bitcoin mining

[Erwino]

I dont know much about investing, but dam even i can see a ponzi scheme a mile away

so is there an estimate as to how much he took off with?

[HunterBunter]

Originally Posted by Erwino

so is there an estimate as to how much he took off with?

There were some estimates of total outstanding to be around 500k btc, but that would be the upper end.

As for actual payments taken, no one really knows. A lot of people (maybe most) simply reinvested interest so lots of paper gain.

[Foliage]

Where is the thread with everyone loling at the "investors" that were screaming it must be real?

[HunterBunter]

Originally Posted by Foliage

Where is the thread with everyone loling at the "investors" that were screaming it must be real?

They've scattered into a million threads mostly, but I haven't found one of that...there were a few "I told you so's" but basically team pirate have stopped talking, perhaps still waiting for a payout. I suppose the pro ponzi team feel like arsehats rubbing their faces in it...many naive cherries popped I imagine, and I don't envy them.

[ItsDanK]

Originally Posted by Foliage

Where is the thread with everyone loling at the "investors" that were screaming it must be real?

It was real for a very long time and I personally made close to 500AUD on bitcoin mining whilst my friend made over and above 1k as he was using his Uni labs computer to do it 24/7.

Too many people jumped on board and diluted it to the pulp it is now.

[Foliage]

I'm talking about the ponzi scam.

[slavewone]

Originally Posted by Foliage

I'm talking about the ponzi scam.

I'm still undecided if it was a ponzi or not. I think it was just a badly run arbitrage venture. In short, if your liabilities are in BTC and you keep your funds in fiat...

I decided to buy some GPUmax exposure (bought 200BTC exposure for 20BTC - so 10%) and well, it got paid out a day or so ago.

I still have some pass though exposure that has yet to go either way.

[Graet]

Originally Posted by minushuman

Love that guy.

Took an unregulated market, with no personal risk to himself, and stole a bunch of money from not very smart people who have absolutely no legal recourse to their funds.

If I were him I'd just leave the country and retire somewhere (if reports of his total BTC count are roughly true).

but then you would be a scammer
obviously you arent him
this hasnt finished playing out yet.

[XST]

not entirely sure how this happened, hoping someone here may have some insight. I had 8 BTC backed up in a wallet.dat file from a few months ago. I copied this wallet.dat and other files that were in the bitcoin folder, into a new installation of bitcoin. When I started the bitcoin software, after it sync'd the blocks, suddenly I only had 1.5btc. It definitely had 8 btc at the time of backing it up. Was looking at selling these as I need the money, and price seems static (with mining supremely unprofitable atm)

[cvidler]

Originally Posted by XST

not entirely sure how this happened, hoping someone here may have some insight. I had 8 BTC backed up in a wallet.dat file from a few months ago. I copied this wallet.dat and other files that were in the bitcoin folder, into a new installation of bitcoin. When I started the bitcoin software, after it sync'd the blocks, suddenly I only had 1.5btc. It definitely had 8 btc at the time of backing it up. Was looking at selling these as I need the money, and price seems static (with mining supremely unprofitable atm)

You sure the new client has the up to date block count.


get on blockexplorer.com and check your address see how much BE thinks you should have.

[HunterBunter]

Originally Posted by XST

not entirely sure how this happened, hoping someone here may have some insight. I had 8 BTC backed up in a wallet.dat file from a few months ago. I copied this wallet.dat and other files that were in the bitcoin folder, into a new installation of bitcoin. When I started the bitcoin software, after it sync'd the blocks, suddenly I only had 1.5btc. It definitely had 8 btc at the time of backing it up. Was looking at selling these as I need the money, and price seems static (with mining supremely unprofitable atm)

Was it at 8btc when you backed up the wallet? Or did you back it up and then later transfer coin to it?

I vaguely remember something about a wallet having a database of 100 odd keys, and when they run out the wallet generates and claims 100 more. If you don't backup the new keys anything sent to them will be permanently lost if you lose the new wallet.dat.

Also, I don't think you need to transfer anything except the wallet.dat file between installations. I'm not sure if old block data would be messing with things.

[shift]

Originally Posted by HunterBunter

Was it at 8btc when you backed up the wallet? Or did you back it up and then later transfer coin to it?

I vaguely remember something about a wallet having a database of 100 odd keys, and when they run out the wallet generates and claims 100 more. If you don't backup the new keys anything sent to them will be permanently lost if you lose the new wallet.dat.

You only use keys if you generate new addresses.

The wallet will have any key used at the time of backup, plus the next 100 ready to go. So the wallet backup should be fine.

Check the transaction logs - do the transactions where you were sent the coins show up? Are there transactions for them leaving?

[XST]

I'm officially confused. I made a backup of my wallet.dat when I stopped mining on the 30/7. I had opened the bitcoin software at the time, and confirmed there was a balance of 8btc.

When I restored the wallet.dat, it only had 1.5btc. I checked the addresses, and it is not the same address that I had for my mining pools (deepbit and ozcoin). The only thing I can think is that I had backed up and restored a different wallet, and the wallet that had 8btc was maybe in a second installation somewhere?

What further complicates things is it was on an old hard disk, which has since had a new install of windows and given to my brother. I ran some data recovery on here, there was a reference to a wallet.dat file (last modified 30.7), and it was not recoverable anyway.

There goes $100

[HunterBunter]

Originally Posted by XST

When I restored the wallet.dat, it only had 1.5btc. I checked the addresses, and it is not the same address that I had for my mining pools (deepbit and ozcoin). The only thing I can think is that I had backed up and restored a different wallet, and the wallet that had 8btc was maybe in a second installation somewhere?

There goes $100

This is plausible given your situation; perhaps you backed up the wrong wallet.dat?

When was the last time your wallet.dat that was in storage was modified?

[Graet]

Originally Posted by XST

I'm officially confused. I made a backup of my wallet.dat when I stopped mining on the 30/7. I had opened the bitcoin software at the time, and confirmed there was a balance of 8btc.

When I restored the wallet.dat, it only had 1.5btc. I checked the addresses, and it is not the same address that I had for my mining pools (deepbit and ozcoin). The only thing I can think is that I had backed up and restored a different wallet, and the wallet that had 8btc was maybe in a second installation somewhere?

What further complicates things is it was on an old hard disk, which has since had a new install of windows and given to my brother. I ran some data recovery on here, there was a reference to a wallet.dat file (last modified 30.7), and it was not recoverable anyway.

There goes $100

ouch
have you checked the wallet balances on blockchain.info
does sound like you had 2 wallet backups though

It really is worth backing up your wallets to more than 1 secure place.
Hope you work it out - and others learn from your experience
Best
Graet