Ahhh, I must have missed that post. Is there a reason not to mine scrypt coins with them then?

Sorry, I should have said FPGA mining, which is what pyra was installing before ASICs came along. But from what I understand, those are being used to mine scrypt coins now.

Pyraminng,

With the difficulty of mining BTC going up so much, is there a point at which moving the GPU miners over to some scrypt based altcoin? It seems like it would be much more effective to mine some altcoin and then convert those proceeds to BTC on an exchange than to continue to mine BTC with GPUs.

Pick the top 5 scrypt based coins off of coinwarz and start mining those. Then every few days convert that into BTC on an exchange and distribute that out to everyone. It would be a bit of an effort to code that I imagine, but I bet there are a bunch of us here that would be willing to help with that effort if you gave us the go ahead. Even before the code was done though, the GPUs could start mining the altcoins.

You really think so? A year ago 1 BTC = ~$30. That means you gave pyramining about $3.60 worth of BTC, which he converts to USD and buys hardware with. How much hashing power do you think $3.60 buys? Yes, we all know that the value of that 0.12 BTC has gone up in the last year, but that is the risk of investing in a mining operation like this? The difficulty of mining has gone up dramatically and has cut profits. It isn't pyramining's fault. You accepting the risk when you gave your coins to someone else, and pyramining has done exactly what he has said he would do: Invest your money in mining hardware and pay you out the proceeds for what you purchased at the time you invested.  

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.

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:


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?

rH2FNsggGJjQJKcXjdjdhpLFHVt4dL3moP

I've been using BitcoinSpinner for a while now and like it quite a bit. I think I've read through most of this thread, so I apologize if I missed the answer to this: What happens if the backend server goes away? Can I still retrieve my coins somehow?

If the answer is no, then the one feature I'd like to request is the ability to change the backend server that the app connects to (and if a special backend server is needed, can that software be open sourced?). In the event that you and/or your server go away, I would hate to loose access to whatever coins I have stored in my wallet. Would something like that even be possible?

I don't see why ฿ is even really an option as it is already reserved for the Thai baht.

It seems like BTC would be good enough although I think B would also work. Unless you are a physicist working with magnetic fields, there is nothing else to confuse units of B with. That would also allow the typical SI unit modifications of cB, mB, uB, nB, etc. for dealing with fractional amounts.

The first thing I did when I got my first bitcoins was setup a pyramining account. Seem like everything is working well for me! Thanks for the cool service!

http://www.pyramining.com/referral/n8zbyrd6k   2012-09-26 16:28:26 UTC   still active
http://www.pyramining.com/referral/gcqhb8x2f   2012-09-26 16:00:47 UTC   still active
http://www.pyramining.com/referral/f9zradcgn   2012-09-26 16:00:47 UTC   still active
http://www.pyramining.com/referral/6d9cxpzra   2012-09-26 16:00:47 UTC   still active
http://www.pyramining.com/referral/8h2rsdqzp   2012-09-26 16:00:47 UTC   still active

Is this an attempt to make money off of newbies or are yo trying to spread the idea of bit coin? If the later, wouldn't you be better off by re-directing those people to a better resource?

Hopefully I'll be able to post soon.

Why is this poll even relevant here?

The days that I get my BitCrate fix always seem better. Thanks!

Good advice all around! Thanks!

After spending days reading on these forums, it now seems as though I have passed the 2 hour mark on Total time logged in... Maybe in a few more days I'll be able to post in the real forums...

After hearing about bitcoin a few years back, I thought it might just be a passing fad. Now I am jumping in a little late, but better late than never. I'll be trying my hand at pyramining and see if I can find some local meetups to attend. Thanks for all the great discussions!