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Author Topic: Bitcoin.com wants to scam cloud mining users. please help  (Read 70 times)
MikeOFF
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January 19, 2018, 06:12:02 PM
 #1

Bitcoin.com wants to take advantage of its cloud mining users. The action should be taken to protect those who are trapped! Please, help! (self.btc)

eingereicht vor 15 Stunden von Milk_Soul

Hi everybody,

Pre-story:

I want to share the negative experience I have with Bitcoin.com. I purchased some cloud mining contracts on Sept 1st for $4,842 (Equivalent in BTC-฿0.99712). Mining was about to start on September 31st (18 TH were purchased).

Sequence of events

1) Late November - zowki wants to increes fees by 2%:

Our pool loses money while mining BCH since we charged 0% fees and there are not much transaction fee rewards. 2% fee is required to keep our services sustainable. We were able to charge 0% fees in the past because we made some money off the BTC transaction fee reward. This is no longer the case with BCH. We are mining BCH most of the time these days since it's more profitable for users on our pool.

As a result, zowki faces negative feedback from cloud mining users and states the following:

To simplify the accounting, I reduced the BCH block reward to 98% instead of introducing a 2% fee. BTC block reward remains the same at 105%.

2) December 7th - user Kablek stated that Bitcoin.com was underpaying its miners a significant amount of BTC in compare to other pools.

BTC is about 7% more profitable on this pool right now, but 59% more profitable in reality, we are missing out on 52% of the profits from BTC mining, and the pool is raking in over $60,000 per BTC block in BTC fees now and not paying any of it to the miners. At the time this was posted, you could make 50% more in profits mining on ViaBTC even with their 4% fee. Bitcoin.com is taking over 10% of the entire block reward (over 50% of the fees), even with the new 110% block reward. So Bitcoin.com is generating at least 25 times (or 2500%) more revenue for themselves per BTC block mined at this time from BTC fees than ViaBTC, and the higher the fees for BTC are, the worse the stats get.

zowki replied that they will take a look at the problem and try to implement some changes in the code. [Spoiler: they never did]

3) Today, January 18th, all the users have got the following notification:

Lifetime Contracts Paused, Full Refunds Available Due to regulations in China regarding Bitcoin mining, we are moving our mining equipment out of China. Unfortunately this means that we need to pause all lifetime mining contracts until the transition is completed. Only lifetime contracts are affected. Other contracts, such as 1 year or 6 month mining contracts, are located in the USA so are not affected. You have two options at this time: Receive a 100% full refund of your initial USD cost (paid in BCH at current exchange rate). Your contract will permanently end if you chose a refund. Pause your contract from January 18th until approximately April 30th while we move our hardware to a data center outside of China. Refunds are available now, and can be requested until our hash rate is back online. To receive your full refund, please go to your purchased contracts page, click on your contract, then click "Refund" to complete the process. If you prefer your contract to be paused until our hash rate is back online, no action is required. We thank you for your patience and understanding.

Action is required to be taken

Now cloud mining users have two options, either wait until April and have uncertainty about the difficulty adjustments as well as the price for bitcoin / bitcoin cash. Or take back the initial investment $ equivalent in bitcoin cash; but it will be more than 2 times less now!

The reasoning that they give us is that their mining machines are in China and they have to move it to another location.

Now lets quote zowki:

Most of our hashrate is in the USA. We are already planning to move all our China hashrate to other countries.

Quote from Bitcoin.com website:

We have partnered with the largest Bitcoin mining farm in North America, to source cloud mining hashrate at the best value.

Quote from Roger Ver:

We've partnered with the largest mining farm in North America. My understanding of the benefit to them is that they can get a guaranteed amount for their hash rate right now that allows them to buy more hash rate right away, rather than having to wait a whole month.

I'm at the mercy of the miner that we have partnered with, but they are the biggest in all of North America and they have my complete trust. If something were to go wrong, depending on the exact circumstances, I may make good on everything out of my own pocket.

Guys, we need your help as we are currently trapped with contracts and need to get more publicity to get our real value of investment back! Topic on Bitcoin.com: https://forum.bitcoin.com/pools/bitcoin-com-mining-pool-official-discussion-thread-t10578-1260.html

Let`s see if Roger Ver will keep to his word. @MemoryDealers


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January 19, 2018, 06:40:38 PM
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You get what you pay for.
MikeOFF
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January 19, 2018, 07:30:22 PM
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yes i have buy the contract for this $ but other user has pay for 999$ they loos extremly!!!

i have a 1PH/s liftime contract on bitcoin.com

income next 100 days 170k USD and this is coins gos not up or down. gos up many more
but when i sell back i recive 200k and nothing more.

and the contracts were all paused 30 minutes after the announcement

It would still be ok if they would give us back the btc we used then

now you see the trubles?

sorry for my bad English

Regards
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January 19, 2018, 11:31:56 PM
 #4

All cloud mining is a scam.

If you invest in a scam you will lose your investment.

Don't invest in scams.

BEWARE OF AMBISAFE/HASHCOINS SCAM ICO's: Polybius, SRG, Propy, Cryptaur, Worldcore, Compcoin, Chronobank, Orocrypt, Orderbook, Taas, Crytocarbon, ESR-Wallet, Levelnet, Micromoney, etc, etc)
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January 20, 2018, 06:19:50 PM
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if you think that's your thing until now everything was always ok and the payouts also went well
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January 20, 2018, 06:49:31 PM
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I'm not understanding, it says here:

Quote
You have two options at this time: Receive a 100% full refund of your initial USD cost (paid in BCH at current exchange rate). Your contract will permanently end if you chose a refund. Pause your contract from January 18th until approximately April 30th while we move our hardware to a data center outside of China. Refunds are available now, and can be requested until our hash rate is back online. To receive your full refund, please go to your purchased contracts page, click on your contract, then click "Refund" to complete the process. If you prefer your contract to be paused until our hash rate is back online, no action is required. We thank you for your patience and understanding.

Why do not you ask for refund?

yes i have buy the contract for this $ but other user has pay for 999$ they loos extremly!!!

i have a 1PH/s liftime contract on bitcoin.com

income next 100 days 170k USD and this is coins gos not up or down. gos up many more
but when i sell back i recive 200k and nothing more.

and the contracts were all paused 30 minutes after the announcement

It would still be ok if they would give us back the btc we used then

now you see the trubles?

sorry for my bad English

Regards

In this post I do not understand anything, can you try to explain it one more time? because I'm not understanding anything. another thing, you may have heard a lot of bad stories about cloud mining, so calm down and do not create high expectations about cloud mining, the owner of cloud mining, is the only one who gets rich


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January 20, 2018, 07:26:21 PM
 #7

This terms I would like to react:

3) Today, January 18th, all the users have got the following notification:

Lifetime Contracts Paused, Full Refunds Available Due to regulations in China regarding Bitcoin mining, we are moving our mining equipment out of China. Unfortunately this means that we need to pause all lifetime mining contracts until the transition is completed. Only lifetime contracts are affected. Other contracts, such as 1 year or 6 month mining contracts, are located in the USA so are not affected. You have two options at this time: Receive a 100% full refund of your initial USD cost (paid in BCH at current exchange rate). Your contract will permanently end if you chose a refund. Pause your contract from January 18th until approximately April 30th while we move our hardware to a data center outside of China. Refunds are available now, and can be requested until our hash rate is back online. To receive your full refund, please go to your purchased contracts page, click on your contract, then click "Refund" to complete the process. If you prefer your contract to be paused until our hash rate is back online, no action is required. We thank you for your patience and understanding.

You wont have any choice but to wait up for that month of April. If you decide to pull out for full refund I guess it would really be not worth it since it would just base on the amount you have initially invested which is on $4000+. I'm concern on the hash changes if you make those decision but if you are still on doubt then better to pull it out because those transition is just an alibi to make full end of those lifetime contracts.


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