Topic: 0day Review - CEX.io (Read 1939 times)

Did you same password for yahoo and cex account?

Found? http://otcdb.us.to/otc/?*@*5.63.144.220*

if everyone with a BTC balance wanted to cash out today, they would be unable to handle it !

I thought cex.io was a brilliant website until...

On 5-Jan-2014 11:AM someone (IP 5.63.144.220) hacked my yahoo email and then hacked my cex.io account. The hacker sold the GHS I had and withdrew the funds. I had deposited 10 bitcoins into my cex account. My cex account is now frozen by cex and they are investigating – whatever that means.

Latest update from cex.io, "sorry for your loss".

I am not a techie for I could not get 2fa to work, I gave up assuming cex had adequate security. A mistake.

I have over 100% ROI on CEX.IO because I've bought low and sold high. If you are looking for 100% ROI via mining it's going to be hard with difficulty going up 40% every 2011 blocks .  Because it's going to take a while

There seems to be common confusion about cex.io and ROI in general here. I've lurked on these forums for ages and finally decided to make an account, so here is my first post and let's hope it is a worthy one.

I have already had ROI on cex.io. As an experiment a few weeks ago I transferred some coin there, made a purchase, and bought more GHS (GH/s) with proceeds. After a week or so of this I sold all my GHS at a slight loss over what I bought it for and sent all the BTC back to my wallet. There was a net gain between the starting point and the ending point due to mining revenue making up for the price differential. That's ROI, and it is possible with cex.io. Now I'm not making a fortune by any definition, but I'm enjoying the process of doing it.

What some people seem to be missing is the concept that you are not buying GHS with cex.io as you would with a group buy/contract. Similarly, a contract with a hosting company for a year or whatnot is going to begin depreciating as soon as it is purchased and you will have to find another sucker to buy it from you. At the end of the year your contract is worth nothing as it is spent. The CEX.io advantage is that the GHS from them is so liquid, and it has no defined end date. Presumably their costs will go down and GHS will continue to get cheaper as this happens, but the GHS will always have at least some value, and I can sell it instantly when I want to get out.

There are dangers and risks as there are with any activity, investment or not. The .06 BTC Erupter you I bought could smoke and I would have nothing. The price for GHS could go to 0.03 and I'd lose BTC if I needed to cash out. Or, just how liquid is cex.io? In other words, if everyone with a BTC balance wanted to cash out today, would they be able to handle it?

I can see pros/cons with the risk here, but for me I'd rather invest a minimum amount in cex where I have proven ROI, and so far the only thing (besides my video cards that have churned since before this mad rush) where I have seen ROI.

Now this has became from bad to worse.... Thanks for sharing anyway....

I've checked out their investment calculator, but guess one can only estimate the returns. As there are a number of factors one has to consider such as BTC market value, increase in RoD, luck on the blocks, fees etc. Going by the payouts made in the last 24hrs, it's well above what the calculator throws up. So far so good.

Besides not sure if anyone just got an email:

Theere are some updates and the extended downtime and new fees they'd be charging 8th Nov on:

Excerts from the email -:
"Today, we had a hardware failure at our main backend server, which was beyond our control. We are going to replace the faulty DIMM memory module, which may take up to 5-10 minutes planned downtime to ensure that it will not happen again. However, all mining power will be compensated."

And..

"The maintenance fee:

The fee will be implemented in 1 week, which makes it November 8th 2013.

The maintenance fee is estimated as $0.30 / kW*hour:
$0.17/kW electricity cost + $0.09 data centre upkeep + $0.04 hardware repair/maintenance.

(The power consumption of 1 GHS is 1.5W per hour)

The fee will be billed in BTC per mining share. The estimated fee is 0.000000002695 BTC/share, which makes it ~4% of total mining profit. The fee will be adjusted according to the BTC/USD exchange rate.

About the hardware maintenance:
We will charge $0.09 for the data centre upkeep + $0.04 for hardware repair/maintenance.

Handling 600+ kW mining equipment is quite challenging. This involves MANY people working at the backend, who:
- Replace dead chips
- Fix PCB issues
- Upgrade electricity links
- Improve mining software to reduce stale shares (we have stopped delivering stale shares for purchased GHS)."

I myself is a investor at CEX.io too, but I got to warn you that at the current price you won't ROI. Use the calculator provided by CEX.io and use 130% as a monthly increment and you will understand why....

Wanted to reply to the thread here https://bitcointalksearch.org/topic/anyone-mining-at-ghashio-any-anecdotes-313205 but figured having just registered I didn't quite have the priviledge, so posting it here for anyone who cares.

I'd signed up at Cex.io just yesterday for their cloud based hashing. After reading through the various forums on the long wait on different hardware which can only be pre-ordered as of now, unless ofcourse you dug around Amazon/eBay and the likes and didn't mind paying a premium for new and used hardware. Which i was not keen on, so after careful deliberation, decided to give these guys a try. Figured made sense with their current hashing power prices which at the time of writing this post was at 0.1078/Ghs. Bought 10Ghs for approx 1.1 BTC to see how the mining went along.

Registration:
* Was a breeze. A simple email activation and you're set with an account.

Buying/selling Hashing power:
The tricky bit right after registration, the system auto-generated an wallet address to make a deposit to get started. So made deposits over 3 transactions, though the user control panel showed up the transactions almost instantly.. They transfer didn't get credited to my account right away. Pls note the control panel says it requires 3 transaction confirmations but despite all of them getting over 20+ within a couple of hours.. The credit never showed up.

Shot off a couple of emails with all the transaction details across to the support staff, 3hrs went by and never got no reply back. But just after having sent the 2nd email, the account finally reflected the credits with the BTC balance.

Well, their site didn't quite mention any other action was needed. So I'd assumed the transferred BTC automatically bought the GHs with the balance.. Well, not quite! Browsing through their forum I noticed it actually requires the user to place an order first for the amount of GHs one wants. And then their system automatically matches sell/buy orders. Now loaded with that info, I placed my buy order with the BTCs I'd just transferred to my account. 20 mins and still no go. Once again had to browse through their forum to figure out that my buy offer was tad lower then the current prices and therefore no sell orders matched up with my offered prices. So then had to cancel the order, and re-place a new order with the updated rates and boom within a couple of secs I had 10Ghs in my account and they were already mining by the time I refreshed the page. Just like that

Configuration:
The script autodetects your GHs bought and automatically gets your worker(s) configured on the GHash.io mining pool and clicking the top right icon takes you directly your GHash.io user control panel. On clicking the account panel one can check live mining info - blocks solved, hashing rate, total shares, your shares, payout etc.

Payouts:
They're instantaneous and get credited to your Cex.io BTC account. You can chose to withdraw them to your wallet and/or buy more hashing power from your trading account. There are no limitations on how big/small your order is, so long as your buy offer meets a sell offer from other users, the GHs are instantly bought up and added to your mining project. Also note should you have a sell offer setup anytime for your already existing hash, they'll continue to mine until they're actually bought up, i.e they don't stop mining when you setup a new sell offer.

Downtime:
Well within the first day (31st Oct). I noticed a downtime for about 4 hours and both Cex.io as well as GHash.io website  had been unreachable and kept landing on the cloudfare.com web page. Until now, I still haven't received any official email on the downtime but things seem back to working again and I've been receiving my micropayments. Also noticed a spike in my hashing power for the equivalent downtime period - compensation maybe? Am not sure, also wonder if it was a DDOS if anyone can confirm and happens to have any official info.

https://bitcointalksearch.org/topic/m.3454810
Seems wasn't me alone!

https://blockchain.info/pools?timespan=24hrs
Shows GHash.io having had 20+% of the block rewards the past 24hrs.. That's pretty much been the average over the past week.

Rating:
Overall I'd rate it 4/5 so far. Half a star deducted for never having received an official reply about the pending BTC credit despite 20+ confirmations or any support ticket. Another half a star deducted for the downtime and the lack of any explanation over email. Though what I'd consider a big bonus would be the recently revised 0% pool fee and 0% maintenaince and setup fee. So I'd wait out a couple more weeks and should all go well, I'd definitely scale up to a THs. Also think the information on how to get started should be made available on the front page or so, not really newbie friendly as of now.

So for all those just looking to start without hardware, with no clutter and added electricity expenses PLUS the long arduous wait for the hardware companies to eventually ship out their goods, who so far have given no specific dates. I'd suggest you give it a try, might not make you millionaire but at the current rate of difficultly, you could break even within a couple of months. Unless GHash.io gets crazy lucky with the blocks over next few days!

Well should the post have helped you in anyway, you can always contribute to my small kitty here at 1yH2GKhBDEEjobf94wb1k79y3SA8Lhd1s or if you're keen on getting started with Cex.io you can join them at the link here https://cex.io. Thanks for reading!

Mod note: Affiliate link removed.