I am out of the mining game :(

[notbatman]

Making $0.00 a day with my Black Arrow 2Th/s miner that was never delivered at the end of February and still hasn't been delivered.

[Klubknuckle]

Making $0.00 a day with my Black Arrow 2Th/s miner that was never delivered at the end of February and still hasn't been delivered.

Oh, I though they gave compensation?

[notbatman]

Making $0.00 a day with my Black Arrow 2Th/s miner that was never delivered at the end of February and still hasn't been delivered.

Oh, I though they gave compensation?

No miner, no refund and no compensation.

[Kimowa]

Making $0.00 a day with my Black Arrow 2Th/s miner that was never delivered at the end of February and still hasn't been delivered.

Oh, I though they gave compensation?

No miner, no refund and no compensation.

That sucks. Someone need to take down those scamming company.

[DrG]

Making $0.00 a day with my Black Arrow 2Th/s miner that was never delivered at the end of February and still hasn't been delivered.

Oh, I though they gave compensation?

No miner, no refund and no compensation.

In other words you got scammed.  I'm sorry for your loss.  I was considering BA for a little bit as people mentioned they initially had a good track record.  Guess they couldn't handle their hot potato when large sums of money came into play.

[xandriel]

As a BA customer that has actually received their order, I can tell you that the products are technically very good...though you probably wont get ROI with the current market.
However, they seem intent in sharing a cesspit with BFL, sharing similar qualities in customer relations...maybe they went to the same school ;(

[DrG]

As a BA customer that has actually received their order, I can tell you that the products are technically very good...though you probably wont get ROI with the current market.
However, they seem intent in sharing a cesspit with BFL, sharing similar qualities in customer relations...maybe they went to the same school ;(

BFL walks the fine line between scam and fraud. They won't outright not ship you a miner since you could always win that in court, they will just mine on it until it's useless and then ship it to you so they don't have to offer a refund because they never "promised" a delivery by a certain date.

Gonna do a couple rounds on the bag... got me worked up now.

[Wooden Plate]

Yeah for many people it's only a waste of time and money,Nowadays there is not much profit in the mining anymore unless done in large scale

[coinits]

The trick is that they can sell to themselves without cheating themselves.  If Cointerra sold a 2TH unit last year for $5000 and it cost them $1500 to develop the unit, then they can buy more units for themselves.  They don't need to pay for any additional research, they don't need to pay for shipping, they're not penalized with a 2 week downtime with shipping.  So if the miner costs 1/3 of their total end user selling price then they essentially have only 1/3rd the investment cost that an end user would have.  Not to mention the benefit of mining earlier.

Now if they continue to sell the units for $5k and it costs them $1.5k, they can buy 3 units for every 1 unit they sell you.

Another trick is to have 2 different companies set up where manufacturer sells the units to the mining company at the same price as they would to any other customer. The mining company can write off the cost of the miners against the returns. A loss will not matter because it is all on paper and the BTC does not change. This is a scam that is legal in the my neck of the woods.

[X7]

Another trick is to have 2 different companies set up where manufacturer sells the units to the mining company at the same price as they would to any other customer. The mining company can write off the cost of the miners against the returns. A loss will not matter because it is all on paper and the BTC does not change. This is a scam that is legal in the my neck of the woods.

Good ol' selling from the right hand to the left hand?

[coinits]

Good ol' selling from the right hand to the left hand?

More than two arms. There is a multibillion dollar company where I live that is an Octopus on steroids. They own an auto dealership to sell themselves fleet vehicles. They own a refinery to sell gas to fuel their operations. They own a property management company to look after their real estate transactions. They own a rail line to deliver their products to market. They own an insurance company to insure their operations and fleet vehicles. The government gives them grants to expand because they say that they will hire more workers. May be true but they put the competition out of business. They own their own private police force for security. They own a house building company to build homes with their products. They own a chain of hardware and building supply stores to sell their products.

It is quite a system. Write offs and profits in a convoluted business world.

[X7]

More than two arms. There is a multibillion dollar company where I live that is an Octopus on steroids. They own an auto dealership to sell themselves fleet vehicles. They own a refinery to sell gas to fuel their operations. They own a property management company to look after their real estate transactions. They own a rail line to deliver their products to market. They own an insurance company to insure their operations and fleet vehicles. The government gives them grants to expand because they say that they will hire more workers. May be true but they put the competition out of business. They own their own private police force for security. They own a house building company to build homes with their products. They own a chain of hardware and building supply stores to sell their products.

It is quite a system. Write offs and profits in a convoluted business world.

http://thebitcoinmovement.com/bitcoin-peoples-bailout-currency-vs-money/

It is so much worse than that bud.. look at #4

[coinits]

Mike Maloney is a smart man. He, amongst others, got me involved in silver and gold.

[X7]

Mike Maloney is a smart man. He, amongst others, got me involved in silver and gold.

yeah he really broke it down in a way everyone can understand. great educational tool!

[Snorek]

Maybe traditional mining is not longer profitable, but you can do it in a new way. There are ideas like virtual mining, purchasing remote mining rig or buying something like the new Hashlet from GAW miners for example. And you don't have to be rich to to do so...

[DrG]

Maybe traditional mining is not longer profitable, but you can do it in a new way. There are ideas like virtual mining, purchasing remote mining rig or buying something like the new Hashlet from GAW miners for example. And you don't have to be rich to to do so...

Virtual mining, as you call it, is indeed quite profitable - for the company selling the hashes   Every contract allows them to expand their marketshare 

[notbatman]

Maybe traditional mining is not longer profitable, but you can do it in a new way. There are ideas like virtual mining, purchasing remote mining rig or buying something like the new Hashlet from GAW miners for example. And you don't have to be rich to to do so...

Virtual mining, as you call it, is indeed quite profitable - for the company selling the hashes   Every contract allows them to expand their marketshare 

"Proof of dishonesty and lies from Gawminers.com Hashlet Ponzi Scheme Scam"
https://bitcointalk.org/index.php?topic=749980.0

[notbatman]

As you can see these scammers are specifically targeting small miners "you don't have to be rich". Are we mining or playing the get rich quick you deserve to lose all your money game?

Fucking scumbags.

[notlist3d]

Maybe traditional mining is not longer profitable, but you can do it in a new way. There are ideas like virtual mining, purchasing remote mining rig or buying something like the new Hashlet from GAW miners for example. And you don't have to be rich to to do so...

Virtual mining, as you call it, is indeed quite profitable - for the company selling the hashes   Every contract allows them to expand their marketshare 

"Proof of dishonesty and lies from Gawminers.com Hashlet Ponzi Scheme Scam"
https://bitcointalk.org/index.php?topic=749980.0

I just don't understand their business.  I thought hashlet was a nice idea at first.  But going from like 14.99 to 39.95 and call it prime seems insane.  I will personally be sticking with physical miners. 

We will see if hashlets prove me wrong and were a great investment.  I just don't see how they made money at 15 dollars one day then a few days later it went to 40 dollars.  I see their sales slowing.

[X7]

Just buy the coin directly - it is valued at 480$ USD right now - Calculate what it would cost to earn yourself a BTC (NET) through mining either physical/cloud and quickly understanding that greed has ushered in the era of industrial mining, either we adapt and go with the flow of the ocean... Or we swim into the riptide and drown.