[IPO] CoinPal - Crypto-Currency Exchange & Profit Switching Mining Pool {NEW}

[SamboNZ]

So I ran the BitFury USB miner specs through a Mining profitability calculator and unless I've put something in incorrectly, it appears that my USB miner will generate me a grand total of 0.01 BTC over the next year.

Does that sound correct!?

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[amdfxman1701]

So I ran the BitFury USB miner specs through a Mining profitability calculator and unless I've put something in incorrectly, it appears that my USB miner will generate me a grand total of 0.01 BTC over the next year.

Does that sound correct!?

Yup, with bitcoin difficulty so high, these little usb miners are useless, which is why Ryan Gay was probably more than willing to give them out for "free."

You might be better off selling it on ebay or mining other sha-256 coins with it.

[GT3000]

So I ran the BitFury USB miner specs through a Mining profitability calculator and unless I've put something in incorrectly, it appears that my USB miner will generate me a grand total of 0.01 BTC over the next year.

Does that sound correct!?

Yup, with bitcoin difficulty so high, these little usb miners are useless, which is why Ryan Gay was probably more than willing to give them out for "free."

You might be better off selling it on ebay or mining other sha-256 coins with it.

They're meant to be used in large quantities. Typically in USB hubs 20-40 in size. It's a poor man's ASIC if you got enough.

[SamboNZ]

They're meant to be used in large quantities. Typically in USB hubs 20-40 in size. It's a poor man's ASIC if you got enough.

Sure, but even 100 of these is still only going to ever give you 1 BTC, so from a ROI perspective it just doesn't seem to be worth it!

[MrWDunne]

They're meant to be used in large quantities. Typically in USB hubs 20-40 in size. It's a poor man's ASIC if you got enough.

Sure, but even 100 of these is still only going to ever give you 1 BTC, so from a ROI perspective it just doesn't seem to be worth it!

USB miners have always been a collectors item/hobby

[SamboNZ]

I guess I can't complain since I got it for free, my ROI is effectively infinity!

[MrWDunne]

I guess I can't complain since I got it for free, my ROI is effectively infinity!

You had to buy 1,000 shares in CoinPal. Those are now almost definitely worth less, thats like saying "I paid for three years tuition at college and they gave me a free book!"

[SamboNZ]

I guess I can't complain since I got it for free, my ROI is effectively infinity!

You had to buy 1,000 shares in CoinPal. Those are now almost definitely worth less, thats like saying "I paid for three years tuition at college and they gave me a free book!"

Sure, I guess you could possibly argue that, only time will tell for sure

[MrWDunne]

I guess I can't complain since I got it for free, my ROI is effectively infinity!

You had to buy 1,000 shares in CoinPal. Those are now almost definitely worth less, thats like saying "I paid for three years tuition at college and they gave me a free book!"

Sure, I guess you could possibly argue that, only time will tell for sure

I'm fairly sure of it.

I feel a little guilty though, when this was first posted I wrote a lengthy two page tear down of this business and then decided against posting it. It quite possibly would have prevented other people from getting dragged into this mess.

[SamboNZ]

I'm fairly sure of it.

I feel a little guilty though, when this was first posted I wrote a lengthy two page tear down of this business and then decided against posting it. It quite possibly would have prevented other people from getting dragged into this mess.

Well, this is the debate isn't it, and has been from about page 2.  Personally, I see a typical skilled person who is not good with people (as is the case with many, many skilled people that I have known over the years).  To me Ryan G is not acting like a typical scammer.  Does he have atrocious communication?  Without a doubt.  Does this alone prove that he is a scammer?  Of course not.

At the end of the day, as far as I can see, his lack of communication is the ONLY 'evidence' we have against him.

[MrWDunne]

I'm fairly sure of it.

I feel a little guilty though, when this was first posted I wrote a lengthy two page tear down of this business and then decided against posting it. It quite possibly would have prevented other people from getting dragged into this mess.

Well, this is the debate isn't it, and has been from about page 2.  Personally, I see a typical skilled person who is not good with people (as is the case with many, many skilled people that I have known over the years).  To me Ryan G is not acting like a typical scammer.  Does he have atrocious communication?  Without a doubt.  Does this alone prove that he is a scammer?  Of course not.

At the end of the day, as far as I can see, his lack of communication is the ONLY 'evidence' we have against him.

He doesn't seem particularly competent to myself, also communication is not difficult.

"Update #2, server is up and running, test site looking good so far. On target for one month release"

Also he seemed to try to be anonymous. You cannot run a bitcoin business anonymously. People need recourse.

[SamboNZ]

He doesn't seem particularly competent to myself, also communication is not difficult.

"Update #2, server is up and running, test site looking good so far. On target for one month release"

Also he seemed to try to be anonymous. You cannot run a bitcoin business anonymously. People need recourse.

What evidence do you have to support your lack of competency theory?  Don't confuse lack of competency to normal project delays, virtually ALL projects have delays and unforeseen issues which can sometimes be difficult to work around.

Agreed on the anonymous comment, but again, poor people skills might explain that.  In any case, he is no longer anonymous so we'll never know if he was intending to reveal his identity in time or not.

[MrWDunne]

He doesn't seem particularly competent to myself, also communication is not difficult.

"Update #2, server is up and running, test site looking good so far. On target for one month release"

Also he seemed to try to be anonymous. You cannot run a bitcoin business anonymously. People need recourse.

What evidence do you have to support your lack of competency theory?  Don't confuse lack of competency to normal project delays, virtually ALL projects have delays and unforeseen issues which can sometimes be difficult to work around.

Agreed on the anonymous comment, but again, poor people skills might explain that.  In any case, he is no longer anonymous so we'll never know if he was intending to reveal his identity in time or not.

I can point out how he is incompetent in several ways.

• Firstly communication. That is something rather simple, here is a lesson on how to be transparent. https://www.mimex.co.uk/wp/
• No details for developers, or any real specifications for the exchange.
• Original logo was not only awful, but infringing on trademarks. Either have no logo, or have a good one.
• Taking on far too many products, better to do one thing properly.
• Tried launching another alt-coin exchange without any real explanation of its benefits.
• Trying to raise far more money than would ever be needed for the exchange and multipool. Then decided to get mining equipment.
• Didn't even give any information on energy costs/power capabilities for the mining.
• Didn't reveal things like identity from the get go.
• No idea as to what he actually does/his abilities. Thats kind of painful.

Thats a start.

[SamboNZ]

My comments inline:

I can point out how he is incompetent in several ways.

• Firstly communication. That is something rather simple, here is a lesson on how to be transparent. https://www.mimex.co.uk/wp/
• No details for developers, or any real specifications for the exchange.

Communication

• Original logo was not only awful, but infringing on trademarks. Either have no logo, or have a good one.

Your opinion.  Apparently the graphic was from a stock artwork source and not listed as copyright

• Taking on far too many products, better to do one thing properly.

Again, your opinion

• Tried launching another alt-coin exchange without any real explanation of its benefits.

Not sure what you're referring to here sorry

• Trying to raise far more money than would ever be needed for the exchange and multipool. Then decided to get mining equipment.

Sure it's a lot of money, but we're not privy to all of the details of his plans, so we're not really in a position to judge.  There is no evidence that he bought the mining gear with the proceeds of the IPO, and in fact, I believe that he has specifically stated that shareholder funds will not be used for the purchase of mining gear

• Didn't even give any information on energy costs/power capabilities for the mining.

Communication

• Didn't reveal things like identity from the get go.

Communication

• No idea as to what he actually does/his abilities. Thats kind of painful.

Communication

Thats a start.

[MrWDunne]

A lot of that isn't communication, its just lack of intelligence pure and simple. Communication is how not what.

Also you just send we didn't have all the information, why would you invest in something that you don't have all the information for?

As for benefits, I mean why would you use his exchange over any of the others.

[SamboNZ]

A lot of that isn't communication, its just lack of intelligence pure and simple. Communication is how not what.

Also you just send we didn't have all the information, why would you invest in something that you don't have all the information for?

As for benefits, I mean why would you use his exchange over any of the others.

We can't say for sure whether his failure to provide details was because he didn't think it was important or because he's a poor communicator, and there's no real way to prove this either way unfortunately.

I'll be honest with you, I invested in CoinPal without knowing all the pertinent facts beforehand.  It was one of my first BTC investments and I didn't really know what I was doing   Plus I was too eager to invest the excess BTC I had which I didn't want to sell at the time due to the price dropping.  Knowing what I know now, would I have invested?  Probably not, at least not until the exchange went live and I could see how it was all setup.  This has been a steep learning curve for me, but despite all the drama, I am currently pretty comfortable with my investment, and mildly optimistic that I'll see at least some return from it.  Again, time will tell

I believe that he has some good ideas for the exchange and there are some very interesting aspects to it that appeal to me.

[MrWDunne]

I'm glad you have learnt from this, even if that is all you can take away.

[SamboNZ]

I'm glad you have learnt from this, even if that is all you can take away.

Absolutely!  Whether this all turns to crap or not, the day all the scam accusations started I immediately realised that I had failed on many points of the due diligence that I should have undertaken.  I immediately started writing them all down and the result was a very good lesson in investing!  At the time I actually came to the conclusion that the 1BTC 'fee' that I had paid for my lesson was money well spent!

I have since developed a very robust investment evaluation strategy and have applied it liberally to all subsequent investments.

[MrWDunne]

I'm glad you have learnt from this, even if that is all you can take away.

Absolutely!  Whether this all turns to crap or not, the day all the scam accusations started I immediately realised that I had failed on many points of the due diligence that I should have undertaken.  I immediately started writing them all down and the result was a very good lesson in investing!  At the time I actually came to the conclusion that the 1BTC 'fee' that I had paid for my lesson was money well spent!

I've faced bigger losses, so yes not too bad.

Always establish what the funding is for, why they need that much and make sure you know who it is.

[SamboNZ]

Always establish what the funding is for, why they need that much and make sure you know who it is.

Heh, yup, that was one of my lessons actually!