I still wonder if GAW/Zen... *EVER*... asked for permission from the real pool owners if it was OK to use their names back when all this mess first started to take shape. We all know NiceHash called out GAW/Zen when the first (and most profitable) pool listed on GAW/Zen was removed due to a mysterious "over" payment bug issue that was anything but Mt.GAW's fault (cough....BS), but what about the others? Easy, there likely never was any real pool activity from GAW/Zen - just free use of others' names.
For someone so anal about trademarks, trade-names, copyrights, etc., one must wonder if he/they ever play and/or played by their own rules.
Just reading some transcripts from Mr. Garza talking a few days ago was comical when he mentioned he had already talked with all the exchanges and their owners will force the existing PayCoin owners to change their name or face legal action since GAW/Zen owns that name now and trademarked it (after the fact). Simply unreal...
Grandiose delusions at their finest.
Scott-
So did multipool.us
From flound1129 Posted 03 September 2014 - 04:29 PM
So, the hashlet situation is this:
1. I have no formal relationship with GAW. They appear to be using our profitability numbers as posted on the main page or possibly via poolpicker.eu.
2. They do not mine on multipool. They do payouts based on profitability reported by individual pools (which is completely unverified, as far as I know)
3. It is not clear that hashlets are actually mining anywhere, at this time. There is certainly not enough 'Unknown' hashrate on the LItecoin network to account for the amount of hashrate they say they have. Also, since they claim 200% profitability (which is mathematically impossible), they would need to have double that hashrate (i.e. each hashlet is actually buying 2MH of mining power, rather than the 1MH that's claimed) which would be about 500GH at this point.
My best guess is that they have hardware on the way to fill these orders, and they are simply paying payments out of cash reserves at this point. I don't think it's an intentional scam or ponzi, they are far too large and successful of a company to do anything like that on purpose. That said, if the hardware doesn't show up and they run out of cash, bad things could potentially happen.
EDIT:
I ran for the hills about 2 weeks before this was posted. Too many red flags started to pop up.
EDIT:
After both pools came out and stated no relationship with gaw, lots of DDOS. If anybody remembers nicehash was a member of the old forum and made a stink about gaw not mining on their site and asked for an address to verify. I also remember multi asking for an address too on one of the forums.
EDIT:
Another person I have much respect has left them too, I wont mention his name but will add his post
Not sure this deserves to be in the Warning section, but I do advise caution.
I have personally sold all my GAW virtual holdings. It just feels like a Ponzi to me. Remember that Ponzi was famous in his day, with international recognition.
My main concern: GAW controls all aspects of this Hashlet thing. Everything. From creation to payout. AND THEY ARE NOT THAT GOOD! Payment issues abound, they take extra fees out of peoples accounts without notice, can take a month or more to fix problems, if ever. They change the rules when it suits them (ex: Convert your hosted Black Widow to Hashlets, your 90 day maintenance free period will be extended to match... and a month and forum later stating that was never the case, 30 days max on free Hashlet maintenance. No e-mail, just a post implying it as part of an update.)
Bottom line: Too much control, no accountability, and a fleet of lemmings to praise their every word. e.g. The basis for a Ponzi scheme.
].
