't take a refund. But there's still something to be said for hardware lust, lol.

Mining lust cost me 12 BTC before I realized 100% reinvesting wasn't working out for me!   

[dekodoge]

quit with the OT posts, sheesh.

[Netwerked]

(However I still think they are both scams.)  

Just because we don't understand a business model doesn't automatically make it a scam.  If I understand you correctly, you think that PBmining.com does not have a sustainable business model.  Since it is not sustainable, it will eventually fail.  The solution is to not invest if you think that will be the outcome.

No you misunderstand me.   I think it is a scam because the math shows they aren't backing up the GH/s with real hardware.   If they came out and said we aren't actually backing up the GH/s with hardware, I wouldn't have a problem with it.  There are many variations of that ... for example they could say when we run of funds for power we will stop mining.   The problem is they are selling 5 year contracts that can't possible work at the prices they are charging.   However it is better now than a couple months ago as there is now a lot cheaper hardware like the S3, but the number still don't add up.   It has nothing to do with business model, it is just lining up the numbers against their claims. 

I agree with you partially-- yes, the hardware isn't totally real-- no, it isn't a scam.  It is true that the price per GH cannot sustain a 5 year contract with today's hardware.  PBmining.com made a statement in another thread that a mining contract would not use the same hardware for all 5 years.  Since most of the mining will take place with future hardware that doesn't exist yet, I would agree that the majority of the hardware used to support your contract is not yet real.  There is a good chance of it existing in the future.

But think of it logically.  If a contract is going to break even, it will break even within the first year, maybe even as long as the first 18 months.  People who bought a contract in February already broke even in July.  If the same difficulty increases take place, then people who bought contracts in July might never break even, receiving only 85% of their purchase price back (according to my own calculated guesses).  The other school of thought is that difficulty increases will slow down, allowing contracts purchased today to eventually become profitable.

Also, keep in mind that a "5 year contract" is mainly a marketing ploy.  With each difficulty increase, you will earn less and less.  To put things in perspective, you'll earn 98-99% of your income in the first year, 1% in the second year, and pocket change beyond that (assuming a 1TH contract).  In fact, I think a 1TH contract purchased today will only pay out for 2 years, since the amount mined will become so small that the payment can't make it through the Bitcoin network.

[dekodoge]

can you not find another thread..

This is about lunamine.

[Netwerked]

BFL have actually delivered my Monarch about a week ago. I was a first day preorder (Aug 17th 2013). I was supposed to be shipped a second "free" Monarch at the same time but am still waiting for that. I also had 600GHs of compensation cloudmining since June 24th that was shutdown today. Yes, the current price is WAY too high at $1.97 per GHs but the Monarch is not outdated tech. It uses .7w/GHs which is still competitive with current generation miners from KNC, Bitmain and Spoondoolies.

I would argue that the whole point of buying the hardware is to use it to make a profit.  If the current price is $1.97/GH, then it is outdated, even at 0.7W/GH.  They originally promised 0.6W/GH and a December-January delivery date.

If you preordered in August 2013, you would have paid $4,680.  Last week, they sent email stating that they are adjusting the purchase price to $1.97/GH ($1,379) for existing orders.  I really do hope they honor their word and send you a $3,301 refund (or 2 additional Monarchs and a partial refund).

[dekodoge]

BFL have actually delivered my Monarch about a week ago. I was a first day preorder (Aug 17th 2013). I was supposed to be shipped a second "free" Monarch at the same time but am still waiting for that. I also had 600GHs of compensation cloudmining since June 24th that was shutdown today. Yes, the current price is WAY too high at $1.97 per GHs but the Monarch is not outdated tech. It uses .7w/GHs which is still competitive with current generation miners from KNC, Bitmain and Spoondoolies.

I would argue that the whole point of buying the hardware is to use it to make a profit.  If the current price is $1.97/GH, then it is outdated, even at 0.7W/GH.  They originally promised 0.6W/GH and a December-January delivery date.

If you preordered in August 2013, you would have paid $4,680.  Last week, they sent email stating that they are adjusting the purchase price to $1.97/GH ($1,379) for existing orders.  I really do hope they honor their word and send you a $3,301 refund (or 2 additional Monarchs and a partial refund).

helo GTFO out.

all this OT stuff belongs elsewhere.

[dyask]

quit with the OT posts, sheesh.

Fair enough ... however you should be bashing BTCmner, he is the one that injected PBMining into this thread with his prattle about there isn't any proof that this or that is a scam.

However you are completely correct, lunamine has scammed the BTC out of a lot of people and that is what the focus should be.   Sorry for being off topic. 

Also OT - what is that?  On Topic, Off Topic, Over the Top, Occupational Therapy or many more possibilities?       Sorry but it doesn't make sense.   I think you mean Off Topic, but OT is unclear.

[Armed]

quit with the OT posts, sheesh.

Fair enough ... however you should be bashing BTCmner, he is the one that injected PBMining into this thread with his prattle about there isn't any proof that this or that is a scam.

However you are completely correct, lunamine has scammed the BTC out of a lot of people and that is what the focus should be.   Sorry for being off topic. 

Also OT - what is that?  On Topic, Off Topic, Over the Top, Occupational Therapy or many more possibilities?       Sorry but it doesn't make sense.   I think you mean Off Topic, but OT is unclear.

Clearly it means Off topic. Everybody knows that, that has spent a considerable amount of time on a web forum.

[btcmner]

you should be bashing BTCmner, he is the one that injected PBMining into this thread

I did not.

On the contrary I replied to someone bashing PB Mining earlier in the thread (so if you're looking for someone to "bash", go ahead and read the thread to find out who "injected" the topic), reminding in essence that it was inappropriate to conflate Luna and PB.

As for the Luna investigation, it's still ongoing, and of course it would be a mistake to say more at this stage.

[Armed]

you should be bashing BTCmner, he is the one that injected PBMining into this thread

I did not.

On the contrary I replied to someone bashing PB Mining earlier in the thread (so if you're looking for someone to "bash", go ahead and read the thread to find out who "injected" the topic), reminding in essence that it was inappropriate to conflate Luna and PB.

As for the Luna investigation, it's still ongoing, and of course it would be a mistake to say more at this stage.

Like at all other "stages".
Get a life man, srsly.

You keep claiming you got something going on when clearly no such thing exists.

[btcmner]

You keep claiming you got something going on when clearly no such thing exists.

I don't owe you anything, not even a progress report. Get over it.

However notice the irony, how prompt you are to believe something (there was a scam etc), and to disbelieve something else (the investigation is making progress), depending on your own emotional state.

The reason for which details cannot be disclosed is simple : as long as people involved don't have a clear view of how close (or far, depending on the point of view) we are from them, they're not going to panic, which is obviously much better for the investigation.

[Armed]

You keep claiming you got something going on when clearly no such thing exists.

I don't owe you anything, not even a progress report. Get over it.

However notice the irony, how prompt you are to believe something (there was a scam etc), and to disbelieve something else (the investigation is making progress), depending on your own emotional state.

The reason for which details cannot be disclosed is simple : as long as people involved don't have a clear view of how close (or far, depending on the point of view) we are from them, they're not going to panic, which is obviously much better for the investigation.

Then stop posting useless updates in this thread. You're clearly just looking for attention, get over yourself.

Also, to add, I haven't lost anything to LunaMine, on the contrary - they paid me roughly 50 USD for referral work.

[xstr8guy]

BFL have actually delivered my Monarch about a week ago. I was a first day preorder (Aug 17th 2013). I was supposed to be shipped a second "free" Monarch at the same time but am still waiting for that. I also had 600GHs of compensation cloudmining since June 24th that was shutdown today. Yes, the current price is WAY too high at $1.97 per GHs but the Monarch is not outdated tech. It uses .7w/GHs which is still competitive with current generation miners from KNC, Bitmain and Spoondoolies.

I would argue that the whole point of buying the hardware is to use it to make a profit.  If the current price is $1.97/GH, then it is outdated, even at 0.7W/GH.  They originally promised 0.6W/GH and a December-January delivery date.

If you preordered in August 2013, you would have paid $4,680.  Last week, they sent email stating that they are adjusting the purchase price to $1.97/GH ($1,379) for existing orders.  I really do hope they honor their word and send you a $3,301 refund (or 2 additional Monarchs and a partial refund).

They actually have honored their word... kinda. I'm still waiting for the second free Monarch and the partial refund.

I'm as surprised as anyone that they did anything at all to compensate buyers. The price is still awful though but I don't think they were under any legal obligation to anything other than ship the original orders.

[dyask]

quit with the OT posts, sheesh.

Fair enough ... however you should be bashing BTCmner, he is the one that injected PBMining into this thread with his prattle about there isn't any proof that this or that is a scam.

However you are completely correct, lunamine has scammed the BTC out of a lot of people and that is what the focus should be.   Sorry for being off topic. 

Also OT - what is that?  On Topic, Off Topic, Over the Top, Occupational Therapy or many more possibilities?       Sorry but it doesn't make sense.   I think you mean Off Topic, but OT is unclear.

Clearly it means Off topic. Everybody knows that, that has spent a considerable amount of time on a web forum.

Sorry, but it isn't clear and you should keep in mind this in a international forum.

[dyask]

you should be bashing BTCmner, he is the one that injected PBMining into this thread

I did not.

On the contrary I replied to someone bashing PB Mining earlier in the thread (so if you're looking for someone to "bash", go ahead and read the thread to find out who "injected" the topic), reminding in essence that it was inappropriate to conflate Luna and PB.

As for the Luna investigation, it's still ongoing, and of course it would be a mistake to say more at this stage.

Okay ... still your "not a scam rants" were what stuck in mind.  

Your investigation has been going on for weeks and appears to just be a stall tactic.   You never provided any information.  At this point probably the BTC has been mixed many times and now likely spent.   There can't be any doubt that lunamine was a scam.    

[Armed]

quit with the OT posts, sheesh.

Fair enough ... however you should be bashing BTCmner, he is the one that injected PBMining into this thread with his prattle about there isn't any proof that this or that is a scam.

However you are completely correct, lunamine has scammed the BTC out of a lot of people and that is what the focus should be.   Sorry for being off topic. 

Also OT - what is that?  On Topic, Off Topic, Over the Top, Occupational Therapy or many more possibilities?       Sorry but it doesn't make sense.   I think you mean Off Topic, but OT is unclear.

Clearly it means Off topic. Everybody knows that, that has spent a considerable amount of time on a web forum.

Sorry, but it isn't clear and you should keep in mind this in a international forum.

Yeah I'm sure everyone assumed "OT" meant something in their own native language. Just google it if you want to get the explanation and history. Ciaoooo.

[odlal]

 

Yeah I'm sure everyone assumed "OT" meant something in their own native language. Just google it if you want to get the explanation and history. Ciaoooo.

BTW, FWIW and IMO : OT can have only one meaning here [in the context of a web forum]

Now where was I ...

 

[btcmner]

(apsvinet : )

Yeah I'm sure everyone assumed "OT" meant something in their own native language. Just google it if you want to get the explanation and history. Ciaoooo.

In case you didn't know, Google has different default entry points, depending on the user's location.
Also "OT" is resolved as "Occupational Therapy" first, then "OldTestament", "short for Alright", but "Off-Topic" does not appear on Google's first page.
Anyway, that's an uninteresting subject.

I just wanted to inquire as to why you still have that lunamine.com advertisement campaign on you profile, since lunamine is now defunct, and by the way how come there is no trace of payment from you to lunamine or from lunamine to you ? An oversight perhaps ?

[Armed]

(apsvinet : )

Yeah I'm sure everyone assumed "OT" meant something in their own native language. Just google it if you want to get the explanation and history. Ciaoooo.

In case you didn't know, Google has different default entry points, depending on the user's location.
Also "OT" is resolved as "Occupational Therapy" first, then "OldTestament", "short for Alright", but "Off-Topic" does not appear on Google's first page.
Anyway, that's an uninteresting subject.

I just wanted to inquire as to why you still have that lunamine.com advertisement campaign on you profile, since lunamine is now defunct, and by the way how come there is no trace of payment from you to lunamine or from lunamine to you ? An oversight perhaps ?

Thanks for pointing it out, I had actually forgotten about the personal message ad that I had.
There was a payment from Lunamine to me, for a few referrals that I managed to get.

http://blockchain.info/tx-index/75a4a3ba384a14d28190008e3a5c3d9b3b373a1ee3c6aa9fec55f71c8e50a9e2

Enjoy.

[odlal]

 

There once was a Cloud Miner called Lunamine,
And everything seemed all right at the beginning,
Then after a while,
And bit by bit,
It turned into a Sham,
Or is that a Scam ?
More like an Utter Con Job or Outright Thievery ...

So now lots of people got taken for a ride,
All of their coins lost for ever and a day,
Some say they're still investigating,
But most have given up hope,
Oh it's such a shame when that happens eh ?

Actually, no, because All of the Shame and All of the Guilt,
Completely belong to the Lunatic of Lunamine,
Who one day will get his Comeuppance !!!

Now whoever you are,
And wherever you happen to be,
Whatever you happen to be doing,
I hope you Choke on all those coins you Stole !

But please don't forget Dear Lunatic,
If you ever feel the pangs of Regret or of Remorse,
You can always come back here to Bitcointalk,
Where a simple search for your Tarnished name,
Can show you the path back Home ...

By replying to this thread and Repaying all that you Owe !