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Topic: Cloudmining 101 - page 3. (Read 27846 times)

sr. member
Activity: 434
Merit: 250
November 27, 2014, 07:16:43 PM
hashie.co?
They have partnered with AMHash (asicminer) and rockminer to make the amhash possible with their platform.
there are also photos of amhash's mining facility.
i need confirmation on if it is worth it to invest in this company. thanks!

it's not worth it. confirmed.
yvv
legendary
Activity: 1344
Merit: 1000
.
November 27, 2014, 07:13:34 PM
If they rent and sub-rent real hash power, this is not a ponzi any more.

Semantics. The issue is of course that the scammer will only rent it for x weeks or months for as long as sales roll in, while they sell their contracts as 1 year, 5 years, or 'eternal'.

Well, they can do this of course. If a company rented a hash power for x weeks, and claim that they own it, this is a straight scam. To prevent this type of scam, we would need a proper audit, which requires a proper law enforcement, which "We, The Bitcoiners", hate a lot. So, this is why we are here.
 
newbie
Activity: 8
Merit: 0
November 27, 2014, 06:44:43 PM
hashie.co?
They have partnered with AMHash (asicminer) and rockminer to make the amhash possible with their platform.
there are also photos of amhash's mining facility.
i need confirmation on if it is worth it to invest in this company. thanks!
newbie
Activity: 55
Merit: 0
November 27, 2014, 06:19:05 PM
pbmining seems to be on the list of ponzi. but what i dont get is that people still invest more in them.  I think more pbmining customers should be aware of all the list check from this thread.

esp the part of being in the dark as the operator and not showing where the coins are coming from..
legendary
Activity: 980
Merit: 1040
November 27, 2014, 04:25:28 PM
If they rent and sub-rent real hash power, this is not a ponzi any more.

Semantics. The issue is of course that the scammer will only rent it for x weeks or months for as long as sales roll in, while they sell their contracts as 1 year, 5 years, or 'eternal'.
yvv
legendary
Activity: 1344
Merit: 1000
.
November 27, 2014, 04:20:51 PM

Quote
This have to be done technical way. If you own a mining hardware, you have to able to switch it on or off or switch between pools at specified time. You have to able to arrange a date and time on this forum, and switch all your mining power to some test pool at this time. And we all have to be able to see the change in performance of this pool. After your hash rate is documented, you may switch back to any pool you wish.

This is covered in the first criterium. But that alone isnt enough proof either. Its entirely possible for a ponzi to rent hashrate at nicehash, redirect it wherever you want it to, until the day their sales dry up and they run off with the money.

If they rent and sub-rent real hash power, this is not a ponzi any more. Let me see their capacity, owned or rented, and their price per Ghs, and I will decide how risky is investment into their stocks. Of course such audit should be done regularly.

legendary
Activity: 980
Merit: 1040
November 27, 2014, 04:01:34 PM
I don't think that pictures of hardware is a good proof that you actually own this hardware.

Its say none of the criteria I listed by themselves are good proof. And all of them combined offer no more than a basis for a reasonable assumption.
But the fact a mining operation cant even be bothered to snap some pictures certainly is telling.

Quote
This have to be done technical way. If you own a mining hardware, you have to able to switch it on or off or switch between pools at specified time. You have to able to arrange a date and time on this forum, and switch all your mining power to some test pool at this time. And we all have to be able to see the change in performance of this pool. After your hash rate is documented, you may switch back to any pool you wish.

This is covered in the first criterium. But that alone isnt enough proof either. Its entirely possible for a ponzi to rent hashrate at nicehash, redirect it wherever you want it to, until the day their sales dry up and they run off with the money.
sr. member
Activity: 434
Merit: 250
November 27, 2014, 03:52:13 PM
Quote
3) No relevant pictures of their hardware and datacenter

I don't think that pictures of hardware is a good proof that you actually own this hardware. This have to be done technical way. If you own a mining hardware, you have to able to switch it on or off or switch between pools at specified time. You have to able to arrange a date and time on this forum, and switch all your mining power to some test pool at this time. And we all have to be able to see the change in performance of this pool. After your hash rate is documented, you may switch back to any pool you wish.

Rule number 1 of Cloud Mining: if you cannot switch pools, avoid investing in it.
yvv
legendary
Activity: 1344
Merit: 1000
.
November 27, 2014, 03:50:33 PM
Quote
3) No relevant pictures of their hardware and datacenter

I don't think that pictures of hardware is a good proof that you actually own this hardware. This have to be done technical way. If you own a mining hardware, you have to able to switch it on or off or switch between pools at specified time. You have to able to arrange a date and time on this forum, and switch all your mining power to some test pool at this time. And we all have to be able to see the change in performance of this pool. After your hash rate is documented, you may switch back to any pool you wish.
sr. member
Activity: 434
Merit: 250
November 27, 2014, 03:37:39 PM
I find it all pretty accurate actually.
sr. member
Activity: 804
Merit: 251
November 27, 2014, 03:22:18 PM
sry to say but to be honest u did a lousy research on some of the companies,,,, u might wanna give more of an effort before posting something like this,,, tyvm
legendary
Activity: 1932
Merit: 1737
"Common rogue from Russia with a bare ass."
November 27, 2014, 01:24:21 PM
No opinion on grmining.com, puppet? Their offer sounds nice but I couldn't find much information..

These ponzi's are a dime a dozen, new one's started seemingly every day.

If you do come across one that doesnt raise 5 or more of my red flags, or for other valid reasons does not strike you as a scam, do post it and I will check it out. Everything else, especially if you "cant find much info" should be treated as ponzi until proven otherwise. And to be clear, that burden of proof lies with the "company".

Why is that so? Because you say so?


Playing HYIPs since 2004. Made a 5-digit profit with BT and more with some other HYIPs that lasted 2 years or so...

Yeah Sunny, but that's why this thread is called Cloudmining Overview, not Review of Paying HYIP's Pretending to be Cloudminers.
Believe it or not, there are people out here that actually want to invest in genuine operations, run by real people doing real business, and help them create and expand something worthwhile.
I understand that you have HYIP expertise and make money out of them, but colluding with criminal, amoral scumbags in cynical ripoffs isn't everyone's cup of tea.
sr. member
Activity: 434
Merit: 250
November 27, 2014, 11:40:33 AM
again, it was just thought's lolling about in my head as to what my 'perfect' cloud contract would look like, not a white paper for a company to copy and not something that I should expect anyone to dissect or scrutinise but at least you agree there are a couple of good points in my thoughts, so thanks for replying.
legendary
Activity: 980
Merit: 1040
November 27, 2014, 11:38:10 AM
here's my picture of a perfect cloud mining contract:

The purchasing (hire-purchase perhaps?) of full hashboards, instead of piddly little GH/s.

Not only do I not see the point, I think its a bad idea. What happens if "your" board happens to underperform. What if it fails?
How would you know if its your board that is causing problems, or the cloudminer that just makes it appear so?

There is no problem selling hashrate by the GH that I can see. Let the vendor work out the capacity / RMA / whatever problems.

Quote
Flexibility to change pools remotely, at the click of a button.

Agreed. Should be sine qua non really.

Quote
live-feed webcams watching over a warehouse of immersion cooled hashboards

Why bother with the cost of immersion cooling, when you can have "open wall" ambient cooling in cold places, KnC style?
Also webcams seem fairly pointless.

Quote
trading platform with other cloud users, to control pricing and p2p trading of your purchased hashboards.

Agreed

Quote
Fees paid pro-rata by the user, not taken from mined rewards - if fees don't get paid, hashboards power down.

I dont get this either. Just needlessly complicates administration.

Quote
and most importantly - majority of the mining profit to the end user.

Keep dreaming. First you assume there to be profit, which is (very) far from certain. Secondly, no company is going to operate without profit margin. Since you are buying from a cloudmining company that needs a margin, and the cloudmining company is usually buying from the asic vendor who needs a margin, you are automatically at a disadvantage compared to both. If there is a very high chance of profitability for you, then there is an even higher chance for them, and you'll have to explain why they wouldnt exploit that.


sr. member
Activity: 434
Merit: 250
November 27, 2014, 08:25:03 AM
here's my picture of a perfect cloud mining contract:

The purchasing (hire-purchase perhaps?) of full hashboards, instead of piddly little GH/s.
Flexibility to change pools remotely, at the click of a button.
live-feed webcams watching over a warehouse of immersion cooled hashboards
trading platform with other cloud users, to control pricing and p2p trading of your purchased hashboards.
Fees paid pro-rata by the user, not taken from mined rewards - if fees don't get paid, hashboards power down.
and most importantly - majority of the mining profit to the end user.

i think too much, granted. but some of these ideas are, for me, what might make a perfect cloud mining contract - in essence, i would still want to own the hardware, rather than rent TH/s.
full member
Activity: 167
Merit: 100
November 27, 2014, 06:10:18 AM
You probably should also add in 8, the cloud mining has been operating for more then a year. Usually ponzi don't last long..

Normal ponzi's dont, but a mining ponzi can easily last that long or longer. Potentially forever see my disclaimer.

Banks do that ponzi scheme since many years. its called derivate.
hero member
Activity: 616
Merit: 500
November 26, 2014, 03:58:07 PM
I tried this cointellect thing and downloaded the miner
and it never stole any coins from me. It mined DOGE
but I never seemed able to withdraw so I lost interest.

Maybe I was doing something wrong, it´s not that
unlikely. Haven´t been following this operation lately but if
my favorite counter-indicators are consistently declaring it
a scam I´ll definitely be taking a closer look.
hero member
Activity: 672
Merit: 500
ADAMANT — the most secure and anonymous messenger
November 26, 2014, 10:48:15 AM
Hi, i was about sending fund to my new account at cloudminr.io but i was waiting for my bitcoin confirmation before i found this thread, seriously i have scammed by cointellect.com because i ran there software on my pc with HD 7950 cards, i actually earned dogecoin but it was always be withdrawn by someone else unknown to me, also at my home page of cointellect there is nothing like a withdraw button.
SCAM SCAM SCAM

when you log in.
top left corner is your current balance, with a nice green "COLLECT" button. that's your withdraw.

Yep, never had any trouble with cointellect so far. I have a 10Mhs contract and I mine with my gridseed too. Payments done instantly. So far I am very happy with their service.
Without any argument cointellect is a SCAM.
i have never tried coin collect so i cant speak for them. The reason i never tried them " coincollect " is because i dont like that they ask you to download a file so you can mine. I would have tried them and maybe had opinion if they did not want me to do download not sure what the download is for  Huh
full member
Activity: 210
Merit: 100
★YoBit.Net★ 350+ Coins Exchange & Dice
November 26, 2014, 06:44:28 AM
Hi, i was about sending fund to my new account at cloudminr.io but i was waiting for my bitcoin confirmation before i found this thread, seriously i have scammed by cointellect.com because i ran there software on my pc with HD 7950 cards, i actually earned dogecoin but it was always be withdrawn by someone else unknown to me, also at my home page of cointellect there is nothing like a withdraw button.
SCAM SCAM SCAM

when you log in.
top left corner is your current balance, with a nice green "COLLECT" button. that's your withdraw.

Yep, never had any trouble with cointellect so far. I have a 10Mhs contract and I mine with my gridseed too. Payments done instantly. So far I am very happy with their service.
Without any argument cointellect is a SCAM.
member
Activity: 122
Merit: 10
November 26, 2014, 03:13:51 AM
Hi, i was about sending fund to my new account at cloudminr.io but i was waiting for my bitcoin confirmation before i found this thread, seriously i have scammed by cointellect.com because i ran there software on my pc with HD 7950 cards, i actually earned dogecoin but it was always be withdrawn by someone else unknown to me, also at my home page of cointellect there is nothing like a withdraw button.
SCAM SCAM SCAM

when you log in.
top left corner is your current balance, with a nice green "COLLECT" button. that's your withdraw.

Yep, never had any trouble with cointellect so far. I have a 10Mhs contract and I mine with my gridseed too. Payments done instantly. So far I am very happy with their service.

If it's a Scam, it's a scam that payout at this moment.
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