Topic: is cloudhashing.com a scam?? - page 18. (Read 46873 times)

Sorry if you read it wrong.

My comment wasn't meant to imply that was the ONLY work you'd done - clearly from your website you've done a LOT more than that.

But that's the only work that the existence of a Limited Company proves - that was my point.  As some people mistakenly believe that the fact a company actually exists it, of itself, prove of some major commitment - when it's not (in the UK at least - some countries it may be tougher).

I DO like the approach you've taken with contracts (similar route to Gigavps) - it's the sensible way to get around the otherwise thorny issue of having to register as an FSP.

That is a ridiculous comment. Just because its a newly setup company doesn't mean work and effort has not gone into its inception way before.
Because you can't setup a service doesn't mean you should slate others that try.

It is hard enough to get a reputation online without people who chose not to read through a website blurb all over the internet what they choose not to research - namely company information.

Kind regards and good day

Hi,

Though still puzzled why if you already have hardware that will make (by the site'e estimates) a 500%+ profit in the first year you'd want to give away 90% of it in return for a loan you don't need.  It's not like you can now order more ASICs at the same price - or with the same delivery time.

That's the aim of business, get capital and make the business grow. I aim to get to 50thash by this time next year. So orders for contracts get us there.

That plus some explanation of the math and this could be legit

Easy, use the bitcoin profitability calculator. You will see that we are using an estimated higher difficulty. Yes this is an estimate and any figure we use will be scrutinised as too small or too big. We think our estimates are realistic.

Is there any proof that the far more significant sum was spent to buy the hardware?  Presumably there's purchase orders /receipts in the company name which can be produced and verified by BFL

I provided this to forum members and paid customers. I don't see why I need to show bank statements etc. I have a snippet from bfl below for one of my orders

Your Order #100019552 (placed on March 5, 2013 4:50:53 AM CST)
...Hello,

I am not sure that I responded back to you or not but wanted to let you know that we have received your payment..


I have attached your order information.



Dave
Butterfly Labs, Inc.
Account Manager
913-271-6744

On Tue, Apr 2, 2013 at 4:53 AM, <[email protected]> wrote:


Hi David,
 
Receipt for my payment. Should take 3 working days to reach you
 
Please watch out for it.
 
Kind regards

Thanks - so we now we know the £15 and 5 minutes were spent to create a Limited company.

Is there any proof that the far more significant sum was spent to buy the hardware?  Presumably there's purchase orders /receipts in the company name which can be produced and verified by BFL.

That plus some explanation of the math and this could be legit.

Though still puzzled why if you already have hardware that will make (by the site'e estimates) a 500%+ profit in the first year you'd want to give away 90% of it in return for a loan you don't need.  It's not like you can now order more ASICs at the same price - or with the same delivery time.

Hi,

That can be found in

https://www.cloudhashing.com/contact

I have asked the webmaster also make it available at

https://www.cloudhashing.com/about-us

Kind regards

I use DueDil myself - guess the one you found is too new to have got through to their records yet.

Still strange that their website doesn't mention that Ltd company at all - any company with Limited Liability is meant to ensure that it's prominently stated.  It's not allowed in the UK to claim limited liability later if it's not disclosed in advance (though that hasn't stopped Giga trying it - maybe laws are different in the US).

Was any evidence offered to show that company is actually behind it?

Hmm?

Name & Registered Office:
TECHNOLOGY IQ LTD
145-157 ST JOHN STREET
LONDON
ENGLAND
EC1V 4PW
Company No. 08418155

Status: Active
Date of Incorporation: 25/02/2013

Country of Origin: United Kingdom

I entered the company no on http://wck2.companieshouse.gov.uk//compdetails

Looks like there is two companies in the UK with a VERY similar name.
(I lookup everything that claims to be a company, btw)

EDIT:  NOTE IT SEEMS THERE ARE 2 VERY SIMILAR NAMED COMPANIES.  LEAVING MY ORIGINAL POST BELOW BUT AN NO LONGER ASSERTING THIS IS DEFINITELY A SCAM.


It's a scam then.

Technology IQ limited is private limited company registered in 2004.  It's inactive according to Company House - hasn't filed accounts since 2007.  By no means could it be considered a newly registered company.

Technology I.Q. Limited
Company Number: 05090982
Company Type: Private limited with share capital
SIC Code: 5186, Wholesale Of Other Electronic Parts And Equipment

Note that the nature of the business isn't even consistent with what he's claiming.  He's just using the name of an inactive company hoping noone would do any due diligience and would just take his word that was his company.

Took all of 30 seconds to figure that out.  30 seconds it seems most people won't use to verify even basic facts.  It's VERY easy to check details on UK companies.

Looking slightly deeper not only are they inactive they actually dissolved:

Date   Filing Details
14 Apr 2009   Final Dissolution   
30 Dec 2008   First Dissolution (Gazette)

At time of their last accounts (2nd Nov 2007) they had total assets of £96,913 plus total liabilities of £137,227. They were due to pay £137,227 to creditors and were owed back £86,327 from trade debtors. The company's current book value was £-40,314.

So no shock they ended up folding.

There's no newly reigstered company with the same name (don't think you could even create one with same name).

So yeah - Scam.

I've talked to cloudhashing and has confirmed the latest BFL order preordered in April. They are a (newly) registered company, Technology IQ LTD in the UK. I think it's actually a pretty legit mining operation, should be easy to take legal action if they do run away. Despite the newness, the operator has done quite a lot of research.

FYI, just because something isn't a scam doesn't mean it is a good investment - you really need to judge that for yourself.

Disclosure: I wrote this post before agreeing to advertise cloudhashing in my sig.

anyway, give the guy a break for asking an honest question
n00bz got nowhere else to post

mebby...just happens I was looking into cloudhash right before OP posted here. are you a shareholder? or familiar with user BitManiac? Like I was saying... I want to believe...

I think the most accurate scam indicator right now is a newbie with single digit posts registered recently posting "Is [blah] a scam?".

And posted in an inappropriate section before being moved, wow.

If they are legit, it looks like a good business model, fair payouts. they say they begin in june 2013 but if they are using BFL ASICs that date could be a little optimistic. I've heard that if BFL is actually in the final stages of completing the first run of units (which are all earmarked for developers) and about to ship, that the people at the beginning of the queue might get thiers by june, but more likely, most later orders will see units in about 4-6 months time...plus its BFL...so add a few more months on top for good measure.
Also-the company is run by bitcointalk.org member Bitmaniac, who as you can see https://bitcointalksearch.org/user/bitmaniac-35484 is a "newbie" member since july 2011 and has posted 3 times here. that doesn't look too good to me.
I might consider risking it if he had shorter contracts, but I wouldn't want to lose any substantial money if 1) a scam, or 2) BTC crashes and cant recover.
PS also it says on the site that they have sold over 5000 out of a total 6000 shares. there must be a few shareholders around these forums to prove that claim.
PPS the wiki says they plan to run Minrigs. At 30k a pop that's a hefty investment, even if he just runs one. somehow i don't really believe this guy. its too bad because it would be a nice opportunity if it was true and run honestly. but unfortunately my inner voice is also saying;
"If it sounds too good to be true then it probably is"

oh yeah, he also says on the site that the last bitcoin will be minted in 2040. (off by a hundred years)

Pretty simple - who has seen this website / done business with them / what are people's general thoughts? http://www.cloudhashing.com/

Their physical address seems to be a mail forwarding service with 22,000 other companies in the UK using that address....