http://www.pyramining.com/ - Discussion thread (no advertising here)

[superresistant]

It is not a scam. Everything is explained. It is just the one of the worst investment you can do with your Bitcoins.

It's people fault if they cannot read and do some research.

It is worst than being scammed because with a scam you have an excuse. Pyramining is a sort of genius. I wish I could do the same.

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[pyramining]

I am going to suspend new account creation until the deposit queue will be empty.

[krash282]

i understand this is a difficult situation

but when you say ....the unexpected rise of the hashing power...

anyone with a pretty basic knowledge can see this coming ...and you need to be prepared. Keeping the coins there , wont help anyone.

Especially you , and then the sad customers that feel like this is a scam


Before making a deposit, check the "Queue size" on the upper right table. Deposits are queued, and they become active when it's their turn, on a first-arrived-first-served basis. If the queue size power shows "0", then the deposit will become active immediately. Never invest more than you can afford to lose.

on the website ...thats the info that you find regarding deposits. You are never told that once you fund you account , you can not whit-draw , until the sys generates payouts.

Its a incomplete piece of information , that creates so much confusion and discussion here , when you can have the option to just whit-draw the coins that are currently in Q and registration should start when hasing power is available.

i think thats pretty transparent and it creates a leverage for the customer too.

www.ic3.gov/‎ has already over a few hundreds of complains for this site.

i hope this works out fine for all of us (

[pyramining]

anyone with a pretty basic knowledge can see this coming ...and you need to be prepared. Keeping the coins there , wont help anyone.

Coins have never been "kept there". They have always been invested in the quickest and better way available at that moment.

[pyramining]

As soon as I will receive the new chips there will be more than 30TH/s available, and the size could be further expanded. Please be patient.

[krash282]

oh nice pyra ...so you made a good investment in those chips ...good for you
guess you don't need 5.9TH in pending coins if 30 TH are coming.
people who really believe this will return !

be transparent if you dont have anything to hide
waiting for Q refund option , pls
thank you very much

[simonk83]

Hi pyramining,

Those of us who have been invested with you a while know the score.  It's not a great situation, especially since the coins are worth so much more than they used to be, but the majority of us know you generally do your best to keep this working.

Ignore the couple of utter pricks in here posting stupid threats for the trolls they are.  Literally, put them on ignore.

I do agree with Krash though that better wording on the site would go a long way to stopping some of the more repetitive questions on here.  It's probably good for everyone if you update that.

Aside from that, just check in more often.  A lot of us have some decent money invested here now (after the price rise) so a weekly checkin at least would be a good idea, even if you don't have much to say.

[simonk83]

I'd also recommend you post here, or on the site, whenever payments are going to stop.  Like others my last payment was the 14th Jan, but I'm still non the wiser why nothing has been received since.

Just little updates like that will help a lot.

[krash282]

word ! You have to let the shareholders know
we only want for this to go down good for everyone.

[pyramining]

guess you don't need 5.9TH in pending coins if 30 TH are coming.
people who really believe this will return !

be transparent if you dont have anything to hide
waiting for Q refund option , pls
thank you very much

I am absolutely transparent: queued deposits are not "coins on hold" I used that money (along with my own money) to buy the new chips. However I will try to find a way to manage the change of the payout address, through signed messages, so people will be able to trade theirselves the accounts.

I will think about a way to allow people to quit earlier by buying back their account myself at a discount. However in this case I will have to take into consideration the bitcoin fiat value at the time the deposit has been made, there is no chance I can afford to buy the same number of bitcoins at the current price.

[pyramining]

I'd also recommend you post here, or on the site, whenever payments are going to stop.  Like others my last payment was the 14th Jan, but I'm still non the wiser why nothing has been received since.

Payments are slow in these days because of two reasons:
1) difficulty has grown so much that mined coins are only a bit more than power and management costs.
2) p2pool is going through a low luck time (check http://p2pool.info/ ). We are near 50% in the last 7 days and 85% last 30 days. Hopefully it will recover.

[simonk83]

I'd also recommend you post here, or on the site, whenever payments are going to stop.  Like others my last payment was the 14th Jan, but I'm still non the wiser why nothing has been received since.

Payments are slow in these days because of two reasons:
1) difficulty has grown so much that mined coins are only a bit more than power and management costs.
2) p2pool is going through a low luck time (check http://p2pool.info/ ). We are near 50% in the last 7 days and 85% last 30 days. Hopefully it will recover.

All good .  Post something like that every week or so with a bit of a status update and you'll probably find the amount of PMs you get is reduced quite a lot

[krash282]

sounds like a deal with a twist.

pay back now , the unspent coins* that YOU have in the main account back to the shareholders.

*(since your last purchase of the chips)

wait for new hardware that you already bought to kick in , and then collect more.

[krash282]

Payments are slow in these days because of two reasons:
1) difficulty has grown so much that mined coins are only a bit more than power and management costs.
2) p2pool is going through a low luck time (check http://p2pool.info/ ). We are near 50% in the last 7 days and 85% last 30 days. Hopefully it will recover.

Like you said , and this quote is the perfect reason ....we need to take the coins out from the Q.

The payments are slow because your profit does not cover the increasing H speed...and you can barely cover the management costs.

i dont want to say it but ...if you lost in this little business of yours , please dont drag everyone down with you.

Refund the Q pending for new purchases of chips , and think of a better strategy because 6TH now and upgrade to 30 TH wont cut it.
Everyone is going to wait a lot for their profit (0.001btc )payment after they invested 1btc with that kind of hashing speed


here's the FACT : Hashrate Distribution An estimation of hashrate distribution amongst the largest mining pools
https://blockchain.info/pools

Payout address:   1BPEKyiZMatx2BCtVn8JpFM7gHxMjPCgqu

Standby deposits
Label   Date   Deposited amount   Category
3xfq8mre   2014-01-31 12:51:01 UTC   0.61994449 BTC   queued

1   Not yet redeemed   0.61994449   172rKggedoC3bx4QF9V6FMJsCSeixKinMe   Address   
OP_DUP OP_HASH160 422a57bc2606764211e523f1ffdf437327ebade6 OP_EQUALVERIFY OP_CHECKSIG

Profile information
Account label:   74hkarzq
Joined:   2014-01-31 12:12:55 UTC
Status:   Active
Sponsor:   Yes (m7xshper)
Total referrals:   0
Active referrals:   0
Deposit address:   172rKggedoC3bx4QF9V6FMJsCSeixKinMe
Payout address:   1BPEKyiZMatx2BCtVn8JpFM7gHxMjPCgqu
Total deposited amount:   0 BTC
Equivalent hashing power:   0
Current bonus:   10.0%
Average bonus:   0.0%
Pending rewards:   0 BTC
Sent rewards:   0 BTC
Last update:   2014-01-31 12:12:55 UTC
Active deposits
No active deposits.
Standby deposits
Label   Date   Deposited amount   Category
3xfq8mre   2014-01-31 12:51:01 UTC   0.61994449 BTC   queued
Last 20 transactions
Date   Amount   Description
2014-01-31 12:51:01 UTC   0.61994449   new deposit (3xfq8mre)   see transaction

the transaction was made today ... pls refund now before your next order of chips

there has to be a way out of this mess everyone

[inaltoasinistra]

I am absolutely transparent: queued deposits are not "coins on hold" I used that money (along with my own money) to buy the new chips. However I will try to find a way to manage the change of the payout address, through signed messages, so people will be able to trade theirselves the accounts.

Great! You could implement an escrow service in order to avoid frauds, the message to sign could be something like:
[ Transfer account X (Y btc deposited, W btc rewarded, Z% of bonus) to address A if T btc are received on address B ]
Mmh, frauds are still possible: double sell :O So Pyramining.com has to know the next payout address before the payment.

This could reduce investments in new hardware :O

[justice]

I am absolutely transparent: queued deposits are not "coins on hold" I used that money (along with my own money) to buy the new chips. However I will try to find a way to manage the change of the payout address, through signed messages, so people will be able to trade theirselves the accounts.

I will think about a way to allow people to quit earlier by buying back their account myself at a discount. However in this case I will have to take into consideration the bitcoin fiat value at the time the deposit has been made, there is no chance I can afford to buy the same number of bitcoins at the current price.

28nm chips?

[pyramining]

I just added the option to sell the account and quit. The value is calculated on the bitcoin value at the deposit time, taking into consideration exchange/bank/management fees, payouts already made and the current bitcoin value. The option is located on the right column in the account profile. The sale is final and can not be reverted.

Beware that I have to process manually the sales, so the payout is not real time. Requests will be however processed at best effort, as soon as possible.

In the next days I will think about a procedure to change the payout address using signatures so you will also be able trade your account with third parties autonomously.

[pyramining]

28nm chips?

I can't tell the exaxt process size because it would help to discover who is the partner who will supply chips, with whom I signed an NDA. However they are new generation and they are smaller than 30nm.

[pyramining]

I just added the option to sell the account and quit.

I forgot to mention that sold accounts are not deleted, therefore nothing will change for sponsor or referrals of the accounts being sold.

[krash282]

Thank you Pyra for your understanding and support.
waiting for transfer.
Generated the payout from Q - the fiat value and payouts are manual.