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Author Topic: PROOF that GAWMiners Hashlet Is Not A Miner  (Read 9989 times)
TheCoinFinder
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September 02, 2014, 12:46:33 AM
 #1

Copied from https://zenminer.com/cloud/terms.html archived at https://archive.today/b0e7e

The terms and conditions, contain the following pieces of information.

Quote
If you are purchasing, or have purchased, Hashlets, you understand and agree that Hashlets are not physical devices and cannot be shipped.

So firstly, they are not Physical devices. Maybe then they are virtual.. software inside some super system?

Quote
Hashlets earnings depend on the pool chosen and Payouts reflect respective Pool Payouts. Selecting a Pool does not imply physically or electronically mining at the selected Pool. Rather, selecting a Pool determines a Payout corresponding to a calculation based on the selected Pool’s payout (based on, for example, real-time Megahash/second/day calculations). A Hashlet is virtual software. You will receive Payouts according to the Pool with with the Hashlet is associated

Their definition here of "virtual software" remember is not hardware - and not even electronic.

As they put it it does not mine on any pool.

But this is the clincher:

Quote
You expressly understand the the Company’s sole obligation to You is to Provide a Payout based on the Pool you choose.

So long as they provide a payout that is equivalent to the payout you would have received from the pool you select - they are keeping their agreements to you.

Hashlets are not miners

The proof is in their own Terms and Conditions.

Is it not?

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louiseth1
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September 02, 2014, 12:51:42 AM
 #2

This hashlet thing looks so shady, i'm glad i passed on it

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September 02, 2014, 01:15:44 AM
 #3

Ok, but who really cares about that?
Whats the difference between this or a hosted machine anywhere else?
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September 02, 2014, 01:18:28 AM
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Ok, but who really cares about that?
Whats the difference between this or a hosted machine anywhere else?

If you don't know the difference between your own money being paid back to you, and mining new coins, then god help you.
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September 02, 2014, 01:23:11 AM
 #5

you dont get it,

what they do is take your cash and say , ill pay you on the next loto ball numbers in the paper, if you have them

AKA buy hashes, ill check how many btc you would get from that hash from XYZ pool and give it to you.

meaning they take 100$ for example and pay you back the loan on 3-4 months

its a pyramid scam and they use pools as a method of calculating payment.. since most pools are shit these days ROI for you is 90 days + and for them its a FREE LOAN...

so , if they have 1000 buyers @ 100 $ worth of hashlets... they will net 100,000$ in a day.( lets assume its all new buys in same day)

now they have over 90 days to pay it back to you guys...or whatever time it takes to make money from a pools perspective....

so basically they are financing new hardward being build in shenzen with poeple's cash at cheap interest.

so ... if you fall for these things...

send me 100 BTC, ill pay you 10 BTC per month for 10 months (DEAL ?)

ill say you have bought X hashlets and that's that.... of course with difficulty rising, the payments ill give you will go lower and lower, so i might actually send you 10btc , 9.8 btc, 9.6 btc etc get it now ?

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September 02, 2014, 01:52:55 AM
 #6

My god it's a pyramid scheme! What sneaky bastards!
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September 02, 2014, 01:55:40 AM
 #7

so why do they charge 8 cents per kwh per day for maintenance and power costs?

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September 02, 2014, 02:00:28 AM
 #8

so why do they charge 8 cents per kwh per day for maintenance and power costs?

Why not? They have maintenance and power costs.

Read the terms and conditions either above or in their own website (linked from OP) - By power I presume they mean electricity (unless they run on Gas?) - how much does power cost for something that is not physical, and does not use electricity?

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September 02, 2014, 02:02:27 AM
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As they put it it does not mine on any pool.




That is not what it says.  It says it does not mean its mining on the pool you have selected.  Imagine you are GAW and there is a pool that is paying better than the one your customer had selected.  As a business seeking profit, it would make more sense to put that hashpower to the most profitable use and pay the customer what they would have received on their chosen pool and then keep the difference for the company.  There are several other ways to slightly improve profitability over what the pools regularly pay and I believe that is what GAW is doing.  But this is just my opinion, time will tell.  Honestly, as long as they ROI and are still paying out something decent when they do, I don't care if they are mining fairy dust.
TheCoinFinder
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September 02, 2014, 02:06:43 AM
 #10

My god it's a pyramid scheme! What sneaky bastards!

I'm not going to accuse them of a Ponzi or Pyramid scheme (though by definition, it would be more of a Ponzi scheme if it turned out that they were not doing anything with the money).

All I can say is - those Hashlets aren't mining. Now they may be day-trading, investing, or whatever to get the BTC back - and all of that is presumably legit/above-board - at least in the regard to those operations. I have no proof to make any such statements, other than I can clearly state from their own terms and conditions.


Quote from: kcheel
It says it does not mean its mining on the pool you have selected.

It also says that "A Hashlet is virtual software". Now as far as I understand, there is nothing virtual about mining. It requires power, and physical hardware of some sort. Also it doesn't say "Hashlet is software". Surely virtual software would be a redundant term if it were to imply that.

You are dancing around their words to try to make it say something, when all it says is what it does not do - It isn't physical. It doesn't imply actual mining on the selected pool - and the hashlet itself is virtual software. Now if you can read those statements and infer from that - its actually mining on their own pool somewhere/somehow - fair enough. But I cannot read that much into what they are not saying. Not in the context of their other claims - such as what the promise to do.

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September 02, 2014, 02:09:47 AM
 #11

or it could mean that you are buying a small portion of a larger setup and not assigned to a particular rig - just playing the Devil's advocate here.

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September 02, 2014, 02:11:36 AM
 #12

Copied from https://zenminer.com/cloud/terms.html archived at https://archive.today/b0e7e

The terms and conditions, contain the following pieces of information.

Quote
If you are purchasing, or have purchased, Hashlets, you understand and agree that Hashlets are not physical devices and cannot be shipped.

So firstly, they are not Physical devices. Maybe then they are virtual.. software inside some super system?

Quote
Hashlets earnings depend on the pool chosen and Payouts reflect respective Pool Payouts. Selecting a Pool does not imply physically or electronically mining at the selected Pool. Rather, selecting a Pool determines a Payout corresponding to a calculation based on the selected Pool’s payout (based on, for example, real-time Megahash/second/day calculations). A Hashlet is virtual software. You will receive Payouts according to the Pool with with the Hashlet is associated

Their definition here of "virtual software" remember is not hardware - and not even electronic.

As they put it it does not mine on any pool.

But this is the clincher:

Quote
You expressly understand the the Company’s sole obligation to You is to Provide a Payout based on the Pool you choose.

So long as they provide a payout that is equivalent to the payout you would have received from the pool you select - they are keeping their agreements to you.

Hashlets are not miners

The proof is in their own Terms and Conditions.

Is it not?

If I have a 1000mh machine and split it into 1000 1 mh hashlets I could fit the terms they describe . So while your guess may be true mine may be true.

As I type I invested 1800 usd in zen-gaw cloud. I have made full and complete return of the 1800 usd. I have about .23xxx btc in coin profit.
I have 6.2mh in  'hashlets' and I have an antminer s-3 hosted with them.  I like you fear scams-ponzi's and or pyramids. So I sold off  almost all my hashlets.  64 of 70 .  I kept 6.2 hashlets in case gaw-zen is great and I am wrong. I also kept the antminer s-3 hosted by them since it was a cc purchase  and i have 60 days cc protection

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elrugrim
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September 02, 2014, 02:16:05 AM
 #13

Not a Gaw fanboy, but will offer a rebuttle of sorts

The physical devices and cannot ship serves to make clear the difference between this-  and other hosted miners that they sell and have sold.   Where you buy for instance a warmachine with free hosting for x months, and then you can pay to have them host it, or to mail it to you.    For a cloud mining service, they are selling units broken up into artifical sub units (IE. Mhash size sales of mining power) instead of a machine.

For the pool thing.. Gaw has said on its own forums that all of its units are basically mining their zenpool, because it is getting higher payouts  (to an extent, that is possible, when you control the latency, etc by having everything at one location, blah blah ((Not enough to really explain the difference in payouts, but that is a different topic all together)))   So regardless, if you buy a hash of their mining pool tied hashes, they are still mining their zenpool, paying you out the average for the pool hash you bought, and pocketing the difference.   That's also why you see various price points based out on the profitability levels of the pools as they did their pricing, methinks.

As for the clincher-  
Quote
You expressly understand the the Company’s sole obligation to You is to Provide a Payout based on the Pool you choose.

See answer two, and gods above, I want that to be any cloud mining's sole obligation, to provide payouts.
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September 02, 2014, 02:16:47 AM
 #14

If I have a 1000mh machine and split it into 1000 1 mh hashlets I could fit the terms they describe . So while your guess may be true mine may be true.

As I type I invested 1800 usd in zen-gaw cloud. I have made full and complete return of the 1800 usd. I have about .23xxx btc in coin profit.
I have 6.2mh in  'hashlets' and I have an antminer s-3 hosted with them.  I like you fear scams-ponzi's and or pyramids. So I sold off  almost all my hashlets.  64 of 70 .  I kept 6.2 hashlets in case gaw-zen is great and I am wrong. I also kept the antminer s-3 hosted by them since it was a cc purchase  and i have 60 days cc protection

Except, your partioning of a physical item, and the use of electricity - would imply that your hashlet does infact have some physical (rather than virtual) existence, and does use electricity to mine.

As for your investment - I have not said anything in this thread about the short-term or long-term investment choices that people make by investing in the Hashlet. My only concern is that it is marketed as Mining... when their own terms and conditions clearly state that you are not buying a Miner. That to me, is a big issue, as its a fundamental bait and switch from the offset.

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September 02, 2014, 02:20:12 AM
 #15

Not a Gaw fanboy, but will offer a rebuttle of sorts

Thanks for your reply on this matter. But again, things are being read into their terms and conditions that are clearly not stated in them.

Now in other terms and conditions of other rental companies, it is usually clearly stated that "you are not buying an individual unit, but rather the share in a unit" or such. There is nothing in the terms and conditions that relates to Hashlets, that specifies in any way that they are tied to, linked with, partitioned from, or related to any actual physical mining equipment.


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September 02, 2014, 02:31:10 AM
 #16

That's fine, just sharing info from their forums, before they went and made them a trainwreck.  Not heavily invested in them, only running 10 mhash or so.. and like the poster above, who has dumped, I am considering it, since I bought in at 16, and on their forums, people are buying for 30 now.  Between that and the mining time, a 100% ROI does sound tempting
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September 02, 2014, 06:34:28 AM
 #17

There is always people who rish and-or not get paid double, and people who hide, dont win anything but also have no risk.
Im with people that invested in this hashlets. I dont care if they dont mine. All i care is the profit i make, and so far no one can offer that good
Since i bought hashlets for 16USD, and now they are 40USD I have already won a piece of a cake. And that is most important in everybusiness, to be on the first line when everything is just starting to build up. peace
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September 02, 2014, 08:05:57 AM
 #18

I actually spoke to josh and carlos garza, in two weeks time you will be able to point to your own pool.
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September 02, 2014, 10:27:12 AM
 #19

this is a picture of Josh with the scrypt miners


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September 02, 2014, 10:31:49 AM
 #20

I am too drunk to read. But I have a bunch of these. Umm, bump Undecided

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