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Did I miss the answer to how the million dollars worth of gems was going to increase with the number of coins via POS/POW?
Unless the pile of gems grows at the same rate as the coin, it can't work. Even if it somehow can, what will the developers do with the coins that they receive in exchange for the gems? They say they are going to list them at 20% over spot, but what if no one buys them? There is going to be constant sell pressure from the ICO investors and other coin holders.
Why are people going to buy the gems listed at 20% higher when there are cheaper coins out there, and how will the devs replenish the gem supply if no one is buying their coins?
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Why are people so attracted premine? Do they think that the creators of the new coins which drew 90% of its capital will maintain its value. Developers will always be beneficial to organize a big advertising campaign and then sell your premine and come up with a story about a hacker attack or hacking into their servers. After that they disappear with the money of investors and create new coin. That is exactly what happened to paycoin. Now these guys appeared under a new name BitStone https://bitcointalk.org/index.php?topic=1088486.0 This one at least has the excuse that some people were pushed into paycoin because the hashlet ponzi failed. These other copycats are just idiots who don't realize why paycoin failed or scumbags who know exactly why and are trying to copy it and get theirs. |
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why are people still playing along with the team xpy xpy trust btc lend bullshit?
Aren't all of them just the same shitheads that worked for GAW, did nothing, and NOW will fix everything?
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How will the gem supply keep pace with the increased coin supply that will come from staking?
What will you do with the coins after someone buys gems from you?
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That's awfully generous of them to hold someone's coins, take them for some obscene %, dump all along the way, and give back 35% after 90 days. I better give them all my coins.
It's 35% APR, so less than 10% after 90 days. Awesome deal.  I have 0 faith they can correctly do the math for apr (or anything). that's how we got 3500% stake rates and still need to manually scrape the interest out of the wallets (except for all the times they forget). |
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That's awfully generous of them to hold someone's coins, take them for some obscene %, dump all along the way, and give back 35% after 90 days. I better give them all my coins.
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Last I heard of them they couldn't answer any of my questions about whether people would be paying for hardware they already owned or for hardware still to be purchased, how payouts could start immediately if the latter, how payouts will continue forever if the former, or if their VIP scheme would run afoul of any securities laws, so I just assumed they were a scam like every other cloud mining operation.
Valid questions indeed, I know they purchased hardware in the mean time but not sure where the original funds in my account was coming from oO How many steps does it take to get from you to their creation in the blockchain. if the answer is a long time, they aren't mining. |
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Last I heard of them they couldn't answer any of my questions about whether people would be paying for hardware they already owned or for hardware still to be purchased, how payouts could start immediately if the latter, how payouts will continue forever if the former, or if their VIP scheme would run afoul of any securities laws, so I just assumed they were a scam like every other cloud mining operation.
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I finally received my small btc withdrawal after 27 days. I'm concerned for the rest of my coins they hold but I don't wanna even try and withdrawal the rest of my coins while that bloody splashscreen is still there warning me of their 6 week long wallet upgrade....
I would start the process now. What legitimate reason could there be for them to not send you back your coins if they still have them? If you wait they will run out of coins and you will be more fucked. |
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Well if the person making the purchase for you is using false information, the only person they have information on is you, the person who received the product and didn't pay anything (as far as amazon is concerned) what do you think would happen?
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I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?
The same reason ASIC manufacturers selling ASIC rather than mining for themselve. This is called risk mitigation. I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.The same trick that Cex.IO, AM hash played on us. The only difference is Cex.IO closed down legitimately as the people behind them are known, while AM hash vanished in the thin air. Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.
I did make profit on www.CloudMining.website. Ref: https://bitcointalk.org/index.php?topic=852857.0. Also a third party mining monitor CMmonitor.com reported ROI with www.CloudMining.website within ~114 days. For me, it took ~125 days.  Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).
That is true. Everyone can not take the risk of a big investment. Plus everyone do not have the opportunity of free/dirt cheap electricity. Nobody cares that a third party turned $3 worth of bitcoin into $2 in 114 days, stop posting that shit. |
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Spending that money was an investment.
How many rubes saw that shitshow that was the Miami conference and piled more money into his pocket? Didn't a major part of the operation fail that weekend but idiots pointed to the private jet and bodyguards and spotlight as signs that everything was going to work out and a green light to hand more money over?
Only if you neglect the fact that the money has to come from somewhere. I'm a bit lazy to go quote myself but my first question was "who's paying for this?" since 2 body guards might cost around $500 an hour so if the only income is from selling Coins and you have big costs on meaningless stuff like body guards, high end hotels and private jets, you then need to sell more Coins to pay for it and as a result would drop the market. Dropping the market doesn't matter if you have a near infinite supply of Coins coming in when it's just you getting 350% compounding but for everyone else getting 5% it makes it impossible to achieve any profit if the market drops 30% and then that exaggerates the decline because people will panic and sell at a loss. You are forgetting that GAW didn't pay a cent for their coins, they created them with a snap of their finger. They also had all the money from hashlets/maintenance fees and other things that didn't exist. The price should have crashed from day 1, but Josh's empty promises and spending this money caused idiots to keep buying. |
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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. |
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I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves? I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs. Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment. Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5). Any insight would be greatly appreciated. Thanks!  You are asking the right questions. Why would people rent out the miners if they were profitable? how could it be a smart move for the cloud mining company and the user? They are passing off all of the risk to you, and even if you make the right end of that bet, and difficulty stops increasing and the miners are profitable, they can fuck you over because they have your money, the miner you paid for, and the coins that were mined. Why are you interested in mining at all? If the answer is get coins, why not just buy coins? I don't think these cloud mining operations (legit or scamtastic) really support any of the other reasons for mining, so just bite the bullet and buy hardware. If for some reason you still want to do cloud mining. Make them show you evidence that they are actually mining (because all the ponzi ones will run out of money eventually). They should have an address that has freshly mined coins, and they should pay those to you. They should be able to show you pictures and video of the miners running. The payouts should match reality. pool luck, difficulty changes, hardware breaking down, being replaced, being upgraded should make it so that the payouts are not really consistent. |
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Rep had nothing to do with it, people being idiots and greedy had everything to do with it.
I hear a lot on this thread about being greedy, but there's a big difference between greed and desperation, between stupidity and hope. I recently got into a situation where my ability to gain $30,000 (on top of my normal salary) over the next couple of months will in many ways dictate the future of my family. I can see why people who are in situations like that and who have slim prospects for making the cash they need, put their trust in Paycoin. It's not because they thought it would work, but because they had a need, and Paycoin was their last, best long-shot hope. I feel for people who have been taken by Garza because I don't think that most of them are greedy. I think they were in need and were out of options. 30k would be great. If someone says give me 6k today and I'll give you 30k tomorrow (which is what happened here. It came down to, "we will give you $20 per coin tomorrow) the only way you say yes to that is some sort of combo of greed and stupidity. Hope is buying a lotto ticket, greed is believing the guy who says he's going to give you 24k for no reason. |
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Spending that money was an investment.
How many rubes saw that shitshow that was the Miami conference and piled more money into his pocket? Didn't a major part of the operation fail that weekend but idiots pointed to the private jet and bodyguards and spotlight as signs that everything was going to work out and a green light to hand more money over?
 P.S: When exactly is the Hashtaker XPY repatriation to commence? Midnight UTC? Or will it be delayed as long as possible? Any idea how the 2FA lockout is going to affect how many people will be able to receive their Paycoins? I'm still not sure they'll be released. For them to be released there would have to be some automated system set up to release them automatically, and i doubt anyone there is smart enough to have done that (definitely not smart enough to have it go off without a hitch) or whichever scumbag "stole" them from GAW has to release them manually, and why would they do that? |
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People fell for XPY because Josh is a con man and conned everyone. Its not hard to do if you build a rep for being trustworthy. Rep had nothing to do with it, people being idiots and greedy had everything to do with it. Any rep he had was gone to people with functioning brains by the time they even came up with xpy because the "never obsolete" hashlets became obsolete. Even if we disregard that, the "$4" to $20 plan never made a lick of sense. Anyone who thought about it for more than half a second knew it wouldn't work, because it couldn't work. |
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Spending that money was an investment.
How many rubes saw that shitshow that was the Miami conference and piled more money into his pocket? Didn't a major part of the operation fail that weekend but idiots pointed to the private jet and bodyguards and spotlight as signs that everything was going to work out and a green light to hand more money over?
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Hi guys, recently I just got to know about bitcoin cloud mining. And I'm pretty interested. Do you guys know any sites or place still good for cloud mining? Is bitcoin mining still worth it? or should I go find something else to do. Please have your opinions for me. Thanks  First of all, you need to understand why cloud mining ? For countries, where electricity is costly, mining is not suitable. Hence some firms have set up huge mining firms at places where electricity is dirt cheap and allow us to rent hash power. One of the must thing you need to see before chosing a cloud mining firm is how long they are paying. I mine at www.cloudmining.website and they are paying for last seven months now. You dont need to trust my word for that. Check their payment proof on blockchain: www.cloudmining.website/payments.php. Apart from that ROI is another factor. Many mining firms show/imitate mining equipments to gain customer confidence. But, their prices are such that, with rising difficulty you wont ever ROI. With www.cloudmining.website, it is verified by third party to have ROI within ~114 days...  So, be rational before you chose to invest and always start trying out with small amount and rank up slowly... Yes, be rational and give all your money to cloudmining.website because some guy got a roi on his $3 investment in 114 days. |
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Hi guys, recently I just got to know about bitcoin cloud mining. And I'm pretty interested. Do you guys know any sites or place still good for cloud mining? Is bitcoin mining still worth it? or should I go find something else to do. Please have your opinions for me. Thanks This time genesis Mining is good to try, i see more review about it http://www.coindesk.com/spondoolies-tech-genesis-team-new-cloud-mining-service/but im not know how long Cloudmining can run , after BitcoinCloudservice where he member silver of bitcoin foundation collapse im not trust Cloudmining again Silver member of bitcoin foundation only means that they gave the bitcoin foundation a certain amount of (probably your) money. |
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