I wish this site was better organized

[izzotheschizo]

    Ever heard of cloudhashing?  I went here looking for more information about this company, but I couldn't find the main 60 page thread.  If I would have found this thread I doubt I would have sent $500 their way yesterday. I already started the the request refund process with the google wallet service last night and today I got an email back from google wallet they thanked me and they told me that process has been escalated into mediation.

        For those of you who dont know cloudhashing claims you could get more bitcoins for your money with a two year contract through them than you can by actually using coinbase and buying bitcoin.

        The consensus on bitcointalk is getting more bitcoins for your money through them is never going to happen.

        even right now I cant find the 60 page thread which is why Im posting here.

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[jbreher]

http://lmgtfy.com/?q=cloudhashing+site%3Abitcointalk.org

[DannyHamilton]

http://lmgtfy.com/?q=cloudhashing+ASIC+site%3Abitcointalk.org

[DannyHamilton]

http://lmgtfy.com/?q=cloudhashing+site%3Abitcointalk.org

Too fast for me.

[greyhawk]

Searching via google isn't even necessary.

The 67 page cloudhashing megathread is literally the second result when one searches for 'cloudhashing' in the normal forums search.

The problem here seems to be positioned between op's monitor and chair

[izzotheschizo]

okay whatever I got the information now.  Im just mad that I fell for this scam thats all.  anyone know how to do a charge back?  im sitting here dead in the water with my money tied up in this bullshit.  meanwhile bitcoin keeps sky rocketing. 

[jbreher]

Sorry Izzo. Didn't mean to be snarky.

I have learned over the years that it is easy to get burned when trading in a panic. You may want to take time to breathe before your next move.

I already have my strategy sorted. Accordingly, I have not looked into CloudHashing. So while I may consequently wrong, I'd not characterize them as a scam without more facts. From their name, I assume they are selling hash power, with any resulting mining revenue going to the buyer? If so, this either may or may not pay in the long run. No way of knowing ahead of time. Though I suspect chances would be slim that one would recoup their investment - at least in terms of # bitcoins.

I reserve the term 'scam' for cases of outright fraud.

[DannyHamilton]

anyone know how to do a charge back?

LOL.  You've REALLY got to slow down and learn a bit about what you're doing before you rush in.

Caveat emptor my friend, caveat emptor.

[izzotheschizo]

see that's where I fucked up I was thinking I could get more bitcoin that way.  but can you blame me for getting excited?  cloudhashing is a scam because they claimed right on their home page in really big letters that you could get more bitcoins through them than you could get by buying them directly.  I just checked the page again and it looks like they took down that claim.

[Mike Christ]

see that's where I fucked up I was thinking I could get more bitcoin that way.  but can you blame me for getting excited?  cloudhashing is a scam because they claimed right on their home page in really big letters that you could get more bitcoins through them than you could get by buying them directly.  I just checked the page again and it looks like they took down that claim.

The first thing Bitcoin will teach you is this: trust nobody.

[izzotheschizo]

Mike Christ:The first thing Bitcoin will teach you is this: trust nobody.

amen brother.

when I was buying my card I had no idea about calculators.  then I get the card and ran the numbers when bitcoin was at $40 and decided not to mine.  I tried to get ltc but couldnt get the ltc miner to work.  so I just played borderlands 2 with an insane framerate.


when I saw this on the cloudhashing website, I just flipped:

The potential earning on a contract is determined by a number of factors; Hash Rate, Duration, & The level of difficulty over the duration of your contract. A tool we often use to estimate expected returns is the profit calculator on bitcoinx,com; For example to find the potential returns for a Platinum Contract (20GHash/s) enter the hash rate, and calculate the daily return, then multiply by the duration of the contract (730 days). As of today (2nd November 2013), the estimated return is 18.761BTC

It wasn't till I sent them the money that I finally came to my senses.

[TheQuin]

Cloudhashing isn't an outright scam as in they probably intended to fulfil they contracts they sold. However both the way they marketed it and how they are dealing with their customers is definitely shady.

They made a big play about being a UK registered company, that implies that you are safe because they are operating under UK consumer law.

False advertising:



The returns advertised were never going to be achieved.

Breach of contract:

The July contract holders were given just 20% hashing power late in July after being sold 100% starting July 4th. They were told that compensation would be announced after achieving full hash power. When that was announced and was nowhere near what was lost. They then refused to refund saying it was too late. This is a lie as they failed to deliver what they sold, customers are entitiled to refunds by law.

September contracts were simply switched to October contracts with no compensation at all, so with the ~100% difficulty increase, they received about half of what they paid for. Again a breach of contract and they refuse to refund.

Distance selling regulation:
New customers signing up now are entitled to change their mind and get a full refund within 7 days of purchase. Cloudhashing deals with this by ignoring them until the 7 days is up.