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Author Topic: PyraMining - Mine without a Farm and Profit!  (Read 15608 times)
Smoovious
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May 16, 2012, 07:57:14 PM
 #21

(replaced my list of links I originally put here)

I found there is a thread now for spamming our links on, here https://bitcointalk.org/index.php?topic=81046.0

-- Smoov
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Serenata
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May 16, 2012, 08:04:03 PM
 #22

Sounds interesting Smiley

I joined...
http://www.pyramining.com/referral/qckdx8az4
http://www.pyramining.com/referral/7xpdghkc9
http://www.pyramining.com/referral/dnqe72c9k
http://www.pyramining.com/referral/74atpdkrq
http://www.pyramining.com/referral/nqdbpcx8z

BitcoinX.gr - Το ελληνικό στέκι του Bitcoin

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aseldon
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May 17, 2012, 02:56:04 AM
 #23

Thanks for using my links guys. My current bonus has jumped to 124.7%. Here are some more links if you feel like helping even more Smiley

http://pyramining.com/referral/xp9m3zsg7
http://pyramining.com/referral/6ex8d7hkp
http://pyramining.com/referral/q72bgr9xe
http://pyramining.com/referral/6bm3qanht
http://pyramining.com/referral/dkths7fc9
Dargo
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May 17, 2012, 05:09:17 AM
 #24

Lol, how is this not a pyramid scheme again? 
Raoul Duke
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May 17, 2012, 09:02:27 AM
 #25

Lol, how is this not a pyramid scheme again? 

It's explained in the OP.

You are not getting paid any money from people that join under you. You only get paid from mining profits. The referrals only increase the bonus you get on your initial investment, which will be used to purchase FPGA's.

eliale
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May 17, 2012, 09:18:04 AM
 #26

Lol, how is this not a pyramid scheme again? 

As far as we concern, we personally visited the place, the company and met people behind it…   

This is why we are taking the chance to insure this venture at our own and separate risk.

Please read:

https://www.therocktrading.com/news/454


Dargo
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May 17, 2012, 03:30:39 PM
 #27

Lol, how is this not a pyramid scheme again? 

It's explained in the OP.

You are not getting paid any money from people that join under you. You only get paid from mining profits. The referrals only increase the bonus you get on your initial investment, which will be used to purchase FPGA's.

The OP explanation doesn't make sense to me, unless this is, at least in part, a pyramid. Here's what I don't understand. If I join by referral, give you 100 BTC, and give you more referrals, the BTC is supposed to go toward renting hashing power. If I'm only getting paid from mining profits, why don't you just mine for yourself and keep the higher profits? Say I get back 115 BTC - if that's supposed to be only from mining profits, then wouldn't it be more profitable for you to just take the 115 BTCs yourself rather than only getting 100 and giving 15 to me? Also, your statements don't add up. You say that I'm not getting paid any money from people that join under me, but then in the next sentence you say that referrals increase my bonus. If referrals increase my bonus, then I am getting paid, at least in part, from people who join under me, and hence this is, at least in part, a pyramid structure. Another thing I don't understand is how you can give me profits more quickly than a normal mining operation - how is it that you can do this? Finally, you say in the OP that people can send any amount of BTC. If this BTC is only going to rent hashing power, how is it that this is unlimited? How can you instantly bring more FPGA hashing power online for any amount of BTC that I might send?

To be clear, I'm not claiming this is a scam - perhaps you have some very clever business plan here that is legit. I'm just saying that, for all that you have explained in the OP, it isn't clear how this isn't a pyramid scheme, at least in part. What I would need to be convinced that there isn't any pyramid scheme going on here is a better explanation that shows how you are able to do the things you claim in the OP without the profits payed to members being funded, at least in part, by new members sending BTC. If, as of this moment, no new members joined, how could you pay existing members a profit without essentially taking a loss yourself? Even if this is a pyramid structure, it doesn't necessarily follow that it is a scam. Amway has a pyramid structure, but I wouldn't necessarily say it is a scam - they have been in business for years, sell actual products, etc. But with Amway it is still true that a new member isn't going to profit unless they can get new people to join under them. At this point I'm just asking for more clarity on what exactly your business model is - it isn't clear at all in the OP IMO. 
eliale
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May 17, 2012, 03:42:07 PM
 #28

Waiting for an answer from Pyramining, I believe you can find some answers on the main forum at:

https://bitcointalk.org/index.php?topic=80845.0

I agree with you that it should be explained better...  Wink


Dargo
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May 17, 2012, 04:10:00 PM
 #29

Waiting for an answer from Pyramining, I believe you can find some answers on the main forum at:

https://bitcointalk.org/index.php?topic=80845.0

I agree with you that it should be explained better...  Wink



That does at least explain that they don't have unlimited hashing power, that it takes a while to get new FPGAs online, and that they will eventually close this to new membership. Perhaps this is essentially a way for them to get a loan in order to establish a large FPGA farm. But if so, it seems like they are paying a rather high rate on the loan (since everyone joining by referral supposed to get at least 5%, and much more in many cases for those who provide many referrals). Still, perhaps the math works out to what they think is a reasonable loan rate to scale quickly up to a large FPGA farm.
pyramining
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May 17, 2012, 07:57:09 PM
 #30

If I join by referral, give you 100 BTC, and give you more referrals, the BTC is supposed to go toward renting hashing power. If I'm only getting paid from mining profits, why don't you just mine for yourself and keep the higher profits?

Indeed I mine for myself (well right now all my miners are dedicated to pyramining, while I am waiting for the ordered hardware to arrive). But ordering larger quantity of hardware leads to lower hardware cost. This means things will be more profitable and return of investment is faster.

Say I get back 115 BTC - if that's supposed to be only from mining profits, then wouldn't it be more profitable for you to just take the 115 BTCs yourself rather than only getting 100 and giving 15 to me?

as I said before, if I put my 100 BTC + your 100 BTC, I would get more than double of the hardware. This leads to more bitcoins mined for both of us.

You say that I'm not getting paid any money from people that join under me, but then in the next sentence you say that referrals increase my bonus. If referrals increase my bonus, then I am getting paid, at least in part, from people who join under me, and hence this is, at least in part, a pyramid structure.

Your bonus increases. It means that your rented hashing power will stay up and running longer. You don't get any bitcoins from your referrals.

The "pyramid" is just the "structure" of the linked accounts, but rewards are 100% generated by mining.

Another thing I don't understand is how you can give me profits more quickly than a normal mining operation - how is it that you can do this?

I hope to not have been misunderstood. Mining time takes exactly the same time on pyramining on a normal operation. But with pyramining I am pretty sure that you can get much more hashing power for the same money, since buying cheaper hashing power leads to less time needed, you can profit quickly.

Try to do some math: how much would it cost to you to buy 1GH/s? Right now on pyramining it costs 134.6 BTC. Now try to calculate how much time will it need to reach the breakeven point in both cases.

Finally, you say in the OP that people can send any amount of BTC. If this BTC is only going to rent hashing power, how is it that this is unlimited? How can you instantly bring more FPGA hashing power online for any amount of BTC that I might send?

I have a LIMITED amount of hashing power deployed (immediately available). However I have already several orders open for new infrastructure and I am capable of acquiring new hardware in short times. If a big order is placed, the whole system will run "underpowered" for a few days, the time needed to expand it. If an exremely large order will be placed, I can satisfy it in NOT MORE than 1.5 months.

To be clear, I'm not claiming this is a scam - perhaps you have some very clever business plan here that is legit. I'm just saying that, for all that you have explained in the OP, it isn't clear how this isn't a pyramid scheme, at least in part. What I would need to be convinced that there isn't any pyramid scheme going on here is a better explanation that shows how you are able to do the things you claim in the OP without the profits payed to members being funded, at least in part, by new members sending BTC.

I did a lot of efforts to find the way to lower the costs of hardware. I did also a lot of work to develop a reliable infrastructure (software and hardware). I am putting my experience and my knowledge at work in this project. I will make some pictures of the infrastructure at work to convince you (and whoever else needs it) that the key of my business plan is just to optimize infrastructure and costs. Plenty of FPGAs => low cost. Simple.

If, as of this moment, no new members joined, how could you pay existing members a profit without essentially taking a loss yourself?

Because there is REAL hardware MINING for the project. And mining is ENOUGH to fulfill ALL rewards of every member. Since incoming bitcoins don't come from people joining, even the very last account will get 100% rewarded.

Even if this is a pyramid structure, it doesn't necessarily follow that it is a scam. Amway has a pyramid structure, but I wouldn't necessarily say it is a scam - they have been in business for years, sell actual products, etc. But with Amway it is still true that a new member isn't going to profit unless they can get new people to join under them. At this point I'm just asking for more clarity on what exactly your business model is - it isn't clear at all in the OP IMO. 

I really don't know how to explain it better than what you already read and what it's stated on the site. If you want to see it with your own eyes, open an account without any sponsor, send a small amount of bitcoins, don't recruit any referral and see what it will happen: in less ~ 10 months or less (provided that surrounding conditions don't change too much), you will get your rewards.

Or ask people who already joined but have still no referrals how much they already got on their accounts.

I hope I have been able to explain you things clearly enough. If there are still things that aren't clear to you, I'll be pleased to discuss them in a more detailed way.
pyramining
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May 17, 2012, 08:16:16 PM
 #31

BTW: it's better to post questions regarding pyramining on the "official" thread, otherwise I might see them late or even miss them.
MagicSata
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May 18, 2012, 05:37:15 PM
 #32

Hey, joined up with 1 btc for now. Will add about 30 more next week.

Here is some links:

http://www.pyramining.com/referral/ncqfga2k3
http://www.pyramining.com/referral/exgqmba3z
http://www.pyramining.com/referral/ps3bcykth
http://www.pyramining.com/referral/f7ym694kc   
http://www.pyramining.com/referral/ts82b7qdz   

Bitcoin: 18hAxcRYhMukhSPLZGHukJ7RofzrqGk2qG
Litecoin: LaM8gVwhZiiFhFgGyUk7uG4jQyUgzrEa2R
Dargo
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May 19, 2012, 05:37:18 PM
 #33

Just wanted to say, thanks for taking the time to answer my questions above. I'm still a little unclear on this step:

"if I put my 100 BTC + your 100 BTC, I would get more than double of the hardware. This leads to more bitcoins mined for both of us"

I guess you are somehow matching the BTC given by members with your own BTC? Anyway, I take it that this membership program is at bottom a way for you to grow a large FPGA farm faster than you could with your own funds, and in a way that is mutually beneficial to you and members. We can just leave it at that (no need for further clarification). I may give this a shot with a few BTC and wish everyone else who is doing so the best.

Also, sorry I am posting this here rather than the main thread, but since the exchange is already going on here, it seemed too confusing to jump it over to another thread. I'll use the main thread for any future comments or questions though. 
CrownCloud
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May 19, 2012, 05:50:42 PM
 #34

Ref links !! Enjoy your 5% EXTRA bonus !

http://pyramining.com/referral/79q4hktez   
http://pyramining.com/referral/z28sf4tmr   
http://pyramining.com/referral/n3cf8mx92   
http://pyramining.com/referral/gmd8bsae3   
http://pyramining.com/referral/aze4c2b9h

CrownCloud - Internet Services
Dedicated servers, OpenVZ and KVM based VPSes and  in 4 locations. (We accept Bitcoin !)
http://crowncloud.net/
pyramining
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May 19, 2012, 06:41:33 PM
 #35

"if I put my 100 BTC + your 100 BTC, I would get more than double of the hardware. This leads to more bitcoins mined for both of us"

I just meant that I already invested my capital, but since my sources for mining infrastructure are very good, increasing the available capital leads to even better conditions, with benefits for everyone. Performance growth (hashing power) is not linear to costs, it increases faster.

Moreover if someone has any doubt about the reliability of this initiative, there is also someone who is available to give you an insurance on the invested capital at no cost, just by joining using one of their referral links (search on the forum).
eliale
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May 19, 2012, 07:06:44 PM
 #36

You can find us here:

https://bitcointalk.org/index.php?topic=81688.0

Thank you!  Smiley

Dargo
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May 19, 2012, 08:35:13 PM
 #37


I just meant that I already invested my capital, but since my sources for mining infrastructure are very good, increasing the available capital leads to even better conditions, with benefits for everyone. Performance growth (hashing power) is not linear to costs, it increases faster.


OK that makes sense.  Smiley
runlinux
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May 20, 2012, 02:04:25 AM
 #38

http://www.pyramining.com/referral/d2bfeqyk8
http://www.pyramining.com/referral/6rap4ehgs
http://www.pyramining.com/referral/4bnk8r27a
http://www.pyramining.com/referral/62pdt9ayk
http://www.pyramining.com/referral/26mt7spag

heh, why not... I have 1.2 GH/s of my own.

JayCoin
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May 20, 2012, 09:30:02 PM
 #39

http://www.pyramining.com/referral/f9m42qpy3 2012-06-19 02:15:23 UTC   still active
http://www.pyramining.com/referral/e3nchk64q 2012-06-19 02:15:23 UTC   still active
http://www.pyramining.com/referral/6xsef83yn 2012-06-18 00:39:57 UTC   still active
http://www.pyramining.com/referral/pery7a869 2012-06-18 00:39:57 UTC   still active
http://www.pyramining.com/referral/bxpc3tdz7 2012-06-07 00:46:53 UTC   still active

Hello There!
aseldon
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May 21, 2012, 04:40:40 AM
 #40

You guys have helped me get to 187%. Please keep it going.  Grin Here are my new active links:

http://www.pyramining.com/referral/ca3zqtpeh
http://www.pyramining.com/referral/xp9m3zsg7
http://www.pyramining.com/referral/6ex8d7hkp
http://www.pyramining.com/referral/q72bgr9xe
http://www.pyramining.com/referral/6bm3qanht
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