I am also questioning what cex.io does but many people are just going to learn it the hard way.
I see referral links everywhere, youtube, forums etc and I feel sorry for those who fall into this.
Many people think they can get rich quick and they have only themselves to blame for not doing research.
I visited cex.io from time to time to see how it does and I saw the drop from I believe 0.08btc/ghash to 0.03btc/ghash. It did not fall slowly, it dropped like a rock which could be a manipulation.
There are a lot of bagholders or should I say hashholders in cex.io which will not get their initial investment and I hope they learn from this. We are in very early stage of bitcoin, things are unregulated, and people are being scammed everyday. Nobody is going to save your assess if you lost your bitcoin to scammers. I am not saving cex.io is a scam but that place sure is fishy.
If you want to trade to increase your btc holdings, it does not make sense trading at cex.io. btc/ghash will only devalue over time, you might get lucky from time to time but once the next dump comes ready to say goodbye to your investment if you are not prepared.
Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App*** - page 118. (Read 422328 times)
January 07, 2014, 09:32:43 AM
January 07, 2014, 08:47:37 AM
whether cex.io/ghash.io is legitimate or not, if you want bitcoin to stay decentralized and secure dont put more of your btc or hashrate in there. They already have 1/3 of the global hashrate.
That is a separate issue and clouds the fact that CEX.IO is using the trading platform to take mined BTC from its 'customers'.
1/3 global hashrate is an important fact; the cornering of the hashing.
My point is that they are not only cornering the hashing but also helping themselves to the Bitcoin mined by setting up a trading platform that is unregulated and at worst manipulated or at best run in a way to favour CEX.IO.
The naive readers of this thread will be taken in without understanding either point.
January 07, 2014, 07:38:36 AM
whether cex.io/ghash.io is legitimate or not, if you want bitcoin to stay decentralized and secure dont put more of your btc or hashrate in there. They already have 1/3 of the global hashrate.
January 07, 2014, 07:15:30 AM
To all having problems with graph it looks about like this 
January 07, 2014, 06:31:25 AM
I see that for a second day CEX.IO is not producing graphs. Maybe something to do with my posting charts on page 29 of this thread?
Also, the CEX.IO staff haven't been on this thread for a while to defend themselves.
I would also like to point out to the younger members of this thread that you are dealing not only with the creator of the index but also the seller of the commodity.
Imagine buying shares on a stock exchange that only sells one stock and that the exchange owns that stock and the company from which the stock is derived. Would not the SEC in the US (or the FSA in the UK) be on the war path?
CEX.IO is unregulated for this kind of activity. It is essentially insider dealing.
CEX.IO can manipulate the price at will. They own the ASICs and can sell them onto the market and buy them back when they want and profit from the difference. The could well be front running the trading market. How many of the positions to buy and sell are positions placed by CEX.IO? There is no regulator to oversee this exchange.
Certainly, a few affiliate linkers to CEX.IO will come onto this thread and tell you how they profited. They are either telling a lie so that you click their affiliate link or they are one of the lucky survivors and you are going to get duped by survival bias.
CEX.IO, regardless of any good intent on the part of its management, is an unregulated and manipulated market.
But try as I might to be kind to CEX.IO the lack of charts on CEX.IO for so long is now beginning to smell of market manipulation.
Steer clear.
Also, the CEX.IO staff haven't been on this thread for a while to defend themselves.
I would also like to point out to the younger members of this thread that you are dealing not only with the creator of the index but also the seller of the commodity.
Imagine buying shares on a stock exchange that only sells one stock and that the exchange owns that stock and the company from which the stock is derived. Would not the SEC in the US (or the FSA in the UK) be on the war path?
CEX.IO is unregulated for this kind of activity. It is essentially insider dealing.
CEX.IO can manipulate the price at will. They own the ASICs and can sell them onto the market and buy them back when they want and profit from the difference. The could well be front running the trading market. How many of the positions to buy and sell are positions placed by CEX.IO? There is no regulator to oversee this exchange.
Certainly, a few affiliate linkers to CEX.IO will come onto this thread and tell you how they profited. They are either telling a lie so that you click their affiliate link or they are one of the lucky survivors and you are going to get duped by survival bias.
CEX.IO, regardless of any good intent on the part of its management, is an unregulated and manipulated market.
But try as I might to be kind to CEX.IO the lack of charts on CEX.IO for so long is now beginning to smell of market manipulation.
Steer clear.
January 07, 2014, 06:21:04 AM
comon guys where are all the proud owners with the fancy signature?
tell us how much profit you made maybe ill join too
give me some refferal link
tell us how much profit you made maybe ill join too
give me some refferal link
I only profited because I did not put in a lot (only a couple GHS) then traded the hell out of it...now whatever my measly little 3GHS gets me is 100% profit as I've made back my initial investment during the price crashes that occurred the past month and a half...
This is called Survival Bias.
Only those who were lucky to profit from CEX.IO report it here (with attendant affiliate link).
The vast majority who get burned wouldn't want to boast about it or look for a forum to tell anyone about it.
January 07, 2014, 03:37:43 AM
The market is stable again now and I've been able to stabilize my earnings! About 6 more days until the next diff change.
January 07, 2014, 01:32:51 AM
New TOS, Can someone with a legal background explain the new terms of service in laymens tearms?
in perticular
Is this site turning into KYC?
I also noticed the log of I.P. from miners, With this in the new TOS
We now have to pay our countries TAX on earnings? What's the point of BTC if it's still linked to the government?
Also this is a nice touch
Is this normal legal jargon? I dont understand this stuff.
in perticular
Quote
Before the publication of the first demand you should send to us:
1) a valid government issued ID, acceptable high quality images of documents are: - international passport (double page) - national ID card (both sides) - driver's license (both sides)
2) a proof of residency, acceptable scanned images of paper documents are: - bank statement - utility bill for utilities consumed at your home address - tax return, council tax - certificate of residency issued by a government or a local government authority You can also submit other documents to serve as proof of residency such as; government-issued documents, judicial authority-issued documents, documents issued by a public agency / authority, utility service company, or similar regulated service providing companies.
1) a valid government issued ID, acceptable high quality images of documents are: - international passport (double page) - national ID card (both sides) - driver's license (both sides)
2) a proof of residency, acceptable scanned images of paper documents are: - bank statement - utility bill for utilities consumed at your home address - tax return, council tax - certificate of residency issued by a government or a local government authority You can also submit other documents to serve as proof of residency such as; government-issued documents, judicial authority-issued documents, documents issued by a public agency / authority, utility service company, or similar regulated service providing companies.
Is this site turning into KYC?
I also noticed the log of I.P. from miners, With this in the new TOS
Quote
You are solely responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the CEX.IO Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions
We now have to pay our countries TAX on earnings? What's the point of BTC if it's still linked to the government?
Also this is a nice touch
Quote
The creation or use of Accounts without obtaining the prior express permission from CEX.IO will result in the immediate suspension of all said Accounts
Is this normal legal jargon? I dont understand this stuff.
January 06, 2014, 09:44:51 PM
comon guys where are all the proud owners with the fancy signature?
tell us how much profit you made maybe ill join too
give me some refferal link
tell us how much profit you made maybe ill join too
give me some refferal link
I only profited because I did not put in a lot (only a couple GHS) then traded the hell out of it...now whatever my measly little 3GHS gets me is 100% profit as I've made back my initial investment during the price crashes that occurred the past month and a half...
January 06, 2014, 09:15:06 PM
comon guys where are all the proud owners with the fancy signature?
tell us how much profit you made maybe ill join too
give me some refferal link
tell us how much profit you made maybe ill join too
give me some refferal link
I would appreciate if you could use mine
January 06, 2014, 08:59:24 PM
comon guys where are all the proud owners with the fancy signature?
tell us how much profit you made maybe ill join too
give me some refferal link
tell us how much profit you made maybe ill join too
give me some refferal link
January 06, 2014, 05:28:24 PM
my browsers wont load the interfaces, the circle dot thing just keeps goin and never loads, any suggestions?
CEX.IO doesn't want you to see the slope of the graph trending ever downwards.
January 06, 2014, 05:33:04 AM
You mugs shouldn't worry about rounding.
CEX.IO is doing a good job of rounding your Bitco'n holding to zero.
Arf! Arf!
CEX.IO is doing a good job of rounding your Bitco'n holding to zero.
Arf! Arf!
January 05, 2014, 11:45:47 PM
i was looking my account an saw this
How do i make a 2FA backup? no one knows when i could lose my iphone and that would be enought of bad luck.. :/
Quote
C A U T I O N:
If you lose access to your smartphone, or uninstall the app - you will not be able to login to your CEX.IO account.
BE SURE TO BACK UP YOUR 2FA CODE IN CASE YOU LOSE ACCESS TO YOUR SMARTPHONE OR THE APP.
If you lose access to your smartphone, or uninstall the app - you will not be able to login to your CEX.IO account.
BE SURE TO BACK UP YOUR 2FA CODE IN CASE YOU LOSE ACCESS TO YOUR SMARTPHONE OR THE APP.
How do i make a 2FA backup? no one knows when i could lose my iphone and that would be enought of bad luck.. :/
You can also generate back up 2FA codes from your Google account I believe.
Google Account has nothing to do with CEX.io, so you believe wrong.
You're missing the point. My 2FA program or app is Authy. Authy attaches each 2FA to an account, one of the options is my google account. I can backup my Authy App and it will restore when I get my new phone after I verify who I am. The one catch is that I think you have to have the same phone number(i could be wrong). ie after I bought my new phone I still had the same phone number so I just restored per the Authy apps directions. There may be other apps for 2FA
That is different from "You can also generate back up 2FA codes from your Google account I believe."
The codes generated from your Google account are only valid for your Google account and other and Google associated services, that are protected by 2FA.
You are correct. The time based rotating response 2FA apps that are available (including the Google Auth app) cannot ever work with backup codes from your Google account. Those codes only work with Google services or external sites that use Google's backend auth service (Bitminter is one of these). Cex.io uses the time based app so you cannot use backup codes from anywhere. If you lose your device and you don't have the private key saved somewhere to allow you to setup the app again on a new device then you are screwed. To backup the private key just write it down or save it in your favorite password app. Another option is to screen shot the QR code or the key while it is still on your screen when you setup 2FA on the website and then save that somewhere but make sure it is saved securely!
today i changed my old google authenticator for a new and much more usefull app called authy
with authy all logins are saved on cloud so in case you lose your device, you can restore previous OTP configs on a new device without losing them all.
There are plenty of advantages comparing with google auth... take a look http://blog.cloudflare.com/choosing-a-two-factor-authentication-system
January 05, 2014, 11:19:45 PM
my browsers wont load the interfaces, the circle dot thing just keeps goin and never loads, any suggestions?
The same here...
January 05, 2014, 07:29:38 PM
my browsers wont load the interfaces, the circle dot thing just keeps goin and never loads, any suggestions?
January 05, 2014, 06:33:16 PM
Btw does anyone know why the total pool hashrate on the website doesn't reflect the Blockchain diagram?
https://blockchain.info/pools
Ghash.io and BTCGuild are shown with the same hashing speed, yet the former is above 4PH/s and the latter below 3PH/s.
https://blockchain.info/pools
Ghash.io and BTCGuild are shown with the same hashing speed, yet the former is above 4PH/s and the latter below 3PH/s.
January 05, 2014, 03:50:32 PM
i was looking my account an saw this
How do i make a 2FA backup? no one knows when i could lose my iphone and that would be enought of bad luck.. :/
Quote
C A U T I O N:
If you lose access to your smartphone, or uninstall the app - you will not be able to login to your CEX.IO account.
BE SURE TO BACK UP YOUR 2FA CODE IN CASE YOU LOSE ACCESS TO YOUR SMARTPHONE OR THE APP.
If you lose access to your smartphone, or uninstall the app - you will not be able to login to your CEX.IO account.
BE SURE TO BACK UP YOUR 2FA CODE IN CASE YOU LOSE ACCESS TO YOUR SMARTPHONE OR THE APP.
How do i make a 2FA backup? no one knows when i could lose my iphone and that would be enought of bad luck.. :/
You can also generate back up 2FA codes from your Google account I believe.
Google Account has nothing to do with CEX.io, so you believe wrong.
You're missing the point. My 2FA program or app is Authy. Authy attaches each 2FA to an account, one of the options is my google account. I can backup my Authy App and it will restore when I get my new phone after I verify who I am. The one catch is that I think you have to have the same phone number(i could be wrong). ie after I bought my new phone I still had the same phone number so I just restored per the Authy apps directions. There may be other apps for 2FA
That is different from "You can also generate back up 2FA codes from your Google account I believe."
The codes generated from your Google account are only valid for your Google account and other and Google associated services, that are protected by 2FA.
You are correct. The time based rotating response 2FA apps that are available (including the Google Auth app) cannot ever work with backup codes from your Google account. Those codes only work with Google services or external sites that use Google's backend auth service (Bitminter is one of these). Cex.io uses the time based app so you cannot use backup codes from anywhere. If you lose your device and you don't have the private key saved somewhere to allow you to setup the app again on a new device then you are screwed. To backup the private key just write it down or save it in your favorite password app. Another option is to screen shot the QR code or the key while it is still on your screen when you setup 2FA on the website and then save that somewhere but make sure it is saved securely!
Listen to that man. He knows what he is talking
January 05, 2014, 03:43:19 PM
i was looking my account an saw this
How do i make a 2FA backup? no one knows when i could lose my iphone and that would be enought of bad luck.. :/
Quote
C A U T I O N:
If you lose access to your smartphone, or uninstall the app - you will not be able to login to your CEX.IO account.
BE SURE TO BACK UP YOUR 2FA CODE IN CASE YOU LOSE ACCESS TO YOUR SMARTPHONE OR THE APP.
If you lose access to your smartphone, or uninstall the app - you will not be able to login to your CEX.IO account.
BE SURE TO BACK UP YOUR 2FA CODE IN CASE YOU LOSE ACCESS TO YOUR SMARTPHONE OR THE APP.
How do i make a 2FA backup? no one knows when i could lose my iphone and that would be enought of bad luck.. :/
You can also generate back up 2FA codes from your Google account I believe.
Google Account has nothing to do with CEX.io, so you believe wrong.
You're missing the point. My 2FA program or app is Authy. Authy attaches each 2FA to an account, one of the options is my google account. I can backup my Authy App and it will restore when I get my new phone after I verify who I am. The one catch is that I think you have to have the same phone number(i could be wrong). ie after I bought my new phone I still had the same phone number so I just restored per the Authy apps directions. There may be other apps for 2FA
That is different from "You can also generate back up 2FA codes from your Google account I believe."
The codes generated from your Google account are only valid for your Google account and other and Google associated services, that are protected by 2FA.
You are correct. The time based rotating response 2FA apps that are available (including the Google Auth app) cannot ever work with backup codes from your Google account. Those codes only work with Google services or external sites that use Google's backend auth service (Bitminter is one of these). Cex.io uses the time based app so you cannot use backup codes from anywhere. If you lose your device and you don't have the private key saved somewhere to allow you to setup the app again on a new device then you are screwed. To backup the private key just write it down or save it in your favorite password app. Another option is to screen shot the QR code or the key while it is still on your screen when you setup 2FA on the website and then save that somewhere but make sure it is saved securely!
January 05, 2014, 11:09:47 AM
Well, is quite sure that prices at cex.io are in real bubble:
I used mining calculator at http://mining.thegenesisblock.com/ with buying 100GHS at current price from cex.io for 4BTC (1GHS=0.04BTC), and I couldn't break even with higher monthly increase of difficulty than 32% per month, see http://mining.thegenesisblock.com/a/7908fc0daa
If used more appropriate increase in difficulty of 100% per month, I can break even after 6 months when I buy 100GHS for 2BTC (1GHS=0.02BTC) and after next 6 month the profit will be 0.04 BTC, see http://mining.thegenesisblock.com/a/2be83da502
I guess that market participants at cex. io dont use math. Any comments?
I used mining calculator at http://mining.thegenesisblock.com/ with buying 100GHS at current price from cex.io for 4BTC (1GHS=0.04BTC), and I couldn't break even with higher monthly increase of difficulty than 32% per month, see http://mining.thegenesisblock.com/a/7908fc0daa
If used more appropriate increase in difficulty of 100% per month, I can break even after 6 months when I buy 100GHS for 2BTC (1GHS=0.02BTC) and after next 6 month the profit will be 0.04 BTC, see http://mining.thegenesisblock.com/a/2be83da502
I guess that market participants at cex. io dont use math. Any comments?
Fixed percentage difficulty increase month over month over month.
Maybe in 2020 the total surface area of Earth would not be enough for all the asic chips, needed to sustain that difficulty.
difficulty is adjusted and can decrease... what happens nowadays is that minining power keeps increasing so new difficulty is always higher. i believe it should break someday
People who use the Genesis block calculator do not realise that. They blindly believe that difficulty will increase to infinity by the same fixed monthly percentage.
Don't get me wrong, I know the difficulty will level at some point in the future. Thing is that if it won't level in 3-4 months, current prices for GHS are too high (they are great for operators to resell uneconomical hardware to suckers and speculators on suckers). And since we don't see deceleration on the side of hardware yet, it is wrong to suppose that the difficulty will adjust any time soon: new more powerfull and relatively cheaper products are announced already throughout the 2014.
What I expected in answer is somebody, who show me numbers: I bought GHS/BTC at this price and after 6 months I broke even (no referals counted) in terms of bitcoin and now I am getting positive cash flow only - you see it was real investment and I am not a sucker.
I completely agree that GHS prices are too high and one can't ROI.
My gripe was mainly with the Genesis Block calculator.
A better calculator is http://btcinvest.net/en/bitcoin-mining-profit-calculator.php
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