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.

[1715289979]

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[1715289979]

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[1715289979]

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[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.