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

[pyramining]

Could be better if pyramining can allow us to set the miners pointed to the specified pools, boosting the hashrate and block found and helping the users in the pool. I would recommend bitminter as they currently have a small amount of block found.
Addon: making it available with people with more than 100gh/s would be nice.

This is not a good idea: 1) things would become very complex on my side. 2) as of today, p2pool is second only to solo-mining. All the other solutions are less interesting.

[pyramining]

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

In particular I find this sentence misleading:

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.

[KillaGT]

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 ?

[woodlandmonk]

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]

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.

[Akka]

P2Pool luck is at 140%!

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

[bradyon]

P2Pool luck is at 140%!

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

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]

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% ?

[ghedipunk]

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.

[julian_datminer]

I understand

Thank you very much ^^



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


God Bless You All ^^

[woodlandmonk]

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]

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]

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?)

[rdyoung]

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.

[platti]

Pool Hashrate: 40741.1 GH/s
p2pool.info

[klee]

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

We need more hashing power!

[inaltoasinistra]

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

We need more hashing power!

Invest! Invest!

[artbatista]

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

[rdyoung]

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]

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