BTC mining pool question

[roxane40]

I’m in a mining pool- rather I forwarded 10k BTC to a person, who I know pretty well, to invest in their mining pool. I have asked them to tell me how much is mine, how much is theirs, and how much total is invested, so I can track the progress of my gains- for example, if they have 4 BTC and I have 6 BTC, total 10BTC, then at the end of the month they tell me there’s now 12, I can say 60% of 12 is mine, or 7.2 BTC. Is this reasonable? Right now, they’re stalling and aren’t being active in telling me. I want to talk business and strategy, reinvesting and calculated withdrawals, but they’re aloof and disinterested. How do I tell them it’s necessary to know the standings ahead of time to guide investing process? In fact, I don’t really even know how it works and I want to find out more but they’re always distant and reluctant to talk for more than 5 or 10 minutes. How do I get their attention and say “hey. I need more information about this” without pissing them off?

[_act_]

You know the person very well? Hope it is not cloud mining? If it is cloud mining, know that the person can be scammed or the person want to scam you.

If you want to join a mining pool, make research on these pools https://www.stelareum.io/en/mining/pool.html

You will need to buy your own miner (ASICs) and you will need to have cheap and good electricity. There are many mining reward calculators that you can use online to know if mining bitcoin can be profitable for you.

If you calculate it and it will not be profitable is what you found out, that means you do not need to mine bitcoin. There are other ways to earn like to invest in bitcoin at the right time.

[roxane40]

It’s the kind of pool where you invest bitcoin and it generates returns. If you invest $100 you get up to $300, $1000 and get up to $3000. Not sure if it’s cloud mining?

[stompix]

I’m in a mining pool- rather I forwarded 10k BTC to a person, who I know pretty well, to invest in their mining pool. I have asked them to tell me how much is mine, how much is theirs, and how much total is invested, so I can track the progress of my gains- for example, if they have 4 BTC and I have 6 BTC, total 10BTC, then at the end of the month they tell me there’s now 12, I can say 60% of 12 is mine, or 7.2 BTC. Is this reasonable?

If you invested in a true mining pool...I doubt it is!
To mine BTC you need machines (asics) you don't stake coin like in PoS, and those basics even with cheap as possible electricity have at least a year of ROI, so it would be way more accurate to ask how much profit have those made in a month not that you have recovered your investment already!

So, unless you have actually invested those coins to
- change them to  staking coins and stake those coins for profits
- your partner has bought actual gear and is mining Bitcoin
I smell a scam!

I want to talk business and strategy, reinvesting and calculated withdrawals, but they’re aloof and disinterested.

You sent more than half a million $ to a guy without first discussing business and strategy?



LE, nevermind

It’s the kind of pool where you invest bitcoin and it generates returns. If you invest $100 you get up to $300, $1000 and get up to $3000. Not sure if it’s cloud mining?

Yup, it's called "cloud mining" and if it's advertising returns of 300% it's also called a scam.

[peter0425]

who I know pretty well,

How well do you know this person? Because if you know this person well and you have a deep relationship that goes beyond business and professional, you should be the one to know how to talk to them.

Is this reasonable? Right now, they’re stalling and aren’t being active in telling me. I want to talk business and strategy, reinvesting and calculated withdrawals, but they’re aloof and disinterested.

Yes it is very reasonable. It is your money mate so you have full rights over that no matter what this person does to it. To me this seems like they already have run away with your money. Soon enough you won't even be able to contact them, trust me.

[Text]

It's completely reasonable for you to want to know the status of your investment, to track your gains and to be involved in the decision-making process regarding reinvestments and withdrawals.

Approach the conversation with a collaborative mindset. Express your genuine interest in understanding the workings of the mining pool and your eagerness to be more involved in the decision-making process. Emphasize that you view this as a partnership and that you believe open communication is essential for the success of both parties and a clear understanding of the pool's operations.

[_act_]

It’s the kind of pool where you invest bitcoin and it generates returns. If you invest $100 you get up to $300, $1000 and get up to $3000. Not sure if it’s cloud mining?

It is a very common way that people are scammed. It is better you avoid something like it but that is if you want to avoid scam.

I told a friend of mine to avoid cloud mining a year or two years ago but he did not listen. He paid the money and he later told me that the profit were sent to him, but just like 2 or 3 times and no payment again. Out of 100% money that he payed the scammer, he lost more than 70%.

Some are even just from scammers that will not pay anything back at all. You will pay the scammers the money and you will not be given any profit in return and you will lose the whole 100% money that you paid the scammer. This is very common. I am wondering why there are still many sites that have cloud mining and not yet banned till now. I think this type of scam should have been forgotten but it is still common.

[kotajikikox]

How do I get their attention and say “hey. I need more information about this” without pissing them off?

They might be busy so I think the best solution here is to express your genuine curiosity over the state of this mining pool. I suggest you learn things about the mining pool on your own so you won't bother this person too much and only reach out to them about important matters like an update to your contribution.

I would suggest that instead of contacting them at random times of the day hoping that they reply, you set a specific time where you guys can actually talk. Say once a week could be enough or maybe twice if you want frequent updates. This backs them up into a corner. Since you have set a specific meeting, they are now obliged to talk to you.

[roxane40]

It’s the kind of mining pool based on crypto signals. All I know is, it’s elite and they’re not accepting new customers. Can’t find any info on it anywhere…… really, she’s very sensitive and finicky. If I try to set a fixed time to talk, she might say I’m being too controlling. One time she said to me “I don’t need your money” and I was like “nooooo!” And paid in right away and now there is some peace, but I want to, naturally, get the most out of this. She offered me to join multiple times I was like nah- until I lost my job she was like this is what you need so I said ok. I’ve asked her about the amounts, but she predictably hasn’t responded. Maybe she’s bad at math, maybe she doesn’t want to be micromanaged. So at some point I’ll ask her about the mining pool, tell me about the signals and we are collaborators let’s work together to manage reinvestment and withdrawals to make the most money we can.

[MeGold666]

It's a scam, all your money is lost forever.

[stompix]

It’s the kind of mining pool based on crypto signals. All I know is, it’s elite and they’re not accepting new customers. Can’t find any info on it anywhere…… really, she’s very sensitive and finicky. If I try to set a fixed time to talk, she might say I’m being too controlling. One time she said to me “I don’t need your money” and I was like “nooooo!” And paid in right away and now there is some peace, but I want to, naturally, get the most out of this. She offered me to join multiple times I was like nah- until I lost my job she was like this is what you need so I said ok. I’ve asked her about the amounts, but she predictably hasn’t responded. Maybe she’s bad at math, maybe she doesn’t want to be micromanaged. So at some point I’ll ask her about the mining pool, tell me about the signals and we are collaborators let’s work together to manage reinvestment and withdrawals to make the most money we can.

Mining pool based on crypto signals...
So, bad news for you, you have been or you're still getting scammed!

It's the usual, attractive lady on social media, talks about crypto investments, offers you a platform where to invest which is controlled by them, they show you huge profits on paper, and you try to withdraw that sum but you need to pay taxes before (lol, yeah) so you get scammed again and then by the time you stop sending money the profile has you on ignore and your account is disabled.

I think I saw over three dozen cases like this on bitcointalk alone!

The best advice I can give you is: don't send any more money!

[bettercrypto]

You know the person very well? Hope it is not cloud mining? If it is cloud mining, know that the person can be scammed or the person want to scam you.

If you want to join a mining pool, make research on these pools https://www.stelareum.io/en/mining/pool.html

You will need to buy your own miner (ASICs) and you will need to have cheap and good electricity. There are many mining reward calculators that you can use online to know if mining bitcoin can be profitable for you.

If you calculate it and it will not be profitable is what you found out, that means you do not need to mine bitcoin. There are other ways to earn like to invest in bitcoin at the right time.

You are right in saying this; it would be better and better for the OP to buy his own mining machine like you recommended, which is ASIC, so as in his previous story, the person he is talking about is only making him hope that they share a good deal.

But after the time that passes when they are talking, it seems like he avoids her immediately, which, in my opinion, seems like he is cheating on her. Op should first think carefully about what he did; if it's not too late, it's better to deal with it now.

[Dunamisx]

How do I tell them it’s necessary to know the standings ahead of time to guide investing process? In fact, I don’t really even know how it works and I want to find out more but they’re always distant and reluctant to talk for more than 5 or 10 minutes. How do I get their attention and say “hey. I need more information about this” without pissing them off?

What you would have taken your time to do and achieve from the beginning is now what you're trying to do, for you to have invested with them, that means you trusted your friend and making business with them, but considering the amount you have invested, this could be a also a reasonable amount for you to have started something from your own without having to go through them, provided that you have a technical knowledge in this aspect, but as the case be now, you also have no idea with how mining pool operates which is another red flag on you.

[Ojima-ojo]

I’m in a mining pool- rather I forwarded 10k BTC to a person, who I know pretty well, to invest in their mining pool. I have asked them to tell me how much is mine, how much is theirs, and how much total is invested, so I can track the progress of my gains- for example, if they have 4 BTC and I have 6 BTC, total 10BTC, then at the end of the month they tell me there’s now 12, I can say 60% of 12 is mine, or 7.2 BTC. Is this reasonable? Right now, they’re stalling and aren’t being active in telling me. I want to talk business and strategy, reinvesting and calculated withdrawals, but they’re aloof and disinterested. How do I tell them it’s necessary to know the standings ahead of time to guide investing process? In fact, I don’t really even know how it works and I want to find out more but they’re always distant and reluctant to talk for more than 5 or 10 minutes. How do I get their attention and say “hey. I need more information about this” without pissing them off?

You have to really be careful not to get scammed, because we have seen some scammers trying their best to come up with platforms that they  use to deceive inexperienced people into investing in a mining pool that doesn't exist, also just like the first comment suggested also cloud mining is one of those ways their never have realistic and unproven rewards for mining using cloud softwares.


So it is your right to ask alot of questions and to get clear understanding of what you are putting your money down on, and even if you get those infos, try to make withdrawal from your already generated profits if there is any, that way you can tell what the nature and lightness of the pool.

[franky1]

OP got scammed

firstly those wanting to rent mining power do not invest into mining pools they invest into asic host/farms
so even the scammer is dumb enough to not promote his scam correctly to seem convincing
(the costs of running a pool is negligible. it does not cost thousands to operate a mining pool.)

mining pools are different to mining farms that operate asic machines that actually do the mining

the other factors is that if a entity promotes investments, they should be upfront about their true capacity and people should do proper due diligence prior to investments.
the whole evasiveness of details shows that the scammer and the OP have both done wrong

these scams are what is called conning. its where scammer form relationships to gain trust to then steal funds via their lies.
when someone hands money to someone else based on a relationship of "knowing someone well" yet that investment project is shaded by lack of data and not being able to find details. shows how the OP didnt do any due diligence prior to handing funds over

sorry to hear the OP lost his money but hindsight would show that the OP should and could have done more prior to handing funds over to realise it was not worth handing funds to.

lets hope other people learn from this mistake and dont repeat it

if you dont know the other person well enough to physically slap them with a wet fish or lawsuit should they wrong you, dont hand them money
dont hand funds to strangers you cant chase after

[MeGold666]

Advice to the OP:

When you try to withdraw and they tell you to send more money to pay up the fees and taxes, don't.

It's all made up to rob more of your money, they even may call you back from different number and fake police action and that in order for money to be released you need to pay some fines.

Police will never ask you for money, check everything and don't trust anyone.
Don't share your personal info over the phone / other types of communications.

A bit of paranoia is healthy for you and your wallet  treat it as a paid lesson, many people lost all their life savings and then some to clever scammers.

[roxane40]

OP got scammed

I resent the merit of this. But I appreciate the tough love.