Topic: Do you think GigaWatt (WTT) is a Scam or Ponzi Scheme? (Read 987 times)

Their ranking in coinmarket proves that coin does not include stable coins although legit and not scam but we need to be careful of coins with ratings above 100.

This is not definitive proof per se, but someone/something is mining litecoinpool (I estimate about 190 L3+'s):

https://www.litecoinpool.org/stats

#2
gigawatt
95,273 MH/s
46.7 LTC/d

They are paying me for my tokens so somebody must be mining.My antminers are due to start mining in December.

I have tried searching online and on YouTube about how much income ppl make in gigawatt but none as of yet. I m assuming no one has gotten their miners started in gigawatts yet? If anyone started mining in gigawatt actively, plz reply back.

I personally invested in both tokens and miners with gigawatt. My miners will start in October. So I will report back when I see any income from mining ...

I m currently renting out my gigawatt tokens. My tokens are 100% rented out but I don't understand how can they be rented out if no one seem to be "mining" at their facility yet? I think I would be less worried once I see more physical proof

I would never do cloud mining because the risk of a scam seems too great. I felt giga was different since you can purchase the miners yourself (directly from bitmain, for example), you own the miners, and you own the "space" in their giga pods to host the miners. the way i think of it is i own a little portion of their mining pod where I can setup my miners and have access to their ultra cheap electricity and their facilities specifically designed for mining (proper temperature, cooling, low-dust, low humidity, clean, etc) for the next 50 years. I also work full time and need a solution where I dont have to be present and available all day to monitor the miners, and where if a miner needs maintenance and service they can pull, repair and replace on-site. They guarantee 93.5% uptime and the professional facilities should, in theory, increase the lifespan of the hardware.

I simply cannot setup 20 asic miners at home - it's not feasible. also, my electricity is almost about 900% more expensive at home than at gigawatt. Gigawatt sounded like an excellent alternative and perhaps the best option.

interesting that you feel the onus is on the one's claiming legitimacy. in law (im a lawyer), the person making the accusation, or calling foul, has the burden of proof.

 Maybe the proof of legitimacy is in the pudding.Who owns the land? Where's the long term electric contract?
 How many individual miners @ approximately $25-40 monthly will eventually be there to support overhead?
 Other revenue sources being repair, replace, monitor, technical assistance, etc. etc.

 Fact of the matter is Giga-Watt is a service oriented operation. Are the principals at Giga-Watt also mining?
 Probably. Do the principals have the expertise to be mining babysitters for WTT token holders? This is the
 commitment they have made. In essence, they are renting very small custom spaces in the buildings and land
 for mining hardware and must provide for all the nuances that go along with that.

 Will those numbers hold up over time? That's the key question to ask.

Well, a significant argument exists against nearly all cloud mining providers.
Mining profit rates seem to be pretty low/negative on a smallish scale. Most cloud mining providers seem to not provide too much proof of the existence of a rig.

Profit where you don't expect it + No proof of legitimate business activity = scam accusations

Maybe GigaWatt is different, maybe they're not. I feel like the onus lies on people defending it to prove that it is legitimate.

hi there - im not sure i understand you.

I think the moderators already moved this post to this section, so I guess the mods think this is the right place to post this. EDIT: it's already in the service section.

Also, i don't think you read my post. im not saying scam. im saying legitimate. OTHER PEOPLE have told me THEY think it's a scam.

Lastly, I participated in the ICO, which ended last month. I never said they're still in ico selling phase, i just said i participated in it while it was active.

thats all

You should move this topic to service discussion section so that you may get some proper answer from the right people who have an valid though's for this inquiry since this topic is not meant to be posted here.

the first youre wrong section, is good you post in altcoin discussion
you can't say say scam have not proof, and you say gigawatt still ico selling phase

I think you need to remove the post here and put it in the wrong thread. This is the link of the thread for Scam Accusations https://bitcointalk.org/index.php?board=83.0

I fully believe they are 100% legitimate and NOT a ponzi scheme or scam, and I have already toured their facilities during the WTT ico. I'm not concerned at all. I'm curious as to why OTHERS feel they are a scam. I've had several people explain that they think giga is a scam and i just don't understand why.

If you are concerned if they are real company, why don't you sign up for one of there tours in Washington so you can see for your self the mining infrastructure and business offices they have there. do research. what has inspired you to think they are a Ponzi scheme? https://www.giga-watt.com/dashboard

I've had some discussion on this forum about this. I do not think Giga is a scam or ponzi scheme at all, and generally feel the opposite - that they're extremely legitimate and their ICO token sale had real, measurable value. I was a significant participant in their token sale so obviously i have some skin in the game.

others felt very differently, however, but I never really understood their reasons why they felt that way.

for the record, i purchase my miners directly from bitmain. you do not need to buy through gigawatt.

if someone feels giga is a scam or scheme, can you articulate why you feel that way?

thanks!