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

[alexanderanon]

So it seems to me that this is essentially just a mining company distinct from the others in that a) no fluctuating GLBSE share price nonsense, b) high MH/btc returns (seems to be about 2.8%/week from the one bitcoin i deposited --no referral), c) no withdrawal until "completion"=10 months, d) a referral system that can add a bit of a reward at the end of 10 month completion.

I suppose my only concern is waiting 10 whole months to get my deposit plus 5-10% back. The ~2.8%/week i calculated looks pretty good, so I'm interested. I think I might need some more transparency though to be fully convinced. Do you (pyramining) have any sort of verification as per GLBSE verification? Pictures of mining rigs? Background?

[1695731912]

1695731912

[1695731912]

1695731912

[Kotera]

Some fresh links:

http://www.pyramining.com/referral/mxdepyzr3    2012-07-15 14:55:18 UTC    still active
http://www.pyramining.com/referral/ge6x2df7p    2012-05-31 13:47:44 UTC    still active
http://www.pyramining.com/referral/ah7p8qkgf    2012-05-27 08:54:44 UTC    still active
http://www.pyramining.com/referral/g98z7kteh    2012-05-27 08:54:44 UTC    still active
http://www.pyramining.com/referral/x7pymhkbe    2012-05-27 08:54:44 UTC    still active

[gbl08ma]

c) no withdrawal until "completion"=10 months, d) a referral system that can add a bit of a reward at the end of 10 month completion.

I don't think it is like this, you get paid out as your reward is completed...

[Koooooj]

Also, I have a question about the 3rd point. Let's say I deposit 0.01 BTC and my referral deposits 10 BTC. Given your formula, the result is ((10/0.01)/10) = 100; The question is, am I right to take this number (100 in our case) and multiply it by the amount I deposited to get the final reward?  So if there are no more deposits, my reward would be 1btc

Yes, at the end you would be rewarded with 1.011 BTC. The number calculated with that formula is the additional bonus, if you multiply * 100 you get the % that you can add to your initial 5% or 10%.

Your deposit * ((((total_referrals_deposits) / your_deposit) / 10) + 1.05 + (0.05 if joining through a sponsor))

Let's assume you deposited 0.01, a referral deposited 10, you joined through a sponsor:

0.01 * ((((10 / 0.01) / 10) + 1.10)   =   0.01 * 101.1   =   1.011

...

It took me a bit to fully understand what the payout is and what the percentage winds up being.  To me, it seems easier to look at two quantities, by splitting up the above formula.

First, there is the base deposit.  The larger this is, the faster you earn BTC.  By depositing BTC into your pyramining account you add to your final payout amount by that deposit * 1.05 or 1.1, depending on whether or not you used a referral link.

Second, there is the referral amount.  By distributing the your_deposit term across the outer most parenthesis, the first term becomes total_referrals_deposits/10.  This means that whenever someone deposits BTC using one of your referral links, 10% of their deposit is added to your final payout amount.  Also, this increases the rate at which you get paid out (although not nearly as fast as by depositing directly into your account).

While you have received less than your final payout amount, you receive rewards as they are available, at a rate proportional to the amount that you have deposited.  When you have received the entire final payout amount, the account becomes dormant.

The whole notion of percentage payout is just a nice way of representing the return, since that's how most investments list their return, but it doesn't quite grasp fact that part of the return is not based on your own investment, thus leading to people with 1000+% return.

Is this an accurate description of the payout system?  Also, a couple of questions:

• The FAQ states: "If any upper grade sponsor's account are complete, the % that would have been credited to him it's credited to the first active upper grade sponsor. If all upper grade sponsors' accounts have been completed, this amount will be credited to you."  Does "all upper grade sponsors" mean all three of the ones immediately above you, or does it mean all of them, up to the very top of a chain?
• For the total_referral_deposits in the above equation, is that only for the first-level depositors, or do you get rewarded for accounts several layers down (other than the increase in revenue rate)?
• In the spirit of exploring various investment strategies, is there any drawback to the following: 
  • Invest a small token amount in an un-sponsored account.
  • Use that account to sponsor a second account with the vast majority of deposits.
  • Seek further investors to use referral codes from the second account
  
  From what I can tell, this strategy will give you the following benefits:
  • Your entire deposit (minus the token amount) will get the 10% base return from being sponsored
  • YOU get the entire benefit that would go to a sponsor (an extra 10%)
  • Any people who use your referral link will increase the final payout of the account that has the largest amount deposited, which means it will pay out the most quickly
  
  Is there anyone who can find a better investment strategy? (i.e. faster and/or larger return)

Sorry if this was too wordy.  I'm looking forward to investing with this service.  Thanks, all, for any reply.

[Maidak]

Moar Codes:

http://pyramining.com/referral/tsk6dy2zn   2012-07-24 07:06:11 UTC   still active
http://pyramining.com/referral/2bsn7hqr4   2012-07-19 19:41:55 UTC   still active
http://pyramining.com/referral/qeh6pb7y3   2012-07-10 16:07:59 UTC   still active
http://pyramining.com/referral/rbyhm34ct   2012-07-03 03:48:47 UTC   still active
http://pyramining.com/referral/q2fakym9t   2012-06-27 23:37:26 UTC   still active

[pyramining]

Does "all upper grade sponsors" mean all three of the ones immediately above you, or does it mean all of them, up to the very top of a chain?

It means up to the very top of the tree.

Is this an accurate description of the payout system?  Also, a couple of questions:

Yes, exactly!

Is there anyone who can find a better investment strategy? (i.e. faster and/or larger return) [/li][/list]

Beware that there will be two little changes in the next few days. The upgrade is almost ready so I can announce it already:

1) there will be no more chances to join without a referral. This is made to disincentivate people in making 0.x account with all the capital after, in order to help members receiving more rewards and a % of the referral (and sub-referrals) mining results.

2) Deposits will be kept separated inside the account. Now all deposits are joined in one single balance. Soon they will be kept separated inside an account, and it will be possible to see the completion % of each single deposit.

This will not change anything for current members, it will affect only new accounts, made after the update.

[pyramining]

c) no withdrawal until "completion"=10 months, d) a referral system that can add a bit of a reward at the end of 10 month completion.

It's not possible to "withdraw funds" but rewards from mining operations are being sent in 1 BTC slices. If the deposit is less than 2 BTC, it will take ~ 10 months to get anything back. Larger amounts receive rewards (on their rewards address) daily.

[Tyger]

2) Deposits will be kept separated inside the account. Now all deposits are joined in one single balance. Soon they will be kept separated inside an account, and it will be possible to see the completion % of each single deposit.

This will not change anything for current members, it will affect only new accounts, made after the update.


So older accounts cannot see this??

[btcftw]

2) Deposits will be kept separated inside the account. Now all deposits are joined in one single balance. Soon they will be kept separated inside an account, and it will be possible to see the completion % of each single deposit.

This will not change anything for current members, it will affect only new accounts, made after the update.

What are the cons and pros of this change for users?
Particularly, how will this affect the 1BTC payout? And, just out of curiosity  what is the reason for this change?

Thanks

[LuaKT]

New codes:

http://www.pyramining.com/referral/azxg29n4t
http://www.pyramining.com/referral/7a93zkpx8
http://www.pyramining.com/referral/dgtybap2m
http://www.pyramining.com/referral/a2bg9ftqy
http://www.pyramining.com/referral/pzhc4qn7a

Thanks

[pyramining]

So older accounts cannot see this??

Older accounts will see this only in new deposits.

[pyramining]

What are the cons and pros of this change for users?
Particularly, how will this affect the 1BTC payout? And, just out of curiosity  what is the reason for this change?

It doesn't affect the 1BTC payout, because as soon as the balance (the sum of the credit of all deposit) reaches at least 1BTC, it gets paid back.

Cons: almost nothing.
Pros: it's more fair for everyone.

Reason? If someone has a big account (example 1000 btc), and it gets completed, actually if it sends other 10 BTC, he will obtain results at the speed of 1010 BTC (now it doesn't matter, but as soon as hardware will start to fail, he would subtract hashing powers from new deposits). After the change, he will gets rewards at the 10BTC speed, so every deposit will have the ~10 months return.

The new feature will just "expire" old deposits when calculating the allocated MH/s per account.

However hardware will be kept at work for Pyramining, and the result is that there will be a better MH/s per BTC for everyone.

[btcftw]

What are the cons and pros of this change for users?
Particularly, how will this affect the 1BTC payout? And, just out of curiosity  what is the reason for this change?

It doesn't affect the 1BTC payout, because as soon as the balance (the sum of the credit of all deposit) reaches at least 1BTC, it gets paid back.

Cons: almost nothing.
Pros: it's more fair for everyone.

Reason? If someone has a big account (example 1000 btc), and it gets completed, actually if it sends other 10 BTC, he will obtain results at the speed of 1010 BTC (now it doesn't matter, but as soon as hardware will start to fail, he would subtract hashing powers from new deposits). After the change, he will gets rewards at the 10BTC speed, so every deposit will have the ~10 months return.

The new feature will just "expire" old deposits when calculating the allocated MH/s per account.

However hardware will be kept at work for Pyramining, and the result is that there will be a better MH/s per BTC for everyone.

That explains a lot for me, thank you.

[Akka]

What are the cons and pros of this change for users?
Particularly, how will this affect the 1BTC payout? And, just out of curiosity  what is the reason for this change?

It doesn't affect the 1BTC payout, because as soon as the balance (the sum of the credit of all deposit) reaches at least 1BTC, it gets paid back.

Cons: almost nothing.
Pros: it's more fair for everyone.

Reason? If someone has a big account (example 1000 btc), and it gets completed, actually if it sends other 10 BTC, he will obtain results at the speed of 1010 BTC (now it doesn't matter, but as soon as hardware will start to fail, he would subtract hashing powers from new deposits). After the change, he will gets rewards at the 10BTC speed, so every deposit will have the ~10 months return.

The new feature will just "expire" old deposits when calculating the allocated MH/s per account.

However hardware will be kept at work for Pyramining, and the result is that there will be a better MH/s per BTC for everyone.

Will you then see multible deposits in one account mining in paralel, as if you would have multible accounts, or will you still just see your total deposits?

So for Example:

If I deposit 1 BTC 5 Times, would I see something like:

1. Reward Completion 15%
2. Reward Completion 12%
3. Reward Completion 7%
4. Reward Completion 3%
5. Reward Completion 0%

?

[pyramining]

Will you then see multible deposits in one account mining in paralel, as if you would have multible accounts, or will you still just see your total deposits?

So for Example:

If I deposit 1 BTC 5 Times, would I see something like:

1. Reward Completion 15%
2. Reward Completion 12%
3. Reward Completion 7%
4. Reward Completion 3%
5. Reward Completion 0%

?

You will see the completion % of every deposit, like in the example, and a resume with total deposit. This is valid for all deposits sent after the update. Deposits made before the update will be seen as one.

[pyramining]

I am willing to show some pictures of the Pyramining infrastructure (last big upgrade) to members who are interested to see it. PM me for details on how to access pictures (Warning: if I receive too many requests, there will be some delay :-) ).

BTW: Someone of you already came here in visit and saw it, in person.

[eliale]

I was there with Paci! 

[dli7319]

I am willing to show some pictures of the Pyramining infrastructure (last big upgrade) to members who are interested to see it. PM me for details on how to access pictures (Warning: if I receive too many requests, there will be some delay :-) ).

BTW: Someone of you already came here in visit and saw it, in person.

Why don't you just post this pictures?


http://pyramining.com/referral/n7qhdfpx8
http://pyramining.com/referral/y4zdnb67s
http://pyramining.com/referral/9nm6x4z2h
http://pyramining.com/referral/ahez9r8ys
http://pyramining.com/referral/dhcbsz2q4

[pyramining]

Why don't you just post this pictures?

Because I am not comfortable for them to be publicly available... even because I made them during building and testing and there are details showing... However anyone interested in looking at them can just ask through a PM.

[Akka]

Will you then see multible deposits in one account mining in paralel, as if you would have multible accounts, or will you still just see your total deposits?

So for Example:

If I deposit 1 BTC 5 Times, would I see something like:

1. Reward Completion 15%
2. Reward Completion 12%
3. Reward Completion 7%
4. Reward Completion 3%
5. Reward Completion 0%

?

You will see the completion % of every deposit, like in the example, and a resume with total deposit. This is valid for all deposits sent after the update. Deposits made before the update will be seen as one.

Thanks. I think this update is fair. Maybe then we will finally see some accounts actually get completed.

This maked pyramining better for the "late adopters" which have'nt accounts they can build up.