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Slow death

legendary

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Quote from: Mahanton on July 19, 2018, 04:55:36 PM

Quote from: Slow death on July 19, 2018, 12:35:51 PM

Quote from: Flexibit on July 04, 2018, 10:18:40 AM

Quote from: rusty_nail on July 03, 2018, 08:02:49 AM

Well!!! I guess this is the start of the end for HF now with this announcement coming today...

HF = Slow Death for investors...

I laugh when I saw this notice on my hashflare account like WTF after they increased the minimum withdrawal amount and now its like this? They dont like people to withdraw their money from their pockets

Well, now they've brought another bomb:

Starting from 19.07.18, all HashFlare users must undergo the process of identity verification

source: https://twitter.com/hashflare/status/1019945860313083904

with this we can say that they are doing everything to not pay their customers

Dang! They do already have KYC requirements now and the situation got more worse because as an investor you would need up to comply those things and ive been wondering why such thing is need for to invest with cloud mining sites?
If you don't like the hassle just like this one then its much better not to opt-in yourself on investing to these cloud mining sites which will definitely give you out headaches.

My theory is that hashflare is probably not willing to pay its customers, they know that many people will not make KYC and many people will not pass in KYC, so this is a play for them not to make payments, I knew they did not make payments in the day of today and knowing that the minimum withdrawal value is very high, they are managing to deplete people psychologically. This will be a great classic scam, I hope people report to the police and hire lawyers to file a lawsuit against Hashflare.io

Mahanton

hero member

Activity: 2730

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Quote from: Slow death on July 19, 2018, 12:35:51 PM

Quote from: Flexibit on July 04, 2018, 10:18:40 AM

Quote from: rusty_nail on July 03, 2018, 08:02:49 AM

Well!!! I guess this is the start of the end for HF now with this announcement coming today...

HF = Slow Death for investors...

I laugh when I saw this notice on my hashflare account like WTF after they increased the minimum withdrawal amount and now its like this? They dont like people to withdraw their money from their pockets

Well, now they've brought another bomb:

Starting from 19.07.18, all HashFlare users must undergo the process of identity verification

source: https://twitter.com/hashflare/status/1019945860313083904

with this we can say that they are doing everything to not pay their customers

Dang! They do already have KYC requirements now and the situation got more worse because as an investor you would need up to comply those things and ive been wondering why such thing is need for to invest with cloud mining sites?
If you don't like the hassle just like this one then its much better not to opt-in yourself on investing to these cloud mining sites which will definitely give you out headaches.

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

Quote from: Flexibit on July 04, 2018, 10:18:40 AM

Quote from: rusty_nail on July 03, 2018, 08:02:49 AM

Well!!! I guess this is the start of the end for HF now with this announcement coming today...

HF = Slow Death for investors...

I laugh when I saw this notice on my hashflare account like WTF after they increased the minimum withdrawal amount and now its like this? They dont like people to withdraw their money from their pockets

Well, now they've brought another bomb:

Starting from 19.07.18, all HashFlare users must undergo the process of identity verification

source: https://twitter.com/hashflare/status/1019945860313083904

with this we can say that they are doing everything to not pay their customers

timerland

hero member

Activity: 1526

Merit: 596

Quote

Will HF return anything to me or will I have forfeited my $$$ under their T&C's...

No. If your contract is terminated then pretty much you've got nothing to do with them, and if you do have a long period of zero or negative profits, your contract will get terminated automatically. Genesis Mining does the same.

It's not just that people's contracts are getting terminated, though. The minimum withdrawal is so high, and certain wallets are even in maintenance meaning that people left with a balance after their contract becomes unprofitable can't even withdraw what they have.

Again, we've said this plenty of times since Hashflare lowered all life-time contracts to 1 year deals without any input from users. Hashflare is shady and unprofitable at best. And unfortunately, there seems to be a ton of victims right now.

BTW, a change.org petition does absolutely nothing if people don't realize that cloud mining sites aren't some sort of guaranteed passive income source.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: Marg56 on July 10, 2018, 06:11:29 AM

We must create a petition in change.org

- After 21 consecutive days many users have stopped making profits from their "cloud mining" - hashflare mining contracts, therefore, hashflare has no positive solution for the investors. Apparently the only beneficiary is the company

- hash flare does not reduce or stop the collection of the maintenance fee. for sha251 contracts

- The min Withdraw is very hight... in this point All this indicates to us that there is a high possibility that hashflare is a pyramid scheme. and in these moments is going through a difficult situation where many investors stopped investing in the company.

- hashflare wants to deactivate contracts.. so investors are the losers, hashflare does not want to seder or lose. the only losers are the users

You guys don't need to create petitions, but just stop investing in this rubbish.

Everyone with common sense and a tiny bit of understanding could figure out before investing in these contracts, that all points you listed are guaranteed outcomes.

The main business model of cloud mining services is that the majority of the people investing in them lose, which is a guaranteed outcome as well. If you don't lose naturally, they will make you lose. Only a small number of people manage to actually ROI, and then still it's not because cloud mining is profitable, but because of the fact that they allowed you to make profit. Accept that there is no way to beat the house.

Marg56

newbie

Activity: 35

Merit: 0

We must create a petition in change.org

- After 21 consecutive days many users have stopped making profits from their "cloud mining" - hashflare mining contracts, therefore, hashflare has no positive solution for the investors. Apparently the only beneficiary is the company

- hash flare does not reduce or stop the collection of the maintenance fee. for sha251 contracts

- The min Withdraw is very hight... in this point All this indicates to us that there is a high possibility that hashflare is a pyramid scheme. and in these moments is going through a difficult situation where many investors stopped investing in the company.

- hashflare wants to deactivate contracts.. so investors are the losers, hashflare does not want to seder or lose. the only losers are the users

magneto

hero member

Activity: 1666

Merit: 753

Even if they allow you to add any more hash power to your contract in order to keep your contract for a little longer, why would you do it? I mean, your old contract isn't all of a sudden going to become profitable or anything like that. They'll still provide you zero profit and probably terminate sooner or later, while you've landed yourself another contract that you're stuck with for ages.

No, you'll not get any money back. This is how their business works. They market their lifetime contracts as something profitable, while in reality, they're neither lifetime nor profitable.

Unfortunately, your contract will be terminated. That's the sad part as well. Not just hashflare that does this, but they've just been notoriously unprofitable recently. Once you put in money, you don't even know if they're mining or not. I would avoid cloud mining altogether in the future if I were you.

Fatunad

sr. member

Activity: 2226

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Quote from: Flexibit on July 04, 2018, 10:18:40 AM

Quote from: rusty_nail on July 03, 2018, 08:02:49 AM

Well!!! I guess this is the start of the end for HF now with this announcement coming today...

HF = Slow Death for investors...

I laugh when I saw this notice on my hashflare account like WTF after they increased the minimum withdrawal amount and now its like this? They dont like people to withdraw their money from their pockets

You will just scratch your head in no time on seeing a new reason for this mining company among into its investors and its clearly obvious that they dont like for people to withdraw funds. Cry

Quote from: Litecoindigger on July 06, 2018, 04:26:42 PM

Quote from: mk4 on July 01, 2018, 05:54:53 AM

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

Unfortunately Rahar02 it would seem that many open current contracts will in fact cease and be terminated in 11 days for some as Bitcoin continues to totally DUMP...

Whoever thinks it will re-cover to the December 2017 all time high is totally kidding themselves...

Crypto & Cloud Mining is a complete dud...even ALTCOINS have taken a massive dive of nearly 50% from when they were purchased. It would seem the best thing to do is recover whatever dividends that you can and run for the hills.

You would be better of having a share portfolio than investing in crypto that seems to be going very fast south.

I for one will now have to wait for HF to terminate my contract and not receive one single thing back.... Embarrassed

BTC

Very unfortunate my dude. Just make this a lesson for you. If you want to profit from mining, then do the mining yourself with your own hardware (after doing extensive research of course). You could barely make money with cloud mining; you're probably lucky if you end up breaking even.

Hopefully you didn't invest a lot of money in it.

Actually this is only true if you live in 3rd world countries with energy costs of 0,08$ or less. The big mining companies are very profitable and established in a low cost sector of the world. The big scale is another factor they can do mining in a very profitable way. The days are up mining was profitable at yourself with your own hardware. The current business is made with big, centralized mining farms and everyone mining at his own will make losses when it comes to day of reckoning.
The second salesman of mining hardware are aware of this and try to cheat customer telling tales. The future are big mining farms and if you hold a share you can gain profits. But profitable mining at home is an ancient fact.

Not always the situation because not all people do live on 3rd world do have the capability on buying expensive miners to do their own physical mining. No doubt the resource of electricity supply is cheap but also for those people who do live there thats why some business would migrate into these places because they do see the advantage.

Litecoindigger

jr. member

Activity: 103

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Quote from: mk4 on July 01, 2018, 05:54:53 AM

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

Unfortunately Rahar02 it would seem that many open current contracts will in fact cease and be terminated in 11 days for some as Bitcoin continues to totally DUMP...

Whoever thinks it will re-cover to the December 2017 all time high is totally kidding themselves...

Crypto & Cloud Mining is a complete dud...even ALTCOINS have taken a massive dive of nearly 50% from when they were purchased. It would seem the best thing to do is recover whatever dividends that you can and run for the hills.

You would be better of having a share portfolio than investing in crypto that seems to be going very fast south.

I for one will now have to wait for HF to terminate my contract and not receive one single thing back.... Embarrassed

BTC

Very unfortunate my dude. Just make this a lesson for you. If you want to profit from mining, then do the mining yourself with your own hardware (after doing extensive research of course). You could barely make money with cloud mining; you're probably lucky if you end up breaking even.

Hopefully you didn't invest a lot of money in it.

Actually this is only true if you live in 3rd world countries with energy costs of 0,08$ or less. The big mining companies are very profitable and established in a low cost sector of the world. The big scale is another factor they can do mining in a very profitable way. The days are up mining was profitable at yourself with your own hardware. The current business is made with big, centralized mining farms and everyone mining at his own will make losses when it comes to day of reckoning.
The second salesman of mining hardware are aware of this and try to cheat customer telling tales. The future are big mining farms and if you hold a share you can gain profits. But profitable mining at home is an ancient fact.

Flexibit

sr. member

Activity: 476

Merit: 250

Quote from: rusty_nail on July 03, 2018, 08:02:49 AM

Well!!! I guess this is the start of the end for HF now with this announcement coming today...

HF = Slow Death for investors...

I laugh when I saw this notice on my hashflare account like WTF after they increased the minimum withdrawal amount and now its like this? They dont like people to withdraw their money from their pockets

Koro-Sensei

full member

Activity: 658

Merit: 103

Quote from: socks435 on July 01, 2018, 01:20:48 PM

Just don't invest again on cloud mining site that's the best you can do right now than investing your money again to increase your hashrate.
Since you don't have a physical miner and you only have the contract there's a huge possibility that hashflare will turn to scam just like what happened on the other cloud mining sites before.
Be careful on investing online there are many scammers out there and most of the cloud mining are scam if you really want to mine bitcoin why not buy your own mining equipment.

The Cloud Mining word hasn't have a very good reputation or should I say it's that bad in the first place you should have ask for it since the beginning not after. Nowadays people think cloud mining are still profitable but it isn't there are many to earn money but not on cloud mining. Although I'm not talking bad about all of the cloud mining companies out there but the majority of it still strikes.

Oilacris

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Quote from: rusty_nail on July 03, 2018, 08:02:49 AM

Well!!! I guess this is the start of the end for HF now with this announcement coming today...

HF = Slow Death for investors...

Typical thing for them to made yet we have seen recently on the gas fees when we do talk about ETH contracts where fees do rise up and holding is just right rather than on proceeding even they do know the fees is on spike.Investors is mainly affected for those who do only have a small payout.
This doesnt signify on their end but we can already foresaw on what would happen next either on few months or next year.

rusty_nail

newbie

Activity: 11

Merit: 0

https://i.imgur.com/ijRY9vV.png

Well!!! I guess this is the start of the end for HF now with this announcement coming today...

HF = Slow Death for investors...

rusty_nail

newbie

Activity: 11

Merit: 0

Well Slow Death...what an apt name...bc0z that is what 'Cloud Mining' should be renamed....

At least I have only invested a very small amount compared to others.. and I simply would love to be trading ALT Coins like others do that have nothing else to do in their day and making such a minuscule profit for their efforts....

Crypto will never replace fiat... those that think it will must live in fairy land....

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

Whoever thinks it will re-cover to the December 2017 all time high is totally kidding themselves...

People are not fooling themself, you're blinding yourself because you've been fooled by cloud mining, something much more dangerous and having many red flags.

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

Crypto & Cloud Mining is a complete dud...

Do not make this absurd comparison... cloud mining is the worst investment that anyone can do

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

even ALTCOINS have taken a massive dive of nearly 50% from when they were purchased.

On July 2, 2017, ETH had the price of $270, so who bought that day still has a profit, may be at a disadvantage in relation to bitcoin, however this is a market that requires patience that you want to make a profit.

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

It would seem the best thing to do is recover whatever dividends that you can and run for the hills.

yes you lost, but losing is part of life, you should raise your head and try to recover your loss

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

I for one will now have to wait for HF to terminate my contract and not receive one single thing back.... Embarrassed

well, you should not expect anything good coming from cloud mining sites

Rahar02

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Quote from: rusty_nail on July 01, 2018, 07:11:09 PM

Apparently HF have an alternate plan for their investors...none of which has been divulged at this stage..... One can only wait and see as the 20th & 21st day rolls around until the existing BTC contract terminates due to non profitability....

Lucky for you then, not so much to lose and take it as a lesson, don't trust a cloud mining in general, I have learned it's more profitable to buy and hold coins (btc, eth, bch) for several months than invest in cloud mining which takes 6 months just to achieve ROI.
Interesting to know what is the alternate plan from HF, but have you check the latest news about bitcoin difficulty?
Seems it has been decreased since a news about mining center in China was hit by floods, maybe it can affect hashflare income somehow, but definitely we need the price to increase.
https://www.blockchain.com/charts/hash-rate

pinkflower

sr. member

Activity: 868

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All newbs read this before investing in cloudminers. Cloudminers of any form, contracts or exchageable hash tokens, will collect money from you and use your investment as a hedge against the risk they are taking in mining. If they fail, your money is whats saving them from taking the loss. The newbs take the loss.

rusty_nail

newbie

Activity: 11

Merit: 0

Here Here BitHodler.... Do yourself a favour and google USI-TECH and see how famously they are going....

I don't mind thinking that HF will also be going down that path as well sooner or later....

Bitconnect did much the same thing to there investors as well.....

Sometimes people actually trust these cloud miners and think that what they have to offer is credible and invest. I luckily, only invested USD125 in one of their cloud mining contracts so not that much to lose...

Just would love some company out there that does what they say and can offer guaranteed ROI mining crypto for those investors that don't have the time to be watching it all day long.... JMO!!

Apparently HF have an alternate plan for their investors...none of which has been divulged at this stage..... One can only wait and see as the 20th & 21st day rolls around until the existing BTC contract terminates due to non profitability....

BitHodler

legendary

Activity: 1526

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Quote from: rusty_nail on July 01, 2018, 04:45:56 PM

Crypto is not the way of the future no matter what they say. Better to put $50 on RED and spin the wheel??

It almost looks like so. In that case you instantly know that you have gained or lost something, where with cloud mining and other schemes it could take months or even years before you know what the result is.

We have to accept that this industry has nothing to offer when it comes to investments. Everything is either a scam or just not worthy enough to invest in. Investing in coins directly is the only option it seems.

If you are a risk taker, you could even choose to use your fiat to go long or short on crypto with cash settled contracts. There are multiple platforms offering these trading features. Or just don't invest in anything.

rusty_nail

newbie

Activity: 11

Merit: 0

So in a nutshell...Just don't EVER get into cloud mining with any company offering you a massive ROI because inverably the whole thing is a complete scam...

They are all the same...

Bitconnect
USI-TECH
Hashflare

to name a few. Crypto is not the way of the future no matter what they say. Better to put $50 on RED and spin the wheel??

VitKoyn

full member

Activity: 490

Merit: 106

Quote from: rusty_nail on June 30, 2018, 07:42:08 PM

With the very low price of Bitcoin at the moment and having a SHA-256 contract with HASHFLARE there has been no returns above the current fees being deducted.

Does that mean that after the 21 days of non-profitability that the contract I have will be terminated.

Will HF return anything to me or will I have forfeited my $$$ under their T&C's...

With not being able to do anything like add some more Hashpower to the existing contract even... I am sure that my contract will be terminated and in turn I will lose all $$$ invested...

Can someone advise? Thanks in advance.... Huh

Investing on a cloud mining are really not profitable for investors even it is a legit mining company. In your case, there's nothing you can do about it anymore, by investing with hashflare you are accepting their terms and conditions, and it is stated that if the mining process will be not profitable payouts will be stopped, and it is said that contracts will only be valid until it is profitable. Unfortunately what you can do is just move on, and don't ever fall again with this kind of investment programs. If you want to make profit in cryptocurrency, just invest or trade the coin, not invest on the company that are mining it or using it to attract investors.

SONG GEET

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If they can successfully terminate all the mining contracts than they will have those mining devices under their name and after that when mining will start to be a profitable one they will earn millions from those devices and they don't have to share those earning with any user which is legal according to their T&C.

Same viabtc might do to their lifetime contracts.

socks435

legendary

Activity: 2058

Merit: 1030

I'm looking for free spin.

Just don't invest again on cloud mining site that's the best you can do right now than investing your money again to increase your hashrate.
Since you don't have a physical miner and you only have the contract there's a huge possibility that hashflare will turn to scam just like what happened on the other cloud mining sites before.
Be careful on investing online there are many scammers out there and most of the cloud mining are scam if you really want to mine bitcoin why not buy your own mining equipment.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: milewilda on July 01, 2018, 12:05:43 PM

Mining difficulty rise is somehow convincing on our part but the maintenance cost and total hash would really be remained unanswered.Why? Once we would know we can able to calculate and sue them out when we do find profitability on their side.

It's their insurance, to call it that. If the income from contract sales isn't sufficient anymore to cover people's payments, they can just make things up and claim that their internal costs have gone up significantly. People have to accept it even if they don't believe any of it.

If people think the current situation is bad, then wait and see how many of these cloud mining sites will rip you off once the block halving kicks in. Block halvings are like a gift from heaven for cloud mining sites. It provably allows them to pay you 50% less. I'm sure that a lot of the current cloud mining sites will even try to shut down their operations (if they even have hardware running) and legally walk out with your money. The house always wins.

milewilda

legendary

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Quote from: Rahar02 on July 01, 2018, 04:57:20 AM

Sadly, there's nothing you can do about it, even if there's an option to add more hashpower, I encourage to don't do that.
It seems like hashflare keeps making excuses to cut customers money as much as possible through their T&C such as 21 days suspension period. It's strange though, as they said: with the latest spike of mining difficulty exceeding 14%, while the price of Bitcoin continues to decline, the payout was lower than the maintenance fee, which resulted in the balance not increasing and remaining the same
but we don't know how much total hashrate and maintenance fee they have to cover, or have they disclose the information about it?
For the record, this is the mining fees for customers:
The maintenance and electricity fees (MEF) is linear and equals 0.0035 USD per every 10 GH/s of SHA-256 and 0.005 USD per every 1 MH/s of Scrypt per day.

we don't know how much total hashrate and maintenance fee they have to cover, or have they disclose the information about it?

This is the thing we wont able to know yet they wont really disclose on actual numbers and thats the shady part of these cloud mining sites. They would really do excuses or alibis just to have a reason. Mining difficulty rise is somehow convincing on our part but the maintenance cost and total hash would really be remained unanswered.Why? Once we would know we can able to calculate and sue them out when we do find profitability on their side.

mk4

legendary

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Paldo.io 🤖

Quote from: rusty_nail on July 01, 2018, 05:12:07 AM

Unfortunately Rahar02 it would seem that many open current contracts will in fact cease and be terminated in 11 days for some as Bitcoin continues to totally DUMP...

Whoever thinks it will re-cover to the December 2017 all time high is totally kidding themselves...

Crypto & Cloud Mining is a complete dud...even ALTCOINS have taken a massive dive of nearly 50% from when they were purchased. It would seem the best thing to do is recover whatever dividends that you can and run for the hills.

You would be better of having a share portfolio than investing in crypto that seems to be going very fast south.

I for one will now have to wait for HF to terminate my contract and not receive one single thing back.... Embarrassed

BTC

Very unfortunate my dude. Just make this a lesson for you. If you want to profit from mining, then do the mining yourself with your own hardware (after doing extensive research of course). You could barely make money with cloud mining; you're probably lucky if you end up breaking even.

Hopefully you didn't invest a lot of money in it.

Rahar02

hero member

Activity: 910

Merit: 523

Yeah, Hashflare will terminate so many contracts since they have announced payout is less than maintenance fees.
Everyone who have invested to cloud mining should aware of the risk, especially after some shady act of Hashflare.
That's why I said, there is nothing you can do but let it go, because Hashflare T&C have explains that, unless you have access to visit their main office and manage to ask for refund. maybe it's time for Hashflare to shut down their business.
May I know how much $$ you have invested? Or how much hashrate you have?

rusty_nail

newbie

Activity: 11

Merit: 0

Unfortunately Rahar02 it would seem that many open current contracts will in fact cease and be terminated in 11 days for some as Bitcoin continues to totally DUMP...

Whoever thinks it will re-cover to the December 2017 all time high is totally kidding themselves...

Crypto & Cloud Mining is a complete dud...even ALTCOINS have taken a massive dive of nearly 50% from when they were purchased. It would seem the best thing to do is recover whatever dividends that you can and run for the hills.

You would be better of having a share portfolio than investing in crypto that seems to be going very fast south.

I for one will now have to wait for HF to terminate my contract and not receive one single thing back.... Embarrassed

BTC

Rahar02

hero member

Activity: 910

Merit: 523

Sadly, there's nothing you can do about it, even if there's an option to add more hashpower, I encourage to don't do that.
It seems like hashflare keeps making excuses to cut customers money as much as possible through their T&C such as 21 days suspension period. It's strange though, as they said: with the latest spike of mining difficulty exceeding 14%, while the price of Bitcoin continues to decline, the payout was lower than the maintenance fee, which resulted in the balance not increasing and remaining the same
but we don't know how much total hashrate and maintenance fee they have to cover, or have they disclose the information about it?
For the record, this is the mining fees for customers:
The maintenance and electricity fees (MEF) is linear and equals 0.0035 USD per every 10 GH/s of SHA-256 and 0.005 USD per every 1 MH/s of Scrypt per day.

rusty_nail

newbie

Activity: 11

Merit: 0

With the very low price of Bitcoin at the moment and having a SHA-256 contract with HASHFLARE there has been no returns above the current fees being deducted.

Does that mean that after the 21 days of non-profitability that the contract I have will be terminated.

Will HF return anything to me or will I have forfeited my $$$ under their T&C's...

With not being able to do anything like add some more Hashpower to the existing contract even... I am sure that my contract will be terminated and in turn I will lose all $$$ invested...

Can someone advise? Thanks in advance.... Huh

Topic: HashFlare Contracts (Read 341 times)