Topic: [ANN] Ghash.io LTC pool is a scam [ANN] (Read 1122 times)

It does look that way. Even if they had just been honest and said, we didnt anticipate such a high hashrate and going to have to pull x2 payments, or we need some coins to carry on with the payments - that is better than the NOTHING repsonse we got

so they're not crediting users for 3 hours of hashrate?

Is that how ghash is paying their promotional bounty:  by robbing one user to pay for another?

pathetic ponzi pool. 

They pulled a Bait and Switch for sure... After promo is over just ditch them.

Downtime I can live with, no problem at all. But my miners were still hashing and getting accepted shares, if they had failed over thats fine or even if the pool was down then I wouldnt have any power consumptions costs. But they have done SOMETHING with the 40gh/s they had, all I'd like to know is what, that is if it's not a scam?

1.25x LTC is a still a great offer, and the pool is in Beta. OP, seriously ... 

If you can live with the x1.25 payout then why are you calling them scammers? just because the pool was stuck on a single block for about 2 hours? Every pool has some downtime, start being glad about free extra litecoins instead of insulting them.

I can live with x1.25 payout, as it will catch up with the lost mining time. But an honest answer from them would be nice. I probably would have stayed there if they were honest even after the extra payouts have stopped.

Greed trumps personal integrity.

So they're a scam and you're still mining there? 

Many of you may have seen that Ghash.io (cex.io) is offering double LTC rewards for 7 days.

Ofcourse I think they are trying to buy hashrate with double rewards in the hope of making the money back through fee's in the long term, a fairly sound business plan IMO.

Their reward structure is as follows, for a pool hashrate of <40gh/s they were paying out x2 rewards, for >40gh/s and <60gh/s x1.25 rewards and for a pool hashrate of >60hg/s, normal payout.

Ghash quickly achieved their 40gh/s pool hashrate and subsequently lowered their payout structure to <25gh/s being x2 rewards, thus making >25gh/s and <60gh/s x1.25. Again there is no problem with this, they may not have estimated they would pick up so many blocks so quickly and it would cost them a LOT over the 7 days as they were finding nearly 30% of all blocks.

However between 16:01(GMT) and 19:45(GMT) yesterday afternoon, the block history registered the SAME block height for almost 12 blocks in a row - non of the blocks confirmed and there was no payout. Could this have been a glitch a pool that was rectified by ghash.io? Possibly. Having checked my miners that were pointed at ghash.io I see they have been mining for the entire time, perhaps they have failed over? Nope, failover pools register no hashrate from me during that time. Therefore my miners MUST have been mining at ghash.io, which again, would be no problem to me if I was to be reimbursed when ghash.io sorted out their issue. And then I find this....

Hey BakerZA, (not me)

We apologize for giving you wrong information. We do not compensate losses experienced with personal mining hardware.

Best Regards,
Matthew, CEX.IO support

Thread is available to view https://support.cex.io/hc/communities/public/questions/200875213-LTC-pool-lost-3-hours-of-work

So what the hell has ghash.io done with 40gh/s for 3 hours? Imo they have kept ALL those blocks they found for themselves! Are a bunch of SCAM ARTISTS and I for one will be leaving their pool as soon as the payouts are back to normal.

If anybody has been given any more info on this subject I would love to see it. Until ghash issue us with the blocks that were found they will continue to be a scam in my eyes.