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[marcotheminer]

Can we see any drop in hashing power due to Cex switched off?

there would be a drop if there were any physical devices behind cex.io

that was the largest and longest going ponzi

The mining power was there. You could even exchange for the physical miner itself albeit not really worth the price due to its age and use.

Can we see any drop in hashing power due to Cex switched off?

They will probably continue mining themselves, since it is still profitable to mine alone with such large amounts of hashpower.

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[sorryforthat]

They will probably continue mining themselves, since it is still profitable to mine alone with such large amounts of hashpower.

Yup, as stated in their terms and posted today by Cex

"Mining with using User's Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient."

[skuser]

Can we see any drop in hashing power due to Cex switched off?

there would be a drop if there were any physical devices behind cex.io

that was the largest and longest going ponzi

The mining power was there. You could even exchange for the physical miner itself albeit not really worth the price due to its age and use.

Can we see any drop in hashing power due to Cex switched off?

They will probably continue mining themselves, since it is still profitable to mine alone with such large amounts of hashpower.

Or in another words, their maintenance fee was larger than their real costs are...

[primeminer]

Can we see any drop in hashing power due to Cex switched off?

there would be a drop if there were any physical devices behind cex.io

that was the largest and longest going ponzi

The mining power was there. You could even exchange for the physical miner itself albeit not really worth the price due to its age and use.

hahahaha so I understand that you have redeemed the miner? or you know someone who did, or you know a sister of a guy who's uncle have known a guy who did redeem.

Coz me I have tried to redeem some time ago .....

[l3sny]

If you do not threat them with some criminal charges for running a ponzi scheme for 18 or so months you will be ignored.
There has been no single miner.

[primeminer]

If you do not threat them with some criminal charges for running a ponzi scheme for 18 or so months you will be ignored.
There has been no single miner.

one could see shrinking ghash hashrate share as they had only ppl paying btc into ponzi and covered with free pool as a most promoted 0% fee one. What you see now in global hashrate pie chart is the left over who still mine using ghash.

There was never - or only at very beginning -any real hardware behind cex...


Now I just wish for stepped diff drop of 25-30% that would at leased wipe out all of the ponzi's

[newguy05]

i have said it a long time ago on this thread, cex.io is a game of musical chairs. You can make money as long as there is someone to hand the bag to. But as the music stops there is bound to be someone left standing holding the bag. If that person is you then you lost.

At 3X the market GH/$ and 12% monthly fee, the musical chair is still going, but the end is near as the asic hardware cost reach their manufacturing cost basis, with china pumping out units like no tomorrow.

Bottomline, dont be the one left holding the bag and you will be fine.

The music has stopped. I hope you found a chair and not left standing holding the bag.   

[primeminer]

Understood, but I was correcting an earlier post. I even stated it wasnt worth it to exchange. What are you on about?

It wasnt worth exchanging because there was nothing to exchange and price for shipping was to scare you of from trying...

I have asked to redeem the miner when I had enough on BTC balance, there was a panic there and after the time I received reply saying that shipping of the miner was 3 fold of its value, clearly to turn people off redeeming I have asked for send out just to try and check but never had any reply back... That is down to June 2013 I think, could search for emails to paste here but that is too much you have to trust my word on this.

[primeminer]

drops in USD/BTC and diff will wipe out few more ponzis in due time.

BTW anyone had this coming:

Hi there:

It has been a while since the last time we talked, I wish everything goes very well. I am writing to inquire the possibility of building mining farm together.

We are ready to produce our new generation miner. We plan to use that miner to expand our mining farm worldwide. If you have competitive electricity resource in your region. We would be happy to discuss the possibility of building farm together, or we can help you or your customer to build mining farm.

The new miner is SHA-256 & Scrypt dual mode:
Hashing power: 2100GH + 48MH
Power consumption: 1000W.

Please feel free to let me know you thoughts, many thanks.

Best regards, Frank.

[darrenwgray]

So what we are saying is that GHash getting close to 51% and "threatening BitCoin civilization" was all part of some ponzi and when they said "oh yeah well we will willingly reduce out market share" it was all a big fake?

That makes sense.... really... not...

When CEX had a market share of 35% to 40% (according to their website front-page) they were profitable; then it slumped to 20% and it wasn't.
Personally I think this was a major turning stone for the miners and although we got a boost for a short time as a result of the recent outage, it was still only an unprofitable margin that it was all based on!

[skuser]

So what we are saying is that GHash getting close to 51% and "threatening BitCoin civilization" was all part of some ponzi and when they said "oh yeah well we will willingly reduce out market share" it was all a big fake?

That makes sense.... really... not...

When CEX had a market share of 35% to 40% (according to their website front-page) they were profitable; then it slumped to 20% and it wasn't.
Personally I think this was a major turning stone for the miners and although we got a boost for a short time as a result of the recent outage, it was still only an unprofitable margin that it was all based on!

You are mixing ghash.io with cex.io so it doesn't make a sense at all. The fact public pool ghash.io was close to 51% has nothing with cex.io being possible ponzi or not (which I don't believe anyway).

[darrenwgray]

So what we are saying is that GHash getting close to 51% and "threatening BitCoin civilization" was all part of some ponzi and when they said "oh yeah well we will willingly reduce out market share" it was all a big fake?

That makes sense.... really... not...

When CEX had a market share of 35% to 40% (according to their website front-page) they were profitable; then it slumped to 20% and it wasn't.
Personally I think this was a major turning stone for the miners and although we got a boost for a short time as a result of the recent outage, it was still only an unprofitable margin that it was all based on!

You are mixing ghash.io with cex.io so it doesn't make a sense at all. The fact public pool ghash.io was close to 51% has nothing with cex.io being possible ponzi or not (which I don't believe anyway).

I disagree to an extent.

At around the same time as GHash announced that they would reduce their hashing power, the CEX advertised market share reduced from ~40% to ~20%. I agree that we should treat GHash and CEX separately but at the same time. This would suggest that there is at least a tenuous link between the two.

I am of the same opinion as you that CEX mining is not a ponzi; but I do think that they made a bad business decision to handle the substantial outage in the way that they did. Once they realised that the problem was more than a few hours of outage they should have suspended mining there and then because they already had enough indications that the mining shares were bordering unprofitable and they should have been able to have a realistic estimate of the effect a boost would have had.

My personal belief is that CEX, as well as many of the other legitimate trade-able mining share services (as opposed to pure contracts) do not have the analysis in place to make responsible business decisions.

[primeminer]

Cex if had ever any hardware it has been only at the very beginning of them trading. I have collected enough of ghs to redeem the hardware over a year ago. My request created a panic there. they had no idea how to get around this and offered shipping pricing which was 3 fold of the device price. That makes me strongly believe that cex had no physical hardware and it has been a ponzi.

Ponzi which was nicely covered with ghash, as it has been first 0 fee pool. Cex was showing ghash as their hashing power of combined their non existing hardware and people pooling.

they claimed that they are UK company but they wanted to charge me zillions for shipping internally within uk....

[CEX]

First of all, CEX.IO is a trading platform. All GHS which are traded here have been provided by our hardware partners. We do not have our own equipment.

Secondly, CEX.IO is not shutting down. We have paused only cloud mining services due to economical impracticality for our users: the maintenance costs are higher than the reward from mined blocks. While we mine Bitcoins, we pay our maintenance fees to hardware providers in USD. As there has been a drop in the Bitcoin price, it has simply become inefficient to continue cloud mining.

Thirdly, all users’ GHS remain unaffected in their balance. They can be traded for BTC or other currencies, both crypto and fiat, on CEX.IO Crypto Exchange platform.

Fourthly, for those who decide to resume mining with us, we are working on a switch button which will be available in users’ profile settings. This way, every user will be able to control his own cloud mining.

Users also will be able to let CEX.IO decide whether to resume cloud mining if the profitability changes. With the current difficulty, the price to resume GHS cloud mining is approximately $320 USD per 1 BTC. This price can change in the future.

With cloud mining paused, we will continue to concentrate on our 2 main projects: CEX.IO Crypto Exchange and GHash.IO Mining pool.
Our aim is to provide the best service for usage of cryptocurrencies, to build out the crypto ecosystem. On CEX.IO Crypto exchange we have already implemented fiat currencies, along with KYC and AML procedures, while new payment providers are added every other week. GHash.IO is also in line for great changes and upgrades.

[l3sny]

You see? I told you so  

CEX has never had any hardware partners who provided any equipment during operation of this ponzi scheme. Why? Because it is way better to charge excessive maintenance fees for non existing hardware and do fractional mining. Now the difficulty has become not predictable and without any real hashing power it is impossible to continue fractional mining creating GH/s out of thin air.

[hdbuck]

You see? I told you so 

CEX has never had any hardware partners who provided any equipment during operation of this ponzi scheme. Why? Because it is way better to charge excessive maintenance fees for non existing hardware and do fractional mining. Now the difficulty has become not predictable and without any real hashing power it is impossible to continue fractional mining creating GH/s out of thin air.

lol +1000

[primeminer]

You see? I told you so  

CEX has never had any hardware partners who provided any equipment during operation of this ponzi scheme. Why? Because it is way better to charge excessive maintenance fees for non existing hardware and do fractional mining. Now the difficulty has become not predictable and without any real hashing power it is impossible to continue fractional mining creating GH/s out of thin air.

This just comes in line with my experience with redeeming the hardware...

Once again CEX.io was a ponzi, they had no hardware. hmmmm is it illegal to run ponzi in UK as its the place where the company is registered?

[coinpr0n]

An auto-switch for only mining when profitable is a good idea.

[BigMac]

With bitcoin price back to $300 and difficulty predicted to be dropped by 6%, the mining revenue should just barely go above the maintenance fee soon.

[darrenwgray]

I am sorry if this sounds like a stupid question; but if CEX has pulled out of cloud mining, albeit on a temporary basis, what are those miners doing right now?

• If they are mining for another company/individual/CEX pool/ponzi in the interim(I jest) then clearly they are not as unprofitable as everyone would suggest
• If they have simply been shut down then how can people simply flick a "f### it" switch to start mining again
• If they are sat whirring away just waiting for someone to want to mine they are still costing electricity and cooling costs (except possibly in the UK right now where it is ruddy cold)
• If every single cloud mining share holder decided to activate their "f### it" button and want to start mining again, would CEX melt down again?

Baring in mind that the three mining share facilities that I moved my CEX proceeds to are still churning out a profit (and I might add the value of the shares is at the moment rising) then what has made CEX so unprofitable?