SCRYPT.CC DOWN INDEFINITELY

[DigitalDayTraders]

Popular cloud hashing service www.SCRYPT.cc is down citing irregularities found in their contract's by auditors. No exact time frame is given although the web admin expects it to be handled within 72 hours.

Until then, all services are halted indefinitely.

Hello Users,

Today (11/05/2015) the electricity of our data center hosting our ASICs was shutoff halting our mining operations temporarily. According to our provider, there are irregularities in our contracts that were found during an audit.

We have our lawyers on the case looking to resolve the issue as soon as possible.

While the lawyers do their thing, our hands are tied leaving us not much to do but wait. The provider isn't breaking any laws yet, law says they have 72 hours to reestablish the energy.

We will keep you updated.

https://i.imgur.com/4HIW0mO.png

[devlux]

Well I made a deposit of 1 BTC just a few minutes before the announce.
https://blockchain.info/tx/ff7b0523e2f197c5b5e4095cc056939c246f09d460700e2c475663949105f1d5

Took a bit, but eventually it credited.  I immediately put in a withdrawal request and it looked like it worked.  Only time will tell if I get ever actually get my coin back.  But here's hoping!

Will update here if/when it does.

[hdmediaservices]

LOL  - This is silly.

[MRKLYE]

Well, atleast as stated above they are honouring deposits and withdrawls and paying people out..

I wonder the true reasoning behind this seems like a cop-out to me.
Was this site ever proven to own hardware or was it an elaborate ponzi based theme?

[hdmediaservices]

I don't think Devlux stated that he got his coin back.

[MRKLYE]

I don't think Devlux stated that he got his coin back.

Ahh, Going back and re-reading that it appears you are correct. That really sucks.
I hope not to many people got scammed by this site but I'm thinking they likely did.
Please be carefull folks about investing in sites like these.

[DigitalDayTraders]

I've been looking for a Terms of Service page to see what implications downtime like this might have on the users currency and hashing power. When an auditor visit ends up with your business no longer providing service to it's customers, there is something very wrong. A team of lawyers already dispatched and a 72 hour time frame to ease the amount of e-mails and tweets they'll receive.

I think this is a big problem and 72 hours is wishful thinking to be up and running. Obviously I could be very wrong since the given information is limited and relatively nondescript, but like I said, auditors taking your business down? They do screw up, but more often then not it's the company being audited that's screwed up.

Anyone with some knowledge of business law or with any relative information, please don't hesitate to chime in. So, can anyone link me to a ToS of scrypt.cc?

Edit: I am really curious to read through the ToS because it's times like these where companies can pull some shady business moves such as... lock all BTC addresses and withdraw all funds to another account and close it's curtains to the public.

[Starin]

I've been looking for a Terms of Service page to see what implications downtime like this might have on the users currency and hashing power. When an auditor visit ends up with your business no longer providing service to it's customers, there is something very wrong. A team of lawyers already dispatched and a 72 hour time frame to ease the amount of e-mails and tweets they'll receive.

I think this is a big problem and 72 hours is wishful thinking to be up and running. Obviously I could be very wrong since the given information is limited and relatively nondescript, but like I said, auditors taking your business down? They do screw up, but more often then not it's the company being audited that's screwed up.

Anyone with some knowledge of business law or with any relative information, please don't hesitate to chime in. So, can anyone link me to a ToS of scrypt.cc?

Edit: I am really curious to read through the ToS because it's times like these where companies can pull some shady business moves such as... lock all BTC and cease distributing BTC and offering hash rates for sale.

Someone from Brazil can only help in terms of law.

[DigitalDayTraders]

Feel free to keep an eye on what presumably is their main BTC fund address...

http://btc.blockr.io/address/info/14G9oW4yTpr1kR13YdZYuXbrXUgECcJ4s3

[MaineGuru]

Scrypt.cc has been a good profit maker if you paid attention and got out when the getting was good. It may return and continue to be a high-risk, high-reward site. Whether it is a true ASIC-based mining site is another story altogether - doubtful at best. There are some clues for anyone who paid attention.

1. The history of purchase and sale of hash rate disappears rather quickly from the dashboard section. Your transactions are no longer visible for these sections after only a week or so. Only the deposits and withdrawals are still shown. Fortunately in my case, I came out about 0.03 ahead after playing with about half a bitcoin worth of hash rate for about two weeks, mostly from the buying and selling on the rate changes.
2. The downtime scenario that they have described is unlikely but possible, and they have a pretty sketchy history. Just look at the forums from last year.
3. When buying or selling hash rate, there was always a big wall that was kept in place - a million or so KHS - that never bought or sold but just kept moving with the price. Transactions were typically in the one to one thousand KHS range. This was an obvious sign of the manipulation of price by the site. The price swings were rather steady, but could go either way for a few days at a time and then reverse.
4. The promise of a 60-day ROI should have been a big red flag to anyone who has watched the industry at all.

I had bought as low as 0.00001001 and sold as high as 0.00001265 over a two week period. Luckily for me, I happened to buy in low on my first purchase, just before it rose. Then I sold high, just before it went back down. I got back in and repeated that process one more time, and was watching for a third attempt when this happened. It looks like prices are pretty low right now if anyone wants to really roll the dice...I'm sure there are lots of people willing to sell for any amount they can get.

Like PBMining, or GAW or any of the other long term scams out there in this arena, there was money to be made by timing it right. However, that still leaves us with the old wisdom that if it seems too good to be true, it probably isn't true. Caveat Emptor...just buy some Bitcoin if you want some Bitcoin - it is much, much cheaper that way and the scams are not as prevalent. Just use one of the major exchanges and get your bitcoin out as soon as you buy it. Keep it in a local wallet on a computer, and make a backup of the wallet and keep that in a safe place. Do not trust anyone else with your coin.

[Flep182]

It's weird they're still payout out balances/withdrawals. That does not compute.

[MaineGuru]

Scrypt.cc is once again hashing and paying out for mining. It appears to be a lesser amount than previously paid for the same hash rate, but that is probably more realistic and may lead to a longer lasting experience.

[BitcoinWillSaveUs]

For those who were away for the last two weeks, you probably heard many rumors about Scrypt.cc.
About two weeks ago, the electric company shut down power to the miners after reviewing the contract. He was paying extremely cheap power. So that is how we could get about 60 days return of investment. I was an incredible deal. Khs were sold about 0.00001000 to 0.00001200 btc, and everybody who had money invested profited well. Now when the power was cut, there was a huge panic sell and prices per khs dropped down to 0.00000600 btc some even got 0.00000450 btc per khs. Confident people bought all they could. They had the best deal ever. Those prices are now going back up as the admin moved the farm 500 km to get a new deal with another power company. He selected a safer contract that costs a little bit more, but will not shut down unexpectedly. Power is back now, and people are mining and trading again.
Today the admin signed a contract with the new power company setting the price 60% lower than it is. It will start june 1st.
The price of khs is around 850 satoshis now, and is going up fast as everybody is buying. Yesterday was 750, the day before was 700. Basically, today,you double you btc in 130 days on this site, not bad.
But it's going to value almost double starting june 1st, because electricity will cost 60% less.
Around 60 days to double your investment is the best deal i could mind so far.
That means it's the right time to buy, because we expect the price to go back to 1200 or 1400 satoshis per khs, and it is still a bargain at 850! June 1st will be a good day for those who invested. Check out their chat to verify what i am saying before you buy, admin is there and is really open and transparent. He shows up in Red in the chat. I have even more confidence in this site now that i saw how admin handles a crisis.

In my opinion, we will not see good prices like this again after june 1st!

https://scrypt.cc?ref=balC7

[hdmediaservices]

LOL - glad you got your referral code in there.

Does anyone really believe this?

[centauribit]

That whole story sucks,  I had a similar negative experience with them

[Flep182]

Looking at the buy/sell history it looks like part of my buys are not in the list, but sells are. So I'm considering lowering my current "sell" bids so that with a quick spike I'll go out there, since there isn't much to be proven when their website doesn't show the sales. I'd jump out with only a little profit, mainly because my initial buy was at 1050 satoshi, so I'd lose 200 on those atm.

[joseluislopez79]

what will happen to my investment on scrypt.cc if i cant open the site?

[hroub]

Does anyone know of any planned or ongoing legal actions against scrypt.cc, that victims of this can join?