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

[inaltoasinistra]

Whats hard to understand?
We are talking about a constant, IE the total amount of btc that has been invested in pyramining. Not the actual btc invested at any given time.

He bought more hardware than was preordered. If the hashrate goes up its because of 2 things, 1) new deposits that took some the excess hardware, and 2) completed deposits.

I thought that:
- Pyramining keeps the hardware he bought for him until someone pay for it
- We were talking about bitcoins into active deposits (that is more interesting that the total investment imho)
Thanks.

[1713932334]

1713932334

[1713932334]

1713932334

[rdyoung]

Whats hard to understand?
We are talking about a constant, IE the total amount of btc that has been invested in pyramining. Not the actual btc invested at any given time.

He bought more hardware than was preordered. If the hashrate goes up its because of 2 things, 1) new deposits that took some the excess hardware, and 2) completed deposits.

I thought that:
- Pyramining keeps the hardware he bought for him until someone pay for it
- We were talking about bitcoins into active deposits (that is more interesting that the total investment imho)
Thanks.

We were discussing a few things. First it was how much we needed invested to get us to 10ghs per btc.
I still stand by my math on that one. 17xxbtc and dropping as btc continues to rise.

[pyra-proxy]

Would this proposal if implemented full scale kill pyraminings fundamental internal structure with fixed deposit and payout addresses?  If so, how can this be mitigated if it goes into full and widespread practice?

https://bitcointalk.org/index.php?topic=334316.0

[Monkey1]

I was wondering the same thing.  there are several sites which use the same address repeatedly, such as referrals etc.  Surely this will kill that off?

[artbatista]

New infrastructure:   ~ 21.7GH/s/BTC

@ 400$/btc thats 18.43$/GHS.

And his deliveries are GUARANTEED, He is not waiting in a preorder que with who knows how many other people in front of him with an unknown delivery window.

In other words, HE KNOWS that he will get hardware delivered and when that will be.

I invested again in September and he applied my new deposit at the OLD rate, despite having specifically said here (in this thread) that all new deposits would be at the ASIC rate.

I've been trying to get a reply from him for over 5 weeks now, still no response.

I would seriously think very, very hard before investing one Satoshi in Pyramining.

Art

[rdyoung]

New infrastructure:   ~ 21.7GH/s/BTC

@ 400$/btc thats 18.43$/GHS.

And his deliveries are GUARANTEED, He is not waiting in a preorder que with who knows how many other people in front of him with an unknown delivery window.

In other words, HE KNOWS that he will get hardware delivered and when that will be.

I invested again in September and he applied my new deposit at the OLD rate, despite having specifically said here (in this thread) that all new deposits would be at the ASIC rate.

I've been trying to get a reply from him for over 5 weeks now, still no response.

I would seriously think very, very hard before investing one Satoshi in Pyramining.

Art

To play devils advocate here.... You did get the "asic" rate.
The rate before asic implementation was 11mhs/btc
After asic it went to 222.89/btc

Pyramining did do a poor job of explaining things.
But as I have posted previously, we are subsidizing the fpga investors.
FPGA outweighs first round asics by 4/1. Thats why the rate is so low.
But as pyramining has posted this will turn to an advantage, as asics get cheaper and more efficient we will all see our rate increase.

[gracesfall]

I've been seeing a lot of talk about Pyramining, here as well as other places. What is it exactly and how does it work? Can someone explain it so that even a complete newbie can grasp it?

Thanks

[ricciolone]

hi, I'm happy to hear about prospective

i have 5 account linked

n°     deposited    interest

1          10btc        2.5 btc

2          10btc        2.5 btc

3          10btc        2.5 btc

4          10btc        7.6 btc

5          61btc        9 btc


is it correct? I suppose there is some problem, how it's possible 1,2,3 have the same revenue?

Did you set the accounts up as referred by the one by above it?

yep so something is strange!

[rdyoung]

hi, I'm happy to hear about prospective

i have 5 account linked

n°     deposited    interest

1          10btc        2.5 btc

2          10btc        2.5 btc

3          10btc        2.5 btc

4          10btc        7.6 btc

5          61btc        9 btc


is it correct? I suppose there is some problem, how it's possible 1,2,3 have the same revenue?

Did you set the accounts up as referred by the one by above it?

yep so something is strange!

Would provide a link to one of the accounts?
I can look and see if I can see what's what.

[ricciolone]

are you in pyramining staff?

[rdyoung]

are you in pyramining staff?

no. but as an intelligent being I can look,see and deduce
they are probably overlooking something.

And I can't do anything but look. only pyramining can change things.
If I felt inclined I could stumble around random links to I found  ones that matched those deposits.

[ricciolone]

q2tskyzx

is it enough?

[rdyoung]

q2tskyzx

is it enough?

Quick glance. They look right.
You have to account for the 7.5/7.5/15 referral structure.

[ricciolone]

7.5/7.5/15 what that means?

general question
do you think the best way is to go deep or there is a level to stop for the best reward in pyramining ?

[rdyoung]

7.5/7.5/15 what that means?

general question
do you think the best way is to go deep or there is a level to stop for the best reward in pyramining ?

30% of your earnings go to the accounts above you.
15% to the one directly above and 7.5 to the next 2.
It slows down each accounts completion time but your referrals help you get paid faster.

I have mine 4 deep. small amounts in the first 3 with 4 being the largest. I also have a small chain of linked accounts on level 4.
1
2
3
4-4.1-4.2, etc

[ricciolone]

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?

[rdyoung]

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?

Because the referrals only go 3 deep, 5 imo would be overkill.
Yes, it speeds up the completion of the top account.

However, I have mine feeding up the chain topping off at the top one, so my (1) account will keep growing in size.
I view pyramining as a long term investment, akin to a CD or other locked investment vehicle.

[ricciolone]

right

[btharper]

I've been seeing a lot of talk about Pyramining, here as well as other places. What is it exactly and how does it work? Can someone explain it so that even a complete newbie can grasp it?

Thanks

You can put money in and pyramining buys hardware with it (or you wait in queue until pyramining can get said hardware). You buy x hardware that's added to the pool of hardware that everyone uses and then you get back x/y from each block where y is the total deposited amount across all of pyramining (So your returns are proportional to your share of uncompleted deposits). A total of 30% of your hashing rate is used to complete accounts that referred your account. Each amount you deposit is tracked for completion separately, and once you get the full reward you lose the hashing power (and it goes back into the hardware pool for uncompleted deposits). The deposit bonus (the amount above 100%) that you earn on your deposit starts at 10% (so 110% return) and increases if you get referrals underneath your account. Getting the full return is currently fairly slow and there is no way to refund your deposit unless someone is willing to buy your account from you, however this likely is at a severely reduced price.

I may well have missed something, so I'd definitely recommend reading through the pyramining site and asking about anything specific that doesn't make sense.

Tl;dr - deposit; wait; profit. Bonus for referrals! (Note, no step).

Tips and tricks:
Opening multiple accounts is perfectly allowed, and opening one account as a referral of another of your accounts gets extra bonus for you.
The more you deposit the faster everyone hashes.
You can't withdraw your money once deposited!
The completion time is currently relatively high, this is not an overnight process.

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?

Because the referrals only go 3 deep, 5 imo would be overkill.
Yes, it speeds up the completion of the top account.

However, I have mine feeding up the chain topping off at the top one, so my (1) account will keep growing in size.
I view pyramining as a long term investment, akin to a CD or other locked investment vehicle.

They only start 3 deep, once an account is completed the bonus will continue up the chain until all accounts above you in the chain are completed as well. So until everyone is completed you'll still be "leaking" referral amounts. Additionally any of the accounts on the bottom (4.x or 5.x depending) don't get any bonus from having lower down referral accounts. I don't personally see any reason not to make them one long line off accounts all the way down instead of grouping them (Although given that some account that belongs to you is getting a bonus it might be about the same, I don't think that there would be any difference between just having a larger bottom account instead of having multiple accounts).

[specgamer]

So right now I'll ask the question.  Now with the (sort of) competitor, CEX.io, which one is more profitable?  I'm thinking about invest some of my bitcoins, about 5 - 10 in one of these sites, which one do you guys suggest?