Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App*** - page 92. (Read 422328 times)

What settings (What coins have you selected) are you using?

Oops! My apology - looks like I have been credited after some delay.

Sorry Ghash

Ghash Multi!!!

Guys come on... Stop this nonsense at once please!



WTF!

Gridseeds are available at hashra, zoomhash, gawminers just to name a few, most offer free shipping, coupons and/or bulk discounts. You can buy a single power supply for less than $10 or run 50 Gridseeds on an ATX PSU for ~$100.

50% is a huge premium. I don't care what CEX charges as I'm not going to even look there. But I can easily compare scrypt.cc to owned or hosted hardware elsewhere and it just doesn't add up. I guess we'll see in 6-7 months if you will have been able to sustain 15% per month and break even.

Just out of interest, to others on the multipool, what Coins have you ticked and which ones you haven't?
How much are you earning with your hashpower?

Where you can buy a single Gridseed for $160 or even close to that?  In time prices probably will get that low, but they are more in the $220 range now.  But even if you could buy for $160 you still have to buy power supplies and pay for shipping so you are going to be over $500 and then you can't easily sell them.   Finally you can only mine scrypt or SHA256.   (They are actually useless for bitcoin mining)  

http://gridseedasic.com/store/gridseed-scrypt-sha-asic-miner-330-450-khs-stock <== Example $214 for one and that is the cheapest real price I've seen.  

Finally the only trading I've been doing at scrypt is buying KHS.   I'm not trading to make money, I don't have too because it is very stable compared to CEX.io.   I typically make more than .5% a day.   15%+ a month is pretty a solid return.   If the price/yield were to start plunging like it does a CEX.io, then the gig would be over and I would have to sell.   However the price has only been moving up and down in a very limited range and has been safe to hold and mine.   I don't know how long this is going to last but it working very well right now.    Again in early Feb. the price was .00144444 BTC/KHS and now it is around .00153 BTC/KHS.   Yield did go down when the Gridseed ASICs started showing up but they have that probable addressed now and the yields have been good for the last two weeks.

Keep in mind you are complaining about a possible 50% premium, which seems cheap compared to the premiums on GHS at CEX.io.    KHS has more long term value because it isn't the mining of a single coin, they mind around 40 different coins, typically the 3 most profitable.   

I can't speak for the trading part, maybe it is possible to make money that way but that just means someone else is left holding the bag, losing more money than just by mining with these overpriced KHS. In other words you're relying on someone else being dumber than you. Nothing wrong with that, works in the stock market.

You're wrong about the hardware part though. GPUs are heavily dependent on power costs so it might or might not be worth it. However Gridseed costs ~$160-170 in singles, and even less in bulk, so that's less than $500 per MH/s and will keep going down. So basically it's stacked up in such a way that you don't have a choice but trade to make money. You might as well be trading tulips because the hashpower itself is worthless at that price.

I'm not spamming.   I was a strong supporter of CEX.io in the past, but too many bad things happened.   I made profit for a while there by running a bot.

When it comes to scrypt.cc your assumptions are incorrect.   First it isn't a contract, it is a market like CEX.io.   Second, unlike CEX.io they are taking steps to keep up the profits, for example they have been changing the software on GPU rigs to mine scrypt-N and scrypt-Jane, which is very important with scrypt ASCIs coming out.  (Gridseed is already all over the place.)    Finally the price there has been mostly stable as they haven't flooded the market with KHS.  (The mining unit used, Kilo Hash per Second).   The price started at .00144444 BTC / KHS and has gone up as high as .00155 BTC /KHS but is mostly in the .00154 range.  

As I said a great many there are ex-CEX.io.   For the record I'm not posting for or asking for referrals.  

When I left CEX.io I was down .5 BTC.   Now at CEX I'm up more than 3 BTC in two months.  (Even If I sold at the lowest price .00144444, in which case I would have no trouble selling as people freak out to buy cheap KHS.)

Also building running a hardware rig the does 1 MH/s scrypt isn't that easy to do on 1.5 BTC, you are talking less than $700 US.  Even hard to buy 1MH/s ASCI for $700.   

It doesn't. It costs ~150% as much per MH/s as current ASIC hardware, and even said hardware is unlikely to see ROI, let alone scrypt.cc contracts. So stop spamming, or if you truly believe what you're saying maybe it's time for you to do some math.

What you fail on is profitability.   It is possible that some people are getting a profit with pbmining.com although it seems difficult.  CloudHashing which you rated the highest is probably the worst when it comes to profit.   With CEX.io you correctly state you have to trade to profit but you fail to mention with the new trading fees that likely will no longer profitable.   Also CEX.io is very different than the other two, as it is a market and the other two sites are contract based.   

If you want to see a cloud mining operation where a lot of ex-CEX.io users are making profit, check out scrypt.cc.   It scrypt and scrypt-N based mining now and they currently only pay in BTC, but it is profitable.   It is a market like CEX.io, but the current interface isn't that great.  Still it delivers where it counts, that is profit.   Typically .5%+ a day.  It adds up.

We are kind of the first website / blog that does that. We & I are very commited for transparent and truthful and honest reviews! We never will accept any form of payment to write a good review for a cloud mining provider!

I assure that the points you made will be mentioned in the review! I thank you for your feedback and time!

Hello there,

Doing write-ups on various bitcoin cloudmining services is commendable, but I believe what is needed is truthful, straightforward & unbiased information. Being afraid of writing the truth in case it upsets someone is everything that is wrong with journalism today - & if writing truthfully makes you uncomfortable, you're in the wrong trade my friend.

Thanks for taking the time to reply though, I and many others hope the "edited for truth & transparency" version will be more matter-of-fact & honest.

Peace

Hi PatMan

Indeed you are right about their support. I was not sure about how to describe it. Aswell with the double spending debacle and the manipulative prices.
I will have to go over that one again.

Thanks for your feedback, very much apprechiated!

Cheers

You forgot to inform your readers of the crap cex support - "not the fastest" is understatement of the year. You also forgot to mention their double spending debacle in the "trustability" section, and the fact that they manipulate prices at random, depending on how much satoshi they need that week to front their next con/scam.

I can register a business in the UK for less than £10.

We just finished the CEX.IO review on our site: https://cloudmining.guru/wp/cex-io/

We would like to see some feedback in the comment section on the page or here!

Regards and we wish you a nice sunday!

I joined scrypt.cc tested it out ran a ad campaign and dumped a bitcoin into it. Left it be then I started seeing some ponzi sites popping up all over in the gambling place and from there I just started thinking on how a scrypt farm was really capable then my speculation started to set in that scrypt.cc is nothing more then a ponzi scheme. I am not saying its true or not but they dont let you cashout in anything other then what you can buy the scrypt hashing power with. They don't inform you on which coin is mined nor an option to keep that coin. It could be legit but I like to see data in my cloud hashing that I use.

When I joined cex.io it was shortly after I got my 3 BFL units in October or november. I was never one to really mine on the go-to or largest pool I liked the underdog pools where more luck was involved. I really thought the idea of being able to just increase my hashing power with portions of my earnings was an amazing offer. Last week I was curious to see my all time profit that i've withdrawn and what i've deposited and compare to some calculators. I didn't hit no jackpot but I was able to keep up with difficulty rates maintain a steady monthly payout and made more mining there then I would have if I just kept my 120 GHS on some other pool.

Now I didn't partake to much in the day trading aspect of the GHS however I made sure when I purchased more GHS it was during panic sells or when I seen a abnormally large red candlestick for no apparent reason. I have sold out on GHs completely to at certain high peaks but it wasen't very consistent and I can say I've made some bad trades to one was rather recent about a month ago and lost nearly a entire bitcoin. Since i've been on cex I haven't needed to upgrade any of my hardware and gained roughly 200GHS alone in referral bonuses extra.

The price per GHS they offer is not very far off from buying physical hardware from another store that most likely wont deliver for weeks or months and by the time you get it its already lost its value. The joy of having the ability to own 1000GHS right this minute is something everyone has wanted and the cool thing its not a contract. It really all boils down to preference, careful trading, and of course risk no matter which way you look at it.

If you are looking at BTC, it isn't profitable by just cloud mining.   The growth of the pool size (which get reflected with difficulty) and the fees will kill your profits.   The biggest problem is that GHS is still way overvalued and the price of it drops faster than the mining proceeds build up.   Trading can make up the difference and the income from mining can make the trading even more profitable.   However, trading fees are going to kill that.   I used to love CEX.IO, but I don't see how to make money there anymore.   I actually pulled out over a month ago at a .5 BTC loss, but I'm easily made that back a scrypt.cc.   That is a much safer place to mine. 

Thanks for the response Light. I was just hoping I was missing something as it sounded like good idea, but I will just keep my profits and look elsewhere to invest them.

I'm pretty sure you're calculation is right Verge (although you could check it on any web mining calculator). The main reason for this is people hope that if they sell off their GHs, the mining profits and the sale will give them a net profit and hence from a pure mining standpoint you'll always lose money by mining there. It really just is a trading platform using GHs as a commodity which happens to have the ability to mine while constantly devaluating as a result of difficulty increases.

I have pointed my own miners to CEX.IO to mine scrypt coins and have been happy with the results so far. I was going to use some of my profits to buy some of their GHS, as it sounds attractive having cloud based miners. I am having some difficulty trying to figure out the profitability part though, and hope someone can enlighten me.

According to the profit calculator on their site, if I buy say 10 GHS at current rates it will cost me approximately 0.11488 BTC for those 10 GHS. Going to the 'Estimate Profit" calculator I enter in my theoretical 10 GHS and leave the other settings at default I get a cumulative profit of only 0.05 BTC before it stops returning anymore. This is not even 1/2 of what it would cost me to purchase the hash-rate.

I cannot believe people are buying hash at twice the expected return, so I assume I need to change from the default values in the calculator to make proper projections. I further assume the maintenance fee and pool fee cannot be changed from 3% each? If so, please let me know. This would then leave the values for current difficulty (again I assume this is from the block chain), difficulty increase per month (default 50), conversion rate and conversion increase per month. If someone can help give me the appropriate values to base my estimates on I would be extremely thankful.