Topic: KnCminer will provide HW to cloudhashing.com (Read 3022 times)

The point is you cannot project an "expected yearly return" by investing in BTC. On the contrary you can project and advertise an "expected yearly return" for a mining venture, obviously aprox. because there are many uncontrollable variables (it would be much more reliable an estimation for the first 3 months), but the big problem here is that cloudhashing is blatantly lying and advertising utter bullshit that won't happen.

Some one bought bitcoin last summer now have a 2000% return in one year, in bitcoin's world everything is possible, that's why such kind of venture exists, Wild Wild West

I ain't going to contradict this conclusion; it's probably the most right, even if they didn't start out with that in mind.

So said, they have put something in concept on the table that IMO is going to be essential to earning any meaningful return in the coming months:  capacity expansion.  In the limit, people need to think of holding their network proportions constant, or at least control the rate at which they drop to negligible.

But, in order to be able to do this effectively, the "new" capacity has to be available with certainty and with timely delivery, and it isn't, from any vendor at a reasonable price per Ghps. (The latter to include AM in the statement) 

Which is why, again IMO, investment in any mining equipment if very iffy, and probably a losing proposition, right now.  Until hardware availability is met, and until we can see the level of the network hash rate when starting up,  buying hardware is, to me, a fool's errand.

Show me your motherfucking business plan, or do you want investors to believe on your word they will get a yearly 500% return? Where are the calculations? Oh... Yes... You already showed me your calculation.... Considering the actual difficulty and no increase whatsoever in one year.

PONZI SCHEMERS AND SCAMMERS, I hope you get busted - people like you and pirateat40 only damage the Bitcoin ecosystem, so cut that stinking crap about "taking Bitcoin mainstream".

Focussing on the address tells you nothing. That address is a standard address used by one of the biggest UK company formation agents:

http://www.companiesmadesimple.com/company-services-registered-office.html

Plenty of people use these services simply for ease. I use similar services for several of my businesses and one of them is a very substantial real business.

I'm not commenting on the rest of the thread as it's not my field of expertise.

All contracts bar the (bronze ) contract receive addition al hashing power monthly. We will have the site updated to make that clear. It is already clearly spelled out on the revenue reinvestment page.

By the end of the first year of most contracts, they hashrate should be well over double (could be more ) what they originally   purchased.

Given we will have the hashing power in hand, it means no queuing for more hardware for existing customers.

Thanks

I have to agree with this, aside from the blatantly misleading office location you previously displayed on a may, which has just been altered to the address itself (still misleading), you are clearly misleading investors with your pitch and a pretty site.  If this was fiat you'd already be in serious hot water with the FSA (not that they'd do anything about it).

Regardless if I meet you on behalf of members of this forum or not, I'm favouarbly disposed as to the type of charachters behind this already. There is little you can convince me in person that this will be a welcome deal for others...

You're not reinvesting additional hash power monthly to all contracts though.  That seems to be spelled out pretty clearly on your website.  So someone who purchases 10gh (Really 9gh since you're taking 10%) for a September launch does not stand to make their money back.

http://www.coinish.com/calc/#

The numbers don't work if you start mining in September, assume whatever difficulty you think it would increase by, subtract the 10% from the hash rate.   I get negative $300 to negative $450 on a Platinum investment.  That might change if you were to increase the hashrate to match the rising difficulty, but otherwise it's a loser investment.

I think the bigger problem is that the value of Bitcoin will certainly go down within the next year.  Many people have spent a lot of money investing in ASICs and will be looking to cash out to pay off loans, investors, and capital purchases.  This run on the market will drain the value of Bitcoin until the market is stable.  Having sites like Satoshidice locking off U.S. users is also closing the market doors on people who spend the coins.  And that's really what you need.

I expect Bitcoin to drop to around $40 in the coming months.  Anything lower will cause speculators to invest for the eventual market turn-around.  Anything higher will cause Asic miners to cash out.  

Prove how investing 30% of an expected yearly revenue of no more than 7/8BTC per each 10GH/s you going to reach the 50BTC yearly return you are advertising for the 10GH/s contract.

If your proposal was serious, you would have a business plan with clear steps towards achieving that return. I'm a miner myself, and every serious miner in here knows that it's impossible to get 50BTC from 10GH/s deployed on September. Impossible. You are advertising an impossible return, therefore there is only one plausible option:

As you are selling the units at a huge markup (350GH/s cost $7,000 or less and you are selling them between $52,000 and $35,000), you will pay old investors with new investors money in order to suck more money into your scheme until it collapses. There is no legitimate business that give investors a 500% return in one year, apart from PONZI SCHEMES -> that's what you are going to run.

Anybody believing otherwise is a fool.

I think you are missing some important points here

1) We have not said difficult will not go up. It is the very fact that difficulty increases that by the revenue reinvestment program, additional hashing power is added to client account MONTHLY. This reduces the effect of difficulty in returns by a margin.

2) We have already given customer with July contracts an additional 25% increase in hashing power to compensate for difficulty. This does go some way.

3) No body knows for certainty what the difficult would be 1 year for now so throwing large numbers from thin air is easy to do. People have been going on about 100 million difficulty on June which we have failed to see.

4) BTC price is LIKELY to increase as it does more mainstream (cloudhashing is taking bitcoins mainstream). Customers could see an even higher return on that scenario

We appeal to those new to bitcoin and also those who do now want to manage hardware.

Very simple to call anything a scam without no ounce of proof something fraudulent is occurring. Borders on slander.

We are not forcing or service on anybody. If you are a techie and want to host your hardware, invest in the hardware. If you simply want a solution with reduced maintenance and hassle then Cloud Hash.

Good day

We expect to start mining in July for all first batch contracts.

September contracts starts in September .

Thanks

sorry for multiple request. just wanna inquire when will cloudhashing have the mining equipments and when will mining start for may, june and july contracts?
 

You only need post once.

Send an email to info and we will accommodate your request today.

Regards

hi cloudhash. i bought a 2 ghash/s - 1 year contract months ago for july batch for 300 usd, believing this investment would bring me around 10+ btc   your monthly news update states that may, june and july batch will start hashing this june.  knowing now that the mining hardware are yet to be delivered, i'm losing hope that this investment will be profitable, there's no way we could be near in attaining the 5.4 btc you estimated in the offer.  furthermore, i'm tired of being called a fool or dumb, hence i want to refund my investment.  please guide me on how to file for the refund.  many thanks, although i'll be pulling out my investment, i hope your company will do good to you and other investors.  looking forward for your prompt reply.

This is a positive sign, the huge profit window for ASIC devices are closing, soon people who want to get bitcoin have no other choice but buying

So you just confirmed you are a SCAMMER.

You are implying:

1) Difficulty will be the same as today in September
2) Difficulty will NOT INCREASE in one year

How can you even dare to make your calculation at actual difficulty if you plan to start hashing on September? Are you really so ignorant or you are just trying to scam newcomers? Just FYI, in the last 4 months difficulty went up by x4 and the growth trend is increasing.

So go ahead and use AT LEAST x4 the current difficulty for your calculations... Oh wait... You ordered 30TH/s, so only your order will make difficulty to go up by 20%, without even considering the impact on difficulty of the 1,000TH that KnC will likely ship simultaneously to your order. And... Oh wait, difficulty is currently increasing by +25% every 10 days aprox., which would mean x7 by September.

Then... What a ridiculous dumbass.... You expect difficulty to be constant for one year? Don't try to fool your customer and make proper calculations with an appropriate profitability decline. What about x50 difficulty growth in 12 months?

Let's see a REAL calculation, with a starting difficulty of 100 mill. (x5 current difficulty, less than what you would have at the current +25% increase each 10 days, so I'm being generous):

Coins per 24h at these conditions   0.0501 BTC
Power cost per 24h   0.00 USD
Revenue per day   5.11 USD
Less power costs   5.11 USD
System efficiency   100.00 MH/s/W
Mining Factor 100 at the end of the time frame   0.00 USD/24h@100MHash/s
Average Mining Factor 100   0.01 USD/24h@100MHash/s
Power cost per time frame   0.00 USD
Revenue per time frame   467.82 USD
Less power costs   467.82 USD

So, yeah - 4.77BTC in one year and not 50BTC, dumbass. KnCMiner hardware is STILL profitable because 10GH/s cost only $200 and you are getting $467 in one year, but you are selling the 10GH/s for $1,000... Oooops. What are you implying, that a 350GH/s miner will generate 1,750BTC in one year just by investing 30% of the profits in more hashing power? YOU ARE FULL OF SHIT AND YOU KNOW IT

SHAME ON YOU. AND SHAME ON EVERY SUCKER INVESTING IN THESE SCAMMERS

I'd imagine to remain globally attractive, same way KnC does, still most dominant currency...currently!

If they could just remove the Thash spec from their product description and guarantee a 5 bitcoin return after 1 year for a $150 contract (they do mining hardware upgrade internally to ensure the return), then it is more like an attractive business  

Why do they use USD instead of Pound?

As stated on other post.

It was put there by the web design company.  We have asked for the removal. We are London based and will willingly meet with any Londoners for a coffee to discuss bitcoin & business.

Kind regards

Where are you based though, really?

Your good-looking website still misleads: Address: 145-157 St John Street, London EC1V 4PW, England United Kingdom

Even though you appear to have removed the totally misrepresentative map with large red marker stating; "this is our office"...

https://cloudhashing.com/contact

At current difficulty, here are the numbers if you care to research

Coins per 24h at these conditions   0.2600 BTC. - over 90 BTC annually
Power cost per 24h   0.00 USD
Revenue per day   26.50 USD
Less power costs   26.50 USD
System efficiency   - MH/s/W
Mining Factor 100 at the end of the time frame   0.16 USD/24h@100MHash/s
Average Mining Factor 100   0.21 USD/24h@100MHash/s
Power cost per time frame   0.00 USD
Revenue per time frame   7636.52 USD

Yes we expect to difficulty to shoot up, we have the revenue reinvestment program to boost the profitabilty of our clients. Customers receive additionally hashing power on a monthly basis as we keep spare capacity and purchase hardware aggressively. This additionally hashing power increases profitability.

Accusations are easy to throw about.
Thankfully the Internet is way larger than this forum.

Kind regards

LOL I can't believe they came here to defend it!! hahaha!

No math behind 50BTC return for 10GH/s, that's a joke. It's like offering 7% weekly interest on a loan = ponzi scheme.

Only fact is you are charging $1,000 for 10GH/s that cost you $200 or less.

You win, while your customers will be paid from the revenue coming from new contracts - if there's any payment, which is yet to be seen.

Good luck with your PONZI SCHEME

Don't usually respond to the daft

So quick to jump the gun. Read

https://www.cloudhashing.com/revenue-reinvestment

Our contract holders get additional hashing power monthly. Very hard to so solo mining. Plus no need to worry about hosting etc.

We host in a secure level 3 data centre with reserve power etc.

Happy hashing

The prices are ridiculous: $1,000 per 10GH/s - right, they buy the machines from KnCMiner, which cost $7,000 per 350GH/s, and they sell them for $35,000... And they have the guts to say the the estimated yearly revenue for 10GH/s is aprox. 50BTC

Yeah, so we are all going to be rich.

Jokers...

SCAM

https://bitcointalksearch.org/topic/m.2482908

Are you sure about this? On their site they claim to have a physical presence, an office, depicted by a giant red circle:

https://www.cloudhashing.com/contact

I'll swing past on my way back tomorrow morn. If there is nothing to assure they have a physical presence as claimed, then for all intense and purposes, they are out to scam!

It takes 18 years to get your money back and break even at this point.

What's wrong with Pyramining? That appears to still be up and I can get in my account.

Stop spamming you and your friends site. I get it, you made a pretty website and ordered a bunch of ASIC's the price per GH is still astronomically high for every package you sell considering you are not even mining yet.

Don't bother bro.. 145-157 St John Street is where half of UK registered companies are; it's the best known P/O box, used to see it all the time as an accountant and have a company there myself (company no. 08500013)

Beware, mining United and pyramining

Yep you're right i didn't notice those prev threads. I was just checking knc website and i saw a sort of advertising. At first I misunderstood and thought that was a knc thing's.

CloudHashing.com is not a KnC Miner initiative.

Cloud hashing has stated that they have ordered hardware from BFL, KNC, and others. But, it remains to be seen if they are totally legit.

And cloudhashing.com is not all that new, they've been discussed previously here:
https://bitcointalksearch.org/topic/cloudhashing-asic-mining-contracts-uk-ltd-company-now-mining-paying-bitcoin-173316
https://bitcointalksearch.org/topic/is-cloudhashingcom-a-scam-163741

Perhaps, they're based near the Lawyer's-ville part of the city, if they truly exist...

Address: 145-157 St John Street, London EC1V 4PW, England United Kingdom

Between Farringdon and Old St;

Address: 145-157 St John Street, London EC1V 4PW, England United Kingdom

I'll get you guys a picture of their location over the weekend!

Ducking scam

Something like this was discussed at the open-day, but that's not KnC. I do however work right round the corner from these guys, near Chancery Lane, so could easily check them out...

As simple as that
https://cloudhashing.com

Edit 1:  actually kncminer is providing hardware to cloudhashing.com
Edit 2: change title