Bitcoin Forum
December 02, 2016, 10:16:55 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  

Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

Pages: [1]
  Print  
Author Topic: Interest in Pyramining Pass through  (Read 993 times)
btharper
Sr. Member
****
Offline Offline

Activity: 389



View Profile
June 16, 2012, 03:44:45 AM
 #1

I'm wondering if anyone would be interested in a Pyramining pass through share. After playing with a very small amount on pyramining I think it would be an interesting place to throw more funds into, but without the free change myself to really pay off (payout is over 8-9 months in 1 BTC increments) , I'd want to attempt to gather more interest to give more frequent payouts.

My current plans :
-Establish fund and become verified (Skipping social networks unless there is good reason not to)
-Offer 1000 shares at 1 BTC each
-Start off a small account with no sponsors (<=1 BTC)
  *Allows top account to start with the 10% signing bonus
  *Keeps the fund from paying 30% of generation to sponsors up the chain (This would not affect total payout at all).
-Put everything into Pyramining in 10 100 BTC chunks
  *This gives 9 accounts referrals starting out (theoretically boosting bonus to 20%)
  *Reduces frequency of payouts in favor of higher eventual returns
  *Allows multiple sell orders and investment to start as soon as
-Publish information allowing verification of deposits
-All payouts would be paid out as dividends
-Once the bonus has been reached and everything is paid out all shares will be bought back without payment and the security will either end there or restart again.
-I will provide and update referral links so that anyone who wants to increase the accounts bonus can increase the payout of the fund.

-Expected return is about 1190 (or 19%) over the life of the security. The security will depreciate in value as it pays out until it is worthless (after paying out via dividends).
-This security would allow people to join or exit as they wish, avoiding the lock-in normally associated with Pyramining.
Fee:
-I'm thinking 1 BTC per week for the first 10 weeks, this pays the security setup fee and 2 BTC to me.
-Possibly a bonus based on additional referrals.

Cons:
-When block reward halves payment term will be extended. Full payout may take 11-12 months including this.
-Assumes no default on the part of Pyramining, while I don't expect this I would not be providing any insurance.
-I'm a fairly new member to the forums so my current trust is low (Everything would however be simple to verify).

Needing input:
-Any ideas on increasing Pyramining bonus?
-Does anyone think the fee should be adjusted?
-How often would you like to see dividends payed out, keeping in mind that a specific payout per time isn't very easy to establish.
-Would it be better to have 10 accounts that pay out to the fund directly, or 1 that pays out directly and 9 that feed into the previous account in the chain (so that each deposit counts multiple times, but greatly extends payout time)?
-Should I forward funds to myself (in case of unlikely chance of GLBSE losing their wallet and do things more manually), or keep everything inside GLBSE?
-Please ask any other questions you might have.

EDIT 6/15: Modified title to indicate interest only.
"With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless." -- Satoshi
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480717015
Hero Member
*
Offline Offline

Posts: 1480717015

View Profile Personal Message (Offline)

Ignore
1480717015
Reply with quote  #2

1480717015
Report to moderator
1480717015
Hero Member
*
Offline Offline

Posts: 1480717015

View Profile Personal Message (Offline)

Ignore
1480717015
Reply with quote  #2

1480717015
Report to moderator
BinaryMage
Hero Member
*****
Offline Offline

Activity: 546


Ad astra.


View Profile
June 16, 2012, 06:15:50 AM
 #2

The concept is valid (though I'm not a fan of Pyramining, for other reasons), but I don't think you'll generate much interest or investment.

Two main problems: Firstly, an ROI of 19% for a year, while HYIP-materiel in USD/EUR/GBP investing, is extremely low ATM in the world of Bitcoin. With what I think most consider an extremely stable, constant-rate investment with a publicly identified issuer, BDK.BND, pays 1% a week or 52% a year, and will make 19% in only a few months. Something perhaps considered more risky, BS&T, will generate 19% in a few weeks. 19% in 12 months just doesn't look too appealing.

Secondly: Passthroughs with fees are based on a simple premise: They offer something which the investor couldn't easily invest in otherwise. If Pirate had open accounts and no minimum investment requirements, BS&T passthroughs wouldn't exist; there would be no need for them. (Only possible exception being ones which offered additional "features", such as partial insurance) Pyramining is open and there is no minimum investment.

In short, I just can't see people buying a moderately but not extremely stable passthrough for as much interest in a year as a more stable option offers in a few months using a website with no entry barriers.

Not exactly what you were looking for, but I hope it helps. Good luck.


-- BinaryMage -- | OTC | PGP
pyramining
Hero Member
*****
Offline Offline

Activity: 501


View Profile
August 14, 2012, 03:40:04 AM
 #3

A Pyramining Passthrough could be valid in case you worked on your account and you have a lot of referrals and referrals of referrals.
This allows you to get returns much faster than average (you get a % of the mined bitcoins from your referrals). Then you can deposit BTCs in that account and get quick returns.
Other people should build their network of referrals to reach the same result, so maybe they could just join your PT.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!