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

[platti]

the most people who invested one year ago in asics, thought, that they get an high asic-hashrate, but what happened?
thi8s investments are used to pay  the old accounts (maybe 17500 BTC) . that is very unfair, when the old investments are done, the bitcoincoinprice was under 5$, and now investments of 150$ ore more$ per BTC are used to pay out this old accounts

pyramining: please freeze the hashrate for the old accounts at 4800GHs for all deposits, so the hashrate for old deposits
can grow, when accounts are completed.
And for the new deposits you could offer an high hash-rate. If you use an old account as sponsor for an new account, so this old account will finish sooner

Otherwise you got no new investments.
the Investments in the queue comes from accounts, where the payoutadress is the depositadress from an other account. And this accounts loosing massivly money, because they sponsor with 225$ per bitcoins  accouts with investments from 5$ per btc

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[chriswen]

Hello everyone, I have been off for a couple of weeks.

In the few next days I will reply to all the PM/requests.

Difficulty is increasing at a huge rate, making everything look scary. For the future I have in mind two things:
- Working on next-gen ASICs: it's a huge work, even if it should be easier than the first time for some aspects, working at higher level of optimization increases complexity a lot.
- Partnering with another company: I am exploring if there is a way to make a deal/collaboration with one of the current ASIC manufacturers and split the workload.

I also have some personal funds that I want to invest into Pyramining. Actually I could buy ~2.5TH/s more, but I think it wouldn't make sense right now: we would add too little hashing power with current technology. What I have in mind is to wait for the 2nd gen ASICs to be available and invest with it, for the benefit of everyone. By that time I expect that difficulty will start to stabilize. I expect it would be around February 2014. I'd like to know your opinion about this.

This sounds like a great idea. 

[chriswen]

Also, I think buying accounts is the worst idea ever.  Bitcoins should be used first to invest in mining hardware. Just buying old accounts is not going to increase growth.  It would totally be a pyramid scheme.

It would be a lot more beneficial if people just invest to increase the pool.

[Lincoln6Echo]

@pyramining: Can you post some specs about current asic generation, please?

[inaltoasinistra]

the most people who invested one year ago in asics, thought, that they get an high asic-hashrate, but what happened?
thi8s investments are used to pay  the old accounts (maybe 17500 BTC) . that is very unfair, when the old investments are done, the bitcoincoinprice was under 5$, and now investments of 150$ ore more$ per BTC are used to pay out this old accounts

If I wanted to invest in dollars i hadn't invested in Pyramining... I chose it 'cause I expected the btc price was going up

[Giant]

I also have some personal funds that I want to invest into Pyramining. Actually I could buy ~2.5TH/s more, but I think it wouldn't make sense right now: we would add too little hashing power with current technology. What I have in mind is to wait for the 2nd gen ASICs to be available and invest with it, for the benefit of everyone. By that time I expect that difficulty will start to stabilize. I expect it would be around February 2014. I'd like to know your opinion about this.

Good to have you back, and good to hear that you are fully committed to the project.  I agree that adding another 2.5TH/s doesn't make sense right now.  We need better, more efficient technology to get ahead of the curve a bit if we are going to be able to pay off past deposits.

Mining is getting a bad name as an investment right now, and I think the pace of difficulty increases will have to slow down eventually.  It might not happen soon, but I think the best strategy is to start investing in new tech when everyone else stops investing.

Why would anyone stop investing soon? If we wait for the 'next generation' it's a matter of being ahead, as it was with the ASIC's. We were a bit more in front for a short time, seeing our investment return time decline, but it soon went up again because of everyone getting ASIC's. I don't think the next generation will be any different.

Invensting when everyone else doesn't is of coure the right strategy, but how to time that right? That's almost impossible.

[Lincoln6Echo]

oh crap!
Break even:   ~ 114 months
Complete reward:   ~ 125 months

 

[ghostshirt]

oh crap!
Break even:   ~ 114 months
Complete reward:   ~ 125 months

 

The sad part is that this might be true.

[riX]

Also, I think buying accounts is the worst idea ever.  Bitcoins should be used first to invest in mining hardware. Just buying old accounts is not going to increase growth.  It would totally be a pyramid scheme.

It would be a lot more beneficial if people just invest to increase the pool.

If anyone want to buy an account and think it would be cool to be listed on the front page, make me an offer :p
I agree with the quote though, I wouldn't recommend anyone to do it.

[Akka]

oh crap!
Break even:   ~ 114 months
Complete reward:   ~ 125 months

 

Hm, seems like this basically says "Game Over" for now.

I know, many don't like to here this, but maybe at some point the focus should be shifted from making a profit to give every Investor his money back = skip the bonus for all accounts. Or when an account is at 100% pause it until all current accounts had their original investments returned and then work off the bonus. 

[klee]

oh crap!
Break even:   ~ 114 months
Complete reward:   ~ 125 months

 

Hm, seems like this basically says "Game Over" for now.

I know, many don't like to here this, but maybe at some point the focus should be shifted from making a profit to give every Investor his money back = skip the bonus for all accounts. Or when an account is at 100% pause it until all current accounts had their original investments returned and then work off the bonus. 

+1

[matthewh3]

oh crap!
Break even:   ~ 114 months
Complete reward:   ~ 125 months

 

Hm, seems like this basically says "Game Over" for now.

I know, many don't like to here this, but maybe at some point the focus should be shifted from making a profit to give every Investor his money back = skip the bonus for all accounts. Or when an account is at 100% pause it until all current accounts had their original investments returned and then work off the bonus. 

+1

Or maybe force 90% of everyones bonuses into reinvestments into increasing hashrate?  With the 90% taken from the first and next payments.  I agree with what Pyra said that new hardware doesn't currently look profitable and these 90%'s should be saved up until February prices are announced.  Or possibly for an early day one pre-order of KNC generation two products which are due to start shipping in March/April.  Unless December KNC Jupiter prices announced at =<$2,000.  The 90% saved could be added to the depositors accounts but keep taking the 90% of the bonus again to add new cheaper hardware until better days.  Then the 90% taken from everyones bonus which is forced into new deposits could start be tapered off when things start to improve.

[rigel]

It is now evident that:

even if you create a new superultrapowerful generation of new ASICS, new investors will not be enough to increase GH/BTC ratio for everybody

completion of old accounts is too slow to make pyramining profitable again

Is there some kind of plan B?

[symbot]

oh crap!
Break even:   ~ 114 months
Complete reward:   ~ 125 months

 

Pyramining, how close are we to being unprofitable?

I guess electricity purchased with Euros doesn't cost many bitcoins, but I am worried that we are close to the point where it doesn't make sense to run our hardware anymore...

Are the FPGAs still profitable to run?  I cannot imagine that they are.

[Lincoln6Echo]

oh crap!
Break even:   ~ 114 months
Complete reward:   ~ 125 months

 

Hm, seems like this basically says "Game Over" for now.

I know, many don't like to here this, but maybe at some point the focus should be shifted from making a profit to give every Investor his money back = skip the bonus for all accounts. Or when an account is at 100% pause it until all current accounts had their original investments returned and then work off the bonus. 

+1

Please consider this Pyra!

[pyromaniac]

Pyramining, I'd want to request money back, at least 33% of it. Because bitcoin will die until I get back my investments. Now it costs around $200, after ten years it could be useless or cheaper than $1.

[crazyearner]

I have a question regarding accounts. Can a person request a refund from deposits if willing to forfeit earnings?

[Akka]

Yes lets do this and HURT THE EARLY ADOPTERS LIKE ME!!!!!! If they do this I would then consider them a scam.

Yea, you making profit is of course more important than giving people at least back what they invested. Considering the haling, pyramining has long past the point where people will even get a fraction of their investment back.

At some point it fairer to only work towards paying back the orginal investments. Besides EARLY ADOPTERS LIKE YOU would still be the ones that get payed back first.

But Greed knows no mercy I guess.

[Lincoln6Echo]

@greedo : Troll or just greedy as f***?  Because of early FPGA investors the ROI time for everyone went to ''da moon''!
Most FPGA investors wouldn't have nearly reached ROI without the Asic investors!
You said you got your investment+ interest back already, so what's the point? Yeah, you are totally in position to scream: ''scaaaaaaaam!''  

[rigel]

I have a question regarding accounts. Can a person request a refund from deposits if willing to forfeit earnings?

Obviously no.
Pyramining bough/developed harware with your money; he has no money to give you back.