Bitcoin Forum

Hello, i found this company (Bitcoin Cloud Services) and its giving awesome contracts for 1 year so i would like to know is it legit?
Its had BITCOIN Silver Foundation licence but i still would like to know from members here, Also does BITCOIN Silver Foundation licence giving the trust to companies? because i think its given to supporters only.
(Sorry for my bad english)

The foundation level just means BCS paid for it. The Bitcoin Foundation doesn't do any trust verification of companies.

BCS refuses to provide any evidence that they are actually mining. By all accounts, they appear to be a well-run ponzi.

It's a ponzi cloud mining :(
If you invest now, i bet they will gone before you got ROI :(

More info : https://bitcointalk.org/index.php?topic=878387.0 (https://bitcointalk.org/index.php?topic=878387.0)

It all comes down to transparency. They do have an address and a phone as well as registration. However, I think someone stated that farm photo on their website s fake. I m sure you can find that thread somewhere.

Not. it's not legit. You should not invest into it. It'll scam you anytime. keep away from Cloud Service in general.

There are a bunch of posters on this site who call this company and that company ponzis.  They may be right and they may be wrong.  I am very new to all this.  Bitcoin Cloud Services is the first company that I invested with.  I based my investment on reviews.  (99% positive on this site)
So I purchased 1THS on February 8, 2015.  I have received my payment everyday since.  The time varies between 19:00 and 24:00 EST every day.
My payout comes directly to my personal Bitcoin Wallet.  ie....My payouts are not stored on a wallet on their site.  It seems to me that if they were a ponzi, they would want to keep all Bitcoins possible on their site so they would make a better haul when they walk away.  I have some experience with ponzis, I used to play HYIP's back in the day.  One poster here called them a very well run Ponzi.  Maybe, but you couldn't prove it by me.  Check the Bitcoin mining calculator at www.Allsocomp.com to see what you will receive daily based on your hashrate.  The amount that I receive daily mirrors the calculator.  When I first signed up, I would anxiously await payment until it arrived....and, arrive it did and does.  They had their first birthday last week.  All of these naysayers could have made a bunch of money by now. I hope this clears up some questions.  Read the reviews on the site, I could have written them all because they all reflect my experience with this company.  Here is my affiliate link if you are interested.
https://www.bitcoincloudservices.com/?ref=4163

Good luck...Morebit

I cant not say its legit or not because i never used it, and didn't know about that company at all, but do not think that because they  have a group on facebook they are legit, my advice is to look in google information about them, and if you really will invest only what you're willing to lose, good luck ;)

Because you got your payment everyday, doesnt mean a site is legit, as ponzis in investor based section do pay out some of their players


A ponzi will always live as long as there are new deposit coming to the site


If you used to play , then you know to not to reinvest your money back



Yes they are indeed


So cant you prove them legit either


So does the early depositor of the ponzi pbmining

Can you provide us with some solid evidences that you really profited from them? Also, a ponzi scheme can run for years if they are getting some serious money from it. Can you provide us details with what hardware are they using? Or even pics of the actual hardware will do. If they really are a true cloud-mining service, they would care to show the hardware that they are using for their potential investors to see. Oh, 1THS, you say? Transaction ID can help us prove that what you're saying here is true. Transaction IDs can help us verify that your claims regarding the "everyday payment" of this service is also true.

Last but not the least, posting referral links are prohibited, in case you bothered to read the forum rules and regulations.

Good luck with you and your "1 THS" investment.

I have a friend who invested in Nov or Dec last year and has reached ROI couple weeks ago. However, this does not mean these guys are not ponzi. Verifiable photos, mining address and owner info would be a step forward

well no one is denying that they don't pay, the problem is that you won't roi with any cloud service(you need 5 month at least and the diff is still rising), and the price of those gh/s is always stuck at the same value, so no point in resell those contracts

i could agree that they are better than having a physical miner, because you don't pay the bill, and roi is about the same

I don't have any images of mining machines.  I don't know if these guys are operating a ponzi or not.  I do know that they are paying me every day.
I wanted to generate some Bitcoin and Bitcoin Cloud Services seemed to fit the bill.  So far so good.  Back to the question of the thread.  My experience of getting paid every day for over 60 days is more proof that they are legit than a bunch of "PONZI! PONZI!" posts with no  evidence to prove the accusation.  No, I didn't read the TOS.  There is always some well meaning soul who will set me straight if I break the rules.  Which brings me to the affiliate link.  I had seen some other links so I figured it was OK.  Guess not.  I am sure that someone can figure out how to delete it if it is that offensive.  I have not reinvested my payouts, though with the regularity of the payments, I am very tempted.  I have got back about 1/3 of my investment so far. I will post here if I stop getting paid. I think that I will post here when I get paid also.

As I said, I'm new to this so I have questions.  If all the Cloud Mining Companies are Ponzis and most US electric rates make mining with your own machines prohibitively expensive (not to mention the cost of the machines) how do you get your hands on bitcoin short of buying it outright?

Bitcoin Cloud Services
To   xxxxxxxxxxxxxxxxxxxxxFeb 10
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Show Images Change this setting
Bitcoin Cloud Mining Contracts
Your order is complete
Hi there. Your recent order on Bitcoin Cloud Mining Contracts has been completed. Your order details are shown below for your reference:
Order: BTC-9312
Product   Quantity   Price
Bitcoin Cloud Mining per GH/s
1000   1.8000 ฿
Cart Subtotal:   1.8000 ฿
Order Discount:   -0.1800 ฿
Payment Method:   Bitcoins
Order Total:   1.6200 ฿
Miner ID
BTC-9312
Hash Rate (GH/s)
1000
Contract start date
February 10, 2015
Contract length
12 months
BTC Pay Out Address
12N2nBtdvo3nd2NV1VJova5jCDU17J87Ha
Estimated First Payout
0.02172996
First Payout (0:00 UTC)
February 12, 2015
Your BTC payout address:: 12N2nBtdvo3nd2NV1VJova5jCDU17J87Ha
Customer details
Email: xxxxxxxxxxxxxx
Tel: xxxxxxxxxxxxx
Payout Address
xxxxxxxxxxxxxxxx
United States (US)
Bitcoin Cloud Services
Reply, Reply All or Forward | More

I was going to post my payouts from my wallet but I couldn't copy the whole page only individual transactions.  Sorry.  If some one can tell me how to copy a whole history page from an electrum wallet, I will post it.  Since everyone on here knows much more about this stuff than me, can't you go to blockchain.info or somewhere and check on my payout address and see if I have been getting payments every day for last two months?
Oh, it looks like I started with BCS on 2/10/2015 instead of 2/08/2015 as I stated.

One more thing.  Why would anyone lie about anything as trivial as this???  I wouldn't.

Since I posted this post, I went to blockchain.info and entered my receiving address and it shows my payment from earlier this evening.  Surprisingly for me, it also had Bitcoin Cloud Services as the payer.  I figured there would just be an address.

I just went back to blockchain.info and found all my payouts listed.  This doesn't prove anything except that they are paying me....which suits me just fine.

Lots of people are getting paid for now, this is not the issue. Pls do ask them for their mining address and post back what they say. I can bet they ll post some excuse not to give it to you.

.... No one knows you are a genuine investor or part of this service.
I don't trust cloud mining service as long as they can't give a proof to us ( pic of mining hardware ).

.... No one knows you are a genuine investor or part of this service.
I don't trust cloud mining service as long as they can't give a proof to us ( pic of mining hardware ).

Did you bother to check my payout address on blockchain.info?  What exactly is a picture of mining hardware supposed to prove?  This is pretty simple,
if you are timid, don't invest.  As for myself, I'm invested and getting paid every day, as I've proved.

People will tell you this and that... But to keep it simple - just don't invest there. Services that looks way more legit than this are collapsing left and right. Either hold or invest in bit-x or hashnest. That simple :P

I don't think checking tx id is necessary. They could easily create fake accounts and "fake payments" to their own accounts then spread the words they are legit site, just to attract investors.

Again, you should have read my post above, getting paid doesnt mean they are legit and not a ponzi.

Amhash, hashie, pbmining, ltcgear and the other did pay their customer well before the ponzi empire collapse


It has nothing to prove, the best prove will be the mining address and which pool does the cloudmining point it hashrate too, therefore it can be verify wether the hashrate mining would be equal to the hashrate they sold, but none cloudmining has done this, as they tend to "hide" the mining address

+1 to this.

Ok I understand people might not be eager to disclose farm location or even photos but mining address is a must have for any serious cloud mining operation. There s no reason why anyone would hide this unless they re ponzi.

I don't endorse them, or not. I can say I purchased 50 GHS last August, and have ROI'd and receive a payment everyday to this day.

50 GHS is precisely because of lack of transparency. I'd have purchased far more if they were transparent.

Well it seems its a cloud ponzi mining, grats for getting ROI now you can milk them without risking anything :)

No Payouts for Today and empty Payout Adress...

Lets see, if this ends now...


Luckily reached ROI some time ago already ;)

All these shitty ponzies end the same, you have been warned... Congrats on making money from scammers though ;) I guess you entered this ponzi early enough..

Unfortunately he made money from other victims. The scammers didn't lose anything.

Well, not sure what their current status is, but they sent out an email just 16 hours ago with the following:

https://i.imgur.com/aqlxp28.png

I invested over $12K in tiered contracts starting last fall to give them a six month "performance test" and just recovered the amount of my original investment a few weeks ago so... hmmm...

Scott-

don"t pay me 08-05--2015 i dont no what wrong ,,id herjahto8785@gmail.com

It appears no one has received their payments for June 7th, but you should have received something up until as least June 6th. I suggest you remove your personal email address from your post as it could be spammed by others.

Scott-

they ran away, no payment from 7th June...

I just do not get from them payment scam?

Hi,

They paid from June 2014 to me. One contract from September 2014. But now it seems they are down. No any payment from Bitcoin Cloud Services from 7th June.
So it is Ponzi I guess 99%. I started to think if there is any REAL Cloud Mining are in world :)

i think there is no real cloud mining too :-\

I never tried bitcoin cloud mining and I might never do so. All I can prove worth the time and investment is trading. Trading is with less risk unlike these cloud services. I've read that they're mostly ponzi. A very risky investment if you'd ask me.

Hello,
I beg you to return my deposit. The Bitcoins I have invested, is Bitcoins by our Faucet. Visitors have clicked on my ads to get Bitcoins that Bitcoins I have invested in their Cloudmining site.
If they are trying to steal us, I just want to have a share.

The Holy Father Salmen

Hmmm.....next thing that will be exploding?  ???

Has anyone with a "mining" contract actually attempted to contact BCS regarding the two days of missing payments? Makes me rethink my decision to not pay a visit to their "office" in London when I was there 3 weeks ago.

Scott-

I am pretty sure, it would be good, if someone contact to BCS.

I contacted them about 13 hours ago regarding delayed payouts, no response from them so far

https://i.imgur.com/SvzCwcL.jpg

Looks professional but they locked the topic on BitcoinTalk.

hi  all  membres  me  too  i  dont  get  my btc  scince 2  days  , i  mail  it  yesterday  and  untill  now  no  respond i  feel  that  it  will  be  ponzi   >:( ???

well the crazyivan its not tottaly wrong the fact of this pays and not be total trasparent might be a sign if a bit ilegitm activity in future thers a change of not paying to all users

You guys can kiss your coins goodbye. This ponzi seem to have crashed. No word from them, no payments, nothing. The site ll go down in the couple of days and that s it.
I cannot say I was surprised. I hope you people finally learn not to send money to non-transparent companies.

No photos/fake photos, no mining address, no real ownership data, NO MONEY.

I also hope someone can find them based on the data published about them.

seems to be the end...  :-[
waiting for my payments from yesterday and today...

This is why I like PoS coins like DMD Diamond. You always keep your investment under your own control. No ponzies there.

Although this book is not closed just yet, it is likely the end. Regardless, all this talk of speaking down to people who are obviously losing their investment(s) for whatever reason serves no benefit to the discussion or your creditability - and I am not directing this just at you.

Over the previous 16 months, thousands of people have been sucked in to blatant SCAM's, not just PONZI's, like MOOLAH, GAW, LTCGear, potentially BCS now, and others who are just ripping people off under the guise of marketed legitimacy like Genesis Mining. At some point, all this activity needs to be combated and stopped once and for all. Like it or not, some form of service operator oversight in the form of a check and balance system will need to be enacted if this industry is going to go anywhere; regardless of the viability of any specific alt-coin or the original BTC.

At any rate, I have personally thrown over $100K in to the crypto arena and approx. 30% of that went in to either proving some of these services as legitimate or not. Unfortunately, if the end of BCS is upon us, the end result will be 100% of the cloud mining services I have tested to date can be considered either SCAM's, elaborate PONZI's, or rip-off's that will never realize 50% ROI within an average person's lifetime.

After being in the embedded systems and cryptography (financial smart card) industry for over 18 years now, it is truly discouraging to see the potential of such a technological/financial revolution be degraded and held back by literally hundreds of hurtles that only want to infest and destroy the industry from within.

Very sad...

Scott-

the next ponzi bubble popped. nothing much to see here I guess.

Can anyone at all provide some actual evidence one way or the other? Is someone in London willing to go knock on their office door?
I think it may be the end, again, but how about some actual facts to mix with all this WAGing?

Can some one from BCS weigh in instead of this very incriminating silence?

What office? Do you really think there was an office? I highly doubt.

@Scott - it was never my intention to look down to victims of this scam, I even had a very, very small test account there but since day one on this and lots of other forums I ve wasted time and energy telling people not to invest to a service without verifiable photos, names and mining address. Most of the time I was trashed by ponzi promoters who are VERY silent now.

Still, I m sorry for people who lost anything serious on this one.

there was an office :

https://www.google.com/maps/@51.508687,-0.06931,3a,75y,29.21h,62.44t/data=!3m5!1e1!3m3!1s_YgDs9upkogAAAQXIkcRhw!2e0!3e2?hl=tr

in 313 it was written BITCOIN CLOUD SERVICES one month ago..

now it is writtten occupied.

they ran away.

knocking door useless.

legit company we should use laws..

Well, it seems some of the BTC they have taken a vacation with instead of paying out to customers popped up in this new wallet today: https://blockchain.info/address/34Cg1xfNC3GkY6vaAvJ6TmtSQQ6Xdn3RzX

All other wallets up to this point were cleaned out and have a 0.00 balance.

Scott-

Bitcoin Cloud Services is defiantly a ponzi scheme, they had a stable payout until the 7th of June.
After that they stopped payouts and are not responding to any tickets / emails.

A few days earlier (on the 4th of June) I had send a support ticket to the helpdesk and I noticed this strange subject ending to the automatic response "... - Delayed payout ", apparently they had already changed the settings on their email for when they would run off with all the BTC.

Those who follow the blockchain may have noticed the large volumes that stated moving yesterday. roughly 5000 BTC scattered into brand spanking new wallets and repeated scattering. (the tumbling proces might still be going but I stopt following transactions after a few hours).

Here are a few of those transactions:
https://blockchain.info/nl/address/15rq3QMt1XKpFKc9v8F3QbXgJAi7F91vaN (https://blockchain.info/nl/address/15rq3QMt1XKpFKc9v8F3QbXgJAi7F91vaN)
https://blockchain.info/nl/address/1MT3x8UwEFKMpfM4fBJAWyBKvmaqmqUNav (https://blockchain.info/nl/address/1MT3x8UwEFKMpfM4fBJAWyBKvmaqmqUNav)
https://blockchain.info/nl/address/1DBx6zrDtdnaxKVpMfPq6JuZ8v4oQcd7Uv (https://blockchain.info/nl/address/1DBx6zrDtdnaxKVpMfPq6JuZ8v4oQcd7Uv)
https://blockchain.info/nl/address/1EVe4JGf23r4R8fGrgfVzqVBzG6csetWTT (https://blockchain.info/nl/address/1EVe4JGf23r4R8fGrgfVzqVBzG6csetWTT)
https://blockchain.info/nl/address/1G6jpZ434An2CmXv14rjTNfHEYTPq1bfKt (https://blockchain.info/nl/address/1G6jpZ434An2CmXv14rjTNfHEYTPq1bfKt)
https://blockchain.info/nl/address/1Q1BM3J97txmV8vbZpfGtVZUDKQzSbsH7S (https://blockchain.info/nl/address/1Q1BM3J97txmV8vbZpfGtVZUDKQzSbsH7S)


Company background info:
The company is registered in London,
46-48 East Smithfield, Tower Bridge Business Centre Suite 313
London
E1W 1AW
Company No. 08935510
Date of Incorporation 12/03/2014
Country of Origin: United Kingdom
Company Type: Private Limited Company
Source: http://companieshouse.gov.uk/ (http://companieshouse.gov.uk/)

The following people are involved in BCS

John Watt
- This is an alias name, though this person has the same writing style as Gabriel Kleiman.

Gabriel Kleiman
- LinkedIn: https://www.linkedin.com/pub/gabriel-kleiman/a1/114/48b (https://www.linkedin.com/pub/gabriel-kleiman/a1/114/48b) (removed his picture last night but i've save a screenshot)
http://s10.postimg.org/3ubmifnfd/gabriel.png
Born: somewhere in 1980
Director, Merchant
12 Mar 2014 — Unknown



Esteban Amador Soto Martinez
- Known scammer, involved in more bitcoin related scams.
- involved in bitcoincloudhashing.com (http://bitcoincloudhashing.com) https://bitcointalk.org/index.php?topic=414314.40 (https://bitcointalk.org/index.php?topic=414314.40)
- In the earlier days of BCS when subscribing you would receive an email from Walter Strickland, but if you would reply to that email it got send to Esteban Amador Soto Marinez who forwarded the email to Walter Strickland who then responded.
Born: somewhere in 1980
Company Secretary
12 Mar 2014 — Unknown

Country: ENGLAND
Posttown: LONDON
Postcode: EC1V 4PW (150 John street)
Country of residence: MEXICO

Fernando Vazquez Doroteo
- Had a matching phone number mentioned on an other website called minerszone.com, this site turned out to be a scam.
https://i.imgur.com/UTf4g3L.png

Video interview with the CEO of BCS: https://www.youtube.com/watch?v=DAjzhILv_TU (https://www.youtube.com/watch?v=DAjzhILv_TU)

If you know more about Bitcoin Cloud Services please share your info.

Report him to Interpol?

This is the site for reporting online fraud crimes in UK http://www.actionfraud.police.uk/ (http://www.actionfraud.police.uk/)

I think if someone from UK got scammed by BCS then reporting it on the above site might be helpful

According to UK bitcoin laws, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax.

https://bitcoinmagazine.com/20702/exclusive-possible-500000-bitcoin-cloud-mining-ponzi-scheme-uncovered/

This guy s in the UK, a country with one of the most developed internet crime police divisions in the word. How is it possible he can set up his office in the heart of London, have his Linkedin profile with this photos and even make a video of him stating he s CEO of Bitcoincloud services and nobody does anything when he scams people???

Hello, UK people, wake up. Contact your authorities and get this guy.

interesting, but firstly you should make Bitcoin legit

Bitcoins are legal in UK

http://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country (http://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country)

During the existence of such services, no one has been punished.

this can be the first..cloud services is a legit company..

Show me a single law which makes BTC illegal in the UK?

I ll show you a ton of laws which define and sanction internet fraud.

And how many of those laws have resulted in people getting back what they gave away? Especially the (relatively) small amounts we are talking about in all of these cases and using harder to claw back funds like bitcoins.

What these guys are doing illegal, but they are also obvious scams where it's difficult for law enforcement to do anything/get the money back. Everyone is much better off using a little common sense before giving your money to scumbags than throwing it away and hoping for someone to rescue you and give it back.

forget the money, they should be punished. they used legitation of UK..

bitcoin cloud service his program maintenance or hardware broken ,,,ypur company bitcoin cloud services ask me maintenance his oc  costumer,,but no news bitcoin cloud services fuck you hate you

....and now the site is gone... ???

The site is not gone, it is still there and still accepting orders.

It fully looks like they are open for business and recently started to advertise a new special.  Very recently, people that have been writing negative reviews on their site, have had their reviews deleted.  I checked today and it looks like all the reviews are now gone.

Everyone I think can pretty much assume your money is gone.

I filed a complaint with http://www.actionfraud.police.uk and received an email from them today.  The more people that report, the greater the chances that something may be done and sooner.  If anything, I hope they can quickly act and get the website shut down so further people are not taken in.  It will be interesting to see what will happen, given this is a registered company in the UK.

Interestingly, there is a video on youtube of the CEO, identifying himself by his name and as CEO of the company.
https://www.youtube.com/watch?v=DAjzhILv_TU

Why someone would fully identify himself like this and scam is beyond me.

ihate you ceo bitcoin cloud services,,,,,,,,,,,,,judge to helll or jell,karma become to you,,,,you deceive custumer,you lose many money your bisnis or your family karma you now

Online invest is not received sufficient attention that why he not afraid with police and jail
so many scamer get away from interpol but is very easy to FBIor interpol to catch them

oc,,ceo live in jail forever your life ,,,,,

not very easy seeing how many scammer are still operating undisturbed, and we are not talking about newbie scammer, who scammed 1 btc from you random friend, but about professional hacker who stole hundreds of bitcoin, from major exchange

Sorry for your loss man, I understand your anger, but do some research before investing next time. Choose Hashnest or Bit-x if you are to try one more time with cloudmining. I was burned by AMHash scam some time ago and will never even think about investing in such suspicious ponzies again...
Almost every investment site is here to scam you, no not much to choose from at the moment.

santet vodoo mistik power ceo is died karma you no return money costumer ,i hate you ceo

Oh, then it was my (network) fault, a few hours there was no site reachable, 404. Every other site worked fine.... ???

Hmmmm, it is just a week ago the payout stopped, maybe lets see, if there will be a announcement from them.
Wait, relax and catch popcorn & cola, money is gone anyway.... ;)

Site is still running & accept new order. I hope there are few people would attack their site.
I hope everyone who are part of BCS will be caught & jailed forever

Contact namecheap.com who is their domain registrar here in the US and who has considered accepting BTC know they have crypto scammers in their mist.

Scott-

amien  :)
is very easy for interpool search him, but im not sure interpol will pay attention to a case like this

I am intrested in an announcment from BCS, is there any uptodate channel?
Or maybe some answers from support? Or some people in London, who can visit the
mailbox in the building at the assigned adress.  ;)

yes offiice visited , its empty from 5th June... and no more information..

Ok, then no more statement, coins are gone.  :-\

why mostly cloud mining site always became a scam? does no more real cloud mining legit in this world?
because this situation make me tired ??? ??? ??? ???

If the miners were profitable why would they rent them out to you?

If the miners aren't profitable, why would they spend money on miners/electricity/maintenance/etc when they can just pay you back with your own money.

because you not research before invest :)
you can go to https://bitcointalk.org/index.php?topic=878387.0

Rest:

because it's very cheap to advertise (check this forum) and makes a great target for scammers

Any news? Still no payout....

Thoose guys just scamed u... Bad News...  :-[

Hah. You seriously tell me you did not know they were scam the moment you invested? Those fake photos and no proof of mining? Seriously?

Really sorry for your loss but I keep telling people to only invest into stuff they can fully control. Like stake coins for example.

Hm...i knew it, but first round got its roi. But the reinvest.... :-[

Ok, for me online invested BTC is playmoney, I dont need it and it was not many furthermore.

But there were people investing 10 and more BTC.  :-\

bcs scam scams site ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

I am on Hashnest & Bit-X. To me it's obvious these two are legit, and earnings are not too bad either.

Too many scammer now, they use different method for scamming people although the based on ponzi scheme and this is a lot bitcoin service which use that method.

For people who invested a lot I think there are 2 possibility, fake transaction or they have been scammed.

I agree. Hashnest is legit, as well as Genesis mining. Bit-x looks legit too, but I'm not 100% certain

I fully agree. I only invest there (but GM looks worth and worth to me)

Yeah they do some payout for first few rounds. They are doing this few payouts just to gain your trust. When people will see they are paying more people starts to invest.

And again those who got paid will want to reinvest everything assuming they are legit. But in the long run they turn out to be a ponzi and scam peoples money.

Most of the cloud mining sites are either a scam or ponzie. There are few legit site but getting your ROI will take ages.

Already you ask about the legitimacy of the cloud mining, but the bellows advise me after that he relied upon to turn in the end to fraud and swindling, but I so far have not done filing or the experience of this thing, but I hope that his experience in later times

I wouldn't give GM 0.00001BTC after what they pulled a few months ago to myself and many others.

After paying over US$1700 for 100MH worth of scrypt miners last August/September, they reduced payments by over 80% in less than 60 days and then told people in late December to either convert to SHA mining or risk having their scrypt accounts terminated. What was/is insulting is they only offered 1GH per 1MH (100MH = 100GH) for Scrypt to SHA conversion. In other words, my $1700 recovered less than $300 of the principle before it was converted to less than $50 worth of SHA mining.

Does $16/day in mining reduced to less than $0.08/day with no chance at ROI within a lifetime seem legit to you??

These days, cloudmining, in its current form, is not profitable to ANYONE other than the service provider. Greed is a nasty thing and the numbers do not lie. Do not let GM's false sense of customer "support" and self engineered industry trust fool you.

Scott-

I fully agree with you. This is why I tell people to invest into PoS coins instead. Staking is even better then mining, more energy efficient, no special hardware needed and you have full control over your investment cause you keep your coins in your offline wallet. I personally love DMD Diamond, over 350% price growth withing a year and it provides 50% annual interest rate. There are a few other interesting PoS coins and I suggest you try it and say goodbye to GM and similar BS.

Good point regarding staking.

It is legitimate way to make some BTC then getting scammed by cloud mining

I am currently staking Reddcoin, Blackcoin and Mintcoin and getting about 0.001 BTC per day  ;D

why bitcoin foundation  ??????????? run run hate you bcs your  members

they used the reputation of foundation..but after scam i learned that you can be a silver member with a few fee

In my opinion, the BTC Foundation should cover the loses of the customer base who was scammed by any Foundation member company. Maybe then they would scrutinize their membership better before simply taking the money and "selling" what can be seen as a false sense of industry reputation, which in the end appears to be worth nothing.

I also think it is about time for an industry wide watch-dog group that can document, audit and certify these enterprises as legitimate or not before they are even allowed to conduct business.

Scott-

like all honest ponzies  ;) this one ends slowly without advertising...

This service was very helpful in listening to and taking my report.
Very intelligent way of helping the Police to combat the fraudsters.
I recommend all those involved add to reporting BCS.
Thank you for those who have added to this forum.

I report them there, after 35 days they send me something very meaningless... I dont beleive scammers get caughed... They stole and run. It is very easy to scam people even they are legit..

They can hide but they can't disappear. Their mistake is the tried to operate in London.
Probably the most sophisticated police investigative force on the planet.
I may not get my invest back but will bet they will get in room in the Graybar Hotel.
Now for my call to the "Bitcoin Foundation".

I also mailed to Bitcoin Foundation too.. They didint give any response....

No dice there. They are gone.

I suggest you try something much safer and equality profitable, like staking. I like DMD Diamond but there are several good PoS coins.
Let me know if you need more help.

Reply received from ActionFraud.Police.UK. Not much hope but at least they have the info and are proceeding.

Scott-

https://i.imgur.com/LQVdLTO.png

i got the same sheet, i think it is meaningles... may be it is automated.

kriminal ceo,,,,,,,,,,,i hate ceo bcs

Hopefully they send James Bond after this CEO scammer  ;D

 ;D ;D ;D

nothing gonna happen but the main problem is web site is still online and takes new satoshis... at least they should close the website but nıthing happens..

I'm Sorry to say after all this time I didn't even get a reply or letter.
I'm not sure that this "ActionFraud.Police.UK" isn't a bit of a scam operation itself.
Full of  ALOT of hot air and false promises.

Here is an interesting angle to that. Where is Tony Gallippi is the co-founder and current Chairman of the financial services company BitPay on these types of scam issues.
He stated on RT that all of the transactions on the blockchain can be traced to the depositors account.
Why then have we not inquired there. Several of my purchases for mining contracts were funneled thru Bitpays system. Surely there has to be a easy recall of withdrawals and receipts of transactions.
As far as I can see it they have been an accessory.

probably looking at some pictures from his old website.

https://www.facebook.com/actionfraud

https://twitter.com/actionfrauduk

Why is this site still up??

probably its still scamming people  ::)

Cause there s nobody around interested to shut it down. Probably from time to time somebody gets scammed even now.

Hello No
Still waiting for updates from US agents and Action Fraud the UK’s national fraud and cyber crime reporting Centre, is a joke!