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Topic: PROOF that GAWMiners Hashlet Is Not A Miner - page 4. (Read 10277 times)

full member
Activity: 188
Merit: 104
September 01, 2014, 09:02:27 PM
#9


As they put it it does not mine on any pool.




That is not what it says.  It says it does not mean its mining on the pool you have selected.  Imagine you are GAW and there is a pool that is paying better than the one your customer had selected.  As a business seeking profit, it would make more sense to put that hashpower to the most profitable use and pay the customer what they would have received on their chosen pool and then keep the difference for the company.  There are several other ways to slightly improve profitability over what the pools regularly pay and I believe that is what GAW is doing.  But this is just my opinion, time will tell.  Honestly, as long as they ROI and are still paying out something decent when they do, I don't care if they are mining fairy dust.
legendary
Activity: 938
Merit: 1001
September 01, 2014, 09:00:28 PM
#8
so why do they charge 8 cents per kwh per day for maintenance and power costs?

Why not? They have maintenance and power costs.

Read the terms and conditions either above or in their own website (linked from OP) - By power I presume they mean electricity (unless they run on Gas?) - how much does power cost for something that is not physical, and does not use electricity?
legendary
Activity: 1582
Merit: 1019
011110000110110101110010
September 01, 2014, 08:55:40 PM
#7
so why do they charge 8 cents per kwh per day for maintenance and power costs?
member
Activity: 98
Merit: 10
September 01, 2014, 08:52:55 PM
#6
My god it's a pyramid scheme! What sneaky bastards!
full member
Activity: 338
Merit: 100
https://eloncity.io/
September 01, 2014, 08:23:11 PM
#5
you dont get it,

what they do is take your cash and say , ill pay you on the next loto ball numbers in the paper, if you have them

AKA buy hashes, ill check how many btc you would get from that hash from XYZ pool and give it to you.

meaning they take 100$ for example and pay you back the loan on 3-4 months

its a pyramid scam and they use pools as a method of calculating payment.. since most pools are shit these days ROI for you is 90 days + and for them its a FREE LOAN...

so , if they have 1000 buyers @ 100 $ worth of hashlets... they will net 100,000$ in a day.( lets assume its all new buys in same day)

now they have over 90 days to pay it back to you guys...or whatever time it takes to make money from a pools perspective....

so basically they are financing new hardward being build in shenzen with poeple's cash at cheap interest.

so ... if you fall for these things...

send me 100 BTC, ill pay you 10 BTC per month for 10 months (DEAL ?)

ill say you have bought X hashlets and that's that.... of course with difficulty rising, the payments ill give you will go lower and lower, so i might actually send you 10btc , 9.8 btc, 9.6 btc etc get it now ?
sr. member
Activity: 340
Merit: 250
September 01, 2014, 08:18:28 PM
#4
Ok, but who really cares about that?
Whats the difference between this or a hosted machine anywhere else?

If you don't know the difference between your own money being paid back to you, and mining new coins, then god help you.
hero member
Activity: 644
Merit: 500
September 01, 2014, 08:15:44 PM
#3
Ok, but who really cares about that?
Whats the difference between this or a hosted machine anywhere else?
legendary
Activity: 924
Merit: 1000
Bitfarms.io
September 01, 2014, 07:51:42 PM
#2
This hashlet thing looks so shady, i'm glad i passed on it
legendary
Activity: 938
Merit: 1001
September 01, 2014, 07:46:33 PM
#1
Copied from https://zenminer.com/cloud/terms.html archived at https://archive.today/b0e7e

The terms and conditions, contain the following pieces of information.

Quote
If you are purchasing, or have purchased, Hashlets, you understand and agree that Hashlets are not physical devices and cannot be shipped.

So firstly, they are not Physical devices. Maybe then they are virtual.. software inside some super system?

Quote
Hashlets earnings depend on the pool chosen and Payouts reflect respective Pool Payouts. Selecting a Pool does not imply physically or electronically mining at the selected Pool. Rather, selecting a Pool determines a Payout corresponding to a calculation based on the selected Pool’s payout (based on, for example, real-time Megahash/second/day calculations). A Hashlet is virtual software. You will receive Payouts according to the Pool with with the Hashlet is associated

Their definition here of "virtual software" remember is not hardware - and not even electronic.

As they put it it does not mine on any pool.

But this is the clincher:

Quote
You expressly understand the the Company’s sole obligation to You is to Provide a Payout based on the Pool you choose.

So long as they provide a payout that is equivalent to the payout you would have received from the pool you select - they are keeping their agreements to you.

Hashlets are not miners

The proof is in their own Terms and Conditions.

Is it not?
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