Topic: Hashlet - page 7. (Read 10094 times)

Hey Guys, I'm here to explain all that I can to you guys!

It is not a contract, more of a *soon* tradable way to access as much hashpower as you want with a tiny maintainance fee which will drop over time, causing your miner to be forever profitable.

Sure ... but right now the risk is to the downside.

What might push down the profitability is the fact that all Scrypt mining from the Hashlet's are exchanged into Bitcoin. This might result in more selling pressure on Litecoin in order to get BTC, and the Litecoin value will continue to drop.

The worrying thing is that Scrypt is not as profitable as before. Even for cloudmining, GAWminer has to switch between coins + exchanging it, in order to remain profitable. All these are behind-the-scene and the vagueness in hashlet's description does not help. Comparatively, it is easier for BTC cloudmining like CEX.

It is a concern with BTC so low ~$485 now.   $.08 would be ~.000165 BTC.   The projected earnings are .00064393 BTC, leaving about .00047893 BTC.   The current cost of 1 MHS is about .03299 BTC so the daily yield is a ~ 1.45%.  

However, I don't see how such high rewards can be maintained and it is possible the BTC could drop much lower.   So there is a *LOT* of risk here.  

I have a separate transaction for the maintenance fee. I think they don't charge the fee on the first payout, at least I didn't get charged yesterday. Currently the fee is ~25% of total earnings.

Well I now see the payouts listed, but they haven't made it into the balance at the top of the page.   Maybe it takes a while.   The yield seems very good right now but I'm not used to slow daily payments.    Oh, I also haven't seen the deductions for maintenance so maybe that is still part of the process.  

Edit: It just took awhile, my balance updated.   Looks like it is working as expected.  Just painfully slow.

Yeah exactly,  as I posted from my support convo with them yesterday,  you are buying hash from a farm, not the physical machine, like renting miners, but with specific MHs.  For $15.99 to try it out, I mean jesus, what do you people want lol.

They got back to me on the reduction of maintenance fees over time:
Currently that is still in the works. We will know more as time progresses.

So thats still up in the air.
Cripes, whats the worst that can happen, I lose $16 ? wow. Im in to test,  just wish I could point it to other pools, like my own, but meh.
I cant wait to see the results after a week or so from those that have bought in. I know people who are buying like 100x7 MHs at a time, which I wouldn't do out of the gate, but speaks to the confidence some have in GAW.

I think their marketing could have been much better. First, dont show a pic of hardware in the ad, lol. Explain cloud mining,  call it what it is I mean. And have some hard pool data to show. but again, to try it out at $15.99 for 1MHs is a no brainer,  buy more if it works out. if they get better returns on their pools, great, if not, well you should still get something comparable to other profit switching pools. No hardware to go obsolete in 2 months, no heat, fans etc. Consolidating mining farms and selling 'shares' of hashing power makes a lot of sense to me. I like the set it and forget it aspects of this.

if they truly do end up scaling maintenance fees down as time passes to ensure ROI, all the better.

I would like to hear your opinion after that payout. As for your concerns I can assure you that this is not ponzi scheme or elaborate scam. From my previous experience with GAW I can tell you that they are serious business. If they scam people they are finished and they are pretty big company, that simply ain't gonna happen, you can sleep peacefully.

The very reason why I bought a few is to just test the waters.   I live in Japan and the power costs are extreme.   So for me cloud mining makes some sense but I haven't don't that well with it so far.   I figure GAW Miners isn't likely to disappear fast so it would be better than some.  Right now it is 9:30 pm EDT and I haven't been paid for the first day yet.   I'm a little uncomfortable about that.   (I bought yesterday at 2:00 am EDT, so I assume I'll get some payment.)

It is still early, I just find feedback important.   I could have transferred more BTC there and bought more, but I'm feeling a little cautious.

Personally I don't care if it is real mining or not as long as it just isn't a Ponzi.   I've made BTC off of the B.Mine/B.Sell at Havelock and that is completely virtual.   However the market at Havelock is pretty small.  

Form the support at the site:
"Also, many users are curious about payouts. Payouts are issued once every 24 hours, primarily in the hours between 10PM - 2AM Eastern. We issue payouts in waves to prevent overwhelming our Coinbase API. So if you don't see your payout at the same time as the previous day, or at the same time as another user, do not worry. It will come

Lastly, if you activated your miner after 7PM Eastern, you may not see a payout for that device that same night. You will however, see a prorate on the following day's payout."

So I should see my first payout in then next 3.5 hours.

Oh!  Now that you pointed it out I was able to find it.   Very low contrast, not a good choice.   Thanks!

If it's not important then why name it a "miner"? Why not name it what it really is? And if it's not a miner then what is your ROI based on - have you thought about that?

And no, it's not the only problem, but I'm sure you already know that.

How do you know that? Do they provide proven math that your hashlet will ROI or any guarantees? No... If there was a chance GAW could make their gear ROI they would be mining for themselves and keeping the profits, no idea why they would want to share profits...

So you are saying here that your only problem is naming. Personally I don't care about things like that. I only care for ROI and from what I can see Hashlet is going to provide quite good gains for me.

Ok, I stand corrected on the picture request. Let's see them.

There were wrong feet many many times. I've been lied to and lied about enough to know to not trust them. I don't make any secret out of it so it's up to you how to interpret what I have to say.

In your interpretion are there any coins actually being mined? In my view that is a very simple and clear distinction between something sold as a "miner" (hardware, digital, whatever), which should be mining something, and a virtual contract such as B.MINE/B.SELL, which is purely a financial instrument. Both have their uses as long as there is no confusion which is which.

Josh is planning to post pics of data-center this week on hashtalk.org

I've seen many good questions being raised but I don't know anyone asking for pictures of the datacenter. If you do please share.

There are many other things that could help a lot with transparency and wouldn't take weeks to do. Like proof of blocks mined, proof of multipools being used, etc. Not to mention disclosures that should come as essential with the product being sold, such as maintenance costs as mentioned above, future upgrade paths (this being a major selling point), and at least a basic high-level overview of how it all is even possible.

"D" stands for doubt by the way. And I do have a lot of it. Not helped by the intentionally confusing and fluffy "cloud" surrounding this whole deal.

Hashlet are not physical hardware. They are basically a new form of upgradeable cloud mining contracts that you actually own.
So you can buy whatever you want for $15.99/MH then pick from about 4 well known scrypt pools (which they may or may not
actually be hashing at) or the Zen Hashlet pool, which they say is guaranteed to perform better than any other pool.  So yes,
there is some smoke and mirrors here I think, but for cloud mining which is usually at $25/MH, non-transferable contract that you
don't own, etc. Hashlets make sense for people who want to make some btc without the hassle of physical hardware and being
able to buy as much as they want or as little to try it out.  I bought a few MH and so far it seems to be working.  Only time will
tell, GAW claims next week will be an upgrade program, hopefully it is a very good offer, or I will not give up my physical asics.
If you want to see more about it, check out my signature below for a discount.

What? You really think that Hashlets are scam? For real? I know that idea is good and you can get return of investment pretty soon but if you are thinking GAW miners will scam anyone you are wrong....