Is miningunited.com a SCAM, turning .1 bitcoins into .137 for almost free?

[GraphicImpulse]

Anyone actually test this? Going from the site if you send 2.5 worth you would get about ~3.5 btc back...96 hrs

[cp1]

I can't imagine it's legit.  I don't know how he would make such a high return.

[frozeninferno]

Yes, this is my first post, so I understand this is going to look suspicious. But I can verify that this is not a scam. It is, however, a practice in Darwinism. I've been using Mining United for a couple weeks now and it's paid every time. The catch is that the wallet you send the BTC to changes every now and then. In my screen shots, you'll see that when BTC0.1 was the highest buy-in, it was one address. Now that the highest buy-in is BTC0.25, it's a different address. So, he's counting on people trusting him, saving the address, then just sending them to the same address over and over again.

So, I actually recommend jumping on board, but check the site to make sure you've got the right wallet address before you send anything.

https://i.imgur.com/1JrQ7ef.png

https://i.imgur.com/OKPKnX1.png

[cp1]

Just because you got paid doesn't mean it isn't a pyramid scheme.  Just be wary.

[tysat]

So you believe someone can continually give 8.9075755% interest daily on short term loans?  That's the return rate on .25 BTC.  That is not a business model, that's a scam being built.

That's from a PM I sent to someone explaining how it's a scam.

[blueblade123]

So you believe someone can continually give 8.9075755% interest daily on short term loans?  That's the return rate on .25 BTC.  That is not a business model, that's a scam being built.

That's from a PM I sent to someone explaining how it's a scam.

And Since the PM was to me, I figured I'd chime in.

It seems like they are going to try to make their money from Premium memberships. Now, obviously, as a new website, they can't just ask for money right upfront for a membership to a site that no one has ever heard of. I understand that. Of course I wouldn't suggest anyone put hundreds of bitcoins in at one time. But if you can afford to take the chance, (some of you play Dice for more BTC's then this), I say it can help supplement your mining income.

I've also gotten paid multiple times from Mining United. Proof in this thread: https://bitcointalk.org/index.php?topic=189872.0

[BitCoinNewGuy]

Just because you got paid doesn't mean it isn't a pyramid scheme.  Just be wary.

Looks like a pyramid scheme to me...

As I am a Mining United user and have a question. I just want to ask, if MiningUnited.com is a "pyramid scheme" then how come they are not taking any new users? I thought that in order for a "pyramid scheme" to work you need to constantly expand and get new people to buy?

See here: http://www.MiningUnited.com/full.html also posted on their homepage.

Also, seems as if all their transaction payouts do show in the Block Chain. I have received ALL my payouts as well.


I'll admit I am skeptic of their service, but this just brought things to a whole new level of legit for me.

Proud Mining United User

[tysat]

So you believe someone can continually give 8.9075755% interest daily on short term loans?  That's the return rate on .25 BTC.  That is not a business model, that's a scam being built.

That's from a PM I sent to someone explaining how it's a scam.

And Since the PM was to me, I figured I'd chime in.

It seems like they are going to try to make their money from Premium memberships. Now, obviously, as a new website, they can't just ask for money right upfront for a membership to a site that no one has ever heard of. I understand that. Of course I wouldn't suggest anyone put hundreds of bitcoins in at one time. But if you can afford to take the chance, (some of you play Dice for more BTC's then this), I say it can help supplement your mining income.

I've also gotten paid multiple times from Mining United. Proof in this thread: https://bitcointalk.org/index.php?topic=189872.0

This guy is either stupid or is a shill.... a legit business doesn't take short term loans paying almost 9% interest daily (compounded).

[blueblade123]

This guy is either stupid or is a shill....

Hey, lets keep the personal attacks off the thread, and stick to the discussion. You should know better. If it's required, and you feel you need to get it off your chest, PM me.

a legit business doesn't take short term loans paying almost 9% interest daily (compounded).

I can't convince you, and more or less, I'm at the point where I don't want to try. Maybe the reason why I kept trying to point out the different facts and ideas is because of the automatic "SCAM" edit posted to my original thread. Without proof, or reason. Thinking about it, it's probably why I've been trying so hard.

As for everyone else monitoring this thread:

Try it or don't. If you want to take a chance and attempt it, fine. I wouldn't recommend investing your retirement savings in it.

[BitshireHashaway]

Simple rule. If it's easy to get money, it's a scam.

Wrong rule.

Rule breaker = Buy a 6990, Mine Bitcoins, Get money. Easy enough ^_^

Rule with risk. If suddenly the difficulty goes up then you won't make additional money, and it also is harder to setup for non-technological people than for technological people.

Though I would wonder if the OP ever did get paid back?

[tysat]

This guy is either stupid or is a shill....

Hey, lets keep the personal attacks off the thread, and stick to the discussion. You should know better. If it's required, and you feel you need to get it off your chest, PM me.

a legit business doesn't take short term loans paying almost 9% interest daily (compounded).

I can't convince you, and more or less, I'm at the point where I don't want to try. Maybe the reason why I kept trying to point out the different facts and ideas is because of the automatic "SCAM" edit posted to my original thread. Without proof, or reason. Thinking about it, it's probably why I've been trying so hard.

As for everyone else monitoring this thread:

Try it or don't. If you want to take a chance and attempt it, fine. I wouldn't recommend investing your retirement savings in it.

Returning 8.9% interest compounded daily is a good enough reason for me to warn people.  Think about it, how can someone afford to keep paying out interest at a rate like that?

[BitCoinNewGuy]

Returning 8.9% interest compounded daily is a good enough reason for me to warn people.  Think about it, how can someone afford to keep paying out interest at a rate like that?

Tysat You are missing some key factors:

1) Mining United has stated they are not doing this forever
2) Currently they have the mining power to pay this out
3) Their payout rate changes over time, with difficulty, etc
4) They make money on premier memberships
5) They ARE NOT accepting new purchases at this time meaning that THEY HAVE THEIR LIMITS

You must be confused by the fact you think they are 1) Doing this forever, 2) Always going to take new purchases, 3)Always paying out that rate



Tysat I actually thank you for playing devil's advocate as it is helping to get these questions that need to be answered - but so far, all checks out.

[tysat]

Returning 8.9% interest compounded daily is a good enough reason for me to warn people.  Think about it, how can someone afford to keep paying out interest at a rate like that?

You are missing some key factors:

1) Mining United has stated they are not doing this forever
2) Currently they have the mining power to pay this out
3) Their payout rate changes over time, with difficulty, etc
4) They make money on premier memberships
5) They ARE NOT accepting new purchases at this time meaning that THEY HAVE THEIR LIMITS

You must be confused by the fact you think they are 1) Doing this forever, 2) Always going to take new purchases, 3)Always paying out that rate

I don't care what they're doing, 8.9% interest daily is still a red flag even if it's short term.  It may not be a scam, but it's still a warning sign.

[hippylabrat]

This thing REEKS of Ponzi, and I've only been around the mines for a few days.

[flame]

Miningunited is not a scam.  I have been renting space on their miners from their start.  It does take time so your Bitcoin are tied up but , if you have Bitcoin just sitting just give it a try.  It works for me.  It beats clicking all the time.  I rent 8 or 10 positions at a time and make a little in a few days.  It works.  Check it out.  You might like it.  You can give it a go for as little as 0.05 Bitcoin.  Don't knock it until you have spent to them to rent time on their miner.  Your numbers are a little off there so check the site.

http://www.miningunited.com/

[tysat]

Miningunited is not a scam.  I have been renting space on their miners from their start.  It does take time so your Bitcoin are tied up but , if you have Bitcoin just sitting just give it a try.  It works for me.  It beats clicking all the time.  I rent 8 or 10 positions at a time and make a little in a few days.  It works.  Check it out.  You might like it.  You can give it a go for as little as 0.05 Bitcoin.  Don't knock it until you have spent to them to rent time on their miner.  Your numbers are a little off there so check the site.

http://www.miningunited.com/

.05 -> .0662 in 3 days is 9.806823486% interest compounded daily
.10 -> .1339 in 3 days is 10.219945599% interest compounded daily
.25 -> .3517 in 4 days is 8.907575506% interest compounded daily

Please explain why a legitimate business is taking loans at 9% interest daily.

[BitCoinNewGuy]

.05 -> .0662 in 3 days is 9.806823486% interest compounded daily
.10 -> .1339 in 3 days is 10.219945599% interest compounded daily
.25 -> .3517 in 4 days is 8.907575506% interest compounded daily

Please explain why a legitimate business is taking loans at 9% interest daily.

What other legitimate business in the world can 'print their own money' aka mine BitCoins? It is kind of like you are paying them to run a money printing press and they are paying you back in what they literally make off the press...


Even if in the end it is a scam, I am only putting back in my profits so I have nothing to lose. Right now I am taking in a good amount of BitCoins from them a day, if they disappear tomorrow I will still be ahead 0.89 BitCoin. 

[optimystic]

get in and out before the top

[igba]

hmm i've been seeing these ads frequently. i'll post my results. might as well give it a try.

[odolvlobo]

It doesn't make any sense. It must be a scam. Their explanation of why they pay out bitcoins to people that send them bitcons makes no sense:

Outside buyers are not needed to mine BitCoins, the servers are generating BitCoins regardless. This website is providing a service which could be considered non-profit (as we do not make money directly from our buyers). We currently are renting mining servers (rigs) that generate BitCoins. To help offset our initial investment, we decided those who are willing to help contribute to the cost of the servers are getting a share of the generated BitCoins!

"To offset our initial investment" doesn't make sense. How does my sending them 0.25 BTC and getting paid 0.33 BTC 4 days later offset their initial investment? It doesn't make sense because it would be easier and more profitable to use the generated bitcoins to pay for the servers.

Also, the fact that everyone vouching for the service is a newbie smells like a scam:

optimiystic: one post here, plus 6 meaningless posts in 6 random threads
BitCoinNewGuy: All posts support this, no other posts anywhere else
flame: All posts support this, no other posts anywhere else
blueblade123: All posts support this, no other posts anywhere else
frozeninferno: One post here supporting this, no other posts anywhere else

Keep in mind that they could easily be paying off people now in order to appear legitimate and sucker more people in, but really it looks like the newbies that say they have been paid are all the same person and just part of the scam.