Cloudmining 101

[Puppet]

I'd recommend you to include HaveLock in your list. They are taking people's money and investing it in multiple cloud mining services and thereby taking there share. If any cloud service fails, they wont be responsible, but they'll take the cut from people's profit. HaveLock is the master of SCAM.

This thread is about cloudmining, in particular cloudmining services that dont mine.
Havelock as a platform is quite a different proposition.  I have no evidence they are scamming (I do have evidence they act illegally, but thats quite a different story). Even if they are scamming, it doesnt belong in this thread.

[1715501739]

1715501739

[nguyenducquy]

well, thanks for your information. Its very usefull . In my opinion, there are no reasons to invest in cloudmining now, ROI is too long X_X

[Strainer]

Hi,

CoIntellect.com         1+2+3+4+5+6+7++  => 7/7 = Ponzi (+ already no longer paying out + requiring likely malware/wallet stealing software)

May I ask where you read they aren't paying? Just curious as I have looked into that site a little and got the same conclusion, something seemed fishy about it.

[Thenen]

You probably should also add in 8, the cloud mining has been operating for more then a year. Usually ponzi don't last long..

[dyask]

For LTCgear the operator is well know.  (Chris and also post on Litecointalk.org as beekeeper.)   While sometimes slow to response he does respond to email.  So I don't think #6 applies.

Do you know for sure who to sue if he runs off with the money? If not, #6 applies. I also dont get why he would use whoisguard if he is "well known":
http://whois.domaintools.com/ltcgear.com

By that standard, every site in existence would have a 7.    What you are demanding doesn't mean anything.   Chris is a real ASIC designer and well know in the community.    He is a real person.   Doesn't mean that he or anyone else couldn't run off with the money though.  

For the record, LTCgear comes with a crappy website.   Clearly not a polished web presence.  Whoisguard is probably a default.  It was on a site I setup for my wife and I never asked for it.   That isn't a good standard.

Also neither should there be #7.   You can transfer shares and many online stores have been set up to sell shares.   Even more users are selling their own shares.   So there is a clear exit strategy.  

Do you have a link?

It is only every account page just under the shares.   You can transfer a share to any other user.   You can go to LTCgeartalk.net and see tons of people selling LTCgear shares.  

[Puppet]

Hi,

CoIntellect.com         1+2+3+4+5+6+7++  => 7/7 = Ponzi (+ already no longer paying out + requiring likely malware/wallet stealing software)

May I ask where you read they aren't paying? Just curious as I have looked into that site a little and got the same conclusion, something seemed fishy about it.

Read it on a few places, but on closer inspection its that they require "validation" to process payouts. Ill update my op but it doesnt sound like a smart move to hand out lots of personal info to these scammers.

Some more gunsmoke here:https://medium.com/@dnivi3/rolling-up-the-cointellect-scam-60787a30f9a4

[Puppet]

You probably should also add in 8, the cloud mining has been operating for more then a year. Usually ponzi don't last long..

Normal ponzi's dont, but a mining ponzi can easily last that long or longer. Potentially forever see my disclaimer.

[Puppet]

By that standard, every site in existence would have a 7.    What you are demanding doesn't mean anything.   Chris is a real ASIC designer and well know in the community.    He is a real person.   Doesn't mean that he or anyone else couldn't run off with the money though.  

I only see claims he is an fpga dev, not an asic designer. And again  i dont care his online persona is well known, pirate was well known too. I want to know the legal person or entity behind it or its a obvious point. I know were to direct my lawyer if i want to sue cryptx or knc. Where do i go for ltcgear?

[hashie]

I only see claims he is an fpga dev, not an asic designer. And again  i dont care his online persona is well known, i want to know the legal person or entity behind it or its a obvious point. I know were to direct my lawyer if i want to sue cryptx or knc. Where do i go for ltcgear?

Usagi

[EvilPanda]

well, thanks for your information. Its very usefull . In my opinion, there are no reasons to invest in cloudmining now, ROI is too long X_X

What is a good investment then?
Bitcoin? Lost 60% of value in 10 months.
Altcoins? Even more unstable, basically a gamble.
Hardware mining? Not all of us have a spare room.
Keep fiat on a savings account? The interest will barely deal with inflation.

I only see claims he is an fpga dev, not an asic designer. And again  i dont care his online persona is well known, i want to know the legal person or entity behind it or its a obvious point. I know were to direct my lawyer if i want to sue cryptx or knc. Where do i go for ltcgear?

Usagi

Now it all makes sense...

[Puppet]

well, thanks for your information. Its very usefull . In my opinion, there are no reasons to invest in cloudmining now, ROI is too long X_X

What is a good investment then?
Bitcoin? Lost 60% of value in 10 months.
Altcoins? Even more unstable, basically a gamble.
Hardware mining? Not all of us have a spare room.
Keep fiat on a savings account? The interest will barely deal with inflation.

So what are you saying? Its better to lose bitcoins to a scam than dollars to price variation? ? I havent lost a satoshi in the past year, thats certainty better than any cloudmining contract.

[xhomerx10]

Now this is good stuff!  Great job Puppet.

[nguyenducquy]

I mean you can invest in many things else like a PTC site or HYIP systems if you have enough experience. And guess what, you said bitcoin rate had decreased 60% in last 10 months, but if you make a comparision with this times last year, it doesnt change much.

[david123]

I only see claims he is an fpga dev, not an asic designer. And again  i dont care his online persona is well known, pirate was well known too. I want to know the legal person or entity behind it or its a obvious point. I know were to direct my lawyer if i want to sue cryptx or knc. Where do i go for ltcgear?

An address of Chris is known. He sold hardware and had a trade-in program, so a lot of people were provided with an address for returning
fpga boards. Also, several people paid with Paypal and already stated that they will make the details public if something goes wrong.

I don't have his address and I'm not interested in it, as long as he pays. But if he doesn't pay, his details will be posted all over.

[Puppet]

That you say you think you know someone who should know, doesnt cut it for me. Not saying you're being untruthful, but if you are doing business honestly, you just have to give correct contact information right on the website. Anything less than that is a big red flag.

[TheGeorge]

That you say you think you know someone who should know, doesnt cut it for me. Not saying you're being untruthful, but if you are doing business honestly, you just have to give correct contact information right on the website. Anything less than that is a big red flag.

I think point 4 does not apply to cloudmining.website. It is 5%, not 10%. You may verify the same from their website and update the OP accordingly.

[raskul]

That you say you think you know someone who should know, doesnt cut it for me. Not saying you're being untruthful, but if you are doing business honestly, you just have to give correct contact information right on the website. Anything less than that is a big red flag.

I think point 4 does not apply to cloudmining.website. It is 5%, not 10%. You may verify the same from their website and update the OP accordingly.

so it makes it 5% less of a ponzi? is this what you are saying?

[Puppet]

I think point 4 does not apply to cloudmining.website. It is 5%, not 10%. You may verify the same from their website and update the OP accordingly.

Reread point 4 (or more likely: 5) carefully.

[jimmothy]

Very nice work puppet.

For LTCgear did you find a hardware to vouch for them?

Also do you know PETAmines mining address?

AMhash has provided mining addresses in case you missed it:

1HtUGfbDcMzTeHWx2Dbgnhc6kYnj1Hp24i
1ERszMSERwHNR9Xty73KZXpsg1jjBXWcHh
1K7AuMJwVfZg3UVjinnjT2HzG4pJvACat6

[Snipe85]

I don't think cloud minings are scams, but you should really consider less risky investments. Before you give your money to anyone find out if he provides all the personal data and his company is registered.
A site can disappear but it's harder to move an office