Bitcoin Forum

A new post has been created as this one has become off-topic!

Cloud mining contracts?  Backed by real, physical miners?  No harm in trying, I suppose...

Hi everyone, just wanted to stop by the thread. Many of you know me as the Fund Manager from BDD; I'll be doing the active managing on DIRECT as well - answering questions, scheduling dividends, reporting the Hashrate, etc. I've been managing BDD for a year and a half now, and have been in control of up to 600+ BTC at different times for BDD, so hopefully that will provide some reassurance for those that aren't familiar.


Yes, as much as we really wanted to launch the offering jointly with the Mining Organization, quote-unquote "Cloud Hashing" has really beaten down the image of the industry, and rightly so. Due to this, they only want to be associated by name with a completed, paid contract - they don't want to be seen as being linked to 'pre-sales', as those have gotten a bad name as well.

We've reiterated to them that the offering period is a maximum of two weeks, and that all funds are held in escrow during that time, but they're very cautious about their reputation.

That being said, they are one of the Top 5 Mining Operations as listed on https://blockchain.info/pools if that gives you any indication of the scale that we're referencing here. 1PH doesn't comprise a significant amount of their total hashing power.

EDIT: Also wanted to mention that, again, these contracts are only valid for one year - this isn't a 'perpetual' mining contract; no serious mining organization would pledge to mine for eternity. In addition, as a large player in the industry, the Mining Organization can mine profitably at much lower prices than the current BTC/USD rate. This contract's negotiation began when the BTC/USD rate was around $220 and they're comfortable mining and a much, much lower price than that.

EDIT 2: Regarding 'Maintenance Fees'

I had this question come in via email:


There are no maintenance fees, power fees, etc - all 'overhead' for this offering is built into the one time, up front price of $0.55 per GH.

Oh my...  Explains a few things.

Not sure what the emphasis is supposed to represent, but I'm using 'We' as in the Havelock team plus myself, as the Manager. Let me know if you have any other questions and I'll be happy to answer them.

What is the daily maintenance and/or electricity fee?  I don't see any mention of it, unless I missed it.

Right.  I'm sure everything will work out just fine.
'Far as questions: you still in touch with ABitInterested?  XXX Profits (https://bitcointalk.org/index.php?topic=367560.msg10557401#msg10557401) still tossin' lettuce?  Appliance Store (https://bitcointalk.org/index.php?topic=615885.msg9429107#msg9429107) still applying itself, matt?

https://pbs.twimg.com/profile_images/548632289086017537/3fzizaSj.jpeg

Mr. Cale, you have such a great knowledge of this subforum's history for being such a new user - I see you just registered this morning!  ;D

While I was not directly involved in either of those ventures (nor was Havelock), I had a hand in verifying that the proprietor of that site did in fact own the site and I held his real name in confidence. I have since learned not to 'stick my neck out' for anything or anyone that I'm not directly involved in. I did provide the contact name and information for that proprietor to all shareholders of that operation and I did, myself, lose some BTC to that particular failed investment.

I have operated BDD continuously (besides the 2 week interim between Rounds) since January 2014 and have been on the forums since June 2013. I'm even required to make a post here daily for BDD (https://bitcointalk.org/index.php?topic=430137.0), so I think that my continued daily presence here, and my track record of holding a significant amount of BTC for BDD (via Havelock escrow) speaks for itself.

Mr. Twentyseventy, surely you're savvy enough to know that not all is at it appears here, on Bitcointalk?  You didn't think that Mr. ABitInterested happened to chance upon this forum, just like this:


But you overestimate me, Mr. Twentysevety, I don't know as much as you give me credit for.  For instance, I'm a bit confused as to why you've failed to release Mr. ABitInterested's dox, as you have promised to do. He clearly took you for a ride with the rest of his investors, so I'm a bit taken aback by this.
This is a perfect opportunity for you to teach me something I do not know :)