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Author Topic: **CEX.IO Bitcoin Exchange ** Buy Bitcoins with Cards in iOS / Android App***  (Read 422117 times)
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AuroraHF
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November 28, 2013, 02:54:13 PM
 #381

Gh/s prices dramatically dropped. What do you think about cex.io's future?

It was a correction long over due.

lmao
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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November 28, 2013, 02:59:50 PM
 #382

Ghash/CEX created over 26% of the last 2016 blocks, so they get too large in my opinion. Also there are allegations about double spending in the room. I don't know if they really did that, but the large pool size alone made me switch my miners to a different pool a few days ago.
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November 28, 2013, 04:59:32 PM
 #383

They are not allegations - they are fact.

"When one person is deluded it is called insanity - when many people are deluded it is called religion" - Robert M. Pirsig.  I don't want your coins, I want change.
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November 29, 2013, 10:19:00 AM
 #384

On 11.28.2013 we have identified several attacks on our website.

Hackers were trying to brute-force user account passwords.

They were not able to break into any of the accounts, all accounts are safe.

We have also raised the security level of our system, so that it doesn’t happen again.

 

However we highly recommend users to change their CEX.IO account passwords to something more complicated, using reserved characters, as well as use google’s 2 factor authentication feature.

 

We constantly upgrade our security system and are currently developing a novelty security feature, which will be released very soon. Stay tuned.

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November 29, 2013, 10:31:19 AM
 #385

Also there are allegations about double spending in the room. I don't know if they really did that, but the large pool size alone made me switch my miners to a different pool a few days ago.

They are not allegations - they are fact.

Oh, sigh.. They have an official statement about this:
https://bitcointalk.org/index.php?topic=318010.msg3590355#msg3590355

I think that hateful miners, like yourself, will be always be suspicious and see conspiracy everywhere.

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November 29, 2013, 01:02:32 PM
 #386

Gh/s prices dramatically dropped. What do you think about cex.io's future?

The price of GHS in BTC has dropped but that is because the dollar price of BTC continues to rise.

In dollars the price of GHS is still over $70 and is therefore a bad long term investment.

So long as people ignore that fact then CEX.IO's future is rosie.

Holding GHS is a bad investment because a week or two later your GHS will have lost in BTC value and your mining would not have made up the difference. Only very short term trading gives you a chance to make some BTC but that is a lottery. Essentially you are trading short term volatility in the price of GHS. However, the trend in the price of GHS is always down. It's a random walk with drift (downwards).

CEX.IO makes BTC from charging you a maintenance fee on any GHS you have mining in their data centre so it is profitable for them and all the more so as the price of BTC increases.

An excellent business model. A sort of rolling Ponzi scheme. Less pyramid and more pass the ticking time bomb in a parcel.
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November 29, 2013, 02:27:14 PM
 #387


CEX.IO makes BTC from charging you a maintenance fee on any GHS you have mining in their data centre so it is profitable for them and all the more so as the price of BTC increases.

An excellent business model. A sort of rolling Ponzi scheme. Less pyramid and more pass the ticking time bomb in a parcel.
All the maintenance fees are transferred directly to the data-centre maintenance staff as we have to pay for the maintenance.
The maintenance fee right now is approximately 1.21%, and these funds are not enough to cover even the pool expenses.
Moreover the maintenance fee is established in USD, so whenever a block is mined - the system calculates the fee according to the BTC/USD ratio at the given moment.
Do the math and see for yourself.

What ponzi scheme are you referring to?
We simply made GHS a liquid commodity which can be sold for the market price, established by the supply and demand.

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November 29, 2013, 02:27:51 PM
 #388

Quote
A sort of rolling Ponzi scheme

In a Ponzi scheme the operator pays "interest" to investor A using investor B's investment, which disappears and cannot be withdrawn.

Please identify A and B in the Ponzi scheme you are proposing.  Show how investor B's investment cannot be withdrawn.

Investor B's investment losing value due to market forces does not constitute a Ponzi scheme.




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November 29, 2013, 03:26:50 PM
 #389

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A sort of rolling Ponzi scheme

In a Ponzi scheme the operator pays "interest" to investor A using investor B's investment, which disappears and cannot be withdrawn.

Please identify A and B in the Ponzi scheme you are proposing.  Show how investor B's investment cannot be withdrawn.

Investor B's investment losing value due to market forces does not constitute a Ponzi scheme.



Simply that the value of GHS is falling in the long term.

A person buys GHS, which loses value. The holder of GHS never mines enough Bitcoin to cover the loss in GHS value. They then sell out at the lower price to another person trying their luck. They too suffer a loss and sell out to the next. That is the rolling Ponzi.

Yes, some might get lucky trading GHS on a very short term basis.

Overall, it's a zero sum game but with a fee to cover pool expenses.

Those who mine with rented GHS will make a loss. Those who mine the CEX pool with their own hardware will gain BTC. CEX cover their expenses with maintenance fees.

Okay, CEX are not deliberately running a Ponzi. It's those who rent GHS and try to mine with it who are placing themselves into a Ponzi.

GHS is not a valid investment, especially at over $70 a GHS. Hold onto your BTC. It's doing just fine at present.

I don't think CEX.IO thought things out. Well-meaning intentions, yes. Lots of computing types but nobody with an economics background. Like many Bitcoin oriented start-ups, it's the creation of Bitcoins that matters and little else.
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November 29, 2013, 03:59:02 PM
 #390

Quote
A sort of rolling Ponzi scheme

In a Ponzi scheme the operator pays "interest" to investor A using investor B's investment, which disappears and cannot be withdrawn.

Please identify A and B in the Ponzi scheme you are proposing.  Show how investor B's investment cannot be withdrawn.

Investor B's investment losing value due to market forces does not constitute a Ponzi scheme.



Simply that the value of GHS is falling in the long term.

A person buys GHS, which loses value. The holder of GHS never mines enough Bitcoin to cover the loss in GHS value. They then sell out at the lower price to another person trying their luck. They too suffer a loss and sell out to the next. That is the rolling Ponzi.

Yes, some might get lucky trading GHS on a very short term basis.

Overall, it's a zero sum game but with a fee to cover pool expenses.

Those who mine with rented GHS will make a loss. Those who mine the CEX pool with their own hardware will gain BTC. CEX cover their expenses with maintenance fees.

Okay, CEX are not deliberately running a Ponzi. It's those who rent GHS and try to mine with it who are placing themselves into a Ponzi.

GHS is not a valid investment, especially at over $70 a GHS. Hold onto your BTC. It's doing just fine at present.

I don't think CEX.IO thought things out. Well-meaning intentions, yes. Lots of computing types but nobody with an economics background. Like many Bitcoin oriented start-ups, it's the creation of Bitcoins that matters and little else.

Well the price tends to band between $60-$72... If BTC price rises.. The BTC pro GH falls... Of course it does! But when you translate price from BTC/USD you will see that it remains in this tight band... Even though the graph falls... It falls because the proportion of BTC to make the 60-73$/GH price... Is less... So if you bought GH at $60/GH when BTC was $300 and sold your GH at $70 when BTC was $1000... You have technically made $10... Hard way to look at it but... It's only BTC. If you don't like it don't trade... You are Infact just renting HASH because it's hard to find or buy your own hardware... BFL are offering 1gh for $10,83.... But it's not online yet... What will happen to the price here when the competition starts is your guess. I have 167gh coming sometime this millennium it's all a big gamble. I sold out today.. Difficulty change is very close!
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November 29, 2013, 06:23:50 PM
 #391


I do not think you guys understood...

USD is not BTC... but usd can be converted to btc and vice versa... the value FLUCTUATES a lot...

so please stop thinking the GHs price in USD...

should only worry with BTC/GHs

for people who hate CEX so much... go buy some pre-order hardware... and I will wish u luck myself...


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November 29, 2013, 06:51:44 PM
 #392

Bananas aren't apples... Current GH price $? $70.41... On the high side... Don't buy simple. Whether you like it or not.... People still think in $ as it's a stable(ish) currency. If everything does crash the dollar won't. You are renting gash power not trading. As I said it is very expensive! A pre order won't make you money... Unless you trade it too. Asic Erupters are selling for €45 in Germany (336 not 1000 hashes)! I bought mine for "fun" at 14€ average... I'd make more money selling them and investing for a GH in CEX .. But it's not so much fun.
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November 29, 2013, 08:51:00 PM
 #393

Explain something to me, say btc is $1000, i decided to spend 1 btc on 10 gh/s and actually mine with it, and not try to sell it 1 second after i bought it. Now i know i am in the whole $1000 but the btc it will mine for me over TIME will eventually even out then rest is profit..

What am i missing ?
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November 30, 2013, 04:24:18 AM
 #394

CEX,

Is your GHASH.IO pool currently down (for non-cex.io miners)? I have several proxy servers for blades that currently cannot connect to the pool. Only my CEX.IO account is mining.

I also see the pool just dropped by 300 TH over the last few shifts.
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November 30, 2013, 04:45:23 AM
 #395

Explain something to me, say btc is $1000, i decided to spend 1 btc on 10 gh/s and actually mine with it, and not try to sell it 1 second after i bought it. Now i know i am in the whole $1000 but the btc it will mine for me over TIME will eventually even out then rest is profit..

What am i missing ?


if you convert DOLLARS to BTC... then let's say you have 1 BTC...

that "ONE BTC" is all you have to think...

do not think about dollars...

now you have to calculate how many days can you mine and get that 1 BTC BACK.. or in the other hand... can you sell your GHS for more than 1 BTC...

that is why CEX is doing GHs/BTC....

and NOT GHs/BTC/USD

stop thinking about USD...

it is not included in the trade...

once you pass that thought... (let's say you have many BTC's already)... now you can step into a next level.. which is BTC and USD trading...







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November 30, 2013, 10:16:49 AM
 #396

Explain something to me, say btc is $1000, i decided to spend 1 btc on 10 gh/s and actually mine with it, and not try to sell it 1 second after i bought it. Now i know i am in the whole $1000 but the btc it will mine for me over TIME will eventually even out then rest is profit..

What am i missing ?


The BTC price of GHS depreciates faster than you can mine BTC. So over TIME you will make a loss. There is no profit. Check the 3 month GHS/BTC graph on CEX.IO and see.
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November 30, 2013, 10:19:47 AM
 #397

Quote
A sort of rolling Ponzi scheme

In a Ponzi scheme the operator pays "interest" to investor A using investor B's investment, which disappears and cannot be withdrawn.

Please identify A and B in the Ponzi scheme you are proposing.  Show how investor B's investment cannot be withdrawn.

Investor B's investment losing value due to market forces does not constitute a Ponzi scheme.



Simply that the value of GHS is falling in the long term.

A person buys GHS, which loses value. The holder of GHS never mines enough Bitcoin to cover the loss in GHS value. They then sell out at the lower price to another person trying their luck. They too suffer a loss and sell out to the next. That is the rolling Ponzi.

Yes, some might get lucky trading GHS on a very short term basis.

Overall, it's a zero sum game but with a fee to cover pool expenses.

Those who mine with rented GHS will make a loss. Those who mine the CEX pool with their own hardware will gain BTC. CEX cover their expenses with maintenance fees.

Okay, CEX are not deliberately running a Ponzi. It's those who rent GHS and try to mine with it who are placing themselves into a Ponzi.

GHS is not a valid investment, especially at over $70 a GHS. Hold onto your BTC. It's doing just fine at present.

I don't think CEX.IO thought things out. Well-meaning intentions, yes. Lots of computing types but nobody with an economics background. Like many Bitcoin oriented start-ups, it's the creation of Bitcoins that matters and little else.

Well the price tends to band between $60-$72... If BTC price rises.. The BTC pro GH falls... Of course it does! But when you translate price from BTC/USD you will see that it remains in this tight band... Even though the graph falls... It falls because the proportion of BTC to make the 60-73$/GH price... Is less... So if you bought GH at $60/GH when BTC was $300 and sold your GH at $70 when BTC was $1000... You have technically made $10... Hard way to look at it but... It's only BTC. If you don't like it don't trade... You are Infact just renting HASH because it's hard to find or buy your own hardware... BFL are offering 1gh for $10,83.... But it's not online yet... What will happen to the price here when the competition starts is your guess. I have 167gh coming sometime this millennium it's all a big gamble. I sold out today.. Difficulty change is very close!

Your "graph" must be very short term. I have graphed CEX.IO from inception. The price in dollars was $28.86 on Octover 1st, falling to $15.14 on October 24th. Since then it has steadily risen to over $70 in the last 3 days, which must be the length of your graph.
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November 30, 2013, 11:36:57 AM
 #398

is it possibly for cex.io to make a second mining-pool. so this can mine ppc-coin or an other alt-coin, so hashpower of the first pool can get lower, if hardware is splitted

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November 30, 2013, 03:22:01 PM
 #399

Hey, I'm trying to deposit a smallish amount (.03 BTC) to get started for now, and I have over 14 confritmations on the transaction. This makes those coins unspendable for me, either on bitcoin directly, or on cex.io.

The deposit page indicates that it was received but is pending with only 2 confirmations seen there.

Many others are reporting the same issue in chat. Could it be fixed or could we get a refund for the coins?
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November 30, 2013, 03:24:26 PM
Last edit: November 30, 2013, 04:59:27 PM by fenghush
 #400

Hey, I'm trying to deposit a smallish amount (.03 BTC) to get started for now, and I have over 14 confritmations on the transaction. This makes those coins unspendable for me, either on bitcoin directly, or on cex.io.

The deposit page indicates that it was received but is pending with only 2 confirmations seen there.

Many others are reporting the same issue in chat. Could it be fixed or could we get a refund for the coins?
Same here https://blockchain.info/tx/26d4d6f29ee9784b02a7309e44352fca8013a61928b35c77fdc409a2c7341f83 been hours now still stuck at 2 of 3 confirmations. Opened a support ticket too but no reply yet.

EDIT

Deposits are working again.

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