GAW ZenCloud ZenPool Hashlet - does it really exist? ALWAYS MAKE MONEY :-)

[coinGeek]

I'm crossposting this as its worrying me.

I apologize if someone already asked this.


Granted they may not be mining litecoin exclusively.  But shouldnt zenpool be #2 on that list?

They should be "unknown" since they are pretty much mining ... ?

They are mining SHA256 too so you would also have to look for them directing hash at BTC directly. The same equipment could possibly get higher hash rates on SHA256 too, though lower payouts. However, the script network can only take so much hash before prices go down so...

[abdullahadam]

They are mining SHA256 too so you would also have to look for them directing hash at BTC directly. The same equipment could possibly get higher hash rates on SHA256 too, though lower payouts. However, the script network can only take so much hash before prices go down so...

It says on their site, Zenpool is for hashlet mining (scrypt)

SHA256 miners cannot use zenpool (see below)

[coinGeek]

They are mining SHA256 too so you would also have to look for them directing hash at BTC directly. The same equipment could possibly get higher hash rates on SHA256 too, though lower payouts. However, the script network can only take so much hash before prices go down so...

It says on their site, Zenpool is for hashlet mining (scrypt)

SHA256 miners cannot use zenpool (see below)

I tried it yesterday and I was able to use the BTC setting with a hashlet. I just tried it now I can't any more. Interestingly enough, that payout was lower then on script, but not that much lower.

 Another strangeness to add to the list 

[abdullahadam]

I tried it yesterday and I was able to use the BTC setting with a hashlet. I just tried it now I can't any more. Interestingly enough, that payout was lower then on script, but not that much lower.

 Another strangeness to add to the list 

if you are right, it was just a bug or quirk in their system that has been ironed out.  This is brand new right.

[abdullahadam]

According to wafflepool, around 17% of their current payout is from litecoin for this round

http://wafflepool.com/stats

So maybe they are just focusing on other coins.  Seems plausible

[MOB]

According to wafflepool, around 17% of their current payout is from litecoin for this round

http://wafflepool.com/stats

So maybe they are just focusing on other coins.  Seems plausible

Yes, of course they would need to be mining other alt coins.  LTC is not the most profitable alt and that is the entire point of multipools.  There are several other problems though, if one starts with this plausible and necessary assumption.

Look here for raw data: http://www.coinwarz.com/cryptocurrency/?sort=profit&dir=desc

Taking the top 25 most profitable coins (excluding LTC, 24) for the day provides a culmulative total of 149,749MH, which is just a smidge less than the current 150,795MH Zenpool has posted.

1.  Problem #1: Zenpool is currently providing more hash than the the top 25 most profitable (non-LTC) alt coins combined have on their entire networks.

2.  Problem #2: My current daily payout (and everyday so far) with my Hashlet is ~1.45-2.05x higher than LTC could provide.  That would require non-LTC mining on 90%+ of Zenpools hashrate.


Conclusions?
 So, unless no one else in the world is mining then we know Zenpool is not mining those top 25 altcoins.  Yet we also know they are not mining LTC very heavily, if the payouts are dependent upon actual daily mining rates.

So, what are they actually mining?  Where is the money coming from for these payouts?  Which of these assumptions is incorrect?  One of them must be.

I may have made a mistake with raw data here, so someone please run the numbers yourself and see where the heck Zenpool could be hiding that much hashrate.

[AirFlame]

There are so many hard evidence out there, GAW is running a very dodgy business.
Still, there are people buying into Josh's bluffing.

They don't think logically, they choose to believe what they want to believe.  And they try to find excuses for their own ignorance.

You use their services? No? So why You posting ? Smell a troll Newbite

[abdullahadam]

MOB, not only that, but most of the other multipools (Wafflepool, Clevermining, ScryptGuild) all give very similar payouts, as you can read on other threads. 

Clevermining pool stats as of Aug 21, 2014:


Clevermining is at 166 GHS (they are no small fries).  And look at their profitability.  Just a few percent more than LTC on average over the last month.

So what on earth is ZenPool smoking to get such high payouts?

[MOB]

I have no idea.  Short of running a Ponzi, speculating with funds, or having a heavy return of capital (not just ROI), I do not see how GAW could give the returns that it does.  That is the entire reason for this thread.

If GAW pays out like this for another 45 days then they will have paid out more money than went into their initial 2.2mil USD sales.  Either this collapses long before that point, or some other game entirely is afoot.

I guess I have 45 days of popcorn ahead of me.

edit: also curious how many people bought with credit cards.  If the profitability nose dives sharply in the next 45 days, what is to stop anyone from doing a credit card chargeback?  2.2m in chargebacks is going to put GAW out of business.

[abdullahadam]

I guess I have 45 days of popcorn ahead of me.

Or nail biting.. depending on if you invested or not.  There's something very fishy in the water here and GAWMiners doesn't seem to want to clear the waters

[MOB]

I guess I have 45 days of popcorn ahead of me.

Or nail biting.. depending on if you invested or not.  There's something very fishy in the water here and GAWMiners doesn't seem to want to clear the waters

Yea.  I was drunk when I bought that stupid Hashlet, but even then I still used a credit card.  I do not think it will be very hard to get a chargeback on a virtual share of a physical good that has never left seller possession.

[coinGeek]

I guess I have 45 days of popcorn ahead of me.

Or nail biting.. depending on if you invested or not.  There's something very fishy in the water here and GAWMiners doesn't seem to want to clear the waters

Yea.  I was drunk when I bought that stupid Hashlet, but even then I still used a credit card.  I do not think it will be very hard to get a chargeback on a virtual share of a physical good that has never left seller possession.

For about the cost of a movie ticket and popcorn, $15.99, you can have a hashlet and months of suspense and excitement

[EvilPanda]

According to wafflepool, around 17% of their current payout is from litecoin for this round

http://wafflepool.com/stats

So maybe they are just focusing on other coins.  Seems plausible

So, what are they actually mining?  Where is the money coming from for these payouts?  Which of these assumptions is incorrect?  One of them must be.

I may have made a mistake with raw data here, so someone please run the numbers yourself and see where the heck Zenpool could be hiding that much hashrate.

I allowed myself to leave the most important part.

AFAIK they are indeed mining many different coins and have 3 data centers (the pictures show only 2).
They also won't disclose what is being mined and will continue to hide the hashrate for now. You'll have to deal with it.

[coinGeek]

For about the cost of a movie ticket and popcorn, $15.99, you can have a hashlet and months of suspense and excitement

And BTW, this is more or less what the skeptics are saying in this thread: Except maybe make that a video game rather than a movie ticket.

What more does a hobby miner need anyway? Some buttons to click and stats to check. Sweep the dust into your wallet once in a while and that's all there is to cloud mining! (Don't think about ROI, that's a depressing subject).  

I'm not convinced by this skeptic argument so far. But, I'm only in for chump change so we'll see how it plays out.

[Slark]

According to wafflepool, around 17% of their current payout is from litecoin for this round

http://wafflepool.com/stats

So maybe they are just focusing on other coins.  Seems plausible

So, what are they actually mining?  Where is the money coming from for these payouts?  Which of these assumptions is incorrect?  One of them must be.

I may have made a mistake with raw data here, so someone please run the numbers yourself and see where the heck Zenpool could be hiding that much hashrate.

I allowed myself to leave the most important part.

AFAIK they are indeed mining many different coins and have 3 data centers (the pictures show only 2).
They also won't disclose what is being mined and will continue to hide the hashrate for now. You'll have to deal with it.

It is completely normal for companies to NOT show everything and while some facts are hidden from general public it does not mean anything. GAW is not obliged to show us every part of their activity. Competition in this business is hard after all.

[suchmoon]

I was lazy so I should have grabbed the image too. Anyway, it's about what you have now and I can only think that the system was updating because you'll notice the avg payout changed as well.

And just so you know, I love what you've done with cryp.today. I go there at least once a day and would gladly click on some ads if you put them on there.

Thank you, I appreciate it. The site is still work in progress and somewhat glitchy so it doesn't feel right to ask for money, via ads or otherwise.

[suchmoon]

1.  Problem #1: Zenpool is currently providing more hash than the the top 25 most profitable (non-LTC) alt coins combined have on their entire networks.

I think you can see now how this whole thing can be successful against all odds. Despite huge red flags such as this most GAW customers desperately want to believe that they have some mysterious money machine and will keep buying the hashlets. I have a feeling that next week's announcement regarding Vaultbreaker will go in the same direction so GAW will get off the hook for that one too.

[suchmoon]

I'm crossposting this as its worrying me.

I apologize if someone already asked this.


Granted they may not be mining litecoin exclusively.  But shouldnt zenpool be #2 on that list?

They should be "unknown" since they are pretty much mining ... ?

If you are saying GAW is the "Unknown" part of the Litecoin chart, that's not possible. The "Unknown" has always been there and has not suddenly grown by 150 GH/s. It's not a single entity, just a lot of smaller pools and solo miners.

[coinGeek]

1.  Problem #1: Zenpool is currently providing more hash than the the top 25 most profitable (non-LTC) alt coins combined have on their entire networks.

I think you can see now how this whole thing can be successful against all odds. Despite huge red flags such as this most GAW customers desperately want to believe that they have some mysterious money machine and will keep buying the hashlets. I have a feeling that next week's announcement regarding Vaultbreaker will go in the same direction so GAW will get off the hook for that one too.

I agree.

The thing is, we only have to wait a month or two to find out who is right. The fans can turn into a mob fast if it's a pure scam. If GAW can pull it off, more or less -- whatever IT turns out to be -- they will look like geniuses.

[srt1234]

I'm crossposting this as its worrying me.

I apologize if someone already asked this.


Granted they may not be mining litecoin exclusively.  But shouldnt zenpool be #2 on that list?

They should be "unknown" since they are pretty much mining ... ?

If you are saying GAW is the "Unknown" part of the Litecoin chart, that's not possible. The "Unknown" has always been there and has not suddenly grown by 150 GH/s. It's not a single entity, just a lot of smaller pools and solo miners.

GAW had probably their whole entire stock online long time ago...why else would it take them eons to ship 1 flipping unit to someone like a cpl states away? and all the ppl screaming about dusty units...i bet they are mostly the unknown part

ops but they are only taking 1hr stat shots of it...hmm so guess that is why its straight across...but still think there is something fishy with them, but as long as the payouts keep coming, i guess i'll be happy


anyone else noticed this?

https://i.imgur.com/lvNA841.png

that is the only time in what like 10-15days since i had the unit that the hashrate hasn't been a straight line across and yes i'm a seasoned mining vet, so i know, no miner does a straight graph across hashrate...so i wonder if their system had alittle burp?

EDIT: oh they take hashrate estimates every 1hr, forgot about that...still think someone is fishy with them but as long as payouts keep coming i'm happy

This pic is hilarious, no miner graph is like this.