[Cryptostocks] Scrypts Mining - legit or just a SCAMM?

[bcmine]

Introducing Scrypts Mining.
Scryptsmining.com is independently owned company offering key solutions for scrypt algorithm mining. We own few clusters of GridSeed Infinity Dualminers hashing at 500-530 MH/S (1600 Pcs) on SCRYPT algo. We mine scrypt based currencies, such as litecoin, doge coin, earthcoin, feathercoin.

Business model is easy and straightforward.
Each share equals to 50 KH/S of mining power on our SCRYPT mining rigs.
Our miners are setup to mine most profitable currency. We convert income into bitcoins, which are distributed among shareholders on a weekly basis.

We are offering to buy a part of mining power in shares.
Each share represents 50 Kh/s hashrate. (SCRYPT algo)
20 Shares represents 1 Mh/s of mining power.

All the income will be spend towards purchasing more SCRYPT ASICS of the latest generation. Additional shares will be issued when we increase the number of working ASICS in our datacenters.
Income distribution scheme:
92% is paid to shareholders every week on Tuesday.
8% is held to cover electricity and maintenance costs.
Dividends are paid weekly every Tuesday
Our average monthly profitability against LTC is 125%-135%

Our advantages:
Key solution for scrypt coin mining. No need to purchase hardware.
All hardware is already installed in our datacenters and currently hashing. Thats 1600 GreedSeed ASIC miners or 500-530 MH/S of SCRYPT hashing.
No need to buy, setup, maintain hardware. Our stuff does this for you.
Electricity costs in our datacenters are low, which helps us to charge flat maintenance fee of just 8%.
Instant hashing upon shares purchase.
We take care of setup, electricity, connectivity and maintenance of the hardware.
Earnings are paid weekly as dividends according to income distribution scheme
Comprehensive prices for mining power. Hardware was bought from manufacturer directly. We had a good discount while purchasing that much.
Project web site is scrytpsmining.com
Follow us on twitter @Scryptsio

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[1715437774]

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[bcmine]

What I dont understand is that they are claiming having 3 studios with miners, but not publishing any photos. Thats so suspect, everyone would send some photos of his operations, if he would have it. I mean 1600 Seedminers! Its like you are having a Mercedes or Ferrari and you are telling your friends about it, without having a photo with you.So its HIGHEST probability a Scamm (until i see the farm on a photo). Stay away!

[Snail2]

Even a photo isn't prove anything. Anyone can make a pic about a bunch of stuff in a rack.
Some more questions:
If they are a company shouldn't they publish some registration or VAT numbers?
1600 SeedMiner is more than 2.1 million pounds. If they got this nice chunk of money why they need additional 700 BTC?
If they had £2.1 million shouldn't they spend a few quids on a less doggy site and on some spell checker?
The domain registration address points to some residential area and those bungalows doesn't looks like a company HQ.

So, I agree at first view looks like scam.
 

[thy]

There is a number of red flags for this listing, no photos of the miningfarm in action or it's hashrates and no miningadresses published that they generate there mining incomes on either. There's no huge discounts for ordering such small amount of 1 600 miners from gridseed like they claim.
Even if they actually had the Miners and would not run away with peoples bitcoins it would be a bad deal to invest in them as they charge an overprice of around 80% for the miners hashrates so theres no reason for anyone to invest in them as the price they charge is practically a scam anyway.

[cz_miner]

Even a photo isn't prove anything. Anyone can make a pic about a bunch of stuff in a rack.
Some more questions:
If they are a company shouldn't they publish some registration or VAT numbers?
1600 SeedMiner is more than 2.1 million pounds. If they got this nice chunk of money why they need additional 700 BTC?
If they had £2.1 million shouldn't they spend a few quids on a less doggy site and on some spell checker?
The domain registration address points to some residential area and those bungalows doesn't looks like a company HQ.

So, I agree at first view looks like scam.
 

I don't mean to change anybody's mind about this security, but i was looking to buy some gridseeds myself and your figures just doesn't match up.
Few groupbuys of greedseed has happened on bitcointalk with a realistic price of $200 per unit when ordering more then 10 PCs.
So 1600 units cost $320k, but not 2.1M pounds in any way. I assume some volume discount took place as well.
Just trying to follow the company's logic.... They probably bought gridseeds 4 to 6 weeks ago, when those became available for the public. They got 3 datacenters in China, so I assume company resides in china too...that explains site design and perhaps that's why they show no address and phone on their web site. They ran those ASICs privately for some time while difficulty was low, so they got a good cut of LTC i think. Selling this equipment over cryptostocks is an effort to return the investments.
From what i understood they are offering 10 thousand shares BTC0.07 each, meaning they try to raise 700 coins. With a current price it comes to $430k.

I agree that no photos, no address, no official bitcointalk thread and less then a month domain registration look suspicious. Nevertheless I'm adding this stock to my watchlist to see how the dividends go.

Some companies from cryptostocks are offering same service, but no one seem to have the miners in hands, while these guys claim they have hardware already.

Does anyone contacted them? Any extra information would be highly appreciated.

[bcmine]

So this added to their new homepage:

Administrative and Support Address:
Mirae Asset Tower 166 Lujiazui Ring Road Pudong
Shanghai
200120
China

Email: admin@cryptostocks.com

weird. they are official from cryptostocks??

And the places of the datacenters were added.

Looking better, but stil very anonymous and just a little bit suspisious

[thy]

So this added to their new homepage:

Administrative and Support Address:
Mirae Asset Tower 166 Lujiazui Ring Road Pudong
Shanghai
200120
China

Email: admin@cryptostocks.com

weird. they are official from cryptostocks??

And the places of the datacenters were added.

Looking better, but stil very anonymous and just a little bit suspisious

There probably not Cryptostocks/Vircurex/kumala unless thats where the stolen Money from Vircurex and the missing Dividends to shareholders went to fund that mining park. If it had been kumala behind it, why wouldent he have said it from the start ?

They also claim to be selling gridseeds 5chip miners for 135 usd each in orders of just 300 devices, but thats prices you would not even get to if you buy directly from Gridseed in quantity's of 5000+ units so thats just not possible for them to resell profitable at those prices, they must be a scam and just try to use cryptostocks emailadress without permission to hope to attract some buyers before they dissapear.

[bcmine]

Ok. the wrong adress must be a simple mistake.

It would solve something getting them on phone/skype.

the gridseed5 price is dropping like

https://bitcointalk.org/index.php?topic=537524.0

stone. 

The calculation of the device with production of +300k could be: 5 fan, 10 cooling, 10 board, 25 chips, 10 distribution. So we are around 60 Dollar a piece.

120 selling price, who knows. the fact is that china the manufacturer and usa the product software developer at the moment and both are booming.

[Jeezy911]

Do yourself a favor and avoid cryptostocks. You have no legal say in ownership of any of the companies listed. They can simply "Delist" and you lose your money with no way to fight back. Stick to coins and maybe a little bit of mining rentals for a safer investment. Trust me, I got burned there early in my crypto adventure and realize now that it was a mistake.

[Spoetnik]

Do yourself a favor and avoid cryptostocks. You have no legal say in ownership of any of the companies listed. They can simply "Delist" and you lose your money with no way to fight back. Stick to coins and maybe a little bit of mining rentals for a safer investment. Trust me, I got burned there early in my crypto adventure and realize now that it was a mistake.

agreed i lost some money and walked.. avoid

[bcmine]

Hardware Performance*

Guangzhou   Hashing OK   178.013 mh/s   179.801 mh/s   175.161 mh/s
Tianjin   Hashing OK   179.819 mh/s   181.354 mh/s   180.011 mh/s

*Updates every 5-6 hours

values the same since the last 24 hours. thats a fail.


EDIT:
Values changing now... 

[febiz]

agreed i lost some money and walked.. avoid

+1

[bcmine]

because i opened that thread, I want to keep it maintained.

Scryptsmining.com: Interview With Scrypt Based Mining Company

Drew Cordell  02/04/2014  Sponsored Stories 3 Comments Posted 7 days ago

Scryptsmining.com is a website that offers shares of their mining operation at cryptostocks.com. These shares earn you weekly dividends on their large mining operations each and every week. The stocks can be sold back at any time but with the high rate of return, it is unlikely anyone would want to do that. I got a chance to interview the coordinator of the company: Anita with questions about the business.promoted

 

What is your name and position at Scryptsmining.com? Also, tell me a little bit about the company

 

“My name is Anita and I’m coordinator of the scryptsmining.com project. A group of Chinese businessmen invested into ASIC hardware named the Gridseed, which have been on the market for a month. This hardware allows us to mine bitcoin and litecoin together or separately, We have selected to mine litecoin based currencies as it is more profitable right now.
We have decided to return the part of our investment by issuing a shares at cryptostocks.com Each share grants access to 50kh/s worth of mining equipment. This way potential investors do not have to buy costly equipment; instead they are given a chance to participate in SCRYPT mining with any budget. We also take care of maintenance and setup, which is tricky because Gridseed ASICS require knowledge to setup and operate. We have three data-centers in china, where our hardware is located.”

 

What advantages does scrypt cloud mining have over SHA-256 cloud mining?

“Scrypt Mining on ASICs is a completely new technology. Quite a few companies claimed they are working on it, but only Gridseed seems to have a working product available for the purchase right now. With only 5 W of electricity per 350 kh/s, it is much cheaper then GPU mining and lets you mine litecoin based currencies. Our business model is to switch mining pools meaning that software tracks the most profitable currency at the moment and mines it.
This means more profits against LTC currency.
Other advantages for cloud mining for the shareholder:
1. no need to worry about electricity costs.
2. no need to think about initial setup
3. no need to maintain software and hardware.
We cover all those issues for just 8% of the profits, giving out 92% of the income to our shareholders”

 

What makes your site unique compared to some other cloud mining sites?

 

“Well, let’s take a comparison to other sites. We charge 0.8 BTC per 1 MH/s of mining power, however, scrypt.cc charges 1.57 BTC according to their site. Dividends should be the same while initial investments are lower, this is because we maintain our hardware in china, where electricity is cheaper.Second reason is the fact we work with the Gridseed manufacturer directly. We had a volume discount on the hardware, so the hardware price is the lowest possible.”

 

What are the advantages to mining Scrypt based coins over SHA-256 coins?

 

“The main advantage right now is that SCRYPT ASICs are just hitting the market, difficulty is rising, but it still is very profitable to invest. As we know from bitcoin experience, the most profits are generated when ASICs are just released. Put pool switching mining into equation, which sometimes gives more than 250% in profits against LTC, and you get a pretty good investment opportunity. In fact last week we did 8.47% return of investment.”

 

In your experience, are the gridseed ASICS more rewarding than GPU mining?

” First of all it is, of course, power consumption. Asics are always better then GPUs because their only task is to calculate on a certain algorithm.
If you mine on GPU, you know that its a daily routine task. Maintaining more than 4 GPU at one computer requires you to check the software every 15 minutes, because it freezes for no reason, in addition to that you always have to check core temperatures on each gpu to make sure it’s not overheated. We burned quite many GPUs last year when maintaining our old style SCRYPT Rigs. ASICs offer stability of work.
ASICs are remarkably quiet and run on very low temperatures compared to GPUs.
We have software set up, which monitors hash rate on each unit, so if there is a problem, we can spot it within minutes.”

 

I got a chance to purchase a share of the company that got me 50 Kh/s worth of Scrypt mining. When I woke up this morning, I was pleasantly surprised to see my dividends already in my account, in an incredibly fast and timely manner. I have been unable to mine for the entire time I have been involved with cryptocurrencies, and Scryptsmining gave me (a broke full time college student an opportunity to have fun mining with a low budget.

Mining with scryptsmining.com is both fun and rewarding. Mining Scrypt based currency rather than SHA-256 currency can bring in more profit and is a brand new technology. The Gridseed ASICs are a remarkable first generation Scrypt miner. With a very low power costs in china and the ability to not have to setup any software or equipment, scryptsmining.com offers an amazing opportunity for people who want to get involved with mining but do not have the money to put down on an expensive rig. Scryptsmining.com offers the same hash power you would get from a $1000 rig for a fraction of the cost, they have plans to fit any budget and fuel and desire to mine.

[superresistant]

Strange, they paid dividend :

Date    Total dividend    Number of shares    Dividend per share    
15 Apr 00:01   2.36999436   1,284   0.00184579   BTC

What do you think ?

[kitano]

Scryptsmining.com is claiming they will begin mining with their batch one Titans on July 12th.
https://cryptostocks.com/announcements/2838
I wrote an email to KNC this morning asking if they know Mr. Andersen, a manager of Scryptsmining.
This is their answer:

Hi,

We do not know the exact shipping date at this moment in time, we can only estimate that the shipping date will be within the Q3 timeframe that we originally stated.
We hope to provide you with more information soon.

Best regards
Med vänlig hälsning

Natalie Forslund

Kncminer
www.kncminer.com
Office: +46 8559 253

In your opinion is Scryptsmining legit, or not?

[hiburak]

I reached out to admin of Scrypts Mining, and asked him why he announced that the miners will arrive soon, although they will not be shipped anytime soon. Below is the response:

On Thu, Jul 10, 2014 at 8:10 AM, <admin@scryptsmining.com> wrote:

Burak,

 I can not disclose any more information to you, you are not even our shareholder.
 If you are interested in scrypt mining power - go ahead with shares, if you are interested in KnC development - please refer your questions to KnC.

 Thanks,
 Tom.

So, SCRYPT is certainly a scam. Obviously, he will start giving dividends after July 15th to attract shareholders and sell more shares, but eventually he will disappear.

[sky_g]

Hmmm,

Hope it is not a SCAM else I will loose lot of money . I can see your point that they already paid the BTC on 15th July and after that from weekly payment it gone to bi weekly. They issued 4000 more shares it mean in total 14000 shares. Next payment 1st of Aug.

Wait and see what happen.

[sky_g]

I reached out to admin of Scrypts Mining, and asked him why he announced that the miners will arrive soon, although they will not be shipped anytime soon. Below is the response:

On Thu, Jul 10, 2014 at 8:10 AM, <admin@scryptsmining.com> wrote:

Burak,

 I can not disclose any more information to you, you are not even our shareholder.
 If you are interested in scrypt mining power - go ahead with shares, if you are interested in KnC development - please refer your questions to KnC.

 Thanks,
 Tom.

So, SCRYPT is certainly a scam. Obviously, he will start giving dividends after July 15th to attract shareholders and sell more shares, but eventually he will disappear.

Yes look like your prediction going to be true. Today he suppose to pay 1st of Aug (Dividend of 15s days) still no pay and no reply from owner as well cryptostocks.

Most interestingly cryptostocks not replying too.

[machasm]

Another day down and still no promised dividend. Interestingly they still seem to be selling shares!
Also been scammed by another "company" (COIN) which was just suddenly delisted with promises of buying back everyone's shares. Guess what? That never happened.
I am done making any further investments in any supposed company listed on CS.
Shame really, concept is sound but there is no recourse when the admins decide to just walk away with everyone's hard earned.

[Aqui]

its scam KNCminer dont know scriptsmining.com and he never send the Titan ....
i send email to cryptostocks for say its scam 1 aout no reply for moment
i ask the ID of owner scriptsmining.com no reply .....

the responsable is cryptostocks owner if he dont have ID owner of all project !

i lost 3000$...
or 250 LTC ^^