Topic: [ANN] Megamine.com - A new, 100% hydro powered, UK based bitcoin mining service - page 2. (Read 17509 times)

Your adress is verified by the letter with a code that you receive. In order to make withdrawals you will also have to send in a couple of documents. It'll probably take a trip to city hall, but this procedure is required by UK law.

What is best for you depends on how you want to spread your risks. There is a long blog post about this by the Megamine CEO, but as their website unreachable at the moment I can not give you a link.

I personally have two fully inclusive contracts. I like how the BTC-price does not influence my yield. With current relatively low BTC-prices, my yield with a competitor is taking a serious hit because of higher maintenance fees (in BTC). The only thing I have to worry about is the difficuly. It's not cheap tho. Still Megamine is the best of several investments I've made.

I have a question.
I've read on "https://www.camscryptoblog.com/megamine-cloud-mining-review/"
That for verification this is requiered:


Is this the only verification needed or is the already mentioned verification needed (something with getting a letter signed by your dentist or something ) ?

Also I'm new to cloudmining and I'd like to ask experienced users which contract/Package they would recommend, the "Fully Inclusive", the "Hosted Contracts" or the "Pre Order"? Also I'd like to know how long ROI time would usally take?

Thanks for your answer in advance, I'd really appreciate it if you could help me

Well, for me it was not straight forward by any means, I would indeed say that I had 'significant
issues' when trying to get these documents. So probably you should reconsider this reasoning
that if you received 500+ documents, then 500+ costomers must have had a straight forward
experience obtaining them
Anyway there's no need in arguing, as you seem to be obliged to do it that way, so you can't
chance the procedure..

Hopefully the above helps on why we do this. It might be 'quaint' but is legislation that is enacted at the EU level, so any EU company has to comply with the EU Directive, which was implemented by specific legislation in each EU member state (as EU directives are).


Here is a nice little table that shows how the EU direct was implemented in each EU country.

http://www.anti-moneylaundering.org/EU_Chart.aspx

It would of course be nice if we didn't have to do this, but there are sound solid reasons why, particularly given the levels of monetary value that some of our customer's have placed with us.

Thanks for the kind comments about your perception of us, and if you ever do intend to purchase a contract we'll be delighted to have you as a customer. The 'weakness' of BTC:USD is something we can all speculate about, but we believe in the underlying fundamentals of bitcoin and mining in particular.

Justin
CEO
www.megamine.com
Latest blog post : http://www.megamine.com/cloudhashingdoomed.php

I guess we don't appeal to the 'masses' that are on here, but that's never been our intention to be a mass scale offering, hence our entry point.

On the ID verification the requirements are real. We are a UK registered company and hence have to fulfill all the relevant regulations here.
https://www.gov.uk/money-laundering-regulations-introduction

We are indeed registered with HMRC and hence have to undertake 'Know Your Customer' checks. There are various levels of checks that depend on who you are and the value of your order, and there is a FAQ here http://www.megamine.com/idrequirements.php

Dentists are indeed people that can verify your documents, but so is anyone defined as a suitable person. This can be as simple as someone that is a member of a professional body (such as the Chartered Institute of Plumbing and Heating Engineers), or someone that holds a further education degree. The examples given in the ID requirements are just that, examples. In the 500+ documents we have certified so far we have yet to find any customer that has significant issues with it, after all it's very straight forward.

If you are interested in everything we comply with, here is a nice 65 page document that shows what we do
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/387032/mlr_msb.pdf

Personally I feel very passionate about applying these. For Bitcoin to grow and be treated as a serious means of money transfer it must fit in with the existing legislation. If that means some people don't buy our customers then whilst that might affect us short term, it does mean that we all together are making Bitcoin businesses more accepted by the legislative structures that will ultimately determine the long term success.

Justin
CEO
www.megamine.com

It's an quaint olde English thing, an informal way to get a reference on you without paying notaries.
You used to be able to get your passport application verified by the local librarian or "professional person".
In an environment like cloud mining with scammers making full use of anonimity, it seems a bit strange to be asked for this, but I suppose it would come in handy for them as due dilligence if any money laundering was suspected.
The UK authorities are using terrorism legislation to poke their noses into all sorts of financial transactions. (Apart from the billion dollar ones that matter).

I have been thinking about cloud mining investment for a while now, but have been put off by BTC price weakness. If I did change my mind, these guys seem as good as any to me.
The quiet thread is basically no news is good news, no special offers every five minutes or broken english bullshit.
Not pushing the Brit angle as too much of a positive; new, basically valueless companies and serviced offices at a fancy address don't mean much.
 

You are right, I had a hard time finding someone to sign this stuff. In UK it might be
standard practice, but in Germany your dentist will be very suspicious if you ask him
to sign your power bill..

I blame the need to have my dentist sign a copy of my ID and power bill before I get any payout. I can't imagine any international law demanding such amazingly ridiculous measures for something as silly as Bitcoin mining, so I'll pass.

thanks for photo..
it's good for your company..
if u are reel miner, you can share photo like you..

And do you care to tell us what exactly you mean?
Not that I'm a big fan of Puppets list, but concerning megamine there
are really not too many hard facts which point to non-legitimacy.

There's something about them that really just makes me suspicious about their whole operation….

Something is off.

I had a positive experience with megamine, too. The investment was a good
one But I'm always wondering why this thread is so silent, it would be much
more reassuring if user questions would be answered here etc.

It's not a fraud, the companies closing their doors are using older ineffecient equipment (or are ponzi schemes).

As of a few days ago, I actually went into +ROI territory and it was a good investment.  Having said that I did plenty of research and went over the numbers a lot before deciding to buy, the same conditions may not apply today that's a decision only you can make.

So Megamine is just simply fraud? Not worth giving them any money? A question I'd like to hear some thoughts on.

If large companies are saying that when mining this not paying expenses and are closing their doors for a while as. And even these comic garage fund mining companies say they can mine and still pass on profits. Are all ponzis and what is worse at least have a satisfactory return could be worth apena, so that after 6 months and able you are able to take what invested and that if it lasts 6 months.

No secret, just I thought that was a nice shot. See above for the less 'pretty' one.

Alas the guys forgot to take a nice shot of it all done (it was probably the -28C temp outside making them funny) but here is one of our guys 'mid build'

i agree you
if they share us that photos we will make invest safety here..
it will be better for everybody...

Why are you showing wrapped carboard boxes and then just 1 deployed unit? Im fairly sure you have a lot more than that, but why not post the pics that prove it? Even if for no other reason than that we all love minerporn.

Our new shiny Spondoolies are now running and available for purchase @ http://store.megamine.com