Topic: Amit Bhardwaj, the Gainbitcoin thief and liar. - page 11. (Read 63766 times)

You wont believe some of these gainbitcoin scamsters now came with loan scheme. That is you take a personal load to invest in gainbitcoin. These people are taking advantage of greediness of people.
These gainbtc people in maharashtra are targeting tier-3/4 cities like kolhapur, ichalkaranji and of course tier-2 cities like Pune.  with weekly seminars in these cities.  These buggers are now came with their own app, and they declared that they will transfer bitcoins only  their app address. Their claim is this app is most secure and even owner of app(amaze tech/another amit kumar enterprise)  can not touch your bitcoins. 
The app looks ridiculously primitive and without any better feature. I'm highly doubtful how secure it is. And their charges are way to high.

The app link https://play.google.com/store/apps/details?id=info.coinbank.wallet&hl=en

There you go:

https://play.google.com/store/apps/details?id=info.coinbank.wallet&hl=en

Which Bitcoin wallet are you talking about?
Can you add a link, if possible?

I just saw that they have launched their Bitcoin wallet as well (Coinbank) last month and it looks pretty good in terms of how it works.

I dont know what is cooking there, good or bad. 

So, much activity. What's new?

Gainbitcoin

Registered to our mysterious Mark Lee from Singapore.
Missing from any reference on Bhardwaj's Linkedin.

Not much change there, still selling cloudmining through MLM hucksters and promising impossible ROI.

GBminers " a product of Amaze Mining & Blockchain Research Ltd." Also listed by Darwinlabs.io as


I wonder how easy that is to do in rural China for an Indian, or for any foreigner for that matter?
If you're not the operator/owner, then exactly how safe would $$$$ of your mining equipment be?

That's enough for the time being, I have some paid work to do.

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*(which informs that Nextgen apparently shut down four years ago, in December 2012. That's a bit of a surprise, because in the opening post of this thread, you will see a screenshot of Nextgen's claim to have Gainbitcoin as a client.
Gainbitcoin claims to have been "formulated in the year 2013").

Amit Bhardwaj/Kumar just launched a Blockchain Incubator in India. Not sure if it's legit or not.


http://www.thehindu.com/business/Economy/Bitcoin-firm-opens-blockchain-incubator-in-India/article16756419.ece

http://www.newsbtc.com/2016/12/05/india-satoshi-studios-first-incubator/

http://www.the-blockchain.com/2016/12/06/south-east-asias-first-blockchain-incubator-satoshi-studios-opens-doors/

Yup. I agree with you. Whatever shit the cloud mining websites say or offer should never be trusted as in the end the buyers of the mining contracts stand to loose their cash invested. It is very hard to ROI especially when the contract expires in 10 to 18 months. Anyone who want to mine should get their own hardware to mine. Otherwise forget about mining.

Reddit user 'BeijingBitcoins' posted this a few weeks ago : https://www.reddit.com/r/btc/comments/5cz0om/rbtc_exclusive_photos_of_a_bitcoin_mining/

You can see that both the locations are same (the video opens with a badminton court on the ground visible in 3rd pic on that imgur post)

Now, BeijingBitcoins did talk to a lot of people working there and they were all chinese - the workers, the owners of hashing & mining pool they mined on.

Either, BeijingBitcoins(whose pics are more detailed than gainbtc video) is wrong or gainbtc bought/rented out a part of the farm for purposes?

someone has released video on verification of gbminers/gainbitcoin mining farm from Chine:

https://www.youtube.com/watch?v=j0qtVKEGNVI

Also

GBMINERS BITCOIN MINING INFO Gainbitcoin

https://www.youtube.com/watch?v=tQhRAyVfwwY


The Hindu newspaper published article about:

http://www.thehindu.com/business/Economy/Bitcoin-firm-opens-blockchain-incubator-in-India/article16756419.ece

Above news from info is captured in forum with
https://bitcointalksearch.org/topic/2016-12-03-hindu-bitcoin-firm-opens-blockchain-incubator-in-india-1703264

Can someone verify validity of this information?

I seem to have found the original Gainbitcoin meetup group, which has been used to scam hundreds of investors - https://www.meetup.com/BitcoinIndia-Gainbitcoin-meetup/. Organizer is the second poster of this thread, i.e. 1bitcoindaily aka Kshitij Mehrotra (+91-9650838327 / [email protected]).

India's Path to Bitcoin Adoption, Interview with the Largest Non-Chinese Mining Pool

Cointelegraph interviewed both GBMiners Co-Founder Nikunj Jain and Co-Founder/investor Amit Bhardwaj.

www.cointelegraph.com/news/indias-path-to-bitcoin-adoption-interview-with-the-largest-non-chinese-mining-pool

In India, people in north India generally use Kumar as a middle name so his name could be Amit Kumar Bhardwaj which may be used as Amit Kumar or Amit Bhardwaj.

As regards to the amounts of money that they have collected, my guesstimate would be not less than 500 crore rupees till date. If you see the transactions in the wallet ID given in this thread, it shows BTC being transferred to a lot of accounts on a bi-monthly basis i.e. on 6th and 21st of every month. This gives a hint as to the amounts being siphoned off by them.

Hope some authorities take notice soon and takes action against Gainbitcoin and various other similar companies who are running amok with people's money.

Have we mentioned GBminers.com yet?
The latest incarnation of Bhardwaj and Lee, this time run out of Hong Kong under AMAZE MINING & BLOCKCHAIN RESEARCH LIMITED, on a twelve month registration started July '16, servers in Mumbai.

Along the lines of their MLM heroes Bitclub Network, they have decided to set up a mining pool and become the "Biggest blah blah in the blah blah" with their borrowed/bought/stolen S9's and an invitation to real miners to join them.

Unfortunately, it didn't go quite as smoothly as they wanted.
They ripped off Kano (bad move)


and haven't paid miners who tried them out.


A Sanjay Goswami drew the short straw and posted the thread on here, then immediately locked it when the questions go a bit difficult.


You can bullshit some of the people some of the time, but you can't bullshit all the people all the time.

The Bitex?...

One of Mark Lee's many VariableTech sites, run in India by RADOX, directors Bhardwaj/Kumar (please someone explain this dual identity deal).

All came about mid 2015, Bitex doesn't appear to be active, no turnover listed on Coinmarketcap. The only sign of activity is the BTC/INR ticker appears to update periodically and a chart with some meaningless wide spread "orders".
It naturally links to Gain.
 
It's difficult to estimate the ins and outs of Bhardwaj/Lee's various schemes financially, all I think is that the various facts and figures in this thread show quite clearly that he/they are definitely not to be trusted in any way.

Is there any estimate how much Gainbitcoin has stolen so far? The thieves seem to be starting an exchange named https://thebitex.com, as I have discovered from their footer. When they flee from the country, the effect on the rest of the Indian bitcoiners is gonna be catastrophic. So, it is better to be cautious early.

Are you under the delusion that you're some sort of fucking gangster?

I point out that your employer friend Bhardwaj produces websites where the Universal Laws of Mathematics do not apply, as anyone can see, and what do I get threatened by?

First a lawyer who doesn't know law, then some chode with a Big Man complex..... 


And take those silly fucking sunglasses off indoors

They make you look like a bhadhava.......A Bhardwaj bhadhava, got a certain ring to it.

So Have you found any victim since you alleged Mr. Bhardwaj?? Has any guy complained you about Gain?
I guess no one came you. And buddy don't wait about it. Cause you guyz are being jealous because you've fear that Amit will cover maximum Bitcoin Market in India and you will loose the value of your country's currency. And that's why you and some cheap locals are alleging Him. That is true BAKA and hello Dhyaan Rakhje I am MBA ( Mane Badhu Aavde) so i know how handle this situation. Mind it or you'll have to pay for that BTC

Ignoring the lies, contradictions, behaviour and general seediness of Gainbitcoin and its operatives, the bottom line here is... "Will I make a profit if I give Gainbitcoin money?"

According to them, you will be paid back ~10% a month of the money you give them in the first place. So, for ten months, they are giving you your "investment" back in installments. After ten months you are back where you started.
As their contracts are 18 months, then a further 8 x 10% is your profit.
(If they still exist, haven't been "hacked" or unilaterally cancel your contract [see Genesis, Bitclub etc.].......18 months is an aeon in BTC)

Let us accept, for the purpose of this exercise, that they mine with S9's.
Also, for simplicity's sake, let us say that those S9's hash at 12.5 Th/s, so when you buy an "Amaze A5" (25 Th/s) package you effectively lease the output of two S9's for eighteen months.



This will cost you 13.75BTC, $8250 at $600 exchange.
According to Gain's figures, at the end of your 547 day contract you will have received 18 x 10% x $8250 = $14,850.

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Back in the real world, let's use Coinwarz calculator^{1}.

I have reduced the power consumption pro rata 0.098 J/Gh to 2450 watts for 25 Th/s of S9.
I have put pool fees to zero.
I have used $0.06 for electricity. It looks like they are banditting electricity in their videos, so let's make this a general overhead figure. (Way too small).
With these highly optimistic cost figures* (in Gain's favor), what do we get?




According to Coinwarz's figures, at the end of your 547 day contract you will have received 547 x $12.11 = $6624.



Who do you believe, Bhardwaj/Kumar or Coinwarz?
Hmmm.....

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*Costs. The $0.06 Kwh I used is deliberately derisory as an overall cost of operation. Also to take into account before the gross S9 revenue gets to your account are:
Capital cost of equipment
Maintenance of provenly unreliable S9's and subsequent down time
On site wages
Bribes
Mark Lee
Flights for the family
Indian based infrastructure
Kartik Kanwar's suits
MLM Referral commission structure (can reach 30% of gross revenue), including rake off for Ver(manen) and Guzda (YT vid) to throw away into FutureNet



{1}
Coinwarz does not attempt to predict difficulty increase. As difficulty increases, rewards will drop.
In the last year, Bitcoin mining difficulty has increased by a factor of ~5.
Should the next eighteen months continue this trend (and why should it not?) but only double, then rewards will be cut by 2/3.

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Hi guys,

I came across this thread as I was approached to invest in GainBitcoin by someone who has already invested 30 BTC there. It seemed unrealistic to me and after seeing this thread and other similar ones I am not sure.
I reached out to some people who are involved with GainBitcoin and I was given some of the below data/images to prove it's real.

Honestly I am not well-versed with Bitcoin mining so I can not verify its legitimacy. Incase any one here can use these to prove/disprove whether GainBitcoin is a legit investment or a Ponzi scheme would be great help and possibly bring conclusion to this thread and the mystery surrounding the company and Amit Bhardwaj/Kumar.

I started by asking a few questions (based off of some posts here and in similar threads) -

1. What is their public cloud mining IP

2. Is there a user selectable pool?     
                   
3. Who is their asic vendor?             
         
4. How many hashrate have they sold vs how many hashrate they have in total
                        
5. What is exit strategy? (If I want all my money back within 1 month)

6. Endorsement from the vendor?

I was also forwarded this message regarding some cooling period they are introducing starting October


I also received videos of people who have visited their mining farms in China:-
https://www.youtube.com/watch?v=lnVke_hD5R4
(Rest are in dropbox link)

Finally, I was sent some images which was supposed to prove something - but to be honest I couldn't make heads or tails of it.

Dropbox link for photos/videos - https://www.dropbox.com/sh/oj248xr42v6pl8j/AACRaxxkZ3BoL_k3lgOORoa2a?dl=0



I hope this helps solve the mystery and someone can look into this matter asap!

Hi there.. i may be joining the discussion a little late. However I got some informative bits about gainbitcoin. I checked the internet archives for gainbitoin.com and here are some snapshots since 2013 (the year of formulation of gainbitcoin as per their website) and found that from 2013 to 2015, this website was a totally different one and in-fact scarier:

link below for snapshot from the website dated 04-April-2013
http://web.archive.org/web/20130421015451/http://gainbitcoin.com/

Below links are from 22-May 2013
http://web.archive.org/web/20130522031718/http://gainbitcoin.com/

Then about similar snaphots for may other months below a snapshot of 19 Dec 2014
http://web.archive.org/web/20141219194628/http://www.gainbitcoin.com/

Even 5 Jan-2016 was no change.
http://web.archive.org/web/20150105001907/http://www.gainbitcoin.com/

The earliest Gainbitcoin page snapshot available on internet archives is that dated 12-Dec-2015. whether the formulation of the company really was 2013 is questionable. Since 2013 through 2014 and part of 2015, the gainbitcoin.com is existent but that is evidently a different company that looked scarier.

Even on this page (Dec 2015) , the contact info and email id given are of [email protected] – have a look at the below link and the contact info page. I believe that the site is under development phase on this day.
 http://web.archive.org/web/20160119101651/https://gainbitcoin.com/
 
 
Even on current day the email IDs in contact info is of [email protected] while the footer of the main page says [email protected]

Further, a whois search on this website reveals below info

http://www.netim.com/domain-name/whois-search.html
registered in Singapore in the name of Mark Lee.

They claim that they mine from China. However no location they reveal even a search on maps return unsuccessful. Their one video has (most probably) the owner of the company in their supposedly mining farm of China and other video (that is shown to potential customers in India) is of a lady going by the same surname showing the same farm in China in that selfie video.

The only purpose of sharing above details is that here they adopt various methodologies to get customers under MLM schemes. they quote reasons from nationality to getting quickly rich to get people (which is not unsuitable in a sense in-fact).

But, in my understanding, everything in public domain should be questioned and even the company which is being questioned must justify. If you are approached by this company you should ask them these questions directly and let them answer. If all seems good to you then happy earning to you.

Cheers!