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Author Topic: Hashflare screwed us up.  (Read 5371 times)
bobb120
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August 31, 2017, 11:12:07 PM
 #1

Hashflare changed contract terms unilaterally and gave clients 0 days warning. In fact 0 seconds.

Sent out the following letter at midnight today

Previously they been selling 10 ghs at 1.20 so it's a markup of healthy 100% which is OK it's their hardware. But then they broke all contracts and changed indefinite term to 1 yr which would be somewhat legal if customers who disagree get their money back. You cannot change a contract without both sides signing it off. It's illegal even in zimbabwe.

Quote
Dear users,

The cryptocurrency industry has always been susceptible to a high amount of volatility, and recent global changes have been some of the most significant. Due to an industry-wide hardware deficit, many market participants, especially mining hardware manufacturers, have to adjust their operations, procurements, terms, and prices of ASIC miners and their delivery.

Per Section 5 of Hashflare Terms of Service, SHA-256 and Scrypt contracts are now also subject to change. The changes, which mainly cover the terms and the prices of the contracts will become effective on September 1, 2017.

The new price for 10 GH/s of SHA-256 will be $2.40, while 1 MH/s of Scrypt will now cost $11.50. The maintenance & electricity fee will remain the same.

All new SHA-256 and Scrypt contracts will be issued for a limited term of 1 year from the moment of activation. All SHA-256 and Scrypt contracts activated prior to 01.09.2017 will expire on 31.08.2018.

Sincerely,
Hashflare.io team

EDIT 03/09 : the changes have happened. So please don't write "I don't believe so". The expiry dates on all hash rates are now in 2018 and reinvestments are at double price.
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August 31, 2017, 11:30:23 PM
 #2

Oh, thats why my contract is stopping.
Im not getting profit on them, even i just test it before. Deposit about 10 GHS and get some referal, but still this isnt good earning if they change it to 1 year contract. Because already 1 year and i just get about 32k satoshi from 0.001 Deposit before  Undecided

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September 01, 2017, 01:38:03 AM
 #3

this company came with problems, every day lowered payments and now come with the change of contract, are looking like companies with ponzi system, no longer invest or reinvest.
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September 01, 2017, 03:57:19 AM
 #4

Hashflare changed contract terms unilaterally and gave clients 0 days warning. In fact 0 seconds.

Sent out the following letter at midnight today

Previously they been selling 10 ghs at 1.20 so it's a markup of healthy 100% which is OK it's their hardware. But then they broke all contracts and changed indefinite term to 1 yr which would be somewhat legal if customers who disagree get their money back. You cannot change a contract without both sides signing it off. It's illegal even in zimbabwe.
LOL that's the way all cloud mining sites will behave in near future because they will try to get rid of old customers and all those mining hardware purchased with the money from old investors will be now owned by them. They will soon be billionaire and all their customers will get bankrupt soon.

Cloud mining is just a joke full of fake claims.


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September 01, 2017, 05:07:56 AM
 #5

Hashflare change the contract from lifetime to 1 year for all old contracts and new contracts.
They unfair and cheating customers.
I think they can change contract anytime they want.
Don't believe them anymore.
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September 01, 2017, 07:26:47 AM
 #6

Yes, but these terms refer only to NEW contracts, not existing ones. Anyway, cloudmining is NOT something extremely profitable, getting ROI there s really, really hard to do. Switch to PoS coins, take a look at this in case you might be interested, it has brought me nothing but profits!

How to make money by investing into PoS:

https://bitcointalk.org/index.php?topic=1931773.0


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September 01, 2017, 11:28:32 AM
 #7

Thanks for the heads-up.

   
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September 01, 2017, 05:34:04 PM
 #8

Not surprised to be honest.
It was only the matter of time.
With this bitcoin price old investors could buy new lifetime contracts and reinvest every day - it would be terrible loss for them i guess. So they decide to fuck everyone with 1 year contracts and bigger price - and to be honest i don't think you can reach ROI in one year in hashflare.

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September 02, 2017, 12:14:12 AM
 #9

Yes, but these terms refer only to NEW contracts, not existing ones.


No, old contracts are no longer lifetime.
"All SHA-256 and Scrypt contracts activated prior to 01.09.2017 will expire on 31.08.2018."
I think, that is against law. They sold lifetime contracts and changed to one year without
financial compensation.
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September 02, 2017, 01:01:18 AM
 #10

That's messed up. They'd just break their own rules. Now investors are screwed with this decision. Changing of contract is illegal specially when you already gave it to the customers. I don't think customers will get profits with that short time frame. You can't even get back your ROI within a year. They get profits from their customers. And customers gets none from them. This is the reason why i hate investing to any cloudmining. They screwing with their customers.


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September 02, 2017, 01:04:54 AM
 #11

Hahaha this is why you shouldn't be stupid enough to give a ponzi any money. They're just paying out new users with the previous user's money you morons. Open your eyes, learn from this and move on. If they weren't making a profit they wouldn't be giving it to you, they would keep it for themselves.














 

 

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betlord90
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September 02, 2017, 03:57:09 AM
 #12

They already messed up there investor since at the first place they are long time ponzi! How could there investors didn't notice that? Mining invesment industry is long time burried and will continue to be dead since it is not profitable at all right now. And result of stupidity is now occuring and  hashflare showing some bad signs that they will turn bad someday and if there's away you can escape there then you should do it by now so that you will not be scam if hashflare will totally fall.

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September 02, 2017, 04:59:55 AM
 #13

There should have been no trust on cloud mining before getting the letter like this. These sites has always been like this, some of them will stop services immediately and some of them will give intimation like this. This could be sign that later in the time hashflare might be getting unstable and may not survive for long. There is no cloud mining site which has longer life time so it's better to stay away from them. Somethimes we have small investment which we get returned and that motivates us to invest more money because we are motivated to it. That's not good way actually as incidence like this can shook us at anytime. Better stay away from clouds and try some other ways of earning.

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September 02, 2017, 07:10:54 AM
 #14

Hashflare changed contract terms unilaterally and gave clients 0 days warning. In fact 0 seconds.

Sent out the following letter at midnight today

Previously they been selling 10 ghs at 1.20 so it's a markup of healthy 100% which is OK it's their hardware. But then they broke all contracts and changed indefinite term to 1 yr which would be somewhat legal if customers who disagree get their money back. You cannot change a contract without both sides signing it off. It's illegal even in zimbabwe.

Quote
Dear users,

The cryptocurrency industry has always been susceptible to a high amount of volatility, and recent global changes have been some of the most significant. Due to an industry-wide hardware deficit, many market participants, especially mining hardware manufacturers, have to adjust their operations, procurements, terms, and prices of ASIC miners and their delivery.

Per Section 5 of Hashflare Terms of Service, SHA-256 and Scrypt contracts are now also subject to change. The changes, which mainly cover the terms and the prices of the contracts will become effective on September 1, 2017.

The new price for 10 GH/s of SHA-256 will be $2.40, while 1 MH/s of Scrypt will now cost $11.50. The maintenance & electricity fee will remain the same.

All new SHA-256 and Scrypt contracts will be issued for a limited term of 1 year from the moment of activation. All SHA-256 and Scrypt contracts activated prior to 01.09.2017 will expire on 31.08.2018.

Sincerely,
Hashflare.io team

Damn, this is pretty fucked up and they obviously have no care for their customers at all.

How is it possible that they are able to just change their terms and conditions whenever they feel like it and basically reduce the customer's contract terms, even though when the customers signed up for the contract they were told that it was "lifetime"?

They are essentially robbing people off their money... From already a pretty rip-off contract deal in the beginning.

Thankfully i don't use hashflare but i feel for the peolpe who did invest...

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September 02, 2017, 08:24:04 AM
 #15

I knew it hashflare will turn scam one day. Lols. After big discussion on this forum and confirming that hashflare or Genesis or any other cloud mining site is ponzi then also people went on investing into it. This is where people come to know legality of the services. Now see hashflare has published a later saying about their reduced contract terms which means you have only have one year of period to get back your ROI which is not possible at all. Thus any one investing for that much period will lead to loss and will not even reach break even point. This is the reason cloud mining should not be taken as serious earning opportunity. Better invest into cold storage rather than hot ponzi.

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magneto
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September 02, 2017, 09:16:09 AM
 #16

Should have never invested them in the first place. I have warned users against investing in any sort of cloud mining service since day 1 and still people seem to think that cloud mining is a long term investment capable of earning them thousands - far from the truth.

But apart from that, this is filthy, scummy behaviour from Hashflare. Nothing else i can say.

This is like a paypal chargeback, except worse. You don't even have a say in this. When people bought the contract, they expected it to run until maintennance fees were more than what they earned, not 1 year. I guess the greed has gone into their management's head  alittle.

giveen
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September 02, 2017, 09:53:24 AM
 #17

Cloud mining has been risky always hashflare contracts were for a shorter term than genesis mining. I always knew this lifetime sha mining is suspicious we saw cases in genesis mining but never really reported any for hashflare. If you guys really wanna cloud mine go for a yearly contract it is more profitable and has less risk because no electricity is involved.

Salmen
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September 02, 2017, 01:00:42 PM
 #18

That would be a big cut of the profit for users especially for new buyers, on Hashflare.io. Nowadays SHA-256 isn't really profitable anymore unlike Dash or Ethereum Mining.  It is better that they keep the contracts on lifetime which were made before that given date.
Hobo66
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September 02, 2017, 04:34:13 PM
 #19

I dont really believe what's happening, I assume Hashflare will give new users 1 year contract, And old users with their lifetime contract can still carry
on buying and reinvesting. I notice nothing change with my old 2014 account but i'm still watching.

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bobb120
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September 02, 2017, 06:13:31 PM
 #20

It is irrelevant if you believe or not.

It has happened. All my hash rates now have expiry date in 2018 from the date they been added. Including those bought before 1st of September.

As Peter Griffin said once - Christians don't believe in gravity.. so I guess you are one of them..
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