Amit Bhardwaj, the Gainbitcoin thief and liar.

[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