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Author Topic: http://www.pyramining.com/ - Discussion thread (no advertising here)  (Read 297454 times)
pyramining
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September 24, 2013, 10:34:27 PM
 #1821

Hey pyramining,
I think you should really improve the FAQ on your site!

In particular I find this sentence misleading:
Quote
30% of your income will be sent upwards: 15% of your income will be sent to your sponsor. 7.5% to the 2nd grade sponsor and 7.5% to the 3rd grade sponsor.
You do not specify this operation happens RECURSIVELY so:
First level sponsor gets only 70% of his 15% revenue = 10.5%
Second level sponsor gets 70% of his 7.5% revenue plus first level revenue on first level revenue = 70% x (7.5% + 15% x 15%) = 70% x 9.75% = 6.825%
Third level sponsor get more than second level one: 70% x (7.5% + 15% x 9.75% + 7.5% x 15%) = 70% x 10.0875% = 7.06125%
Fourth level sponsor gets 70% x (15% x 10.0875% + 7.5% x 9.75% + 7.5% x 15%) = 2.3585625%
And so on...

You should also specify what you mean by "Current infrastructure" and "New infrastructure" so people stop asking the same questions again and again

The % coming from the referrals actually _is_ an income, I thought it was quite clear. However I will try to improove the FAQ section, thanks for the hints.
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KillaGT
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September 25, 2013, 06:33:09 AM
 #1822

i invested 10 months ago but couldn't find any ref's than another account of myself =( I'm only at 11.5% so i think i will get my coins back in maybe....10 years o.O ?

http://pyramining.com/referral/bmpxne2cr    2013-02-11 08:36:49
http://pyramining.com/referral/yezd764ah    2012-11-25 13:17:26
Donate: 1FHPZHQgqmdRmWtV1auwdJ9F5xMswJ5XY1
woodlandmonk
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September 25, 2013, 07:23:36 PM
 #1823

The % coming from the referrals actually _is_ an income, I thought it was quite clear. However I will try to improove the FAQ section, thanks for the hints.

I think a lot needs to be cleared up in the FAQ. I did my best to read through everything before depositing my BTC almost exactly a year ago. At that time I think the Break Even time was ~12 months and the Complete Reward was ~13 months. That seems entirely reasonable for a 10% return on investment.

And what you said back then was:

However I invite everybody to be patient: when ASICs will finally be ready, most probably all deposits will become "complete" far before the date expected at the moment of the deposit.

Now that the ACIS are all installed, the complete time is nearly 5x longer than what it was when I invested. I realize that you have very little control over this, and there is nothing I can do to get my BTC back, but I feel like your FAQ back then (and even now) along with your posts between then and now paint a much rosier picture than what actually is. I feel mislead. And I think that your FAQ continues to mislead people into thinking that the Break Even will eventually go down. With the difficulty continuing to go up and others continuing to add more hashing power to the network, I do not have any confidence that the Break Even period will ever go down to a reasonable timeframe. I am a year into my pyramining experience, at the point where I was originally told I would finally start earning my "bonus", yet I have only recouped 1/5 of my initial investment.

I will continue to watch the BTC trickle in over the next 5 years (hopefully), but I cannot see how I would ever recommend this service to anyone else. And that there is the issue, because unless pryamining continues to get new investments, the Break Even date will continue to get further and further out.

What should be made clear in the FAQ, is how pyramining expects to continue providing ROI for its investors. Unless there is a path that doesn't rely on new investors to put more money in, then I think that the idea that this isn't a pyramid scheme needs to be re-evaluated. Can pyramining be self sufficient? If so, how?
BobbyJo
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September 25, 2013, 11:37:57 PM
 #1824

I think you are missing the point.  When you joined (and I did) approx 1-2 years ago, difficulty was much lower and no one predicted that ASIC would make the network difficulty increase at such a rate (30% per 10 days at current rate).

We effectively bought a share in a miner, not an income stream, so we are subject to any changes in difficulty! I am in the same boat, I have (at current BTC value) a small fortune outstanding, but I cant say I was misled.  I invested, knowing that if the difficulty went up, it would take longer to get paid out and if it went down (it has before- not often but it has), it would complete quicker.

If you didn't complete your due diligence then you cant blame anyone else for the fact that your returns will be lower than you expected.

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September 26, 2013, 11:42:52 AM
 #1825

P2Pool luck is at 140%!

To much variance, I would suggest we abandon it as fast as possible Wink

All previous versions of currency will no longer be supported as of this update
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September 26, 2013, 02:07:29 PM
 #1826

P2Pool luck is at 140%!

To much variance, I would suggest we abandon it as fast as possible Wink

haha, good one.

I´ve seen that there are a bunch of users of p2pool with relatively new addresses whose rewards are untouched. Are they the ones associated with the "50% under your account" deposits made by pyramining?

Anybody has other ideas? Just curious about those misteryous powerful miners.
julian_datminer
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September 26, 2013, 03:02:06 PM
 #1827

why u guys dont make a 'Withdraw' button-option???

and i did not understant when the automatic withdraw is making...1 Months, 1 Year or when Deposit amount reach 100% ?

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September 26, 2013, 04:15:51 PM
 #1828

why u guys dont make a 'Withdraw' button-option???

and i did not understant when the automatic withdraw is making...1 Months, 1 Year or when Deposit amount reach 100% ?

Withdrawals are automatic when a person's account has earned 0.1BTC, or, if the account is nearly complete and it crosses the 0.1BTC threshold, it will delay that withdrawal until the account is complete.

Warning: Wildly inaccurate numbers ahead!  Use the concept, not the numbers.

Let's say that you deposited 1BTC, and your reward is 110%.  Complete Reward time is currently listed at 56 months...  which will go down when new hardware comes online and will go up when the network difficulty changes.

But, let's assume the reward time remains constant.

This means that in 5.1 months, you'll get a payment of 0.1BTC, and will continue to get the same payment 11 times total.  If the final payment were for 0.1001BTC, then you'll have to wait the extra day for that extra 0.0001 to come in.

If you deposited 10BTC, you'll be getting a payment roughly every 14 days...  100BTC == roughly every day and a half.

166XA8Kq3Dv4DVS6vnvzRotpmJovycWd7w
julian_datminer
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September 27, 2013, 08:51:10 AM
 #1829

I understand Cheesy

Thank you very much ^^



anyone care for a little deposit in my Pyramining accout??
18pcy3wrbpecTGwPMW1WPkFeET9o91ocNi


God Bless You All ^^

woodlandmonk
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September 27, 2013, 11:39:56 PM
 #1830

If you didn't complete your due diligence then you cant blame anyone else for the fact that your returns will be lower than you expected.

No, I am admitting I didn't do my due diligence. What I am saying though is that without further investment from new customers, new hardware will not be added and the break even period will continue to be extended and extended as difficulty increases. So... no new customers means we don't get our money back ever. The FAQ should be updated to reflect that.
pyra-proxy
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September 28, 2013, 12:50:51 AM
 #1831

If you didn't complete your due diligence then you cant blame anyone else for the fact that your returns will be lower than you expected.

No, I am admitting I didn't do my due diligence. What I am saying though is that without further investment from new customers, new hardware will not be added and the break even period will continue to be extended and extended as difficulty increases. So... no new customers means we don't get our money back ever. The FAQ should be updated to reflect that.

What about those deposits that are nearing completion?  Have you factored that into the system?

chriswen
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September 28, 2013, 02:46:02 AM
 #1832

If you didn't complete your due diligence then you cant blame anyone else for the fact that your returns will be lower than you expected.

No, I am admitting I didn't do my due diligence. What I am saying though is that without further investment from new customers, new hardware will not be added and the break even period will continue to be extended and extended as difficulty increases. So... no new customers means we don't get our money back ever. The FAQ should be updated to reflect that.

What about those deposits that are nearing completion?  Have you factored that into the system?

But, I think that the break even will still not decrease from deposits completing.  Deposits completing might just keep it at 31 months.  Cause, as difficulty rises the breakeven takes longer and longer.

That's why I think they should do something like 50% fixed mining , 50% polled mining.  Or maybe 30% fixed mining, 70% pooled mining.  And if there is ever the case that the current hardware options is really good then the old members will get an advantage. And if its like how it is now then you're going to be getting more than an old investor but you'll still be benefitting the old investors.

The problem right now is that as the investment becomes less lucrative less people invest which means less growth.  Without growth hashrate will just stall into negative (does pyramining take fees for electricity?)
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September 28, 2013, 04:16:49 PM
 #1833


But, I think that the break even will still not decrease from deposits completing.  Deposits completing might just keep it at 31 months.  Cause, as difficulty rises the breakeven takes longer and longer.

That's why I think they should do something like 50% fixed mining , 50% polled mining.  Or maybe 30% fixed mining, 70% pooled mining.  And if there is ever the case that the current hardware options is really good then the old members will get an advantage. And if its like how it is now then you're going to be getting more than an old investor but you'll still be benefitting the old investors.

The problem right now is that as the investment becomes less lucrative less people invest which means less growth.  Without growth hashrate will just stall into negative (does pyramining take fees for electricity?)

What your not factoring in is threefold. 1) We have the hardware he installed that was approximately Double that of the asic queue.
2) The deposits that are coming in either fresh or reinvestments that allocate more of that extra hardware to the entire system. 3) The finished deposits/accounts whose hashrate gets divided up among the remaining active accounts.

We also cant forget that he set the amount of active deposits in stone so to speak. If the hardware doesn't exist deposits will stay queued until either more hardware comes online or older deposits get paid out and free up some hashrate.

In summary, as he has said, do not worry about the difficulty. As long as he keeps bringing in more hardware it will only get better from here. He has also brought an additional 200gh online in the past few days. Thanks to this and some very large deposits my equivalent hashrate has increased over 10% in that time.
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September 30, 2013, 04:59:17 PM
 #1834

Pool Hashrate: 40741.1 GH/s
p2pool.info

klee
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October 01, 2013, 07:12:05 PM
 #1835

KnC starts delivering:
https://bitcointalk.org/index.php?topic=170332.msg3276896#msg3276896

We need more hashing power!

BTC: 1K9atu5zgz7izCMAynk5adBJ8Qn2YgS6nT
inaltoasinistra
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October 02, 2013, 09:51:16 AM
 #1836

KnC starts delivering:
https://bitcointalk.org/index.php?topic=170332.msg3276896#msg3276896

We need more hashing power!
Invest! Invest!

artbatista
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October 08, 2013, 02:59:32 PM
 #1837

Pyramining, I sent that PM you wanted about the problem with my deposit.

It's been a few days and I haven't heard back from you. Did you get the info?

Art

BTC: 1Mhdwbd88ZvVsuQezdCgiSXGs3CbAs3tAP
rdyoung
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October 08, 2013, 04:58:06 PM
 #1838

Pyramining, I sent that PM you wanted about the problem with my deposit.

It's been a few days and I haven't heard back from you. Did you get the info?

Art


I had him change my payout address and it took him about a week to get back to me. Give him some time he likely has a flood of PM's to get through.
artbatista
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October 08, 2013, 08:09:27 PM
 #1839

Pyramining, I sent that PM you wanted about the problem with my deposit.

It's been a few days and I haven't heard back from you. Did you get the info?

Art


I had him change my payout address and it took him about a week to get back to me. Give him some time he likely has a flood of PM's to get through.

In that case, I'll wait a few more days before I bug him again.

Thank you

Art

BTC: 1Mhdwbd88ZvVsuQezdCgiSXGs3CbAs3tAP
superresistant
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October 09, 2013, 09:46:12 AM
 #1840

KnC starts delivering:
https://bitcointalk.org/index.php?topic=170332.msg3276896#msg3276896
We need more hashing power!

lol, it is way too late to invest in KNC miner if you haven't. The people that will ROI and make money are the ones that have the hardware running since few days.

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