Topic: Cloudhashers - custom mining contracts starting from 0.01 BTC - page 6. (Read 10409 times)

Cloudhashers.net,  you still DO NOT UNDERSTAND. And it is this rather stubborn non-understanding that is worrisome to every sane person.

And I'm getting pissed.

No wallet charges for incoming transactions, ever. You did pay a fee to transmit it to our wallet addresses, this is true. But you paid bitcoin miners for this, not a "wallet" per se.

But we don't ever pay anything for incoming bitcoin transactions to our wallets.

But like you when we want to SPEND OUR BITCOINS, we customers DO HAVE TO PAY A FEE TO SEND OUT BITCOINS FROM OUR WALLETS to bitcoin miners, just like you did when you sent out bitcoin from your wallet to ours.

AN Example:

For the past few weeks, I've been getting a bitcoin payout in the amount of 0.0025 BTC every hour. I now got thousands of these tiny incoming transactions.

Let's say I want to send you 0.5 BTC. You give me an bitcoin address to send it to and in my wallet, I paste that bitcoin address of yours. Then I try to send out 0.5 BTC, and now all hell breaks loose...

...you see, I don't have 0.5 BTC available in a SINGLE transaction I got from you. No, every incoming payout from YOU to ME is just 0.0025 BTC (as an example).

So, what does my desktop wallet software (bitcoin-qt) do automatically? Bitcoin-QT wallet will send out 2000 transactions of 0.0025 BTC each (2000 x 0.0025 BTC = 0.5 BTC). So now Bitcoin-QT wallet has the 0.5 BTC to send, but what do you know.... Bitcoin-QT will add 0.0001 BTC FEE for each 1K in the transaction. Assuming here each transaction is 500 bytes, so for 2000 transactions, that's 1000K bytes. Bitcoin-QT will add 0.0001 BTC x 1000 = 0.1 BTC FEE.

So in this simplified example, Bitcoin-QT will add a fee of 0.1 BTC which will be paid to bitcoin miners for us to send you 0.5 BTC that involves 2000 incoming transactions. Our total outlay is 0.6 BTC to send you 0.5 BTC.

Us wallet users have the option of not sending any transaction fee but guess what, not adding a fee risks your transaction not being relayed by anyone and after a few days, the amount will be returned to one's wallet! So we are "forced" to pay a fee (especially for such a small amount of 0.5 BTC.)

Would it not be better for you cloudhashers.net to just send out ONE payout per day instead of your current TWENTY FOUR PAYOUTS PER DAY?

Please, please and please say now you understand the duress you are placing us under! (well the CEX hack it a great work-around. But still...)

For the example on your twitter where someone pasted a picture of his wallet accounting, the payouts you made to him totalled 0.00543864 BTC return, but the FEES TO SPEND THIS totalled .0061 BTC, A LOSS!!! That is why he said "UnProfitable Investment". He can't spend that 0.00543864 BTC ever.

Do you understand? It's spending that is the problem, not receiving. There are so many tiny payouts that the cost for bitcoin miners to handle a outgoing transaction is more than the btc amount is worth! Cause of what YOU DID by sending out tons of transactions!!!

It is rather stunning that you do not understand how bitcoin transactions actually happens in the most fundamental of ways...

One more quick example for completeness:

Say you sent me in one lump transaction, 1 BTC. Now I want to buy something on gyft that costs me 0.9 BTC. Using my trusty ol' Bitcoin-QT wallet, Bitcoin-QT says "wow, there's a 1 BTC transaction for me to use, I'll use it for my master's 0.9 BTC send request!"

So it transmits this 1 BTC transaction but only says "send 0.9 BTC to Gyft". But wait, that leaves 0.1 unaccounted for! So what's a ledger/blockchain pleasing wallet to do? Well, in the SAME TRANSACTION, it says to send 0.1 BTC to another bitcoin address.

Is thievery going on? No, Bitcoin-QT has automatically generated a new receiving bitcoin address for your wallet. This is called the "change" bitcoin address because it collects any "change" that results when an incoming transaction is larger than the amount debited.  

And this bitcoin change is available for your wallet's future use. And bitcoin-qt will "hide" this incoming change transaction from the history list. No additional transaction fee is necessary for this hidden incoming bitcoin as the fees were already taken cared of by the original 0.9 BTC payment to Gyft.

New payout address is set.

With stars in your eyes and greed in your heart, did you not see(?):

I will follow your lead and make a wallet at Blockchain. Can you please share with us how long did it took for you to receive the first payment?

Also, if you are willing to share any other information about your experience with cloudhashers, am all ears.

Thanks!

---> I have get first payout after one hour. bro

These cloudhashers.net payouts are unsustainable  because it totally ignores future mining difficulty. Simple math folks.

I hope everyone understands this. At a certain definite time in the very near future, cloudhashers.net will simply stop all payouts and disappear.

PBMining (disclosure: I do have a stake there) is more sustainable because payouts are tied to difficulty (notice how the weekly payouts are a string of decreasing amounts.) Cloudhashers.net should do likewise if they expect to stay in the game.

Maybe not though ...probably still trying to figure out customers' outgoing btc spending problems...

If you do things right, you will get an AUTOMATED payout within an hour of your "investment".

Key phrase: "If You Do Things Right".

How to screw up easily:

1. send your btc investment via coinbase, cex.io and other such web wallets that dispense payouts via a system btc address.

2. another clue: if it don't work for satoshi dice, then it won't work for cloudhashers.net

How to Do It Right:

1. send your "investment" via bitcoin-qt or any other desktop wallet that assigns a unique SENDING btc address. bitcoin-qt works.

2. cloudhashers.net recommends blockchain.info wallet as it does assign unique SENDING btc addresses.

How to Do It Right-er:

1. within one hour of your correctly sent "investment", you will get an automated payment equal to 0.00125X, with X = btc investment. This will happen each and every hour, currently around 10 minutes past the hour. EVERY SINGLE HOUR.

2. Cloudhasher.net is unwilling or unable to understand the bad consequences of HOURLY PAYMENTS. Consider this: In a week's time, that's 168 payment transactions. In two weeks it is 336 payment transactions and in 3 weeks time, that is 504 transactions.

3. These hundreds upon hundreds of transactions to your wallet will cost you BIG TIME when you decide to spend i.e. SEND OUT btc to a btc address. You see (and listen up and understand this cloudhashers.net), sending out ONE of these incoming transactions will cost you 0.0001 BTC fee.

But since the amounts of the cloudhashers.net payouts are so small, you will find that you will have to send out HUNDREDS of these incoming transactions to equal to the amount of your outgoing BTC . Mytrezor.com's wallet crashed horribly and burned big time, for example. Plus think of the FEE of 0.0001 BTC multiplied HUNDREDS OF TIMES for your one outgoing btc send transaction. Stop This Madness!

4. I tried to tell cloudhashers.net about the bane of hourly payouts (my suggesting payouts once a day for example) but THEY DON'T/WON'T understand. Other "investors" also tried to bring out this point to no avail. One customer posted a pic that said "NOT PROFITABLE" because his return on 0.01 BTC investment (the smallest allowed) payouts were overcome by the hundreds upon hundreds of itty bitty stinky poka dot bikini transactions FEES!

5. It is very troubling that cloudhashers.net do not understand what the hourly payouts are doing. One typical response of theirs is saying "Hello, you should send a deposit with a smaller fee." WTF? If they don't understand how hundreds of their INCOMING transactions to a customer's wallet is affecting a customer's single OUTGOING send transaction, then what are they all about, anyway???

6. THE SOLUTION:

a. open a CEX/GHASH.IO account

b. give the BTC receiving address from CEX to cloudhashers via twitter. you have to send them the TXID. But really, this is not verification and everyone and their sister can spy on incoming btc to the  one and only cloudhashers.net BTC investment address.

c. hope for the best that they will honor your request, and not some hacker's or, gasp(!), another current customer's that cloudhashers already trusts.

d. CEX will automagically daily sweep your BTC account and send the amount to you AS A SINGLE TRANSACTION.

e. praise be!!!

I will follow your lead and make a wallet at Blockchain. Can you please share with us how long did it took for you to receive the first payment?

Also, if you are willing to share any other information about your experience with cloudhashers, am all ears.

Thanks!

I'm using wallet of Blockchain.
Very fast received per hour.

Here, please use this one: 1CuG1zXxbcwm54YZMQYsvatSM1vK349b3h

Also, I want to deposit 2 btc but really am to scared to do it, but in the event of depositing more and making new contracts, how can I contact you quickly since ill be depositing from a web address and I would need you to change the deposit address to the one I posted here in the past sentence?

I hope you answer soon.

Hello, yes, we will do it. Setting up a lot of stuff now, also we have to consider privacy implications.

Hello, did you use a webwallet?
If yes give us address for receiving payments.

Ok, so I made this https://blockchain.info/tx/378bfac478ecd0049eb4112b2622a63a695e937e7b3731ad2bec2221d0d19d99 deposit of 0.012 BTC aprox 8 hours ago... How much money my address recieved? 0.00 BTC.

This is my address: 1P5HSUssHKft3DrRZEcuWTrKoWdCp9Qav3
This was de destination address: 15jBLCxe7bgGzG2Su4uXH2iSMZD9cefYfb

Hey cloudhashers, any explanation? I need your help here...

I have an account on your site.
Hourly payout very good from i start here.
I want to deposit much more, but i haven't alot of your information.
I think that begin allway busy work. But you should take a photo of your farm or office ( not spen alot time, only 5 minutes)
I have about more 0.7 BTC on your site now.
Per hour/ 0.00071719 BTC.

Thanks for your service anyway.
Waiting for new reply only truth photo.

What do you mean by "I see where you're coming from"? It's simple, I wana use your service BUT can't simply thrust your word. We need much more than "we're just too busy with hardware" to work with you, starting with attitude. Take this (and my past one) as a constructive comment.

Also, would you mind explaining why is your only twitter picture the same as in http://wawaminer.com/image/data/200.jpg ? And please don't give us, your clients, an evasive answer...

Thank you.

I see where you're coming from, but at the moment we're just too busy with hardware. We'll try to update our website with TOS within two weeks. Our deposit address is public, you can monitor all the payments for now.

Hey, where's your ToS? You CANT be offering a contract without a ToS.

If you dont have one and you dont give your clients a way to accept it, then you thrully arent legit and should stop scamming ppl.

You say that you are paying hourly at some rate but what garantee do we have?, legally speaking.

I'll wait eagerly for your reply.

Please check our twitter regularly, we will be posting some information, appropriate for public eye.
We're in initial stages of our operation now, there are very many other things to attend to.

"We use custom ASIC's so we're cautious about disclosing too much information about them now."
That's right,
Can you post your Introduction information, Ex:
- Address of office or factory ( Google Map)
- Photo of your office ( People working)
- Tax ID ( If you have)
- More infomation on Twitter ( now it's poor)

Sympathy for my english level. I just want more transparent information before I invest more.