Please don't bother replying if your only comment is, "a sucker is born every minute" or, "they're morons." Sure, some people just may not be properly calculating exactly what price range is fair given the hw's hash rate and the current/projected network difficulty. But I suspect that isn't why everyone is seemingly overbidding for this stuff. Thoughts? submitted by
A few months ago I posted on http://www.reddit.com/Entrepreneucomments/1rkkd7/paypal_just_froze_over_70000_in_my_account_say/
talking about Paypal freezing around $70,000 in pre-orders for my bitcoin mining equipment.
This was done around the end of November when I created the thread, and I wanted to update and let everyone know what happened in detail after the post.
On November 24th, we launched a new pre-order for a preety cool product relating to bitcoin mining called the Red Fury. At the time of the release, the device had a street value of anywhere from $175 to $250 per unit. We had been working with this factory for a while and locked in a fantastic price that would allow us to pre-sell them with a 1 month lead time for only $100 per device to our customers.
Our pre-order was met with fantastic success since we were undercutting the average price by more than $100 per unit. We sold over $40,000 in less than 3 days. This is when paypal not only froze our account, but reversed all the ACH withdraws to our business checking, which put us at the $70,000+ figure, as we had over $20,000 in sales prior to the pre-order launch.
At this point we took to reddit, twitter, and started tagging the president of Paypal on his twitter account. It was pretty successful and within just a day we got a call from one of the department managers at paypal who informed us the president had assigned her to the case.
By this point, we had no money from paypal, and still had to commit to wiring the money for the hardware to the factory. The best strategy we came up with was to quickly sign up with a second party processor (Chase payments) and authorize.net to accept credit card payments once again to hopefully get some capital. It was very, very successful for us to use that route as we resumed nearly $80,000 in sales over the course of a week or two. Unfortunately Chase after a while decided that all pre-orders & bitcoin equipment were suddenly high risk and they froze the account. The difference here was that they froze around $20,000 in the account and gave us the remainder.
Thankfully, between the chase payments and a few SBA loans we were able to secure in the mean time, we were able to meet our commitment in payments to the factory. We had already secured a relationship that would allow us to pay for the hardware prior to fabrication on their end.
After much arguing with paypal, on December the 14th they released around $14,000 to our bank account. We had nearly $30,000 in hardware sales prior to the pre order that still we were owed on, but were willing to settle on the $14k due to us being desperate for additional capital since we had almost no operating budget for other inventory that wasn't pre-order.
That same day we received a notice from the factory that fabrication would be delayed another 10 days from the 15th to the 25th. We sent a email blast to all buyers informing them of the move, through this whole time, anyone who wanted to cancel could do so without any loss or fee.
December 25th came and the factory notified us they shipped the hardware out to us. It finally was in our hands January the 4th.
From the 4th through the 8th or so, we managed to ship out all our pre-orders which was something along the lines of 500+ packages.
After this was completed, we had to manually enter all the tracking information to paypal, since they do not integrate shipping data with 3rd parties (They work with ebay, but no one else). The day after this we called them and they told us they would not release the money till EVERY order was received by customers, even the ones outside of the US who had chosen the slowest shipping methods. We complained greatly about this since even though a minority of orders were international, it would still hold up payments.
A week later they called us letting us know they reversed their decision, and would release $40k of the $50k in the account. They would retain the $10k until the international orders were received.
Well, today is February the 11th and they informed us last night that they would release the remaining $10,000 to the account which then could be sent to our bank.
The rep at paypal informed us that we had received little to no complaints from customers about their orders, one chargeback did occur in the amount of $800, and this was the only one over all payment platforms through the months of Nov-Jan among our customers.
So, what were the lessons learned? Never, ever use paypal for orders, or money that you're willing to have frozen for a few months. Thankfully we were profitable in the end, but we lost a great deal of money due to opportunity loss.
One of the biggest questions/suggestions we've had was to accept bitcoin as the alternative to paypal, which we have been doing since October, however it accounts for less than 20% of all payments (Including the time where it was the only processing type on our site). We also accept most major types of alternative cryptos (Litecoin, megas, dogecoins, ect) for hardware, which then accounts for about 25%-30% of the volume of bitcoin. We do love using bitcoin over paypal and credit cards, but customer utilization just isn't high enough yet to completely supplant credit cards yet.
Qbundle Guide (Step by step setup & Bootstrap) https://burstwiki.org/wiki/QBundle 1( I want to mine or activate My account. Where do find the multiple coins?
You only need 1, an outgoing transaction or reward reassignment will set the public key. Get them from: https://www.reddit.com/burstcoinmining/comments/7q8zve/initial_burstcoin_requests/
Or (Faucet list) https://faucet.burstpay.net/
(if this is empty, come back later) http://faucet.burst-coin.es
Or https://forums.getburst.net/c/new-members-introductions/getting-started-initial-burstcoin-requests 2( I bought coins on Bittrex and want to move to my new wallet, but can't. Why?
Bittrex will only send to accounts with a public key (not a Burst requirement) so see number 1 and either set the name on the account (IF you will not mine) or set the reward recipient to the pool. Either action will enable the account and allow for transfers from Bittrex. 3( I sent coins from Poloniex/anywhere to Bittrex and they don’t show up after a considerable time. Why?
You need to set an unencrypted message on the transaction, informing Bittrex which account to send the funds to (this is in the directions on Bittrex). Did you do this? Contact Bittrex support with all the details and eventually you will get your funds. 4( How much can I make on Burst? https://explore.burst.cryptoguru.org/tool/calculate
Gives you an average over time assuming a few things like: Average luck/100% uptime/no overlapping/fees on pool/good plot scan time (<20 seconds) if you do not have all of these, you may not see that number. 5( If I use SSD’s would I make more money?
No, it’s 95% capacity and 5% scan time that determine success. More plot area = better deadlines = better chance of forging a block, or better rates from a pool. 6( What is ‘solo’ and ‘pool’ (wasn’t his name Chewbacca?)
Solo is where you attempt to ‘forge’ (mine) a block by yourself; you get 100% of the block reward and fees. But you only receive funds if you forge, no burst for coming in second place.
Pools allow a group of miners to ‘pool’ together their resources and when a miner wins, they give the pool the winnings (this is done by the reward assignment you completed earlier), it is then divided according to different percentages and methods and burst is sent out according to pool rules (minimum pay-out, time, etc.) 7( I have been mining for 2 days and my wallet doesn’t show any Burst WHY?
Mining solo: it is win-or-lose, nothing in between, and wining is luck and plot size. Pool mining: because it costs 1 burst to send burst, the pools have either a time requirement (every X days) or a minimum amount (100 burst +) so you need to research your pool. Some pools allow for you to set the limit (cryptoGuru and similar) to be met before sending 8( How do I see what I have pending?
On CryptoGuru, based pools, it’s the ‘Pending (burst)’ column, other pools, look for the numbers next to your burst ID. One is Paid and the other pending. 9( I’m part of a pool and I forged a block, but I didn’t recieve the total value of the block, why?
A pool has 2 basic numbers that denote the pay-out method, in the format ‘XX-XX’ (i.e. 50-50) The first number is the % paid to the block forger (miner) and the second is the retained value, which is paid to historic ‘shares’ (or, past blocks that the pool didn’t win, but had a miner that was ‘close’ to winning with a good submitted deadline)
Examples of pools:
0-100 (good for <40TB)
100-0 (solo mine, 150+ TB)
Please note that there is an overlap as this is personal preference and just guidance; a higher historical share value means a smoother pay-out regime, which some people prefer. If fees are not factored in, or are the same on different pools, the pay-out value will be the same over a long enough period. 10( Is XXX model of hard drive good? Which one do you recommend?
CHEAP is best. If you have 2 new hard drives, both covered by warranty, get the one with the lowest cost per TB (expressed as $/TB , calculated by dividing the cost by the number of terabytes) because plot size is KING, 11( How many drives can I have on my machine?
For best performance, you can have up to 2 drives per thread (3 on a new fast AVX2 CPU). So that quad-core core-2-quad can have up to 8 drives, but a more modern i7 with 4 cores + hyper threading can squeeze 8 * 3 or 24 drives. (Performance while scanning will suffer) 12( Can I game while I mine?
Some people have done so, but you cannot have the ‘maximum’ number of drives and play games generally. 13( Can I mine Burst and GPU mine other coins?
Yes, if you CPU Mine Burst. 14( I’m GPU plotting Burst and GPU mining another coin, my plots are being corrupted, why?
My advice is dedicating a GPU to either mining or plotting, don’t try to do both. 15( What is a ‘plot’?
A plot is a file that contains Hashes, these hashes are used to mine burst. A plot is tied to an account, but they can be created (with the same account ID) on other machines and connected back to your miner(s). 16( Where can I trade/buy/sell Burst?
A list of exchanges is maintained on https://www.reddit.com/burstcoin/
(on the right, ‘Exchanges’ tab) the biggest at the moment are Bittrex and Poloniex, some offer direct Fiat-to-Burst purchase (https://indacoin.com
for example) 17( Do I have to store my Burst off the exchange?
No, but it’s safer from hackers who target exchanges, if you cannot guarantee the safety or security of your home computer from Trojans etc, then it might be best to leave on an exchange (but enable 2FA security on your account PLEASE!) 18( What security measures can I take to keep my coin safe?
When you create an account, sign out and back in to your wallet (to make sure you have copied the pass phrase correctly) and keep multiple copies of the key (at least one physically printed or written down and in a safe place, better in 2 places) do not disclose the passphrase to anyone. Finally use either a local wallet or a trusted web wallet (please research before using any web wallet) 19( How can I help Burst?
Run a wallet, which will act as a node (or if you’re a programmer, contact the Dev team Bring attention to burst (without ‘shilling’ or trying to get people to buy) And help translate into your local language
Be a productive member of the community and contribute experience and knowledge if you can, or help others get into Burst. 20( Will I get coins on the fork(s) and where will they be?
There will be no new coin, and no new coins to be given/air dropped etc, the forks are upgrades to burst and there will not be a ‘classic’ or ‘new’ burst. 21( Will I need to move my Burst off of the exchange for the fork?
No, your transactions are on the block chain, which will be used on the fork, they will be visible after the move; nothing will need to be done on your side. 22( Where can I read about the progress of Burst and news in general on the community?
There is no finer place than https://www.burstcoin.ist/ 23( What are the communities for Burst and the central website?
Main website: https://www.burst-coin.org/
Getburst forum: https://forums.getburst.net/
Official Facebook channel: https://m.facebook.com/groups/398967360565392
(these are the forums that are known to be supporting the current Dev Team)
Other ways to talk to the community:
Telegram (General): https://t.me/burstcoin
Telegram (Mining): https://t.me/BurstCoinMining 24( When will Burst partner up with a company?
Burst is a currency, the USD does not ‘partner up’ with a company, the DEV team will not partner up and give over to special interests. 25( Why is the DEV team anonymous?
They prefer anonymity, as it allows them to work without constant scrutiny and questions unless they wish to engage, plus the aim is for Burst to become a major contender, and this brings issues with security. They will work and produce results, they owe you nothing and if you cannot see the vision they provide then please do not ‘invest’ for short term gain. 26( When moon/Lambo/$100/make me rich?
My crystal ball is still broken, come back to the FAQ later for answer (seriously, this is a coin to hold, if you want to day-trade, good luck to you) 27( How can I better educate myself and learn about Dymaxion?
Read about the Dymaxion here: https://www.reddit.com/burstcoin/wiki/dymaxion 28( My reads are slow, why?
There are many reasons for this, if your computer has a decent spec it’s likely due to USB3 hub issues, or plugging into a USB2 hub, but other reasons can be multiple plots in the same folder, but it’s best to visit the mining subreddit. They can help more than an simple FAQ https://www.reddit.com/burstcoinmining/ 29( I have a great idea for Burst (not proof of stake related)?
Awesome! Please discuss with the DEV team on discord https://discordapp.com/invite/RPhpjVv
(Please be aware that this is a public forum, you need to find who to ask/tell) 30( I have a great idea for Burst (Proof of stake related)?
No. if you want a POS, find a POS coin. On the tangle which is being implemented a POS/POW/POC coin can be created, but BURST will always be POC mined. You are welcome to implement a proof of stake coin on this! 31( Will the Dev team burn any coins?
Burst is not an ICO, so any coins will need to be bought to be burnt. You are welcome to donate, but the DEV team have no intention of burning any coins, or increasing the coin cap. 32( When will there be an IOS wallet?
IOS wallet is completed; we are waiting for it to go on the app store. Apple is the delaying factor. 33( Why do overlapping plots matter?
Plots are like collections of lottery tickets (and if only one ticket could win). Having 2 copies is not useful, and it means that you have less coverage of ‘all’ the possible numbers. It’s not good, avoid. 34( My local wallet used to run, I synchronised it before and now it says ‘stopped’. when I start it, it stops after a few seconds, what should I do?
I suggest that you change the database type to portable MariaDB (on Qbundle, at the top, ‘Database’ select, ‘change database’) and then re-import the database from scratch (see 35) 35( Synchronising the block chain is slow and I have the patience of a goldfish. What can I do?
On Qbundle , ‘Database’ select ‘Bootstrap chain’ and make sure the CryptoGuru repository is selected, then ‘start Import’ this will download and quickly stuff the local database (I suggest Portable MariaDB, see 34) (lol, loop) 36( What will the block reward be next month/will the block rewards run out in 6 months? https://www.ecomine.earth/burstblockreward/
Rewards will carry on into 2026, but transaction fees will be a bigger % by then, and so profitable mining will continue. 37( How can I get started with Burst (wallet/mining/everything) and I need it in a video https://www.youtube.com/watch?v=LJLhw37Lh_8
Watch and be enlightened. 38( Can I mine on multiple machines with the same account?
Yes, if you want to pool mine this can be done (but be prepared for small issues like reported size being incorrect. Just be sure to keep question 33 in mind.) 39( Why do some of my drives take forever to plot?
Most likely they are SMR drives, it’s best to plot onto another SSD and then move the finished plot/part of a plot across to the SMR drive as this is much quicker. SMR drives are fine on the read, just random writes that are terrible.
So plot an SMR drive quickly, plot to a non SMR or better still SSD drive, in as big a chunk as possible (fewer files better) and move. a version of Xplotter, called Splotter, can do this easily. https://github.com/NoParamedic/SPlotter 40( I have a great idea; why not get listed on more exchanges!!
Exchanges list coins because of 2 reasons:
- Clients email and REQUESTING Burst and provide details like:
- The coin pays (often A LOT, seriously we’ve been asked for 50 BTC)
I suggest you speak with your exchange and ask ‘when will they offer Burst?’ 41( Do you have a roadmap? https://www.burst-coin.org/roadmap 42( Why is the price of Burst going up/down/sideways/looping through time?
The price of burst is still quite dependent upon Bitcoin, meaning that if Bitcoin gains, the value of Burst gains, if Bitcoin drops then Burst also drops. If there is news for Burst then we will see something independent of Bitcoin moving. Variations can be because of people buying in bulk or selling in bulk. There are also ‘pump and dump’ schemes that we detest, that can cause spikes in price that have nothing to do with news or Bitcoin, just sad people taking advantage of others. 43( Where is the best place to go with my mining questions? https://www.reddit.com/burstcoinmining/
or https://t.me/BurstCoinMining 44( What hardware do you advise me to buy, is this computer good?
See question 43 for specific questions on hardware, it depends on so many variables. The ‘best’ in my opinion is a 36 bay Supermicro storage server, usually they have dual 6-core CPU’s and space for 36 drives. No USB cables, plotting and mining monster, anything else, DYOR. 45( Where do you buy your hard drives?
I have bought most from EBay in job lots, and some refurbished drives with short warranties. Everything else I have bought, from Amazon. 46( Can I mine on my Google drive/cloud based storage?
In short: no. If you want to try, and get to maybe
1 TB and then find that your local connection isn’t fast enough, or that shortly after, your account is blocked for various reasons. Please be my guest. 47( Can I mine on my NAS?
Some you can mine with the NAS (if it can run the miner, it can scan locally) but generally they’re not very fast. good for maybe 16 TB? Having a plot on a NAS and mining from another computer depends on the network speed between the NAS and scanning computer. I believe you can scan about 8 TB (maybe a bit more) and keep the scan times to within acceptable, but YMMV. 48( How can I set up a node?
No need to set up a node, just set up a wallet (version 2.0.4) or Qbundle (2.2) and it will do the rest 49( Are the passphrases secured?
I’ll leave the effort to a few people to show how secure a 12-word passphrase is: https://burstforum.net/topic/4766/the-canary-burst-early-warning-system
Key point: brute forcing it will be around 13,537,856,339,904,134,474,012,675,034 years. 50( I logged into my account (maybe with a different burst ID) and see no balance!!
I have dealt with this very issue multiple times, and there are only 3 options:
- You have typed in the password incorrectly
- You have copy-pasted the password incorrectly
- You are trying to log into a ‘local wallet’ which the block chain has not finished updating
The last one generally leaves the burst ID the same, but old balances will show. No, this is not a security problem, and yes, windows loves to add spaces after the phrase you enter when copied, and that space is important in getting to your account. 51( Are there channels for my language?
(there are others, please contact me to put up) 52( I am mining in a pool, and it says that my effective capacity is lower than I actually have, why?
53( What pool should I join?
- If you've not been mining for >48 hours, or just added additional capacity, it will take time.
- The value fluctuates (normally, +-5% but can be up to 10% at times)
- Read on the ‘Quick info’ tab about adjusting your deadline to compensate for changes i. revisit once a month for best results
- If you have overlapping plots it will also be lower so be aware of this (see question 33)
First of all, read question 9, after you have understood that it depends on the size (and how patient you are) select from the following list: https://www.ecomine.earth/burstpools/ 54( What miner to use?
I use Blago’s miner, there are many out there but Blago’s works for me on CPU mining, it can be found in Qbundle. 55( What Wallet to use (I use windows)?
guide: https://burstwiki.org/wiki/QBundle 56( What Wallet to use (Linux)? https://package.cryptoguru.org/
for Debian and Ubuntu, for Mac. read: https://www.ecomine.earth/macoswalletinstallguide/ 57( Will i need to 'replot' after POC2 (second fork) happens?
No, there will be a tool which will optimise, but it is not CPU intensive (it basically re-shuffles your plot) and is just IO intensive. You do not need to replot.
TurboPlotter and https://github.com/PoC-Consortium/Utilities/tree/mastepoc1to2.pl
are tools that will/can be used to actuate optimization, but PLEASE wait with optimization until after the hard fork. 58( Will the transaction fee always be 1 burst?
No, dynamic fees are coming in the next fork.
I'm thinking of selling my s7 + psus as a package for someone starting out in mining. The bitcointalk marketplace seems to be mostly experienced people with their own power setups and selling large volumes of equipment. Ebay seems to have lots of new buyers, but the 10% final value cut is robbery. Kijiji is free like bitcointalk, but I don't see much bitcoin hardware being advertized there. I'm in Canada so that's my primary target market. Anu suggestions? submitted by
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