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Author Topic: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁  (Read 323706 times)
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bitcoinmind
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December 26, 2014, 11:35:34 AM
 #261

If its a ponzi as I suspect, there wont be any 'news' for as long as enough new customers sign up.  Its only when not enough new customers sign up or not enough old customers reinvest,  that you will be getting the news that payouts are delayed/too low/they were hacked/website gone/whatever. But until that day  (which can be any day) you would expect ponzi's to pay on schedule with no reported problems.

Hopefully they show some proofs of legit. I try to buy a bit to test it. With an awareness of the risks. We will see..  Smiley

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Warren Buffet
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December 26, 2014, 03:44:30 PM
 #262

Found the identity of the person behind cryptomine.io => https://bitcointalk.org/index.php?topic=832448.msg9949681#msg9949681
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December 26, 2014, 04:33:26 PM
 #263

If its a ponzi as I suspect, there wont be any 'news' for as long as enough new customers sign up.  Its only when not enough new customers sign up or not enough old customers reinvest,  that you will be getting the news that payouts are delayed/too low/they were hacked/website gone/whatever. But until that day  (which can be any day) you would expect ponzi's to pay on schedule with no reported problems.

Hopefully they show some proofs of legit. I try to buy a bit to test it. With an awareness of the risks. We will see..  Smiley

just about.. Smiley

https://bitcointalk.org/index.php?topic=905567.0

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December 26, 2014, 04:50:42 PM
 #264

Found the identity of the person behind cryptomine.io => https://bitcointalk.org/index.php?topic=832448.msg9949681#msg9949681

Is that based just on the pics found on cryptonzi.io ?
If so, it could certainly be useful, and there is a good chance you are correct, but Id be careful not to jump to conclusions. 

That said, this is the same guy:
https://www.linkedin.com/in/vasicekwork

Endorsed by a Nigerian 'CYBERPRENEUR' for his web marketing skills :p.
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December 26, 2014, 06:09:15 PM
 #265

Found the identity of the person behind cryptomine.io => https://bitcointalk.org/index.php?topic=832448.msg9949681#msg9949681

Be careful with your doxxing efforts, while I'm sure you're intentions are well meant; you could have the wrong people and causing all sorts of problems for individuals who haven't done anything wrong.



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December 27, 2014, 07:58:36 PM
 #266

Ltcgear.com can be now reclassified as collapsing ponzi. First there were missing payments last week https://litecointalk.org/index.php?topic=23938.0
(including owner's request not to post amounts 'in order to protect their accounts' but more probably to hide the size of operation. Before people started removing numbers well over 200 BTC owed was posted) then transfering shares between accounts has been disabled and the site owner came with classical 'site hacked' story (this time called 'unauthorised modifications to database') with plans to switch weekly payments to payment on demand and other fairytales.See his website http://ltcgear.com/

As the site owner is very creative as next step I expect claim that database can't be recovered but he will offer some ultra high discount for people to buy new 'shares' to recover from losses and they will buy like crazy again Wink


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December 27, 2014, 09:11:36 PM
 #267

Interesting. But we will need a few more collapses to trigger an avalanche of people waking up and stop feeding those ponzi's, which will cause even more collapses. Cant happen soon enough, and in particular I hope a few young ponzi's collapse before even day 1 investors came close to profiting. From collapses of older ponzi's like pbmining and presumably ltcgear, I fear many will learn the wrong lesson, namely that you have to get in early.
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December 27, 2014, 10:39:18 PM
 #268

Hashprofit may be on the brink too. 75% discounts seems rather desperate, their own scamcoin plunged towards nothingness, and now claims of being hacked:
https://hashprofit.com/en/news/vnimanie-na-servis-hp-vedetsya-khorosho-skoordinir/
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December 27, 2014, 10:47:26 PM
 #269

Hashprofit may be on the brink too. 75% discounts seems rather desperate, their own scamcoin plunged towards nothingness, and now claims of being hacked:
https://hashprofit.com/en/news/vnimanie-na-servis-hp-vedetsya-khorosho-skoordinir/

Let's wait till monday:

Hash Profit official:

"24.12.2014 14:18
29th of December 2014 Hash Profit company will make a presentation of new ASIC datacenters which are located outside the Russian Federation and that's why they can be shown to our clients and partners with ease.

Presentation of GPU datacenters located in Rissia wasn't take place due to security reasons and for to hashrate demand would be equabe and our service could support high yields levels of newly embedded hashrate.

There are less than 200 000 Kh/s of GPU SmartMining hashrate available. We want to congratulate all of our users for successful cooperative work of development and popularization of HP service in 2014.

We're announcing our plans on 2015 year!

Increase our users' number to 500 000 in 1st quarter of 2015.
Become one of the TOP-10 biggest mining companies in the world.
Increase ProfitCoin market cap to $5 000 000
We're sure that together we can achieve everything, because we did "impossible" through 2014: from a unknown group of miners we grew to became a company which takes 2nd place in Russia counting all the main measures (BTC-E exchange service is taking the 1st place).

ProfitCoin exchange rate was changed today and right now is 1 PFC = 11 Kh/s. You can buy or exchange ProfitCoin very easy on a C-Cex exchange service.

Dozens of lead cryptocurrency companies desire to work with us.

We're constantly carry on negotiations and develop new tools which will be shortly available to all cryptocurrency community. The main profit will gain our partners and clients, of course.

Our main benefit from now on is not just high effective mining but the fact we've gathered and unite a huge amount of people (more than 200 000) who look further and who holds the future in their hands.

We'd like to inform our users that right now our service is constantly being tried to hack and compromise and we're experiencing massive DDoS-attacks (distributed denial of service) due to our high popularity. We're tracing dozens of attempts to penetrate daily. Our users getting emails from malefactors more often with "free bonuses" and "interesting offers". Be aware and careful - all of our promos and bonuses announced in "News" section of the site. Malefactors often redirects users to a visual fake copy of our site to try and steal your login and password. Always check the spelling of site's address (URL) and secure connection presence via the HTTPS.

It's highly recommended to use two factor authentication feature on our site and other precautions that can lower the chance of your account personal info to be stolen."

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December 27, 2014, 10:51:33 PM
 #270

That post is actually another reason I think they are on the brink of collapse. Maybe they will 'surprise' me, by doing what I predicted earlier:

Sounds like they may have used some of their  ponzi profits to buy some hardware to launder their profits and give another boost to their ponzi
Not so different as hashie did. Sell non existent Gen 1, use coins to buy AMhash and pretend to be trustworthy. Use misplaced trust to sell Gen 2 aka firecrackers.

Either that, or the end is really close.
https://bitcointalk.org/index.php?topic=905567.msg9952743#msg9952743

But that was before 75% discounts, before their scam coin collapsed and before they claimed attacks on the payout system and whatever.
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December 27, 2014, 10:55:32 PM
 #271

That post is actually another reason I think they are on the brink of collapse. Maybe they will 'surprise' me, by doing what I predicted earlier:

Sounds like they may have used some of their  ponzi profits to buy some hardware to launder their profits and give another boost to their ponzi
Not so different as hashie did. Sell non existent Gen 1, use coins to buy AMhash and pretend to be trustworthy. Use misplaced trust to sell Gen 2 aka firecrackers.

Either that, or the end is really close.
https://bitcointalk.org/index.php?topic=905567.msg9952743#msg9952743

But that was before their scam coin collapsed and they claimed attacks on the payout system and whatever.

Try to think now in your way but from other side.. Why Hash Profit was attacked all day by DDoS? It looks like someone is affraid of them.. Or you gonna say thats "gang war"?

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December 27, 2014, 10:58:01 PM
 #272

So randomly turning your website on and off to provide cover for delayed payouts is now considered a proof of legitimacy?
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December 27, 2014, 11:12:26 PM
 #273

No. 7 now applies to ltcgear. After the recent server migration, it's not possible any more to transfer shares,
so no way to sell a position except for disclosing the login credentials.

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December 27, 2014, 11:15:48 PM
 #274

So randomly turning your website on and off to provide cover for delayed payouts is now considered a proof of legitimacy?


you can always surprise me Smiley respect!

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December 28, 2014, 01:03:27 AM
 #275

Quote
hashprofit.com          1+3+4+~6+7     (looking in to it, feedback welcome)

Looks like the most suspicious among all to me. But I got the most of BTC from them through promo sales (50% discounts!) and refferals. They gave me three times more Khs for free than I bought from them on sale. Two weeks ago, I removed all referrals links from my signature on all forums which I use, but I still continue to receive free Khs from hashprofit referrals.

hashprofit seems ponzi enough wit the amount of people on it and the amount of discounts they continue to provide with no real info on what their actually doing other than collecting BTC. I don't quite understand how their Hash rate compared to real hashing they provide more of a higher payout. Am not bothered about this because it is paying. But the question needs to be asked how long it going to continue to make payments for tho.

Image from
Bitcoin Conference St.Petersburg



Makes you wonder how their actually making anything to actually pay customers if using GPUS but then again theris a fair few coins to mine with GPU
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December 28, 2014, 01:23:41 AM
 #276

It looks like part of the mine. Am I right? Roll Eyes

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December 28, 2014, 01:31:09 AM
 #277

It looks like part of the mine. Am I right? Roll Eyes

It was shown at one of the conferences that where done and hash profit where their in person sowing one of their mining rigs. How on earth their making such profits with stuff like this is beyond me but its paying its all I know.
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December 28, 2014, 01:44:15 AM
 #278

It looks like part of the mine. Am I right? Roll Eyes

It was shown at one of the conferences that where done and hash profit where their in person sowing one of their mining rigs. How on earth their making such profits with stuff like this is beyond me but its paying its all I know.

Yes, i've understand first post.. i'm just looking for words to comment this.. but it's better if i just cross my fingers..  Wink

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December 28, 2014, 06:45:01 AM
 #279

Interesting to join in this thread, very helpful for beginners such as me to know where to invest in cloudmining regardless of whether or not it lengit  Grin . This thread should get support from those who have long struggled in the world Bitcoin  Wink regardless of the purpose to reduce the number of victims because of their ignorance (because they tempted the high profits obtained in the shortest time according to the perverse argument of the provider CloudMining) but directs to think carefully before entering into it.


read it from the beginning is not something boring for a useful information  Grin Grin Grin Wink



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December 28, 2014, 09:03:38 AM
 #280

Makes you wonder how their actually making anything to actually pay customers if using GPUS but then again theris a fair few coins to mine with GPU

For scrypt based altcoins, the difference between GPU and asic isnt nearly as big as for SHA. Im no expert in altcoin mining, but afaik, GPU's will be cheaper per MH  while efficiency is only 'a bit' worse (factors, not orders of magnitude). So if you have really really cheap electricity, it could make sense.

Here is the problem though: they claim to mine with 7970's, which would yield ~700Kh each. They have sold over 6000MH. Thats ~8500 of such GPU's. SO seeing 60 in a picture doesnt exactly convince me. In the early days of bitcoin mining, many of us had larger private farms.
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