Amit Bhardwaj, the Gainbitcoin thief and liar.

[tmfp]

There is a clone of the Hashocean scam cloud miner going by the name of Gainbitcoin, being promoted on Roger Ver's dead forum as an Indian service, hence my post here.

I call it a clone because when you follow Gainbitcoin Mining FAQ links, they go straight to the HashOcean site.
I call HashOcean a scam because obvious.

The main promoter of this thing is a crap referral site 1bitcoindaily.com. This site resolves to Kshitij Mehrotra, who seems to organize the Dehli branch of BitcoinIndia and authored the Bitcoin referral post.
Anyhow, he is claiming that Amit Bhardwaj/Kumar of 2014 HighKart.com fame is "the owner of Gainbitcoin". Does Amit also own HashOcean too, or just steal bits of their website? Or what?
Is he available for a comment?
I'm sure it's all a clerical error. Or something.

[1715412095]

1715412095

[1715412095]

1715412095

[1bitcoindaily]

Let me clear your doubts here.

You came to a conclusion that Gainbitcoin is some kind of Clone to another cloud mining service just because you found a link to the site in some content page. That's so funny

As I can see from your latest posts on the Forum, Either you believe you are some kind of Ponzi hunter or
you have been scammed big lol, it still pains  

Either way I would love hear your story.

Coming back to the topic

Here I do my research and don't post facts based on illogical deductions.

Here have a look -

Designed and Developed by Nexgenfmpl
https://i.imgur.com/aNDYWww.png

Nexgenfmpl Portforlio
https://i.imgur.com/otChkLJ.png

Amit's Meetup page - Read the description
https://i.imgur.com/G3Tq7VI.png

HIGHKART.com Acquired by NexGen FMPL - Sale Completed
https://i.imgur.com/5HXhUMW.png

I rest my case. Kindly revert

P.S. - Anton Ego from Ratatouille (2007): In many ways, the work of a critic is easy. We risk very little, yet enjoy a position over those who offer up their work and their selves to our judgment. We thrive on negative criticism, which is fun to write and to read. But the bitter truth we critics must face, is that in the grand scheme of things, the average piece of junk is probably more meaningful than our criticism designating it so. But there are times when a critic truly risks something, and that is in the discovery and defense of the *new*. The world is often unkind to new talent, new creations. The new needs friends.

[Rotten Egg]

Let me clear your doubts here.

You came to a conclusion that Gainbitcoin is some kind of Clone to another cloud mining service just because you found a link to the site in some content page. That's so funny

As I can see from your latest posts on the Forum, Either you believe you are some kind of Ponzi hunter or
you have been scammed big lol, it still pains  

Either way I would love hear your story.

Coming back to the topic

Here I do my research and don't post facts based on illogical deductions.

Here have a look -

Designed and Developed by Nexgenfmpl


Nexgenfmpl Portforlio


Amit's Meetup page - Read the description


HIGHKART.com Acquired by NexGen FMPL - Sale Completed


I rest my case. Kindly revert

P.S. - Anton Ego from Ratatouille (2007): In many ways, the work of a critic is easy. We risk very little, yet enjoy a position over those who offer up their work and their selves to our judgment. We thrive on negative criticism, which is fun to write and to read. But the bitter truth we critics must face, is that in the grand scheme of things, the average piece of junk is probably more meaningful than our criticism designating it so. But there are times when a critic truly risks something, and that is in the discovery and defense of the *new*. The world is often unkind to new talent, new creations. The new needs friends.

The more interesting thing is NexGen FMPL is also owned by Amit Bhardwaj/Kumar. Below is a related quote and the relevant thread...

I did not get one simple point here. Amit Kumar/Amit Bharadwaj is the owner of Highkart. He is also the director of NexGen FMPL. Then why did he takeover his own company with another ?

 , Just ignore it. Technically Speaking they are right, both are two entities even if the persons behind it are same. Let them do the business. After all, their services matters not what company they are.

This is an acquisition, this kind of stuff happens when companies are taken over by bigger organisations.. nothing to really worry about unless their responsiveness goes down on BCT, methinks!

Sorry, what you mean?

What i meant is, when companies acquire other companies they do tend to merge their own entities for better control over the day-to-day activities. There is no cause for concern unless Amit stops responding / goes AWOL on Bitcointalk. He has always been very active on these forums.

Ref: https://bitcointalk.org/index.php?topic=638120.0

[tmfp]

You came to a conclusion that Gainbitcoin is some kind of Clone to another cloud mining service just because you found a link to the site in some content page. That's so funny

We aim to please, anything to help your day go with a smile.
 

Not entirely true, or what I said though. A prospective client of Gainbitcoin would naturally be interested in reading the Mining FAQs page, especially to see how they could exit their investment if so desired. This is covered, under the statement

you can always take your hardware back

with a learn more link. This link resolves thus



as can be seen, straight to HashOcean's site. So according to Gainbitcoin's site, designed by the cutting edge software people Nextgen, another Amit Company^TM, should a customer wish to "take their hardware back" then they should send a request to HashOcean?

As a matter of interest, the whole section is lifted directly, word for word, from HashOcean.
Right down to details of both companies claiming to have introduced the same "concept" (that of achieving Ponzi level roi's)

We have introduced a concept of a “Unit” by which we understand the video card Radeon R9 280 X Gigabyte (GV-R928XOC-3GD) that has productivity around 700 Kh/s.  From there, if the total capacity is 2 800 Kh/s we consider this as a combined working process of 4 video cards. And if we have your request for hardware purchasing you will get 4 video cards Radeon R9 280X Gigabyte (GV-R928XOC-3GD).

We have introduced a concept of a “Unit” by which we understand the video card Radeon R9 280 X Gigabyte (GV-R928XOC-3GD) that has productivity around 700 Kh/s.  From there, if the total capacity is 2 800 Kh/s we consider this as a combined working process of 4 video cards. And if we have your request for hardware purchasing you will get 4 video cards Radeon R9 280X Gigabyte (GV-R928XOC-3GD).

And both companies make their profit in exactly the same way, well, whadda ya know?

How do you get the profit if we don’t pay you but just buy the hardware?
Yes, our customers just get the hardware at wholesale. But our profit is 10% of daily earning power and we get this profit as a result of exchanging crypto-currencies for Bitcoin. Therefore the earning power of the service is shown with our profit that we earn by exchanging crypto-currencies.

Syncronicity.

One difference between the sites is that Gain don't have one of those cool counters like Hashocean, telling everyone they are not alone in being scammed, there are many others

There are 436 518 of us

But what you have got is a great looking gel called Medicare who refers you thousands of her clients so that's good

As I can see from your latest posts on the Forum, Either you believe you are some kind of Ponzi hunter or
you have been scammed big lol, it still pains  
Either way I would love hear your story.

Not much to tell really, but thanks for the interest. I do my due diligence, trying to invest my modest amount of fiat and crypto in interesting and hopefully profitable ventures. Unfortunately, in crypto all I seem to find are half assed scams. It seems only fair to share.

Coming back to the topic

Here I do my research and don't post facts based on illogical deductions.

Here have a look -

snip<pretty pictures>

I rest my case. Kindly revert

Not much of a case to rest there Mr. Mehrotra, or may I call you Kshitij?
Great quote though. I really should revert to watching cartoons, they can be nearly as funny as cloudminers.

The more interesting thing is NexGen FMPL is also owned by Amit Bhardwaj/Kumar. Below is a related quote and the relevant thread...

There is no cause for concern unless Amit stops responding / goes AWOL on Bitcointalk. He has always been very active on these forums.

That was my original question really, is multi named Amit available for comment on the connection between Gainbitcoin, HashOcean

Great News!
I expect a "Highkart Miner".

Yes you will. Pretty soon.

Regards,
Amit

and Highkart miner?

Gainbitcoin was formulated in the year 2013

[1bitcoindaily]

We aim to please, anything to help your day go with a smile.
 

Not entirely true, or what I said though. A prospective client of Gainbitcoin would naturally be interested in reading the Mining FAQs page, especially to see how they could exit their investment if so desired. This is covered, under the statement

you can always take your hardware back

with a learn more link. This link resolves thus

https://i.imgur.com/DsK3jFR.png

as can be seen, straight to HashOcean's site. So according to Gainbitcoin's site, designed by the cutting edge software people Nextgen, another Amit Company^TM, should a customer wish to "take their hardware back" then they should send a request to HashOcean?

As a matter of interest, the whole section is lifted directly, word for word, from HashOcean.
Right down to details of both companies claiming to have introduced the same "concept" (that of achieving Ponzi level roi's)

We have introduced a concept of a “Unit” by which we understand the video card Radeon R9 280 X Gigabyte (GV-R928XOC-3GD) that has productivity around 700 Kh/s.  From there, if the total capacity is 2 800 Kh/s we consider this as a combined working process of 4 video cards. And if we have your request for hardware purchasing you will get 4 video cards Radeon R9 280X Gigabyte (GV-R928XOC-3GD).

We have introduced a concept of a “Unit” by which we understand the video card Radeon R9 280 X Gigabyte (GV-R928XOC-3GD) that has productivity around 700 Kh/s.  From there, if the total capacity is 2 800 Kh/s we consider this as a combined working process of 4 video cards. And if we have your request for hardware purchasing you will get 4 video cards Radeon R9 280X Gigabyte (GV-R928XOC-3GD).

And both companies make their profit in exactly the same way, well, whadda ya know?

How do you get the profit if we don’t pay you but just buy the hardware?
Yes, our customers just get the hardware at wholesale. But our profit is 10% of daily earning power and we get this profit as a result of exchanging crypto-currencies for Bitcoin. Therefore the earning power of the service is shown with our profit that we earn by exchanging crypto-currencies.

Syncronicity.

One difference between the sites is that Gain don't have one of those cool counters like Hashocean, telling everyone they are not alone in being scammed, there are many others

There are 436 518 of us

Understand, The Mining FAQs page obviously has copied content, hence the similarity you are able to see. Inform DMCA to take care about that.

I know how frustrating that is and I am with you on this and Amit should answer about that.Why is there copied content on the website and how can a user be assured that you are not somehow related to some other cloud mining service.

But what you have got is a great looking gel called Medicare who refers you thousands of her clients so that's good

https://i.imgur.com/06pBWCt.png

I will update you on this one.

Not much to tell really, but thanks for the interest. I do my due diligence, trying to invest my modest amount of fiat and crypto in interesting and hopefully profitable ventures. Unfortunately, in crypto all I seem to find are half assed scams. It seems only fair to share.

So if I may understand correctly, you judge a book by it cover and post your expert opinions over the forum. Before labeling Gainbitcoin a scam, Have you actually joined Gainbitcoin and not received mining output? I joined 6 months ago and I have proof that I got every single output on time.


Here mate, have a look at original forum post from where your conclusions began,  https://forum.bitcoin.com/post20828.html#p20828 .

A simple misunderstanding, Virtuado from Brazil had paid in BTC for the contract, But as a result of complicated UI/UX, His contract did not activate for a month. He did not receive help from support on time and him calling Gainbitcoin a scam seems just . Once helped through the contract activation process and after receiving output he deserved, He very politely accepted and took back his words.

Now unless and until you actually start mining at Gainbitcoin and you have issues receiving any output problems from Gainbitcoin, Refrain from calling it a scam as it seems you are labeling Grapes as Sour.

Not much of a case to rest there Mr. Mehrotra, or may I call you Kshitij?
Great quote though. I really should revert to watching cartoons, they can be nearly as funny as cloudminers.

I like Kshitij better, What may I address you as sir?
You can revert back to watching cartoons but what is important are the tiny lessons hidden in every story that you should make note of rather just focusing on entertainment part.

The more interesting thing is NexGen FMPL is also owned by Amit Bhardwaj/Kumar. Below is a related quote and the relevant thread...

There is no cause for concern unless Amit stops responding / goes AWOL on Bitcointalk. He has always been very active on these forums.

That was my original question really, is multi named Amit available for comment on the connection between Gainbitcoin, HashOcean

Great News!
I expect a "Highkart Miner".

Yes you will. Pretty soon.

Regards,
Amit

and Highkart miner?

Gainbitcoin was formulated in the year 2013

Let Amit respond to rest of your queries regarding Highkart.

Have a Great day.

[tmfp]

The Mining FAQs page obviously has copied content, hence the similarity you are able to see. Inform DMCA to take care about that.

I know how frustrating that is and I am with you on this and Amit should answer about that.Why is there copied content on the website and how can a user be assured that you are not somehow related to some other cloud mining service.

I have no interest in informing DMCA about anything. The thing is, if some of the website information is palpably untrue, how can a prospective client tell if anything else is true?
I see that the website has been updated and the link to HashOcean removed from Mining FAQs. I take it that the Mining FAQs are now correct, having been reviewed and altered?
If that is the case, then Gain are mining with Radeon R9 280 X video cards. No other hardware is mentioned anywhere on the website, apart from

we are using latest advanced ASIC miners in our data centres.

This is a bit confusing, I'd say.
Which is it?

On the subject of data centres, on the relevant page there is a picture of something that is obviously not a 'data centre' and a blank map.
There was this one


Not very informative, apart from whatever confidence you take from dealing with people using gmail addresses.

On the front page, there is now something called a "Bitcoin Mining Calculator". This is nothing of the sort.
This is a mining calculator.
http://www.coinwarz.com/calculators/bitcoin-mining-calculator
Note it uses electricity cost, difficulty, pool fees etc. all of which Gain makes no attempt to quantify.

So if I may understand correctly, you judge a book by it cover and post your expert opinions over the forum.

You can put it that way if you like.
Nowhere do I say I'm an 'expert'. I just look at what people say and see if there's any corroborative evidence. Always a good idea before sending Bitcoin to them.

Before labeling Gainbitcoin a scam, Have you actually joined Gainbitcoin and not received mining output? I joined 6 months ago and I have proof that I got every single output on time.

Why would I want to send any money to a site that says they ROI in ten months mining Bitcoin with video cards?
You do understand that because a site makes some payments that in no way legitimizes them? You heard of the term "Ponzi Scheme"?

There is a thread that helps identify the characteristics of a Ponzi posing as a "cloud miner".
These are the criteria

1) No public mining address / no user selectable pool.
A cloud mining company that wont let you direct the hashrate to your pool of choosing and cant prove its actually mining bitcoins itself, is very likely a scam. There is no reason to hide mining address or not sign blocks. None.

Gain fail.

2) No endorsement from any asic vendor
Asic vendors will gladly make a simple post to show the company in question is a significant customer of theirs. Its free advertisement for them and it helps their customer grow their business, so there is absolutely no reason they wouldnt. If a (cloud) mining company cant get any asic vendor to post such endorsement, you should assume they dont have any hardware to mine with.

Gain fail.

3) No relevant pictures of their hardware and datacenter
There is no reason not to provide such pictures, except of course, if there is nothing to take pictures off. Mind you: pictures can be faked. Picture dont prove current ownership. So like all criteria listed here, by themselves they are by far insufficient proof.

Gain partial pass, pictures but no location.

4) Open ended IPO / fractional reverse mining risk
Unless the cloud mining is operated by the asic vendor himself, you can not sell an unlimited amount of hashrate. Hardware takes (usually a long) time to order, arrive and deploy. Any company that doesnt limit sales or make public how much hashrate they sold vs what they have (provably) deployed should be considered  suspicious.

Gain fail.

5) Referral programs and social networking
Referral programs, especially ones that pay almost 10%, are a huge red flag. The mining market is cut throat with razor thin margins. No real company can afford to pay 10% referrals on below market cloudmining prices. Referral programs almost always serve only to feed the ponzi and provide financial incentive to posters to lie about the true nature of the company. Never trust anyone with a referral link in their sig.

Gain fail.

6) Anonymous operators
If the operators are hiding behind whoisguard, provide no provable identity and especially when, like in some cloudmining cases, they use demonstrably false ID or company registration information, you have to be nuts to trust them with your money.

Gain fail. Until Amit turns up, anyway.

7) No exit strategy
If you cant sell your position, you cant get your money out. Thats the ideal case for a ponzi and allows it to run for a  long time.

Gain (generous) neutral. Mining FAQs say

Can I have my money back if I don’t like something? Of course you can. We also give 100% of your contracts back without any fees.

8 ) Bonus point for "guaranteed profit"
So far, Ive only seen bitcoinmaker.ch do this. If anyone guarantees you a bitcoin denominated profit, and especially a 30+% one, you can be sure its a ponzi, all the other criteria become unimportant. There is no such thing as certain profit when it comes to mining, no one knows how the network will evolve, or what btc exchange rate will do. If anyone could somehow be certain of making a 30% profit, they wouldnt need your money (and they wouldnt give the profit to you).

Gain Fail.

Stable roi, guaranteed returns

6/7. This puts Gain in the exalted company of Cloudminr.io, hashie, scrypt.cc and many, many others.
 

Here mate, have a look at original forum post from where your conclusions began,  https://forum.bitcoin.com/post20828.html#p20828 .

A simple misunderstanding, Virtuado from Brazil had paid in BTC for the contract, But as a result of complicated UI/UX, His contract did not activate for a month. He did not receive help from support on time and him calling Gainbitcoin a scam seems just . Once helped through the contract activation process and after receiving output he deserved, He very politely accepted and took back his words.

I have no conclusions, only observations. If you look, you will see I responded to your advertisement post before he had said anything.

Now unless and until you actually start mining at Gainbitcoin and you have issues receiving any output problems from Gainbitcoin, Refrain from calling it a scam as it seems you are labeling Grapes as Sour.  

It doesn't work like that. You have more chance of flying to the moon than getting me to put money into such an unconvincing venture. Why on earth would I, or anyone?

Let Amit respond to rest of your queries regarding Highkart.

Let Amit respond to anything....if someone was badmouthing my business, I wouldn't leave it to a customer to put him straight.
After all

There is no cause for concern unless Amit stops responding / goes AWOL on Bitcointalk. He has always been very active on these forums.

[amitbhardwaj83]

@tmfp

Hi,

Just to introduce I am Amit here this side & appreciate your effort to bring me back to the forum after such a long time (Sorry, I wasn't able to recover "highkart" handle right now, would request forum mods to help me with that)

Thanks for bringing up the issues on website & I will personally make sure all of them are rectified on high priority!

However to keep up the pace with mining and managing 1000s of mining customers, it's very difficult to focus on these regretful issues.

Just FYI we are not a "scam" and sincerely trying to do a respectable job. In this industry where u find scams every day on cloud mining, managing our position is very difficult for us and hence we don't market it too much unless a good set of customers have tested our services and attest to he genuinity of it.

We are currently running a 7-8 Phs mining setup for our customers and surely are one of the counted top miners in the world. We command a lot of respect in mining community across China and work directly with manufacturers, you would hear some great announcements very very soon from our side globally!


It's easy to criticise our work, but you are not aware about the kind of efforts we put in to build the BTC community in India. You are most welcomed to verify all above information in person and get satisfied. You can reach me personally to get your doubts cleared up in Delhi, I am very approachable 😊

Cheers for the effort! I'll request you not to push more details or queries here as I am mostly not available on the forum!

Regards,
Amit Bhardwaj

[tmfp]

@tmfp

Hi,

Just to introduce I am Amit here this side & appreciate your effort to bring me back to the forum after such a long time (Sorry, I wasn't able to recover "highkart" handle right now, would request forum mods to help me with that)

Hi. Don't want to waste the time of such a busy man, it's just that Hshitij made such a professional post on Ver's barely read forum, but nothing on here, about Gainbitcoin. So I looked at your website, and thought it was shit.

Thanks for bringing up the issues on website & I will personally make sure all of them are rectified on high priority!

Nothing done, over a week later. This is a guy that owns a software development company?

However to keep up the pace with mining and managing 1000s of mining customers, it's very difficult to focus on these regretful issues.

Sure. Are all those 1000's of customers mining Bitcoin or Scrypt? How many of them are mining thru  http://www.bestcloudmine.com/ ? I see that you announced that one on this forum, but didn't go down too well really. Was bitcoinmarketing.net yours as well? Ah, can't win them all, can we?

These all seem to be other companies, like the BitEx, BTCminingHub, under your/Mark Lee's VARIABLETECH PVT LTD, Singapore umbrella., the one with the Gmail contact.

Talking about http://www.btcmininghub.com, hope they're doing ok too, just like Gain. Got 1000's of customers there too?

We @ BTC Mining Hub combine BTC Cloud Mining & Network Marketing to produce a world class opportunity. Contrary to popular belief, Bitcoin Cloud Mining and Network marketing are both very successfull processes in their own domain.

We @ GainBitCoin combine BTC Cloud Mining & Network Marketing to produce a world class opportunity. Contrary to popular belief, Bitcoin Cloud Mining and Network marketing are both very successfull processes in their own domain. 

Same typos, even. Your cloud mining may be

handled smartly

but your website proof reading fucking sucks.

Just FYI we are not a "scam" and sincerely trying to do a respectable job. In this industry where u find scams every day on cloud mining, managing our position is very difficult for us and hence we don't market it too much unless a good set of customers have tested our services and attest to he genuinity of it.

Thanks for the FYI. I think I get the bolded bit. It means this? Fake testimonials? Or are Medicare's investments decisions in India made by a caucasian model?



Or maybe Manu is really.....who?



James?

We are currently running a 7-8 Phs mining setup for our customers and surely are one of the counted top miners in the world.

WOW, bold claim. Any proof to back it up? Pool data? Anything whatsoever?

We command a lot of respect in mining community across China and work directly with manufacturers, you would hear some great announcements very very soon from our side globally!

This is a pretty much routine reaction I get when I ask a few questions in the cloud mining world
1) Blow off denials
2) Claims
3) Great announcements very soon

It's easy to criticise our work, but you are not aware about the kind of efforts we put in to build the BTC community in India. You are most welcomed to verify all above information in person and get satisfied. You can reach me personally to get your doubts cleared up in Delhi, I am very approachable

I'm not criticizing your work. I don't know anything about that apart from what you share on the interwebz which isn't much, only your public face, as encapsulated in your misleading website.

Cheers for the effort! I'll request you not to push more details or queries here as I am mostly not available on the forum!

You've got two accounts now, up to you entirely. What changed? Too busy with the 1000's of customers, no doubt

There is no cause for concern unless Amit stops responding / goes AWOL on Bitcointalk. He has always been very active on these forums.

[BTCIndia]

Amit will bring wrath upon Indian Bitcoin community and everybody else will pay for his greed. Unite to defend! Large ponzi scheme has penetrated across nation, even small cities.

They are promulgating it as venture from Zebpay's co-founder Sandeep Goenka. Google directs to Sandeep's video when people search his name for further diligence and innocent people conclude GainBitcoin as genuine company.

It was amazing to see network agent coming to me and explaining 'digital nature' of Bitcoin. I raised question, "how can you verify digital number on GainBitcoin website are Bitcoin or not?"

Silence was his answer.

Rest is quite obvious.

[manav1112]

Hope the news spreads to any possible victims of the ponzi.

[tmfp]

"how can you verify digital number on GainBitcoin website are Bitcoin or not?"

A reasonable question.
Let's have a look at Gainbitcoin's numbers.....

Let's think about buying a "Silver" plan



As things are a bit volatile at the moment, let's call one BTC $682.
So, with discount offer (? why offer discount if you are partially sold out?) of BTC12.99 we pay $8,898* for 18 months mining contract, expecting about 12% ROI per month..that's ~$1067 per month or $19,220 or 216% ROI over the life of the 18 month contract. Very nice......

We don't know what miners they are using for Bitcoin (that's if they mine at all), let's say Antminer S7.
S7's are claimed to provide 4.8 T/hs for 1250 watts, so let's scale that up to 6 T/hs, the size of a Silver contract i.e. 1560 watts.
We don't know what they pay for electricity either, let's say $0.06, reasonable to cheap.

And let's run those numbers thru coinwarz.com, a real calculator, not a joke one like Gain's.

We get....



We make a profit of $228 per month X 18 = $4104. What happened to our $1067 per month?
We paid $8898 to get back $4104....

A loss of $4794 with electricity at $0.06 per Kwh.

Ok, maybe they get free electricity (they don't), let's run the numbers again....
So we get our full gross mining flat out capacity of our S7, which is $296 per month.
X 18 = $5328...

A loss of $3570 with free electricity.

Silence was his answer.

Not surprised really.

Rest is quite obvious.

But, being one who likes to state the obvious let's do it
IF Gain are paying their stated ROI and mining with S7's or equivalent they are losing up to ~$5000 per contract (depending on electric cost)
OR
It is a Ponzi.


Edit:*I made a minor calc error of $37 in cost of contract, no meaningful effect on conclusion.

[BTCIndia]

"how can you verify digital number on GainBitcoin website are Bitcoin or not?"

A reasonable question.
Let's have a look at Gainbitcoin's numbers.....

Let's think about buying a "Silver" plan



As things are a bit volatile at the moment, let's call one BTC $682.
So, with discount offer (? why offer discount if you are partially sold out?) of BTC12.99 we pay $8,898* for 18 months mining contract, expecting about 12% ROI per month..that's ~$1067 per month or $19,220 or 216% ROI over the life of the 18 month contract. Very nice......

We don't know what miners they are using for Bitcoin (that's if they mine at all), let's say Antminer S7.
S7's are claimed to provide 4.8 T/hs for 1250 watts, so let's scale that up to 6 T/hs, the size of a Silver contract i.e. 1560 watts.
We don't know what they pay for electricity either, let's say $0.06, reasonable to cheap.

And let's run those numbers thru coinwarz.com, a real calculator, not a joke one like Gain's.

We get....



We make a profit of $228 per month X 18 = $4104
We paid $8898 to get back $4104....

A loss of $4794 with electricity at $0.06 per Kwh.

Ok, maybe they get free electricity (they don't), let's run the numbers again....
So we get our full gross mining flat out capacity of our S7, which is $296 per month.
X 18 = $5328...

A loss of $3570 with free electricity.

Silence was his answer.

Not surprised really.

Rest is quite obvious.

But, being one who likes to state the obvious let's do it
IF Gain are paying their stated ROI and mining with S7's or equivalent they are losing up to ~$5000 per contract (depending on electric cost)
OR
It is a Ponzi.


Edit:*I made a minor calc error of $37 in cost of contract, no meaningful effect on conclusion.

Great analysis and deduction. That said, this message has reached only Indian Bitcoin Forum Users. My worry is commoners putting their hard earned money in these kind of ponzi scheme rather than Bitcoin. Why don't we do something about it? I've had discussion with guy from CBI at Future of Money Conference in Mumbai and I'm actively working in it. I've managed to gather name of core team members, not sure about real identities.

For the sake of argument, "if they're right" then there is nothing to worry about it. No one should be allowed to tarnish community's image. I don't want to be called, "OH! Bitcoin wo jo Speakaisa jaisay fraud huoa tha. Tum uskay member hoon? Tum wo kaam karte hoon?"

I'd really appreciate if you can provide me with whatever Intel you have. PM me!

[tmfp]

...this message has reached only Indian Bitcoin Forum Users. My worry is commoners putting their hard earned money in these kind of ponzi scheme rather than Bitcoin. Why don't we do something about it?

That's really up to you guys on the ground in India: we have the same problem in my country, especially with schemes promoted thru social media.
Obviously, feel free to use my calcs, but "there are none so blind as those that will not see...."

There seems to be a considerable amount of Singaporean involvement in Bitcoin in India.
The Zebpay organization that you mention is headquartered there, and all the various incarnations of Gain mentioned in my previous posts seem to lead to

Tech Name:Mark Lee
Tech Organization:VariableTech Pvt Ltd
Tech Street1:The Franklin, 3 Science Park Drive
Tech City:Singapore
Tech State/Province:SG
Tech Postal Code:118223
Tech Country:SG
Tech Phone:+65.90795655

I wonder who M. Lee may be?

Good luck.

[globalgaurav]

There seems to be a considerable amount of Singaporean involvement in Bitcoin in India.

[buysellbitcoin]

Amit will bring wrath upon Indian Bitcoin community and everybody else will pay for his greed. Unite to defend! Large ponzi scheme has penetrated across nation, even small cities.

They are promulgating it as venture from Zebpay's co-founder Sandeep Goenka. Google directs to Sandeep's video when people search his name for further diligence and innocent people conclude GainBitcoin as genuine company.

It was amazing to see network agent coming to me and explaining 'digital nature' of Bitcoin. I raised question, "how can you verify digital number on GainBitcoin website are Bitcoin or not?"

Silence was his answer.

Rest is quite obvious.

Zebpay is not associated with any mining operations. Can you guys please share a link or any material where they are using Sandeep's name, we do not endorse or tolerate such things.

Thanks for headsup, appreciate it.

Regards
Mahin
Zebpay

[BTCIndia]

Amit will bring wrath upon Indian Bitcoin community and everybody else will pay for his greed. Unite to defend! Large ponzi scheme has penetrated across nation, even small cities.

They are promulgating it as venture from Zebpay's co-founder Sandeep Goenka. Google directs to Sandeep's video when people search his name for further diligence and innocent people conclude GainBitcoin as genuine company.

It was amazing to see network agent coming to me and explaining 'digital nature' of Bitcoin. I raised question, "how can you verify digital number on GainBitcoin website are Bitcoin or not?"

Silence was his answer.

Rest is quite obvious.

Zebpay is not associated with any mining operations. Can you guys please share a link or any material where they are using Sandeep's name, we do not endorse or tolerate such things.

Thanks for headsup, appreciate it.

Regards
Mahin
Zebpay

I did raise this issue personally with Sandeep few months back. Seems like he has more important things to do. Nevermind! They're leveraging your co-founder's reputation to bring credibility. Word is already spread in network that,"Sandeep has mining company abroad and GainBitcoin is somewhat associated with it."

Its too late. I guess!

I managed to connect with him briefly navigating through hierarchy. There are some ex-Sahara guys, computer engineer from pune and what not experts. They even claimed Marco Santori, Partner from Pillsbuys based in New York to be their legal in international mining operations primarily based in China. LOL! I've digging deeper into this through my Monetago contacts.

P.S: Any informations you got is really appreciated!

[BTCIndia]

...this message has reached only Indian Bitcoin Forum Users. My worry is commoners putting their hard earned money in these kind of ponzi scheme rather than Bitcoin. Why don't we do something about it?

That's really up to you guys on the ground in India: we have the same problem in my country, especially with schemes promoted thru social media.
Obviously, feel free to use my calcs, but "there are none so blind as those that will not see...."

There seems to be a considerable amount of Singaporean involvement in Bitcoin in India.
The Zebpay organization that you mention is headquartered there, and all the various incarnations of Gain mentioned in my previous posts seem to lead to

Tech Name:Mark Lee
Tech Organization:VariableTech Pvt Ltd
Tech Street1:The Franklin, 3 Science Park Drive
Tech City:Singapore
Tech State/Province:SG
Tech Postal Code:118223
Tech Country:SG
Tech Phone:+65.90795655

I wonder who M. Lee may be?

Good luck.

I already have this information. Thanks for sharing again. Zebpay is registred because of obvious reasons. I can vouch for them. It ain't one of those Singaporean comapny.

 I was wondering if anyone in Delhi has attended their marketing meetups in Russian Science Centre? Kshitij takes care of their marketing and meetups operation. I've had talk with him. That kid himself was suspicious about activities.

[tmfp]

I see that Johny Depp has started a Scam Accusation based on this thread, which means another couple of thousand views.
Some people have tried to dig for more on Mark Lee but not much concrete yet.

Keep digging and sharing guys, there is no reason a legitimate operator would not want to address the points that have been raised about Gainbitcoin.

[Rotten Egg]

I see that Johny Depp has started a Scam Accusation based on this thread, which means another couple of thousand views.
Some people have tried to dig for more on Mark Lee but not much concrete yet.

Keep digging and sharing guys, there is no reason a legitimate operator would not want to address the points that have been raised about Gainbitcoin.

Mark Lee is a fictitious character. The real bastard is the serial scammer Amit Bhardwaj, who is from Delhi, India.

[tmfp]

Small world, isn't it?
(another cross post)

Oh, and Amit Jaiswal, one of the Shiny Suit Trio and Co Founder of Powerhashing



also used to pimp for another Dehli based scam Gainbitcoin, reviewed by me here and Scam Accusation here
(and other MLM shit like Phyto science wtf?)





His promo stuff amusingly sandwiches a post about Law Enforcement.
Can you go to jail in India for fraud?
I bet they're not very nice, no shiny suits in there.

[skang]

Thats not Amit Bhardwaj.
He is:


The address for gainbtc scam is 1EYSiRC2nUi2xLMTuwkWhHtpTTVVZ6KNrz.
The address has received about 13000 bitcoins till date(53 crores+ in today's value).

I have done some chain analysis on this address.
Let me know if somebody is interested in knowing the info e.g. when some of this btc were sold and on which exchange etc.

[tmfp]

Thats not Amit Bhardwaj.
He is:

I know.
I am referring to another Amit (Jaiswal) who used to promote Gain and has now gone out on his own with an MLM scam called Powerhashing.com, also based in the Dehli area.
I wonder if they know each other?

[Rotten Egg]

Thats not Amit Bhardwaj.
He is:


The address for gainbtc scam is 1EYSiRC2nUi2xLMTuwkWhHtpTTVVZ6KNrz.
The address has received about 13000 bitcoins till date(53 crores+ in today's value).

I have done some chain analysis on this address.
Let me know if somebody is interested in knowing the info e.g. when some of this btc were sold and on which exchange etc.

I know.
I am referring to another Amit (Jaiswal) who used to promote Gain and has now gone out on his own with an MLM scam called Powerhashing.com, also based in the Dehli area.
I wonder if they know each other?

I wonder, whether Amit Bhardwaj is anyway related to Pankaj Bhardwaj. For those who dont know, Pankaj Bhardwaj aka escrow.ms is an ex-employee of CoinSecure.in and is now arrested for card fraud.

[tmfp]

Whatever happened to Highkart, by the way?
Amit?

[Rotten Egg]

Whatever happened to Highkart, by the way?
Amit?

They turned into a cloud mining ponzi, when people were still learning about PB mining.

https://bitcointalk.org/index.php?topic=561264.0

Interestingly, Amit has left his phone no. over there, so that people can provide this no. to Delhi police to nab him down.

Regards,
Amit Kumar
09971955204

[tmfp]

Whatever happened to Highkart, by the way?
Amit?

They turned into a cloud mining ponzi, when people were still learning about PB mining.

https://bitcointalk.org/index.php?topic=561264.0

Interestingly, Amit has left his phone no. over there, so that people can provide this no. to Delhi police to nab him down.

Regards,
Amit Kumar
09971955204

So the timeline was April-October 2014 and then Highkart basically ceased to exist?
No retail Bitcoin platform, nothing, as was promised in the press at the time?
Why did he never get negative trust, was there no comeback for him at all, he could just carry on?

He can just come back a couple of years later, spin this bullshit and no-one says anything? WTF?

 

@tmfp

Hi,

Just to introduce I am Amit here....
Just FYI we are not a "scam" and sincerely trying to do a respectable job. In this industry where u find scams every day on cloud mining, managing our position is very difficult for us and hence we don't market it too much unless a good set of customers have tested our services and attest to he genuinity of it.
......
We are currently running a 7-8 Phs mining setup for our customers and surely are one of the counted top miners in the world. We command a lot of respect in mining community across China and work directly with manufacturers, you would hear some great announcements very very soon from our side globally!


Regards,
Amit Bhardwaj

[tmfp]

Immediate removal of thread "Amit Bhardwaj/Kumar"
« Sent to: tmfp on: August 01, 2016, 04:54:35 PM »
« You have forwarded or responded to this message. »
 
!!! WARNING: This user is a newbie. If you are expecting a message from a more veteran member, then this is an imposter !!!


Dear TMFP (anonymous name)

This is in regard to posting of thread https://bitcointalk.org/index.php?topic=1440600.0 with the subject "Amit Bhardwaj/Kumar and a HashOcean clone called Gainbitcoin."

You are hereby requested to immediately delete the above-mentioned thread as there are various derogatory, slanderous, incorrect and wrongful remarks/facts/ comments/views which are being posted in this thread. If you do not remove this thread then we would be compelled to take immediate legal action against you under Section 499 read with Section 120B of Indian Penal Code an also take other necessary remedy actions against you.
 Also, if you intend to post this message on the thread then I would like to apprise you of the fact that it may further amount to slandering, which is a punishable offence..
I assure you if the thread is removed within 24 hours then no Action will be taken.

Regards
Arpit Jain, Advocate
+91-9599743848


Re: Immediate removal of thread "Amit Bhardwaj/Kumar"
« Sent to: bit.adv on: August 01, 2016, 07:50:27 PM »
 
Quote from: bit.adv on August 01, 2016, 04:54:35 PM

Dear TMFP (anonymous name)

This is in regard to posting of thread https://bitcointalk.org/index.php?topic=1440600.0 with the subject "Amit Bhardwaj/Kumar and a HashOcean clone called Gainbitcoin."

You are hereby requested to immediately delete the above-mentioned thread as there are various derogatory, slanderous, incorrect and wrongful remarks/facts/ comments/views which are being posted in this thread. If you do not remove this thread then we would be compelled to take immediate legal action against you under Section 499 read with Section 120B of Indian Penal Code an also take other necessary remedy actions against you.
 Also, if you intend to post this message on the thread then I would like to apprise you of the fact that it may further amount to slandering, which is a punishable offence..
I assure you if the thread is removed within 24 hours then no Action will be taken.

Regards
Arpit Jain, Advocate
+91-9599743848

Dear Arpit Jain

Please clarify which parts of my posts you consider to be "derogatory, slanderous, incorrect and wrongful".

Regards

TMFP



Re: Immediate removal of thread "Amit Bhardwaj/Kumar"
« Sent to: bit.adv on: Today at 08:42:41 AM »
 
Dear Arpit Jain

As you have not seen fit to reply to my reasonable request for clarification of which parts of my post you find contentious, I have forwarded your message to my legal advisors and received confirmation that your threats are empty, for various reasons, and will be ignored.

The thread in question merely asks for clarification of certain inconsistencies in Gainbitcoin's publically made claims and in no way is an attempt to defame Bhardway/Kumar or his various operations.
Your unsolicited and unverified threatening message has no basis in law or fact and could be seen as an attempt at extortion, where the tangible benefit to you would be receipt of fees for misleading advice that there is a case for me to answer, which there emphatically is not.

Any further communication on this subject will only be responded to on receipt of your full professional details and written confirmation from Amit Bharwaj that you have authority to act on his behalf.

I am appending this series of messages to the thread in question in the spirit of transparency. Your threat of proceedings against me for slander for doing so are without legal basis.

Regards

TMFP

[Slow death]

Oh the guy decided to show up ...

Create account to say that you should delete this thread, how does he know about this thread? Amit Bhardwaj/Kumar has been following this thread? It has other accounts here in the forum? something offended you in this thread? as Amit Bhardwaj/Kumar does not show evidence (if he can) that he is being wronged?

I took over 8 hours to read all thread who are directly or directly related to this guy "Amit" frankly, this guy "Amit" has a story that would make for a lot of books.

I think the title of the book is: "The amazing feats of Amit: The king of bitcoin or a great charlatan"

[skang]

I think Benson needs to comment here.

[Benson Samuel]

I think Benson needs to comment here.

They called me as well. 
I looked through this, and all the information across this thread is from public sources.
Questions, and clarifications are what the forums are for.

If there is any particular offending thread, I can be mailed with specifics and will request the poster to remove those lines of content.
Also, from what I know, no one on the forums will not oblige a request to delete few lines of a post that may not be correct.

Flagging this thread with theymos as well.

[tmfp]

Well, some will be glad to hear that I'm not being extradited/waterboarded/dragged to the High Court for asking a few questions about Gainbitcoin and Mr. Bhardwaj/Kumar. (Somebody be kind enough to explain the multiple surname scenario sometime? I'd be obliged).
 
So, I just thought I'd have a look to see how Gainbitcoin is going along since the halving.
It's difficult to assess the overall effect of the halving on miners, as it's difficult to work out their base costs and profitability, but according to https://blockchain.info/charts both total hashrate and difficulty have not substantially changed, whereas income has halved. Unsurprising really, guess that's sort of why it's called halving.
Tough times for marginal miners without the latest low power consuming hardware.

Gain's Mining FAQ's are still rather confusing for potential clients that may want to mine Bitcoin, as they only refer to Radeon video cards used for scrypt mining, with no similar information regarding their ASIC hardware.

The main change however, is this

CONTRACT COSTS PRE HALVING



CONTRACT COSTS POST HALVING



Wow, the name change to "Amaze" is totally appropriate!
A massive decrease in hashrate charges, for 1BTC you now get 1500 G/hs, against only 400 pre halving! 

Sounds like a bargain, comparatively certainly for any new investors, but if I had a pre halving 18 month contract I'd be a little bit miffed at how drastically I had overpaid. Caveat Emptor, I guess.

As I showed with the previous coinwarz calculations, Gain's pre halving mathematics were a bit, errr, difficult to understand. Maybe it was just me being stupid, so let's use coinwarz again slightly differently, just putting in 1.5 T/hs with no running costs, and see what happens




Coinwarz shows that 10 months of mining at current difficulty and price with 1.5 T/hs of hash equals $336.10 gross. 
But Gain say that should be $600, as 10 x 10% = 100% ROI of $600...
Full ROI in 535 days/300 days?

I guess coinwarz must be wrong. I never was much good at maths. There can't be any other explanation....can there?


Just looking back thru the thread, fruitlessly scanning for slander, libel, lies etc. I notice that the mug shot of Mr. Bhardwaj/Kumar is now showing as an "invalid image".
That's because the website from which it was taken, bitcoinalliance.in no longer exists.
It redirects to a brand spanking new exchange site called buyucoin.com.
As the Merkle points out, a brand new exchange on a brand new website should be treated with caution, especially when

...the website uses an online HTML form to complete the verification procedure. There is only one page to create an account, and some interesting details are being asked. Not the most secure environment to host such a form, and it may turn away some users in the long run.

Anyway, all good that there's new people coming in and providing Bitcoin services, so Good Luck to Shivam Thakral of Hapur.
Shivam's obviously enthusiastic, as his 34 Bitcoin related posts (with 1,100 views in only one month!) on Quora bear witness to.

Funnily enough, one of the questions he answered was about Mr. Bhardwaj/Kumar and Gainbitcoin. Small world.



100% legit.

[Joel_Jantsen]

I think Benson needs to comment here.

Why would some care what the fuck Benson says ? He is nothing to Indian bitcoin community but just a lazy mod on this forum since he was one of the few to sign up here.Nothing more but runs an exchange which secretly keeps tracks of the user data.Anyhow,Gainbitcoin is a pure shit scam.Check out their FB closed group and related views.Mister Bharadwaj should be beaten in public.If anyone is willing to take this ahead through law,do message me.I have my lawyers ready,just not enough evidence.

[skang]

Why would some care what the fuck Benson says ?

I think it matters because Benson has a control over the content allowed here and this thread could possibly contain evidence, while legal notices have started coming in for posters in this thread.

.. have my lawyers ready,just not enough evidence..

What kind of evidence would be helpful?
We have unproved deceitful information that they claim to be true.
It can be mathematically shown that the financial results claimed cannot be realized.
Maybe you could ask for proof of their mining operations, as a customer?

[Benson Samuel]

I think Benson needs to comment here.

Why would some care what the fuck Benson says ? He is nothing to Indian bitcoin community but just a lazy mod on this forum since he was one of the few to sign up here.

Lol, somewhere butthurt somehow.

Nothing more but runs an exchange which secretly keeps tracks of the user data.

What does this mean? Secretly?

[skang]

Just want to point out that Amit's image linked above is no longer available now.
It is very strange since it was hosted on bitcointalk.org proxy.

[tmfp]

Just want to point out that Amit's image linked above is no longer available now.
It is very strange since it was hosted on bitcointalk.org proxy.

You mean this one?



As far as I can see, it was just linked to the now nonexistent website and when that was wiped, so was the image @ bitcoinalliance.in/wp-content/uploads/2014/09/amit.png

There are a few pictures of Amit still in the wild, he looks like he's put on a bit of weight in the last year or so.
That's if the 1bitcoindaily Gainbitcoin promotional/affiliate website (run by the 2 post newbie who replied to my original post on this thread) is anything to go by.
(I would think twice before visiting 1bitcoindaily's website as the https certification appears to now be invalid. Surely just an oversight, as he is posting Bitcoin related spam like a mad thing on the Gainbitcoin FB atm [19,462 likes! wow], linking to it.)

1bcdaily has four rotating images under the heading:

Pictures from behind the scene

Images from GainBitcoin Mining Facility

One of them shows a factory in a state of construction and two others show Amit? in what looks like a PCB manufacturing unit, one of them standing in front of an industrial soldering machine.
Although Bitcoin miner manufacturing obviously requires PCB's, the environments of a Bitcoin mining facility and a pcb manufacturer are mutually toxic.



Maybe that's not supposed to be Amit, but the implication is clearly that it is, otherwise what's the point?

The fourth image shows a very impressive close up of mining equipment



Which rather resembles an old image from an article about the U.S. operation MegaBitPower. Well it more than resembles it, it is the same image. Confusing.

There is an Amit Bhardwaj who helped develop an interesting site called easemylife launched about a year ago.
This Amit Bhardwaj

is actively associated with the bitcoin community in India.  

and his picture in the linked article resembles the deleted one, maybe plus a bit of weight.

The 1 bitcoindaily thing also mentions the opaque

About Company
VariableTech Pvt Ltd is a Singapore based venture.

"Mark Lee's" background organization.

I was under the impression that Amit was the Founder and CEO of Gainbitcoin, but not according to Linkedin



So, if one was looking for an up to date image of Amit Bhardwaj/Kumar, (some old fashioned people like to know who they are dealing with), then where would one go?

The obvious answer would be http://www.nexgenfmpl.com/ of course, Amit's software company which, according to 1btcdaily's post proudly counts both EasemyLife and Gainbitcoin among its clients.

You could if



Never mind, I'll try again, surely just some Monday Maintenance...
 

[tmfp]

[underwater]

Hi there.. i may be joining the discussion a little late. However I got some informative bits about gainbitcoin. I checked the internet archives for gainbitoin.com and here are some snapshots since 2013 (the year of formulation of gainbitcoin as per their website) and found that from 2013 to 2015, this website was a totally different one and in-fact scarier:

link below for snapshot from the website dated 04-April-2013
http://web.archive.org/web/20130421015451/http://gainbitcoin.com/

Below links are from 22-May 2013
http://web.archive.org/web/20130522031718/http://gainbitcoin.com/

Then about similar snaphots for may other months below a snapshot of 19 Dec 2014
http://web.archive.org/web/20141219194628/http://www.gainbitcoin.com/

Even 5 Jan-2016 was no change.
http://web.archive.org/web/20150105001907/http://www.gainbitcoin.com/

The earliest Gainbitcoin page snapshot available on internet archives is that dated 12-Dec-2015. whether the formulation of the company really was 2013 is questionable. Since 2013 through 2014 and part of 2015, the gainbitcoin.com is existent but that is evidently a different company that looked scarier.

Even on this page (Dec 2015) , the contact info and email id given are of variabletechs@gmail.com – have a look at the below link and the contact info page. I believe that the site is under development phase on this day.
 http://web.archive.org/web/20160119101651/https://gainbitcoin.com/
 
 
Even on current day the email IDs in contact info is of variabletech@gmail.com while the footer of the main page says support@gainbitcoin.com

Further, a whois search on this website reveals below info

http://www.netim.com/domain-name/whois-search.html
registered in Singapore in the name of Mark Lee.

They claim that they mine from China. However no location they reveal even a search on maps return unsuccessful. Their one video has (most probably) the owner of the company in their supposedly mining farm of China and other video (that is shown to potential customers in India) is of a lady going by the same surname showing the same farm in China in that selfie video.

The only purpose of sharing above details is that here they adopt various methodologies to get customers under MLM schemes. they quote reasons from nationality to getting quickly rich to get people (which is not unsuitable in a sense in-fact).

But, in my understanding, everything in public domain should be questioned and even the company which is being questioned must justify. If you are approached by this company you should ask them these questions directly and let them answer. If all seems good to you then happy earning to you.

Cheers!

[puneetk]

Hi guys,

I came across this thread as I was approached to invest in GainBitcoin by someone who has already invested 30 BTC there. It seemed unrealistic to me and after seeing this thread and other similar ones I am not sure.
I reached out to some people who are involved with GainBitcoin and I was given some of the below data/images to prove it's real.

Honestly I am not well-versed with Bitcoin mining so I can not verify its legitimacy. Incase any one here can use these to prove/disprove whether GainBitcoin is a legit investment or a Ponzi scheme would be great help and possibly bring conclusion to this thread and the mystery surrounding the company and Amit Bhardwaj/Kumar.

I started by asking a few questions (based off of some posts here and in similar threads) -

1. What is their public cloud mining IP

Their cloud mining IP is 52.66.51.105     

The public IP address has currently been migrated to IPv6 address and that is  2400:cb00:2048:1::681f:5f6a               

2. Is there a user selectable pool?     

There is no user selectable pool. Gainbitcoin team manages the pool selection to get maximum mining returns

                   
3. Who is their asic vendor?             

Gainbitcoin uses Antminer S9 to mine Bitcoins

         
4. How many hashrate have they sold vs how many hashrate they have in total
 

You can open your gainbitcoin account and it shows monthly stats of all contracts sold over the period of month

                       
5. What is exit strategy? (If I want all my money back within 1 month)

Gainbitcoin is taking steps to comply with all guidelines of government and law

6. Endorsement from the vendor?

There are no endorsements mentioned on Asic miners websites because these Companies have many clients and cannot endorse just one of the websites

I was also forwarded this message regarding some cooling period they are introducing starting October

Hi Friends,

Important update:
In order to comply with the new guidelines on Direct selling
Gainbitcoin will be implementing one of the important required modifications from October 1st oct

All sales will have a cooling period of 1 month for product and direct selling incentive, for example all sales logged in from 1st oct to 15 th oct will get there
1)   Mining Income
2)   Direct referral income
3)   Binary/ Pair income
On 16th of November
And sales logged in between 16th oct to 31st oct incentive will come on 1st of December.
 So people who have opened their big pools of 250,500,1000 or more have last chance to get their balance in 6 days otherwise from next time 30 days .so pls close them asap before 30thseptember.

I also received videos of people who have visited their mining farms in China:-
https://www.youtube.com/watch?v=lnVke_hD5R4
(Rest are in dropbox link)

Finally, I was sent some images which was supposed to prove something - but to be honest I couldn't make heads or tails of it.

Dropbox link for photos/videos - https://www.dropbox.com/sh/oj248xr42v6pl8j/AACRaxxkZ3BoL_k3lgOORoa2a?dl=0



I hope this helps solve the mystery and someone can look into this matter asap!

[tmfp]

Ignoring the lies, contradictions, behaviour and general seediness of Gainbitcoin and its operatives, the bottom line here is... "Will I make a profit if I give Gainbitcoin money?"

According to them, you will be paid back ~10% a month of the money you give them in the first place. So, for ten months, they are giving you your "investment" back in installments. After ten months you are back where you started.
As their contracts are 18 months, then a further 8 x 10% is your profit.
(If they still exist, haven't been "hacked" or unilaterally cancel your contract [see Genesis, Bitclub etc.].......18 months is an aeon in BTC)

Let us accept, for the purpose of this exercise, that they mine with S9's.
Also, for simplicity's sake, let us say that those S9's hash at 12.5 Th/s, so when you buy an "Amaze A5" (25 Th/s) package you effectively lease the output of two S9's for eighteen months.



This will cost you 13.75BTC, $8250 at $600 exchange.
According to Gain's figures, at the end of your 547 day contract you will have received 18 x 10% x $8250 = $14,850.

A net profit of $6,600

Back in the real world, let's use Coinwarz calculator^{1}.

I have reduced the power consumption pro rata 0.098 J/Gh to 2450 watts for 25 Th/s of S9.
I have put pool fees to zero.
I have used $0.06 for electricity. It looks like they are banditting electricity in their videos, so let's make this a general overhead figure. (Way too small).
With these highly optimistic cost figures* (in Gain's favor), what do we get?

Days to break even, 681.36.

According to Coinwarz's figures, at the end of your 547 day contract you will have received 547 x $12.11 = $6624.

A net loss of $1626

Who do you believe, Bhardwaj/Kumar or Coinwarz?
Hmmm.....




*Costs. The $0.06 Kwh I used is deliberately derisory as an overall cost of operation. Also to take into account before the gross S9 revenue gets to your account are:
Capital cost of equipment
Maintenance of provenly unreliable S9's and subsequent down time
On site wages
Bribes
Mark Lee
Flights for the family
Indian based infrastructure
Kartik Kanwar's suits
MLM Referral commission structure (can reach 30% of gross revenue), including rake off for Ver(manen) and Guzda (YT vid) to throw away into FutureNet



{1}
Coinwarz does not attempt to predict difficulty increase. As difficulty increases, rewards will drop.
In the last year, Bitcoin mining difficulty has increased by a factor of ~5.
Should the next eighteen months continue this trend (and why should it not?) but only double, then rewards will be cut by 2/3.

The moral of this story is: Do not buy cloudmining contracts under any circumstances, especially when the seller lies thru his teeth about ROI.

[Alpesh71184]

There is a clone of the Hashocean scam cloud miner going by the name of Gainbitcoin, being promoted on Roger Ver's dead forum as an Indian service, hence my post here.

I call it a clone because when you follow Gainbitcoin Mining FAQ links, they go straight to the HashOcean site.
I call HashOcean a scam because obvious.

The main promoter of this thing is a crap referral site 1bitcoindaily.com. This site resolves to Kshitij Mehrotra, who seems to organize the Dehli branch of BitcoinIndia and authored the Bitcoin referral post.
Anyhow, he is claiming that Amit Bhardwaj/Kumar of 2014 HighKart.com fame is "the owner of Gainbitcoin". Does Amit also own HashOcean too, or just steal bits of their website? Or what?
Is he available for a comment?
I'm sure it's all a clerical error. Or something.

So Have you found any victim since you alleged Mr. Bhardwaj?? Has any guy complained you about Gain?
I guess no one came you. And buddy don't wait about it. Cause you guyz are being jealous because you've fear that Amit will cover maximum Bitcoin Market in India and you will loose the value of your country's currency. And that's why you and some cheap locals are alleging Him. That is true BAKA and hello Dhyaan Rakhje I am MBA ( Mane Badhu Aavde) so i know how handle this situation. Mind it or you'll have to pay for that BTC

[tmfp]

That is true BAKA and hello Dhyaan Rakhje I am MBA ( Mane Badhu Aavde) so i know how handle this situation. Mind it or you'll have to pay for that BTC

Are you under the delusion that you're some sort of fucking gangster?

I point out that your employer friend Bhardwaj produces websites where the Universal Laws of Mathematics do not apply, as anyone can see, and what do I get threatened by?

First a lawyer who doesn't know law, then some chode with a Big Man complex..... 


And take those silly fucking sunglasses off indoors

They make you look like a bhadhava.......A Bhardwaj bhadhava, got a certain ring to it.

[Rotten Egg]

Is there any estimate how much Gainbitcoin has stolen so far? The thieves seem to be starting an exchange named https://thebitex.com, as I have discovered from their footer. When they flee from the country, the effect on the rest of the Indian bitcoiners is gonna be catastrophic. So, it is better to be cautious early.

[tmfp]

The Bitex?...

One of Mark Lee's many VariableTech sites, run in India by RADOX, directors Bhardwaj/Kumar (please someone explain this dual identity deal).

All came about mid 2015, Bitex doesn't appear to be active, no turnover listed on Coinmarketcap. The only sign of activity is the BTC/INR ticker appears to update periodically and a chart with some meaningless wide spread "orders".
It naturally links to Gain.
 
It's difficult to estimate the ins and outs of Bhardwaj/Lee's various schemes financially, all I think is that the various facts and figures in this thread show quite clearly that he/they are definitely not to be trusted in any way.

[tmfp]

Have we mentioned GBminers.com yet?
The latest incarnation of Bhardwaj and Lee, this time run out of Hong Kong under AMAZE MINING & BLOCKCHAIN RESEARCH LIMITED, on a twelve month registration started July '16, servers in Mumbai.

Along the lines of their MLM heroes Bitclub Network, they have decided to set up a mining pool and become the "Biggest blah blah in the blah blah" with their borrowed/bought/stolen S9's and an invitation to real miners to join them.

Unfortunately, it didn't go quite as smoothly as they wanted.
They ripped off Kano (bad move)

... and they removed my name off the copyright on the web pages even though most of all the web pages are still my code (small changes by them)

Scumbags.

and haven't paid miners who tried them out.

The biggest problem is they do NOT pay. I threw a s7 on their pool for about a week. Still waiting on .05 btc to be paid. Support is non existent. Use caution is all I can say.

A Sanjay Goswami drew the short straw and posted the thread on here, then immediately locked it when the questions go a bit difficult.


You can bullshit some of the people some of the time, but you can't bullshit all the people all the time.

[globalgaurav]

India's Path to Bitcoin Adoption, Interview with the Largest Non-Chinese Mining Pool

Cointelegraph interviewed both GBMiners Co-Founder Nikunj Jain and Co-Founder/investor Amit Bhardwaj.

www.cointelegraph.com/news/indias-path-to-bitcoin-adoption-interview-with-the-largest-non-chinese-mining-pool

[Rotten Egg]

I seem to have found the original Gainbitcoin meetup group, which has been used to scam hundreds of investors - https://www.meetup.com/BitcoinIndia-Gainbitcoin-meetup/. Organizer is the second poster of this thread, i.e. 1bitcoindaily aka Kshitij Mehrotra (+91-9650838327 / 1bitcoindaily@gmail.com).

[lordquanta]

someone has released video on verification of gbminers/gainbitcoin mining farm from Chine:

https://www.youtube.com/watch?v=j0qtVKEGNVI

Also

GBMINERS BITCOIN MINING INFO Gainbitcoin

https://www.youtube.com/watch?v=tQhRAyVfwwY


The Hindu newspaper published article about:

http://www.thehindu.com/business/Economy/Bitcoin-firm-opens-blockchain-incubator-in-India/article16756419.ece

Above news from info is captured in forum with
https://bitcointalk.org/index.php?topic=1703264.0

Can someone verify validity of this information?

[skang]

someone has released video on verification of gbminers/gainbitcoin mining farm from Chine:

https://www.youtube.com/watch?v=j0qtVKEGNVI

Also

GBMINERS BITCOIN MINING INFO Gainbitcoin

https://www.youtube.com/watch?v=tQhRAyVfwwY


The Hindu newspaper published article about:

http://www.thehindu.com/business/Economy/Bitcoin-firm-opens-blockchain-incubator-in-India/article16756419.ece

Above news from info is captured in forum with
https://bitcointalk.org/index.php?topic=1703264.0

Can someone verify validity of this information?

Reddit user 'BeijingBitcoins' posted this a few weeks ago : https://www.reddit.com/r/btc/comments/5cz0om/rbtc_exclusive_photos_of_a_bitcoin_mining/

You can see that both the locations are same (the video opens with a badminton court on the ground visible in 3rd pic on that imgur post)

Now, BeijingBitcoins did talk to a lot of people working there and they were all chinese - the workers, the owners of hashing & mining pool they mined on.

Either, BeijingBitcoins(whose pics are more detailed than gainbtc video) is wrong or gainbtc bought/rented out a part of the farm for purposes?

[ether19]

The moral of this story is: Do not buy cloudmining contracts under any circumstances, especially when the seller lies thru his teeth about ROI.

Yup. I agree with you. Whatever shit the cloud mining websites say or offer should never be trusted as in the end the buyers of the mining contracts stand to loose their cash invested. It is very hard to ROI especially when the contract expires in 10 to 18 months. Anyone who want to mine should get their own hardware to mine. Otherwise forget about mining.

[cryptoheadd]

Amit Bhardwaj/Kumar just launched a Blockchain Incubator in India. Not sure if it's legit or not.

"Our vision is to build New Delhi as the blockchain knowledge hub of Southeast Asia,” said Amit Bhardwaj, co-founder of GBMiners in a statement.

http://www.thehindu.com/business/Economy/Bitcoin-firm-opens-blockchain-incubator-in-India/article16756419.ece

http://www.newsbtc.com/2016/12/05/india-satoshi-studios-first-incubator/

http://www.the-blockchain.com/2016/12/06/south-east-asias-first-blockchain-incubator-satoshi-studios-opens-doors/

[tmfp]

So, much activity. What's new?

Gainbitcoin

Registered to our mysterious Mark Lee from Singapore.
Missing from any reference on Bhardwaj's Linkedin.

Not much change there, still selling cloudmining through MLM hucksters and promising impossible ROI.

GBminers " a product of Amaze Mining & Blockchain Research Ltd." Also listed by Darwinlabs.io as

Products that we have built: GBMiners...

Bhardwaj is

Co-Founder and Investor

And it's a mining pool, currently claiming around 70 Ph/s.

We are the first Bitcoin Mining Pool from India and Biggest from outside China

"From India?"
No, from Hong Kong.
"Biggest outside China?"
No, even if you qualify as "from outside China". Ever heard of Slushpool? Bitfury?

Amaze Mining & Blockchain Research Ltd.
 
Described as "Amit Bhardwaj’s firm".
He claims on his Linkedin

Amaze Mining & Blockchain Research Ltd owns more than 100 PH/s in bitcoin mining industry  

For that to be true, they account for all the hashrate of GBminers pool and mine another ~30 Ph/s at a pool he doesn't own, why would he do that?...
That also means that Amaze produces the hashrate that Gain sells (unless Gain mines thru another pool than GB, why would they do that?), which in turn means that gainbitcoin are not miners as they claim, merely hash resellers.

Darwin Labs

Owned by the three self described "misfits" who have fitted with Bhardwaj well enough to be listed together with him as the GBminers "team".
Other "products we have built" are Coinbank?, and an ad network.
Oh, and frankly.me, which apparently managed to devour $600,000 of VC funds in a year before they pulled the plug.
The "misfits" enjoy self description and self identify with an out there on the edge of sanity/genius/bullshit genre.
Mr. Jain explains why he should be trusted with VC capital

He is a free stupid bird out here to have fun, get high and die and that’s all he f**cking cares about it.
Pure f**king Psycho, reach out to him at your own risk

They also team up with Bhardwaj in the new venture, also based in Gurgoan, the presumptuously named

Satoshi Studios

Not thought worthy of listing on Bhardwaj's CV*, SS bears a little more attention later, especially

The incubator has a 3-month intensive residence program in New Delhi, India, where the founders will spend time with the GBMiners team

Sounds like fun, I wonder who picks up the B&B tab if you miss the cut?
And where the $50k's are coming from....

Rockminer

This ASIC manufacturer from the mists of time (2014) has no active website. In its day, Rockminer apparently produced some hardware, but it all ended in tears with involvement in the AMHash/Hashie scam, where they (allegedly) hosted Gen1 of the ponzi.
This all happened about the same time as Highkart breathed its last, with a bumper sale of cheap hardware...
I still wonder what happened to Fried Cat.

It is only mentionable here because Bhardwaj has bought 40% of it, according to this and Great Things are afoot

RockMiner, a China based Company builds next gen hardware products for Bitcoin and other Altcoin Mining.
On the occasion of the stake acquisition, jubilant Amit Bhardwaj, said “I liked the vision of the company and what they are building is extraordinary and inspiring.

There's more....

Mr. Bhardwaj is excited to see the progress of RockMiner in development of faster mining chips as he says it’s a very good thing for the decentralization of the currency. It’s a huge achievement and a big milestone for the company. He informs that 14nm chip will be able to see light in the next 2–3 months. Each 14nm chip in the miner will be able to attain up to 65 GH/s. This development comes after 3 years of hard work at RockMiner.

Three years of very very hard work, so hard they didn't have time to build anything for sale whatsoever. Fascinating, the ASIC industry.

Also fascinating is this

Reddit user 'BeijingBitcoins' posted this a few weeks ago : https://www.reddit.com/r/btc/comments/5cz0om/rbtc_exclusive_photos_of_a_bitcoin_mining/

You can see that both the locations are same (the video opens with a badminton court on the ground visible in 3rd pic on that imgur post)
Now, BeijingBitcoins did talk to a lot of people working there and they were all chinese - the workers, the owners of hashing & mining pool they mined on.
Either, BeijingBitcoins(whose pics are more detailed than gainbtc video) is wrong or gainbtc bought/rented out a part of the farm for purposes?

The operators of this facility purchased a hydroelectric dam and then built their own power substation and warehouse buildings to house the bitcoin mining hardware.

I wonder how easy that is to do in rural China for an Indian, or for any foreigner for that matter?
If you're not the operator/owner, then exactly how safe would $$$$ of your mining equipment be?

That's enough for the time being, I have some paid work to do.


*(which informs that Nextgen apparently shut down four years ago, in December 2012. That's a bit of a surprise, because in the opening post of this thread, you will see a screenshot of Nextgen's claim to have Gainbitcoin as a client.
Gainbitcoin claims to have been "formulated in the year 2013").

[digminer]

I just saw that they have launched their Bitcoin wallet as well (Coinbank) last month and it looks pretty good in terms of how it works.

I dont know what is cooking there, good or bad. 

[cryptoheadd]

I just saw that they have launched their Bitcoin wallet as well (Coinbank) last month and it looks pretty good in terms of how it works.

I dont know what is cooking there, good or bad.  

Which Bitcoin wallet are you talking about?
Can you add a link, if possible?

[digminer]

There you go:

https://play.google.com/store/apps/details?id=info.coinbank.wallet&hl=en

[lordquanta]

You wont believe some of these gainbitcoin scamsters now came with loan scheme. That is you take a personal load to invest in gainbitcoin. These people are taking advantage of greediness of people.
These gainbtc people in maharashtra are targeting tier-3/4 cities like kolhapur, ichalkaranji and of course tier-2 cities like Pune.  with weekly seminars in these cities.  These buggers are now came with their own app, and they declared that they will transfer bitcoins only  their app address. Their claim is this app is most secure and even owner of app(amaze tech/another amit kumar enterprise)  can not touch your bitcoins. 
The app looks ridiculously primitive and without any better feature. I'm highly doubtful how secure it is. And their charges are way to high.

The app link https://play.google.com/store/apps/details?id=info.coinbank.wallet&hl=en

[digminer]

The app looks ridiculously primitive and without any better feature. I'm highly doubtful how secure it is. And their charges are way to high.

The app link https://play.google.com/store/apps/details?id=info.coinbank.wallet&hl=en

I found their wallet good actually, it is device based and not the database based on the cloud out in other country. And that fees is the transaction fees as standard in Bitcoin network, BTW.

[cryptoheadd]

You wont believe some of these gainbitcoin scamsters now came with loan scheme. That is you take a personal load to invest in gainbitcoin. These people are taking advantage of greediness of people.
These gainbtc people in maharashtra are targeting tier-3/4 cities like kolhapur, ichalkaranji and of course tier-2 cities like Pune.  with weekly seminars in these cities.

If someone takes a loan to invest in GainBitcoin, then the loss is on them. Why the hell would anyone take a loan to invest in a scam?

These buggers are now came with their own app, and they declared that they will transfer bitcoins only  their app address.

That's weird. Do they have an iOS application?

Their claim is this app is most secure and even owner of app(amaze tech/another amit kumar enterprise)  can not touch your bitcoins. 

That might be true to some extent.
From what I can see, This wallet is a Hierarchal Deterministic (HD) Wallet, so I guess, they can't touch your Bitcoins. Not really sure how secure it is, though.

Their choice of the name for the application is very poor, as Coinsbank is a very famous card provider.
But maybe they are planning to leverage Coinsbank name?? (Who knows?)

More information on Coinsbank here: https://coinsbank.com/.

[tmfp]

The website for the wallet is http://coinbank.info/ with no "s", a single page headed Satoshi Studios and registered to our old friend "Mark Lee" from VariableTech in Singapore.

Although rational people may find it hard to believe, in the MLM industry, borrowing to "invest" is quite common.
The affiliate gets his commission for the sign up and the debt is sold to gangsters, who sometimes literally get blood out of a stone.

The reviews of the wallet are split 50/10 between 5* and 1*, usually an indication of brigading by interested parties.

[cryptoheadd]

The website for the wallet is http://coinbank.info/ with no "s", a single page headed Satoshi Studios and registered to our old friend "Mark Lee" from VariableTech in Singapore.

They didn't even spend 10 mins on the website. Lol.

Although rational people may find it hard to believe, in the MLM industry, borrowing to "invest" is quite common.
The affiliate gets his commission for the sign up and the debt is sold to gangsters, who sometimes literally get blood out of a stone.

I didn't know that. Thanks for the information.

[digminer]

I think I must try my hands with them. Let me try with some small amount.

[tmfp]

I think I must try my hands with them. Let me try with some small amount.

  The siren call of profit.....

The smallest amount you can buy a Gain mining contract for is 1BTC, say 55,000 INR today.
However, in the MLM industry (and in some "cloudminers") it's not unknown for your upline to offer a partial share if you cannot meet the company's minimum purchase requirements.
This involves giving cash to a third party under an informal arrangement.

Anyway, if you give Gain 55,000 (and completely disregard the mathematics of my previous posts), then you can expect to receive back ~ 5500 rupees per month for 10 months (in the event of no BTC price change and payments actually being made as promised...).
So, in October 2017 you may have been paid back your 1BTC in stages and are now at break even.
Or are you?
None of us have crystal balls, but it is clear that Bitcoin is a bull market.
Let us say, for the sake of illustration, that the bull run continues at 10% per month (as it basically has over the last year).
Do the math between "investing" in Gain mining and simply hodling that 1BTC. (Should the price of Bitcoin collapse so will many miners, as their fixed overheads are denominated in fiat).

after  INR k value *mining returns (cumulative, converted back into rupees on receipt)
1 month 60.5        6.05
2          66.55      12.706
3          73.2        20.025
4          80.52      28.077
5          88.58      36.935
6          97.43      46.678
7         107.18     57.396
8         117.90     69.186
9         129.69     82.155
10       142.66     96.421

*assuming they are continually made @ 10% monthly. See likelihood of this in my previous posts. Numbers rounded.

they declared that they will transfer bitcoins only  their app address.

If that is so, it gives you an indication of how fast and loose they play with their promises and T&C's

DIRECT WITHDRAWAL
Save the withdrawal address once & and receive withdrawal automatically to any wallet of your choice.

Do you really want these people owing you money for ten months?
       

[lordquanta]

I think I must try my hands with them. Let me try with some small amount.

If even after reading thread  some is willing to invest then  only thing concludes is that "someone" might have already invested in gainbitcoin. And here that someone is trying to publicize mlm scam.

The smallest amount you can buy a Gain mining contract for is 1BTC, say 55,000 INR today.
However, in the MLM industry (and in some "cloudminers") it's not unknown for your upline to offer a partial share if you cannot meet the company's minimum purchase requirements.
This involves giving cash to a third party under an informal arrangement.

Smallest amount one can waste/invest is 0.1 btc

A person is supposed to create two accounts under him to get commission. One could create unlimited dummy accounts with same email id.   

[digminer]

I think I must try my hands with them. Let me try with some small amount.

  The siren call of profit.....

The smallest amount you can buy a Gain mining contract for is 1BTC, say 55,000 INR today.
However, in the MLM industry (and in some "cloudminers") it's not unknown for your upline to offer a partial share if you cannot meet the company's minimum purchase requirements.
This involves giving cash to a third party under an informal arrangement.

Anyway, if you give Gain 55,000 (and completely disregard the mathematics of my previous posts), then you can expect to receive back ~ 5500 rupees per month for 10 months (in the event of no BTC price change and payments actually being made as promised...).
So, in October 2017 you may have been paid back your 1BTC in stages and are now at break even.
Or are you?
None of us have crystal balls, but it is clear that Bitcoin is a bull market.
Let us say, for the sake of illustration, that the bull run continues at 10% per month (as it basically has over the last year).
Do the math between "investing" in Gain mining and simply hodling that 1BTC. (Should the price of Bitcoin collapse so will many miners, as their fixed overheads are denominated in fiat).

after  INR k value *mining returns (cumulative, converted back into rupees on receipt)
1 month 60.5        6.05
2          66.55      12.706
3          73.2        20.025
4          80.52      28.077
5          88.58      36.935
6          97.43      46.678
7         107.18     57.396
8         117.90     69.186
9         129.69     82.155
10       142.66     96.421

*assuming they are continually made @ 10% monthly. See likelihood of this in my previous posts. Numbers rounded.

they declared that they will transfer bitcoins only  their app address.

If that is so, it gives you an indication of how fast and loose they play with their promises and T&C's

DIRECT WITHDRAWAL
Save the withdrawal address once & and receive withdrawal automatically to any wallet of your choice.

Do you really want these people owing you money for ten months?
        

Thanks for the calculations and it is clear that holding BTC is more profitable. BTW, the smallest amount you can give them is 0.1 BTC which is almost 5.5k today.

[digminer]

I think I must try my hands with them. Let me try with some small amount.

If even after reading thread  some is willing to invest then  only thing concludes is that "someone" might have already invested in gainbitcoin. And here that someone is trying to publicize mlm scam.
  

I have not yet and I am not bothered if you are not convinced.

Would you recommend any other BTC mining company which looks good?

[tmfp]

Thanks for the calculations and it is clear that holding BTC is more profitable. BTW, the smallest amount you can give them is 0.1 BTC which is almost 5.5k today.

I started this thread based on the information provided on the public face of Gain i.e. their website Gainbitcoin.com.
This info and this website have proved to be misleading, downright false and more typical in mathematics of a standard R*ssian HYIP than a legitimate business.
On the website, a starter pack Basic Plan investment is 1BTC.

Would you recommend any other BTC mining company which looks good?

No.
My personal view of mining bitcoin is that it's marginally profitable at best and then only for the largest operations directly. With cloudmining you then add in a layer of obfuscation and (deliberately) misleading projected returns and often a highly expensive MLM sales structure: it becomes untenable from a risk/reward pov.
Having said that, and emphasising that I don't recommend investing in this area, have a look at Eric Mu's attempt at a transparent operation here.

In the bigger picture, the concept of "growing" your BTC is being pushed hard by people whose interests are primarily to get their hands on your money.
The idea that Bitcoin is a self contained environment in which the man in the street can profitably operate is a false one in my opinion.
If you are in the Bitcoin space then it's a reasonable assumption that you are bullish about its future and therefore its price.
The simple approach for profit is to buy and hold bitcoin, increasing your holding by investing surplus fiat that you generate in real life by whatever your job is.
At the moment it is an interesting investment opportunity to be indulged in with the greatest care, with a potential to grow exponentially as problems are solved and longer term credibility is established.
This is why I spend some time "scam busting". I see the potential for good financially and socially in Bitcoin but every time thieves and liars succeed, its credibility and progress are compromised.
Good luck.

[bpanther]

tmfp I am following this thread since its inception and I stopped myself from investing into gainbitcoin due to your analysis till now. But at some points you are not correct and I doubt if I should move ahead or believe all what you write. I am sure, you don't want anyone to fall for a fake mining company but are you sure. Bcz till now I have seen none of the people who are investing with them without their payout on time. No reports of cheating as well. And now they are coming up with wallets, refund policies etc as well. As you said, they need at least 1 BTC as minimum investment, it is not correct, it starts from .1 BTC. As I have already waited enough and no wrong reports came in front, I am planning to move ahead with .1 BTC and will increase my investment gradually. This way at least I will be able to give first hand info on what gainbitcoin is in real, rather than cribbing sitting outside. No offense to anyone but I plan to do so now.

I think I must try my hands with them. Let me try with some small amount.

  The siren call of profit.....

The smallest amount you can buy a Gain mining contract for is 1BTC, say 55,000 INR today.
However, in the MLM industry (and in some "cloudminers") it's not unknown for your upline to offer a partial share if you cannot meet the company's minimum purchase requirements.
This involves giving cash to a third party under an informal arrangement.

Anyway, if you give Gain 55,000 (and completely disregard the mathematics of my previous posts), then you can expect to receive back ~ 5500 rupees per month for 10 months (in the event of no BTC price change and payments actually being made as promised...).
So, in October 2017 you may have been paid back your 1BTC in stages and are now at break even.
Or are you?
None of us have crystal balls, but it is clear that Bitcoin is a bull market.
Let us say, for the sake of illustration, that the bull run continues at 10% per month (as it basically has over the last year).
Do the math between "investing" in Gain mining and simply hodling that 1BTC. (Should the price of Bitcoin collapse so will many miners, as their fixed overheads are denominated in fiat).

after  INR k value *mining returns (cumulative, converted back into rupees on receipt)
1 month 60.5        6.05
2          66.55      12.706
3          73.2        20.025
4          80.52      28.077
5          88.58      36.935
6          97.43      46.678
7         107.18     57.396
8         117.90     69.186
9         129.69     82.155
10       142.66     96.421

*assuming they are continually made @ 10% monthly. See likelihood of this in my previous posts. Numbers rounded.

they declared that they will transfer bitcoins only  their app address.

If that is so, it gives you an indication of how fast and loose they play with their promises and T&C's

DIRECT WITHDRAWAL
Save the withdrawal address once & and receive withdrawal automatically to any wallet of your choice.

Do you really want these people owing you money for ten months?
       

[tmfp]

But at some points you are not correct  

Please point out the errors I have made.

As you said, they need at least 1 BTC as minimum investment, it is not correct, it starts from .1 BTC.

Is this what you mean by an error? As I said, I refer to their own website for information.
Also as I said, sometimes affiliate members of schemes will offer lower entry point investment, but this can involve you dealing with someone other than the people you thought you were.

till now I have seen none of the people who are investing with them without their payout on time.

That comment shows an incomplete understanding of how Ponzi schemes work.
Some payments being made on time do not indicate that all payments will be made.
When the source of income does not equal the promised returns, something has to give. That will be you.
Ten months of full payments will need to be made before you get your original investment back, eleven before you move into profit.
Has someone shown you proof of eleven months of correct payments received from Gain?
That's proof as in txts and proof of original stake? (A. No.)

And now they are coming up with wallets, refund policies etc as well.

I heard about the wallets, read the reviews, read that some affiliates are insisting that payments can only be made through them alone. Why would that be?
I haven't seen any refund policies on their website.

What I have seen on their website is their "calculator". If you enter 1BTC, the price of a 1.5 Th/s Basic Plan, it says

Yearly Output 1.25094891 BTC

If you put 1.5 Th/s in an independent calculator, you get

Annually   0.44388537 BTC

per Month   0.03701522 BTC/ Next difficulty per Month 0.03467417 BTC

( Annually 0.430134 BTC)

Unless you can point out in those calculations one of the errors you say I have made, I can only suggest that greed has intoxicated you and you have contracted the FOMO virus.
Symptoms include denial of logic, irrational decisions and dreams of wealth, leading to Stockholm Syndrome, then poverty and anger.

No offense

None taken.

[digminer]

As I said, I refer to their own website for information.

.1 BTC shows up only when you sign in and not at the outside on home page as they have more plan with more BTC's till 100 which shows up only when you login.

I haven't seen any refund policies on their website.

Refund policy option came in Oct-Nov and that also shows up after you login.

[tmfp]

As I said, I refer to their own website for information.

.1 BTC shows up only when you sign in and not at the outside on home page as they have more plan with more BTC's till 100 which shows up only when you login.

I haven't seen any refund policies on their website.

Refund policy option came in Oct-Nov and that also shows up after you login.

Thanks.
How many Gh/s do you get for 0.1BTC?
What does the refund policy say?

[lordquanta]

tmfp I am following this thread since its inception and I stopped myself from investing into gainbitcoin due to your analysis till now. But at some points you are not correct and I doubt if I should move ahead or believe all what you write. I am sure, you don't want anyone to fall for a fake mining company but are you sure. Bcz till now I have seen none of the people who are investing with them without their payout on time. No reports of cheating as well. And now they are coming up with wallets, refund policies etc as well.

Just wanted to point out that so called "refund policy within month" does not work for majority. Have you tried to get refund? you would get 'you don't have sufficient privileges to access this page'  kind of message. After completion of month you get access to that page, but now you can not request the 'refund' as you ran out of time. This happens majority of times. Quite a good chance of this not happening with leader of team. This is all classic ponzi scheme trying to show how transparent they are.

Remember at one point "Hashocean" was also paying on time to all it's users before vanishing from business with all bitcoins collected from users. One could check Hashocean videos on youtube today as well. Those who were promoting hashocean relentlessly were also saying that they are getting paid on time and they have not missed any payment.. so invest in hashocean under them was their call.  But NOW if you check those peoples videos, and those old videos you would find a note that HASHOCEAN is a scam and do not join it. For example.

https://www.youtube.com/watch?v=UXwtrmhP274

Person who created this video has made same points about "on time payments" "safe program".  But after hashocean ran away, he had to put note on video saying 'DO NOT JOIN'. If you click on that link it's another video about hashocean where title of vides 'Do not join HASHOCEAN'.


To people who are claiming gainbtc is in fact safe program only because payments received so far. they have not missed single payment so far. But is there guarantee same will keep on happening in future as well? When logic is used to analyze that this program is and who are these people running this program? how trustworthy they are?    Then one realizes that nothing confirms about these people and company. 

Also in the initial phase of this thread these amitbharadwaj and company tried to defend themselves with ambiguous responses but tmfp saw right through it and asked more straight to the point question. After that  those scammer ran aways and used other tactics to stop this thread.

[tmfp]

Just wanted to point out that so called "refund policy within month" does not work for majority. Have you tried to get refund? you would get 'you don't have sufficient privileges to access this page'  kind of message. After completion of month you get access to that page, but now you can not request the 'refund' as you ran out of time.

It sounds like pseudo compliance with Clause 4 of the new MLM Direct Selling Guidelines 2016.

Unfortunately, these are only guidelines with no regulatory powers to back them up.
MLM scammers know this.

[digminer]

Thanks.
How many Gh/s do you get for 0.1BTC?
What does the refund policy say?
[/quote]

You get 10% of whatever amount of BTC you invest, in this case it becomes 0.01/month for 18 months. I know its very small but the amount you invested is also very small.

Ok, I was just scrawling on the internet over the weekend and found few more facts, don't know if you guys are aware so sharing here. My purpose of doing all this is to understand if it is really a scam? I know you guys posted all the links and docs in earlier posts to prove that it is not good at all but I just want to be neutral and would like to think from both side (no offence to anyone). Also, I've risked 0.1 BTC to understand how it actually works, because I think until & unless you get into it and sign up you don't get complete info. Speaking from out of system is just so easy. I found few below facts about Amit and GB and want to understand if it is a scam how those media websites/houses are unaware and simply praising Amit /GB.

1. GB were mining in F2 pool until few months back (as they says) and GB's owner Amit got his own mining pool with some Nikunj and 1-2 more people. Amit is the one of main investor in Gbminers pool as those all news says:

https://cointelegraph.com/news/indias-path-to-bitcoin-adoption-interview-with-the-largest-non-chinese-mining-pool

http://tech.firstpost.com/news-analysis/bitcoins-accepted-by-over-500-merchants-in-india-says-gbminers-co-founder-amit-bhardwaj-353532.html

http://coinjournal.net/new-indian-mining-pool-gbminers-gains-3-of-network-hashrate-views-bitcoin-unlimited-positively/

2. I also searched even if GBminer pool exist or not then I found that Blockchain proves that it exists.

https://blockchain.info/pools

3. I logged into the website and clicked on the refund button which people says is not working but I found it is working perfectly fine. When you click on the link it opens up a page which ask details about you. Was trying to upload that screenshot to show you guys but could not, seems like this site accept only web images. (let me know if I can directly attach a image)

I am not here to prove anyone wrong or false, I am just trying to understand if everything is bad then how things are happening pretty well and facts which they says comes true in real world parallel. They said something big coming, they launched their pool. They said we're bringing the refund policy, they made it real. They said we're developing our own wallet, they did it and I must say that wallet is pretty sorted with good features.

I called on their customer support numbers/email ids and got good timely answers as well.

The worst I can say even if it is a scam, by seeing the developments and efforts they are putting seems like they have long long to go before they vanish.

[cryptoheadd]

You get 10% of whatever amount of BTC you invest, in this case it becomes 0.01/month for 18 months. I know its very small but the amount you invested is also very small.

So, there's no defined Gh/s?

GB were mining in F2 pool until few months back (as they says) and GB's owner Amit got his own mining pool with some Nikunj and 1-2 more people. Amit is the one of main investor in Gbminers pool as those all news says.

Their pool doesn't give any pay-outs according to some miners.

Check this out: https://bitcointalk.org/index.php?topic=1627038.0
And this: https://i.imgur.com/1O6u3XW.png (Translated using Google Translate)

I logged into the website and clicked on the refund button which people says is not working but I found it is working perfectly fine. When you click on the link it opens up a page which ask details about you.

Why don't you try filling the form and asking for a refund?
Let's see if they honor your request.

They said something big coming, they launched their pool. They said we're bringing the refund policy, they made it real. They said we're developing our own wallet, they did it and I must say that wallet is pretty sorted with good features.

Their pool doesn't give out pay-outs. Their refund policy has not yet proven to be real. (Just because they have a working form, doesn't mean they'll refund your bitcoins.) Their wallet is ONLY being used by users because they've forced their withdrawals in it. Here, check out the reviews: https://play.google.com/store/apps/details?id=info.coinbank.wallet
If they're really serious about their wallet, they should rename it, because Coinsbank is already a famous (and a reputed) bitcoin wallet.

According to most reviews, their OTP comes after 3 days and the confirmation email takes 13-14 hours. (I wouldn't call it a good wallet.)

I haven't personally used any of their services, so I don't have any primary data on this. But, with the data mentioned on this post, I'd never really want to use their services, even if they're legit.

[bpanther]

You get 10% of whatever amount of BTC you invest, in this case it becomes 0.01/month for 18 months. I know its very small but the amount you invested is also very small.

So, there's no defined Gh/s?

GB were mining in F2 pool until few months back (as they says) and GB's owner Amit got his own mining pool with some Nikunj and 1-2 more people. Amit is the one of main investor in Gbminers pool as those all news says.

Their pool doesn't give any pay-outs according to some miners.

Check this out: https://bitcointalk.org/index.php?topic=1627038.0
And this: https://i.imgur.com/1O6u3XW.png (Translated using Google Translate)

I logged into the website and clicked on the refund button which people says is not working but I found it is working perfectly fine. When you click on the link it opens up a page which ask details about you.

Why don't you try filling the form and asking for a refund?
Let's see if they honor your request.

They said something big coming, they launched their pool. They said we're bringing the refund policy, they made it real. They said we're developing our own wallet, they did it and I must say that wallet is pretty sorted with good features.

Their pool doesn't give out pay-outs. Their refund policy has not yet proven to be real. (Just because they have a working form, doesn't mean they'll refund your bitcoins.) Their wallet is ONLY being used by users because they've forced their withdrawals in it. Here, check out the reviews: https://play.google.com/store/apps/details?id=info.coinbank.wallet
If they're really serious about their wallet, they should rename it, because Coinsbank is already a famous (and a reputed) bitcoin wallet.

According to most reviews, their OTP comes after 3 days and the confirmation email takes 13-14 hours. (I wouldn't call it a good wallet.)

I haven't personally used any of their services, so I don't have any primary data on this. But, with the data mentioned on this post, I'd never really want to use their services, even if they're legit.

Guys as I said, I tried gainbitcoin with .5 BTC as an investment. My findings are as follows:
1. I got 750 GHS mining power.
2. I installed their wallet coinbank and everything took me 10-15 minutes from downloading to configuration. OTP and confirmation were instant.
3. Applied for refund and they processed it. They have a 7 days timeline, so yet to receive it.

I am trying to believe you guys but everything is working fine as apposed to the reports by some others. Totally confused, if I should go ahead or not.

[cryptoheadd]

Guys as I said, I tried gainbitcoin with .5 BTC as an investment. My findings are as follows:
1. I got 750 GHS mining power.
2. I installed their wallet coinbank and everything took me 10-15 minutes from downloading to configuration. OTP and confirmation were instant.
3. Applied for refund and they processed it. They have a 7 days timeline, so yet to receive it.

I am trying to believe you guys but everything is working fine as apposed to the reports by some others. Totally confused, if I should go ahead or not.

Well, the 750 GH/s would mine around 0.0006BTC a day, so 0.018BTC a month. (According to Coinwarz Profitability Calculator)

You get 10% of whatever amount of BTC you invest, in this case it becomes 0.01/month for 18 months. I know its very small but the amount you invested is also very small.

So, if you invested 0.5BTC you'll be getting 0.05BTC/month. (While your 750 GH/s only mines 0.018BTC)
It sounds too good to be true.

Even if you get the withdrawals of 0.05BTC from GainBitcoin, read this:

Remember the promoters/supporters/bhakts of these mlm scams will always be relying on single point and that is 'regular pay outs'. They will always claim that 'We have not missed single pay out till day. How dare you to call it scam?'

All these people are living in wishful thinking bubble. Sooner or later this bubble is bound to burst.  What is painful is  many people from technical field(IT industry) fell prey (read easy money greed) this scam. I've seen it and it hurts to see when technically sound people turning into supporters/bhakt/devotees of MLM scams.

[pvaspecialist]

HashOcean already scam many people.If this guy are relly related to HashOcean and come back again with clone then definitely this site also scam again.All cloud mining sites are ponzi.I invest bitcoin many site but at the end I cant even get back my investment.I Just can tell you keep away from Cloud Mining.withdraw your investment soon otherwise you have big chance to lose your investment.I was try cex.io well known site but lose my investment.you try mine with AntMiner that would be best decision.you can buy new AntMiner S9 its now popular.the real mining is rig mining.you can try the real rig mining thats my suggestion

[espoldz]

Guys, could you help me with my research on Amit Bhardwaj and his Satoshi Studios project?
When I will be done with it I will be definitely sure about Gainbitcoin. I will post here all my informations that I have gained, but I need a hand with my research:
https://bitcointalk.org/index.php?topic=1732555.msg17335926#msg17335926

Thanks!

[espoldz]

Ok I have done a huge research and now I'm sure about the business.
I have had meeting with one guy who met Amit personally (I have photo with him and Amit Bhardwaj on a yacht in Dubai). He is also one of the guy on the recordings in GainBitcoin mining pools in China, on Youtube.

Everything seems to be cool - the connection with HashOcean (copied content from HO site) is true and Amit said that he just copied some info not to waste time and that's the reason they will change their website at 10 January probably.

I think this could be a true story but even real seemed to me that Amit did HashOcean which gave him the money to start the real bitcoin mining pool, and now we have GainBitcoin whos owner is a famous guy in Bitcoin world.

People started making landing pages
http://theadsteam.getleads.pl/vspelegant2-20826/

It will be a little bit noisy because of this program - all people over the Poland will start to promote it soon.

[espoldz]

Check out this new article from Amit:
https://www.linkedin.com/pulse/hello-india-my-vision-2017-bitcoin-blockchain-amit-bhardwaj

[digminer]

Check out this new article from Amit:
https://www.linkedin.com/pulse/hello-india-my-vision-2017-bitcoin-blockchain-amit-bhardwaj

This sounds good. Their Coinbank wallet works fine and good to see that they are going to use it like a bank and fixed deposits. And about the copy paste website data from Hashocean also sounds logical to me.

I am also doing some researches on GB by entering into their system to know how it actually works. Will share some inputs soon.

[cryptoheadd]

I think this could be a true story but even real seemed to me that Amit did HashOcean which gave him the money to start the real bitcoin mining pool, and now we have GainBitcoin whos owner is a famous guy in Bitcoin world.

So, according to you, Amit Bhardwaj is the person behind HashOcean and GBMiners was started from the funds that he scammed from HashOcean's users?

And there's a difference in being famous and being reputed. (Just saying)

https://bitcointalk.org/index.php?topic=1527550.0

https://cointelegraph.com/news/hashocean-scam-victims-sign-petitions-to-fbi-hackers-to-reveal-more-scams

Ok I have done a huge research and now I'm sure about the business.
I have had meeting with one guy who met Amit personally (I have photo with him and Amit Bhardwaj on a yacht in Dubai). He is also one of the guy on the recordings in GainBitcoin mining pools in China, on Youtube.

Everything seems to be cool - the connection with HashOcean (copied content from HO site) is true and Amit said that he just copied some info not to waste time and that's the reason they will change their website at 10 January probably.

Sure, I'll take your word for it.

This sounds good. Their Coinbank wallet works fine and good to see that they are going to use it like a bank and fixed deposits.

So, they started a centralized institution to hold a decentralized currency? Wow.
Opening a Bitcoin Bank is the exact opposite of what Bitcoin is all about. How the hell does it sound good to you?

~Snip~

I didn't know that people had invested 59413.6 BTC in the last 3 months. (Damn!)
Thank you for the information.

[lordquanta]

Ok I have done a huge research and now I'm sure about the business.
I have had meeting with one guy who met Amit personally (I have photo with him and Amit Bhardwaj on a yacht in Dubai). He is also one of the guy on the recordings in GainBitcoin mining pools in China, on Youtube.

- As conclusion of your huge research was positive towards legitimacy of gainbtc business, it means research must have found the answer to the grave mathematical inconsistencies in their hashrate plan (this has been explained in detail initial part of this thread). Kindly explain how gainbtc is able to share amount of profit which is not possible through mining bitcoin pool in the first place.
- Members who have doubts about gainbtc will be very happy if details of that "huge" research is shared here instead of half line conclusion?  It will be very helpful to know what kind of data/information helped in reaching to that conclusion. Other members who are finding loopholes in the business model of gainbitcoin, will get answers on legitimacy of gainbtc.

Everything seems to be cool - the connection with HashOcean (copied content from HO site) is true and Amit said that he just copied some info not to waste time and that's the reason they will change their website at 10 January probably.

I think this could be a true story but even real seemed to me that Amit did HashOcean which gave him the money to start the real bitcoin mining pool, and now we have GainBitcoin whos owner is a famous guy in Bitcoin world.

- Hmm, so as per above quote, Amit might be behind HashOcean scam and those looted bitcoins are now being invested in gainbitcoin. With what logic Mr. Amit will not do the same with gainbtc? That  is he may run the scam for two to four year and then disappear with all bitcoins. What has exactly changed this time that has made him not to scam via gainbtc (If and only if he was really behind Hashocean)?

- Recently some members who attended the meeting with Mr. Amit B have shared details of that meetings, the specific point which caught attention is interesting to share here. In that meeting while answering questions about business and security on whether gainbtc will pay assured amount to the investor, this information was given: In order to assure payment to the investors Mr. Amit has created back up of all the payment for next 25 years.That is payable amount to customer for next 25 years is safely kept aside. So even if Mr. Amit stops mining bitcoins any time in future, customers/investors will keep getting paid.  Not only that Mr. Amit has created back up money of  this back up amount. So there is two hundred per cent assurance from gainbtc about payment. Sounds great, Right!!  
Next piece of information is how big is their business and how honestly they are processing payments. gainbitcoin is paying some 20 to 35 odd customer around 1 crore per month. and some 20000 to 30000 customers/investors who are getting in lakhs of rupees per month.
 ------
- When I cross checked above details on payment following details came up:
   20 to 30 people getting 1 crore per month, means at least 20 crore per month (i'm chosing lowest number).
        This results per year  =    20 x 10000000 x 12(months) = 2400000000  = two billion, four hundred million Rupees

  20000 to 30000 thousand people earning in lakhs. Let's take lowest of member number and lowest of lakh (one lakh).
         This results per month  = 20000 x 100000 = 2000000000      =  Two billion per month
          This results per year   =  20000 x 100000 x 12  =  24000000000      =   twenty-four billion,

 If we sum up above two levels of associate income per year we get    
               24000000000 +  2400000000  =  26400000000  twenty-six billion, four hundred million rupees

  At this stage, gainbtc is paying 20020 associate somewhat  twenty-six billion, four hundred million Rupees.   As per claim/information shared, payable amount for coming 25 years has a backup. That means First back up money set aside is:
              26400000000 x 25 = 660000000000   Six Hundred Sixty Billion Rupees

 Then there is back up of first back up stored, so that gives
              660000000000 x 25 = 16.5 x 10^12 = 16.5 Trillion Rupees

16.5 Trillion Rupees has been kept aside for payment  by Mr. Amit. And remember this calculation is for only top two levels of associates. Those who are earning in thousands/hundreds have not been included.
Now very obvious question is, has gainbtc or Mr. Amit mined  16.5 Trillion Rupees worth bitcoins already that they could keep that much amount in back up?
Till this date, People who attended these seminars have not bothered to think on. Instead these guys were spreading that information like Gospel Truth.

Who are we kidding here, 16.5 Trillion rupees kept as backup for payment!!

Why are we ignoring mathematics of profit?

Those who want to invest/waste their bitcoins in gainbtc are free to do so. However promoting it without any proof about its profit-making model is not good.
Is their payments so far regular? Yes, and they will remain regular till incoming money is greater than outgoing money.    
How long will it take to reach the point where payment may become problem?  not very soon (at least not in weeks or some months). It is due to their business model practice.  Normally MLM scam needs more peoples under a person. Here one person can create tens/hundreds/thousands/unlimited  dummy account by himself and invest all by himself. Without pulling other person.
How this dummy account work?
While creating 1st new account mention username/email/passwd like user1/user1@email.com.  Next window will appear which will ask same information, Fill out it and account is created.
Lets say user1 want to create dummy account now. procedure is:
Click on registration again and mention name  user1_2/user1_2@email.com/passwd. Next window will appear in which you mention user1_2/user1@email.com/passwd.   Notice how next window has email id same user1. Your dummy account is created. You even dont have to own email account which you mention in first registration window.  With this way, by mentioning any number of email in first window and old email id on second window dummy accounts are created.
Interesting point is gainbtc investors who want you to invest in gainbtc will "teach" you all these tricks to get more so called benefit.
That is why this program may run for some extended time. This is my estimate based on their working model.

[Shubhamjain]

Thank you for this insightful post. This has saved my father from fraud.
My father was going to invest huge sum in this scheme due to demonetisation.
This is being done on a huge scale in delhi as my father has attended a seminar, he was referred into this scheme by his friend who has already invested millions of rupees in this scheme. And this has become popular between property dealers.
We should complain to Sebi or any other regulatory for the inconsistencies before this become a very huge crisis.

[lordquanta]

We should complain to Sebi or any other regulatory for the inconsistencies before this become a very huge crisis.

As per recent interview of Mr. Amit B,  gainbitcoin is not registered in India so far. They have or are trying to register the company in India under MLM.   Link of short Interview :

https://www.youtube.com/watch?v=XQN2y3NRPJg

I'm not sure whether SEBI would have authority to act against gainbitcoin or for that matter company which is not registered in India and doing business internationally.

[Shubhamjain]

I'm not sure whether SEBI would have authority to act against gainbitcoin or for that matter company which is not registered in India and doing business internationally.

I contacted a friend of mine who is pursuing law he suggested that we should talk to some NGO's or trusts about this possible scam as they have proper resources and can handle such cases more easily.

[lordquanta]

ALERT

The request refund section has stopped working on their website. One user got the following message when he asked for refund :

It is understandable if one of feature from a website stops working. It happens with most of websites at certain point.

Dear Users,
 
Due to high influx in refund request because of speeding price hike of bitcoin we are unable to process your request right now unless price comes to a stable value.
 
Sorry for the inconvenience!
 
Regards,
Team GainBitcoin

However giving crappy reason for not able to process a request does not make any sense. Now who knows how long will it take for price to a stable value?
what if price remains unstable high  and it is also end of first month before user could request for refund?

To solve customer tickets/issues this gainbtc *might* heavily relies on "contact your leader/team lead and so on" model.  Because people in upper level of pyramid mentions that contact your TL and if issue remains then they will look into it and contact their senior. In turn these people will contact directly Mr. Amit to solve the issue.  One thing for sure, if one contact TL or higher leader they have capacity to issue resolved quickly. It does not indicate a dedicate team working on solving issues.
Same working model is observed in many online schemes/scams/revshares programs which rely on facebook group to resolve the issue instead of having a working and dedicated ticketing system. Even if they have ticket system, responses are less frequent.

[digminer]

Ok, So I invested .1 BTC last month and raised a refund for it and got it back successfully. I am going to invest .5 BTC*2 out of which I will enter into system with .5 and will raise a refund for another .5 BTC. Assuming they only return small amount lets see what happen with .5 BTC.

Another thing is that I have met few people on the web and spoke on the phone who are getting payouts since almost 15 months now and everything is fine and regular for them and they don't have any chain or anything under them. One of the person invested only 1 BTC and another invested around 3-4 BTC's and things are good for them.

I have takes the risk of a small amount, lets see what happens next. At least I will understand how it actually works and even if I calculate things more incoming and less outgoing basis I guess this thing is gonna run long long way.

Will share more details soon.

[lordquanta]

Those who want to invest in gainbtc are free to do so. Nobody from this forum is stopping anyone to do so.  Some people are missing the one of main point of this thread, that is how profit making model of gainbtc is fraudulent. If anyone could prove their plans are in fact earning profit through bitcoin mining then we'll be happy to lean those new points.

Anyone trying to prove gainbtc with "so far received steady income" type claims are undoubtedly spamming this thread. Because that point has already been discussed and negated as well.

If someone wants to prove authenticity of those plans make sure to come with mathematical proof (which can be verified on coinwarz or any other trusted calculator)

[kevin91]

I'm a happy customer of Gainbitcoin, never had any problems with them.

[ekiev1]

Those who want to invest in gainbtc are free to do so. Nobody from this forum is stopping anyone to do so.  Some people are missing the one of main point of this thread, that is how profit making model of gainbtc is fraudulent. If anyone could prove their plans are in fact earning profit through bitcoin mining then we'll be happy to lean those new points.

Sorry but nobody has proved either side so far, all calculations are based on assumptions, not on facts. While they can be correct, we don't really know how much bitcoin this website mines, how much its obligations are and what the real business model is. One can just assume and I wouldn't call anyone's activity ' fraudulent' just because it seems so to me.

They have members, members get paid, no complaints - these are facts. But I agree, this may mean anything.

[lordquanta]

Those who want to invest in gainbtc are free to do so. Nobody from this forum is stopping anyone to do so.  Some people are missing the one of main point of this thread, that is how profit making model of gainbtc is fraudulent. If anyone could prove their plans are in fact earning profit through bitcoin mining then we'll be happy to lean those new points.

Sorry but nobody has proved either side so far, all calculations are based on assumptions, not on facts. While they can be correct, we don't really know how much bitcoin this website mines, how much its obligations are and what the real business model is. One can just assume and I wouldn't call anyone's activity ' fraudulent' just because it seems so to me.

They have members, members get paid, no complaints - these are facts. But I agree, this may mean anything.

If Some people have read/followed this thread carefully from beginning(since first post) would not have concluded that neither side has proved their point.  If and only if someone properly reads and comprehends what is explained on the first page(and  later part ) of this thread then only would understand that tmfp has proved his point by using data from gainbtc site (NOT any assumption) and calculated that data using coinwarz (a profit calculator widely used in "real" bitcoin-mining world).  Only assumption in that calculation was cost of electricity (lowest possible rates taken into account) and miners being used(S7 was considered).  Results do not match profit claims by gainbtc.

It is straight forward calculation. Those who have "faith" in gainbtc have not been able to negate "any" points raised against it. Every time raising point about "their payouts  are regular"  is only proving that their incoming cash/bitcoin flow is currently higher than outgoing bitcoin flow.

It would be great to understand how gainbtc is making huge legitimate profit which is not there in first place.  Nobody is stopping anyone from investing in gainbtc, as it is every individuals personal decision to make.

Nothing in this world could change the mind which has gone into denial mode.


On the side note of proving a point:

Ok I have done a huge research and now I'm sure about the business.
I have had meeting with one guy who met Amit personally (I have photo with him and Amit Bhardwaj on a yacht in Dubai). He is also one of the guy on the recordings in GainBitcoin mining pools in China, on Youtube.

- As conclusion of your huge research was positive towards legitimacy of gainbtc business, it means research must have found the answer to the grave mathematical inconsistencies in their hashrate plan (this has been explained in detail initial part of this thread). Kindly explain how gainbtc is able to share amount of profit which is not possible through mining bitcoin pool in the first place.
- Members who have doubts about gainbtc will be very happy if details of that "huge" research is shared here instead of half line conclusion?  It will be very helpful to know what kind of data/information helped in reaching to that conclusion. Other members who are finding loopholes in the business model of gainbitcoin, will get answers on legitimacy of gainbtc.

We are still waiting for details of that "huge research".

[Yana77]

What is bitcoin mining anyway??

[lordquanta]

What is bitcoin mining anyway??

Kindly check following thread:

https://bitcointalk.org/index.php?topic=420976.0


Bitcoin mining:
https://www.youtube.com/watch?v=jXerV3f5jN8

Without being disrespectful, following link is also helpful:

https://www.google.co.in/search?client=opera&q=bitcoin+mining&sourceid=opera&ie=UTF-8&oe=UTF-8

Somehow Your post is irrelevant to this post and it belongs to the beginner section of forum. 

[ekiev1]

If and only if someone properly reads and comprehends what is explained on the first page(and  later part ) of this thread then only would understand that tmfp has proved his point by using data from gainbtc site (NOT any assumption) and calculated that data using coinwarz (a profit calculator widely used in "real" bitcoin-mining world).  Only assumption in that calculation was cost of electricity (lowest possible rates taken into account) and miners being used(S7 was considered).  Results do not match profit claims by gainbtc.

It is straight forward calculation. Those who have "faith" in gainbtc have not been able to negate "any" points raised against it. Every time raising point about "their payouts  are regular"  is only proving that their incoming cash/bitcoin flow is currently higher than outgoing bitcoin flow.

Yes, someone's properly read the answers and even agrees with some of the statements The only thing I don't get is how it is possible to use the word "fraudelent" without any facts?

.... let's call one BTC $682.

1st assumption
Well, right now one BTC $832 which is $150 more than that or 22%. 10 days ago one BTC was $1051 which is 50% more than that number and year ago the price was $377 which is twice as less. From my
point of view it is hard to predict anything with such volatility or build any solid conclusions. 

We don't know what miners they are using for Bitcoin (that's if they mine at all), let's say Antminer S7.

2nd assumption

We don't know what they pay for electricity either, let's say $0.06, reasonable to cheap.

3rd assumption

Again, I know nothing about this stuff but when one sees serious accusations it would be a good idea to see something more than calculations based on assumptions some of which are questionable. I mean,
every business has its own secrets that give his owners a competitive advantage. It is not payout size that make a business ponzi but the way its finances get managed.

Just my 2cents

[tmfp]

Again, I know nothing about this stuff but when one sees serious accusations it would be a good idea to see something more than calculations based on assumptions some of which are questionable.

The "assumptions" you mention were based on industry standard or prices prevailing at the time of calculation.

every business has its own secrets that give his owners a competitive advantage.

You can indeed postulate that Gain may have some mystery super mining equipment that gives them an edge over the competiton, despite there being no evidence or even claim of such.

Well, right now one BTC $832 which is $150 more than that or 22%. 10 days ago one BTC was $1051 which is 50% more than that number and year ago the price was $377 which is twice as less. From my point of view it is hard to predict anything with such volatility or build any solid conclusions.

If investment is made in Bitcoin and returns paid in Bitcoin then the dollar exchange rate is irrelevant apart from converting costs incurred in fiat, which is what I used it for.
Bitcoin mined ∝ hashrate, end of story.

We don't know what miners they are using for Bitcoin (that's if they mine at all), let's say Antminer S7.

2nd assumption
 

At that time, S7's were the most efficient miner available.
Their latter video of the Chinese farm contained clear images of S9's and subsequent calculations were based on Antminer's own specs for that machine.

We don't know what they pay for electricity either, let's say $0.06, reasonable to cheap.

3rd assumption

Electricity costs money, but even using zero as a price the promised return is unattainable.
Gain make no charge for maintenance costs, who pays for that?
Throughout, I have used best possible scenario in Gain's favor for my "assumptions".

It is not payout size that make a business ponzi but the way its finances get managed.

What makes a Ponzi is the use of later investors' money to pay promised returns to earlier ones.
If the only real business activity revenue into a scheme falls short of matching existing payment commitments, then every day that goes by increases unserviceable future debt obligations.
Based on these "assumptions", this description matches Gainbitcoin's business model.

I have no personal axe to grind with Mr. Bhardwaj or anyone else, but to lift a whole section from another website and claim it to be an actual representation of one's own business activity, when it emphatically is not, is completely unacceptable when soliciting investment.
The irony of Gain stealing Hashocean's fraudulent lies and claiming them as their own is not lost on me.

Due to high influx in refund request because of speeding price hike of bitcoin we are unable to process your request right now unless price comes to a stable value.

A refund guarantee is a refund guarantee, full stop.
If their mining is as profitable as they say, the only reason not to refund is because they have no money to do so. Where is it?

Lets say you invest 1BTC to buy hashing power.
The person who sponsors you gets an immediate incentive of 5% of the amount invested i.e. .05 BTC
The network of people above you also gets incentives on the investments made by you to the tune of 10% on matching of investments in their left and right networks, translating to around 40% of the invested amount being distributed as incentives.
So in this case, .4BTC is distributed as binary incentive to the network above you.

This is why MLM is so toxic for those who in invest in the core business, as opposed to those who treat that as simply "key" money to unlock entry to the commission aspect and make more money selling the concept than the concept itself makes.

[Manik_bhai]

My friend referred this GB site to me.

I never invest money,except in stock market.My friend promised me 10% ROI monthly which was more than I imagined.I was cool about it.So,i decided to do some "basic" research on the site and its owners.Surprisingly, I never found a single evidence or a social footprint of the CEO.The site was just some regular scam shit.I confirmed this after reading your thread on this forum.I messaged my friend about this and he discarded my warnings.I was like okay,no one gives a crap.

I wish I could make people more aware about this stuff,Like a video or something,so that it can takeover the search result of YT and people will see it when the search GB.I am too lazy.Thanks for this thread though..

[ekiev1]

The "assumptions" you mention were based on industry standard or prices prevailing at the time of calculation.

Don't want to be a pain the ***s but volatility of bitcoin still was 300% throughout the last year. I fail to understand how one can rely on such a volatile instrument to base calculations on.

every business has its own secrets that give his owners a competitive advantage.

You can indeed postulate that Gain may have some mystery super mining equipment that gives them an edge over the competiton, despite there being no evidence or even claim of such.

[/quote]

Neither evidence is an the other side. Calculations based on assumptions, that may or may not be close to reality. We don't know which resources are used to pay that kind of payouts, we can only assume.

All of that IMHO

[tmfp]

IMHO

You are welcome/have a right to your opinion, humble or otherwise, but you are verging on tendentiousness.

1) The price of Bitcoin, or its volatility, is irrelevant to how much of it can be mined by any given hash power at any given difficulty. Your failure to understand that is unfortunate.
2) 2+2=4. Believing, without any basis, that someone may have found a way to make it 5 is not due diligence or healthy scepticism.
3) Give your money to whomever you wish, on whatever assumption.

[tmfp]

Back in August after the halving, I mentioned that Gainbitcoin had slashed their Basic contract price to 1500 Gh/s for the price of 1 BTC.



The calculator showed that 1500 G/hs would mine 0.05604730 BTC gross per month, or a fraction over 1 BTC over the eighteen month life of the contract at that difficulty.
The disparity between that gross total of 1.0088514BTC mined and the projected Gainbitcoin return of 10% monthly, by supposedly somehow mining 1.8BTC net was difficult to explain.



 
Since then, both total hashrate and difficulty have nearly doubled, culminating in the biggest difficulty rise so far today to 392,963,262,344. (And look at what is projected to come in a couple of weeks....)



How does that affect the calculations of the mining power of 1500 Gh/s at current difficulty, for which Gainbitcoin will still charge 1BTC (and still promise to deliver 1.8BTC against after 18 months)?
Like this:



The mining return of 1500 Gh/s has very nearly halved, from 0.05604730 per month to 0.02879549 per month, or from 1.0088514 per eighteen months to 0.51831882.
But Gain still offer 1500 Gh/s for 1BTC and 10% monthly return.....


Before anyone goes off on a red herring along the lines of "Yes but look the price of bitcoin has nearly doubled too so...!", the answer is "So what?"
All it means is that $600 bitcoin you gave away to Gain is now worth over $900, a nice $330 profit if you had kept it.
Never mind, I'm sure the previous investors who have received slices of your "investment" re-named "mining profit" will be excitedly pointing at their wallets and telling everyone how great Mr. Bhardwaj is.......

[virtuado]

Hi,

With great interest i've been reading most of this topic. Pros and cons allover the place...mostly cons.  

I understand that bitcoin mining is a shady place, and like all the mining companys lots of folks have big question marks with Gainbitcoin too.


There are not many positive true experiences about Gainbitcoin mentioned here, that's the main reason i wanted to add a comment.
I've subscribed with Gainbitcoin since April 2016, and so far everything went smoothly, payments are on time untill today.  
I honestly think, certainly after the halving that their payouts are good.

But i can't deny if i read all the info, and  more specifically about Amit Bhardwaj/Kumar and it's possible connection? with the HO scam that i've my doubts too. At least i 've my money back so whatever happens happens.....

What i really don't like is the obligation of Gainbitcoin to use Coinbank now.  This has nothing to do with decentralization anymore, and their reason to add extra security is imho pure nonsense.
The application is very simple and not safe at all.   .
The app doesn't even have an automatic lock function like for example the blockchain app has. Once you logged out there, you have to give the password or fingerprint to gain access again. But coinbank is accessible all the time, even when you restart your device.
If you read the info about this app it adds extra security, but didn't discover yet what kind of.... It only gives Gainbitcoin more power.


tmfp over....

[bpanther]

Guys I really appreciate the time and effort put out by some of the members to take out so much calculations and facts. Although no one have any personal motive but still this much effort is commendable. I was also researching GBC for long time and took lot of user feedback which turned out to be positive as there is not issues with payouts. I myself also put some calculations in place and somehow their model looks feasible.
Current BTC mined per 10 minutes (average): 12.5 BTC
Current BTC mined per hour (average): 75 BTC
Current BTC mined per day (average): 1800 BTC
Current BTC mined per month (average): 54000 BTC  
GBMiners Hashrate: 5% of total available on Blockchain
GBMiners mined bitcoin per month: 2700 BTC
They may have been earning some transaction fees as well.

GBC contract validity: 18 Months
Average life of mining hardware: 4 years (estimated)
Months left after user’s contract expires: 30 Months

Now see, how is it happening. The hardware purchased by any user will server atleast 18-30 more months and their hashing power is increasing day by day for new users. That is the reason, they go with very rough calculations because they know this can be done this way.
I feel this is that magic which is working for them, I can’t say they are scam because of committed payout. They have kept the contract prices same even after prices went nearly 3 times high in a year and with that they can plant more servers or can sell the BTC bulk at peak prices and can buy at lower rates after the crashes.
I feel Amit will not highlight himself so much if he is not genuine because wherever he will stay after any scam, govt. will catch him bcz the amount at stake is very high here. They are saying that they are getting registered in India in March 2017, and if this happens people will not face any issue in my opinion.

[virtuado]

Are people stark raving mad for accepting the BS being fed by the GainBitcoin grapevine called MLM?

Transaction Fees totalling 1000 BTC per day? This calculation given by bpanther has just been edited and removed because this is the BS being fed in the GB MLM grapevine.

https://en.bitcoin.it/wiki/Transaction_fees

GAINBITCOIN WILL WORK TILL THE DAY INCOMING MONEY IS MORE THAN THE OUTGOING MONEY. PERIOD. The day Amit Bhardwaj feels that the incoming is slowing down and the outgoing has reached a peak, you will not even know where to find him, forget getting your REGULAR RETURNS , you will have lost your investments also.

7 Lakh people lost their money in Hash Ocean scam, I dont know how many more will lose here before some sense prevails.

FOR BPANTHER (AFTER YOUR REMOVAL FOR TRANSACTION FEES OF 1000 BTC CALCULATION)

As per your calculation, GBMiners is making 2700BTC in mining profits per month. Right?? This is 10% of 27000 BTC. Right?

So as per this calculation, GainBitcoin can pay people only upto contracts worth 27000 BTC. Right?

As per their member backoffice, contracts sold in the last 90 days are worth more than 50000 BTC.

By what logic are they gonna pay off everyone with 2700 BTC??

Not everyone is raving mad about GB, but i guess the thing is just that not everybody has bad experience(so far...).   Untill this moment they delivered as promised, i can speak for myself.
As mentioned in my previous post, i have some doubts too.
Basicly what grabbed my attention was,  that after the halving their payouts remained the same, while for example the payouts with Genesis-Mining decreased with more then 50%...which is more logical.  And what is even more interesting is that the new contracts still have the same ROI? 

[tmfp]

Current BTC mined per month (average): 54000 BTC 
GBMiners Hashrate: 5% of total available on Blockchain
GBMiners mined bitcoin per month: 2700 BTC
Total transections on blockchain per day: 200 Million
Lets assume GBMiners validate 5% transections with an average fee of .0001 BTC:
Total transections: 10 Million
Total earning per day: 1000 BTC (This can be lower)

It's good to see people attempting analysis, but the old saying of "There's lies, damn lies and statistics" comes to mind.
Also protip: beware the decimal point.

If GB miners and Gainbitcoin are synonymous, then 5% share of the hashrate will accrue 5% of the total mining reward (dependent upon luck), so it would be reasonable to say that their gross daily income would be in the region of 100 BTC. (Struggling to maintain 3%,~60BTC atm.)
That's only part of the equation though.
Resorting to the ridiculous to make a point, if I had an infinite number of monkeys (no offence to monkeys) and an infinite number of pieces of paper and pencils, then I could have them make an infinite number of calculations and mine an infinite number of anything.
The cost, however, would also be infinite.

Also a factor is the amount of future debt (mining contract repayment commitment @ 10% monthly ROI) that needs servicing from this gross income. This is unknowable without information about how many contracts Gain have sold.
Gain reminds me of Bitclub Network in some ways, MLM selling orientated not least. When BCN realised they had hugely oversold their hashrate, they just unilaterally cancelled early contracts.

GBC contract validity: 18 Months
Average life of mining hardware: 4 years (estimated)
Months left after user’s contract expires: 30 Months

Now see, how is it happening. The hardware purchased by any user will server atleast 18-30 more months and their hashing power is increasing day by day for new users. That is the reason, they go with very rough calculations because they know this can be done this way.

This is not relevant to the fact that they promise a return of 10% per month (i.e. 0.1BTC) if you buy 1.5 Th/s for 1BTC from them.
At current difficulty, that 1.5 Th/s will mine 0.05604730BTC per month (gross of all costs).
Where does the missing 0.0439527BTC come from?
 

I feel this is that magic which is working for them

I'm uneasy with the use of the word "magic" when discussing cloud mining.

I can’t say they are scam because of committed payout.

On that basis, would you have invested in Bernie Madoff?

They have kept the contract prices same even after prices went nearly 3 times high in a year and with that they can plant more servers or can sell the BTC bulk at peak prices and can buy at lower rates after the crashes.

This is speculation about speculation. Gainbitcoin sell mining contracts.

 

I feel Amit will not highlight himself so much if he is not genuine because wherever he will stay after any scam, govt. will catch him bcz the amount at stake is very high here. They are saying that they are getting registered in India in March 2017, and if this happens people will not face any issue in my opinion.

Why Mr. Bhardwaj does what he does and the mental processes behind it are unknown to anyone apart from him.

Edit: I drafted this post when I had 5 minutes earlier on, before bpanther edited his. Most points still stand though, especially the conundrum

...they promise a return of 10% per month (i.e. 0.1BTC) if you buy 1.5 Th/s for 1BTC from them.
At current difficulty, that 1.5 Th/s will mine 0.05604730BTC per month (gross of all costs).
Where does the missing 0.0439527BTC come from?

I would be really interested to know.

[lordquanta]

Are people stark raving mad for accepting the BS being fed by the GainBitcoin grapevine called MLM?

Transaction Fees totalling 1000 BTC per day? This calculation given by bpanther has just been edited and removed because this is the BS being fed in the GB MLM grapevine.

https://en.bitcoin.it/wiki/Transaction_fees

GAINBITCOIN WILL WORK TILL THE DAY INCOMING MONEY IS MORE THAN THE OUTGOING MONEY. PERIOD. The day Amit Bhardwaj feels that the incoming is slowing down and the outgoing has reached a peak, you will not even know where to find him, forget getting your REGULAR RETURNS , you will have lost your investments also.

7 Lakh people lost their money in Hash Ocean scam, I dont know how many more will lose here before some sense prevails.

FOR BPANTHER (AFTER YOUR REMOVAL FOR TRANSACTION FEES OF 1000 BTC CALCULATION)

As per your calculation, GBMiners is making 2700BTC in mining profits per month. Right?? This is 10% of 27000 BTC. Right?

So as per this calculation, GainBitcoin can pay people only upto contracts worth 27000 BTC. Right?

As per their member backoffice, contracts sold in the last 90 days are worth more than 50000 BTC.

By what logic are they gonna pay off everyone with 2700 BTC??

Not everyone is raving mad about GB, but i guess the thing is just that not everybody has bad experience(so far...).   Untill this moment they delivered as promised, i can speak for myself.
As mentioned in my previous post, i have some doubts too.
Basicly what grabbed my attention was,  that after the halving their payouts remained the same, while for example the payouts with Genesis-Mining decreased with more then 50%...which is more logical.  And what is even more interesting is that the new contracts still have the same ROI? 

The reason Genesis-mining returns decreased to 50% because Genesis is real deal. In fact if you look at their contracts and then you could understand why everyone is saying mining nowadays is not profitable as it used to. Genesis minigs return rates are that low.


Neither on gbminers.com nor gainbitcoin.com mentions that both of them are officially related to each other.  Or gbminers.com is actual mining site for gainbitcoin.com (where gainbitcoin.com is customer interface).   In fact gbminers.com is vehemently denied it's relationship with gainbitcoin.com . Check this https://www.reddit.com/r/btc/comments/5dryfh/psa_gbminerscom_is_backed_by_gainbitcoincom_ponzi/.
Ask any gainbitcoin-affiliate why gbminers.does com or gainbitcoin.com not mention each other as affiliated sites or that gbminers.com is mining portal/site for gainbitcoin?  Once you ask that question be ready to be amazed with fairy tales.
As mentioned earlier those who believe in gainbitcoin will point only to regular pay.  Their greed has blinded them in getting rich quicker.

[lordquanta]

Forgot to mention, the gainbitcoin is listed in the  http://www.badbitcoin.org/thebadlist/ .  it is list of ongoing scams.

[freebit1]

Thanks for the information !!!!

[digminer]

Guys I really appreciate the time and effort put out by some of the members to take out so much calculations and facts. Although no one have any personal motive but still this much effort is commendable. I was also researching GBC for long time and took lot of user feedback which turned out to be positive as there is not issues with payouts. I myself also put some calculations in place and somehow their model looks feasible.
Current BTC mined per 10 minutes (average): 12.5 BTC
Current BTC mined per hour (average): 75 BTC
Current BTC mined per day (average): 1800 BTC
Current BTC mined per month (average): 54000 BTC  
GBMiners Hashrate: 5% of total available on Blockchain
GBMiners mined bitcoin per month: 2700 BTC
They may have been earning some transaction fees as well.

GBC contract validity: 18 Months
Average life of mining hardware: 4 years (estimated)
Months left after user’s contract expires: 30 Months

Now see, how is it happening. The hardware purchased by any user will server atleast 18-30 more months and their hashing power is increasing day by day for new users. That is the reason, they go with very rough calculations because they know this can be done this way.
I feel this is that magic which is working for them, I can’t say they are scam because of committed payout. They have kept the contract prices same even after prices went nearly 3 times high in a year and with that they can plant more servers or can sell the BTC bulk at peak prices and can buy at lower rates after the crashes.
I feel Amit will not highlight himself so much if he is not genuine because wherever he will stay after any scam, govt. will catch him bcz the amount at stake is very high here. They are saying that they are getting registered in India in March 2017, and if this happens people will not face any issue in my opinion.

I somehow completely buy your point. In GB, people are getting a fixed and limited income for 18 months only. After the 18 months until the hardware remains in operation can be used to mine for company or for new users. More the people, more the after 18 months income for company. And if I compare it to Genesis mining (as usually people do), they ask for around $200-220 to mine around half of what GB is giving monthly with one BTC investment. Even if I calculate roughly, GB is getting four times (around $800/BTC than compare to $200) than what Genesis is asking and giving only twice compare to what Genesis is giving and that too for just 18 months. So GB is getting huge profits already from the users and that is the reason they may be able to pay the MLM format. The BTC price is expected to grow gradually in future so the comparo between Genesis's $200 mining outputs with GB will be irrelevant all the time. The MLM will pull in more people which will boost incoming BTC's investment for GB and on another hand the BTC price itself is growing (if at all matter for GB) day by day so its like huge, huge profit for them to run this model for a long time may be we cant imagine seeing the population in India. 

[tmfp]

I get quite a mailbox on this, subjects ranging from the "refund guarantee" not being honoured, to rebuttals of my math based on "bulk discounts"

Dear tmfp,
>Now, one thing put forth by you about the mining output ref: post #11 what their people have told me that you cannot utilize the the package cost as the cost of the server as they are buying in bulk it come to them for cheaper.

There is no such thing as bulk advantage in mining bitcoin. 10,000 machines will only mine 10,000 times that which one will mine.
Manufacturers like Bitmain may give a small discount for very large purchases and economy of scale may save on peripheral costs (repair staff, admin), but any suggestion that huge discounts can somehow apply and change the maths involved is unfounded.

YouTube videos purport to show Gainbitcoin mining with Antminer S9 machines. There have been various versions of this made and sold, varying in hashpower from 11 to nearly 15 Th/s.
A top spec S9 may just provide the hash power sold by Gain in the form of 10 Basic contracts (10 x 1.5 Th/s).
The 10BTC they received for those contracts is not profit it's just a loan, counterbalanced in the books by their commitment to repay it and more...

Averaging the two main calculators, Coinwarz and Alloscomp, one S9 will mine 0.29BTC per month
Gainbitcoin need 1.00BTC per month from each S9 to pay their promised 10% return.

And that av ~0.29 per month is gross income.
No deductions made for costs....
electricity
capital investment
maintenance and downtime
administration
mining pool.

Mining with S9's or equivalent, currently Genesis, BW and ViaBTC take an average of 42% of gross mining income for these costs.
So, the biggest cloud mining operations currently available return 0.1682BTC net per S9 per month to their customers.
Gainbitcoin promise to return 1BTC net per S9 per month to their customers.
Where does the missing 0.8318BTC come from?
What possible answers are there to that question?
1) magic (unlikely)
2) other income (but Gain only sell mining contracts)
3) later investors' deposits (that would make them a Ponzi Scheme)

GBC contract validity: 18 Months
Average life of mining hardware: 4 years (estimated)
Months left after user’s contract expires: 30 Months

 In GB, people are getting a fixed and limited income for 18 months only. After the 18 months until the hardware remains in operation can be used to mine for company or for new users. More the people, more the after 18 months income for company.

I'm trying, and failing, to understand this logic.
For every 1.5 Th/s contract that they sell, Gain promise to pay out on balance 0.8BTC. [(1 x 10% x 18) -1] over its eighteen month life.
Mining with that 1.5 Th/s for eighteen months gives them 0.522BTC gross income, around 0.30276 after overheads (not including MLM commission payments).
On every contract sold, they lose money.
When one contract ends after eighteen months, they sell the hashrate again and lose more money.
The only way they can avoid this is to not honour the 10% monthly repayment, or use funds from a source other than mining to make it.

So GB is getting huge profits already from the users

How?
They are getting large amounts of deposits (loans) certainly.
If you go and borrow say $1m, you will have $1m in your hand. Is it profit? No.
If you pay the interest on the $1m and make a profit on top by whatever process you use it to finance, then you're making money.
Gain are borrowing at 10% per month to finance mining with a return of 1.682% per month.
Please explain where those maths are wrong, because

I somehow completely buy your point.

I don't buy yours.

[Gleb Gamow]

https://cointelegraph.com/news/coinbank-launches-bitcoin-fixed-deposits-claims-to-offer-highest-interest

Coinbank is a wallet provided by Amaze Mining and Blockchain Research Limited. They are also the people behind GBMiners and are based out of New Delhi, India.

The statement, released by Amit Bhardwaj of Amaze Mining and Blockchain Research, says:

“We have two plans for three-month and six-month Fixed Deposits. On three months we are offering a one percent rate of interest and on a six-month deposit, we are offering 1.25 percent. This is the highest rate of interest offered on Bitcoin globally by anybody.”

If you like HashOcean, Gainbitcoin, and Amaze Mining and Blockchain Research, you're gonna love Coinbank, and IT'S SAFE!

Is it safe?

Any investments should be made carefully and only after due-diligence. We asked Amit Bhardwaj about the fiduciary responsibilities that they are entering.

He remarked:

“We have put in best-in-class security measures for storage of earned Bitcoins. The Bitcoin community has seen enough hacks of consumer funds and it cannot and should not face another one and especially not from professional miners.”

Excuse me now while I go and jack off to a sexy Hindu elephant pretending to make a fixed deposit into her pussy.

[sudo007]

...this message has reached only Indian Bitcoin Forum Users. My worry is commoners putting their hard earned money in these kind of ponzi scheme rather than Bitcoin. Why don't we do something about it?

That's really up to you guys on the ground in India: we have the same problem in my country, especially with schemes promoted thru social media.
Obviously, feel free to use my calcs, but "there are none so blind as those that will not see...."

There seems to be a considerable amount of Singaporean involvement in Bitcoin in India.
The Zebpay organization that you mention is headquartered there, and all the various incarnations of Gain mentioned in my previous posts seem to lead to

Tech Name:Mark Lee
Tech Organization:VariableTech Pvt Ltd
Tech Street1:The Franklin, 3 Science Park Drive
Tech City:Singapore
Tech State/Province:SG
Tech Postal Code:118223
Tech Country:SG
Tech Phone:+65.90795655

I wonder who M. Lee may be?

Good luck.

The parent company of gainbitcoin - VariableTech Pvt Limited is a defaulter, they have not filed their annual returns to the government in Singapore. Their compliance status is "non compliant" as per Singapore government records. One can check on Singapore Accounting and Corporate Regulatory Authority (ACRA) website. 

Raises a red flag. Beware buyers!

[soyab0007]

Guys, do not waste your time researching & talking about SCAM sites..

This is 1000% SCAM...

[lordquanta]

Guys, do not waste your time researching & talking about SCAM sites..

This is 1000% SCAM...

On the contrary one should collect as many proofs as you could. Because these proofs later become point of reference when promoters/supporters of scam/MLM scheme come to defend it.
Thus it is important to collect or dissect every statement, details from those scam-promoters.  Interestingly you'll find people on this forum who support, defend this very scam site as legit.

[lordquanta]

Fortunately some bitcoin news media like coinjournal are also uncovering truths about the gainbitcoin and gbminers. Check following link which covers gbminers, gainbitcoin and coinbank.

http://coinjournal.net/founder-india-based-bitcoin-mining-pool-gbminers-running-ponzi-scheme/


As above link coinbank is rebranded version of open source bitcoin wallet called bitpay wallet[1].  Nothing surprising as gainbitcoin site itself was more likely created in this way.

[1] https://play.google.com/store/apps/details?id=com.bitpay.wallet&hl=en

Edit: What is more important is that coinjournal has posted other articles on gbminers previously. Now they have put a disclaimer mentioning 'gbminers is running ponzi schem' on many of those article. 

[cryptoheadd]

Fortunately some bitcoin news media like coinjournal are also uncovering truths about the gainbitcoin and gbminers. Check following link which covers gbminers, gainbitcoin and coinbank.

http://coinjournal.net/founder-india-based-bitcoin-mining-pool-gbminers-running-ponzi-scheme/


As above link coinbank is rebranded version of open source bitcoin wallet called bitpay wallet[1].  Nothing surprising as gainbitcoin site itself was more likely created in this way.

[1] https://play.google.com/store/apps/details?id=com.bitpay.wallet&hl=en

Edit: What is more important is that coinjournal has posted other articles on gbminers previously. Now they have put a disclaimer mentioning 'gbminers is running ponzi schem' on many of those article. 

Finally.
Hope this catches the attention of more reputable news sites like Coindesk.

Thanks for the share, lordquanta.

[Gleb Gamow]

Fortunately some bitcoin news media like coinjournal are also uncovering truths about the gainbitcoin and gbminers. Check following link which covers gbminers, gainbitcoin and coinbank.

http://coinjournal.net/founder-india-based-bitcoin-mining-pool-gbminers-running-ponzi-scheme/


As above link coinbank is rebranded version of open source bitcoin wallet called bitpay wallet[1].  Nothing surprising as gainbitcoin site itself was more likely created in this way.

[1] https://play.google.com/store/apps/details?id=com.bitpay.wallet&hl=en

Edit: What is more important is that coinjournal has posted other articles on gbminers previously. Now they have put a disclaimer mentioning 'gbminers is running ponzi schem' on many of those article. 

http://coinjournal.net/founder-india-based-bitcoin-mining-pool-gbminers-running-ponzi-scheme/

CoinJournal: Why does the mining calculator on Gainbitcoin project 0.1 btc earned per month for 1.5 th/sec when a normal mining calculator says 1.5 th/sec should provide 0.04 btc per month?

Bhardwaj: Bitcoin mining calculators are good for people who want to run their own mining setup, and I assure you not good for cloud mining chaps. Whenever we get a chance to interact one to one I’ll personally explain u the maths behind Gainbitcoin successful pattern for the user gains. It’s very simple, only cloud mining people makes it too complex.

From CoinJournal’s perspective, saying things like the price of bitcoin does not impact a bitcoin mining business only confirms the fraudulent nature of the business.

[S_D]

CoinJournal: Why does the mining calculator on Gainbitcoin project 0.1 btc earned per month for 1.5 th/sec when a normal mining calculator says 1.5 th/sec should provide 0.04 btc per month?

Bhardwaj: Bitcoin mining calculators are good for people who want to run their own mining setup, and I assure you not good for cloud mining chaps. Whenever we get a chance to interact one to one I’ll personally explain u the maths behind Gainbitcoin successful pattern for the user gains. It’s very simple, only cloud mining people makes it too complex.

From CoinJournal’s perspective, saying things like the price of bitcoin does not impact a bitcoin mining business only confirms the fraudulent nature of the business.

Why not make a video explaining all this then or make an open forum discussion answering everyone's queries?

[Gleb Gamow]

CoinJournal: Why does the mining calculator on Gainbitcoin project 0.1 btc earned per month for 1.5 th/sec when a normal mining calculator says 1.5 th/sec should provide 0.04 btc per month?

Bhardwaj: Bitcoin mining calculators are good for people who want to run their own mining setup, and I assure you not good for cloud mining chaps. Whenever we get a chance to interact one to one I’ll personally explain u the maths behind Gainbitcoin successful pattern for the user gains. It’s very simple, only cloud mining people makes it too complex.

From CoinJournal’s perspective, saying things like the price of bitcoin does not impact a bitcoin mining business only confirms the fraudulent nature of the business.

Why not make a video explaining all this then or make an open forum discussion answering everyone's queries?

Maybe because the dude is busy with preparing his keynote presentation as the alternate replacing Larry Christopher Bates recently expunged from the list of speakers due to blow-back from the dick-eating-cunts community.

[polynesia]

https://cointelegraph.com/news/coinbank-launches-bitcoin-fixed-deposits-claims-to-offer-highest-interest

Coinbank is a wallet provided by Amaze Mining and Blockchain Research Limited. They are also the people behind GBMiners and are based out of New Delhi, India.

The statement, released by Amit Bhardwaj of Amaze Mining and Blockchain Research, says:

“We have two plans for three-month and six-month Fixed Deposits. On three months we are offering a one percent rate of interest and on a six-month deposit, we are offering 1.25 percent. This is the highest rate of interest offered on Bitcoin globally by anybody.”

If you like HashOcean, Gainbitcoin, and Amaze Mining and Blockchain Research, you're gonna love Coinbank, and IT'S SAFE!

This is ridiculous. Shouldn't sites like cointelegraph do some basic due diligence before publishing articles?
This one hasn't even been classified as promotional material.

[lordquanta]

https://cointelegraph.com/news/coinbank-launches-bitcoin-fixed-deposits-claims-to-offer-highest-interest

Coinbank is a wallet provided by Amaze Mining and Blockchain Research Limited. They are also the people behind GBMiners and are based out of New Delhi, India.

The statement, released by Amit Bhardwaj of Amaze Mining and Blockchain Research, says:

“We have two plans for three-month and six-month Fixed Deposits. On three months we are offering a one percent rate of interest and on a six-month deposit, we are offering 1.25 percent. This is the highest rate of interest offered on Bitcoin globally by anybody.”

If you like HashOcean, Gainbitcoin, and Amaze Mining and Blockchain Research, you're gonna love Coinbank, and IT'S SAFE!

This is ridiculous. Shouldn't sites like cointelegraph do some basic due diligence before publishing articles?
This one hasn't even been classified as promotional material.

Edit: It might be paid journalism/news  from gbminers/gainbitcoin .  What cointelegraph missed was picked up correctly by coinjournal.net[1] .  Many of articles found online are more like one side story without any investigation. Coinjournal.net  have also unwrapped scam nature of gainbitcoin run by promoter of gbminers and exposed that coinbank is rebranded version of opensource app [2]


[1] http://coinjournal.net/founder-india-based-bitcoin-mining-pool-gbminers-running-ponzi-scheme/
[2] https://play.google.com/store/apps/details?id=com.bitpay.wallet&hl=en (https://play.google.com/store/apps/details?id=com.bitpay.wallet&hl=en)

[soyab0007]

Guys, do not waste your time researching & talking about SCAM sites..

This is 1000% SCAM...

Why are we still discussing this SCAM schemes...

[Gleb Gamow]

Guys, do not waste your time researching & talking about SCAM sites..

This is 1000% SCAM...

Why are we still discussing this SCAM schemes...

Because I bumbed it to increase my post count. I'm almost a full member, new to this forum.

Edit: Oops! Wrong sockpuppet.

[atulmishra.op1]

apparently these people are running a ponzi scheme and going to be a big fraud. Lots of people will earn who are high on pyramid and lots are going to loose who are below the chain. There are many youtube videos where people claim that they are very happy and earning a lot of money and thanking this company and they are thinking that they are part of a very successful business venture.

No matter how many such schemes lauched and failed in the past but easy money is what people look for and want to believe in. TMPF did a very indepth analysis and its crystal clear that there is no way so much profit can be earned in any business watsoever.

[lordquanta]

For those who were making point on regular payouts from gainbitcoin, check the reviews posted on the coinbank app's playstore/appstore .  

[https://play.google.com/store/apps/details?id=info.coinbank.wallet&hl=en

Some handpicked some reviews which narrating ongoing issues in gainbtc model.
 ===================================================================================
Roshan G
*****PLEASE TEAM OPPOSE THE MANUAL WITHDRAWAL PROCESS***** This is something we do not want as we have invested our BTC with multiple accounts and now OUR BTC STUCK WITH GB. Other Programs do auto withdrawal only and with the wallet they want. ONLY GB IS FORCING FOR COIN BANK WHICH TAKES HELL LOT OF TIME FOR TRANSACTION TO BE COMPLETE. THERE IS NO PHONE NUMBER AVAILABLE OF SUPPORT TEAM AND WE HAVE TO WAIT WAIT AND WAIT FOR TRANSACTION TO BE CONFIRMED HERE. I am so pissed with this app as other mention with the manual withdraw my money stuck and now I can not withdraw until it reaches 0.05 This is really fooling around with coinbank. I am more than happy with zebpay or Unocoin. This app takes too much time to transfer our BTC. I really feel this is the way to fool us around.

Rajesh M:
⚠Attention⚠ Team Please Merit Aap Sab Se Request Hai Ki , Menual Withdrew Ka Puri Tarah Virodh Kare, Air Sab log Iska Prachaar Kare Aur Help & Support Mai Saare Log Ticket Raise Kare Rojana Kare Takki Amit Bhardwaj Ke Samne Yeah Baat Aaye Aur Yeh Menual Option Ko hatha de


Shekhar S
If you loose your backup phrase or misspellings the same. You will lost your valuable Bitcoin. No system for get back of your Bitcoin. My friend lost 1.5 BTC

DHARMESH G
very week point in this app....................... 1 No way to raise a ticket ? 2 no way to call support team ? Need help asap 3 no way to bitcoin cash received in bank account we all r depend to zebpay wallet.... bit coin pending to conform for sending in zebpay wallet from your side last 1 day very long time continue.....?
===================================================================================


Just check first review from Roshan G

Roshan G
*****PLEASE TEAM OPPOSE THE MANUAL WITHDRAWAL PROCESS***** This is something we do not want as we have invested our BTC with multiple accounts and now OUR BTC STUCK WITH GB. Other Programs do auto withdrawal only and with the wallet they want.

- Payment system has been changed. That too without any intimation to users. This has created rage, frustration among the investors.
- Now these investors who have been receiving payouts regularly till now, have to get the payouts by manually requesting the payouts. This is particularly affecting majority of users who have created dummy account or farmed account of and invested 0.1 btc contracts from gainbtc.
- if any one here who has invested in gainbtc would have better idea about ongoing chaos in gainbtc then they could contribute here.

ONLY GB IS FORCING FOR COIN BANK WHICH TAKES HELL LOT OF TIME FOR TRANSACTION TO BE COMPLETE. THERE IS NO PHONE NUMBER AVAILABLE OF SUPPORT TEAM AND WE HAVE TO WAIT WAIT AND WAIT FOR TRANSACTION TO BE CONFIRMED HERE. I am so pissed with this app as other mention with the manual withdraw my money stuck and now I can not withdraw until it reaches 0.05 This is really fooling around with coinbank. I am more than happy with zebpay or Unocoin. This app takes too much time to transfer our BTC. I really feel this is the way to fool us around.

- above mention major points 1) forceful use of coinbank app for receive and withdrawal   2) New condition put on withdrawal Limit
1. Forced investor to use the coinbank app for withdrawal or receipt. There are increasing cases of payments and transactions getting delayed over 2 days.
2. New condition on withdrawal limit:   It seems that Mr. AB has implemented limit on withdrawal. That is minimum amount one could withdraw is 0,05. This mean those who have account-farm or accounts with contract worth 0.1btc will get 0.01 per month. This mean these contracts will have to wait for five and half or six months for withdrawal.
Just imagine the consequences of this. Those with 100 or 200 contracts worth 0.1btc will  be screwed because 100 contracts worth 0.1 are now stuck for five months or more to get withdrawal from those accounts to reach 0.05btc threshold.

This must have definitely caused havoc for those who were defending the gainbitcoin for there regular payouts.

[bitcoinisbest]

Well how many actually visited the event which has just got over and Amit himself was present and he did presented in this event. You could have directly asked him all the queries you all had about this gainbitcoin live.
Check the below link .



https://bitcointalk.org/index.php?topic=1781521.0

[lordquanta]

Neither I visited ASOCHAM nor would have received any answers because that was not the platform. More importantly it is the investors who invested their money in gainbtc should do that.

[bitcoinisbest]

Neither I visited ASOCHAM nor would have received any answers because that was not the platform. More importantly it is the investors who invested their money in gainbtc should do that.

Well the above note was general and not specific to you. Also just imagine you had invested your hard earned money of years and invested in this scheme and you not getting returns so will you be waiting for the right occasion or will ask him either return the money or give the status of it?

[lordquanta]

Neither I visited ASOCHAM nor would have received any answers because that was not the platform. More importantly it is the investors who invested their money in gainbtc should do that.

Well the above note was general and not specific to you. Also just imagine you had invested your hard earned money of years and invested in this scheme and you not getting returns so will you be waiting for the right occasion or will ask him either return the money or give the status of it?

Not invested a penny in fraud. However I've seen this fraud flourished among colleagues and most of them have taken personal loan just to invest in this scheme. Now these people have lost their mind/money when these new changes. I've been asked to invest in gainbtc however after reading this thread I started investing it from my side. I found more evidence of fraud nature of it.  Sad part is there are people who are still joining it.

You indeed have vivid imagination! But that is in wrong direction.

[cryptoheadd]

Was just checking LinkedIn and Amit Bhardwaj hasn't mentioned "GainBitcoin" in his experience.
He has mentioned every other "project" that he is working on, except GainBitcoin. I wonder why. 

https://www.linkedin.com/in/amitbitcoin/

Also, you should check out the comments on his articles on there.
People see through his bullshit.

https://www.linkedin.com/in/amitbitcoin/recent-activity/posts/

[tmfp]

Re ASSOCHAM event: GB Miners, not Gainbitcoin, were a "blockchain partner" at a cost of Rs. 5 lakh for which

Their logo was included in the backdrop/hoardings
Their leaflets were in the delegate pack
They had a speaking slot, three standees and ten passes

It's fairly common for organisers of these sort of events to take sponsorship money and ask few questions, see Onecoin, Bitclub Network, DeOS and many many others. Also most Chamber of Commerces' knowledge about crypto can be written on the back of a postage stamp.
There would have been little point in attempting to raise anything controversial at an event like this, security usually gets called.
It's a showcase/propaganda opportunity, not real.

Unilaterally changing payment terms, forcing investors to use an admin operated payment system, reverting to manual, easy fatal errors built in as "security", are all classic Ponzi operator tactics designed to extend a scheme's life.

Whenever we get a chance to interact one to one I’ll personally explain u the maths behind Gainbitcoin successful pattern for the user gains. It’s very simple, only cloud mining people makes it too complex.

 

[cryptoheadd]

By going through some of the comments on the Play store, I see that they process manual withdrawals but also have a 12 character private key.

If you loose your backup phrase or misspellings the same. You will lost your valuable Bitcoin. No system for get back of your Bitcoin. My friend lost 1.5 BTC

*****PLEASE TEAM OPPOSE THE MANUAL WITHDRAWAL PROCESS***** This is something we do not want as we have invested our BTC with multiple accounts and now OUR BTC STUCK WITH GB. Other Programs do auto withdrawal only and with the wallet they want. ONLY GB IS FORCING FOR COIN BANK WHICH TAKES HELL LOT OF TIME FOR TRANSACTION TO BE COMPLETE. THERE IS NO PHONE NUMBER AVAILABLE OF SUPPORT TEAM AND WE HAVE TO WAIT WAIT AND WAIT FOR TRANSACTION TO BE CONFIRMED HERE. I am so pissed with this app as other mention with

Check here: https://play.google.com/store/apps/details?id=info.coinbank.wallet&hl=en



What I don't understand is, if they have access to the Bitcoins, what's the point of the private key?
And if that really is a private key, it would be a good experiment to try to import it in some other application to see if the funds are still there.
Because it seems that the wallets are not really on-chain wallets and the private key is just a sham to look legit.

Would be worth a try.  If it does work, it would be easier for users to withdraw their funds then.


Looking through the comments, it also seems like they are charging a high fee for withdrawals, but not paying it to the miners as the tx doesn't get confirmed for 3-4 days.

Can anyone here share their experience with Amit's shit application?

[APDV]

The problem is, it looks like they have made the system difficult for users to get their payouts. They says there is Blockchain congestion which was there some time ago but not always and not there currently, because other transactions are happening smoothly in minutes. They says there is very much load on their servers and that is why that 100% graph is not coming down and hence people are not able to raise withdrawal requests. They are making fool of people, it is simple if you have BTC's and you want to give payout to people you can simply put more servers to process more requests to manage laod.

Apart from that they are also stealing from payout as transaction fee, the said payout is lesser than what it suppose to be. Payout transaction fee is low like hell that their transactions are taking 3-4 days to confirm. This is their another source of income.

By that manual process they already stopped people who invested .5 and .1 BTC contracts to get their payouts because the withdrawal request can't be made lesser than .05 BTC. Its all about that they don't want to pay the people. Server load can be managed by adding more servers but if they don't want to pay then they will come up more of these kind of hassle full options.

[lordquanta]

The problem is, it looks like they have made the system difficult for users to get their payouts. They says there is Blockchain congestion which was there some time ago but not always and not there currently, because other transactions are happening smoothly in minutes. They says there is very much load on their servers and that is why that 100% graph is not coming down and hence people are not able to raise withdrawal requests. They are making fool of people, it is simple if you have BTC's and you want to give payout to people you can simply put more servers to process more requests to manage laod.

Apart from that they are also stealing from payout as transaction fee, the said payout is lesser than what it suppose to be. Payout transaction fee is low like hell that their transactions are taking 3-4 days to confirm. This is their another source of income.

By that manual process they already stopped people who invested .5 and .1 BTC contracts to get their payouts because the withdrawal request can't be made lesser than .05 BTC. Its all about that they don't want to pay the people. Server load can be managed by adding more servers but if they don't want to pay then they will come up more of these kind of hassle full options.

Thank you for shared details. After a while it was bound to happen. Classic MLM scam goes with regular payouts for few months, top-level recruiters(leaders) get their profit. The promoter/owners are projected as God or The ONE, who is honest and hard working. Owner will transform those middle class and poor to Rich. After the gap between incoming money and outgoing money shortens, payouts gets delayed. Various restrictions comes into picture. This goes on for while. And on one fine day owner is goes missing probably to some remote country with bitcoins/money collected from scheme.

[cryptoheadd]

Apart from that they are also stealing from payout as transaction fee, the said payout is lesser than what it suppose to be. Payout transaction fee is low like hell that their transactions are taking 3-4 days to confirm. This is their another source of income.

By that manual process they already stopped people who invested .5 and .1 BTC contracts to get their payouts because the withdrawal request can't be made lesser than .05 BTC. Its all about that they don't want to pay the people.

Exactly. They've also already started stealing funds. If the Coinbank team processes withdrawals manually, the Bitcoins should not be lost if the user looses the backup phrase. Makes no sense to me at all. I've read more than 3 instances of the Coinbank team telling their users have their BTC because they didn't write down the backup phrase. What a load of BS.

If you loose your backup phrase or misspellings the same. You will lost your valuable Bitcoin. No system for get back of your Bitcoin. My friend lost 1.5 BTC

Do we have enough evidence to file an FIR?

[virtuado]

The problem is, it looks like they have made the system difficult for users to get their payouts. They says there is Blockchain congestion which was there some time ago but not always and not there currently, because other transactions are happening smoothly in minutes. They says there is very much load on their servers and that is why that 100% graph is not coming down and hence people are not able to raise withdrawal requests. They are making fool of people, it is simple if you have BTC's and you want to give payout to people you can simply put more servers to process more requests to manage laod.

Apart from that they are also stealing from payout as transaction fee, the said payout is lesser than what it suppose to be. Payout transaction fee is low like hell that their transactions are taking 3-4 days to confirm. This is their another source of income.

By that manual process they already stopped people who invested .5 and .1 BTC contracts to get their payouts because the withdrawal request can't be made lesser than .05 BTC. Its all about that they don't want to pay the people. Server load can be managed by adding more servers but if they don't want to pay then they will come up more of these kind of hassle full options.

You already described the situation accurately.

I have been patiently about this so far, but after some weeks of " congestion" and " heavy payout load" lies i don't believe their bullshit anymore.  Their support is suddenly vanished too, and now they made it even impossible to raise a support ticket! They play hide and seek already.
All the signs are there....the ship is going down!  

Luckily i had my investment back and due to the increase of BTC price i'm good.

Gainbitcoin, Coinbank, Amit Bhardwaj and whoever were involved....go f@ck yourself!

[APDV]

Another Gainbitcoin in the making www.kryptonation.com . Many top people of GB have moved to this new scam now. India has become a hotbed of scams like these and there is nothing we can do about it.

Have you got any info if top people have moved to this company?

[lordquanta]

Even zebpay has clearly mentioned on their blog-site about impossibility of high returns from mining/cloudmining. Along with gainbitcoin they have mentioned several other such sites to stay away from;

https://blog.zebpay.com/caution-bitcoin-mining-schemes-d501bcfd56d0#.q9jv06yy8

[APDV]

The current situation in GB is people are waiting for there payout since a week now and Amit Bhardwaj has put that red color 100% load icon on his website to fool people. How funny it is you don't want to pay people and put a fake 100% load icon on the website and now people have started getting this gimmick. This person Amit Bhardwaj is not only a real scammer but a day time robber too while they are still asking people to get the sales on behalf what ever pending amount of payout is showing up on the users account to scam more people just to feed those mother fucker up line members.

If anyone see his Linkdin profile he pretends to be a real good person encouraging Blockchain and Bitcoin business in India but he does not know once people will start filing hundreds of FIR's against him across the country, in no time his name will be with Mallya like fraudsters on the news papers and he will loos all the respect around the world as the internet will also flud with such post on different forums. Even though gov does not have any rule to process but at least people will come to know about this scammer.

[cryptoheadd]

Universal Digital Tokens

To accommodate mining of multiple coins we are creating Universal Digital Tokens exchangeable across all major Altcoin exchanges to the coin of your choice.
The token value will be derived based on the current price of coins we are mining.
Changes in the system:
1. Repurchase of new cloud contracts from payout balance is LIVE activated on 23 rd March.
2. Admin Fee of 10% is levied on total payout applicable from current payout cycle.
3. Payout will now be delivered as 50% in BTC and 50% in new Digital Tokens.
4. The Launch and exchangeability of New Digital Tokens and mining farm setup is expected before May 30th we will update the dates very soon.

This is just sad. Doesn't this breach the contract that the customers signed up for?
I know it's a scam and this is probably their exit strategy, but still..

How the fuck can they make such changes?

[lordquanta]

Universal Digital Tokens

To accommodate mining of multiple coins we are creating Universal Digital Tokens exchangeable across all major Altcoin exchanges to the coin of your choice.
The token value will be derived based on the current price of coins we are mining.
Changes in the system:
1. Repurchase of new cloud contracts from payout balance is LIVE activated on 23 rd March.
2. Admin Fee of 10% is levied on total payout applicable from current payout cycle.
3. Payout will now be delivered as 50% in BTC and 50% in new Digital Tokens.
4. The Launch and exchangeability of New Digital Tokens and mining farm setup is expected before May 30th we will update the dates very soon.

This is just sad. Doesn't this breach the contract that the customers signed up for?
I know it's a scam and this is probably their exit strategy, but still..

How the fuck can they make such changes?

Till now goody-goody phase of gainbitcoin was going on. Till now Promoters/top leaders were claiming that Mr. AB and HB were honest of highest integrity and savior of poor, middle class Indian.
Mr. AB launched gainbitcoin to eradicate poverty from Indian society and make everyone a billionaire. 
Reality Check: regular payouts  have stopped and abrupt policy changes are introduced willy-nilly.

[virtuado]

 


http://coinjournal.net/amit-bhardwaj-gainbitcoin-videos/

[lordquanta]

http://coinjournal.net/amit-bhardwaj-gainbitcoin-videos/

Mr. AB clearly mentions that 10% returns are not due to bitcoin mining at all. Now question is if 10% returns are not from mining/cloud-mining then why is selling contracts of bitcoin cloud-mining in first place?

[S_D]

http://coinjournal.net/amit-bhardwaj-gainbitcoin-videos/

Completely vague answers, a company handling huge amount of money NOT registered with companies registrar  
Not sure how this hasn't been intercepted by any govt. officials. And then police pakadti kisko hai jo helmet nahi pehenta   xD

Servers in US, mining in China, registered in Singapore, operates in India **slow claps**

[lordquanta]

Detailed response from Sahil Baghla from Darwin Lab, about ending their ties and any whatsoever relation with gainbtc, gbminer, Mr. AB: 

https://blog.darwinlabs.io/on-gbminers-satoshi-studios-and-darwin-labs-the-road-not-taken-e23108a29684

Darwin Labs have severed their ties with gbminer soon realizing the source of income from Mr. AB is questionable.

[virtuado]

More news from Gainbitcoin....Halleluja!   

They should put more energy in paying their due BTC's instead of writing e-books...who cares about all these foggy and shady stories!   


===================================================================

Congratulations & Welcome to All New GAINBITCOIN MVP’s
 
Dear Friends,

As you are aware that we selected our first set of MVP’s leaders from the ocean of great leaders; The selection was done based on qualities like Leadership, Loyalty, Team Size & Knowledge; The MVP’s were facilitated on stage in our recent event in Thailand.

All the MVP’s will be Companies official representatives for all communications hence forward & pillars of strengths to the company. All MVP’s will be entitled to a fixed renumeration in lieu of completing the cyclic targets and responsibilities; MVP’s will also be responsible to identify & groom future MVP’s. All the communication to or from company management will now be routed exclusively through MVP’s.

List of MVP’s can be accessed here very soon: Click for MVP’s username list. All the MVP’s are requested to be prepared for the very first company leadership training workshop, to be held in Dubai in the next few days; The MVP’s will also receive responsibilities and MVP policy details in the workshop. The MVP’s will be contacted by our admin team for further arrangements; ALL THE BEST & GOD BLESS!!!

=====================================================================

MD’s Address to GainBitcoin Team Regarding PAYOUTS:
Dear Friends,

There has been a constant request from many of you to explain the payout issues in our company & expected solution deadlines. In response to this we are writing this to try and explain the issues & rationale behind the actual problem.

Payout Current Situation Explanation:

Due to some technical issues in the month of February, we had a steep dip in sales as our team was under tremendous pressure to work and try to implement changes on a LIVE DATA SYSTEM. Due to the closure of 6-7 other network marketing company the customers made too much pressure to keep the system working, and the team end up working on LIVE DATA system; But thanks to god grace and very strong resilience of our technology team we are able to bring the system highly under control.

However, due to above problem, we saw a steep drop in our average sales count. Any average network marketing company would have been closed by the first week of such situation, but thanks to extremely agile business policies, we are able to sustain the business and continue the same with flair; The steep fall in sales, forced us to change the payout mode from single first day payout to almost day to day split payout system because mining output comes on day to day basis and not all at once. Expecting otherwise is highly impractical.

In the due course a lot of our respected customers felt negative thoughts due to prevailing bad practices in network marketing businesses and further stopped sales into the system; They failed to completely realise that we are the only company in this business who in-spite of all the challenges is constantly working and trying to force release payouts to as many people as possible. Our tech team, support team and sales leaders are working very hard 24x7; We have a comparative large customer base and some users sometimes gets left out in the process, our sincere apologies to them but believe us there's no policy to pay specific user set, for us all customers are equally important;

As of now, the current situation is very much under control and within next two cycles we should be able to bring everything under control and all system will go back to automated single day payouts maximum by 30th May;

With that said, all of us have clear two choices:
You continue to keep the patience and composure and start appreciating our company strength and huge dedication to bring everything back on track, in-spite of all the challenges; Allow us your time and support to make GainBitcoin come back with a bang again
You try to make yourself negative and others also negative; We want you to please avoid this, as GainBitcoin is one such platform which amazingly touches and alleviates life of so many people, fulfils dreams of so many families and intent to do same with more power in coming future;

We at GainBitcoin request you to understand the importance and size of the opportunity this platform provides and appreciate the first leading network marketing company coming out of India and representing a great brand in both network marketing & cryptocurrency markets Path to Solution:
The customers who have not received any payout in last 3 or more cycles please contact your direct MVP’s and share your user IDs, we will prioritise your payouts and clear them up fast
Customers who have received payouts in last 1-2 cycles, please have patience, we will execute the current and future payouts as well asap; please don’t raise any unnecessary request for payouts, we will take care of it, rest assured
MVP’s discuss with your teams & please provide any feedback or suggestions which can add value and expedite our payout processes, you can send an email to mvpfeedback@gainbitcoin.com. All the selected feedbacks will be listed and informed on the website by tomorrow;
Also MVPs please collect information of above users from your networks and please pass on the user lists accordingly to mvppayoutsupport@gainbitcoin.com at the earliest


Regards,
Team GainBitcoin

[lordquanta]

It is not difficult to stay in business as he is shifting into new venture called MCAP. It is kind of mutual fund type idea based on bitcoin. With this he'll be able to buy some more time. After that something new will be introduced.

[lordquanta]

By the way, reality check for gbminers participation in ASSOCHAM this year. It seems that most of attendees of last ASSOCHAM's participant were gainbitcoiners.  Approx 90%. Check this coverage:

http://www.caravanmagazine.in/vantage/questionable-investment-scheme-dominated-assochams-global-summit-bitcoin

A person has invested 224 bitcoins (2.1 Crores) in gainbitcoin and helped others to follow similar footsteps.

[cryptoheadd]

Goenka said that such explicit warnings had largely fallen on deaf ears. “It’s not getting through,” he told me, “So I’ve stopped debating. I’ve said, ‘This is my view. And it’s your money. You take a call.’” When I asked him whether he had considered alerting the government of such foul play, he expressed the need to proceed with caution. The authorities, he said, “are anyway sceptical of cryptocurrencies. So I’ve not had a chance to go and tell them there’s something bad happening within the cryptocurrency world.”

This is exactly how I feel.

[atulmishra.op1]

If this is true and MLM ponzi are fraud by law:

 "According to a note that the RBI released in January 2015, “acceptance of money under Money-Circulation/Multi-Level Marketing/Pyramid structures if a cognizable offence under the Prize Chit and Money Circulation (Banning) Act 1978.”

How he is running it so easily fooling around and attending the summits like this. 1000's of people supporting him too and becoming part of known scam.

[Pajulapoiss]

Hello everyone, thanks to the thread starter!

I've been reading into it and I got fascinated about this, (so much good info here,  why isn't everyone doing their own research before investing?!?!) because apparently this fraud has reached my small home country called Estonia.

I know an individual who has invested in the gainbitcoin and he has met with the owner Mr AB and an Asian guy,  a president, professor Johnny Chung (a really smart guy who owns 3 big time companys, and is a marketing president for GBC[that's the story anyway]).
 At least that's what he calls himself. I was told that he was born in USA, but is South Korean. Now googling the name nothing really pops up. (must be owning some underground big time companies, that the Internet never heard about??)  Weirdly enough same goes for Gainbitcoin CEO Mark Lee. No real findings. What caught my attention is the names. Johnny & Mark American names, Chung & Lee Asian names. Perhaps they are the same guy?

Here's a photo of Amit Bharwaj and Johnny CHUNG (or Mark LEE?)  taken by the guy. I am yet to break the bomb on him, that he's being ripped off, and that he should try to get his coins into an independent wallet as fast as possible.

(hope the img works, really don't do forums that much)

Is there anything that we could do, do get to these bastards, ripping off people who are already poor without someone scamming them?
 What if the guy wakes from his dream, and decides to help the cause of nabbing these muthafuchas? (if he still has access to them) What could possibly be done to put them to schacles?

Any good ideas on how to identify the Asian guy?

All the best!

[lordquanta]

Hello everyone, thanks to the thread starter!

I've been reading into it and I got fascinated about this, (so much good info here,  why isn't everyone doing their own research before investing?!?!) because apparently this fraud has reached my small home country called Estonia.

I know an individual who has invested in the gainbitcoin and he has met with the owner Mr AB and an Asian guy,  a president, professor Johnny Chung (a really smart guy who owns 3 big time companys, and is a marketing president for GBC[that's the story anyway]).
 At least that's what he calls himself. I was told that he was born in USA, but is South Korean. Now googling the name nothing really pops up. (must be owning some underground big time companies, that the Internet never heard about??)  Weirdly enough same goes for Gainbitcoin CEO Mark Lee. No real findings. What caught my attention is the names. Johnny & Mark American names, Chung & Lee Asian names. Perhaps they are the same guy?

Here's a photo of Amit Bharwaj and Johnny CHUNG (or Mark LEE?)  taken by the guy. I am yet to break the bomb on him, that he's being ripped off, and that he should try to get his coins into an independent wallet as fast as possible.

(hope the img works, really don't do forums that much)

Is there anything that we could do, do get to these bastards, ripping off people who are already poor without someone scamming them?
 What if the guy wakes from his dream, and decides to help the cause of nabbing these muthafuchas? (if he still has access to them) What could possibly be done to put them to schacles?

Any good ideas on how to identify the Asian guy?

All the best!

It is good to see that some people are getting benefits  of this thread.  In addition right now Gainbtc is going through the rough phase like their wallet which shows daily payouts is straight forward lie and never allows withdrawals. Many investors crying as they are not able to get their refund. Some have called even when they received amount they invested in Rupees  that is person invested 1000 Rupees when bitcoin was 40000. So far he has received payout amounting 1000 rs whereas btc values is 189000 (if person has just kept that bitcoin, it would have 4times what he invested).
As far as Asian Guy is concerned you wont be able to find anything about him. Most possibly it is made up identity.

[virtuado]

It is good to see that some people are getting benefits  of this thread.  In addition right now Gainbtc is going through the rough phase like their wallet which shows daily payouts is straight forward lie and never allows withdrawals. Many investors crying as they are not able to get their refund. Some have called even when they received amount they invested in Rupees  that is person invested 1000 Rupees when bitcoin was 40000. So far he has received payout amounting 1000 rs whereas btc values is 189000 (if person has just kept that bitcoin, it would have 4times what he invested).
As far as Asian Guy is concerned you wont be able to find anything about him. Most possibly it is made up identity.

Hmmm....although GB is not thrustworthy, made up a lot of shady stories and changed rules of the contract with their clients solely, it seems people have different experiences, or people are haunting GB.
I'm the last person who will defend GB, but what you're stating is not my experience...at this moment, because with GB this can change like the weather so it seems.

For the last weeks i'm receiving payouts again(not what it should be, first they started with about 30% of what should be paid and now it's about 60%) on their wallet, and i can withdraw and send to my preferable destination. It's definitly not flawless, takes always very long, and for example now no withdrawals can be made because of updates  ...for more then 24 hours...

In a few months i'm at the end of my contract, and happy that i can forget all this, but for now every piece of BTC which arrives is welcome.

[Gleb Gamow]

It is good to see that some people are getting benefits  of this thread.  In addition right now Gainbtc is going through the rough phase like their wallet which shows daily payouts is straight forward lie and never allows withdrawals. Many investors crying as they are not able to get their refund. Some have called even when they received amount they invested in Rupees  that is person invested 1000 Rupees when bitcoin was 40000. So far he has received payout amounting 1000 rs whereas btc values is 189000 (if person has just kept that bitcoin, it would have 4times what he invested).
As far as Asian Guy is concerned you wont be able to find anything about him. Most possibly it is made up identity.

Hmmm....although GB is not thrustworthy, made up a lot of shady stories and changed rules of the contract with their clients solely, it seems people have different experiences, or people are haunting GB.
I'm the last person who will defend GB, but what you're stating is not my experience...at this moment, because with GB this can change like the weather so it seems.

For the last weeks i'm receiving payouts again(not what it should be, first they started with about 30% of what should be paid and now it's about 60%) on their wallet, and i can withdraw and send to my preferable destination. It's definitly not flawless, takes always very long, and for example now no withdrawals can be made because of updates  ...for more then 24 hours...

In a few months i'm at the end of my contract, and happy that i can forget all this, but for now every piece of BTC which arrives is welcome.

I have seen many sites like this one. Most of them proved to be a pure scam. Firstly they increase your balance like they promised and when you try to withdraw your funds they  will show minimum requirement to withdraw you balance. Beware of those sites. Better try trading and buy some shitcoins.

Gainbitcoin is no different, they are a scam!

I was there myself too, luckily i have my investment back and due to the increase of bitcoin price i am ok.

Now they claim to have " big problems"  due to heavy congestion with payout, but offcourse this is a lie. They implemented some sort of congestion meter on their website which states that as long as the congetions is 100% it's impossible to payout.  They only play mindgames to keep low-profile about this, but their intention is to avoid withdrawals.
A few weeks ago, they also stopped replying support requests and now they have made it impossible to raise one.  I will not even try to withdraw, or raise tickets anymore, i know enough.

All the signs are there, the ship is going down.

The problem is, it looks like they have made the system difficult for users to get their payouts. They says there is Blockchain congestion which was there some time ago but not always and not there currently, because other transactions are happening smoothly in minutes. They says there is very much load on their servers and that is why that 100% graph is not coming down and hence people are not able to raise withdrawal requests. They are making fool of people, it is simple if you have BTC's and you want to give payout to people you can simply put more servers to process more requests to manage laod.

Apart from that they are also stealing from payout as transaction fee, the said payout is lesser than what it suppose to be. Payout transaction fee is low like hell that their transactions are taking 3-4 days to confirm. This is their another source of income.

By that manual process they already stopped people who invested .5 and .1 BTC contracts to get their payouts because the withdrawal request can't be made lesser than .05 BTC. Its all about that they don't want to pay the people. Server load can be managed by adding more servers but if they don't want to pay then they will come up more of these kind of hassle full options.

You already described the situation accurately.

I have been patiently about this so far, but after some weeks of " congestion" and " heavy payout load" lies i don't believe their bullshit anymore.  Their support is suddenly vanished too, and now they made it even impossible to raise a support ticket! They play hide and seek already.
All the signs are there....the ship is going down!  

Luckily i had my investment back and due to the increase of BTC price i'm good.

Gainbitcoin, Coinbank, Amit Bhardwaj and whoever were involved....go f@ck yourself!

Since obviously you're a useless fuck to society, may I suggest you exit the gene pool by blowin' your motherfuckin brains out? We all here thank you in advance.

Bruno (my real name; what's yours, asswipe?)

[virtuado]

Since obviously you're a useless fuck to society, may I suggest you exit the gene pool by blowin' your motherfuckin brains out? We all here thank you in advance.

Bruno (my real name; what's yours, asswipe?)

Useless fuck is when you every day look in the mirror fucking wanker!

I am just sharing my experience, i can't make it better or worse then it is.
Or should i only mention negative things to please stupid people like you....

It seems to me because of your strong reaction that GB fucked you in the ass aswell gaylord.
Your stupid and nonsense contribution says more about you then about me.

Please shut the fuck up!

[Pajulapoiss]

Chill out boys. Forum is for discussion.

Hello everyone, thanks to the thread starter!

I've been reading into it and I got fascinated about this, (so much good info here,  why isn't everyone doing their own research before investing?!?!) because apparently this fraud has reached my small home country called Estonia.

I know an individual who has invested in the gainbitcoin and he has met with the owner Mr AB and an Asian guy,  a president, professor Johnny Chung (a really smart guy who owns 3 big time companys, and is a marketing president for GBC[that's the story anyway]).
 At least that's what he calls himself. I was told that he was born in USA, but is South Korean. Now googling the name nothing really pops up. (must be owning some underground big time companies, that the Internet never heard about??)  Weirdly enough same goes for Gainbitcoin CEO Mark Lee. No real findings. What caught my attention is the names. Johnny & Mark American names, Chung & Lee Asian names. Perhaps they are the same guy?

Here's a photo of Amit Bharwaj and Johnny CHUNG (or Mark LEE?)  taken by the guy. I am yet to break the bomb on him, that he's being ripped off, and that he should try to get his coins into an independent wallet as fast as possible.

(hope the img works, really don't do forums that much)

Is there anything that we could do, do get to these bastards, ripping off people who are already poor without someone scamming them?
 What if the guy wakes from his dream, and decides to help the cause of nabbing these muthafuchas? (if he still has access to them) What could possibly be done to put them to schacles?

Any good ideas on how to identify the Asian guy?

All the best!

It is good to see that some people are getting benefits  of this thread.  In addition right now Gainbtc is going through the rough phase like their wallet which shows daily payouts is straight forward lie and never allows withdrawals. Many investors crying as they are not able to get their refund. Some have called even when they received amount they invested in Rupees  that is person invested 1000 Rupees when bitcoin was 40000. So far he has received payout amounting 1000 rs whereas btc values is 189000 (if person has just kept that bitcoin, it would have 4times what he invested).
As far as Asian Guy is concerned you wont be able to find anything about him. Most possibly it is made up identity.

I did tell the guy who wanted me to get involved in Gainbitcoin that he's involved in a Ponzi, but of course he didn't believe me. Of course he didn't belive all the info in this thread either, or the articles I sent him.

This is a confirmation about their brainwash power. More confirmation in the following video, where the investors, who are blinded by the promise of huge profits cheer and praise mr Amit Bhardwaj as something divine.

https://youtu.be/bO2IsaexvVI

[Gleb Gamow]

Since obviously you're a useless fuck to society, may I suggest you exit the gene pool by blowin' your motherfuckin brains out? We all here thank you in advance.

Bruno (my real name; what's yours, asswipe?)

Useless fuck is when you every day look in the mirror fucking wanker!

I am just sharing my experience, i can't make it better or worse then it is.
Or should i only mention negative things to please stupid people like you....

It seems to me because of your strong reaction that GB fucked you in the ass aswell gaylord.
Your stupid and nonsense contribution says more about you then about me.

Please shut the fuck up!

Seriously, fuckface? Read the timeline again: https://bitcointalk.org/index.php?topic=1440600.msg19658430#msg19658430

Most recently, you espoused that all looks swell with GB, but not to too long ago you TWICE denounced the fuckers, vowing to never enter into contract with them again, further advising others to stay clear. Now, you're trying, albeit in vain, to discredit me for bringing such truism to light.

TBC, stupid people like me didn't invest in GB, and your stupid and nonsense contribution says more about you then about me.

Here's to hoping you post blowin' your brains out live on Facebook.

[virtuado]

Seriously, fuckface? Read the timeline again: https://bitcointalk.org/index.php?topic=1440600.msg19658430#msg19658430

Most recently, you espoused that all looks swell with GB, but not to too long ago you TWICE denounced the fuckers, vowing to never enter into contract with them again, further advising others to stay clear. Now, you're trying, albeit in vain, to discredit me for bringing such truism to light.

TBC, stupid people like me didn't invest in GB, and your stupid and nonsense contribution says more about you then about me.

Here's to hoping you post blowin' your brains out live on Facebook.

I don't need to read the timeline brainless idiot, i experienced it myself.
As said, i can't make it more bad or good then it is, just sharing my experience with GB that's it.
If at some time the experience is bad, and after a while it improves(a little...), should i ventilate a bad opinion only because it pleases you?

Is this forum or topic intended for sharing or only for your opinion. Are you the wannabe leader of this forum?....please fuck off!

You're obvious very good at quoting, but understanding what your reading or quoting is far more complicated for your tiny miserable brains, so don't pretend to be smarter then you really are....

[Gleb Gamow]

Seriously, fuckface? Read the timeline again: https://bitcointalk.org/index.php?topic=1440600.msg19658430#msg19658430

Most recently, you espoused that all looks swell with GB, but not to too long ago you TWICE denounced the fuckers, vowing to never enter into contract with them again, further advising others to stay clear. Now, you're trying, albeit in vain, to discredit me for bringing such truism to light.

TBC, stupid people like me didn't invest in GB, and your stupid and nonsense contribution says more about you then about me.

Here's to hoping you post blowin' your brains out live on Facebook.

I don't need to read the timeline brainless idiot, i experienced it myself.
As said, i can't make it more bad or good then it is, just sharing my experience with GB that's it.
If at some time the experience is bad, and after a while it improves(a little...), should i ventilate a bad opinion only because it pleases you?

Is this forum or topic intended for sharing or only for your opinion. Are you the wannabe leader of this forum?....please fuck off!

You're obvious very good at quoting, but understanding what your reading or quoting is far more complicated for your tiny miserable brains, so don't pretend to be smarter then you really are....

Here's a question on everybody's mind: What's takin' you so fuckin long to exit the gene pool?

Firstly, "brains" is singular, not plural in that context, albeit thanks for the complement.

A fuckin idiot can quote, but it's what I quoted that's relevant in this convo between you and I, where others reading this are coming to the realization that you're a fuckin moron.

You, virtuado, said on June 19, 2017, ....

https://bitcointalk.org/index.php?topic=1440600.msg19657145#msg19657145

I'm the last person who will defend GB, but what you're stating is not my experience...at this moment, because with GB this can change like the weather so it seems.

For the last weeks i'm receiving payouts again(not what it should be, first they started with about 30% of what should be paid and now it's about 60%) on their wallet, and i can withdraw and send to my preferable destination.

But on March 17, 2017, you said ...

https://bitcointalk.org/index.php?topic=1440600.msg18227638#msg18227638

Luckily i had my investment back and due to the increase of BTC price i'm good.

Gainbitcoin, Coinbank, Amit Bhardwaj and whoever were involved....go f@ck yourself!

Followed by on March 22, 2017, you said ...

https://bitcointalk.org/index.php?topic=1707287.msg18292911#msg18292911

Gainbitcoin is no different, they are a scam!

What part of you're a lyin' fuckin asshole don't you understand? Are you fuck buddies with Leroy Fodor or ball-cupping buds with Marshall Long, or both?

[virtuado]

Here's a question on everybody's mind: What's takin' you so fuckin long to exit the gene pool?

Firstly, "brains" is singular, not plural in that context, albeit thanks for the complement.

A fuckin idiot can quote, but it's what I quoted that's relevant in this convo between you and I, where others reading this are coming to the realization that you're a fuckin moron.

You, virtuado, said on June 19, 2017, ....

https://bitcointalk.org/index.php?topic=1440600.msg19657145#msg19657145

I'm the last person who will defend GB, but what you're stating is not my experience...at this moment, because with GB this can change like the weather so it seems.

For the last weeks i'm receiving payouts again(not what it should be, first they started with about 30% of what should be paid and now it's about 60%) on their wallet, and i can withdraw and send to my preferable destination.

But on March 17, 2017, you said ...

https://bitcointalk.org/index.php?topic=1440600.msg18227638#msg18227638

Luckily i had my investment back and due to the increase of BTC price i'm good.

Gainbitcoin, Coinbank, Amit Bhardwaj and whoever were involved....go f@ck yourself!

Followed by on March 22, 2017, you said ...

https://bitcointalk.org/index.php?topic=1707287.msg18292911#msg18292911

Gainbitcoin is no different, they are a scam!

What part of you're a lyin' fuckin asshole don't you understand? Are you fuck buddies with Leroy Fodor or ball-cupping buds with Marshall Long, or both?

What's your fucking point stupid idiot??  Where did i say GB is not a scam or they are a valid mining company or whatever.

I only stated that what lordquanta said in his last post about payments to coinbank is not what i experienced and then you invaded this topic with your useless rant.

If GB suddenly starts paying again what this has to do with me? 
I don't have to put energy it, they send it automatic to their coinbank and that's it.  Or perhaps should i send the coins back to please you??
.

You are trying to make a point here, but you fail miserable, you are only jumping to conclusions and spreading nonsense. But your conclusions are poor because.... or you were born stupid, you are delusional or you are on dope.

The only one who should exit here is you....captain copy/paste!

[Gleb Gamow]

Here's a question on everybody's mind: What's takin' you so fuckin long to exit the gene pool?

Firstly, "brains" is singular, not plural in that context, albeit thanks for the complement.

A fuckin idiot can quote, but it's what I quoted that's relevant in this convo between you and I, where others reading this are coming to the realization that you're a fuckin moron.

You, virtuado, said on June 19, 2017, ....

https://bitcointalk.org/index.php?topic=1440600.msg19657145#msg19657145

I'm the last person who will defend GB, but what you're stating is not my experience...at this moment, because with GB this can change like the weather so it seems.

For the last weeks i'm receiving payouts again(not what it should be, first they started with about 30% of what should be paid and now it's about 60%) on their wallet, and i can withdraw and send to my preferable destination.

But on March 17, 2017, you said ...

https://bitcointalk.org/index.php?topic=1440600.msg18227638#msg18227638

Luckily i had my investment back and due to the increase of BTC price i'm good.

Gainbitcoin, Coinbank, Amit Bhardwaj and whoever were involved....go f@ck yourself!

Followed by on March 22, 2017, you said ...

https://bitcointalk.org/index.php?topic=1707287.msg18292911#msg18292911

Gainbitcoin is no different, they are a scam!

What part of you're a lyin' fuckin asshole don't you understand? Are you fuck buddies with Leroy Fodor or ball-cupping buds with Marshall Long, or both?

What's your fucking point stupid idiot??  Where did i say GB is not a scam or they are a valid mining company or whatever.

I only stated that what lordquanta said in his last post about payments to coinbank is not what i experienced and then you invaded this topic with your useless rant.

If GB suddenly starts paying again what this has to do with me? 
I don't have to put energy it, they send it automatic to their coinbank and that's it.  Or perhaps should i send the coins back to please you??
.

You are trying to make a point here, but you fail miserable, you are only jumping to conclusions and spreading nonsense. But your conclusions are poor because.... or you were born stupid, you are delusional or you are on dope.

The only one who should exit here is you....captain copy/paste!

You alluded to them being valid by depicting your current positive experience, hence our convo, fucktard!

[virtuado]

You alluded to them being valid by depicting your current positive experience, hence our convo, fucktard!

Since when is this topic only to spread negativity?....and you are the wannabe policymaker i assume?   

I alluded nothing, this is only your delusional opinion....i only mentioned that what lordquanta stated is not my experience, and that is a fact.


I'll rest my case, communicating with idiots is useless and waste of time.

[Gleb Gamow]

You alluded to them being valid by depicting your current positive experience, hence our convo, fucktard!

Since when is this topic only to spread negativity?....and you are the wannabe policymaker i assume?   

I alluded nothing, this is only your delusional opinion....i only mentioned that what lordquanta stated is not my experience, and that is a fact.


I'll rest my case, communicating with idiots is useless and waste of time.

Okay, let's go with that.

Fact: Your experience was fine counter to lordquanta's experience, but you didn't state once how you've at least twice denounced the fuckers. What gives?

[lordquanta]

gainbitcoin is releasing payouts in Mcap instead of bitcoin. current price of Mcap is kind of better. Problem with Mcap is there are hardly any sites who are dealing with Mcap tokens.

These MLM promoters and leaders use the term Network marketing or MLM is dynamic business which means for keeping business in profit promoters will flush their commitment towards customers anytime and create new rules, policies whichever fits to float business for more time. This means changing nature of payouts. percentage of payouts and what not.

Stay away from any MLM or network marketing company especially if it is related to the bitcoin or btc mining.

[kabit9]

how is Amit Bhardwaj and GB still allowed to operate legally in India? why hasn't someone put him under investigation?

btw, he is surround by a posse of bodyguards wherever he goes... he is not a politician, filmstar, celebrity or a member of India's elite industrialists club, so why does he need bodyguards? gangster?

also i found this amusing:

"Amit is the founder of Amaze Mining  & Blockchain Research Ltd, which owns over 170 P/Hs of Bitcoin mining power, approximately 5% of the total, and the highest owned by an individual globally."
https://gainbitcoin.com/brochure.pdf

[Gleb Gamow]

how is Amit Bhardwaj and GB still allowed to operate legally in India? why hasn't someone put him under investigation?

btw, he is surround by a posse of bodyguards wherever he goes... he is not a politician, filmstar, celebrity or a member of India's elite industrialists club, so why does he need bodyguards? gangster?

also i found this amusing:

"Amit is the founder of Amaze Mining  & Blockchain Research Ltd, which owns over 170 P/Hs of Bitcoin mining power, approximately 5% of the total, and the highest owned by an individual globally."
https://gainbitcoin.com/brochure.pdf

Bullshit! Marshall Long owns over 17% of the bitcoin hashing power and he even provided a pic of where the miners operate from ...

[kabit9]

https://cointelegraph.com/news/bitcoin-mining-boss-bhardwaj-carries-on-despite-arrest-petition#

https://www.change.org/p/commissioner-of-police-delhi-arrest-gbminers-founder-amit-bhardwaj-and-make-him-compensate-those-he-has-scammed

[cryptoheadd]

“He repeatedly contradicted himself, and was evasive about the relationship between GBMiners and Gainbitcoin,” Caravan journalist Aria Thaker meanwhile reported on interviewing Bhardwaj.

“He also admitted, with casual ease, that he had lied to his investors about crucial information regarding Gainbitcoin’s investments (‘They feel good, right? When they get high information,’ he told me about his customers, after admitting to using inflated figures on Gainbitcoin’s website).”

^^

[Gleb Gamow]

https://cointelegraph.com/news/bitcoin-mining-boss-bhardwaj-carries-on-despite-arrest-petition#

https://www.change.org/p/commissioner-of-police-delhi-arrest-gbminers-founder-amit-bhardwaj-and-make-him-compensate-those-he-has-scammed

As he is continue to intorduce more projects and scam more people in the name of BitCoin, I request you all to sign this petition asking the Commissioner of Police, Delhi to arrest Mr Amit Bhardwaj and make him compenstate all those he has scammed.

Compensation AND ...

[kabit9]

Compensation AND ...

perhaps with the right prosecutor, that could be arranged - one of his companies is registered in Singapore...

[lordquanta]

Compensation AND ...

perhaps with the right prosecutor, that could be arranged - one of his companies is registered in Singapore...

* It's bit difficult. As that Singapore based company is registered against Mr. Mark Lee. and not against Mr. AB the D0uche-bag.
* The reason why is AB roaming around freely because nobody has registered official complaint against him or his brother or his company.

[Gleb Gamow]

1000 Lashes for Lee would be a start...

I like how you think ...

[lordquanta]

1000 Lashes for Lee would be a start...

Lee is a fictional person. Nobody has any concrete information so far about this person. If you check the initial pages of this thread then you will come to know little more about him.

[kabit9]

1000 Lashes for Lee would be a start...

Lee is a fictional person. Nobody has any concrete information so far about this person. If you check the initial pages of this thread then you will come to know little more about him.

it is not easy (nearly impossible) to register a company under a fictitious identity in Singapore.  i read through the whole thread and my conclusion was that Lee is their 'local' singaporean partner (required by Singapore law for a foreigner to start a company in SG). mark lee is a common enough name for a singaporean chinese person (mark being his christian name, ofcourse, and he would have a chinese first name too, probably something like Yu Koock). i will investigate, as i lived in SG for a while and remember that SG ACRA database provides some information about all legally registered companies in SG online.

EDIT: well i didn't find much, except that they've updated their address and not maintained compliance with SG authorities (as was pointed out earlier in this thread).



and https://beginning.world/product/196413 and https://thebitex.com/contact.html

it seems they are slowly but surely going global.

[Pajulapoiss]

https://steemit.com/scam/@bitonymous/scam-alert-bitcoingrowthfund-com-the-new-crypto-scam-by-a-group-of-old-scammers

Good overview here.

[krishnapramod]

https://cointelegraph.com/news/bitcoin-mining-boss-bhardwaj-carries-on-despite-arrest-petition#

https://www.change.org/p/commissioner-of-police-delhi-arrest-gbminers-founder-amit-bhardwaj-and-make-him-compensate-those-he-has-scammed

As he is continue to intorduce more projects and scam more people in the name of BitCoin, I request you all to sign this petition asking the Commissioner of Police, Delhi to arrest Mr Amit Bhardwaj and make him compenstate all those he has scammed.

Compensation AND ...

I just signed the petition, got only 57 supporters, but still it matters. This thread has been open since April 2016, but still people are falling for this cloud mining scam. The guy from Kerala met Amit in 2015 and yet got scammed and just yesterday Hindustan Times ran a full-page advertisement for his e-book without any background check. Hope the government shuts down gainbitcoin.

[kabit9]

The indian bitcoin community really needs to reign in this beast before it becomes “too big to fail”:

I just signed the petition, got only 57 supporters, but still it matters. This thread has been open since April 2016, but still people are falling for this cloud mining scam. The guy from Kerala met Amit in 2015 and yet got scammed and just yesterday Hindustan Times ran a full-page advertisement for his e-book without any background check. Hope the government shuts down gainbitcoin.

Is there really nothing more that can be done collectively?  Please everyone, at the very least, least sign the petition!!

https://www.change.org/p/commissioner-of-police-delhi-arrest-gbminers-founder-amit-bhardwaj-and-make-him-compensate-those-he-has-scammed

[cryptoheadd]

The indian bitcoin community really needs to reign in this beast before it becomes “too big to fail”:

It's already too big to fail, unfortunately.

His Pune Ad:



He also paid Raj Kundra and Shilpa Shetty to tweet about his book.



The full page newspaper advertisement costs more than 60 lakhs (36BTC) (Region specific) and up-to 1.5 crores (92BTC) for Pan India. (For 1 day)

[Gleb Gamow]

The indian bitcoin community really needs to reign in this beast before it becomes “too big to fail”:

It's already too big to fail, unfortunately.

His Pune Ad:



He also paid Raj Kundra and Shilpa Shetty to tweet about his book.



The full page newspaper advertisement costs more than 60 lakhs (36BTC) (Region specific) and up-to 1.5 crores (92BTC) for Pan India. (For 1 day)

Aside: I got married once in Pune inside one of them Hindu temples - I think it was Shiva's (all Hindu Gods look the same to me - if you've seen one gold elephant with multiple arms, you've seen them all). I got a pic of me somewhere with a red dot on my forehead as proof.

[polynesia]

This is getting ridiculous. Sponsored articles on Indian Express.

8 Reasons You Can’t Afford to miss bitcoin pioneer Amit Bharadwaj’s e-book, ‘Cryptocurrency for Beginners’

http://indianexpress.com/article/business/sponsored-business/8-reasons-you-cant-afford-to-miss-bitcoin-pioneer-amit-bharadwajs-e-book-cryptocurrency-for-beginners/

[cryptoheadd]

This is getting ridiculous. Sponsored articles on Indian Express.

It's just getting started.
Sucks to see him spending the money he stole on shit like this.

[Gleb Gamow]

This is getting ridiculous. Sponsored articles on Indian Express.

8 Reasons You Can’t Afford to miss bitcoin pioneer Amit Bharadwaj’s e-book, ‘Cryptocurrency for Beginners’

http://indianexpress.com/article/business/sponsored-business/8-reasons-you-cant-afford-to-miss-bitcoin-pioneer-amit-bharadwajs-e-book-cryptocurrency-for-beginners/

Number 1 way to prove that an Indian is a retard: They purchased the aforementioned e-book by Amit Bharadwaj.

[kabit9]

This is getting ridiculous. Sponsored articles on Indian Express.

8 Reasons You Can’t Afford to miss bitcoin pioneer Amit Bharadwaj’s e-book, ‘Cryptocurrency for Beginners’

http://indianexpress.com/article/business/sponsored-business/8-reasons-you-cant-afford-to-miss-bitcoin-pioneer-amit-bharadwajs-e-book-cryptocurrency-for-beginners/

Number 1 way to prove that an Indian is a retard: They purchased the aforementioned e-book by Amit Bharadwaj.

You get Rs. 1200 worth of crypto free with purchase allegedly!

[cryptoheadd]

You get Rs. 1200 worth of crypto free with purchase allegedly!

Lol. That 1200 INR worth of "crypto" is Amit's own 100% pre-mined shitcoin "MCAP".

[polynesia]

It gets worse.

http://www.dnaindia.com/business/report-cryptocurrency-guru-amit-bharadwaj-launches-pioneering-e-book-cryptocurrency-for-beginners-2495255
http://www.moneycontrol.com/news/business/earnings-business/bitcoin-expert-amit-bharadwaj-launches-e-book-cryptocurrency-for-beginners-2322215.html

Moneycontrol doesn't even label the story as sponsored content....

[lordquanta]

Let the shit hit the fan India. Once this bullshit-bubble inflate, then someone from news media will  discover this thread and shed some light.

[Infinity81]

Been following this thread since long, just would like to update that whatever AB is doing, whether he is mining or not, whether his MCAP coin is worth or not, whether his books are good or not, whether his all the articles everywhere are paid or not, the last Assocham meet in Delhi was worth or not and so on...

I was concerned about the only one thing in this world MY MONEY. The payouts were almost stopped for three months (Mar-May) and between this period lot of changes happened with GB. I am good to say that I am started receiving the payouts in MCAP in pretty good speed, even though its bad that BTC was promised as payout in the beginning of contract but the MCAP conversion to BTC is happening pretty seamlessly, even I started receiving the pending Mar - May payouts now the days. Ultimately, I needed the BTC payout and with little hassle its happening, that is all I want. I hope whatever AB is doing, may he get success in that so I can get my complete payout. I am not sure how long this good time will last long but I hope for the best. I would not mind even if payouts may stop for another some months and then again resume to normal. All I want my payout, a little late is so better than never 

PS: I have seen some people don't feel good when people receive their payouts and they post here, I kinda don't care about those people how they may react. I just wrote whatever is happening at present with GB.

Have a great day ahead 

[virtuado]

Been following this thread since long, just would like to update that whatever AB is doing, whether he is mining or not, whether his MCAP coin is worth or not, whether his books are good or not, whether his all the articles everywhere are paid or not, the last Assocham meet in Delhi was worth or not and so on...

I was concerned about the only one thing in this world MY MONEY. The payouts were almost stopped for three months (Mar-May) and between this period lot of changes happened with GB. I am good to say that I am started receiving the payouts in MCAP in pretty good speed, even though its bad that BTC was promised as payout in the beginning of contract but the MCAP conversion to BTC is happening pretty seamlessly, even I started receiving the pending Mar - May payouts now the days. Ultimately, I needed the BTC payout and with little hassle its happening, that is all I want. I hope whatever AB is doing, may he get success in that so I can get my complete payout. I am not sure how long this good time will last long but I hope for the best. I would not mind even if payouts may stop for another some months and then again resume to normal. All I want my payout, a little late is so better than never 

PS: I have seen some people don't feel good when people receive their payouts and they post here, I kinda don't care about those people how they may react. I just wrote whatever is happening at present with GB.

Have a great day ahead 

Hmmmm...i suggest that you stop adding positive comments about GB in this thread, because there are folks here that will respond, even hunt you,  in a way like you're the evil itself....  

Payments are indeed continueing, but that is all what is positive to mention.  MCAP is a worthless piece of shit, only few - more specific 2 from which 1 is Bitcoin Growth Fund which is connected to AB- exchanges where you can trade with it.
Probably because of the shady stories surrounding this token, so far there is not much interest from other exchanges to add it to the menu, no trading volume, and at the moment MCAP is already worth less then it's initial lauching price of $4, and probably lower in the near future.
So called market analytics did predict that near the end of 2017, the price of MCAP would be around $100...don't thinks so.  

[Gleb Gamow]

Been following this thread since long, just would like to update that whatever AB is doing, whether he is mining or not, whether his MCAP coin is worth or not, whether his books are good or not, whether his all the articles everywhere are paid or not, the last Assocham meet in Delhi was worth or not and so on...

I was concerned about the only one thing in this world MY MONEY. The payouts were almost stopped for three months (Mar-May) and between this period lot of changes happened with GB. I am good to say that I am started receiving the payouts in MCAP in pretty good speed, even though its bad that BTC was promised as payout in the beginning of contract but the MCAP conversion to BTC is happening pretty seamlessly, even I started receiving the pending Mar - May payouts now the days. Ultimately, I needed the BTC payout and with little hassle its happening, that is all I want. I hope whatever AB is doing, may he get success in that so I can get my complete payout. I am not sure how long this good time will last long but I hope for the best. I would not mind even if payouts may stop for another some months and then again resume to normal. All I want my payout, a little late is so better than never 

PS: I have seen some people don't feel good when people receive their payouts and they post here, I kinda don't care about those people how they may react. I just wrote whatever is happening at present with GB.

Have a great day ahead 

Allow me, guys.

Infinity81, you are a worthless piece of shit and should do everything possible to exit yourself from the gene pool.

Have a great day ahead 

[kabit9]

Allow me, guys.

Infinity81, you are a worthless piece of shit and should do everything possible to exit yourself from the gene pool.

Have a great day ahead 

[randzzz]

Here's a link I found to Amit's highly publicized "$25" ebook:
http://s000.tinyupload.com/?file_id=01552296482232993308

[Gleb Gamow]

Here's a link I found to Amit's highly publicized "$25" ebook:
http://s000.tinyupload.com/?file_id=01552296482232993308

Such wow link! Nada pic. Did you glean my IP address, Newbie, during my visit?

[lordquanta]

Been following this thread since long, just would like to update that whatever AB is doing, whether he is mining or not, whether his MCAP coin is worth or not, whether his books are good or not, whether his all the articles everywhere are paid or not, the last Assocham meet in Delhi was worth or not and so on...

Your prologue hints where you are going with this. Whatever AB does you don't care. If that is the case then you shouldn't have posted this comment in first place.

I was concerned about the only one thing in this world MY MONEY. The payouts were almost stopped for three months (Mar-May) and between this period lot of changes happened with GB. I am good to say that I am started receiving the payouts in MCAP in pretty good speed, even though its bad that BTC was promised as payout in the beginning of contract but the MCAP conversion to BTC is happening pretty seamlessly, even I started receiving the pending Mar - May payouts now the days. Ultimately, I needed the BTC payout and with little hassle its happening, that is all I want. I hope whatever AB is doing, may he get success in that so I can get my complete payout. I am not sure how long this good time will last long but I hope for the best. I would not mind even if payouts may stop for another some months and then again resume to normal. All I want my payout, a little late is so better than never  

Now true intentions behind this post is clear. In short, for "instances" like you, it doesn't matter whether your returns are coming from illegitimate source or not. Just because money is invested in scam, you wish this scam should keep running.

PS: I have seen some people don't feel good when people receive their payouts and they post here, I kinda don't care about those people how they may react. I just wrote whatever is happening at present with GB.

Have a great day ahead  

Whenever some BS is posted without understanding the crux of this thread, people will react accordingly.
If you have facts and stats which can be verified then this will be better.

By the way how is it going with GB support, I heard that GB started charging some btc for each ticket and purged all existing tickets overnight.
Oh forgot, that doesn't matter to you!

[randzzz]

Here's a link I found to Amit's highly publicized "$25" ebook:
http://s000.tinyupload.com/?file_id=01552296482232993308

Such wow link! Nada pic. Did you glean my IP address, Newbie, during my visit?

It's a crappy shared file site. Let me know a better way, and I'll upload the file there.
Addendum: Here's a more mainstream site (but link expires in 1 week for free account): http://dropcanvas.com/9bh74

[lordquanta]

Been following this thread since long, just would like to update that whatever AB is doing, whether he is mining or not, whether his MCAP coin is worth or not, whether his books are good or not, whether his all the articles everywhere are paid or not, the last Assocham meet in Delhi was worth or not and so on...

I was concerned about the only one thing in this world MY MONEY. The payouts were almost stopped for three months (Mar-May) and between this period lot of changes happened with GB. I am good to say that I am started receiving the payouts in MCAP in pretty good speed, even though its bad that BTC was promised as payout in the beginning of contract but the MCAP conversion to BTC is happening pretty seamlessly, even I started receiving the pending Mar - May payouts now the days. Ultimately, I needed the BTC payout and with little hassle its happening, that is all I want. I hope whatever AB is doing, may he get success in that so I can get my complete payout. I am not sure how long this good time will last long but I hope for the best. I would not mind even if payouts may stop for another some months and then again resume to normal. All I want my payout, a little late is so better than never 

PS: I have seen some people don't feel good when people receive their payouts and they post here, I kinda don't care about those people how they may react. I just wrote whatever is happening at present with GB.

Have a great day ahead 

Answer to all your points about getting your money via 'bitcoin growth fund'  is:
https://steemit.com/scam/@bitonymous/scam-alert-bitcoingrowthfund-com-the-new-crypto-scam-by-a-group-of-old-scammers

Here you could see it that 'bitcoin growth fund' is new scam from team AB. Now did you get your mcap payout daily basis? Many are not. Even if they are getting them selling these shitcap coin is straight forward loss. Why? because mcap rate is shown @5 dollars for payout and for investors selling mcap the rate is $2 dollars.

[kabit9]

Here's a link I found to Amit's highly publicized "$25" ebook:
http://s000.tinyupload.com/?file_id=01552296482232993308

Such wow link! Nada pic. Did you glean my IP address, Newbie, during my visit?

actually its a legitimate link to download the PDF of his so called "book".   I urge you to download it at the original link or here https://www.sendspace.com/file/kqgrdm just to see what this bloody indian is trying to pass off for a book these days.

[lordquanta]

There is thread about 'bgf' in bitcoin forum and bitcoingrowth member is forced into turn into that thread as their customer service page:

https://bitcointalk.org/index.php?topic=1915021.0

[okamena]

There is thread about 'bgf' in bitcoin forum and bitcoingrowth member is forced into turn into that thread as their customer service page:

https://bitcointalk.org/index.php?topic=1915021.0

Man this is going to be the biggest scam in the Crypto world. Everyone is crying blood there and and this Amit Bhardwaj scammer has stolen all the money from people and still running lot of ponzi schemes under different names. All the withdrawals has been stopped by Amit Bhardwaj scammer (BGF website). There is simply no outgoing of funds, only incoming. I feel we should do something about this apart from just writing here.

[lordquanta]

There is thread about 'bgf' in bitcoin forum and bitcoingrowth member is forced into turn into that thread as their customer service page:

https://bitcointalk.org/index.php?topic=1915021.0

Man this is going to be the biggest scam in the Crypto world. Everyone is crying blood there and and this Amit Bhardwaj scammer has stolen all the money from people and still running lot of ponzi schemes under different names. All the withdrawals has been stopped by Amit Bhardwaj scammer (BGF website). There is simply no outgoing of funds, only incoming. I feel we should do something about this apart from just writing here.

We are doing our bit by sharing information and putting in information about their ponzi business. It is upto the members/victims of this scam to report it to police or monetary fraud related department. These victims are in better position to share more information about their personal experience.

[virtuado]

There is thread about 'bgf' in bitcoin forum and bitcoingrowth member is forced into turn into that thread as their customer service page:

https://bitcointalk.org/index.php?topic=1915021.0

Man this is going to be the biggest scam in the Crypto world. Everyone is crying blood there and and this Amit Bhardwaj scammer has stolen all the money from people and still running lot of ponzi schemes under different names. All the withdrawals has been stopped by Amit Bhardwaj scammer (BGF website). There is simply no outgoing of funds, only incoming. I feel we should do something about this apart from just writing here.

We are doing our bit by sharing information and putting in information about their ponzi business. It is upto the members/victims of this scam to report it to police or monetary fraud related department. These victims are in better position to share more information about their personal experience.

Reporting these kind of issues is easier said then done.  
I tried a few times, one of them was a monetary scam unit in New Delhi, but didn't receive any reply.  I think the problem with these kind of scams is, due to the international character, that there is no global entity to start up the process.
I started with informing the FBI, but they advised me to start the process in New Delhi, and when i did i did not receive any response,  there it stopped for me already...

Since AB is an Indian native, i think it would be wise that other Indian natives start the process and hunt this faggot down. They have more chance of making the first progressive steps in the process then people from outside the borders of India.

[mohucool]

So sad how such scammers fool innocent people

can't moderator create a child thread of scam and scammers, it would help a lot.

[lordquanta]

So sad how such scammers fool innocent people

can't moderator create a child thread of scam and scammers, it would help a lot.

1. People who got scammed are all greedy and ignorant. They are not innocent at all. It's is the greed for easy money which blinds them and people forget to do research. Just calculations of profits in months, years is they focus on.
2. For scam there is a thread https://bitcointalk.org/index.php?board=83.0. There are not many bitcoin related scams which are running in India specific. Most of them are online.

[bittercoinX]

Hello All ,
I am also almost duped by this company.
I decided to take back the refund back in April and since then because of one or the other reason they are delaying the refund.
I have more than 10 BTC with them.  Since they didn't pay in time (before 31st July) they also took away any chance for me to take the benefit to get Bitcoin CASH as well (at the moment even my original BTCs are at risk) .. Off course I feel that they may never pay back my investment as they have missed all the deadlines in the past.
They are still saying they will pay.... but what are the options you guys can suggest to try to recover my refund ??
Look forward for some advice ? or any Return of Experience like mine with gainbitcoin ?

[mohucool]

Hello All ,
I am also almost duped by this company.
I decided to take back the refund back in April and since then because of one or the other reason they are delaying the refund.
I have more than 10 BTC with them.  Since they didn't pay in time (before 31st July) they also took away any chance for me to take the benefit to get Bitcoin CASH as well (at the moment even my original BTCs are at risk) .. Off course I feel that they may never pay back my investment as they have missed all the deadlines in the past.
They are still saying they will pay.... but what are the options you guys can suggest to try to recover my refund ??
Look forward for some advice ? or any Return of Experience like mine with gainbitcoin ?

Try to collect as much proof you can, get in touch with other people duped by him and give him a collective ultimatum.Only legal option is left if he still refund your money.You made a big mistake by investing without checking the credentials and now paying the price of your greed.
File a case on him along with other duped investors, it's the only option left if you don't get your money back.

[lordquanta]

Hello All ,
I am also almost duped by this company.
I decided to take back the refund back in April and since then because of one or the other reason they are delaying the refund.
I have more than 10 BTC with them.  Since they didn't pay in time (before 31st July) they also took away any chance for me to take the benefit to get Bitcoin CASH as well (at the moment even my original BTCs are at risk) .. Off course I feel that they may never pay back my investment as they have missed all the deadlines in the past.
They are still saying they will pay.... but what are the options you guys can suggest to try to recover my refund ??
Look forward for some advice ? or any Return of Experience like mine with gainbitcoin ?

Since this gainbtc scam is a classic-ponzi, there must be leader or someone at the top of chain who lured you into it. You need to convince him to contact his higher peer to look into it.
This is NOT a place for refund or problem solving place. They are providing mcap as returns on investment. You might be aware of cashing out process. Chances of getting return is uphill task considering bitcoin has hit $4000-4500 mark.
10btc is some what ~ Rs. 2,654,000. That is a huge amount to invest in ponzi scam.

[OttoBitcoin]

There is a clone of the Hashocean scam cloud miner going by the name of Gainbitcoin, being promoted on Roger Ver's dead forum as an Indian service, hence my post here.

I call it a clone because when you follow Gainbitcoin Mining FAQ links, they go straight to the HashOcean site.
I call HashOcean a scam because obvious.

The main promoter of this thing is a crap referral site 1bitcoindaily.com. This site resolves to Kshitij Mehrotra, who seems to organize the Dehli branch of BitcoinIndia and authored the Bitcoin referral post.
Anyhow, he is claiming that Amit Bhardwaj/Kumar of 2014 HighKart.com fame is "the owner of Gainbitcoin". Does Amit also own HashOcean too, or just steal bits of their website? Or what?
Is he available for a comment?
I'm sure it's all a clerical error. Or something.

Hi Tmfp! You created this post in 2016. I gave my money to Amit Bhardwaj/Kumar and his scammer team in 2017. I wish I had seen and read your post here. Amit Bhardwaj/Kumar and his scam team falsify the graphs, manipulate prices at sites they set up on the internet. I bought, payed for 8 Bitcoins from this scam promoters. I haven't received any Bitcoins except this month MCAPs which I don't want. They forcefully giving us MCAPs at a rate of $9 where actual price is $1.75. I don't want MCAPs. I would like these scammers to give my 8 Bitcoins I payed for, I don't want that 4 times more earnings in Bitcoins than initial Bitcoin I bought. But I know they won't. I got scammed by Amit Bhardwaj/Kumar and his scam team. I just want don't want these scammers tarnish the name of Bitcoin as a result of banning Bitcoin by governments and also would like to prevent more people being scammed by Amit Bharwaj/Kumar and his scam promoters. It would also a big party if Indian or one of the governments put these scammers into jail for at least 20 years and confiscate everything they own including tracing Bitcoins.

[OttoBitcoin]

Hi Tmfp! You created this post in 2016. I gave my money to Amit Bhardwaj/Kumar and his scammer team in 2017. I wish I had seen and read your post here. Amit Bhardwaj/Kumar and his scam team falsify the graphs, manipulate prices at sites they set up on the internet. I bought, payed for 8 Bitcoins from this scam promoters. I haven't received any Bitcoins except this month MCAPs which I don't want. They forcefully giving us MCAPs at a rate of $9 where actual price is $1.75. I don't want MCAPs. I would like these scammers to give my 8 Bitcoins I payed for, I don't want that 4 times more earnings in Bitcoins than initial Bitcoin I bought. But I know they won't. I got scammed by Amit Bhardwaj/Kumar and his scam team. I just want don't want these scammers tarnish the name of Bitcoin as a result of banning Bitcoin by governments and also would like to prevent more people being scammed by Amit Bharwaj/Kumar and his scam promoters. It would also a big party if Indian or one of the governments put these scammers into jail for at least 20 years and confiscate everything they own including tracing Bitcoins.

[lordquanta]

There is a clone of the Hashocean scam cloud miner going by the name of Gainbitcoin, being promoted on Roger Ver's dead forum as an Indian service, hence my post here.

I call it a clone because when you follow Gainbitcoin Mining FAQ links, they go straight to the HashOcean site.
I call HashOcean a scam because obvious.

The main promoter of this thing is a crap referral site 1bitcoindaily.com. This site resolves to Kshitij Mehrotra, who seems to organize the Dehli branch of BitcoinIndia and authored the Bitcoin referral post.
Anyhow, he is claiming that Amit Bhardwaj/Kumar of 2014 HighKart.com fame is "the owner of Gainbitcoin". Does Amit also own HashOcean too, or just steal bits of their website? Or what?
Is he available for a comment?
I'm sure it's all a clerical error. Or something.

Tmfp! YOur post has been made in 2016. I gave my money to Amit Bhardwaj/Kumar and his scammer team in 2017. I wish I had seen and read your post here. Amit Bhardwaj/Kumar and his scam team falsify the graphs, manipulate prices at their different sites that they set up on the internet. I bought, payed for 8 Bitcoins from this scam promoters. I haven't received any Bitcoins except this month MCAPs which I don't want. They forcefully giving us MCAPs at a rate of $9 where actual price is $1.75. I don't want MCAPs. I would like these scammers to give my 8 Bitcoins I payed for but I know they won't. I got scammed by Amit Bhardwaj/Kumar and his scam team.

1. kindly Refrain from using yellow color in letters.
2. You put your money in above scam without any background check whatsoever.
3. Your coins are now in control on bhardwaj and you can not do anything about it.
4. All you can do is accept whatever gainbtc is giving you. And try to recover as much.

- You could file a complaint against promoter of gainbtc, as you are the one who has been cheated.
- This thread is not gainbtc problem solving page. This thread explores the dubious nature of gainbtc  offerings with valid points.

[OttoBitcoin]

Hello All ,
I am also almost duped by this company.
I decided to take back the refund back in April and since then because of one or the other reason they are delaying the refund.
I have more than 10 BTC with them.  Since they didn't pay in time (before 31st July) they also took away any chance for me to take the benefit to get Bitcoin CASH as well (at the moment even my original BTCs are at risk) .. Off course I feel that they may never pay back my investment as they have missed all the deadlines in the past.
They are still saying they will pay.... but what are the options you guys can suggest to try to recover my refund ??
Look forward for some advice ? or any Return of Experience like mine with gainbitcoin ?

I am sorry to say this but you are already have been duped. "They are still saying they will pay..." This is one of their tactics- giving hope to people they scammed so constant scammer Amit Bharwaj and his scam team gain time and money. Gainbitcoin is where Amit Bhardwaj and his scam teams gains, the rest of people lose. He has set up so many scams. Until Amit rat and rat team goes to prison, his scams will not stop. He is a repeat offender.

[OttoBitcoin]

There is a clone of the Hashocean scam cloud miner going by the name of Gainbitcoin, being promoted on Roger Ver's dead forum as an Indian service, hence my post here.

I call it a clone because when you follow Gainbitcoin Mining FAQ links, they go straight to the HashOcean site.
I call HashOcean a scam because obvious.

The main promoter of this thing is a crap referral site 1bitcoindaily.com. This site resolves to Kshitij Mehrotra, who seems to organize the Dehli branch of BitcoinIndia and authored the Bitcoin referral post.
Anyhow, he is claiming that Amit Bhardwaj/Kumar of 2014 HighKart.com fame is "the owner of Gainbitcoin". Does Amit also own HashOcean too, or just steal bits of their website? Or what?
Is he available for a comment?
I'm sure it's all a clerical error. Or something.

1. kindly Refrain from using yellow color in letters.
2. You put your money in above scam without any background check whatsoever.
3. Your coins are now in control on bhardwaj and you can not do anything about it.
4. All you can do is accept whatever gainbtc is giving you. And try to recover as much.

- You could file a complaint against promoter of gainbtc, as you are the one who has been cheated.
- This thread is not gainbtc problem solving page. This thread explores the dubious nature of gainbtc  offerings with valid points.

Thank you for your reply. I don't know what you are talking about by saying refrain from yellow color. I haven't written in yellow. By the way if you can see I am new here.  Am I asking for my problem being solved? Where is the question mark or suggest I want it to be solved. As I said in my post I am telling it is a scam and Tmfp is right from the beginning. I wish I had seen his post here. That's very clear in my post. I have enough intelligence to do background check or to know the difference whether this place Gainbtc problem solving page or not. Don't tell me what to do? We have already filed complaint with the law enforcement officers. I am here to tell my story and I am one of the victims of Amits scams and to tell Tmfp thank you for his post.

[lordquanta]

There is a clone of the Hashocean scam cloud miner going by the name of Gainbitcoin, being promoted on Roger Ver's dead forum as an Indian service, hence my post here.

I call it a clone because when you follow Gainbitcoin Mining FAQ links, they go straight to the HashOcean site.
I call HashOcean a scam because obvious.

The main promoter of this thing is a crap referral site 1bitcoindaily.com. This site resolves to Kshitij Mehrotra, who seems to organize the Dehli branch of BitcoinIndia and authored the Bitcoin referral post.
Anyhow, he is claiming that Amit Bhardwaj/Kumar of 2014 HighKart.com fame is "the owner of Gainbitcoin". Does Amit also own HashOcean too, or just steal bits of their website? Or what?
Is he available for a comment?
I'm sure it's all a clerical error. Or something.

1. kindly Refrain from using yellow color in letters.
2. You put your money in above scam without any background check whatsoever.
3. Your coins are now in control on bhardwaj and you can not do anything about it.
4. All you can do is accept whatever gainbtc is giving you. And try to recover as much.

- You could file a complaint against promoter of gainbtc, as you are the one who has been cheated.
- This thread is not gainbtc problem solving page. This thread explores the dubious nature of gainbtc  offerings with valid points.

Thank you for your reply. I don't know what you are talking about by saying refrain from yellow color. I haven't written in yellow. By the way if you can see I am new here.  Am I asking for my problem being solved? Where is the question mark or suggest I want it to be solved. As I said in my post I am telling it is a scam and Tmfp is right from the beginning. I wish I had seen his post here. That's very clear in my post. I have enough intelligence to do background check or to know the difference whether this place Gainbtc problem solving page or not. Don't tell me what to do? We have already filed complaint with the law enforcement officers. I am here to tell my story and I am one of the victims of Amits scams and to tell Tmfp thank you for his post.

- If you have filed complaints with law enforcement officers then it is good. If it is possible then could you share some details so that others who have been duped will follow the suit in their own area (like you filed complaint in Gujrat then people from Delhi will also file case in Delhi'.
- About yellow color: I've quoted your post so that it shows exact status of post.
- About your "enough intelligence for background check", I don't want to comment on that as you are the one who put 8 bitcoins  in this scam after 'background checks'.

[mohucool]

Hi Tmfp! You created this post in 2016. I gave my money to Amit Bhardwaj/Kumar and his scammer team in 2017. I wish I had seen and read your post here. Amit Bhardwaj/Kumar and his scam team falsify the graphs, manipulate prices at sites they set up on the internet. I bought, payed for 8 Bitcoins from this scam promoters. I haven't received any Bitcoins except this month MCAPs which I don't want. They forcefully giving us MCAPs at a rate of $9 where actual price is $1.75. I don't want MCAPs. I would like these scammers to give my 8 Bitcoins I payed for, I don't want that 4 times more earnings in Bitcoins than initial Bitcoin I bought. But I know they won't. I got scammed by Amit Bhardwaj/Kumar and his scam team. I just want don't want these scammers tarnish the name of Bitcoin as a result of banning Bitcoin by governments and also would like to prevent more people being scammed by Amit Bharwaj/Kumar and his scam promoters. It would also a big party if Indian or one of the governments put these scammers into jail for at least 20 years and confiscate everything they own including tracing Bitcoins.

if you had just held your btc ,it would have already be 2x by value now, 8 btc is nearly Rs 24lakh as of now, hope you recover your money.

[stationstreak]

It was my first time to play with bitcoins and bump, I am been duped by this Liar so called Amit Bhardwaj's company fake promises. Though it was a small amount but my first experience in entering Bitcoin turned nightmare. 

[Pajulapoiss]

Jesus... This shit is still going on.

one guy told me, that I should take a loan and invest in gbtc ponzi.    I did some research and replied to him with the truth from this thread, but this guys is a blind idiot. 

They're business is using bitcoin's success to sell their bullshitcoin. After I saw this guy doing exactly that on social media I wrote to him again, saying that he better stop ripping people off.
And ofcourse he blocked me on messenger.

There's really not much one can do about it, but you can research before you put your money into something!

[stationstreak]

Took some time to research about him after he ripped off me. What he is trying to do is he is covering his tarnished name "Amit Bhardwaj" in Search engine by paying Sponsored or Paid Articles using his Name in Article Title to overcome all negative article about him.

Some of his recent paid Articles;- You can buy this service from various freelance websites.

http://insidebitcoins.com/news/why-amit-bhardwaj-is-betting-big-on-mcap-token/47nd-won

http://www.tgdaily.com/cryptocurrency-and-blockchain/amit-bhardwaj-gainbitcoin-bet-big-on-bitcoin-and-won

http://indianexpress.com/article/lifestyle/sponsored-lifestyle/cryptocurrency-guru-amit-bharadwaj-launches-pioneering-e-book-cryptocurrency-for-beginners-4743921/

http://it.toolbox.com/blogs/scingularity/amit-bhardwaj-gain-bitcoin-new-ebook-explains-science-behind-bitcoin-78427

http://beforeitsnews.com/financial-markets/2017/09/amit-bhardwaj-gain-bitcoin-leading-indias-cryptocurrency-sector-2933585.html

http://www.lasplash.com/publish/Lifes_Journey_Financial/amit-bhardwaj-gain-bitcoin-makes-it-easy-to-enter-the-bitcoin-game.php


The SHOCKING PART.
During my search about him and tracking, I found that someone created a whole website about him - http://www.amitbhardwaj.in/ The website claims to compile all negative articles about Amit Bhardwaj and post on this website. He/She also has section to submit your story - http://www.amitbhardwaj.in/submit-your-story/ . I submitted my story and let see if the website is active to publish the story.

Seems like Amit has so many haters due to his scam activities.

[mohucool]

Be aware guys, somebody told me https://bitcoin-india.org/ is associated with GB Miners, he told site is based of singapore and he got duped of close 18 lakh, till small amount they give back return and when somebody make huge investment, they scam them.Please be careful guys.I can't say if site is genuine or not, I am just saying just be cautious and careful and deal accordingly.

[virtuado]

Don't know if this was posted here already?   Maybe it helps...

https://www.change.org/p/commissioner-of-police-delhi-arrest-gbminers-founder-amit-bhardwaj-and-make-him-compensate-those-he-has-scammed?lang=en-GB

[lowtempo]

ALERT!  Amit Bhardwaj sets up companies that take your bitcoins but don't allow you to withdraw them.   This guys is a CROOK!  BEWARE BEWARE.     If you were ripped off by him or his company Bitcoin Growth Fund please sign this petition please sign this petition at change.org the petition is named "Arrest GBMiners Founder AMIT BHARDWAJ and make him compensate those he has SCAMMED!"

[TucoRamirez]

a little bird told me recently that mr bhardwaj and some of his associates are setting up a btc/crypto exchange in india...  use @ your own risk.

[Gleb Gamow]

ALERT!  Amit Bhardwaj sets up companies that take your bitcoins but don't allow you to withdraw them.   This guys is a CROOK!  BEWARE BEWARE.     If you were ripped off by him or his company Bitcoin Growth Fund please sign this petition please sign this petition at change.org the petition is named "Arrest GBMiners Founder AMIT BHARDWAJ and make him compensate those he has SCAMMED!"

Last thing I remember, I was
Running for the door
I had to find the passage back
To the place I was before
"Relax," said the night man,
"We are programmed to receive.
You can check-out any time you like,
But you can never leave!"

[lordquanta]

a little bird told me recently and mr Bhardwaj is setting up a btc/crypto exchange in india...  use @ your own risk.

AFAIK he is going after the so called "ether mining"  instead of the bitcoin. It is pretty straight forward. When he started the so-called "bitcoin mining" contracts bitcoin was at $250 and after that it reached $12k which dragged more and more people to this scam. Things went spiral after bitcoin price went to moon with $4000. At this time, he simply refused to pay in bitcoin instead created faku currency . Started supplying mcap to investors what higher rate. That person would get mcap at rate $8 and at time of selling the rate would be $2. Straightforward $6 loot.
One thing for sure, this fella will stay away from bitcoin for sometime.

[dee838]

There is alot of Indian scams going on these days.  So sad

[amishmanish]

Just read through this whole thread. @tmfp had started his investigation back in 2016 and quite clearly had brought out holes in the BGF, GainBitcoin, Amit Bhardwaj story namely:

1. Calculation on the impossibility of gains GB was touting on website
2. Fake images and Fake testimonials used in their website
3. All the string of companies leading to an imaginary Mr. Lee in Singapore.

As the stroy progressed through 2017, A lot of Indian idiots had already put in their money in the greed for easy returns. The Fiat gains this Amit Bhardwaj made from rising Bitcoin prices has ensured that he had enough money to put up billboards and full page ads in leading newspapers, Besides getting Shilpa Shetty to endorse it for him.

This time he enticed the online group of people with MCAP. They too fell for it and have already handed over a huge amount of their money to him by buying high and Selling low on the fake graphs created by him. Man, this guy is a genius who has bascially made a "Chutiya/ cunt" out of us greedy/foolish/ Indians who themselves are shallow and unethical.

Indians are probably amongst the most unethical, shallow people in the world.
We have already earned ourselves a name for "Ohh girl..show bob and vagine..I want you FRAAND...want sax" posts in the chatting world.
Now we are out here shaming ourselves, falling over each other to get the maximum profit at the cost of others.

I agree that there are scam-artists everywhere but I don't know, maybe it has to do with our historic poverty that we simply cannot handle knowledge and money with grace. Sure, there are some very bright people among us but I guess, thats the reason they all leave for foreign shores. Well, Thats just my personal opinion. I wish we'll improve our standards someday.

To all those who have been scammed, I think the Scamster will pull another fine trick. He'll have enough profits to share some crumbs with you guys and you all will be thankful to him for returning fraction of your investments back. Or possibly, he will identify the most well-connected and potential dangerous amongst you and clear your dues, or even offer extra to shut you up. Which you surely will like a good dog that an Indian with a wad of money in his mouth is.
Some of the investors will shut and lick your wounds as you don't want to have your ego hurt by letting others know that you've been scammed.

The small investors (0.5-2 btc group), will anyways not have enough energy to carry this forward.

He'll continue to legitimize his further investments ensnaring more people. As the economy of scale kicks in to his rescue, we'll all forget that he was basically a scamster and everybody will become his lapdog form media to the small investors who lick out of his hand.
And then we'll be proud and declare: "IT HAPPENS ONLY IN INDIA"..

As researched by tmpf in the very beginning, it is possible that his funds and his antics may also be behind the following websites. They may not be complete scams as they have already diversified using the stolen money, but still, take caution when putting your money into them

https://www.darwinlabs.io/
http://satoshistudios.io/
http://www.blocksmiths.io/
http://virtualists.io/

EDIT1:
The above companies seem to have a different set of management and one of the members has put up a post on their blog dissociating themselves from Amit Bhardwaj. I am editing the post to keep this straight:
Here's the link  https://blog.darwinlabs.io/on-gbminers-satoshi-studios-and-darwin-labs-the-road-not-taken-e23108a29684

It seems they did accept funds from him and worked for him at one time but have returned those and removed any association with Amit Bhardwaj.
Though, A company claiming to deal with Blockchain saying that "We don't understand mining hardware" is pretty childish. Hope they do some good work like they claim in their swanky website.

[Benson Samuel]

Just saw this in some chat group  

[amishmanish]

Just saw this in some chat group  

Woah..Are they fucking serious..??
Wait I'll go check this VIT, Pune site..They are probably an engineering college organizing a tech-fest.

[amishmanish]

I contacted a lot of students from the facebook group of VIT, Pune where this session was to be organized. Two of them were kind enough to reply and said that they had passed on this information to their Dean and Student body.
Hopefully, it didn't go through. In the meantime, it seems that there are people all around who have put money into Amit Bhardwaj's MCAP token and are now waiting for their stuck bitcoin.
The price has risen enough now. I hope he'd be kind enough to share some profits with the poor souls in a while. He seems to have taken a back-step in the media too and is focusing more on his old trick, direct person-to-person ensnaring. Well, people who fall for it only have themselves to blame.
I just want this not to give a bad name to Crytpo in India.

[Gleb Gamow]

Just saw this in some chat group  

Woah..Are they fucking serious..??
Wait I'll go check this VIT, Pune site..They are probably an engineering college organizing a tech-fest.

Who here besides myself has been to Pune, India? This is my favorite temple: http://www.alamy.com/stock-photo-parvati-hindu-temple-pune-maharashtra-india-5399860.html

[TucoRamirez]

Who here besides myself has been to Pune, India? This is my favorite temple: http://www.alamy.com/stock-photo-parvati-hindu-temple-pune-maharashtra-india-5399860.html

I have been many times, but not visited that temple.



Meanwhile, AB continues his game in full swing - just received the below mail:

From: Marcus Scholz <marcus@bitcoingrowthfund.com>
Reply-To: Marcus Scholz <marcus@bitcoingrowthfund.com>
To: <xxxxxxx@xxxx.xx>
Date: Tue, 17 Oct 2017 11:06:43 +0000
X-Mailer: MailChimp Mailer - **CIDc608fdc61a7a6e701724**


** Hi,

After our immense success in the last few months and because of our firm belief in a free and decentralized economy BitcoinGrowthFund (http://bit.ly/STU_BGF) has revamped its complete website to achieve our vision for the future.

From now on, we will bring you the best ICOs that have thoroughly passed our due diligence process at unbeatable and never before seen discounts. The discounts that you receive via the BGF platform will be significantly higher than that offered on the ICOs official website and such a deal is possible because of the backing of more that 97,000 registered users on the BGF platform.

This Week's ICO:
Specially for our Indian audience, on this occasion of Dhanteras we have collaborated with Bitjob.io (http://bit.ly/Bitjob_BGF) for its ICO. Bitjob.io (http://bit.ly/Bitjob_BGF)  is a global decentralized marketplace for student employment and they plan to use the power of blockchain to revolutionize this space.
------------------------------------------------------------

**
Discount Offered
Actual Price: 1 BTC = 14,861.0492 STU
Discount Offered: 55%
Price for BGF Users : 1 BTC = 33,024.5538 STU

This means that any user that purchases Bitjob's Token(STU) from Bitjob's website will get approximately 14861 STU against 1BTC BUT anyone that purchases BitJob's Token (STU) via the BGF platform receives a 55% discount and receives approximately 33024 STU against 1 BTC

How is This Possible :
Such great discounts are possible because of the scale that BGF and its registered 97K+ platform users can together achieve

When Does the ICO Start :
The ICO will be available on the BGF platform from 3PM tomorrow (Wednesday, 18th Oct 2017)
------------------------------------------------------------

**
When Does the ICO End
Although Bitjob's official ICO ended on Friday, 13th Oct 2017 but as per BGF's agreement and negotiation with Bitjob any BGF user can buy into this ICO till next Wednesday(25th Oct 2017).
------------------------------------------------------------

**
What can we Expect:
The sort of scale and market that Bitjob is targeting, we can expect a huge surge in its price once Bitjob starts appearing on international cryptocurrency exchanges. As a matter of fact, Bitjob's highly talented and committed team has already cracked a deal with HitBTC and will appear on this exchange in a few days. You can read more about this news HERE (http://bit.ly/BitJob_HitBTC)

So to summarise, this is a now or never opportunity and to understand how we select an ICO and guarantee the safety of our users please visit https://bitcoingrowthfund.com/ (http://bit.ly/STU_BGF)

For any further details feel free to go through Bitjob's Website (http://bit.ly/Bitjob_BGF) and Whitepaper (http://bit.ly/BitJob_Whitepaper).
------------------------------------------------------------

**
Regards,
Marcus Scholz
Senior Analyst - ICO & Blockchain
BitcoinGrowthFund (http://bit.ly/STU_BGF)

[amishmanish]

Hoe cute!!!
He takes BTC from the hundreds of non-tech or new people. Buys shitload of ICO coins (He may be behind the ICO too), gets the usual bonus and tells his FUCKING STUPID customers that he is getting them a bonus.
A lot of guys are going to lose more money if they don't read this thread before that.

[Gleb Gamow]

Hoe cute!!!
He takes BTC from the hundreds of non-tech or new people. Buys shitload of ICO coins (He may be behind the ICO too), gets the usual bonus and tells his FUCKING STUPID customers that he is getting them a bonus.
A lot of guys are going to lose more money if they don't read this thread before that.

"Namaste. Thanks you calling Amit's new ICO. I hope everything is please with you. My name is Steve and this call might be recorded for assurance of quality. Can I have all you vitals please?"

[kabit9]

"Namaste. Thanks you calling Amit's new ICO. I hope everything is please with you. My name is Steve and this call might be recorded for assurance of quality. Can I have all you vitals please?"

36-24-36.

[Gleb Gamow]

"Namaste. Thanks you calling Amit's new ICO. I hope everything is please with you. My name is Steve and this call might be recorded for assurance of quality. Can I have all you vitals please?"

36-24-36.

"I meant vittles, but thank you for telling me the time. Have Masala - Will Travel."

[amishmanish]

"I meant vittles, but thank you for telling me the time. Have Masala - Will Travel."

Umm..Lets not make it about the Indian call center guy with a foreign accent..! I understand that it must be really annoying to deal with such customer care..The  "Accented brown guy trying to sell me a toaster" stereotype probably..

[Gleb Gamow]

"I meant vittles, but thank you for telling me the time. Have Masala - Will Travel."

Umm..Lets not make it about the Indian call center guy with a foreign accent..! I understand that it must be really annoying to deal with such customer care..The  "Accented brown guy trying to sell me a toaster" stereotype probably..

Humor, dude. No disrespect to the Brownies.  Oh, so that we're clear, my second wife was Hindi. FUCK YOU, DUDE! Now you got me thinkin' 'bout them blowjobs she used to give me. 

[amishmanish]

It was my first time to play with bitcoins and bump, I am been duped by this Liar so called Amit Bhardwaj's company fake promises. Though it was a small amount but my first experience in entering Bitcoin turned nightmare.

Unfortunately, you are not the first my friend and surely won't be the last. As a community, it falls upon us to make more and more people aware of the experiences of those that have been defrauded. Please share and vote at following thread:
https://bitcointalk.org/index.php?topic=2283019.0

Also, Don't let this one experience dampen your spirits. Bitcoin and its associated technologies are amazing and have great potential. Just do your research and make well though out investment decisions only..

[amishmanish]

Umm..Lets not make it about the Indian call center guy with a foreign accent..! I understand that it must be really annoying to deal with such customer care..The  "Accented brown guy trying to sell me a toaster" stereotype probably..

Humor, dude. No disrespect to the Brownies.  Oh, so that we're clear, my second wife was Hindi. FUCK YOU, DUDE! Now you got me thinkin' 'bout them blowjobs she used to give me. 

Arrr..!!You really HAD to go into the details man.. Good for you though..Its just that i can't really respond with a bro-quote here as this needs to stop before this thread becomes NSFW..LOL..

I wish all these scammers had a normal good life..They wouldn't be out taking advantage of other people's ignorance then probably..

[TucoRamirez]

Humor, dude. No disrespect to the Brownies.  Oh, so that we're clear, my second wife was Hindi. FUCK YOU, DUDE! Now you got me thinkin' 'bout them blowjobs she used to give me. 

the toothless paki hag who said her name was Hindi to make you think she was indian?

[Gleb Gamow]

Humor, dude. No disrespect to the Brownies.  Oh, so that we're clear, my second wife was Hindi. FUCK YOU, DUDE! Now you got me thinkin' 'bout them blowjobs she used to give me. 

the toothless paki hag who said her name was Hindi to make you think she was indian?

You wanna see the wedding pics? We were married in Pune, India. Sorry, no blowjob pics. 

[lordquanta]

Finally in Pune, a police complaint has been lodged in regards with bitcoin fraud which happened due to moving bitcoin to the MCAP (Amit bhrdwaj)

https://timesofindia.indiatimes.com/city/pune/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/articleshow/62546391.cms

https://www.nyoooz.com/news/pune/1011396/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/

http://punemirror.indiatimes.com/others/sunday-read/coin-toss/articleshow/58318236.cms

https://www.techgig.com/tech-news/Techie-held-for-duping-bitcoin-investors-of-Rs-42L-152418

Above URLs don't have reference of mcap in it however someone from group shared a link from other newpaper. This link has mcap reference. Unfortunately it is in Marathi. Thus not able to understand it correctly. If anyone understand it, then pls explain.

https://www.loksatta.com/pune-news/bitcoin-fraud-issue-1618058/

[amishmanish]

Finally in Pune, a police complaint has been lodged in regards with bitcoin fraud which happened due to moving bitcoin to the MCAP (Amit bhrdwaj)

https://timesofindia.indiatimes.com/city/pune/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/articleshow/62546391.cms

https://www.nyoooz.com/news/pune/1011396/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/

http://punemirror.indiatimes.com/others/sunday-read/coin-toss/articleshow/58318236.cms

https://www.techgig.com/tech-news/Techie-held-for-duping-bitcoin-investors-of-Rs-42L-152418

Above URLs don't have reference of mcap in it however someone from group shared a link from other newpaper. This link has mcap reference. Unfortunately it is in Marathi. Thus not able to understand it correctly. If anyone understand it, then pls explain.

https://www.loksatta.com/pune-news/bitcoin-fraud-issue-1618058/

The marathi paper does have "AMCAP" written in hindi somewhere in the middle. This guy who is getting caught is most probably just some fool who decided to take other people's money to invest into Amit Bhardwaj's scam.

But even then, how did he not already double his money and payback the original amount?

Pune police is well-respected for its cyber capabilities. If they really go into it, I am sure they'll figure out the MCAP/BGF/Bhardwaj nexus soon. The question is whether they can act on it responsibly and without corruption.

[Gleb Gamow]

Finally in Pune, a police complaint has been lodged in regards with bitcoin fraud which happened due to moving bitcoin to the MCAP (Amit bhrdwaj)

https://timesofindia.indiatimes.com/city/pune/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/articleshow/62546391.cms

https://www.nyoooz.com/news/pune/1011396/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/

http://punemirror.indiatimes.com/others/sunday-read/coin-toss/articleshow/58318236.cms

https://www.techgig.com/tech-news/Techie-held-for-duping-bitcoin-investors-of-Rs-42L-152418

Above URLs don't have reference of mcap in it however someone from group shared a link from other newpaper. This link has mcap reference. Unfortunately it is in Marathi. Thus not able to understand it correctly. If anyone understand it, then pls explain.

https://www.loksatta.com/pune-news/bitcoin-fraud-issue-1618058/

The marathi paper does have "AMCAP" written in hindi somewhere in the middle. This guy who is getting caught is most probably just some fool who decided to take other people's money to invest into Amit Bhardwaj's scam.

But even then, how did he not already double his money and payback the original amount?

Pune police is well-respected for its cyber capabilities. If they really go into it, I am sure they'll figure out the MCAP/BGF/Bhardwaj nexus soon. The question is whether they can act on it responsibly and without corruption.

I've been to Pune, then spent Christmas in Goa before heading south/southeast in touring the country. Wouldn't mind revisiting. You haven't lived till you've petted holy cows freely roaming the streets of villages, towns and, yes, major cities. Beware, though, if planning on visiting yourself, for it's prison time even if you accidentally kill a peacock.

Oh, and another thing ...

"I love the smell of India in the morning, noon and night. Nothing else in the world smells like that. It smells like ... wait for it ... INDIA!"

[lordquanta]

Finally in Pune, a police complaint has been lodged in regards with bitcoin fraud which happened due to moving bitcoin to the MCAP (Amit bhrdwaj)

https://timesofindia.indiatimes.com/city/pune/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/articleshow/62546391.cms

https://www.nyoooz.com/news/pune/1011396/techie-held-for-duping-several-bitcoin-investors-of-rs-42-lakh/

http://punemirror.indiatimes.com/others/sunday-read/coin-toss/articleshow/58318236.cms

https://www.techgig.com/tech-news/Techie-held-for-duping-bitcoin-investors-of-Rs-42L-152418

Above URLs don't have reference of mcap in it however someone from group shared a link from other newpaper. This link has mcap reference. Unfortunately it is in Marathi. Thus not able to understand it correctly. If anyone understand it, then pls explain.

https://www.loksatta.com/pune-news/bitcoin-fraud-issue-1618058/

The marathi paper does have "AMCAP" written in hindi somewhere in the middle. This guy who is getting caught is most probably just some fool who decided to take other people's money to invest into Amit Bhardwaj's scam.

But even then, how did he not already double his money and payback the original amount?

Pune police is well-respected for its cyber capabilities. If they really go into it, I am sure they'll figure out the MCAP/BGF/Bhardwaj nexus soon. The question is whether they can act on it responsibly and without corruption.

* Thanks for confirming, got it verified with other source that it is indeed MCAP written in marathi. Nonetheless that is not the big point here.
* Person would had the money if he had kept it in bitcoin only. Biggest mistake he made was investing in Amit Bhardwaj's ponzi schemes.
* If this person is a con then he got served by great con.

[agnosticpilgrim]

So we have a thread full of details and proofs that Amit Bhardwaj/Kumar has stolen from people and he is still at large? Or has he been caught?

[TucoRamirez]

So we have a thread full of details and proofs that Amit Bhardwaj/Kumar has stolen from people and he is still at large? Or has he been caught?

He is very much at large, launching new projects scams at this very moment. He is a serial scammer who is riding a tiger and doesn't know how to get off without being eaten. Where have I heard that before?

[Gleb Gamow]

So we have a thread full of details and proofs that Amit Bhardwaj/Kumar has stolen from people and he is still at large? Or has he been caught?

He is very much at large, launching new projects scams at this very moment. He is a serial scammer who is riding a tiger and doesn't know how to get off without being eaten. Where have I heard that before?

Hint:

[lordquanta]

Finally there is a FIR filed against Mr AB by frustrated investor. This happening in the Nanded Maharashtra. I could only find the news in the DNA newspaper[1] and some marathi newspaper[2].  There is a really good serial on a website called factordaily.com . For your reference some of the post unveiling the Bharadwaj's scam with some new information: [3]

https://factordaily.com/amit-bhardwaj-gainbitcoin-bitcoin/


[1] http://www.dnaindia.com/india/report-50-duped-for-crores-in-bitcoin-investment-in-nanded-one-held-2579270
[2] http://abpmajha.abplive.in/maharashtra/gain-bitcoin-company-frauds-with-investors-in-nanded-case-registered-506814

[3]  https://factordaily.com/amit-bhardwaj-gbminers-bitcoin-ponzi-scheme/
https://factordaily.com/gainbitcoin-mcap-token-value-crashes/
https://factordaily.com/amit-bhardwaj-gb21-gainbitcoin-gbminers/
https://factordaily.com/tag/amit-bhardwaj/

[lordquanta]

This SoB is now going with gb21 in Eastern Asian countries. And people from india are still believing in him.

[amishmanish]

This SoB is now going with gb21 in Eastern Asian countries. And people from india are still believing in him.

Source please. The guy is smart. He knows he'll be received as a hero in these countries when the Indians residing there hear the "success stories" from paid media.
Most major newspapers in India carried his front page advertisements without so much as a cursory search on his background. I doubt that the East Asian newspapers will be any better.
Although, i have a feeling that those countries won't be so easily accepting of his frauds.

Please quote some source of your claim above. Maybe we should rally a few Indonesian, Thai and Fillipino brothers to rally against this. I am sure they'll be interested in stopping such scams.

[tmfp]

Does anyone have any further details on these?

https://www.hindustantimes.com/pune-news/two-directors-of-bitcoin-company-arrested-for-fraud-in-pune/story-F2QFwv1ZrrrnswJaxhX8RI.html

https://factordaily.com/amit-bhardwaj-aashish-dabas-gainbitcoin-gb21-ed-investigation/

I have never been able to understand people who see a picture like this and think "Oh, he looks like a man I can trust".

[Gleb Gamow]

Does anyone have any further details on these?

https://www.hindustantimes.com/pune-news/two-directors-of-bitcoin-company-arrested-for-fraud-in-pune/story-F2QFwv1ZrrrnswJaxhX8RI.html

https://factordaily.com/amit-bhardwaj-aashish-dabas-gainbitcoin-gb21-ed-investigation/

I have never been able to understand people who see a picture like this and think "Oh, he looks like a man I can trust".

"Hey, Bitcoin Dude, give us keys to Rolls. We want to go eat at new Indian Buffet in Ahmedabad.
When we get back, you best be donnin' jail issued Bitcoin orange pajamas. HAHAHA!"

I've said it before - I've been to both Ahmedabad and Pune [India].

[lordquanta]

There is a definitive data about the bharadwaj and his minions are very much active. It just that they have now changed their tunes to the wait and things will get better. Earlier facebook groups and whatsapp groups which were operated for gainbitcoin have become dormant. Instead there are new groups formed for "gb21". These groups have been known only for those who were stuck with gainbitcoin and were forced to join the gb21. 
Honestly I dont have any sympathy for the people who are still investing in it. Or for that matter anyone who got cheated by bharadwaj and company. People fell prey to the surreal return on interest. Nobody did any background check nor verified calculations behind mining. Only calculation people did was how much they will get after 18 month and will keep on getting after recurring investments.

If Anyone comes across someone who is still having faith and promoting bharadwaj-led adventures, mark that person carefully. Say the last good buy and Never ever meet that person again ( cut off all the ties).

[btcblockchain]

Gain Bitcoin is one of the biggest scams in cryptocurrency industry He stole many investors their life saving with all lie  words Governments should try to bring him to india and arrest him

[bitcoinblog]

Gain Bitcoin is one of the biggest scams in cryptocurrency industry He stole many investors their life saving with all lie  words Governments should try to bring him to india and arrest him

It is not that easy to grab neck of scammers if they are not in India. So many cases recently we can see where Government officials themself were involved somewhere in scamming.

In india only Hindu-Muslim issues matters , nothing else.

[cryptocurrencyguru]

The End of Saga the arrest started in India against Gain bItcoin soon we will see Amit too get arrested

[kishanmadhesiya]

Good news!!
Amit looted many people in India and outside India.
#MCAP-THIEF

[Gleb Gamow]

Gain Bitcoin is one of the biggest scams in cryptocurrency industry He stole many investors their life saving with all lie  words Governments should try to bring him to india and arrest him

It is not that easy to grab neck of scammers if they are not in India. So many cases recently we can see where Government officials themself were involved somewhere in scamming.

In india only Hindu-Muslim issues matters , nothing else.

The fraudsters allegedly sold the Bitcoins without the consent of the owner, resulting in a loss to the tune Rs 1 crore. The arrested accused have been identified as Amit Bhardwaj and Ajay Bhardwaj, both directors of Gain Bitcoin Company.

[tmfp]

https://twitter.com/CNNnews18/status/981554062494609413/video/1

https://entrackr.com/2018/04/amit-bhardwaj-arrested-bangkok/