Topic: SCAM - HASHFLARE - JUST CANCELLED ALL LIFETIME CONTRACTS (Read 2975 times)

Exactly, absolutely no reason for anyone to be investing in hashflare when they already have reduced lifetime contracts down to not lifetime. Now they have upped the minimum withdrawal to high amounts that honestly nobody can hit regularly unless they have more than 10 btc invested.

They say this move is temporary but still. I don't think that there is any point in this move at all other than preventing people from withdrawing their money.

I just noticed this change on my hashflare account this week and promptly stopped the reinvest button.  I will probably get my ROI unless they keep their minimum 0.1 btc withdrawal, at which point I will never meet the withdrawal requirements.  Hopefully they decide to still give me my bitcoins once my contract expires.

With that said, it was a very dishonest business decision regardless of the wording in their ToS.  Considering the recent fork, on top of the price spikes of both BTC and BCH these people are exponentially wealthier then they were and it pretty much proves greed unless they are simply trying to get out of the business, which is still a dishonest way of going about it.

It also proves what is and isn't worth doing when it comes to bitcoin investments.  I will list the dos and donts when it comes to investing in the bitcoin industry.

As someone who has been in the bitcoin game since 2013, and I've also left the game and recently came back (what a mess it has been updating myself), the ONLY thing worth doing is buying bitcoins (or other coins with massive potential), or doing your own mining (meaning buy or build a mining rig).

While I never invested more then I was willing to lose, it was more of a lose/lose 100% of the time when it came to the "Hype" that you are fed when it comes to where to invest, and what sites are "paying out" and how "profitable" cloud mining is unless you were privately invited by true insiders to actually do something great.

The time and money I've spent investing here and there in someone elses idea or cloud mining has proved to be 110% unprofitable, even after eliminating most HYIP and ponzi scams.

With genesis mining I evened out on RoI.  with hashflare, considering the reinvestments I will probably and most likely not get an roi.

Don't:  Invest any money or bitcoins on anything unless you are absolutely 100% certain there is a solid product in the company you are investing in.

Do:  Buy Bitcoins and other great coins like Dash, Eth and simply hold on to them.  There are a good number of great coins and the price will absolutely continue to rise for all of the obvious good coins.
Do:  If you know the stock market, trading coins during spikes and such can prove very profitable but you absolutely have to know what you're doing.  If you don't know, don't do it without proper guidance.

After doing some simple math, I was able to conclude that had I simply purchased bitcoins on a monthly basis instead of messing around with all the investment hype and cloud mining hype, I'd have minimum $200,000 if not millions of dollars.

Had I spent a mere $20-$50 a month on purchasing bitcoins themselves, not only would I be quite wealthy, but I'd be able to buy a very profitable mining rig and still have plenty of bitcoins left over.

This concept is no different today, and I have learned my lesson.  Anyone trying to "make it" in the bitcoin world reading this should do the same.  Trying to be clever about this and "thinking outside of the box" to get rich is not and was not ever needed.

I made more bitcoins from free bitcoin faucets then I did with any "super mega awesome investment opportunity don't miss out!!"

So if you've lost on hashflare and genesis and other hyped bs in the past like I have, it is not too late to bounce back.

Were you thinking of investing that 20 or 100 dollars on some promising site / idea / new cloud mining service / etc this month?  Don't bother with it!  Simply take that $20 or $100 and make a bitcoin purchase.  Buy bitcoins, dash or eth and simply HOLD on to it.  

Take it from me, I've been here since 2013.  I tried to be clever about it.  There's no need though, it's as simple as signing up to coinbase (or any exchange you're comfortable with) and purchasing bitcoins.  Don't sell after a week because there was a plunge.  Just buy more.  It'll bounce back.  

If 100 great ideas/websites/whatever are posted on this forum today, it is likely that only a small handful, possibly 1, if not 0, will be worth your time.  This means the due diligence needed to siphon out the baddies isn't even worth it.  Bitcoins are worth your time.  Dash is worth your time. So is ETH.  Anyone wanting you to "send them coins for some shady online service or mega awesome RoI" is only after your coins, even legit (I use the term legit very loosely here) services like cloudmining, all their ToS are worded in a way that allows them to change any aspect of their service at any time without question.  Legally.  Just stay away.  

Buy the coins, trade the coins.  Don't invest them on stupid crap.

As others have said, all cloud mining is a scam & always will be. Investing in cloud mining is daft enough as it is, but doing so without doing any research into the company beforehand is just plain madness. A 2 minute search would have shown you this.

FYI:

Hashflare is another name for Hashcoins (same people), who are known & confirmed scammers:

https://bitcointalk.org/index.php?topic=417623.860

The same people (Hashcoins) are behind the Polybius ICO scam, & a few more.

https://bitnovosti.com/2017/06/28/stop-this-for-bitcoins-sake/

https://translate.google.com/translate?u=https://bitnovosti.com/2017/06/28/stop-this-for-bitcoins-sake/

Always research & ask questions.

can we get screenshot , your withdrawal still pending?? hashflare look like legit. but dont know why. they will closed services

I made withdrawal from hashflare last week. Up till now I haven't been credited. 

But maybe there is a chance to get back the investment. The power got better at the moment. So if invest plus a little profit come out, then I want be upset anymore. Lets see, if they really pay at least this year and ROI will not go down again.

It looked like scam from the very beginning. Too suspicious business model of cloud mining, in general. I will never invest in such services like this.

From my perspective they have offered users a contract, which both them and the user agreed to and the users pay significant amounts of money both at the initial buying of the contract and in the form of maintenance fees to Hashflare.

To simply end the contract of the user which was advertised as "lifetime contracts" prematurely without any agreement from the user is ridiculous.

There is no difference to this and stealing. They are blatantly scamming users of potential profits.

They deceived investors, if that is not a scam, then what is?   

I purchased a lifetime contract (never expecting to be lifetime due to difficulty increases) and yes they have every possible "get out" clause written into their contracts, but at the end of the day they deceived people, some people purchased lifetime contracts the day before, do you think they just woke up one morning and said to themselves, hey lets cancel every lifetime contract and make it a year?
Answer to that is no, they would have known internally for weeks if not months that they were going to implement this, therefore they scammed anyone by keeping those lifetime contracts for sale while knowing they would be cancelled.
Anyway, they have not only harmed the industry (not that cloud mining has a high reputation lol) but they have harmed themselves through sheer greed.

I would rather buy a contract at Genesis for twice the price than give those greedy Mother Fuckers one cent of mine ever again.

I will make a profit by the time the now 1 year contract expires but still, they did the wrong thing and should have at least Grandfathered all previously held contracts and only cancelled them when they no longer became profitable, which is not the case, instead they did the dirty on everyone, hope they rot in hell.

Karma will catch up with those bitches.   

It seemed legit, I invested bit - not tons of money. Shame to lose it anyway, I hope they will got what they deserve.

That are really bad news. I ever thought hashflare is legit  . I have invested a lot so probably i will loose a lot .

I think they just decided to leave this business, so they increased price in order no more new customers arrive, and will stop operation in 1 year, after paying earnings to the customers.   

They are founded by a company which produces miners, so they will not like just to disappear and spoil the reputation, I hope.

My roi went since the notification of shortening the lifetime contracts dramatically down. Hope its only wrong pool setting.

For a while I was waiting some move like this. I have some small hashrate in there. At least the contract gonna expire in a year. I hope everyone will roi in that time. Of course if people do not reinvest, they will run away anytime.

In one year they will not pay anymore against their contracts and TOS. So the scam alert is correct in my opinion.They should have done a financial reputation to their customers for shortening lifetime contracts.
I would not put all cloud miners into one pot, although I only know one that was profitable for me.

I'm not a lawyer and I do not like cloud mining, but this

hashflare TOS:

"
1.2.15. A "Contract" is the access to a Cloud Machine of specific Hash rate;

1.2.16. A  "Contract Term" is the period of time for which a Miner has agreed to pay to administer a Cloud Machine, by default, HC provides lifetime Contracts that do not have an expiry date, unless stated otherwise; "

https://hashflare.io/terms

gives them the right to change the contract




unfortunately you can not call them scammers because they still continue to make payments




all people should stay away from cloud mining sites because they are not profitable

It is cloud mining you should expect it to be a scam one day or another we all already knew how genesis mining functioned by simply cancelling the contract but there was no such reports against hashflare now they also have to make money and new to do something different from genesis mining and they did that. Cloud mining is always a risky investment you should invest only what you can afford to lose.

That's why investing in any cloud mining site is risky, you have to bear in your mind that this site has the possibility to change their rules anytime soon as the price increase just like this time and even possible to shut their service. Tho I will not deny that I deposit on hashflare with such small amount way back in the first month of the year but it's not been seconded since I don't think this site will be profitable in the future and now they have it, so just accept it and move on.

Thanks,  I will look deeper into this.
 

Hashflare.com has just scammed all its investors by both upping the price of their packages AND has cancelled all lifetime contracts so that they all expire in 11 Months.


They are also still charging the regular fees despite turning the supposed lifetime contracts into 1 year contracts.

Have a small amount with them and will break even and actually show a profit but stay away, they have broken their contract, without justification, the difficulty is not that high and the price is rising so other than greed they have no reason to do this, they are a SCAM site.  Be Warned!