Cloudmining 101

[yvv]

This have to be done technical way. If you own a mining hardware, you have to able to switch it on or off or switch between pools at specified time. You have to able to arrange a date and time on this forum, and switch all your mining power to some test pool at this time. And we all have to be able to see the change in performance of this pool. After your hash rate is documented, you may switch back to any pool you wish.

This is covered in the first criterium. But that alone isnt enough proof either. Its entirely possible for a ponzi to rent hashrate at nicehash, redirect it wherever you want it to, until the day their sales dry up and they run off with the money.

If they rent and sub-rent real hash power, this is not a ponzi any more. Let me see their capacity, owned or rented, and their price per Ghs, and I will decide how risky is investment into their stocks. Of course such audit should be done regularly.

[Puppet]

If they rent and sub-rent real hash power, this is not a ponzi any more.

Semantics. The issue is of course that the scammer will only rent it for x weeks or months for as long as sales roll in, while they sell their contracts as 1 year, 5 years, or 'eternal'.

[Skarner]

pbmining seems to be on the list of ponzi. but what i dont get is that people still invest more in them.  I think more pbmining customers should be aware of all the list check from this thread.

esp the part of being in the dark as the operator and not showing where the coins are coming from..

[Konstigt]

hashie.co?
They have partnered with AMHash (asicminer) and rockminer to make the amhash possible with their platform.
there are also photos of amhash's mining facility.
i need confirmation on if it is worth it to invest in this company. thanks!

[yvv]

If they rent and sub-rent real hash power, this is not a ponzi any more.

Semantics. The issue is of course that the scammer will only rent it for x weeks or months for as long as sales roll in, while they sell their contracts as 1 year, 5 years, or 'eternal'.

Well, they can do this of course. If a company rented a hash power for x weeks, and claim that they own it, this is a straight scam. To prevent this type of scam, we would need a proper audit, which requires a proper law enforcement, which "We, The Bitcoiners", hate a lot. So, this is why we are here.
 

[raskul]

hashie.co?
They have partnered with AMHash (asicminer) and rockminer to make the amhash possible with their platform.
there are also photos of amhash's mining facility.
i need confirmation on if it is worth it to invest in this company. thanks!

it's not worth it. confirmed.

[Puppet]

hashie.co?
They have partnered with AMHash (asicminer) and rockminer to make the amhash possible with their platform.
there are also photos of amhash's mining facility.

Where are those photo's? IM pretty sure you got duped by seeing pictures of AMhash. AMhash is a real mining operation and for reasons Ill never understand, they allowed hashie to resell their product, but for hashie "gen 1" Ive not seen one single shred of evidence.

[Puppet]

Well, they can do this of course. If a company rented a hash power for x weeks, and claim that they own it, this is a straight scam.

A ponzi is straight scam too. Hence me calling these distinctions semantics. In the end it doesnt really matter if the scammer spends coins on sig campaigns, making elaborate 3D renders (not that Im quite convinced yet this to be the case for whoever it was) or temporarily renting hashrate.

To prevent this type of scam, we would need a proper audit, which requires a proper law enforcement, which "We, The Bitcoiners", hate a lot. So, this is why we are here.

Running a scam that complies with all my criteria is not easy.I wouldnt say its impossible, but scammers are not likely to bother, especially not as long as there is so much money to be made by copy/pasting the current crop of transparent scams that comply with virtually none of my criteria.
 

[bitcoinmind]

I took 10 GHs from hashie.co for free.. is working.. when will reach price of minimum purchase power - i will buy and withdraw..
Do you mind?

[tmfp]

Hey Puppet, have you seen this?

https://bitcointalk.org/index.php?topic=871601.new#new

He's got some crackers listed there.

 

I took 10 GHs from hashie.co for free.. is working.. when will reach price of minimum purchase power - i will buy and withdraw..
Do you mind?

Why should he mind?
You can lead a horse to water, but you can't make it drink.

[b-trading]

Lunaminer.com         1+2+3+4+5+6+7      => 7/7 = Ponzi already collapsed
CoIntellect.com       1+2+3+4+5+6+7++    => 7/7 = Ponzi ( + requiring likely malware/wallet stealing software)
coinsoncloud.eu       1+2+3+4+5+6+7      => 7/7 = Ponzi already collapsed (https://bitcointalk.org/index.php?topic=853837.0) apparently
Cryptomine.io         1+2+3+4+5+6+7      => 7/7 = Ponzi
cloudmining.website   1+2+3+4+5+6+7      => 7/7 = Ponzi
PBmining.com          1+2+3+4+5+6+7      => 7/7 = Ponzi
cloudminr.io          1+2+3+4+5+6+7      => 7/7 = Ponzi
grmining.com          1+2+3+4+5+6+7      => 7/7 = Ponzi
terrabox.me           1+2+3*+4+5+6+7*    => 6/7 = Ponzi ( pictures are not convincing to me for now, exit strategy involves  60+ days stall tactic)
bitcoincloudservices  1+2+4+5+6*+7       => 6/7 = Ponzi ( + founded by known scammer  https://bitcointalk.org/index.php?topic=860400.msg9638868#msg9638868)
hashie.co             1+2+3+4+5+6        => 6/7 = Ponzi
ltcgear               1+3+4+5+6          => 5/7 = (very) suspicious (info welcome)



bitcoincloudservice is a member of bitcoin foundation how could you mentioned it as a ponzi

[Puppet]

bitcoincloudservice is a member of bitcoin foundation how could you mentioned it as a ponzi

You think the bitcoin foundation does any kind of vetting of its silver members? I costs you $1000 and you get to call yourself a member. Thats it.
BTW, MtGox was a Gold (platinum?) member of the foundation and its CEO was on the board as well as a founding member.  IIRC Bitcoin-trader.biz was a member  and sponsor of their events as well Yeah, that really helped.

[bitcoinmind]

I took 10 GHs from hashie.co for free.. is working.. when will reach price of minimum purchase power - i will buy and withdraw..
Do you mind?

Why should he mind?
You can lead a horse to water, but you can't make it drink.

Should i delete my account on hashie?
Do you know something more? or you just saying..(?)

[Puppet]

Hey Puppet, have you seen this?

Yeah, there are a bazillion such sites. Id rather you not link them as all of them (that Ive seen) are just a way to spam their referral links.
You can safely assume their rating is based on referral link revenue instead of anything else. I mean, 5 stars to cryptomine? Riiight.

[bitcoinmind]

Hey Puppet, have you seen this?

Yeah, there are a bazillion such sites. Id rather you not link them as all of them (that Ive seen) are just a way to spam their referral links.
You can safely assume their rating is based on referral link revenue instead of anything else. I mean, 5 stars to cryptomine? Riiight.

There is also a lot of windmills to destroy.. 

[yvv]

I took 10 GHs from hashie.co for free.. is working.. when will reach price of minimum purchase power - i will buy and withdraw..
Do you mind?

You can speed up the process if you buy a minimum payed miner on the market with discount and sell it at premium. You will be able to withdraw after this. All you need is to cover a sale fee either with mining or with trade margin. I did it, now I have free miner which gives me free bitcoins every day.

[tmfp]

Hey Puppet, have you seen this?

Yeah, there are a bazillion such sites. Id rather you not link them as all of them (that Ive seen) are just a way to spam their referral links.
You can safely assume their rating is based on referral link revenue instead of anything else. I mean, 5 stars to cryptomine? Riiight.

Sure, that's why I linked to the forum topic with my comment in it saying the same thing as you have.

[b-trading]

bitcoincloudservice is a member of bitcoin foundation how could you mentioned it as a ponzi

You think the bitcoin foundation does any kind of vetting of its silver members? I costs you $1000 and you get to call yourself a member. Thats it.
BTW, MtGox was a Gold (platinum?) member of the foundation and its CEO was on the board as well as a founding member.  IIRC Bitcoin-trader.biz was a member  and sponsor of their events as well Yeah, that really helped.

thank you for info, now i think there is no guaranty for any cloud mining commpanies to not doing the ponzi scheme, though it is the member of bitcoin foundation

[bitgeek]

Foundation membership is nothing special since you can buy it. Saying that a foundation member is less likely to scam is like saying a rich man won't run with your money.

[Cablez]

I have said it before, why pay someone else for overpriced BTC that you can only acquire back over months if not longer or at all?  Just use an exchange and be done with it.

Cloud mining is not mining in the original sense of the word.  It is a waste of time and money...your money.