The Newbie Endorsement, quite an effective litmus test of anything crypto related.

It's pretty easy to check the boxes yourself

1) No public mining address / no user selectable pool.
A cloud mining company that wont let you direct the hashrate to your pool of choosing and cant prove its actually mining bitcoins itself, is very likely a scam. There is no reason to hide mining address or not sign blocks. None.

FAIL

2) No endorsement from any asic vendor
Asic vendors will gladly make a simple post to show the company in question is a significant customer of theirs. Its free advertisement for them and it helps their customer grow their business, so there is absolutely no reason they wouldnt. If a (cloud) mining company cant get any asic vendor to post such endorsement, you should assume they dont have any hardware to mine with.

FAIL

3) No relevant pictures of their hardware and datacenter
There is no reason not to provide such pictures, except of course, if there is nothing to take pictures off. Mind you: pictures can be faked. Picture dont prove current ownership. So like all criteria listed here, by themselves they are by far insufficient proof.

PASS

4) Open ended IPO / fractional reverse mining risk
Unless the cloud mining is operated by the asic vendor himself, you can not sell an unlimited amount of hashrate. Hardware takes (usually a long) time to order, arrive and deploy. Any company that doesnt limit sales or make public how much hashrate they sold vs what they have (provably) deployed should be considered  suspicious.

FAIL

5) Referral programs and social networking
Referral programs, especially ones that pay almost 10%, are a huge red flag. The mining market is cut throat with razor thin margins. No real company can afford to pay 10% referrals on below market cloudmining prices. Referral programs almost always serve only to feed the ponzi and provide financial incentive to posters to lie about the true nature of the company. Never trust anyone with a referral link in their sig.

PASS/FAIL*

6) Anonymous operators
If the operators are hiding behind whoisguard, provide no provable identity and especially when, like in some cloudmining cases, they use demonstrably false ID or company registration information, you have to be nuts to trust them with your money.

PASS

7) No exit strategy
If you cant sell your position, you cant get your money out. Thats the ideal case for a ponzi and allows it to run for a  long time.

PASS¹

8 ) Bonus point for "guaranteed profit"

PASS


On the face of it then, they do pretty well.
*The pass/fail on this is because Dragon seem to have changed their structure since appearing to be a naked MLM product, as described here in June last year.

So that's the trees, what about the wood?
Things have changed a lot in the two years+ since Puppet started this thread. Difficulty and price have sky rocketed and as you full well know from Genesis discussions, the main question about cloud mining is the ratio of gross earnings to maintenance deductions, and whether a contract or agreement has any convertable value.

Dragon don't detail what their maintenance charge is (would probably be a good idea to add this to the list as question 9).
¹They do say that they offer the option to take delivery of your mining equipment. How this works if you buy a small contract is unclear. What would they deliver against a 540 Gh/s redemption?

Also since this thread started the MLM industry has discovered bitcoin mining. It's an ideal product for them in a lot of ways: they can baffle newbies with science, then offer to take care of all the difficult bits for you ("just give us your money"), payment in bitcoin allows them to hide, ROI's can be unofficially promised but never materialise, and they can just cancel contracts or make them unprofitable by adjusting 'costs' or terms without any legal comeback.

Dragon seems to be organized by a large South African based MLM operation with a pretty checkered track record.

Would I invest in a Dragon cloud mining contract?
I wouldn't piss on them if they were on fire.

Possibly, or it may be just that there is no interest whatsoever in this shitcoin with the marketcap of a secondhand car.

Gee, does that mean Dave Stacey will soon be able to buy more than a cappuccino and some tires for his truck (from other Capri affiliates, of course)?

 
This one? Is it November 2016 already?



That rings a bell....................

Forget about twitter and facebook, that is irrelevant. What about the important things to any successful coin?
Like clear and open communication and responses to straightforward questions and requests for clarification, like those made by me, drays and tempus?
Like a Whitepaper?
How can any coin, especially one with such a huge pre mine as this, be worth thinking about investing in at all, without a Whitepaper???

You are in the middle of asking the community for a large investment and you have just gone missing, Carlos Contreras, if that is your real name.....



That was ten days ago.


That was seventeen days ago.



That was nineteen days ago.


Like what? To do with what?


Wut?


No, how about coming onto your [ANN] thread, you know, this one here, the one where you are asking for $100,000 in donations??

Quango type organisations like CoC's are the worst for blindly passively endorsing all sorts of crap.
The responsible (sic) officer for this, John Quinn, has a job spec thus


translation: revenue driven middle manager who doesn't care, would happily print


if it hit his targets.

Indeed.
At previous difficulty of 392,963,262,344 1Th/s would have earned 0.0006399 according to Coinwarz (which I understand to be a PPS calculation), so maybe the real question re: OP's chart is why was PPS, at that old difficulty, showing at nearly 0.0008 in the first place?
My understanding is that PPLNS is more profitable than PPS, the reverse of what the chart indicated prior to the difficulty change.

So you reckon that if, according to the referenced one of their many "mock up graphics", you spent $100 at Groupon, then you would receive $8.40 worth of Procoin, whereas if you spent $100 at BestBuy you would receive $0.70 of Procoin and that there would be no difference as far as Pro themselves were concerned, because they would receive no discount from the retailer to pay for that giveaway?

Why do spends at the different retailers rate different cashback percentages then, why not just a standard % for all, or are these just random amounts?
I do know the answers to these questions actually, I'm just interested in what Mr. Contreras has to say.
If you have or are planning to 'donate' towards this ICO, then you should know the answers too.
If you don't, then you really shouldn't be playing these games.

No it doesn't make sense.

You are saying that you have Walmart, Best Buy, Priceline and Macy's (to name just a few) lined up and agreed in writing to use your (unfinished) app and rebate their/your customers?
But you can't say "yes" just yet............Well, it does make sense, but only to the extent that it means you are deliberately misleading would-be investors to give you money based on your claim that huge retailers are committed to use your (otherwise useless and generic) app.

Do you have any proof whatsoever that you have even been in two way communication with any of these businesses that you name?

Despite your Anglo sounding forum name, you appear to be using a translator. Buy a new one.

This ^^^^^^

This thread is unreal.
Mundane twattering about twitter and bounties, not a fucking word about the lack of white paper or anything of substance relating to this shitcoin.

You keep mentioning merchants.

 

Why do you keep mentioning Macey's?
Do you have some sort of Memorandum of Understanding with them that they will use you?
Or is it just an impressive name to bandy about?
Walmart? 2.8% rebate?
Groupon? 8.4% rebate?

And, with any due respect, who the fuck is Carlos Contreras anyway?


Based on the information currently available, mass stupidity is more accurate. But what else is new?

Quote for reference.
Whatever it means, I get the feeling there will be tears. And hookers and blow.

If you are going to set yourself up as some sort of definitive recorder of fact, then I suggest you start posting screenshots. Credibility and all that.

You could start with this transaction
where it sounds like you're saying that you converted ~$88k into BTC solely to pay for the Genesis contract.



When you wrote the above, you forgot to mention that


Did you buy another $88,000 worth of bitcoin between making those two posts, or had it just slipped your mind when you wrote the first one?

You haven't got any choice, he's got your money.
User name is appropriate.

As the difficulty increases, so a miner's BTC return on a given hashrate falls.
Bitcoin are being mined every day, but not more because of the difficulty change, still a block about every 10 minutes.

Bitcoin + .biz = scam usually.

Good luck on your adventure.
One thing I think is important is to not delude yourself (or others) about your actual profitability, which you seem to do here by mixing your fiat capital investment with your BTC payout.
The actual days on which you bought your contracts are not clear, but it seems you made the bulk of your purchase when the BTC price was around $915 (which it averaged from the 27/1 to the early hours of 31st).
Had you invested your $88k in bitcoin itself, then against your $1000 conversion, your ROI would be $8187 or 9.29%.
Of course, had bitcoin stayed at $915 then your Genesis contract would have been the better investment at the moment, returning 1.37%.

This is the crux of investing money in the Bitcoin environment: do you buy coin or buy cloud mining?
It's difficult to understand the reasoning behind buying a contract to mine something about which the investor is price bearish and if ROI payments are also made in a coin with declining fiat value, then the investment will suffer.
So if you're bullish about Bitcoin and its price, just buy it: cloudmining seems an unnecessary step.
Also, of course, your purchased bitcoin are instantly convertible back to fiat, your Genesis contract isn't, it's a cost and you're locked in.
Its ROI is purely dependent on Genesis and their calculations, their T&C's and their clear practice of reducing repayments over the contract period until dust or outright "unprofitable" voiding of it, which is what this thread is about.

Anyway good luck as I said, will look forward to seeing how it progresses.
 

There doesn't appear to be much wrong with the logic.


Let's think, something small and easily convertible into cash that has a recognized street value.....

Yes, that's right and the management of said MLM scheme seem to be in the process of falling out with one another big time.
As Oz puts it


The main Swisscoin landing site is now just affiliate login, whereas swisscoineu.com barely mentions any conventional altcoin subjects like roadmaps, innovations etc.
It is just full of lists of how much commission you can make by spreading the virus.
e.g.

Appealing narrative you're coming out with here...
In this looong extract on the subject, Ayre's name and "regular visits to Antigua" come up, as well as Mathews' assertion that Ayers was

Worth a read.

Yeah yeah yeah, very profound but not exactly a dynamic sales pitch, which is presumably why you posted bout this shit amazing oppertoonidy.
I ask again, what does this mean? You wrote it (or copypasta'd it), what does it mean?