Topic: ICE ROCK MINING - SCAM!!! - page 4. (Read 19720 times)

ROI = Return on investment  since the payout is as far as i know per token you hold so if you hold 1 token or a million it will take the same time untill you get your money back.


Im glad to see you finally got what we have been saying for many months.

Because the payments for mining are based on the amount of ROCK2 that you hold.

So if you hold say 1000 ROCK2 you will get at most ($1.20) per thousand tokens - Per Month!   And when they add the 1500 extra ASICS which are yet to be purchased and delivered that will then increase payments 3 fold so you are likely earning $4.60 per 1000 tokens - Per Month!  (LOL)

So if you were to purchase 4000 ROCK2 tokens now @ around $0.30 it would cost you $1,200.00 to earn (AT MOST) $4.60 or $5.00 per month until more miners are purchased that is not taking into account difficulty rises.  


What they also neglect to inform investors, although most should know is that there are 15 Million ROCK2 circulating, so everyone needs to be paid their share via smart contract.  


Unless you own 100 to 500 thousand ROCK2 you will never see an ROI and even with that many once all miners are working in say 6 months then you will still not see an ROI.  


They also deleted my truthful post on the main forum, that shows they have something to hide.  

I don't understand how you figure the amount of coins you hold affects your ROI it shouldnt.

My post below was posted to the main ANN thread, not sure if it will remain so posting it here as well.



Yes I have now seen that, apologies for my incorrect information. 

They have been saying they will open it but now are continually deferring.  Much to the detriment of current token holders.


I will now quote myself and my position and thoughts about IRM to anyone who is interested.   My previous comments in bold followed by my current thoughts 


First payments will be 28/29 September to holders of ROCK2, they are expected to be on the low side as most miners have only been working a few days. I have since found out that payments are likely to be, according to many in the Telegram group for the current 500 ASICS running at around $1.20 per 1 Thousand ROCK2 as there is 15 Million of the tokens.   Given some of that profit will be put back into buying more mining rigs then even if they have ordered (which I believe they are in the process of doing) the following 1500 ASICS, that still leaves a payment of around at a conservative figure of $5 per 1000 tokens per Month.   

So say you had 30 thousand ROCK2 best you could hope for would be $150 in ETH per month for the next 2-4 months. 


I had well over 20 thousand ROCK2 so I might have earned up to $100 - $150 in the next few months and even then, once they get more miners I still believe it is not going to be profitable at all for investors, unless of course you hold over 75,000 to 150,000 ROCK2 in your wallet you are going to be in the red and may not see your money back again, given that the current difficulty and the time taken for more miners to be purchased and installed and of course the current BTC price. 


They are making an in-depth video to be released early October, probably answering many of the questions that some investors have.  I believe this is still going to happen. 


They plan on ordering 1500 more ASICS which will be flown (not trucked) to the Cave to put them at a total of 2000 ASICS running.  As mentioned above, this will make very little impact on payments and a ROI is not even possible in the next 2 years by my calculations, unless you hold LARGE bags of ROCK2. 


Eventually there will be 12-13 thousand Rigs mining exclusively for IRM and ROCK2 holders, the cave can handle 10 thousand Rigs and I am not sure where the others will be located. Again, I believe this is going to happen, these guys will purchase them but there is just too many addresses or ROCK2 tokens to pay out to for it to possibly ever be profitable. 


So in a nutshell I think this is a very good investment to have that many miners working and exclusively for ROCK2 holders is a big deal, it will start off slow and build up to a big operation.  So in a nutshell again, I was fucken wrong. 

I should also note that I am not here to FUD IRM I still stand by my original comments that these guys are NOT scammers and they are actually buying minnig rigs and setting them up, however they did mis-represent the ROI in their calculator during the ICO.    I admit again, that I should have clicked on the link which led you to the actual figure they were basing the ROI on, that being BTC at 14K, so while I should have delved deeper, they also should have made that perfectly clear on the actual calculator page, so there was some smoke and mirrors going on.

Luckily for me I invested in the ICO at the 50% discount early and then later loaded up with more ROCK2 when it was at around $0.20 - $0.23.


I have since sold ALL of my ROCK2 in the past 24 hours and managed to get away only being just over 2k Down and now have made some good buys while BTC is low, I will earn more HODLING BTC than I would if I stayed with IRM, that is my honest belief. 


On a final note I will leave you with my thoughts about the whole project. 


Positives

1.  They are actually purchasing miners and are not a scam company.

2.  The concept is good and they pay very little for electricity.

3.  They are seemingly trying to do the right thing but are not really sure how to handle both PR and set up of rigs and other infrastructure all at the same time.



Negatives

1.  There will be no ROI for anyone holding less than 50K ROCK2 for at least 2 years if at all. 


2.  Their calculator should have been more transparent and it should have been advertised very clearly that they are working off of a future predictive price rather than current. 


3.  They let the FUD get to them and by doing so locked everyone out of the Telegram and that is a big red flag for any project, if you cannot handle some fud in your chat then you are not moderating it well enough.   Dias went from being very personable and responsive on this forum to becoming an arrogant dictator like person who seems to think that post ICO he can talk down to investors, ban them or outright just be an asshole to people.

That is not the mark of a professional company, that is the Kazak/Russian coming out in them, they should have hired a Western person for PR because whether they care to admit it or not by blocking people from joining the Telegram and having access to "Management" they are actually FUDDING their own project, and duping current investors. 


If I was still invested in IRM I would want to see MORE people invest in IRM and therefore increase the price of the ROCK2 token but by taking the "fuck you it's our way or the highway" attitude they are halming their own project, not that they probably care as they have already made millions from the ICO, it is the other investors I feel sorry for. 


So that is it from me, I believed originally in this project and defended it continually, but when push comes to shove, it is/was a fucken waste of time and money and I am glad that I got out with my shirt still on my back.


I wish all the current and future investors all the best but my advise would be that unless the token tanks and you can pick it up for less than $0.05 then you are wasting your money. 


Peace out.... 

Well great news guys they waved a magic wand that the cave just doubled in size !!:D room for 10.000 devices now  must be due to all that ice melting.

Edit: they haven't even ordered the next 1500 miners that will be "flown in" .

its really scam!

FTFY

LOL

I think current 'pump' of this token (I'm afraid it is artificial and looks like price manipulation. Token.store exchange doesn't looks reliable also), so anyway:
everyone who's doesn't have trust for this project or just know how to use calculator can leave it now.
Very rare for crypto - you can leave it without any looses (if you invested in ETH).
Personally I sell-off all this token way before. But any person could decide for itself.

Sir you are Behind they did promise 400% @ a certain point in time but then they adjusted their claims I remember pics being posted claiming 720% returns .. well when I saw that I had to go allin sell the house the car the wife the kids #notonyourlife **(wildly waving a sarcasm sign)**.

Its allways a good sign when someone trying to sell u something is taking the Rise in btc price into their calculations. 

I just posted this on the main thread. 

I think there should be perspective from those actually invested in IRM as well as those with an agenda. 


Allow me to give my perspective on this.


Firstly, I am invested in ROCK2 and have been for a while, and during ICO there were some scam accusations and they slowly built up to a crescendo that we are seeing now. 


It was disappointing to see Dias stop answering any questions in here and TBH that got me a little worried, as I stated in a post.


Since joining the Telegram group I have seen first hand the comment's about people being banned and the Telegram locked to new members.  (Also never a good sign)



I personally think the constant FUD, onslaught of questions, the responsibility of both responding to investors and setting up the project was more work than the team had envisaged, and this has put great pressure on them and in particular Dias. 


They have adopted a "Positive Comments Only" policy in the Telegram which again I think is wrong.   As long as people are asking legitimate questions, not FUD dressed up as a genuine question but actual real questions, then they deserve a right of reply, the same with new investors, if they hear that the Telegram is closed to new members to reduce fudding that in itself is a red flag so they are shooting themselves in the foot doing that.   


In my opinion they should welcome new members (maybe they are now I am not sure) and they will soon weed out those there simply to FUD. 


But getting back to one of my original points, I think Dias has taken the wrong approach in many ways here, that being that to be defensive one should be offensive, and there is no need for that, but again after months of being called a potential scammer I suppose it got to them and I hope now that the initial pressure is off of the team they take a break, sit back and re-assess their attitude on-line to investors and potential investors. 


As for the scam accusations themselves, well I have never believed these guys are scammers, and they have posted videos of both the arrivals of the first lot of ASICS and the installation with an in-depth video in early October, which is a great thing.  So anyone out there wondering if they are indeed scammers, my answer is no, if they were they would have taken the ICO money and run for the hills (or a cave ) but they have not done this and I believe they will follow through with this project and it will be successful. 

With regards to the repayment amounts, I personally did not do my own due dilliegence well enough (My own fault not anyone elses) and just looked at the calculator without realizing it was based on an assumption of 14.5K BTC price.   

That does not deter me from my investing in IRM because like many I know it is a case of when, not if, BTC will smash through previous records, and as for the difficulty, well that is anyones guess and where investing is similar to gambling right?   


I could sell some of my ROCK2 now on exchange as I purchased at ATL as well as ICO, but overall I have faith that IRM are well intentioned and that eventually there will be profits for holders, and obviously others can see it too as the price has been steady for a long time now, and with first payments due end of this month followed by the video and ordering of 1200 or so new ASICS I think each month things will get better and better. 


Some of you may disagree and that is fine, I am not here to tell anyone that they should invest in IRM nor am I here to tell anyone they shouldn't it is a personal choice/risk, like any investment but one thing I will say is these guys are NOT scammers, they have just cracked a little under pressure and whilst I have some sympathy for them with that, a more professional/friendly attitude on-line will see IRM earn some respect in the community instead of taking the confrontational approach. 


Will post here how the payouts are, what they are like and also how the new Dashboard is and any other updates if anyone is interested.   

They are promising something that can't be promised.  A sure sign of a scam.  They may be able to use investor funds to pump this a couple times, but make no mistake about it, they will not return >400% of your BTC like they say.  If you can get out with your BTC, you would be wise to do so.

I can not understand, this token is already traded, at $ 0.23. I do not understand why this project is considered a scam.

This day will be the day that they will be an exit scam judging by the fact that there Telegram group has turns to be a private group now.

It's a scam. I guarantee it.

They don't have a single s9 miner they are running. They are lying and deceiving everyone and I wish they get caught by the proper authorities.

https://www.instagram.com/p/BmiM703hoZl/?utm_source=ig_twitter_share&igshid=82ns9hui3goq

Here is the latest video. I hope its real and that they start mining soon. I did invest in this a small amount. I have wondered for months if i would ever see any of that money back. Well it seems as if they just got 500 miners. Lets see what happens.

Ice Rock posted you tube videos saying they had the first 100 S9 mining rigs set up in February 2018 and by July I think had added more (but not many).  The goal is to eventually have 5000 miners up and running but right now with only a few hundred machines installed the payouts (if any) will be very small.

 Ice Rock needs to think more about its rig buying strategy and communicate to ROCK2 token holders just how many miners will be bought and when (what is the projected miner count number increase over time?).

In my opinion Ice Rock should have been more realistic with their time line. It is unclear if the ICO raised enough money to buy all 5,000 mining rigsat once  or just a portion with more to be added from on going mining.

It would be unrealistic to think Ice Rock could buy thousands of machines and have them installed and running for an August launch date (with passive dividend payments) considering their ICO just ended.

Again, poor project management by a young, inexperienced team.

Hopefully they continue to add mining rigs and eventually start payouts. They have a great use case idea for collective mining.  I hope they succeed to prove all the people saying this project is a scam wrong!

Token.store

I tried to warn the community of this.  The numbers were so bad and the promises so impossible, I didn't think I needed to do anything else to point out that it was a scam.