Topic: What is gaw miner (Read 3759 times)

Yes, they are selling hash in the form of cloud mining, but if you look at the charts, you'll notice that the profitability of cloud operations is low. Cloud services boomed when the price of Bitcoin was between 500 and 600 USD. When it halved the maintenance fees started to take the majority of profits.
GAW has recently switched to hashstakers, which are coin generating wallets. You can read more here: http://www.gawminers.com/pages/hashstaker

ASIC manufacturers' production schedule affects the bitcoin difficulty heavily.
The difficulty has some effect on the bitcoin price, but I don't think it is that closely related.

so I can buy a hash into Gawminer too?

Bitcoin price has down, maybe this is the perfect time to buy it


so ASIC manufacturers affect a majority bitcoin price 

I must update my information for this

The bitcoin difficulty has dropped twice in a row, but it may go back up quickly when ASIC manufacturers produce new generation of miners.
When will that happen? I have no idea though.

So please, only invest what you can lose.

Did you notice that diff is falling? Now should be best moment to achieve ROI.

It's a cloud mining service and a retailer of miners. I wouldn't recommend investing in the cloud mining, you may not ROI.

GAW to me looks dodgy as fuck, the reason being not just because of all the background the people here have dug up but because something I've learned from watching MT.GOX is that if you have a company that has huge amounts of 'technical' issues and constant maintenance. Then they are either incompetent and shouldn't be in the business of holding other peoples' currency or they are setting up for their coins to mysteriously 'vanish' during one of their technical problems just as MT.GOX did.

While we're all human and make mistakes, consistent incompetence and dishonesty should never be rewarded.

I am not speculating, just using his own claims , to calculate he is full of shit; 50% of all new hash power ... really?. Since you agree above you don't believe he has 200k clients than you agree with me that he is a liar. Personally, I stay clear of frauds and recommend other do as well. I'm glad we are on the same page.

Ohhh , yes, there will be plenty of cash flowing into paycoin and its moving from all the investors who cannot follow the KYC procedures which will likely be setup to delay or prevent them from dumping their 20 usd coins to the few that can support his partial promises .

Paycoin has been crashing and most miners are expecting to immediately sell them for 20 usd a coin from paybase -

http://coinmarketcap.com/currencies/paycoin2/

13.41 spread right now josh needs to cover, that will probably grow to 15 to 18 by the 19th  22nd.

Expect another last minute change. Its already being setup now by unknown KYC requirements.

So you are speculating on the numbers he gave in an article. Personally I believe they don't have 200000 clients and, unlike PB, sold the hash power they actually owned. It's possible that their paycoin will fail, it's just an altcoin and most altcoins are pumped and dumped and never reach adoption. What makes their coin better is the money they are pumping into it. Most devs don't even have $10000 to put into the project, no 5PH of hardware to mine with and people still invest. Do I have to remind you that a lot of people still consider Bitcoin a pyramid scheme?

Because we can get an good idea that 5PH is a small fraction of the contracts sold when Josh exaggerates to the press from time to time like a con artist does to set bait out to make their victims salivate.


FROM the CEO's own mouth ---


http://blogs.wsj.com/moneybeat/2014/12/01/bitbeat-under-fire-gaw-miners-ceo-garza-takes-on-his-critics/

Mr. Garza denies all charges of wrongdoing and stands by the heady claims he makes about the size of his operation: 200,000 customers; $120 million in revenue over six months; a mining operation that accounts for 50% of all new bitcoin computing power coming online.


You are busy rationalizing the small possibility that GAW may possibly be legit, while anyone with a bit of common sense can quickly do some math and see that the numbers do not add up and he has been caught in too many lies (*ahem* mistakes breaking partners NDAs) to be taken credibly.

It is certainly possible that Gaw just has a CEO that is trying to launder money and/or avoid taxes and is very sloppy with his comments and certainly has the hashrate backing up his contracts. The evidence points in a much different direction to anyone using any critical reasoning skills however.

I predict that investors expecting to cash out at 20 USD a coin with Josh's POS paycoin scheme will see some last minute excuse why they cannot . I predict Josh will blame it on regulators and possibly make it impossible for International clients to withdraw from or submit KYC for paybase. Wait for it..... it is coming.

Go ahead and drink the koolaid and wait for the GAW empire of lies to come crashing in like with PBmining, mtgox, butterflylabs, ect....

Did they publicize any financial records? How do you know how many contracts they sold?

A domain it is also an investment. Maybe one of the investors wanted it anyway. You don't know where the money came from.

Butterly labs and Mtgox also were brick and mortar companies with public faces as well.

This only reinforces my statement that they are not a full ponzi but are selling fractional reserve hashing. 5PH is a small fraction of their sold contracts. Why can't they verify the rest when doing so is so easily done?

Spending 1.1 million dollars on a domain is actually evidence that they are indeed selling fractional mining and being dishonest. They are making incredible investments for a company that is in a hyper competitive industry with razor thin margins where they don't have the advantage that others do because they do not manufacture the ASICs themselves.

The latest POS paycoin scheme will further float this partial ponzi.... and you can bet that Josh will have plenty of excuses why individuals cannot directly cash out at 20 usd per XPY soon. Will it be some regulatory issue, some temporary problem with paybase, some weird KYC requirements forcing most to reinvest their XPY into his "miners" instead?.... Wait for it, it is coming.

Lol  That is a cloudmining website

It seems that the thread is plenty popular already, it doesn't need my help.

They are a US registered brick and mortar company that accepts credit cards, so you can not only do a chargeback but also visit them in their office and decide for yourself if they are trustworthy.
They are also the owners of btc.com domain and own over 5PH of mining power.

Likely a scam company that sells fractional reserve hashing. Run away from them!

Before you invest on any cloudmining companies..
Please click on my signature to learn more about dem ponzi.

Posts:   1

So you made another account just to post the link to your thread. People these days...

GAW is probably not the most transparent and trustworthy cloud mining company in the world, but it is definitely not the worst.
https://bitcointalksearch.org/topic/cloudmining-101-ponzi-risk-assessment-878387

It seems best to stay away from that company.

https://bitcointalk.org/index.php?topic=857670.0;topicseen