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

[TheOrri]

Be careful, I sent them 0,25 bitcoin 4 days ago. Still not got paid!

[bitpop]

You'll get paid. I promise. The problem is that this is a long con.

[MiningUnited]

Be careful, I sent them 0,25 bitcoin 4 days ago. Still not got paid!

You should not have received a payout yet. Payout time for a basic user is 5-7 days as you can read here: http://www.MiningUnited.com/time.html

Thanks for using our service!

Even though it is not "long con"  we encourage you if you feel skeptic to purchase more with only what you make , or stop after one payout. Since we only can take a limited amount of purchases at a time, we have no worries about not filling up if you do not want to use us!

[sob317]

Be careful, I sent them 0,25 bitcoin 4 days ago. Still not got paid!

You're not supposed to get paid yet. Read what it says for wait times: say 18 hours for payment verification, 41 hours queue time, 96 hours mining time for .25 service and then say 18 hours for payout.

18
41
96
18
-----
173 - you've waited 96 hours = 77 left.

Payment Verification:    6-36 Hours
Current Queue Time:
   13 Hours Premier
41 Hours Basic
Mining Duration:    36 Hours Premier
72 Hours Basic
+24 hours 0.25 service
Payout Verification:    6-36 Hours

[TheOrri]

Be careful, I sent them 0,25 bitcoin 4 days ago. Still not got paid!

You're not supposed to get paid yet. Read what it says for wait times: say 18 hours for payment verification, 41 hours queue time, 96 hours mining time for .25 service and then say 18 hours for payout.

18
41
96
18
-----
173 - you've waited 96 hours = 77 left.

Payment Verification:    6-36 Hours
Current Queue Time:
   13 Hours Premier
41 Hours Basic
Mining Duration:    36 Hours Premier
72 Hours Basic
+24 hours 0.25 service
Payout Verification:    6-36 Hours

You're right, thought it was 96 hours, and was a bit quick to post. Just want to help the community 
I'll wait 77 hours and post the result positive or negative here then.

Happy mining

[MiningUnited]

If time gets too long we shut down new purchases:

http:///www.MiningUnited.com/full.html

[True___Blue]

I sent 0.25 on 5/3. Still waiting for a pay out. Will keep this post updated when (if) I actually do get paid.  
Just received 0.2725 back. Not the 0.32 I was expecting but still a profit. 

Blockchain link here https://blockchain.info/address/16hZdkgPT641VdQPTtZfSxgZAJv7i9e2A7

[MiningUnited]

Post your transaction ID, or send a PM, and I can let you know. You may get it later tonight!   Anyone can send PMs for support or send us an email.

[Jaseph]

Hey guys, I'm a newbie and I tried it about a week ago, and guess what? I didn't get any coins back.
I tried contacting MiningUnitedSales@Gmail.com, no response.

So, what is my conclusion? It's a scam, and a pretty poor one too. I mean, using the same bitcoin address for everyone? That's a bit transparant... All pages are just plain .html files, no script what so ever. He/she could have et lease put some effort into this.

EaseofBitCoin,

We take missing payout claims very seriously. However, we do not believe you to be serious. Post your transaction ID as proof of payment. If your wallet is compatible with our service, and you truly somehow "did not get any coins back" we will send you 3x your payment back to you immediately and post proof of this here. Since all payouts are accounted for, we doubt this will be the case.

Is blockchain.info's wallet compatible with your system?

[bitpop]

Of course it's compatible

[Jaseph]

It seems to me people can argue back and forth on this ad infinitum. Proof of payouts does not prove this is not a ponzi scheme. Bernie Madoff managed to make payments for years. So basicly no conclusion can be reached until either a wave of non payputs occurs or the site itself disappears. (I am not saying these things will happen, only that these are the only definitive way to know for sure.)

For those willing to take the risk, the payouts are attractive. Just be aware that anything you send may very well disappear.

[MiningUnited]

It seems to me people can argue back and forth on this ad infinitum. Proof of payouts does not prove this is not a ponzi scheme. Bernie Madoff managed to make payments for years. So basicly no conclusion can be reached until either a wave of non payputs occurs or the site itself disappears. (I am not saying these things will happen, only that these are the only definitive way to know for sure.)

For those willing to take the risk, the payouts are attractive. Just be aware that anything you send may very well disappear.

Jaspeh,

Excellent honest response from the outside looking in. You are correct, this thread could go on forever. We are not a scam, but from the outside looking in this will be impossible for us to prove, short term or long term.

We hope that everyone who wants to use our services does, and those that have their doubts don't. We are not looking to change anyone's mind about what they think of our service, and respect their opinion.

We could payout for years, as we have plans on doing so, but even this will not be enough 'proof' for some. We understand that.

It is great advice to never  invest 'more than you can afford to lose' in anything, including BitCoin. This is not saying that legit services are 'scams' but rather there is always risk in any investment. What if you bought BitCoin to use our service today for $100 and then in three days the BitCoin price drops to $20. It could happen, but not likely. Since you will not be able to sell your BitCoin you sent over to us during this rapid decline, you may blame us for your loss. This is what we mean by there is always risk with any investment.

Thanks for your post!

[Maged]

We are not a scam, but from the outside looking in this will be impossible for us to prove, short term or long term.

Bullshit. You can at least prove what your mining income is by giving us your payout address from the pool you use (if you do use one), or the addresses used in the coinbase of the blocks you've produced. Then, sign some specific message with those addresses. That, along with a business plan, would show that this could be legitimate. As of this moment, however, there is absolutely no evidence that this is legitimate. As the person borrowing money, it is your job to convince us that you're legitimate, not the other way around.

[tysat]

We are not a scam, but from the outside looking in this will be impossible for us to prove, short term or long term.

Bullshit. You can at least prove what your mining income is by giving us your payout address from the pool you use (if you do use one), or the addresses used in the coinbase of the blocks you've produced. Then, sign some specific message with those addresses. That, along with a business plan, would show that this could be legitimate. As of this moment, however, there is absolutely no evidence that this is legitimate. As the person borrowing money, it is your job to convince us that you're legitimate, not the other way around.

@MU

This at least proves some of the things you've said, though I don't think anything can ever explain the 8-10% daily interest loans.

[register729]

trying this again and will keep you posted

[sob317]

Received payment from Mining United as follows:

.1 = .1086
.05 = .056
.25 = .2738
.25 = .2835

total sent = .65 BTC
total received back = .7219 BTC

gain of = .0719 BTC

Sent on the 2nd, received this morning (the 8th)

[BurtW]

Received payment from Mining United as follows:

.1 = .1086
.05 = .056
.25 = .2738
.25 = .2835

total sent = .65 BTC
total received back = .7219 BTC

gain of = .0719 BTC

Sent on the 2nd, received this morning (the 8th)

Please explain why you are paying 0.0719/0.65 = about 11% interest for only five or six days use of the money especially since by your own system description you are not even using a vast majority of the borrowed funds for anything!  According to this:

We take a percentage of the payment (around 0.01-0.04 BitCoin at this time) and use it to pay for the mining equipment, the rest is set aside (around 0.21-0.24) to be added to the payout later.

The 0.21-0.24 unused BitCoin from the purchase that was set aside is added with the newly generated BitCoins from mining. Example: 0.23 Unused + 0.04 Mined Over 4+ Days = 0.27 BitCoin Payout.

You might think that telling your customers that you are just "setting aside" most of their deposit and "keeping is safe for them" will give them a warm fuzzy feeling, but that is not the case.  This makes the business case for your suposed mining compay even worse.

Assume you only use 0.04/0.25 (16%) of every depost to do whatever you suposedly do with the money and the rest just sits there then you are paying even more interest on the borrowed funds.

Please explain.

[MiningUnited]

As it says, it is because we never know how many users we will have at one time. The total cost is split amoung total users, the more users the less that is taken. For example, when we started and only had a few users almost all the 0.25 was used, but now that we are almost maxed out the cost is split between far more users, so less is taken.

[MiningUnited]

What we are doing is not much different than what Btcjam.com does. If you browse through the "investment plans" you will see people giving 5-10%+ returns. We have had emails from people who say what we are doing "is brilliant" and they are developing their own similar site - it seems as if we will be having some competition!

[Thujone]

Look forward to seeing how this plays out...