LOL, how old are you?




https://bitcointalk.org/index.php?topic=1292870.msg13870374

A lakh is 100,000 Indian rupees, so Rs 8 lakh=800,000 is about $12,000, 30 lakh $45,000.

Update on our friends from BitClub Network, those altruists who have taken it on their shoulders to mainstream Bitcoin.


"Mainstream" as in sell contracts in their MLM to anyone who will listen, as the way to riches, Bentleys and early retirement.
This is pretty much second nature to these guys, a cross between the Dirty Dozen and the Sopranos, with a wealth of experience at selling Ponzis, "Great new food/drink opportunites" and other MLMs for years. (Joby [life hack] Weeks's the one with veneered teeth.)

Anyway, today's progress report features a "webinar", an interesting genre of internet communication, usually consisting of a hard sell of screenshots voiced over with a rough script.
This one's no different, presented by Russ Medlin on the subject of Clubcoin, BitClub's PoS future path to riches.
Russ is one of the Dirty Dozen, a larger than life Vegas motormouth poker player with a history of failed ponzis and MLM pumps. Sort of Telly Savalas character.
(You have to be very careful Googling Russ Medlin, as there's another one, very similar looking, with form for CP and stuff)




Here, he explains, in a mix of obsession with details "You gotta make sure your clock is right, you gotta..." and a classic extrapolation fantasy where he expects that Clubcoin will, because discounts on pizza, hit a market cap of


Here ya go, knock yourself out, you can register with a throwaway. I suggest limiting yourself to about 5 minute segments, any longer you may find disorientation setting in.

https://attendee.gotowebinar.com/recording/2200090154334116865


While Clubcoin is taking over the world, BitClub Pool has ~doubled its hash power since Jan 22 and is now hitting 22 PH/s.

Things are a bit volatile at the moment in hashrateland, as big players seem to be positioning themselves for the halving with the other eye on the imminent arrival of 16nm gear, but this equates to about 2.5% of total hash power. (Despite certain shills claiming 6% and pumpers claiming 10/15% 'soon').

That's a lot of hash power; all that is clear is that it is going thru the free of fees BCPpool, it certainly doesn't mean that all of it is being done in the interests of BCN mining contract purchasers.
As I pointed out in a previous post, the majority of blocks found recently by BCPool have been in the name of recognizable third parties: hashangel, btcbilly, holyscott, stevenbtc and so on. Block discovery by bitclub referenced mining has been steadily declining, despite appearances.
 
There is no direct benefit whatsoever to BitClub Network investors from this activity, it is purely padding for stats to look far more impressive than they really are, to someone who doesn't know what they're looking at (i.e. the majority of BCN's MLM recruited 'investors').
BitClub Pool hash rate is not BitClub Network hash rate.
The latest increase has coincided with blocks being attributed to "bitclubfury940" for the first time. What this means I know not, although I could hazard a guess.
Even if this additional hashing were being done on investors' behalf, a stat from Russ's webinar comes to mind: BCN are now claiming 40,000 subscribers: at a conservative average of $1500 each, that's $60 million in investment to be serviced.
 
When you think that most (probably 60% historically) of that $60m never got a chance to actually be put to work to earn its living, it just gets poured into the matrix and split up amongst the Dirty Dozen and friends, the huge funding gap previously referenced continues to grow, roughly proportional to the volume of the shilling.

A few things seem to be pointing towards a climax coming up:
The pumping of Clubcon
The "great things happening soon" volume increase
The reduction in BCN payout period from 100 to 60 days (and subsequent FOMO increase in punters)
The increase in "hater" abuse from BCN pumpers
The likely short term lease of extra hash power, similar goal to the Chinese pre NY increase, to max out the next few months till the halving?

And that's when they are in danger of the shit hitting the fan, the halving.
Too small to ride out a possible fall in BTC value, they may have low electric cost for whatever they may mine in Iceland, but they have the huge MLM overhead to service instead.
Fail.

You think that's crazy.....

Here's fat Vegas hustler/poker player/ponzi pumper/Bitclub Networker Russ Medlin ELI5ing why ClubCoin is on its way to a $25 billion market cap

https://attendee.gotowebinar.com/recording/2200090154334116865

A throwaway is ok.
I could only listen for a few minutes at a time. Imagine getting trapped in the elevator with this guy......

Hi.
None of those three sources of income are particularly stable, how can you offer a fixed payout with variable income?

What do you mean by "trading"?
What cloudminers do you use?
Where do you lend?

Your screen shots are worthless as proof of anything, as is your free weebly site. How much did your 2000+ FB likes cost?

Love it 

You're in France right? How much do you pay for your electricity?

Hi punin, thanks for your engagement here.

Just to be totally clear, you are saying that, at this point in time, there are no machines anywhere hashing with your new chip?

It's just that if I were Bitfury (lol I wish) and I had a killer like this chip so far advanced as to be at a stage where third parties will be producing miners incorporating it within a matter of weeks...well, I'd be highly tempted to be using it myself already.
Y'know, just for testing purposes....
I can't help noticing that your share of total hash power increased sharply recently too.

You're supposed to delete old bumps.

Not that I am interested in buying this item, but I was just wondering where the value of BTC10 is, I can only add up about $500 in costs.

This isn't your average scam coin.
It has its origins in the BitClub Network MLM. As they get more and more overextended in making investment repayments (I'd estimate that of every dollar of new sucker money they take in, about 60 cents goes straight into the matrix structure) I'd think they will push this coin as a substitute 'return' on $/BTC investments, hence the need to establish a "value" for it asap..

LOL, all the beggars coming out of the woodwork now this PoS is entering pump phase.

Onecoin has been looked at in Sweden by the Swedish Gaming Board and they have categorized it as “a chain letter game or similar”, which is the law under which pyramid schemes are controlled there.
They've referred it to the police and .........?

http://www.lotteriinspektionen.se/sv/Press/Nyheter/OneCoins-verksamhet-polisanmalt-for-misstankt-brott-mot-lotterilagen/

People who run international scams like Onecoin and MMM factor in the bureaucratic reticence about getting involved in lengthy, expensive investigations and proceedings against them, and exploit it fully.
Also, they know that different countries have different definitions about pyramids and ponzis, some countries have none at all and apply caveat emptor reasoning.


Easier said than done. All you can do is counter their bullshit as best you can, and usually get abuse for it.
In a greedy world, people aren't interested in constructive investment, they just want money and they want it now. They convince themselves that it's legit (if they care) and sustainable (or, if it obviously isn't, that they'll get out before it collapses).

OK, gotcha, that was my impression too.

Next time you speak to their friendly support, it would be interesting to get their spin on their further plagiarism of pictures of the out-of-production cooling system supposedly being of their own new miners....

I read the entire post.
You gave two google links and two thumbnails, the same images as those links. Generic pictures, containing absolutely no proof that they have anything to do with these people.
That's supposed to be proof of what?

This Bitcoin Club is a pure MLM: no product, no business, no profit generation.
Give iskren (totally real name) $50 and the only way you can get it back is to get two suckers to do the same.
Then the two new suckers have to find four new suckers....that's it.
And so it goes on, till it doesn't.

But iskren here is laughing, all those $50's for nothing. Absolutely nothing.

Errr....ok.

So the two thumbnails are what they sent you, presumably saying that they are photographs of their miners in their datacenter, presumably in Iceland or Norway as they advertise?
Have I got that right?

 

Ah, I see now, I hadn't noticed that second picture on their S5 page.
So the deal is you buy the S5 for £299 in their Chinese "warehouse" ready to mine at a "fixed electricity price and maintenance fee of 0.063 GBP per kWh." (subject to T&C's), or shipped to you free, same day delivery in the UK....ok...
Anyway, at least it's a picture of an S5, whether or not you want to buy a miner that you never see is up to you. Does it send you letters I wonder, from time to time, like those "Sponsor an Orphan" deals?
I was more interested in home made stuff in Iceland really....

Thanks for that input. 

Actually, you may be able to help in your self proclaimed position as a "SEO Expert & Online Marketer".
Looking at my post on the previous page regarding their online presence and poor attempts at credible feedback, what would your impression be of an outfit that behaved like that?
This is not an invite for you to offer your no doubt excellent services at a very reasonable price. 

As said above, it's ok by forum rules under certain conditions.
One the other hand, it depends on what you are promoting for your dust.
If it's an obvious scam, then you risk getting grief from self righteous assholes like me, who believe that shilling for and promoting shit is complicity in it.
 

Anyone who puts serious money into hardware with the 16nm arms race going on and halving just round the corner is asking for trouble.