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Topic: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁ - page 81. (Read 361355 times)

newbie
Activity: 15
Merit: 0
I like this thread, thank you Puppet

Zeushash has stopped Mh/S Scrypt as the fees are more than the earnings as they are using Gridseeds etc. everyone that had Scrypt at Zeushash has lost their investment, me included

Where is that news that Zeus stopped MH/s Scrypt? I can still see the possibility to buy MH/s on their website, both as such and in 'TwinHash'?

hero member
Activity: 859
Merit: 1000
I told you so, we have an avalanche of collapsed ponzis Wink btw if they were really mining the miners would be not affected and working as usual.
hero member
Activity: 1132
Merit: 818
There's still the discussion wether the ponzi's that collapsed in recent days were doing fractional reserve mining or no mining at all. First clue is that their demise most probably did not make a big dent in the global hashrate.
legendary
Activity: 980
Merit: 1040
FFS.. No. Of course not. Its not rocket science. You pay $x per month flat fee. A month is a unit of time. Actual fees are then appropriated per block.  So if a block takes 2x longer to mine than average, you would expect to pay 2x more in fees on that block, because it took twice as long. and vice versa, a block thats found in half the average time will only cost you half as much in fees. Because the fees you pay per time unit, not per block. I already explained this to you several times and this is my last reply to you. Your inability to do math and comprehend simple concepts doesnt make cex.io a scam. Please take this elsewhere.
hero member
Activity: 1008
Merit: 502

And this is why YOU should not be making assumptions or predictions based solely on opinion
.

I dont. All my criteria are explicitly stated and applied as objectively as I can. Its not a matter of 'opinion', either the evidence is there, or its not.

Quote
The "shares" that you see there are NOT how long it took the "Pool" to solve the block, the "Shares" you see in that example are MY cloud shares that were submitted by ME. Please PLEASE tell me you were not so stupid to think that a bitcoin block today si only 216576 Shares You said and I quote

A block can be found after any arbitrary number of accepted shares, it all depends on network difficulty, the difficulty setting of the pool and :drumroll: LUCK.
What you still fail to understand is that your # submitted shares will correlate linearly with the  # shares the pool needed to find the block, assuming roughly constant hashrate. So what I said is still completely ttrue, and if you are going to insult me after the nonsense you have been posting, I suggest you start your own thread where you provide proof that organofcorti and me have no idea what we're talking about.

You really need to study Ghash a LOT better.

The number of shares you see can correlate any way you want to rationalize it but the truth is those are the shares I was charged a maintenance fee on. I was not charged a flat rate per ghs per month as they state in their contractual agreement. those examples show you i submitted X number of shares and my maintenance fees are determined by the amount of shares my cloud put in. If this were not true would not each and every block mined have the same EXACT same cost in maintenance fees? If it was a flat rate charge per GHS per month, like they say, then each block should have the same exact fee right?

To be honest it would be hard to be fair and charge the same amount for each block because you dont know how many blocks could be solved i a month and they would still end up charging more than the flat rate they say they charge. I am not sure how they could do it to make it fair and reasonable, but what they are doing now is a flat faced lie and contradiction to their own agreement.
legendary
Activity: 980
Merit: 1040
Quote
[...] you should have checked their WHOIS which is completely whois guarded. and the registrar is enom and the phone number they ahd displayed was for Enom abuse not to anyone involved in HAshprofit.

Puppet do you use anything from whois in your predictions?
It's in #6, but I agree to handle whois guarded services more critical. I don't see any reason to publish business information on one side but use some kind of whois guard on the other. I would even go a step further and tag all of them as scammers because only whois gives an official relationship from a website to a company.

Yeah, its tricky. In general, if a verifiable business address is posted (that doesnt belong to a 'vrtiual presence' provider) and as long as no one reports the address is fake/abandoned/empty, I tend to grant that point, sometimes reluctantly like for hashprofit,  regardless of whois. After all, whois info can be faked just as well, whoisguard is turned on by default by some hosting companies. So by itself its not a smoking gun, but its an element I take in to consideration when judging point #6.
legendary
Activity: 1513
Merit: 1040
Quote
[...] you should have checked their WHOIS which is completely whois guarded. and the registrar is enom and the phone number they ahd displayed was for Enom abuse not to anyone involved in HAshprofit.

Puppet do you use anything from whois in your predictions?
It's in #6, but I agree to handle whois guarded services more critical. I don't see any reason to publish business information on one side but use some kind of whois guard on the other. I would even go a step further and tag all of them as scammers because only whois gives an official relationship from a website to a company.
legendary
Activity: 980
Merit: 1040
Quote
2. No endorsement from any asic vendor

You claim that Zeushash has no endorsement from asic vendor, but they owned by Zeus miner and they are a asic miner vendor. Zeus miner's website has a direct link to Zeushash on top navigation in their website: https://zeusminer.com/

Zeusminer isnt a manufacturer of sha256 hardware, afaict its (allegedly) a reseller.

Quote
Also Cointellect uses Zeus miners as their very first pictures from their datacenter shows:

See above.
Besides, Ive already granted them the point "3" for pictures/video of their installation, but it wasnt based on the ones you linked.

Quote
Additionally they also mentioned that they are using LKETC and Zeus in their news which was published on 18th of September: https://cointellect.com/news/view/?id=14

Even http://dc.cointellect.com broadcasts from LKETC's datacenter as they broadcasts their servers which hosts A1 hosted contracts.

Claiming to use some particular hardware doesnt score you any points in my rating. Having the manufacturer endorse you as a large customer, does.
sr. member
Activity: 434
Merit: 250
It's amazing how fucking grumpy everyone is here, I will surely not share any knowledge of any scams if I find them

you already said that you have invested in more than one. which means you wouldn't be able to tell a ponzi if it came along and bit you on your backside.
there aren't many which are actually genuine and i'd reckon that at least one of those that you have invested is a pure ponzi.
legendary
Activity: 1148
Merit: 1000
A Wound in Eternity
It's amazing how fucking grumpy everyone is here, I will surely not share any knowledge of any scams if I find them
newbie
Activity: 13
Merit: 0
Quote
2. No endorsement from any asic vendor

You claim that Zeushash has no endorsement from asic vendor, but they owned by Zeus miner and they are a asic miner vendor. Zeus miner's website has a direct link to Zeushash on top navigation in their website: https://zeusminer.com/

Also Cointellect uses Zeus miners as their very first pictures from their datacenter shows:

https://www.facebook.com/cointellectturkiye/photos/pb.334666763367284.-2207520000.1419858547./355357207964906/?type=3&theater

Additionally they also mentioned that they are using LKETC and Zeus in their news which was published on 18th of September: https://cointellect.com/news/view/?id=14

Even http://dc.cointellect.com broadcasts from LKETC's datacenter as they broadcasts their servers which hosts A1 hosted contracts.

So I think number 2 should be dropped for Cointellect and Zeushash.
legendary
Activity: 980
Merit: 1040
I am interested in contributing to this thread as I have tried multiple cloud services over the last few months. I will write some short reviews and post it here...

Please dont. Im not interesting in hearing how well ponzi's work prior to their collapse. Its meaningless.
Unless you discovered some evidence of scamming, keep you "experience" to yourself.
legendary
Activity: 1148
Merit: 1000
A Wound in Eternity
I am interested in contributing to this thread as I have tried multiple cloud services over the last few months. I will write some short reviews and post it here...
legendary
Activity: 1148
Merit: 1000
A Wound in Eternity
I like this thread, thank you Puppet

Zeushash has stopped Mh/S Scrypt as the fees are more than the earnings as they are using Gridseeds etc. everyone that had Scrypt at Zeushash has lost their investment, me included
legendary
Activity: 980
Merit: 1040

And this is why YOU should not be making assumptions or predictions based solely on opinion
.

I dont. All my criteria are explicitly stated and applied as objectively as I can. Its not a matter of 'opinion', either the evidence is there, or its not.

Quote
The "shares" that you see there are NOT how long it took the "Pool" to solve the block, the "Shares" you see in that example are MY cloud shares that were submitted by ME. Please PLEASE tell me you were not so stupid to think that a bitcoin block today si only 216576 Shares You said and I quote

A block can be found after any arbitrary number of accepted shares, it all depends on network difficulty, the difficulty setting of the pool and :drumroll: LUCK.
What you still fail to understand is that your # submitted shares will correlate linearly with the  # shares the pool needed to find the block, assuming roughly constant hashrate. So what I said is still completely ttrue, and if you are going to insult me after the nonsense you have been posting, I suggest you start your own thread where you provide proof that organofcorti and me have no idea what we're talking about.
hero member
Activity: 1132
Merit: 818
I was very excited and eager to get into cloud mining, but after reading this thread I'm full of dread.
Is there a cloud mining service you'd recommend that can accept credit cards?
Hashnest looks profitable but only accepts bitcoin which I'm very low on these days.
AMHash is sold out it seems, but they also look good.
Genesis Mining takes cards, but from their fees and pricing looks like it would be a bad deal compared to the rest.
KnC may be a good choice, but not sure if they take cards or not.
Any recommendations?


I think ZeusHash is pretty good - accepts credit cards/bank transfers and knC Cloud accepts USD bank transfer.

   ~~MZ~~

Zeushash is totally inprofitable tho. I have some hashing there because I ordered a replacement IC-board for my miner that never materialised, and (stupidly) opted to convert that to cloudmining when they officialy cancelled it. The fees are so high that I consider that money lost, even though it is in SHA256. Luckily it was a relatively small amount, however it would have been spent much better giving it to some charity.

ATM the fees at Genesis are about 30%. As Puppet has pointed out many times, if difficulty rises a lot you will stop making money on your contract with the fees being what they are. But at the moment it's profitable, about 0,27 BTC / TH / month. Check the thread for Genesis-mining for updates on their profitability.
sr. member
Activity: 462
Merit: 250
Thanks for an important thread, I'll be following and contributing where I can Smiley
hero member
Activity: 560
Merit: 506
I prefer Zakir over Muhammed when mentioning me!
I was very excited and eager to get into cloud mining, but after reading this thread I'm full of dread.
Is there a cloud mining service you'd recommend that can accept credit cards?
Hashnest looks profitable but only accepts bitcoin which I'm very low on these days.
AMHash is sold out it seems, but they also look good.
Genesis Mining takes cards, but from their fees and pricing looks like it would be a bad deal compared to the rest.
KnC may be a good choice, but not sure if they take cards or not.
Any recommendations?


I think ZeusHash is pretty good - accepts credit cards/bank transfers and knC Cloud accepts USD bank transfer.

   ~~MZ~~
hero member
Activity: 658
Merit: 501
sr. member
Activity: 686
Merit: 251
Thank you for working on this.
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