Is mining contract with Cryptsy worth investing in?

STT

legendary

Activity: 4102

Merit: 1454

Quote

Lustig told the group that the upkeep on the Eiffel Tower was so outrageous that the city could not maintain it any longer, and wanted to sell it for scrap

People will buy anything if it sounds good enough. My only defence is I have so little money they are never interested in selling to me

I wouldnt call cryptsy cheating but greed is no surprise surely. Theres plenty more asic where that came from and as people have pointed out, the price is really great - for the sellers

crocko

hero member

Activity: 826

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'All that glitters is not gold'

You may consider to invest in BTL (aka BitLeu) coin too:

https://bitcointalksearch.org/topic/m.6199965

liondani

member

Activity: 97

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Inch by Inch,Play by Play

Cryptsy stated clearly at the beginning that after the 10.000 shares sell, the market would open so everybody could trade the shares he owned.(I have a statement from the customer support too)***
Now they increase the MN1 contract to 20.000 shares (that means +10000 shares) !!!! If I would know they made something diferrent from the first statement I wouldn't buy.

BigVern new announcment on twitter:
"Due to demand, we will be increasing the MN1 contract to 20Th - will also offer 10k more shares.Double capacity means no dilution of shares"

THEY THINK WE ARE STUPID OR WHAT?

ok the dividents will be the same BUT the shares market price will decline its simple as that...
for example if the market real demand is for 30.000 shares then the +20.000 shares demand must be purchased from the open market since only 10.000 was available (so the price would increase) NOW they give 10000 more so the remaining demand is minus 10000 shares and if they continue to CHEAT investors like that they can give more and more and more until demand is very very low so the price will drop immediately after the market will open(or for the optimistics it will increase but not as it could before the added suply). THANK YOU CRYPTSY for SCAMMING US... Personaly I bought shares to sell them not to keep them... So if I new that the first statement was a BIG LIE I wouldn't buy !!!

***(I will provide screenshots for all the conversation ASAP because its interresting)

04.11.2014
Hello xxxxxxxx,
You will be receiving continuous payouts of what is mined.
I am unable to reverse your purchase, but you are welcome to sell your shares once the other half of the set 10000 shares have all
been taken. We have sold 1/2 of them already in first 12 hours, so its actually looking pretty good for all involved.

Sincerely,
Jim
Customer Service Manager
Cryptsy.com

PS Not to mention the price of 0.0185 BTC per share 1GH/s compared to https://cex.io/#GHS-BTC of 0.0106 BTC

STT

legendary

Activity: 4102

Merit: 1454

Because of btc falling, this contract could make a profit if btc then rose after you bought.

But the big thing is, if you just buy the btc and keep it then that will make more ?
As a ratio or roi etc then I agree it does not appear to be a bargain. However we dont know for certain that difficulty will rise before it can become profitable.

This is like a derivative, Im not sure Cryptsy is guilty of anything but providing the platform. Are they receiving the money or are they just representing a seller, probably a big pool laying off risk.

If cryptsy is smart they will stay out of retailing a product but just being the exchange I think is fine and this product is a good idea even. I agree price will vary considerably as people speculate, caveat emptor.

I dont believe small home users should be messing with asic either directly or a leveraged or virtual product like this. Too many unknowns, buy a smart gpu and mess around with alt coins and maybe one of them advances some fab new protocol and takes off big

LordMo

newbie

Activity: 18

Merit: 0

Quote from: paulsonnumismatics on April 11, 2014, 04:34:34 AM

What i wonder is Why.
I mean, almost 90% of the people inside the "mining" ecosystem can use a calculator. And almos all of us can do a little projection.
At this price, is 110% sure that is impossible to earn satoshis, let alone ROI.
So what in the earth makes Vern to come up with a price like this? You know something is awful but you offer it for sale so "just in case" some drunk russian oligarch or "i dont care" chinese child of the Party can overspend on it? (No pun on those countries, you all know what im talking about)
I mean, whats the PR cost for Cryptsy on this? I really dont understand.

According to Cryptsy, these are just the initial allocation of 10k shares before normal trading starts. Once normal trading starts, the price will probably tank until it reaches a price that's aligned closer to a break-even ROI.

cloverme

legendary

Activity: 1512

Merit: 1057

SpacePirate.io

Quote from: kysejoy on April 10, 2014, 09:28:51 PM

As someone who has very limited understanding of mining I was wondering if anyone with more knowledge than me (probably everyone) could give me some idea on the mining contracts cryptsy is currently selling

https://www.cryptsy.com/currencies/view/139

Don't really care $ ROI but more interested in a rough idea of bitcoin ROI
I know it will vary but a really rough guideline would be great

Run and avoid at all costs... This is a similar attempt to turn hashing power into a commodity. Read the thread on LabRat mining and see how well that turned out. (Read the last few pages https://bitcointalk.org/index.php?topic=251423.0;topicseen)

You aren't mining in this circumstance on cryptsy, you're investing into someone else's infrastructure. The fact that it says "Currently the provider has asked us not to disclose this information. You can be assured that we would not do business with anybody who is less than reputable." is highly suspect, there's no reason they can't disclose what mining company or equipment they are using. This could easily be a ponzi scam being run and Cryptsy might not even be aware of it.

Avoid.

liondani

member

Activity: 97

Merit: 10

Inch by Inch,Play by Play

Quote from: paulsonnumismatics on April 11, 2014, 04:34:34 AM

What i wonder is Why.
I mean, almost 90% of the people inside the "mining" ecosystem can use a calculator. And almos all of us can do a little projection.
At this price, is 110% sure that is impossible to earn satoshis, let alone ROI.
So what in the earth makes Vern to come up with a price like this? You know something is awful but you offer it for sale so "just in case" some drunk russian oligarch or "i dont care" chinese child of the Party can overspend on it? (No pun on those countries, you all know what im talking about)
I mean, whats the PR cost for Cryptsy on this? I really dont understand.

I am not proud for that but I am one of the victims. I know it is my fault.
But still I think it was unethical from Cryptsy and its not only our fault.So I am not proud for Cryptsy either.
At least if they want to have a good reputation and not a scammer reputation like Mtgox they must protect their customers from dangers like that.

Hope it is a big mistake that they will solve.
Hope Vern is not the new Karpeles.

PS
CANCEL the trade and give the money back to your customers before it is to late for all of us.It is not to late yet since the market has not opened!
It will be not the best news on coindesk about cryptsy tommorow...don't underestimate bad reputation that will be the effect of this mining contract issuance(scam).
I don't compare it with the shitcoins all of us have loose some money, it is total diferrent story since 1 gh/s contract price is known from the beginning and it is more then a fact that they only wanted to win from their customers they have trust to them but are not so familiar with the mining community and are not good informed... proof me is it not as said...

paulsonnumismatics

sr. member

Activity: 265

Merit: 250

Honni Soit Qui Mal i Pense

What i wonder is Why.
I mean, almost 90% of the people inside the "mining" ecosystem can use a calculator. And almos all of us can do a little projection.
At this price, is 110% sure that is impossible to earn satoshis, let alone ROI.
So what in the earth makes Vern to come up with a price like this? You know something is awful but you offer it for sale so "just in case" some drunk russian oligarch or "i dont care" chinese child of the Party can overspend on it? (No pun on those countries, you all know what im talking about)
I mean, whats the PR cost for Cryptsy on this? I really dont understand.

coinnewbit

sr. member

Activity: 266

Merit: 250

Quote from: Rannasha on April 11, 2014, 01:56:03 AM

1 GHash/s will mine 0.0822 mBTC per day at current difficulty. Assuming a difficulty increase of 15% per adjustment (this is an incredibly conservative estimate), this contract will not yield more than 7.672 mBTC over its lifetime. While the price is 18.5 mBTC.

For more on this calculation, see my blog-post: The only Bitcoin mining profitability calculator you’ll ever need

Thanks for that link!

Rannasha

hero member

Activity: 728

Merit: 500

1 GHash/s will mine 0.0822 mBTC per day at current difficulty. Assuming a difficulty increase of 15% per adjustment (this is an incredibly conservative estimate), this contract will not yield more than 7.672 mBTC over its lifetime. While the price is 18.5 mBTC.

For more on this calculation, see my blog-post: The only Bitcoin mining profitability calculator you’ll ever need

kysejoy

newbie

Activity: 36

Merit: 0

thanks everyone for your input....got myself a bit of reading/research to do, god I love learning new stuff Grin

jparsley

sr. member

Activity: 266

Merit: 250

Nice to share this new info. It looks expensive

Abdussamad

legendary

Activity: 3710

Merit: 1586

Quote from: kysejoy on April 10, 2014, 09:58:13 PM

Quote from: STT on April 10, 2014, 09:40:57 PM

Looks like you can just put it into a calc and see yourself

10 contracts at 0.0185 each is 0.185 btc
That gives 10gh
Pays 0.0008 btc each day to you

So thats 231 days to break even at current difficulty. Or $7.40 to earn $0.033 daily per contract I think it is

Thank you
I knew it would be an easy calc but didn't know where to look for the current difficulty, as I said I have no idea on mining but think I will be spending serious time learning as it really interests me.

Start here:

https://bitcoinwisdom.com/bitcoin/difficulty

Look at the historical difficulty increase numbers. Basically its rising 20% every two weeks and will continue to rise at that pace. For example recently 1TH/s miners were released. If you buy a mining contract at these prices you will loose money.

coinnewbit

sr. member

Activity: 266

Merit: 250

Is cex.io better than crypstsy 's mining contract? Though. This is interesting as well

kysejoy

newbie

Activity: 36

Merit: 0

Quote from: STT on April 10, 2014, 09:40:57 PM

Looks like you can just put it into a calc and see yourself

10 contracts at 0.0185 each is 0.185 btc
That gives 10gh
Pays 0.0008 btc each day to you

So thats 231 days to break even at current difficulty. Or $7.40 to earn $0.033 daily per contract I think it is

Thank you
I knew it would be an easy calc but didn't know where to look for the current difficulty, as I said I have no idea on mining but think I will be spending serious time learning as it really interests me.

STT

legendary

Activity: 4102

Merit: 1454

Looks like you can just put it into a calc and see yourself

10 contracts at 0.0185 each is 0.185 btc
That gives 10gh
Pays 0.0008 btc each day to you

So thats 231 days to break even at current difficulty. Or $7.40 to earn $0.033 daily per contract I think it is

kysejoy

newbie

Activity: 36

Merit: 0

As someone who has very limited understanding of mining I was wondering if anyone with more knowledge than me (probably everyone) could give me some idea on the mining contracts cryptsy is currently selling

https://www.cryptsy.com/currencies/view/139

Don't really care $ ROI but more interested in a rough idea of bitcoin ROI
I know it will vary but a really rough guideline would be great

Topic: Is mining contract with Cryptsy worth investing in? (Read 2835 times)