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The only way that bet could be fair is if he disclosed the supposed addresses where said coins were mined to make zenpool profitable. In which case he cannot because zenpools payouts are not based on mining coins. This whole "bet" is ridiculous when you consider zenpool payouts are just numbers not based on mining.
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I am talking about this
"0-9 2500 OPTI (Pre-Mine)"
It has to be "0-9 25000 OPTI (Pre-Mine)"
There were 10 blocks, each containing 2500 coins for the pre-mine. |
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No official BITMAIN email or public statement has been made about any claimed 5PH purchase. Anyone can create a Bitmain account on the HT forums and say anything.
The pictures referenced are not new or representative of the power GAW/Zen would need to facilitate even a fraction of what GAW/Zen is claiming.
Believe whatever you want, just don't say you were never warned.
No actually Bitmain confirmed from their official account. https://bitcointalk.org/index.php?topic=827552.msg9378239#msg9378239 |
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New post from Mr. Josh Garza CEO.
"Hello,
I have seen a few post asking about our coin being able to be used at larger merchants. Everything is still on track. I have had to change my wording as to not create issues with the MNDAs we have in place.
Short summary: We said a few things before they were ready for folks to hear it. A few reddit users took this information and started calling in to them. This spooked a few of them, which then put our relationships at risk (to the point an hour long phone call from me was required to fix things). Obviously this is the last thing we want.
I will do my best to provide you the information your asking for, but like my recent "chicken and egg" post just said, its difficult to keep everyone happy at once. So, if you not sure, or don't know what to do. Then just wait. Don't invest in to anything you don't understand or believe in. Our feelings will not be hurt :grinning:"
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*face palm through desk* I live in fucking SF too. Wtf is my deal. Just looked like a homo to the whole BTC community... o well  I always suspected that about you bac (not that theres anything wrong with that).  |
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In the forum ad (quoted above) I see "Never obsolete" and "Always profitable". How can that be? If the difficulty continues to rise, all existing hardware will become unprofitable and hence obsolete. How do GAW ensure that this never happens?
Well for one thing, Hashlets are not specifically tied into one type of hardware. They are interchangeable with new tech AFAIK. "Always profitable" could even mean that a 100 MH Hashlet makes $0.01 profit from mining 1 week after fees. Profit is what you get when you subtract income from expenses. If the total income is smaller than the initial cost, there's no profit, right? So "always profitable" would be more accurately expressed as "always getting closer to being profitable, but probably never reaching it"? If the old hardware never mines enough to cover its initial costs, how are they going to afford to buy new hardware to replace it with without charging existing customers more? Do they use money from new customers to pay out the older customers? "Never obsolete" isn't possible in Bitcoin mining, not without spending a whole lot of money to keep replacing old hardware with new. One thing I keep forgetting is that the hashlets are not physical. They do not really exsist. When you buy a 1 MH Prime hashlet it is not real hardware. It is more a share of the income that GAW makes from their supposed whole operation(mining coins, renting out hash power, day-trading of the coins that were mined, and so on). At least this is the one of the explanations that the CEO has given as to why the zenpool(GAWS pool) can be so profitable.
They should stop using that line. It makes them look dumb.
I understand that there's power in using hyperbole in advertising to get more business. But for something like Bitcoin mining where presumably your target market is tech savvy, doesn't this just turn people off?
There is an overwhelming majority of kids and people new to Bitcoin on GAW's forums. I think this is more their target market. Most people that have been around Bitcoin for more than a few months would see too many red flags. |
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I have been a customer of GAW since April. I may be able to help answer some of these questions. I have recently sold of 98% of my GAW Hashlets for a nice profit that recovered most if not all of the $1000s that I lost buying physical Hardware from them. I do not like the direction the company is going, so I started working on my exit last month. In the forum ad (quoted above) I see "Never obsolete" and "Always profitable". How can that be? If the difficulty continues to rise, all existing hardware will become unprofitable and hence obsolete. How do GAW ensure that this never happens?
Well for one thing, Hashlets are not specifically tied into one type of hardware. They are interchangeable with new tech AFAIK. "Always profitable" could even mean that a 100 MH Hashlet makes $0.01 profit from mining 1 week after fees. I would hope they have a few rolls of pennies lying around if it comes down to that. What does "no pool fees" mean, when their site clearly says that pool fees are built in to the price. If pool fees are 0%, why do they need building in anywhere?
The "maintenance fees" should not be confused with "pool fees". A lot of pools charge 1-2% of all the coins you mine as a fee. GAW charges a flat-rate of $0.08/MH for scrypt no matter what pool you mine at.And what's this about being the first DIGITAL cloud miner? Were all the previous ones analogue? Isn't all mining digital?
I think this is just a situation where Josh(CEO) was trying to sound more technical than he understood. This happens often at GAW. You should se the "white paper" for the new Gawcoin(Hashcoin). It is ridiculously filled with terms that make it seem more technical than it really is. Claims like this make the operation look scammy - but maybe I'm misunderstanding something. Have these points been addressed somewhere before?
We have a 218 page thread going about GAW. I think most questions have been brought up there, but I do not feel like sorting through them. https://bitcointalk.org/index.php?topic=720844.0 Edit: Final thoughts: I do not trust GAW. But there are a few things in their favor. - Bitmain confirmed GAW had purchased 5 Petahash of SHA-256 miners the other day.
- Stuart Fraser from Cantor Fitzgerald(a large Bond Trading Platform), is more than likely silent partner in GAW
- Josh Garza has his face on everything related to GAW and he lives in the United States. With so many different people yelling "Ponzi" from the start, he would have to be one of the dumbest criminals in the world to have his face attached to it.
However, there are many more red-flags than not. It is an interesting situation to say the least. |
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"our Prime Hashlets are not just dumbfuck miner toys with a daily payback. They’re going to control the entire HashCoin blockchain. Yes. They will control every transaction. Read this paragraph again, just to be sure you understand every word. "
So, let me get this straight, GAW sells Hashlet Prime, creates HashCoin, then the Primes 'control' the whole blockchain? Yeah, ok.
I think this just boils down to the fact that Josh does not understand how Blockchains or Cryptos work. He has contradicted himself numerous times about this. |
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All is well in the land
Hello all,
Since I have not bean around in a while, I thought I would pop by and say Hi. For the last few days, I have been meeting with one of the following people (every few hours):
Developers
Lawyers
Merchants
Partners
VCs/Investors
Media outlets
Everything is going "more then well". I can confirm that you will see "HashCoin" in major media outlets by the end of this year. We are also buying a few last companies for a few added surprises :grinning:
Follow me on twitter, I tend to leave clues here :grinning:
Oh good...Josh bought more companies. Also, he has the worst spelling/grammar for anyone in his position that I have ever encountered. |
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....................when a hacker takes their coins and destroys their database or some other nonsense. It's coming.
They already lost a whole bunch of coin when the Hashlet codes were giving 5x the hashrate and some people used the bug to cash out 100's of BTC. Coincidentally, this is right when zenpool payments tanked................. |
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I really don't know what to think anymore.
I know I was an early supporter of GAW and probably argued with many of you here, and I am sorry for that. I am starting to question my choices. I may have been wrong about them.
Something just does not seem right here. I am being extra cautious and working on unloading my hashlet holdings.
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anything wrong with offering 1.56% house edge? (higher than 1%, but lower than satoshi dice's 1.9%.) and matching kelly.
No, but why would anyone play your 1.56% edge game when there are reputable 1% edge games available? Almost nobody plays satoshidice any more, because they don't want to pay double the house edge of the other games. Why put yourself at a disadvantage? TBH, I do not think the majority of gamblers even know what a "house edge" is. I have friends that still think slot machines at our Indian Casino are beatable. |
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I love playing with PLINKO!! Will try it soon!
SMH |
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Very nice ANN thread. If this coin does not work out for you, maybe you should try to offer ANN design for other users for a small fee.
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10% premine? GTFO and please do not come back.
10% premine is for bounties and promotions LOL Wallet Windows - 20000 OCC Wallet MAC - 20000 OCC Wallet Android - 20000 OCC Faucet - 5000 OCC Block Explorer - 5000 OCC Translations - 1000 OCC Pools - 1000 OCC The guy that compiles windows wallet(you) gets 100 blocks worth of coins? same with MAC and Android? Seems like a good way to pocket a premine post fake bounties that get paid out to yourself. Even if this is not the case these bounties are outrageous and will be the reason your coin fails if you do not change it. Also the bounties only add up to 7.2%....What happens to the other 2.8%? |
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well, thats strange...since 1Ninja was the cold wallet address, the "hacker scenario" does not make any sense. if someone had access to the cold wallet, why would he only take parts of it?
The discrepancy with the amount of funds in cold wallet is what was possibly the final straw causing dmf to run. He was being questioned(even in this thread) about it. The way I remember it he said that they no longer kept all the funds in the 1Ninja because coinbase had tagged it as a gamble address.... |
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