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Topic: 3$/Ghs as low 2.6$/GHs do you think sminers.com Legit ? - page 2. (Read 4788 times)

member
Activity: 98
Merit: 10
Wassup?
Hi, I have their platinum plan since 2 weeks ago, mining revenues been credited into my account every week and every withdrawal request I made recieved within 24 hours and without delay
You registered today, not 30 min ago, just to post a positive review about a suspect company. I call bs.

i second that  Wink

I third that Wink
newbie
Activity: 5
Merit: 0
If it requires a 3-month contract, they can make money since the rates stay the same.  400 GH/s at $800/month gets sminers $2400 over the 3-month contract, yet only earns $2130 at current estimates, so the customer is out $270.  It's a gamble that's weighted on the company's side.  If BTC goes up, then one could make money.

http://thegenesisblock.com/mining/a/799ec8f9a2    (assumes current difficulty increase rates, 400 GH/s and $800/month ($2400 for three month contract).

1. It does not require a 3 month contract.
2. I don't know what their business model is but I know that Butterfly Labs is selling 300 GH/s cards at 1,497$ when just yesterday I have clicked on a banner of theirs selling 100 GH/s for a thousand eighty something dollars with delivery on May.
3. Bitmain is offering their miner at 1.45 BTC  https://www.bitmaintech.com/product.htm with delivery on the 28th of this month. I saw videos on youtube about overclocking it to 200 GH/s. That means about 4.5 $/ GH, and YOU OWN  the hardware. (They are not selling this with a loss)

My opinion is that selling the GH at 2$/month, without ever owning the equipment seems like a feasible business model, considering we don't know how much they paid for the thing or how much the BTC/USD rate will be the next minute, or the next day, or month. Personally I have got into the Bitcoin a couple of weeks ago, when it was around 730$. What BTC minig calculator would you recommend for me if I were to go back in time?

John 
newbie
Activity: 5
Merit: 0
They can't. That is why there are fake posts like the one above yours to try to get people to bite.

Scammers gotta scam.

http://www.youtube.com/watch?v=QpnvTjtpyIg
sr. member
Activity: 280
Merit: 250
Helperizer
If it requires a 3-month contract, they can make money since the rates stay the same.  400 GH/s at $800/month gets sminers $2400 over the 3-month contract, yet only earns $2130 at current estimates, so the customer is out $270.  It's a gamble that's weighted on the company's side.  If BTC goes up, then one could make money.

http://thegenesisblock.com/mining/a/799ec8f9a2    (assumes current difficulty increase rates, 400 GH/s and $800/month ($2400 for three month contract).
sr. member
Activity: 294
Merit: 250
тσ ¢σιи σя иσт тσ ¢σιи?
They can't. That is why there are fake posts like the one above yours to try to get people to bite.

Scammers gotta scam.
full member
Activity: 220
Merit: 100
This has to be a scam because the price is less than the bitcoins that would be generated in the given timeframe.  For example, they are offering 400 gh/s @ $800/month.  At current network difficulties, that would net you about 2 bitcoins in the first month.  Right now bitcoins are worth about $625 each, so you would net $1,250 from your $800 investment.  Theoretically, I could deposit 1.28 bitcoins with this company, and then withdraw 2 bitcoins in a month.  How can they possibly make money? 
newbie
Activity: 5
Merit: 0
Hi, I have their platinum plan since 2 weeks ago, mining revenues been credited into my account every week and every withdrawal request I made recieved within 24 hours and without delay

As others have alluded to. This is a shill account. I would not take this statement as fact. This poster joined the forum 15 minutes before posting here.

It does not surprise me in the least bit that the scammers doing these types of scams are very active on these forums. The forums here serve as a nice little blueprint on what to do to run a successful scam. It is great for them, they can see where mistakes might be made and can adjust accordingly.

Even if they only get a handful of people it is a win for them.

Scammers gotta scam. Wink

Hi, my name is John and I have joined this forum solely to write a review on sminers. If this does make me a scammer than probably I'm in the wrong place writing this.

After reading your forum discussion, the only one out there about this new rig, my brother and I decided to take a leap of faith and 9 days ago both opened accounts with them. We both got the Starters plan and after a week each have been credited with 27.3 $ into the account. Normally, to see if it works, we decided to withdraw all of them, so both opened a support ticket requesting the withdrawal. Both of our wallets were credited with BTC 0.041222, respectively BTC 0.04192547 my brother, depending on the time of the day we requested the cash out and the bitstamp BTC/USD currency rate at the time. 

Now I don't know if this setup is for real or not, I consider It's a bit too early to call this foolproof and I certainly don't want my review to persuade you into loosing coins on this one, all I am saying is that it worked for us, it might work for you too.

Hope this helped and finally that they prove to be as real as they advertise to be. Regardless of the outcome, I will keep you posted weekly with further developments with our accounts.

John
sr. member
Activity: 420
Merit: 250
I wont risk my BTC on this..
sr. member
Activity: 294
Merit: 250
тσ ¢σιи σя иσт тσ ¢σιи?
Hi, I have their platinum plan since 2 weeks ago, mining revenues been credited into my account every week and every withdrawal request I made recieved within 24 hours and without delay

As others have alluded to. This is a shill account. I would not take this statement as fact. This poster joined the forum 15 minutes before posting here.

It does not surprise me in the least bit that the scammers doing these types of scams are very active on these forums. The forums here serve as a nice little blueprint on what to do to run a successful scam. It is great for them, they can see where mistakes might be made and can adjust accordingly.

Even if they only get a handful of people it is a win for them.

Scammers gotta scam. Wink
sr. member
Activity: 294
Merit: 250
тσ ¢σιи σя иσт тσ ¢σιи?
Just doing a quick google map search on the location advertised on their site brings up a building that is under construction and located in a port.

Nordre Nostekaien 1
5011 Bergen
NORWAY


Also this comment should raise a flag.

Quote
We have supplied multiple ASIC Bitcoin miner Hardwares capable of an incredible 2 TH/s of mining hashing power each


...and this.

Quote
Currently we only accept Bitcoins



I am calling scam on this one. It looks very much like some recent scams only the twist this time is instead of selling the hardware they are doing the shares model.


Stay away.
sr. member
Activity: 252
Merit: 250
If it sounds too good to be true, its because they must lack something some where.

Check the site and compare others all across.
full member
Activity: 161
Merit: 100
This makes no sense at all, unless they have their own asic hardware, or need subscribers to 'lock in' to equal monthly payments for a year. Either that or their fees are very high?
newbie
Activity: 49
Merit: 0
It isnt that cheap is it? Looking at $36 per ghs a year? Cex is cheaper than that.

The main difference being that with Cex you have to shell out the full contract price up front. If this is real I might consider it to get started as I have limited funds and only like .04 btc right now so shelling out btc for a full year contract price would be extremely difficult as I am having zero luck finding a legit way to acquire bitcoin without mining it.

I'd have loved to purchase one of the asic miners if I could have managed to acquire the bitcoin to make the purchase.. Maybe I can manage to get in a monthly contract deal, at least to get started and boost my 17gh from my antminer u1's. Im getting nowhere fast with those with the difficulty increases. break even point is probably years from now.

newbie
Activity: 58
Merit: 0
It isnt that cheap is it? Looking at $36 per ghs a year? Cex is cheaper than that.
legendary
Activity: 1512
Merit: 1054
SpacePirate.io
if they have that much profit possibility why would they not mine for themselves? ergo.. prob scam

Well, I don't think that just because someone offers mining contracts that it's automatically a scam. There's pros and cons on each side for the seller and the buyer. The seller recoups operating expenses immediately (rather than converting mined BTC to fiat) and the buyer gets to participate in the marketplace without a huge capital investment. Is it profitable to charge someone to mine for them? I don't see why not, some people want to mine but aren't tech savvy enough for it. 

While researching the mining contract marketplace, I came across one site (airtechy) that claimed that they had 382 Th/s, yet they are pretty much unknown in the mining community. Scraping up 382 TH/s is no easy feat, my guess is that they are just trying to resell cex.io or another brokering service. Right now it's the wild west, you can't tell legit from scam without doing a huge amount of due diligence, which can be tough because bitcoin mining companies want to have some privacy and security. 
full member
Activity: 182
Merit: 100
if they have that much profit possibility why would they not mine for themselves? ergo.. prob scam
sr. member
Activity: 378
Merit: 250
Mine over 0.15 BTC / M , its not going to be that tho because of the difficulty increase
legendary
Activity: 1512
Merit: 1054
SpacePirate.io
Not sure if they are legit or not, they have an interesting business model though.

I'm interested in doing a mining business too, but not sure the best way to do it. Some companies sell gh/s contracts, others offer bonds which pay out for the entire farm like a dividend. I have potential investors, but up until now I've just been doing it for fun. Reading threads like this though make me want to keep my farm private.
member
Activity: 112
Merit: 10
Seems legit Cheesy
legendary
Activity: 4116
Merit: 7849
'The right to privacy matters'
well they are so new the forum  has a grand total of 5 posts.  now the cheapest plan is 90 usd for 30 gh hash.  a 1 month contract.




http://bitcoinwisdom.com/bitcoin/difficulty  


 plug in 30 gh    and it shows  at 625 usd a coin and a diff of 2612 mill you earn 3.60 usd a day .  So the deal looks like it may make money>

 I for one would not give them 90 usd for a month.  oh they claim to have 42th which now days is not that hard to do.


 my problem is the platinum plan 500 gh 1 month  1300usd

at todays btc  price of  625 usd it should almost be certain to profit.

the next 7 days you would earn 0.672 coins  
 then diff jumps to 3121 mill  
so for 11 days you would earn  0.886 coins
then diff jumps to  3800 mill
 so for 12 days you would earn 0.790 coins

so that is a total of 2.347 coins  at 625 a coin  that is 1467 usd for 1300 usd in 1 month's time.

that is too good of a return.     So I am inclined to think it is a scam.
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