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Author Topic: Gainbitcoin: Invest 1 Bitcoin and get 10% Return for 18 Months  (Read 7741 times)
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Pawar (OP)
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December 07, 2016, 06:47:48 AM
Last edit: December 07, 2016, 07:18:32 AM by Pawar
 #1

I live in tier-3 city where I was recently introduced to Bitcoin by GainBitcoin Team. They asked me to invest 1 Bitcoin for mining contract. Return is 10% per month for upcoming next 18 months.

Can someone explain me the economics or return? It would be really helpful if you can quote me with difficulty level of mining. I think, return are dependent on it and price of Bitcoin. If not, then why are they thriving without any resistance in India, feeding on innocent souls?
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deadley
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December 07, 2016, 08:12:25 AM
 #2

First of all if you want to gain knowledge why you made this thread self moderated.


Other thing there is no way you can earn 10% per month return anywhere in this world till it's shaddy or planning to scam.

bitcoinisbest
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December 07, 2016, 10:55:02 AM
 #3

Couple of questions related to it you should ask and also let us know if you get the answer.

1) Where is the mining located and send some pics of it?
2) Who all are involved in it and management team?
3) Total investment made for setting up and running?
4) What are flexible options available rather than just asking for 1 btc?
cryptoheadd
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December 07, 2016, 11:16:50 AM
 #4

Don't invest in GainBitcoins before you read this: https://bitcointalk.org/index.php?topic=1440600.0

No-one can guarantee you a return whenever it comes to Bitcoin Mining.

Try calculating the returns using the hash rate "offered" by them to you for the 1BTC. You can use this profitability calculator:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator



What is the hash rate that they're offering you for the 1BTC?
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December 07, 2016, 12:28:37 PM
 #5

They asked me to invest 1 Bitcoin for mining contract. Return is 10% per month for upcoming next 18 months.

Can someone explain me the economics or return?

According to Gainbitcoin, if you give them 1BTC then you purchase a Basic Plan, which gives you 1.5 Th/s mining power for 18 months



If you put that 1.5 Th/s (1500 Gh/s) thru coinwarz calculator, which takes into account all relevant data including the current difficulty factor, then you get this



Note:
In the coinwarz calculation, I have entered zero for both electricity cost and pool fees, and as hardware cost, the cost of your contract at current exchange rate.
Note:
Quote
Days to break even: 759.57 Day(s)

Or, to put it another way, when your contract expires after eighteen months, all other things being equal, 1.5 Th/s of mining capacity will have mined

18 x 0.03945928 = 0.71026704 BTC.

So, even if Gainbitcoin pay no electricity bill or pool fees (their associated GBminers pool charges 0.9%), then if they return you 18 x 10% on your bitcoin purchase of the contract (=180% x 1btc = 1.8 btc), the conclusion choices are as follows

1) Coinwarz calculator is wrong
2) Gainbitcoin will lose 1.08973296BTC
3) Gainbitcoin will find some way to avoid 2)

Elaborating on 3) they could
1) Point to the "approximately 10% Mining Outputs per month" phrase and say, "Well, it was only an indication, not a promise" which will result in a loss for you
2) Invoke a T&C force majeure type clause and stop paying out prematurely, which will result in a loss for you
3) Close down/run away, which will result in a loss for you
4) Reinvent mathematics, which will result in a loss for everyone

My best guess is that they will take a course of 1) and 2) by relying on their T&C's

Quote
3)
Purchase of Bitcoin Cloud Mining Contract
 
(a) The Buyer agrees to pay to the Operator the Transaction Price;
 
(b) The Operator agrees to:
 
i). use its best endeavors to operate the Operator’s computer systems applying the hash rate agreed between the Operator and the Buyer to produce Bitcoins; and pay 10% @ current hash difficulty level for a total of 18 months

combined with 9)

Quote
– you understand that the hash rate required to produce Bitcoin increases about every fortnight resulting in a diminishing return of Bitcoin per hash rate applied to production

As the difficulty will change from that which is current, they will presumably use a combination of these pieces of fine print to renege on the impossible implied promise of 10% per month return.

Why are they thriving without any resistance in India, feeding on innocent souls?

This is not India specific. People are greedy and stupid everywhere.



I don't know why you have started this thread as self moderated.
My post is factual and relevant, if you delete it I will leave you negative trust and repost it.

Extraordinary Claims require Extraordinary Evidence
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December 08, 2016, 02:15:02 PM
 #6

Everyone knows mining is not profitable anymore. Better to hold on to bitcoins and watch their value grow.

Sabur
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December 15, 2016, 05:01:49 PM
 #7

Gainbitcoin is a scam. You'll lose your money.
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December 15, 2016, 07:11:28 PM
 #8

Gainbitcoin is a scam. You'll lose your money.

I think that they will possibly gamble or trade with people's money, because seriously, such returns are never going to be made or else this will also run away with investors' money just like HashOcean did. So, staying away is the best choice.
Sahyadri
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January 06, 2017, 03:10:44 AM
 #9

OP didn't even bother to reply again.

anyways you will only loose money by investing in gainbitcoin
bitcoinisbest
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January 06, 2017, 06:06:22 AM
 #10

OP didn't even bother to reply again.

anyways you will only loose money by investing in gainbitcoin

That is right just OP asked the query and never returned back or asked any doubts after that . Certainly even I had posted couple of question related to mining which is also left unanswered. Probably he would have understood that its a illusion to get the returns so much and would have given up.
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February 12, 2017, 05:33:17 PM
 #11

I also used to believe that the company is a scam, untill i was shared the proofs of receiving the output. I dont know how they workout the math, but till the time I am receiving my BTC I am a happy customer.

I was introduced to gainbitcoins by a friend of mine whom I know for many years, but was not intereste in bitcoins as I always thought its a scam or a ponzy scheme. She then showed me all the psyment proofs. She has been investing in gainbitoins for many years and is earning a very handsome amount. Her lifestyle is completely changed and after watching this and all her BTC statements I had invested in Gainbitcoin.

I had again invested with 3 BTC with them and I am awaiting payment, which is scheduled on 1st week of March'2017.
I just foundout this post thought of letting you know about this information. Lets wait for few dayd till I receive my output. I may not be available to the post here, so you can contact me via whatsapp on 9910168276 or mail at dsrawatmail@gmail.com. Lets see!!

Do text/mail me when you read this post, so that I can myself findout whether its ponzy or a scam. Then may be you can invest.


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February 19, 2017, 05:15:12 AM
 #12

I also used to believe that the company is a scam, until i was shared the proofs of receiving the output. I don't know how they workout the math, but till the time I am receiving my BTC I am a happy customer.

I was introduced to Gainbitcoins by a friend of mine whom I know for many years, but was not intereste in bitcoins as I always thought its a scam or a ponzy scheme. She then showed me all the psyment proofs. She has been investing in gainbitoins for many years and is earning a very handsome amount. Her lifestyle is completely changed and after watching this and all her BTC statements I had invested in Gainbitcoin.

I had again invested with 3 BTC with them and I am awaiting payment, which is scheduled on 1st week of March'2017.
I just foundout this post thought of letting you know about this information. Lets wait for few dayd till I receive my output. I may not be available to the post here, so you can contact me via whatsapp on 9910168276 or mail at dsrawatmail@gmail.com. Lets see!!

Do text/mail me when you read this post, so that I can myself findout whether its ponzy or a scam. Then may be you can invest.

Sure! These guys will only payout till they keep getting more funds. If you are lucky you might keep receiving funds till another few years or so or you could be unlucky and loose all your funds.
 
It is a ponzi scheme indeed, look up whats a ponzi scheme on YT.

Another question to ask yourself why isn't Gainbitcoin explaining how exactly does it mines so efficiently (more efficiently than any miner in this world) and why isn't it registered company after all they are a huge success aren't they?

Whom can you sue if they prove to be scam and how?

Also this thread is self moderated, not sure why OP did that when he is seeking for info.

Free bitcoins, to reveal private key scratch here ==>>  5▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒▒
dsrawat
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February 19, 2017, 05:38:34 AM
 #13

We cannot be sure of any website or company's existence in the future. Be it any company in the world.
Take an example of DAEWOO motors, ORKUT, BLACKBERRY,etc Its only the time which can tell.
Yes there are risks involved in everything or anywhere we invest. Its a simple and basis law of business "no risk no profit"
Let's see how far GAINBITCOIN will take me from here. As example of my friend's income is more than enough for me.
Being associated with this company with a couple of years and earning 7.20 BTC every month is more than enough for me to believe.

But yes, for those who have not invested anywhere, please do a proper study first, ask your friends, those who are already working, use social media inquiry, and when you are fully satisfied, then only invest.

No one can be ever sure which scheme is ponzy and which is not. It's your risk or reward ultimately.
soyab0007
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February 19, 2017, 08:47:46 AM
 #14

10000% SCAM
moooonu
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February 27, 2017, 05:51:48 AM
 #15

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.
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March 22, 2017, 04:30:32 PM
 #16

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.
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April 17, 2017, 05:55:50 AM
 #17

Till now I am receiving regular payment and have met them in their office as well. They have a setup in Delhi for years and have not missed any payout til now. I have spoken to appx 10 people who are associated with GainBitCoin and they have a very good feedback about them.
One of the bollywood celebrity also is now associated with them.

Now I have 17 people in my downline and I am earning appx 1 bitcoin per month. So can't complaint
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April 17, 2017, 09:22:02 AM
Last edit: April 20, 2017, 01:25:47 AM by virtuado
 #18

Till now I am receiving regular payment and have met them in their office as well. They have a setup in Delhi for years and have not missed any payout til now. I have spoken to appx 10 people who are associated with GainBitCoin and they have a very good feedback about them.
One of the bollywood celebrity also is now associated with them.

Now I have 17 people in my downline and I am earning appx 1 bitcoin per month. So can't complaint

 Roll Eyes Roll Eyes Roll Eyes

Proof or it didn't happen...


Regular payouts have stopped for months already. Just recently they payed 50% of a normal cycle from 2 weeks, but i honestly believe that this is to fool people.
They announced on their website that this last payment was as " promised" but they forgot to mention that they changed the rules solely without communicating this with their clients, which imho is a breach of contract anyway.

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April 20, 2017, 01:21:01 AM
 #19

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

 Roll Eyes



http://coinjournal.net/bitcoin-mining-pool-gbminers-loses-software-vendor-connection-ponzi-scheme/


 Roll Eyes
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May 10, 2017, 01:58:23 AM
 #20

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!     Undecided


===================================================================

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
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