Cryptcominer.com - SCAM or NOT?! Update: SCAM

[Kprawn]

Yes we know it's a scam.  

To everyone reading this -== Beware ==- Cryptcominer is possibly a HYip or a Ponzi - Very High risk investment - Do not invest, what you cannot afford to loose.

It's not posted in the gambling section, because it's 100% above board, you are taking a huge risk, like in gambling.

Participants do this at own risk.

Ok... Disclaimer posted. ----> Show a beggar newbie some money!!!!! - I need to feed my kids.   and I am not welcome in any other signature campaign, so I am forced to whore out my signature for moolah *joking for the tight ass people out there.  

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[Squeaker]

awww, c'mon... they're just running a high stakes game of Bitcoin Hot Potatoe...

seriously tho, pirateat40's operation was screaming ponzi with their 7% weekly interest...

this amounts to 21%-31.5% weekly interest (not including "bonuses")...

C'mon, you guys masturbating yourselves while thinking of CryptcoMiner... don't you have any brains whatsoever?

Satoshi himself couldn't sustain this "investment"...

=squeak=

[Kprawn]

Just shows you how desperate and greedy people can be. 

We know it's a scam and we still doing it. Unfortunately only a small % of people can be accommodated with the limited amount of legal signature campaigns on offer here.

Some people already made loads of money previously and now they taking the moral high ground, warning people away from something, everyone with a brain knows, is a ponzi / HYip.

This was posted in the gambling section people... So you taking a gamble.

Everyone is warning people against this, and I also tell people that this is a high risk gambling venture, but they still doing it.

Take PBMining {Everyone know what they are, but they still investing} Why? Simple human greed.

Do not invest, it's a choice, and nobody is forcing you with a gun. If you do, invest no more than you can afford to loose.

Why do people gamble / play the lottery? {All odds are stacked against you, to loose, but greed tells you.. maybe I am the one out of the 1 000 000 people, who would win}

Warn and educate people, by giving them information, and if they still decide to do it, help them reduce their risk. 

[Squeaker]

hey, I sent in $20 myself... figured if I lose it no big deal... I lose more once a month playing poker at the casino. XD

but I look at that list of people sending in money (and real money too, not just bitcoin), and jeez, I wish I had the kind of money where I could throw several thousand dollars in one shot at an obvious ponzi scheme with a high risk of losing.

As for my $20, I'm just kind of morbidly curious how long they're going to pull it off. I'm leaving all my earnings there, and as soon as it hits $20 (or what I calculate to be the equivalent BTC I sent in), I'll withdraw it, leaving my investment there... at that point, it'll be all profit.

I'm 80% sure I won't recover my full investment at all... 10% sure that if I recover the USD value, I won't recover the BTC value, so I still would have lost... and only 10% sure that it'll last long enough for me to be made whole again.

but hey... its only $20 that I would have given to a stripper for a lap dance, anyways. XD

=squeak=

[Kprawn]

The longer you leave your money there, the higher the risk.

But you can also be the unlucky bugger, who invest $1000 on the day they run, and then you loose. That is just how these schemes work.

So it stays a gamble.

What I liked about it was this :

1. Daily payouts {reduced risk} <Not like some of these signature campaigns, where you post for a month, and you get nothing, when they run>
2. Less spam on the forum. {You not asked to do 400 posts to be eligible for payment}
3. If you invest today, you can withdraw tomorrow. {No waiting for weeks}
4. They posted it, in the gambling section. {In a way, they tell you.. "Listen this is a gamble"}

I invest, get a quick return, withdraw. {Hopefully, I get to withdraw it, before they fold}

Do your homework. Read this.

http://en.wikipedia.org/wiki/High-yield_investment_program
http://en.wikipedia.org/wiki/Ponzi_scheme

[apsvinet]

i don't think they will scam 

i got 3 payments

...

Everyone is getting paid, for now. That's not the point. The point is that these are all long term investments, promising a return that would make anyone investing a relatively low sum multi millionaires within a year. It just aint realistic. Once they've obtained enough investments of 1000's of dollars they will shut down. Remember, each investment you make, they can finance their daily rates with your own payment for over a month, so don't be surprised if they're gone in 3 weeks, tops.

[trek27]

i don't think they will scam 

i got 3 payments

...

Everyone is getting paid, for now. That's not the point. The point is that these are all long term investments, promising a return that would make anyone investing a relatively low sum multi millionaires within a year. It just aint realistic. Once they've obtained enough investments of 1000's of dollars they will shut down. Remember, each investment you make, they can finance their daily rates with your own payment for over a month, so don't be surprised if they're gone in 3 weeks, tops.

Yes, practically 100% sure it's a HYIP that will make payouts until ... it stops.

[niothor]

i don't think they will scam 

i got 3 payments

...

Everyone is getting paid, for now. That's not the point. The point is that these are all long term investments, promising a return that would make anyone investing a relatively low sum multi millionaires within a year. It just aint realistic. Once they've obtained enough investments of 1000's of dollars they will shut down. Remember, each investment you make, they can finance their daily rates with your own payment for over a month, so don't be surprised if they're gone in 3 weeks, tops.

Yes, practically 100% sure it's a HYIP that will make payouts until ... it stops.

That is the definition of HYIPs. A more elaborate ponzi scheme under the disguise of "investment".

[williamj2543]

Just got my account closed, but I think it was an error. They said I had removed my sig on my other account, but I didn't. I contacted support about it, I will let you know what they say.

[Netwerked]

Just shows you how desperate and greedy people can be. 

We know it's a scam and we still doing it. Unfortunately only a small % of people can be accommodated with the limited amount of legal signature campaigns on offer here.
...
Take PBMining {Everyone know what they are, but they still investing} Why? Simple human greed.

I think there is a HUGE difference between PBMining.com and Cryptcominer.com.

With PBMining.com, I've run some scenarios in a spreadsheet that show their business can be sustainable, i.e. it is not necessarily a ponzi.  I think what makes people suspicious is that they think there is no way that the current contract price can pay for 5 years of electricity.  I would say they are correct about that, however, the hardware gets replaced with more efficient hardware over time.  Then you probably ask where they get the money for the replacement hardware.  I think the contract price is high enough to cover that as well.  Many people can only visualize today's reality.  A year from now, the cost of purchasing and maintaining 1 GH will be significantly lower.  Nobody ever mentions that the expected return during the second year might be as little as 1% of the contract price.  With a 1TH contract, there may not be enough earnings to send a weekly payout after the second year.  If the difficulty rises too fast, then you might not break even.

With Cryptcominer.com, I just don't see how their business is sustainable in any way.  With this type of investment, there should be a prospectus to review.  The website is very vague, focusing on the high returns and the commissions that you can earn.  Whenever you invest in something that pays more than the risk-free interest rate, then there is risk.  If higher interest is paid, then the risk is higher.  20% a year is already high risk, so 21% a week could be 52 times more risky.  How long have they been in business?  It looks like one WEEK!  They say they guarantee the returns, but what is the real worthiness of a guarantee from a company in business for just a week?

In any case, PBMining.com and Cryptcominer.com both carry different investment risks.  If you're going to invest with either company, only invest what you're willing to lose.

[Kprawn]

Just shows you how desperate and greedy people can be. 

We know it's a scam and we still doing it. Unfortunately only a small % of people can be accommodated with the limited amount of legal signature campaigns on offer here.
...
Take PBMining {Everyone know what they are, but they still investing} Why? Simple human greed.

I think there is a HUGE difference between PBMining.com and Cryptcominer.com.

With PBMining.com, I've run some scenarios in a spreadsheet that show their business can be sustainable, i.e. it is not necessarily a ponzi.  I think what makes people suspicious is that they think there is no way that the current contract price can pay for 5 years of electricity.  I would say they are correct about that, however, the hardware gets replaced with more efficient hardware over time.  Then you probably ask where they get the money for the replacement hardware.  I think the contract price is high enough to cover that as well.  Many people can only visualize today's reality.  A year from now, the cost of purchasing and maintaining 1 GH will be significantly lower.  Nobody ever mentions that the expected return during the second year might be as little as 1% of the contract price.  With a 1TH contract, there may not be enough earnings to send a weekly payout after the second year.  If the difficulty rises too fast, then you might not break even.

With Cryptcominer.com, I just don't see how their business is sustainable in any way.  With this type of investment, there should be a prospectus to review.  The website is very vague, focusing on the high returns and the commissions that you can earn.  Whenever you invest in something that pays more than the risk-free interest rate, then there is risk.  If higher interest is paid, then the risk is higher.  20% a year is already high risk, so 21% a week could be 52 times more risky.  How long have they been in business?  It looks like one WEEK!  They say they guarantee the returns, but what is the real worthiness of a guarantee from a company in business for just a week?

In any case, PBMining.com and Cryptcominer.com both carry different investment risks.  If you're going to invest with either company, only invest what you're willing to lose.

Show me proof, that they mining all the blocks they claiming, and I would invest some there too. 

At least with Cryptcominer you know what is going to happen. {Most likely end of this month or the next} So you plan for that. {Managed risk}

[rammy2k2]

of course they are a SCAM , no one in this world can provide such returns daily !

[btc_investment]

I am in. Got first payment. Will see how it working.

[coory]

got 3 payments today



i don't think it will go to scam side

[sumantso]

got 3 payments today



i don't think it will go to scam side

What? You seriously can't be this dumb?

Well, its your money. A fool and his money and all that.

[BombaUcigasa]

The worst thing, they designed their promo campaign so well they are destroying any chance for other scams to make any money now...

[btcm4n14c]

The worst thing, they designed their promo campaign so well they are destroying any chance for other scams to make any money now...

well ... scammers are smart, and this is a proof, look how many greedy fools joined

[marcotheminer]

The worst thing, they designed their promo campaign so well they are destroying any chance for other scams to make any money now...

How so? Is it because of their daily payouts into the accounts made on the site or something else?

[niothor]

got 3 payments today



i don't think it will go to scam side

Those payments that you have received are in your pocket or on the website?
If the later , how can you withdraw?

[marcotheminer]

got 3 payments today



i don't think it will go to scam side

Those payments that you have received are in your pocket or on the website?
If the later , how can you withdraw?

From what I can see, they are in his bitcoin wallet (his pocket).