Topic: Is miningunited.com a SCAM, turning .1 bitcoins into .137 for almost free? - page 21. (Read 28737 times)
May 08, 2013, 05:42:31 PM
May 08, 2013, 05:40:41 PM
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Um, as a small bit of proof, you could post a video of you and your mining hardware. Also a phone number, a couple names, an address, and a ton of pictures would help
Adding an entire page on this soon when the site is cleaned up and revised! Also, posting a screen shot of the domain contact information. We did not register the domain but purchased it in April, it already had the privacy on. There must have been a recent buying frenzy for BitCoin related domain names in March/April. We did not think of the name, but saw it on a list of domains for sale and thought it was a good fit. We feel that showing a screenshot along with all this will really help!
May 08, 2013, 05:33:44 PM
Um, as a small bit of proof, you could post a video of you and your mining hardware. Also a phone number, a couple names, an address, and a ton of pictures would help.
May 08, 2013, 05:23:46 PM
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EDIT: Sorry, just one more question. Why not just borrow the 12 BTC you actually need and then cut off at that point? There really is no need to over borrow. You could still pay the whole 6 BTC in interest on the 12 BTC you borrow - you would not need to change that. In fact if you did that you would have plenty of customers to keep your order queue full. Just cut if off when you reach 12 BTC.
Another great question.
We currently are looking into redoing this as we need to prevent single user domination. The point was to provide the service to a lot of people. Another reason for why the fee is so high is to prevent a single user from taking all the spots.
May 08, 2013, 04:44:16 PM
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But you can mine about 6 BTC per day!
So if you just mine for two days you will have the 12 BTC you constanly have to borrow at this ultra high interest rate.
You can then use your own 12 BTC that you just mined and you can close down the web site. No more customer support, no more having people call you a scammer, etc. From then on you can then keep the entire 6 BTC per day you mine to reinvest in more equipment or spend on hookers and blow.
So if you just mine for two days you will have the 12 BTC you constanly have to borrow at this ultra high interest rate.
You can then use your own 12 BTC that you just mined and you can close down the web site. No more customer support, no more having people call you a scammer, etc. From then on you can then keep the entire 6 BTC per day you mine to reinvest in more equipment or spend on hookers and blow.
We would have never been able to get to this amount it wasn't for our lenders, and you are correct. Our profits could be much higher, but we are still bringing in a generous amount of BitCoin per day. As of right now we have no plans to discontinue our service.
You are just too generous for your own good. It is your generosity that is getting you in trouble here!
You borrow 75 BTC from 300 customers.
You set aside most of the 75 BTC for safe keeping, just as a nice service I guess.
You actually use/spend only 12 of the 75 BTC.
Then, out the goodness of your heart you pay 6 BTC in interest on the 12 BTC you actually used.
Your mining of 6 BTC a day covers the 12 BTC you spent/used plus the 6 BTC in interest you pay to your customers, plus some profit for yourself.
EDIT: Sorry, just one more question. Why not just borrow the 12 BTC you actually need and then cut off at that point? There really is no need to over borrow. You could still pay the whole 6 BTC in interest on the 12 BTC you borrow - you would not need to change that. In fact if you did that you would have plenty of customers to keep your order queue full. Just cut if off when you reach 12 BTC.
May 08, 2013, 04:29:42 PM
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But you can mine about 6 BTC per day!
So if you just mine for two days you will have the 12 BTC you constanly have to borrow at this ultra high interest rate.
You can then use your own 12 BTC that you just mined and you can close down the web site. No more customer support, no more having people call you a scammer, etc. From then on you can then keep the entire 6 BTC per day you mine to reinvest in more equipment or spend on hookers and blow.
So if you just mine for two days you will have the 12 BTC you constanly have to borrow at this ultra high interest rate.
You can then use your own 12 BTC that you just mined and you can close down the web site. No more customer support, no more having people call you a scammer, etc. From then on you can then keep the entire 6 BTC per day you mine to reinvest in more equipment or spend on hookers and blow.
We would have never been able to get to this amount it wasn't for our lenders, and you are correct. Our profits could be much higher, but we are still bringing in a generous amount of BitCoin per day. As of right now we have no plans to discontinue our service.
May 08, 2013, 04:05:10 PM
So, what this boils down to is that every few days you borrow, according to your own examples, 300(0.04) about 12 BTC. Then you pay back the borrowed BTC plus 300(0.02) about 6 BTC in interest on the 12 BTC borrowed.
But you can mine about 6 BTC per day!
So if you just mine for two days you will have the 12 BTC you constanly have to borrow at this ultra high interest rate.
You can then use your own 12 BTC that you just mined and you can close down the web site. No more customer support, no more having people call you a scammer, etc. From then on you can then keep the entire 6 BTC per day you mine to reinvest in more equipment or spend on hookers and blow.
It is different. According to your "How it works" page you are paying 50% interest so let's call it 5-10% PER DAY in interest, BTCJam loans are 5-10% PER YEAR.
But you can mine about 6 BTC per day!
So if you just mine for two days you will have the 12 BTC you constanly have to borrow at this ultra high interest rate.
You can then use your own 12 BTC that you just mined and you can close down the web site. No more customer support, no more having people call you a scammer, etc. From then on you can then keep the entire 6 BTC per day you mine to reinvest in more equipment or spend on hookers and blow.
What we are doing is not much different than what Btcjam.com does. If you browse through the "investment plans" you will see people giving 5-10%+ returns. We have had emails from people who say what we are doing "is brilliant" and they are developing their own similar site - it seems as if we will be having some competition!
It is different. According to your "How it works" page you are paying 50% interest so let's call it 5-10% PER DAY in interest, BTCJam loans are 5-10% PER YEAR.
May 08, 2013, 04:03:45 PM
Look forward to seeing how this plays out... 
May 08, 2013, 03:54:00 PM
What we are doing is not much different than what Btcjam.com does. If you browse through the "investment plans" you will see people giving 5-10%+ returns. We have had emails from people who say what we are doing "is brilliant" and they are developing their own similar site - it seems as if we will be having some competition!
May 08, 2013, 03:29:57 PM
As it says, it is because we never know how many users we will have at one time. The total cost is split amoung total users, the more users the less that is taken. For example, when we started and only had a few users almost all the 0.25 was used, but now that we are almost maxed out the cost is split between far more users, so less is taken.
May 08, 2013, 03:04:21 PM
Received payment from Mining United as follows:
.1 = .1086
.05 = .056
.25 = .2738
.25 = .2835
total sent = .65 BTC
total received back = .7219 BTC
gain of = .0719 BTC
Sent on the 2nd, received this morning (the 8th)
Please explain why you are paying 0.0719/0.65 = about 11% interest for only five or six days use of the money especially since by your own system description you are not even using a vast majority of the borrowed funds for anything! According to this:.1 = .1086
.05 = .056
.25 = .2738
.25 = .2835
total sent = .65 BTC
total received back = .7219 BTC
gain of = .0719 BTC
Sent on the 2nd, received this morning (the 8th)
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We take a percentage of the payment (around 0.01-0.04 BitCoin at this time) and use it to pay for the mining equipment, the rest is set aside (around 0.21-0.24) to be added to the payout later.
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The 0.21-0.24 unused BitCoin from the purchase that was set aside is added with the newly generated BitCoins from mining. Example: 0.23 Unused + 0.04 Mined Over 4+ Days = 0.27 BitCoin Payout.
You might think that telling your customers that you are just "setting aside" most of their deposit and "keeping is safe for them" will give them a warm fuzzy feeling, but that is not the case. This makes the business case for your suposed mining compay even worse.Assume you only use 0.04/0.25 (16%) of every depost to do whatever you suposedly do with the money and the rest just sits there then you are paying even more interest on the borrowed funds.
Please explain.
May 08, 2013, 02:04:51 PM
Received payment from Mining United as follows:
.1 = .1086
.05 = .056
.25 = .2738
.25 = .2835
total sent = .65 BTC
total received back = .7219 BTC
gain of = .0719 BTC
Sent on the 2nd, received this morning (the 8th)
.1 = .1086
.05 = .056
.25 = .2738
.25 = .2835
total sent = .65 BTC
total received back = .7219 BTC
gain of = .0719 BTC
Sent on the 2nd, received this morning (the 8th)
May 08, 2013, 01:24:50 PM
trying this again and will keep you posted
May 08, 2013, 07:47:01 AM
We are not a scam, but from the outside looking in this will be impossible for us to prove, short term or long term.
Bullshit. You can at least prove what your mining income is by giving us your payout address from the pool you use (if you do use one), or the addresses used in the coinbase of the blocks you've produced. Then, sign some specific message with those addresses. That, along with a business plan, would show that this could be legitimate. As of this moment, however, there is absolutely no evidence that this is legitimate. As the person borrowing money, it is your job to convince us that you're legitimate, not the other way around.@MU
This at least proves some of the things you've said, though I don't think anything can ever explain the 8-10% daily interest loans.
May 07, 2013, 11:37:41 PM
We are not a scam, but from the outside looking in this will be impossible for us to prove, short term or long term.
Bullshit. You can at least prove what your mining income is by giving us your payout address from the pool you use (if you do use one), or the addresses used in the coinbase of the blocks you've produced. Then, sign some specific message with those addresses. That, along with a business plan, would show that this could be legitimate. As of this moment, however, there is absolutely no evidence that this is legitimate. As the person borrowing money, it is your job to convince us that you're legitimate, not the other way around. May 07, 2013, 10:34:53 PM
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It seems to me people can argue back and forth on this ad infinitum. Proof of payouts does not prove this is not a ponzi scheme. Bernie Madoff managed to make payments for years. So basicly no conclusion can be reached until either a wave of non payputs occurs or the site itself disappears. (I am not saying these things will happen, only that these are the only definitive way to know for sure.)
For those willing to take the risk, the payouts are attractive. Just be aware that anything you send may very well disappear.
For those willing to take the risk, the payouts are attractive. Just be aware that anything you send may very well disappear.
Jaspeh,
Excellent honest response from the outside looking in. You are correct, this thread could go on forever. We are not a scam, but from the outside looking in this will be impossible for us to prove, short term or long term.
We hope that everyone who wants to use our services does, and those that have their doubts don't. We are not looking to change anyone's mind about what they think of our service, and respect their opinion.
We could payout for years, as we have plans on doing so, but even this will not be enough 'proof' for some. We understand that.
It is great advice to never invest 'more than you can afford to lose' in anything, including BitCoin. This is not saying that legit services are 'scams' but rather there is always risk in any investment. What if you bought BitCoin to use our service today for $100 and then in three days the BitCoin price drops to $20. It could happen, but not likely. Since you will not be able to sell your BitCoin you sent over to us during this rapid decline, you may blame us for your loss. This is what we mean by there is always risk with any investment.
Thanks for your post!
May 07, 2013, 10:08:41 PM
It seems to me people can argue back and forth on this ad infinitum. Proof of payouts does not prove this is not a ponzi scheme. Bernie Madoff managed to make payments for years. So basicly no conclusion can be reached until either a wave of non payputs occurs or the site itself disappears. (I am not saying these things will happen, only that these are the only definitive way to know for sure.)
For those willing to take the risk, the payouts are attractive. Just be aware that anything you send may very well disappear.
For those willing to take the risk, the payouts are attractive. Just be aware that anything you send may very well disappear.
May 07, 2013, 09:47:11 PM
Of course it's compatible
May 07, 2013, 09:43:56 PM
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Hey guys, I'm a newbie and I tried it about a week ago, and guess what? I didn't get any coins back.
I tried contacting [email protected], no response.
So, what is my conclusion? It's a scam, and a pretty poor one too. I mean, using the same bitcoin address for everyone? That's a bit transparant... All pages are just plain .html files, no script what so ever. He/she could have et lease put some effort into this.
I tried contacting [email protected], no response.
So, what is my conclusion? It's a scam, and a pretty poor one too. I mean, using the same bitcoin address for everyone? That's a bit transparant... All pages are just plain .html files, no script what so ever. He/she could have et lease put some effort into this.
EaseofBitCoin,
We take missing payout claims very seriously. However, we do not believe you to be serious. Post your transaction ID as proof of payment. If your wallet is compatible with our service, and you truly somehow "did not get any coins back" we will send you 3x your payment back to you immediately and post proof of this here. Since all payouts are accounted for, we doubt this will be the case.
Is blockchain.info's wallet compatible with your system?
May 07, 2013, 04:53:11 PM
Post your transaction ID, or send a PM, and I can let you know. You may get it later tonight! 
Anyone can send PMs for support or send us an email.
Anyone can send PMs for support or send us an email. Jump to: