Topic: Amit Bhardwaj, the Gainbitcoin thief and liar. - page 8. (Read 63766 times)

http://coinjournal.net/founder-india-based-bitcoin-mining-pool-gbminers-running-ponzi-scheme/

Finally.
Hope this catches the attention of more reputable news sites like Coindesk.

Thanks for the share, lordquanta.

Fortunately some bitcoin news media like coinjournal are also uncovering truths about the gainbitcoin and gbminers. Check following link which covers gbminers, gainbitcoin and coinbank.

http://coinjournal.net/founder-india-based-bitcoin-mining-pool-gbminers-running-ponzi-scheme/


As above link coinbank is rebranded version of open source bitcoin wallet called bitpay wallet[1].  Nothing surprising as gainbitcoin site itself was more likely created in this way.

[1] https://play.google.com/store/apps/details?id=com.bitpay.wallet&hl=en

Edit: What is more important is that coinjournal has posted other articles on gbminers previously. Now they have put a disclaimer mentioning 'gbminers is running ponzi schem' on many of those article. 

On the contrary one should collect as many proofs as you could. Because these proofs later become point of reference when promoters/supporters of scam/MLM scheme come to defend it.
Thus it is important to collect or dissect every statement, details from those scam-promoters.  Interestingly you'll find people on this forum who support, defend this very scam site as legit.

Guys, do not waste your time researching & talking about SCAM sites..

This is 1000% SCAM...

The parent company of gainbitcoin - VariableTech Pvt Limited is a defaulter, they have not filed their annual returns to the government in Singapore. Their compliance status is "non compliant" as per Singapore government records. One can check on Singapore Accounting and Corporate Regulatory Authority (ACRA) website. 

Raises a red flag. Beware buyers!

https://cointelegraph.com/news/coinbank-launches-bitcoin-fixed-deposits-claims-to-offer-highest-interest


If you like HashOcean, Gainbitcoin, and Amaze Mining and Blockchain Research, you're gonna love Coinbank, and IT'S SAFE!


Excuse me now while I go and jack off to a sexy Hindu elephant pretending to make a fixed deposit into her pussy.

I get quite a mailbox on this, subjects ranging from the "refund guarantee" not being honoured, to rebuttals of my math based on "bulk discounts"


I'm trying, and failing, to understand this logic.
For every 1.5 Th/s contract that they sell, Gain promise to pay out on balance 0.8BTC. [(1 x 10% x 18) -1] over its eighteen month life.
Mining with that 1.5 Th/s for eighteen months gives them 0.522BTC gross income, around 0.30276 after overheads (not including MLM commission payments).
On every contract sold, they lose money.
When one contract ends after eighteen months, they sell the hashrate again and lose more money.
The only way they can avoid this is to not honour the 10% monthly repayment, or use funds from a source other than mining to make it.


How?
They are getting large amounts of deposits (loans) certainly.
If you go and borrow say $1m, you will have $1m in your hand. Is it profit? No.
If you pay the interest on the $1m and make a profit on top by whatever process you use it to finance, then you're making money.
Gain are borrowing at 10% per month to finance mining with a return of 1.682% per month.
Please explain where those maths are wrong, because
I don't buy yours.

I somehow completely buy your point. In GB, people are getting a fixed and limited income for 18 months only. After the 18 months until the hardware remains in operation can be used to mine for company or for new users. More the people, more the after 18 months income for company. And if I compare it to Genesis mining (as usually people do), they ask for around $200-220 to mine around half of what GB is giving monthly with one BTC investment. Even if I calculate roughly, GB is getting four times (around $800/BTC than compare to $200) than what Genesis is asking and giving only twice compare to what Genesis is giving and that too for just 18 months. So GB is getting huge profits already from the users and that is the reason they may be able to pay the MLM format. The BTC price is expected to grow gradually in future so the comparo between Genesis's $200 mining outputs with GB will be irrelevant all the time. The MLM will pull in more people which will boost incoming BTC's investment for GB and on another hand the BTC price itself is growing (if at all matter for GB) day by day so its like huge, huge profit for them to run this model for a long time may be we cant imagine seeing the population in India. 

Thanks for the information !!!!

Forgot to mention, the gainbitcoin is listed in the  http://www.badbitcoin.org/thebadlist/ .  it is list of ongoing scams.

The reason Genesis-mining returns decreased to 50% because Genesis is real deal. In fact if you look at their contracts and then you could understand why everyone is saying mining nowadays is not profitable as it used to. Genesis minigs return rates are that low.


Neither on gbminers.com nor gainbitcoin.com mentions that both of them are officially related to each other.  Or gbminers.com is actual mining site for gainbitcoin.com (where gainbitcoin.com is customer interface).   In fact gbminers.com is vehemently denied it's relationship with gainbitcoin.com . Check this https://www.reddit.com/r/btc/comments/5dryfh/psa_gbminerscom_is_backed_by_gainbitcoincom_ponzi/.
Ask any gainbitcoin-affiliate why gbminers.does com or gainbitcoin.com not mention each other as affiliated sites or that gbminers.com is mining portal/site for gainbitcoin?  Once you ask that question be ready to be amazed with fairy tales.
As mentioned earlier those who believe in gainbitcoin will point only to regular pay.  Their greed has blinded them in getting rich quicker.

It's good to see people attempting analysis, but the old saying of "There's lies, damn lies and statistics" comes to mind.
Also protip: beware the decimal point.

If GB miners and Gainbitcoin are synonymous, then 5% share of the hashrate will accrue 5% of the total mining reward (dependent upon luck), so it would be reasonable to say that their gross daily income would be in the region of 100 BTC. (Struggling to maintain 3%,~60BTC atm.)
That's only part of the equation though.
Resorting to the ridiculous to make a point, if I had an infinite number of monkeys (no offence to monkeys) and an infinite number of pieces of paper and pencils, then I could have them make an infinite number of calculations and mine an infinite number of anything.
The cost, however, would also be infinite.

Also a factor is the amount of future debt (mining contract repayment commitment @ 10% monthly ROI) that needs servicing from this gross income. This is unknowable without information about how many contracts Gain have sold.
Gain reminds me of Bitclub Network in some ways, MLM selling orientated not least. When BCN realised they had hugely oversold their hashrate, they just unilaterally cancelled early contracts.



This is not relevant to the fact that they promise a return of 10% per month (i.e. 0.1BTC) if you buy 1.5 Th/s for 1BTC from them.
At current difficulty, that 1.5 Th/s will mine 0.05604730BTC per month (gross of all costs).
Where does the missing 0.0439527BTC come from?
 
I'm uneasy with the use of the word "magic" when discussing cloud mining.


On that basis, would you have invested in Bernie Madoff?


This is speculation about speculation. Gainbitcoin sell mining contracts.

 

Why Mr. Bhardwaj does what he does and the mental processes behind it are unknown to anyone apart from him.

Edit: I drafted this post when I had 5 minutes earlier on, before bpanther edited his. Most points still stand though, especially the conundrum


I would be really interested to know.

Not everyone is raving mad about GB, but i guess the thing is just that not everybody has bad experience(so far...).   Untill this moment they delivered as promised, i can speak for myself.
As mentioned in my previous post, i have some doubts too.
Basicly what grabbed my attention was,  that after the halving their payouts remained the same, while for example the payouts with Genesis-Mining decreased with more then 50%...which is more logical.  And what is even more interesting is that the new contracts still have the same ROI? 

Guys I really appreciate the time and effort put out by some of the members to take out so much calculations and facts. Although no one have any personal motive but still this much effort is commendable. I was also researching GBC for long time and took lot of user feedback which turned out to be positive as there is not issues with payouts. I myself also put some calculations in place and somehow their model looks feasible.
Current BTC mined per 10 minutes (average): 12.5 BTC
Current BTC mined per hour (average): 75 BTC
Current BTC mined per day (average): 1800 BTC
Current BTC mined per month (average): 54000 BTC  
GBMiners Hashrate: 5% of total available on Blockchain
GBMiners mined bitcoin per month: 2700 BTC
They may have been earning some transaction fees as well.

GBC contract validity: 18 Months
Average life of mining hardware: 4 years (estimated)
Months left after user’s contract expires: 30 Months

Now see, how is it happening. The hardware purchased by any user will server atleast 18-30 more months and their hashing power is increasing day by day for new users. That is the reason, they go with very rough calculations because they know this can be done this way.
I feel this is that magic which is working for them, I can’t say they are scam because of committed payout. They have kept the contract prices same even after prices went nearly 3 times high in a year and with that they can plant more servers or can sell the BTC bulk at peak prices and can buy at lower rates after the crashes.
I feel Amit will not highlight himself so much if he is not genuine because wherever he will stay after any scam, govt. will catch him bcz the amount at stake is very high here. They are saying that they are getting registered in India in March 2017, and if this happens people will not face any issue in my opinion.

Hi,

With great interest i've been reading most of this topic. Pros and cons allover the place...mostly cons.  

I understand that bitcoin mining is a shady place, and like all the mining companys lots of folks have big question marks with Gainbitcoin too.


There are not many positive true experiences about Gainbitcoin mentioned here, that's the main reason i wanted to add a comment.
I've subscribed with Gainbitcoin since April 2016, and so far everything went smoothly, payments are on time untill today.  
I honestly think, certainly after the halving that their payouts are good.

But i can't deny if i read all the info, and  more specifically about Amit Bhardwaj/Kumar and it's possible connection? with the HO scam that i've my doubts too. At least i 've my money back so whatever happens happens.....

What i really don't like is the obligation of Gainbitcoin to use Coinbank now.  This has nothing to do with decentralization anymore, and their reason to add extra security is imho pure nonsense.
The application is very simple and not safe at all.   .
The app doesn't even have an automatic lock function like for example the blockchain app has. Once you logged out there, you have to give the password or fingerprint to gain access again. But coinbank is accessible all the time, even when you restart your device.
If you read the info about this app it adds extra security, but didn't discover yet what kind of.... It only gives Gainbitcoin more power.


tmfp over....

Back in August after the halving, I mentioned that Gainbitcoin had slashed their Basic contract price to 1500 Gh/s for the price of 1 BTC.



The calculator showed that 1500 G/hs would mine 0.05604730 BTC gross per month, or a fraction over 1 BTC over the eighteen month life of the contract at that difficulty.
The disparity between that gross total of 1.0088514BTC mined and the projected Gainbitcoin return of 10% monthly, by supposedly somehow mining 1.8BTC net was difficult to explain.



 
Since then, both total hashrate and difficulty have nearly doubled, culminating in the biggest difficulty rise so far today to 392,963,262,344. (And look at what is projected to come in a couple of weeks....)



How does that affect the calculations of the mining power of 1500 Gh/s at current difficulty, for which Gainbitcoin will still charge 1BTC (and still promise to deliver 1.8BTC against after 18 months)?
Like this:



The mining return of 1500 Gh/s has very nearly halved, from 0.05604730 per month to 0.02879549 per month, or from 1.0088514 per eighteen months to 0.51831882.
But Gain still offer 1500 Gh/s for 1BTC and 10% monthly return.....

---

Before anyone goes off on a red herring along the lines of "Yes but look the price of bitcoin has nearly doubled too so...!", the answer is "So what?"
All it means is that $600 bitcoin you gave away to Gain is now worth over $900, a nice $330 profit if you had kept it.
Never mind, I'm sure the previous investors who have received slices of your "investment" re-named "mining profit" will be excitedly pointing at their wallets and telling everyone how great Mr. Bhardwaj is.......

You are welcome/have a right to your opinion, humble or otherwise, but you are verging on tendentiousness.

1) The price of Bitcoin, or its volatility, is irrelevant to how much of it can be mined by any given hash power at any given difficulty. Your failure to understand that is unfortunate.
2) 2+2=4. Believing, without any basis, that someone may have found a way to make it 5 is not due diligence or healthy scepticism.
3) Give your money to whomever you wish, on whatever assumption.

Don't want to be a pain the ***s but volatility of bitcoin still was 300% throughout the last year. I fail to understand how one can rely on such a volatile instrument to base calculations on.



You can indeed postulate that Gain may have some mystery super mining equipment that gives them an edge over the competiton, despite there being no evidence or even claim of such.

[/quote]

Neither evidence is an the other side. Calculations based on assumptions, that may or may not be close to reality. We don't know which resources are used to pay that kind of payouts, we can only assume.

All of that IMHO

My friend referred this GB site to me.

I never invest money,except in stock market.My friend promised me 10% ROI monthly which was more than I imagined.I was cool about it.So,i decided to do some "basic" research on the site and its owners.Surprisingly, I never found a single evidence or a social footprint of the CEO.The site was just some regular scam shit.I confirmed this after reading your thread on this forum.I messaged my friend about this and he discarded my warnings.I was like okay,no one gives a crap.

I wish I could make people more aware about this stuff,Like a video or something,so that it can takeover the search result of YT and people will see it when the search GB.I am too lazy.Thanks for this thread though..