Is Hashnest going to survive? What do you think?

olushakes

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Quote from: Pursuer on September 25, 2017, 05:28:04 AM

Quote from: valentin68 on September 17, 2017, 03:09:02 PM

Yesterday evening I read here on bitcointalk that China wants to close its p2p network.

don't put too much faith in things you read online (not just bitcointalk). people say all kinds of crazy stuff that sometimes don't even make sense. sometimes they are simply confused and misinformed or sometimes they are spreading lies on purpose.

services such as Hashnet have an expiration date in any case. they can not function forever. at some point they have to stop working. the China FUD can just be an excuse for them to close down shop and go away. if they do it today they will do it tomorrow!

I was expecting to have seen some statement from the management of Hashnet in other to calm their investors from panicking whether the news is true or its just a rumor. Even if its true, they should have made a statement as to whether they are planning to move overseas or they are shutting down or maybe the clamp down does not affect them since they are into mining. A silence at this time in my opinion, is not golden.

Pursuer

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

Yesterday evening I read here on bitcointalk that China wants to close its p2p network.

don't put too much faith in things you read online (not just bitcointalk). people say all kinds of crazy stuff that sometimes don't even make sense. sometimes they are simply confused and misinformed or sometimes they are spreading lies on purpose.

services such as Hashnet have an expiration date in any case. they can not function forever. at some point they have to stop working. the China FUD can just be an excuse for them to close down shop and go away. if they do it today they will do it tomorrow!

wantjokull

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Never though HashNest will end up like this in ambiguous situation. However that was good to sell your hash rate and get the money back. Why are you even looking for the alternative because there is no more long sustaining mining sites that has left over. Have you discovered any already and I'm wondering how much you got back there in the HashNest. Because all the way through the forum I'm reading everyday that cloud mining is shit and they are not legit one. Even I'm the follower of that thought as I believe cloud mining is impossible thing to do over the internet with real man working behind the projects. Anyway practically there are none alternative for you. Better invest into something more thoughtful buddy.

audaciousbeing

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

Although, I detest anything that have to do with cloud mining because the scammers embedded are more than the real ones but truth be told that hashnet has proven itself to be part of the few that have garnered the first of investors even on the forum despite the challenges and their deficiencies.

In the case of closing down in China, you made the right decision that any reasonable person would do but at the same time, if you had made a loss then you probably made a decision under panic reason being that, Hashnet management are aware of the current issue and I am sure they are planning around it.

If there would be any need to withdraw they would release a statement and so far that is not out yet, it means that several discussions are still ongoing between the players that will be affected and government.

reflector

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Quote from: Zadicar on September 19, 2017, 11:49:14 AM

Quote from: valentin68 on September 17, 2017, 03:09:02 PM

I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

Im not sure if Hashnest would be included or not but im sure you did made the right thing on pulling out your money on there because we wont really know on what would happen next.No one really knows this is why we should play safe and prepared than on not making any move at all.Its better to be prepared than sorry or end up regretting later on.

I have read about in Coindesk but they did not mention that they will close the P2P cloud mining network, its simply states that they gonna ban p2p exchange and trading site not a cloud platform. I would say that cloud mining is nowadays no more profitable first and earn is very little that is also according to the hash rate you purchase.

mobnepal

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

It might survive but bitcoin mining might not remain profitable due to ;
1. Uncertainty roaming around crypto market in china
2. Increasing mining difficulty.
3. Countries are implementing strong capital control which is affecting bitcoin and crypto market.
4. Price of bitcoin have dropped significantly in recent days.

Also you might have to wait for years to get your initial investment back with cloud mining so I think you have made a best decision by selling your contracts.

crairezx20

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Grow up guys you are just wasting your money investing in hash power in other website that actually not really profit much better if you have a money save it until it grows and buy and build your own rig because you are just wasting time investing in risky way you are not thinking that we are in online and there is no way to recover your investment once the business is gone.. You should be all think first before you invest..
Start from asking your self if that business will be gone someday you can recover your investment? For me big no..
Since the miner is not in your place this business have a big advantage because anytime soon they can stop running and get all of your investment..

So hashnest in the first time they know their business will never lose instead they can make more money ..
So there is possibility that they will never came back again, That is why i think they plan to start a big FUD news just to stop their business and sell all customers bitcoin (this is just what i am thinking)

Zadicar

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

Im not sure if Hashnest would be included or not but im sure you did made the right thing on pulling out your money on there because we wont really know on what would happen next.No one really knows this is why we should play safe and prepared than on not making any move at all.Its better to be prepared than sorry or end up regretting later on.

European Central Bank

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at this stage of the game who knows what's gonna happen with chinese mining? they never seem to tell us a goddamn thing until the final moment.

assuming it is shut down i can't see bitmain going away. they'll find another country to run in. the question is whether they can find cheap enough power. probably not. in which case your mining will be less profitable and that's not even taking difficulty into account.

it sounds like you made a sensible choice for now.

BitHodler

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Quote from: PX-Z on September 18, 2017, 11:57:21 AM

How can you say that mining with altcoin is profitable then later you said getting ROI is very long now? So what do you want to express here?
In short its not profitable since you will not get your ROI easily and of course it will take time.

He meant that instead of focusing on cloud mining, you could try to do actual hardware (GPU) mining. In this case you have far more freedom to move from one alt to the other due to the constantly changing profitability.

It doesn't automatically mean that you will gain more profit than cloud mining, but the flexibility that you enjoy when running your own mining gear is someone always should prefer over cloud mining.

It's not for nothing that in the last months the demand for GPUs has reached an all time high. Used GPUs increased significantly in value, and brand new GPUs have also gone up in value, but are barely available due to the demand.

fedoralite

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

For having a hard difficulty for day by day I don't know really if hashnest would survive for many years but if you have a chance to escape on that site then do it and make yourself stay away again from cloudmining investment since you cannot get any good returns on that and try to find some better ideas on where you can put your money on safe or less risk ways.

Yuuto

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

Never heard of China trying to shut down hashnest as well. I mean they are technically not a bitcoin exchange and i'm assuming that bitcoin exchanges are the main companies targeted in these Chinese rumours.

Anyways, Hashnest is affiliated/owned by bitmain which in turn has various ties with China.

If China does come out with these regulations that would shut down all cloud mining services with hashpower trading, then you've done the right move. But it is highly speculative. Plus, cloud mining is one of the worst investments you can make. I would not invest in it even if China allowed it to continue.

btcney

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

If it is true that China is planning on shutting down even the Hashnest network then yeah, you probably made the logical move. However, the risks are that china reverses its decision regarding centralized exchanges, and that means that you have sold off your GH/S for cheap.

But still, i don't think that cloud mining is a good investment anyhow, hashnest or other providers.

You probably wouldn't even be able to make your ROI back in half a year on most services. It's best to avoid them altogether.

john2231

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I think the best alternative for now is better to sell them and buy your own rig to mine altcoin if you wanted to earn some profit.
And lifetime earnings than you are investing in cloud mining and mostly cloud mining are not safe to invest because they are paying in the first time but in the end are not.. or if you invest a lot its risky and i think you will never receive them back.. If you really wanted to mine with altcoin better to make your own rig..

JanpriX

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Well, I must say that you did the right thing here buddy. If I'm in your shoes, I would do the same thing. One of my rules in crypto or in any investment portfolio that I have is to protect your capital and profit the best way you can. In your scenario, you probably see the risk presented to you by the uncertainties happening in China regarding Bitcoin and you made the best decision from the happenings presented to you.

Yes, they are a trusted company but you must not put any additional risk to your already risky investment venture. They may continue to operate or they can desist. We don't know what will happen in the future and at least, you made up your made in the fastest way that you can. If they still continue their operation, you could join them again.

PX-Z

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Hashnest and most services outside china will survive after Exchange in China is closed, but i think sell your mining hashrate isn't bad decision since Bitcoin and Litecoin price have dropped a lot while mining difficulty continue to rise Roll Eyes

You still can try mine altcoin with GPU, it's profitable, but the ROI is very long now Sad

How can you say that mining with altcoin is profitable then later you said getting ROI is very long now? So what do you want to express here?
In short its not profitable since you will not get your ROI easily and of course it will take time.

savioroshan

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Buddy, I don't think you need to worry about hashnest. Its a well developed company and they wont go offline just like that. in my opinion they will see other ways to keep their business live if their government is against it. Definitely they will relocate their business to other parts of the world. I read somewhere that nowadays all Chinese people are transferring their coins to hongkong exchanges.

lumeire

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Quote from: valentin68 on September 17, 2017, 03:09:02 PM

I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

IMO, there's no alternative. And looking at how things are so unstable with China and BTCBTCBTC right now, I think you made the most logical move.

valentin68

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I had two investments on Hashnest, one for bitcoin and the other for litecoin. Yesterday evening I read here on bitcointalk that China wants to close its p2p network. Today I decided to sell the GHs (for bitcoin) and MHs (for litecoin) from Hashnest and withdraw them. I was certain for a long time that Hashnest will survive, now I do not know what to say. What is your opinion on this, had I done a mistake by withdrawing all I had on Hashnest before China closes its p2p network?
Is Hashnest going to survive if China does this? What alternative could I use instead of Hashnest for mining?

Topic: Is Hashnest going to survive? What do you think? (Read 664 times)