Topic: [ANN][ENVY] Envy Coin | ICO closed - Did not meet Min BTC Refund will start soon - page 14. (Read 43531 times)

So, there has been a lot of FUD around Envycoin. A lot of it comes from a misunderstanding of the target for this currency. Here, I want to compile a FAQ of sorts to hopefully help people to understand these things.

### Why not just buy hashlets?

This is the most common question I've heard. Envycoin comes with a number of features that command a premium.

1. You can't buy a pizza with hashlets. Hashlets are not divisible
2. Hashlets are not easily sold or exchanged. This is especially true with their new Hashpoints system
3. Hashlets come in many varieties. Giving someone a Hashlet Prime is different from a Hashlet Zen.
4. Automatic reinvestment. To ensure overtime you ideally make more money than you are now.
5. Bitcoin features. Including stealth transactions, multisig, etc
6. We will benefit from GAW's new hashpoint system at a very large scale.

Although Envycoin can function as a proxy to Hashlets, this is not it's only goal. It's primary goal is a stable and non-volatile currency. Ideally, the mining inflation rate will equal the tendency to hold the coin for profit share revenue, yielding a fairly stable economic outlook.

### How do I know this isn't a scam?

Well, if this is a scam, it's a pretty shitty one. First off, Me and Tom, the Envycoin Team NEVER has access to the ICO funds. The only funds we have access to out of that is 5 BTC to repay Tom for the non-refundable ICO deposit.

Second, our idenities are not a secret by any means. If we run off, we know there will be repurcussions.

### Why 1000 BTC? Why not something smaller?

The more initial investment we have into the cloud mining platform, the more profit and faster ROI for everyone. With larger volumes, we get larger discounts.

### No way you'll get ROI in 70 days

This might be true. We took difficulty increases and everything into account when calculating this number, but it's always subject to change.

### Why isn't the wallet out yet?

We have decided to keep mining closed up until after the ICO. We have a functioning network, but it is kept in secret right now. I have code reviewed many coins and am a very well qualified coin developer. We will strive to give at least 24 hours notice before mining will begin

### GAW is just a bunch of scammers

Tom has vetted GAW and we think they are legitimate. We see no reason to not trust them.

However, we are not focused only on GAW. Our initial investment will most likely be with them, but with the reinvestment fund, we are going to be trying to invest in other cloud mining firms. This is to minimize the risk of trusting a single entity with this amount of money.


Btw, I've also posted this on my blog if you want something easy to tweet http://earlz.net/view/2014/09/29/0423/envycoin-faq

1.- For how long time you are going to pay the profits from Hashlets, to Envy Holders ? 3 months? 6 months? lifetime ?

2.- I suppose the daily profits gonna be shared daily right?

3.-And how this it works, we need to download the wallet and send our coins there, so you can check the amounts of coins we have and you gonna share the profits from hashlets to the people who own the coins and share the information with you, and then you send the btc to our personal btc address?
Thats mean, perhaps not all the people follow this steps, and the amount of  profits gonna be higher for the people what follow all the steps, right?
You need to take in consideration perhaps more than a half of coins, are going to be trading on Bittrex, so who gonna own that profits?

I have some Primes and i know very well how Gawminers work, and i like it very much, i already got my ROI in few months.
For all investors i can say, you can trust in Josh from Gawminers.

the more i think about it the funnier it is...

at first i thought it was a decent idea, but when you take into account that you could just buy and manage your own GAW hashlets and you dont have to worry about a middleman sending payments and the coin dropping in value, i thought twice

I will be watching to see if how much, if any, of the ICO is sold and if it is a decent amount and payments are sent AND coin price drops below going market rate for hashlets then i would consider buying, till then Good luck and godspeed


and as always DYOR

So you are saying all these other ICO's that say they hope to make a tech advancement is better?

So, you want to collect 1k btc with this shit?
Good try

We have also posted a message from GAW's CEO confirming that I have been in negations and know about this project.

Correct. We have added a countdown clock for mining. This is the expected time. Please watch for any updates on this.

thanks ,good luck !

when can we mine this coin? right after ICO end?

It is the business plan in the OP.

Yep everything has to stay on Bittrex until ICO ends. The network is not running right now so that way people do not waste time and energy in case something were to happen with the ICO. They keep them there so that way if they have to refund they can do it. We have not started mining because if we do not meet the minimum amount of sales the ICO will be canceled and everyone will get a refund.

Whats the total float currently on this coin?

more information?such as white paper,your plans ,road map ?

we only can save coins in bittrex wallet before ICO end?

I am not saying that you are calling me a scam. The guy that I have had to delete about 100 posts because that’s all he is doing. I know it is part of life on forums. It still amazes me. Are people that miserable that all they want to do is bring other people down? If they are going to claim I am a scam have a reason and some proof or at least a history that would point to me being a scammer. People can post here that they do not like the coin, for whatever reason they want. Just don’t repeat a bunch of times and do it in a constructive way.

The things I can share. I have looked at business licenses and driver’s license. They have explained what they have as in miners, and slightly how they do it. They obviously did not give me any info on what they mine in their pool. I had about a 3 hour Video skype with the brother (Head of accounts) I have looked into Josh’s old business Great Auk Wireless including the negative reviews about the company. The news articles about them awarded a Grant to add wireless internet to a small community but ended up pulling the plug on the operation because they would have lost money when the tower company raised rates. They didn’t not take any of the money for the Grant and let it expire. Everything from their past looks like it was a legitimate company, even if it was not the most popular but check out other wireless providers. It was a multi-million dollar company based on some of the articles from a few years ago. This and my talks with them have led me to believe that they are a real business and have more to lose then what they would gain by taking a risk on running a Ponzi. Heck I even seen his kid which I doubt a Ponzi person would let me see. Of course there is always the risk they are because look at Bernie Madoff. I also have an open invite to visit them anytime and I will be doing this soon.
I ended up asking questions that were a little uncomfortable being face to face with someone and asking him to provide these documents of proof that I did not warn him about. He provided everything I asked for on the spot. I will continuously evaluate GAW and other cloud miners. I have personally been a customer of their since Hashlets were introduced. I have been very happy with them. When I saw the rate of return on these I came up with the Idea we could put these to a larger use to help a coin. I have watch so many ICO’s launch promising we will eventually provide this great Tech. They only start once they get the money. Envy will do what is says from the start. The first payment will go out 1 week after the Hashlets are bought.

I don't believe they are a scam company, hence my small investment on there.  They have provided full proofs of their datacenters on hashtalk, and the CEO actually interacts with the customers.  There returns are very realistic, if not a bit little.

lol, best post I've seen today .

You are amazed because one clown comes along writing "SCAM"? Really? You regitered on BCT on march, you should know that you can always expect those guys.

To be clear: I wasnt questioning your calculation. I wasnt questioning if you are honest, because at this point I have no reason to. It basically goes down to:

Can we trust GAW, who claim to have the - according to their homepage - "most advanced SHA256 bitcoin mining hardware in the world". Thats what I am sceptical about. I spend the last hour or so checking their homepage, trying to find out something about their staff and reading BCT threads. The picture is mixed at best, I would lean toward ponzi-scheme. But thats just me after one hour of searching.

In your OP you wrote you asked them questions to prove they are not a scam company. Could you be a more detailed at this point? Because this is basically the most important sentence of the whole announcement.

hahaha, thanks for the laugh earlz:-)