Topic: GAW ZenCloud ZenPool Hashlet - does it really exist? ALWAYS MAKE MONEY :-) - page 174. (Read 262906 times)

Exactly.  But if its a derivative, there has to be two sides to each "bet".  Where is the "other" side?  E.g., if our money (that was supposed to purchase a miner previously referred to by GAW as a "software miner") actually went to placing bets on derivatives of difficulty, then there must be someone on the other side of the trade losing money, betting the other way, so that GAW's pool can gain money. 

How is that possible?  Even if it is, there are enormous risks to both sides.  Where is the risk disclosure?

That is now clearly, very clearly, an illegal unregistered security.  At best.  At worst, a ponzi or pyramid scheme.

If GAW has something really brilliant underneath the derivatives hood, then they need to give full disclosure.  Because what I bought was a miner.  What I got was some kind of black box security with an undisclosed risk profile.

Not cool.

They are using little Chinese kids doing hashing algo's with pen and paper to subsidize their mining farm.

Are they just not mining BTC and using some mathematical formula to convert scrypt mh/s back into BTC.

Sure, they're most certainly not mining scrypt with all sold "Mh's". They could very well have bought a thousand Ant S3's since they're more economical and have a better change of ROI than most scrypt hardware. Which means that they give you what a certain pool could've made you had you pushed a Mh there. Still, there is no proof that they're completely not mining, or that they're not mining at all at a pool.

Oh I know they are addressing it. I like GAW but I figured if I could double my initial investment (along with taking two weeks of BTC income from payouts) then its probably better than I would get sticking out for the long haul.

 Well I have an Antminer S-3 with them.
 I sold off my hashlets  I had 70 I only have 6 now.
 The Antminer is supposed to be real gear and I can ask for it to be shipped to me.


https://bitcointalksearch.org/topic/m.8417476
https://bitcointalksearch.org/topic/m.8417661

I got a bit nervous holding the hashlets. I am not too nervous holding the s-3. In fact I used a cc to buy it so in theory I have cc protection for it under my cc until OCT 5th of this year. I got nervous due to rules changing a lot and forum, website migrations. I have clear pdf's of my old orders on the old website and the website migration of these orders is truly fucked up. The new website is not a reflection of the old website. I put in tickets and they were not fixed. My background in life includes a degree in Accounting working for the IRS for a few years. Being married to a 33 year employee of the IRS and being the son of a 25 year employee of the IRS.  So my concerns are very simple the records they are keeping are not that good.
  
   I am retired my check and my wife's check are both federal gov checks.  If I have a tax issue the feds take it right out of my retirement check.  I report all my bitcoin profits. I did my thread to help the community and also to help myself when it comes to reporting the income I made from gaw-Zen .  Since their own records are just not that good. I am forced to write posts like this in case I get audited.

They are addressing that. 


Their forum is meh and I barely look at it - so its not a deal breaker for me at all.

I can think of better reasons to sell than those if you MUST sell off due to all the fud in here.


But its whatever.   Good Luck

Just sold my account last night. Traded one hashlet for a Fury and sold my other Mh for a nice btc profit. nice investment getting in at $16 a piece and selling at 25+ a piece.

Got too fed up with HashTalk constantly going down, payouts delayed, etc.

@EvilPanda fixed post i had before

+1

@$username 
even the famous TF is here, I'm honored.

@AirFlame
quoting the post just makes it visible for people who have him ignored 

@Honeycutt22
I prefered the old forum, it's harder to find info on the new one, but it works fine for me. Used to lag but they fixed it.

What's y'all's take on th new forum? I'm pretty diss appointed with it as it's very hard to navigate compared to the old one. Impossible to track messages you've responded that I know of. And it still seems to be having a lot of issues.

Glad they did something proactive with the moderators. That was def needed. Josh seems to listen to criticism well, I've always liked that.

Ohhhh, and I did get paid!!!

Yes i know people stop read his bullshit i think i will press that magic button too

Don't bother wih him airflame. Most of us have him on ignore or simply pass over his posts. He's off his meds again.

@MemCiD

Where is Your proof ? You post all the time about ponzi. 90% of forum posts with word "ponzi" is Yours i am still waiting for proof.

That is correct, sir.

So don't invest in something like this if you think that is gonna happen, or do invest like most ppl do anyway

I am pretty sure 80% knows the risks

Of course they don't mine, they have sold as much hashpower as the entire Scrypt network.

Stop being a moron, it's a difficulty derivative. You're not paying for miners.

Rich, Dr. got like 2-3 mh/s to be a good boy, did you get more? He went on a rant 1 day about the the failed ZenControler and had some orbs mining... The next day he had like 3 extra Fury's on cloud....

Its funny how Josh emailed someone with his secret sauce, a someone that got the banhammer from the failed forum, this is too funny.

It seems like they do read what goes on here and read it well, they made changes to the mod status, re-sellers are no longer mods and new mods will be voted in.

Good luck with your 2 free hashlets Rich. (he didn't get them from Josh, Volder gave them to him) :p

That hasn't been said. The TOS states that you can't demand mining at that pool but that they at least will reimburse what you would've mined there if they hadn't in your case. Doesn't say they DON'T mine. Just says they don't have to.
Like rdyoung said, legal reasons.

If he indeed has hardware as it looks like he does, then its not securities. Its likely the change in the tos was a legal ass covering measure so that people can't request that they be shipped their hashlet. It also matches what josh told me as to the income sources.

Can we please put this to bed? Only time will tell what will happen. And before anyone asks, NO I did not get bribed by josh. I am just tired of some people here finding new things to moan about. The hashlets are a digital representation of physical hardware, there is no security issue here.

This has been hashed out (not supposed to be a pun) so much that even the terms of service for Zenpool lay out that Hashlets are virtual items that will never mine an outside pool, but only track other pool's payouts.

My main problem at this point is this seems to be an unregistered security that was originally marketed as mining hardware.  They should have just created a fund on Havelock.

edit: Suchmoon beat me to it

edit #2: If unclear, selling unregistered securities masquerading as something else is a serious offense.  Depending on what state Josh would be tried in, that is about 1-4 years of prison time and two separate felonies, plus some fines.

You can be happy "so long as the payouts come through," but the government is a bit less happy.