Topic: Cloudhashing ASIC mining contracts, UK LTD company - Now Mining & Paying Bitcoin - page 11. (Read 197163 times)

again. make this public. blog it. if you know someone from bitcoin magazine, tell them. 

I think i'll be lucky to make 50% ROI- if i had kept my bitcoins and waited i'd have at least double the money cloudhashing will make me during the contract!

The hidden costs of doing business with CH, IMHO.

--- Aggravation due to a terrible launch.
     >> Constantly having to watch "log" to ensure math is done correctly
     >> It took 3 months and multiple "support" threads to get the contract end date within a week of being correct.
     >> RRP??  HUH, this has turned into a complete farce, THX Baby Jesus they did not stay with the "mandatory" scheme.


I will be unlikely to reach ROI in terms of BTC, fingers crossed the volcano (Iceland) does not erupt!

@philipma1957 - Why are you filing foreign holdings? The "holdings" are in the form of hardware and any earnings are paid in BTC which is NOT regulated by the IRS. Until you transfer the value to USD there is NO regulation to inform anyone as expected futures are TRULY impossible to predict. This is how I understand "IT".

 Please excuse the long post

 For the most part cex.io has been a better deal then cloudhashing.  In fact as I type I own only .1 gh of cex.io  and I earn 5.5 gh from referrals I made.  So they have made money for me and cloudhashing has not made money for me.

   Right now cex.io is .048 a ghs or in usd  42 a hash is not so good.  
At the same time cloud hashing is 1000  for 10 hash and you double your hash on jan 31st to 20gh. A  worse deal  on paper since 20gh for 1000 is 50 a hash.
  The difference is unless you are a UK citizen cex.io will be able to restrict  any service they have come the 4th of feb due to the fact they are an exchange. Read the tos!  Other  foreign exchanges made usa citizens unable to pull funds out and truly fucked them.  So if you want cex.io over cloudhashing there is a new risk starting on the 4th of feb.

  I would love to own 0 cloudhashing and have the contract ended with a buyout that allowed me to break even. As of today I am 398 usd in the hole which is about .36btc at 900 usd a btc.
  My problems with cloudhashing are many. Mostly they go back on their word over and over and over again. Secondly I am a USA citizen with a background in computers and accounting.  I worked for the IRS my Wife Worked for the IRS my mom retired from the IRS. Both my wife and I have accounting degrees.  I have decided I don't want foreign  BTC holding since the USA can't make up their fucking minds on how to tax the items.
 
 So I have a shitty little contract with cloudhashing which they offered to cancel twice with a fair buyout and then they don't send the btc. Really fucking annoying thing for them to do to me. Just say nothing and don't offer to end the contract. The offer and then no delivery of the refund is crazy. but
 I have the small holding with cex.io and since I am getting the 'free' referral of 5 gh hash. since cloudhashing did not end my contract  forcing me to file foreign holdings for the 2014 tax year I keep the cex.io. also a UK company.

 It is funny how cloudhashing  won't cancel my contract for the small amount of btc .36 last I looked.  Because of this I have to file foreign holdings on my tax returns in april 2015 for this 2014 year.  which means I will keep the cex.io open and get 5gh of referral hash. So the pettiness of cloudhashing over .36 btc is earning me money from cex.io .
Irony at it's best.

@op could I be of any assistance?

Obviously then CloudHashing has a very unique definition of what constitutes a 'profitable environment' for its customers, a definition that will in fact never include actual profit for many that have paid for this service; unless you mean paying for the privilege of basking in the glow of the 'profitable environment' we've created for proprietors of CloudHashing...


The contract 'price' does not remotely approach an accurate reflection of the cost of doing business with CloudHashing; for many who signed up early the undisclosed 'Management Fees' and of the loss those of us who bought two year contracts and will never see ROE would be a more honest and factual statement regarding the cost of doing business with CloudHashing...

 

cloudhashing. what do you say to that? 

again, anyone know somebody at bitcoin magazine? this should be made public.

Block found, no payment....usually credited with 20 mins.. now 6 hours. keep an eye out.

https://blockchain.info/address/1ALA5v7h49QT7WYLcRsxcXqXUqEqaWmkvw?show_adv=false

2383851409135babd741af9190e8c884d0b7683b791a8181a76ca000b44aa6e3




Really, so if we take the $12,000 price of a Neptune as per December's pricing and divide it by 2000 we get $6 per GH (that's assuming you can't overclock it) How do you explain charging almost triple. I looked at a group buy that is sadly closed but they were working out at $3 per GH del 3rd week in Feb and they have a history of delivering on their GB's. You'll still be $10 in Feb no doubt. When i signed up i didn't realize you'd be taking us for a ride when it came to the RRP. I thought the 10% management fee was supposed to to cover your profit too not just running costs.

And really? only game in town eh? so the 3 Petahash that hit the network this week is all CH's?

We price our RRP based on market prices and our cost of delivery (full hosting, electricity etc).  Our next RRP is just $15 per gigahash.  We think this is a really good deal compared to other hardware manufacturer's promises for a (lack of) January delivery.  We are the only game in town in Jan/Feb as far as significant increases of hashing power goes.  We think our customers will be pleasantly surprised. 

I wish we could offer everyone even lower RRP prices, but we are at the mercy of the market as a business.  We will always try our very best to offer existing customers the best deal we can.  We want to bring Bitcoin to everyone, and we appreciate the thousands of customers who are on this journey with us.

-Michael

with CH you also receive a dividend (your % of the total hashing, also you invest in the company with the RPP), the trading options are an extra to justify the Price of the GHs (despite that is way cheaper tan CH, I bought a contract in may and pay 2.5 BTC for 5 GHs starting in nov. in cex I bought the 3.5Ghs in nov. for 0.28). I see your point but talking about the mining functionality is the same.

buying hash from cex.io is an act of trading.   cex.io hash is tradable.
 
it is not hash power  the hash you get would be  like a dividend of a stock .  and  that is a world of difference.  and trust me I am not in love with cloud hashing.
buying hash here is hash no more no less.

I saw the TOS, the Exchange doesn't have anything to do with this (it's a plus if you want to trade), you buy hashpower to mine in the pool they selected, so what's the difference? Why I should receive less from CH for the same product (1GHs)? I can accept if the difference is +-10.... but almost %70 less is just insane.

cex.io and cloudhashing are not in any way the same product. they are not the same type of business at all and if you read their new TOS  come feb 4th a shit load of cex.io  customers will be saying what the fuck happened to me!!


https://www.cex.io/tos  


  normally I don't defend    cloudhashing  and frankly I could write for 1000's of words  why I gave them a negative trust rating.  but to compare them to cex.io is simply wrong.

  cex.io  is a trading company  and the new Tos admits it and if you bother to read it there is a very real possibility your country will ban you from using it.    This type of ban and close down has happened in btc world more then once.


I advise everyone that owns a piece of cex.io to read the tos link above.  Realize you will need to upload your drivers license passport and a proof of address like a electric bill to keep on with the company and also realize that even if you do this depending on the country you belong to you can be banned from everything on the site except pointing an in home miner at the site.   these are not my words but the words in the TOS

What kind of lame excuse is that? It shouldn't be hard to compare apples to apples... since the product is the same, 1Ghs on CH and 1GHs in Cex, this should be like if I was buying oranges, if I bought 2 kg of oranges and 1kg gives me a glass of juice and the other gives me 3 glasses, the last one is better, simple. Don't know why you can't see your own errors, always the same with you.

ok cool. is there a way for you guys to make rrp cheaper per ghs?  additional ghs given from rrp lasts only one year.  so probably a reduction in price is good for the customers.

cex.io offers around 35usd per ghs. ghs at ch's rrp is 15usd per ghs. i really think you guys can make it cheaper for your customers.

There are so many factors that go into Bitcoin mining that it's hard to compare apples to apples.  Currently they have a larger pool which means that one of their pool members will solve a block and share with the pool more often than one of our members, because of pool size.  It also means that the individual share received per block is smaller on theirs.

The other difference is that their pool isn't like ours in that most of their pool is individual miners with their own hardware, where ours is completely ours.

We are ramping ours up now and over the next few weeks you'll see a seismic shift in pool size.  We will not always be the biggest, but we will always consistently pay out and create a profitable environment for our customers.  We don't aim to be the biggest pool, but we do aim to consistently pay out on all blocks solved and offer a Revenue Reinvestment Plan which is unique in the industry.

It's a personal decision whether or not to use our service or not.  We hope you choose to based on our track record of paying out as promised.

Michael

Updated stats

CH pulled .0573 out from my account On JAN. 6th  all should be in my btc address more then 40 hours later no money.

 So I wait. for my .0573 so far my older payments are below



my grand total for my july contract is 737 usd in   285.68 usd out  .  I cash when I get the coins

Aug  07 2013---- 0.10600 ---------------   $10.26                        
Aug 21 2013---- 0.17220-----------------   $19.20
Sept 4  2013---- 0.21109----------------    $25.74
Sept 18 2013--- 0.29672-----------------    $37.77
Oct   2 2013---- 0.26425-----------------   $29.79
Oct 26 2013---- 0.11149-----------------    $20.55
Nov 14 2013--- 0.10087-----------------     $41.68
Nov 26 2013--- 0.06246-----------------    $57.85
Dec 15 2013--- 0.05045-----------------     $42.84
Jan   8  2014---0.06125-----------------     $50.23  total of $335.91 usd returned so far.


How do I rate them a little better.

 But They underpaid from JULY 4 the promised start date up until sept 1. This cost more then 2 btc.

 They gave me 1.25gh free hash to make up for that loss and frankly it does not and will not make up for that.
 They promised me  my 1 year 5.0 gh contract For July would be extended to Sept 2014 since full hash started in sept 2013.
 It still reads it ends July 2014.
 They promised me a refund Back in July and or August they never gave it.

So while they continue to pay out btc and have not folded they have more to go.  BUT paying out btc has to count for something

 I must say that I am grateful they have continued to pay.

anyone know somebody at bitcoin magazine?  they should make a review on ch, cex plus others all based on customer feed back. all this bullshit should go public.

this is fucked up then. ch should look into this. i guess cex.io is where it's at. their business model seems better. also 15usd/ghs for one year is HIGH. i didnt take that into account that rrp contracts they give you is only good for a year.

ch is def making a lot of money out of this and the customers are getting fucked. they should give us the nmc they are mining as an incentive.