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Author Topic: http://www.pyramining.com/ - Discussion thread (no advertising here)  (Read 297460 times)
rdyoung
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November 16, 2013, 05:36:01 PM
 #2001

7.5/7.5/15 what that means?

general question
do you think the best way is to go deep or there is a level to stop for the best reward in pyramining ?
30% of your earnings go to the accounts above you.
15% to the one directly above and 7.5 to the next 2.
It slows down each accounts completion time but your referrals help you get paid faster.

I have mine 4 deep. small amounts in the first 3 with 4 being the largest. I also have a small chain of linked accounts on level 4.
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4-4.1-4.2, etc
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November 16, 2013, 06:05:48 PM
 #2002

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?
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November 16, 2013, 06:15:18 PM
 #2003

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?
Because the referrals only go 3 deep, 5 imo would be overkill.
Yes, it speeds up the completion of the top account.

However, I have mine feeding up the chain topping off at the top one, so my (1) account will keep growing in size.
I view pyramining as a long term investment, akin to a CD or other locked investment vehicle.
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November 16, 2013, 07:13:37 PM
 #2004

right
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November 16, 2013, 08:01:06 PM
 #2005

I've been seeing a lot of talk about Pyramining, here as well as other places. What is it exactly and how does it work? Can someone explain it so that even a complete newbie can grasp it?

Thanks Smiley
You can put money in and pyramining buys hardware with it (or you wait in queue until pyramining can get said hardware). You buy x hardware that's added to the pool of hardware that everyone uses and then you get back x/y from each block where y is the total deposited amount across all of pyramining (So your returns are proportional to your share of uncompleted deposits). A total of 30% of your hashing rate is used to complete accounts that referred your account. Each amount you deposit is tracked for completion separately, and once you get the full reward you lose the hashing power (and it goes back into the hardware pool for uncompleted deposits). The deposit bonus (the amount above 100%) that you earn on your deposit starts at 10% (so 110% return) and increases if you get referrals underneath your account. Getting the full return is currently fairly slow and there is no way to refund your deposit unless someone is willing to buy your account from you, however this likely is at a severely reduced price.

I may well have missed something, so I'd definitely recommend reading through the pyramining site and asking about anything specific that doesn't make sense.

Tl;dr - deposit; wait; profit. Bonus for referrals! (Note, no Huh step).

Tips and tricks:
Opening multiple accounts is perfectly allowed, and opening one account as a referral of another of your accounts gets extra bonus for you.
The more you deposit the faster everyone hashes.
You can't withdraw your money once deposited!
The completion time is currently relatively high, this is not an overnight process.

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?
Because the referrals only go 3 deep, 5 imo would be overkill.
Yes, it speeds up the completion of the top account.

However, I have mine feeding up the chain topping off at the top one, so my (1) account will keep growing in size.
I view pyramining as a long term investment, akin to a CD or other locked investment vehicle.
They only start 3 deep, once an account is completed the bonus will continue up the chain until all accounts above you in the chain are completed as well. So until everyone is completed you'll still be "leaking" referral amounts. Additionally any of the accounts on the bottom (4.x or 5.x depending) don't get any bonus from having lower down referral accounts. I don't personally see any reason not to make them one long line off accounts all the way down instead of grouping them (Although given that some account that belongs to you is getting a bonus it might be about the same, I don't think that there would be any difference between just having a larger bottom account instead of having multiple accounts).
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November 16, 2013, 08:03:40 PM
 #2006

So right now I'll ask the question.  Now with the (sort of) competitor, CEX.io, which one is more profitable?  I'm thinking about invest some of my bitcoins, about 5 - 10 in one of these sites, which one do you guys suggest?

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November 16, 2013, 09:51:45 PM
 #2007

So right now I'll ask the question.  Now with the (sort of) competitor, CEX.io, which one is more profitable?  I'm thinking about invest some of my bitcoins, about 5 - 10 in one of these sites, which one do you guys suggest?

These things are very different, one is investing in the company and using a system to get others to invest into it. The other is a trading future contracts on mining. It depends, obviously CEX.io can be more profitable but it is more work. Pyramining does all the hard work for you, you just get the profits. Both depend on the difficulty.

Want to earn 2500 SATOSHIS per hour? Come Chat and Chill in https://goseemybits.com/lobby
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November 16, 2013, 11:44:57 PM
 #2008

So right now I'll ask the question.  Now with the (sort of) competitor, CEX.io, which one is more profitable?  I'm thinking about invest some of my bitcoins, about 5 - 10 in one of these sites, which one do you guys suggest?
If I had to choose today, I would go with cex.
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November 16, 2013, 11:47:13 PM
 #2009

So right now I'll ask the question.  Now with the (sort of) competitor, CEX.io, which one is more profitable?  I'm thinking about invest some of my bitcoins, about 5 - 10 in one of these sites, which one do you guys suggest?

These things are very different, one is investing in the company and using a system to get others to invest into it. The other is a trading future contracts on mining. It depends, obviously CEX.io can be more profitable but it is more work. Pyramining does all the hard work for you, you just get the profits. Both depend on the difficulty.

You can however automate the reinvestment. They have an api and someone already put up a piece of software that interfaces with the api. I have been using it without issue since he released the alpha.
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November 17, 2013, 11:18:36 AM
 #2010

Its not an either or question.  You can split the investment and hence split the risk that one doesn't work out.  There is still the risk that the price plummets or that BTC fails, but that is always going to be there with any BTC investment.

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November 17, 2013, 05:58:11 PM
 #2011

@pyramining: Have you got a fixed delivery date for new asic generation?


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rdyoung
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November 17, 2013, 06:00:33 PM
 #2012

Its not an either or question.  You can split the investment and hence split the risk that one doesn't work out.  There is still the risk that the price plummets or that BTC fails, but that is always going to be there with any BTC investment.
At the moment, it is an either or.
They are not equal.
I fully support pyra, however when you look at the #s, cex is the better option.
I would suggest you put the money in cex, if/when pyraminings ghs/btc is equal to or lower than cex, I would suggest either cashing out of cex, or investing earnings from cex in pyra.
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November 17, 2013, 06:01:38 PM
 #2013

@pyramining: Have you got a fixed delivery date for new asic generation?

He said by the end of january. So hopefully everything will go smoothly and by early jan he will start bringing hardware online.
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November 17, 2013, 06:05:34 PM
 #2014

investing earnings from cex in pyra.

At this juncture for the time being that would be my recommendation if desire to invest in both places.

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November 17, 2013, 06:49:23 PM
 #2015

investing earnings from cex in pyra.

At this juncture for the time being that would be my recommendation if desire to invest in both places.

It is pointless to invest in both at this juncture. He has activated another queue for pyra deposits. With cex they will start earning the minute they buy ghs.
Looking at this situation as you would decide where to invest usd/eur/gbp etc, the smart move at the moment is cex.
However even the ghs at cex are over priced. It is a market afterall, I would buy some ghs now to start earning and put some buy orders in at .06 and lower. That way they start earning now and earn even more when it inevitably drops further.
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November 17, 2013, 07:33:20 PM
 #2016

There is some way to leave the system/site with investment and profits?

Regards
rdyoung
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November 17, 2013, 07:39:17 PM
 #2017

There is some way to leave the system/site with investment and profits?

Regards
Pyra?
No, he converts all deposits to cash to buy hardware.
There is no withdrawal option.
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November 17, 2013, 07:49:38 PM
 #2018

investing earnings from cex in pyra.

At this juncture for the time being that would be my recommendation if desire to invest in both places.

It is pointless to invest in both at this juncture. He has activated another queue for pyra deposits. With cex they will start earning the minute they buy ghs.
Looking at this situation as you would decide where to invest usd/eur/gbp etc, the smart move at the moment is cex.
However even the ghs at cex are over priced. It is a market afterall, I would buy some ghs now to start earning and put some buy orders in at .06 and lower. That way they start earning now and earn even more when it inevitably drops further.

I was just agreeing that depositing initial investment to cex and rolling earnings into pyramining is the better option of dual investment if it was to be done.  However, with that said I don't honestly feel that cex is overpriced until cointerra starts delivering and even then I'd still expect cex to demand a higher premium which is worth it IMHO if nothing else due to the convenience it offers.  There is no other source of mining on the planet right now which is as convenient as cex, the ability to get in and out, buy and resell hash rate at or near purchase cost is worth a premium up front cost.  If you take that convenience out and only compare buying direct hash rate mining equipment or any other group hash rate investment that exists then sure it's "overpriced" but the value of that convenience significantly outweighs the cost of all other mining options out there (at least until cointerra starts delivering IMHO).

Taking a mining source like cex and rolling earned BTC into pyramining is IMHO the best form of duality because your initial investment is far more liquid and you can theoretically reach ROI on the initial investment when you cash out even if you roll 100% of your earnings into pyramining, thusly pyramining is just an investment of profits.

All that said and done, what still really needs to happen is to see where pyramining is going to take it's service in the future and any restructuring that may happen to help increase the value and ROI on existing and new deposits, so if picking only a single investment between the 2, I'd say hedge investments into cex until these things are announced and implemented.  IMHO, the #1 priority for pyramining is to provide partial permanent ownership (30/70, 50/50, 70/30 ... whatever of deposits funneled into a permanent never reduced deposit), and #2 confirm and roll out boosted hash rates for all accounts + get the GHs to $ rate much closer to cointerra's offering as soon as possible because while cex can charge a premium for convenience I don't feel pyramining can afford to do that for some time at least until ROI time is greatly reduced.

Outside of those fundamental concepts, making the whole system more efficient with fee reduction, reduced transaction bloat (operating expenses from unnecessary wallet transactions and wallet size, transaction fees, etc are impacted here), and the addition of merged mining (as a way to increase overall bitcoin return or IMHO the best option would be to reduce/eliminate pyramining fees all together by allowing pyramining to use merge mined income to cover expenses, profits and upgrades) and finally reconsider p2pool which while the technology is outstanding and a noble pursuit by all in bitcoin the pool has fallen largely out of favor and thus it's market share causes such high variance that all users/pools backed by it are experiencing massive consumer dissatisfaction, to continue supporting distributed mining pyramining might want to take a look at eliopool, the distributed pooling software backing eligius which has a much higher hash rate than p2pool and thus more favorable variance rates or sadly revert back to a more direct mining pool of which ghash.io ironically would be an ideal candidate now that they are offering merged mining proceeds, 0% fee and one of the lowest variance pools out there at the moment.

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November 17, 2013, 08:30:43 PM
 #2019

investing earnings from cex in pyra.

At this juncture for the time being that would be my recommendation if desire to invest in both places.

It is pointless to invest in both at this juncture. He has activated another queue for pyra deposits. With cex they will start earning the minute they buy ghs.
Looking at this situation as you would decide where to invest usd/eur/gbp etc, the smart move at the moment is cex.
However even the ghs at cex are over priced. It is a market afterall, I would buy some ghs now to start earning and put some buy orders in at .06 and lower. That way they start earning now and earn even more when it inevitably drops further.

I was just agreeing that depositing initial investment to cex and rolling earnings into pyramining is the better option of dual investment if it was to be done.  However, with that said I don't honestly feel that cex is overpriced until cointerra starts delivering and even then I'd still expect cex to demand a higher premium which is worth it IMHO if nothing else due to the convenience it offers.  There is no other source of mining on the planet right now which is as convenient as cex, the ability to get in and out, buy and resell hash rate at or near purchase cost is worth a premium up front cost.  If you take that convenience out and only compare buying direct hash rate mining equipment or any other group hash rate investment that exists then sure it's "overpriced" but the value of that convenience significantly outweighs the cost of all other mining options out there (at least until cointerra starts delivering IMHO).

Taking a mining source like cex and rolling earned BTC into pyramining is IMHO the best form of duality because your initial investment is far more liquid and you can theoretically reach ROI on the initial investment when you cash out even if you roll 100% of your earnings into pyramining, thusly pyramining is just an investment of profits.

All that said and done, what still really needs to happen is to see where pyramining is going to take it's service in the future and any restructuring that may happen to help increase the value and ROI on existing and new deposits, so if picking only a single investment between the 2, I'd say hedge investments into cex until these things are announced and implemented.  IMHO, the #1 priority for pyramining is to provide partial permanent ownership (30/70, 50/50, 70/30 ... whatever of deposits funneled into a permanent never reduced deposit), and #2 confirm and roll out boosted hash rates for all accounts + get the GHs to $ rate much closer to cointerra's offering as soon as possible because while cex can charge a premium for convenience I don't feel pyramining can afford to do that for some time at least until ROI time is greatly reduced.

Outside of those fundamental concepts, making the whole system more efficient with fee reduction, reduced transaction bloat (operating expenses from unnecessary wallet transactions and wallet size, transaction fees, etc are impacted here), and the addition of merged mining (as a way to increase overall bitcoin return or IMHO the best option would be to reduce/eliminate pyramining fees all together by allowing pyramining to use merge mined income to cover expenses, profits and upgrades) and finally reconsider p2pool which while the technology is outstanding and a noble pursuit by all in bitcoin the pool has fallen largely out of favor and thus it's market share causes such high variance that all users/pools backed by it are experiencing massive consumer dissatisfaction, to continue supporting distributed mining pyramining might want to take a look at eliopool, the distributed pooling software backing eligius which has a much higher hash rate than p2pool and thus more favorable variance rates or sadly revert back to a more direct mining pool of which ghash.io ironically would be an ideal candidate now that they are offering merged mining proceeds, 0% fee and one of the lowest variance pools out there at the moment.

I base cex being overpriced on time to produce a positive roi. I also run simulations on reinvestment @ different percentages and price points. I also base it on btc returned, not its conversion into fiat. @ at average difficulty increase of 25% and ghs priced where it is, it never returns a positive roi from mining.
Now that is obviously a close to worst case scenario, and it doesn't account for the inevitable leveling off of increase in difficulty.

Here is a spreadsheet I have been using.
I didn't create it, but it is sweet.
http://goo.gl/xrLswh

I do agree with you in splitting it between the two, but why would you lock money in pyra now, when you could get a return now from cex, and when the new hardware is brought online, then start bringing the money into pyra, I have no doubt that pyra will bring the ghs/btc lower than cex at some point. Cex is a market driven price, as long as the customer base keeps growing, the price will hold as more people get in.
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November 18, 2013, 01:47:21 AM
 #2020

Anyone tell me what happend with Pyramining??

I Deposit some BTC on 2013-11-16 13:21:01 UTC, but until now my deposit status "queued".


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