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

[101Official]

Please, all of you that must be scammed, invest in the bitcoin faucet and help new people.

Ah, but then they wouldn't be scammed, and we wouldn't get to hear them whine in a week or two.  


And I'd call it donating to the faucet, not investing.

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[bitpop]

I just learned not to warn people about scams. Just like if their spouse is cheating. They get mad at you.

[wiser]

For those on this thread who know more about the mining math than I do, are the "mining contracts" being offered on www.cloudhashing.com possible?  Do the projected yields make sense?  Has anyone ever worked with them?  If so, what was the experience?  I'm not going to touch this for a while, but would like to know more about whether the idea of buying/renting mining computing power is even feasible as a moneymaker for either party.

The site estimates that 1 GH/s will earn 6 BTC after a year, but I think that is ridiculously optimistic. Currently, 1 GH/s earns about 14 BTC/year; however, the hash rate has quadrupled in the last 3 months and it is likely to continue rising very steeply. If it quadruples again, 1 GH/s will only earn about 3.5 BTC/year. Furthermore, the site keeps 40% of your money, which will also cut your earnings nearly in half. You can compare this site to mining bonds on BTC-TC to get a good idea how reasonable the deal is.

Also, the site is completely anonymous. Does sending hundreds of dollars to an unknown person in another country seem like a smart thing to do?

Thanks for the number crunching.  That's exactly the sort of information I was asking for.  There is another thread on this forum about Cloudhashing.  While it's not entirely clear that they are a scam (though some are convinced they are), they still may not be a good investment, and you really can only determine that if you have a good understanding of how Bitcoin mining actually works.

I can't believe I'm literally seeing someone in the early stages of being scammed, ALL OVER AGAIN.

How about you guy's learn your lesson? How about you invest in a company that is actually trusted, spoken about and that the people know?

You've got spare BTC to throw away? Great. Go invest in ASICMiner or something that actually has some backbone.

The sheer ignorance of you guys even "crunching numbers" and trying to "figure out if it's a good investment" is mind boggling. Fool me once shame on you, feel me twice, well I'm just a dumbass with BTC to throw away. Don't be that guy!  

Relax!  I'm not getting involved in this one.  I was just making the point that it's easier to spot trouble areas for a website claiming to sell mining shares or contracts or whatever it is when you actually understand what goes on behind mining, something I don't at this point.  That's why I appreciate what people say about how the estimated yields are overly optimistic.  Even if the company is not a scam, it still could be a poor investment for that reason.  That point was made on another thread about Cloudhashing.

[ranlo]

Fool me once shame on you, feel me twice, well I'm just a dumbass with BTC to throw away. Don't be that guy! 

LOL! Yeah i don't think that's how it goes!

I get downright dirty when I talk BTC! lol. 

How about you just trade in your BTC for my fresh new Hotchatcoin? It's guaranteed to make your night!

[dbcch0]

Relax!  I'm not getting involved in this one.  I was just making the point that it's easier to spot trouble areas for a website claiming to sell mining shares or contracts or whatever it is when you actually understand what goes on behind mining, something I don't at this point.  That's why I appreciate what people say about how the estimated yields are overly optimistic.  Even if the company is not a scam, it still could be a poor investment for that reason.  That point was made on another thread about Cloudhashing.

There is no analysis or understanding needed. These people most likely don't even have mining rigs.

Are you this naive? Why would you even begin to believe in something so absurd?

It is frustrating to all those who try to warn you people away.

[dbcch0]

Someone already posted this, though one of the supporters of this scam (at least while it was being perpetrated) discouraged it ...

FBI Cybercrime devision report Internet crimes: http://www.ic3.gov/default.aspx

Does the FBI care? YES! There is no minimum financial loss before they care. They are *obligated* to care about all frauds REPORTED TO THEM.

Now, the government is slow, and prosecution takes time, but eventually these people get what is coming to them. However, victims MUST REPORT !

This has nothing to do with Bitcoin. This is all about fraud. It doesn't matter if it was Bitcoins or Goats.

[wiser]

Now you people are getting nasty.  This is a newbie thread.  Maybe some of us don't have the benefit of your years and years of experience immediately spotting these scams.  Maybe we're actually trying to educate ourselves and learn so that we *don't* get taken in by the next scam.  I'm more of a detail oriented person, so for me, it's way more effective to give some specific reasons as to what's wrong with the picture than to just keep saying over and over "it's a scam."  The APR thing makes sense--that's a good detail.  So is the actual plausibility of mining yields.  I appreciate that sort of information; I really do, and yes, that (along with the defensiveness of the owner on a different thread) is plenty to keep me away from Cloudhashing and most if not all similar offerings.  So good work, people.  You are succeeding at warning people; just try to keep it civil even if we ask questions you consider to be stupid.

[dbcch0]

Now you people are getting nasty.  This is a newbie thread.  Maybe some of us don't have the benefit of your years and years of experience immediately spotting these scams.

It doesn't take years of experience to realize this was a scam. It was completely obvious.

There is no plausibility behind their mining contracts, that's absurd.

I'm glad you found the APR useful. Since I deleted that post, here it is again (from a previous poster). "37% weekly interest is 1,286,676,865% annually" . It doesn't take a rocket scientist to figure out that 37% weekly interest is not realistic. You don't have to actually do the math to know that's not plausible for ANY business plan. NOBODY can repay loans at that interest rate (and, yes, you're sending this guy short term loans, regardless of how he dresses it up).

Just like every scam, they do have a scheme to sell, and sometimes it sounds plausible (this one DID NOT). It comes down to common sense. Nobody is going to send you free money and make you rich.

I warned people over and over. So did everyone else. Clearly, something other than logical reasoning is going on in your brain.

[wiser]

As I said before I'm not getting involved with cloudhashing, so it's not a matter of at what stage of being scammed I'm in.  It's more like "wow, there's a LOT to learn here."  There certainly are other things going on besides logical reasoning--that's true for everyone.

As for it being obvious that selling mining contracts is a scam, it's not as obvious if you are brand new to the concept of mining and have no idea of what's actually possible.  I, for my part, have found all the posts that went over how much computing power, electricity, etc. it actually takes to be quite informative in that respect.

With a lot of things, I have found that just because something is obvious to *me* does not mean people who don't see what I see are idiots.

[ranlo]

As I said before I'm not getting involved with cloudhashing, so it's not a matter of at what stage of being scammed I'm in.  It's more like "wow, there's a LOT to learn here."  There certainly are other things going on besides logical reasoning--that's true for everyone.

As for it being obvious that selling mining contracts is a scam, it's not as obvious if you are brand new to the concept of mining and have no idea of what's actually possible.  I, for my part, have found all the posts that went over how much computing power, electricity, etc. it actually takes to be quite informative in that respect.

With a lot of things, I have found that just because something is obvious to *me* does not mean people who don't see what I see are idiots.

Don't worry. I'm still a newbie as well! There is a massive amount to learn, and you are likely to win and lose along the way. Just take everything as a lesson, learn from it and you will be better off than most others.

[Pierre]

The internet is FILLED with ponzi schemes. They're not super popular with Bitcoin yet but just you wait! Soon we'll be swimming in Bitcoin 'games' and ponzis.

[mberg2007]

The sheer ignorance of you guys even "crunching numbers" and trying to "figure out if it's a good investment" is mind boggling. Fool me once shame on you, feel me twice, well I'm just a dumbass with BTC to throw away. Don't be that guy!  

There is no sense in rejecting every opportunity as a "scam" like you are doing now. Exercise due dilligence of course, but if you never take a chance, never invest anything, then you will never make any money.

Feel free to share your gut feelings in here, but don't present them as a matter of fact. That way you just come off as arrogant.

-Michael

[Mabsark]

With all that money blew on SatoshiDice, would it be worth while buying shares before the dividends are paid out? Could the stolen funds be recouped that way?

[bitpop]

Huh

[Birdy]

With all that money blew on SatoshiDice, would it be worth while buying shares before the dividends are paid out? Could the stolen funds be recouped that way?

lol no, this is a drop in the bucket on Satoshi Dice.

[bitpop]

Oh haha they didn't gamble much

[ranlo]

With all that money blew on SatoshiDice, would it be worth while buying shares before the dividends are paid out? Could the stolen funds be recouped that way?

Can't fault you for thinking outside the box but I don't think it would work out too well, :p.

[Meganosky]

Anyone receives refuns from MU?? Or that Scam is finished?

TY

[llieco]

I got SCAM - 1 bitcoin

[bitpop]

The scam has been completed.

Anyone receives refuns from MU?? Or that Scam is finished?

TY