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

[superresistant]

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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[superresistant]

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?)

According to the website deposit take 44-51 months to ROI.
Suppose it take 44 months to ROI, that's more than 3 years and a half. How come pyramining maintain a stable profit for so long without investing massively in future hardware ? As I've seen, pyramining does not plan to invest anything before next year. In few months, investors may have to pay pyramining to run the obsolete hardware when the cost of electricity is higher than the income.

Suppose pyramining survive for so long. 10% bonus for 51 months... what where you thinking about when you invested ?
It mean 10/56 = 0.178 % interest per month. It is lower than putting your money on a saving account in your bank.
I know, pyramining swear the bonus will go above 100% as you convince more investors to invest after you but come on...  convincing someone to invest knowing he will never get back his money is like scamming someone.

Haven't you done some research ? Many investments are available for bitcoin.
For example : Putting your bitcoin on your mcxnow wallet give you more than 2% per month with no risk while you can withdraw any time.
Invest your bitcoin on just-dice give you about 4-5% per month with variance (you can withdraw anytime too).

[symbot]

We need more hashing power!

This.

The complete reward time is up to 68 months because the premise of the site's economy is that mining hardware we buy will have an ROI greater than 110%, which allows it to pay back the original investor then work for others in the pool.  Unfortunately,  we have a lot of old FPGA infrastructure still running that is hardly generating any profit at all, and that will soon become (is already?) unprofitable to run.  Our new ASICs equipment is competitive, but it is diluted more than 1:10 by old FPGAs.

We need a lot of new investment to come online very soon to turn this around.

[platti]

1. What we need, are more investments in pyramining.
But with complete reward time of 70 month, nobody will invest.

2. What we need, are deposits with real 2,5 GH/s.

So my proposal is:

If someone creates a new account, and the payout address of this new account is the deposit adress of an old account, than this new account gets the full hash-speed of 2,5 GH/s.
If you use the old account as sponsor for the new account, this will accelerate also the old account
 
So the minerhardware could grow,  and everybody can benefit from this

[easynote]

Speed up guys!

[ingrownpocket]

I don't receive rewards since 2013-10-08 22:31:19 UTC.
Account label: ym89rpce

[bradyon]

I don't receive rewards since 2013-10-08 22:31:19 UTC.
Account label: ym89rpce

Yes, there´s lttle luck for p2pool lately

[marcotheminer]

Is this even worth it anymore?

It says the break even is 68 months :O

Wth

[matthewh3]

I don't receive rewards since 2013-10-08 22:31:19 UTC.
Account label: ym89rpce

Yes, there´s lttle luck for p2pool lately

It's just variance the bad times will be evened out by good luck.  P2Pool is the best thought of pool but it always tends to suck for the latest ASIC's.  I'll be moving my KNC Jupiter's to P2Pool once it's taking a good hashrate for them.

[artbatista]

Pyramining, it's been 8 days since I sent you a PM asking to fix the problem with my latest deposit. I have yet to see any response. I know you are always very busy, but I really need you to take a look at my account.

If you need me to resend that PM, please let me know.

Art

[Akka]

Pyramining, it's been 8 days since I sent you a PM asking to fix the problem with my latest deposit. I have yet to see any response. I know you are always very busy, but I really need you to take a look at my account.

If you need me to resend that PM, please let me know.

Art

He announced that he will make holiday soon after he had installed everything, so I could imagine he will be unreachable for ~2 weeks.

[artbatista]

He announced that he will make holiday soon after he had installed everything, so I could imagine he will be unreachable for ~2 weeks.

I must have missed that. That explains his lack of response.

Thanks for the info.

Art

[chriswen]

1. What we need, are more investments in pyramining.
But with complete reward time of 70 month, nobody will invest.

2. What we need, are deposits with real 2,5 GH/s.

So my proposal is:

If someone creates a new account, and the payout address of this new account is the deposit adress of an old account, than this new account gets the full hash-speed of 2,5 GH/s.
If you use the old account as sponsor for the new account, this will accelerate also the old account
 
So the minerhardware could grow,  and everybody can benefit from this

My suggestion is that the new account gets half of the GH/s and also gets half of a pool rate.  This would still be a lot better than right now.  And he is still donating half his hash power to the pool to increase it.  At this rate new investments won't be coming fast enough at all and then ROI will never get anywhere.  Even though ROI is  68 months in reality it is a lot lot lot more if you use adjusted difficulty.

[chriswen]

We need more hashing power!

This.

The complete reward time is up to 68 months because the premise of the site's economy is that mining hardware we buy will have an ROI greater than 110%, which allows it to pay back the original investor then work for others in the pool.  Unfortunately,  we have a lot of old FPGA infrastructure still running that is hardly generating any profit at all, and that will soon become (is already?) unprofitable to run.  Our new ASICs equipment is competitive, but it is diluted more than 1:10 by old FPGAs.

We need a lot of new investment to come online very soon to turn this around.

Without new investment this site will die.  As the complete reward time is a lot more than 68 months if you account for increasing difficulty.  Basically you would need to restart the site and I really think there are better options. 

[junshong]

So i give some of my earned btc from casinos, would it help?

[rdyoung]

We need more hashing power!

This.

The complete reward time is up to 68 months because the premise of the site's economy is that mining hardware we buy will have an ROI greater than 110%, which allows it to pay back the original investor then work for others in the pool.  Unfortunately,  we have a lot of old FPGA infrastructure still running that is hardly generating any profit at all, and that will soon become (is already?) unprofitable to run.  Our new ASICs equipment is competitive, but it is diluted more than 1:10 by old FPGAs.

We need a lot of new investment to come online very soon to turn this around.

Without new investment this site will die.  As the complete reward time is a lot more than 68 months if you account for increasing difficulty.  Basically you would need to restart the site and I really think there are better options. 

There already is a decent amount of "new" investment in the form of accounts feeding into each other. You can see this with active deposits increasing as payouts happen. What we need and what I believe will keep happening is pyramining buying more hardware and or using bitfury's new exchange to purchase hashing power.

Whether we see a return in 5 years or 50 is all dependent on how fast the difficulty increases and how well pyramining can keep up with it.

[symbot]

The big jump in difficulty was not kind to our investment:

Investing in Pyramining is indeed very profitable: the complete reward is estimated to be reached in less than 96 months.

Things are looking bleak.

[rdyoung]

The big jump in difficulty was not kind to our investment:

Investing in Pyramining is indeed very profitable: the complete reward is estimated to be reached in less than 96 months.

Things are looking bleak.

No it wasn't "kind".
But what can we do about it? Continuing to post how bad its looking does nothing.

All we can do is let pyramining do his thing. He has more invested than any single one of us. He has plenty of incentive to do what he can to keep things going.

Don't forget that as deposits and accounts are completed their hashrate gets split among the remaining deposits.

[apollojmr]

I am wondering when I can expect to get my rewards? Also is there a way I can withdraw my coins? user name is  zb3crgpn

[chriswen]

The big jump in difficulty was not kind to our investment:

Investing in Pyramining is indeed very profitable: the complete reward is estimated to be reached in less than 96 months.

Things are looking bleak.

No it wasn't "kind".
But what can we do about it? Continuing to post how bad its looking does nothing.

All we can do is let pyramining do his thing. He has more invested than any single one of us. He has plenty of incentive to do what he can to keep things going.

Don't forget that as deposits and accounts are completed their hashrate gets split among the remaining deposits.

You don't understand, at the rate deposits are currently being completed it won't even make a difference.  The break even will just go up a bit slower.  And the higher the breakeven goes the worse the investment rate is which means the breakeven gets even worse.

I hope you understand.

Also, yes there was a big jump in difficulty.  But you also have to expect that there will be many more big jumps in difficulty in the future, so if new investments and deposits completing (deposits only complete if the breakeven + reward) isn't high enough then the break-even will go even higher.