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Author Topic: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁  (Read 347866 times)
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MrTeal
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December 31, 2014, 05:32:19 PM
 #361

Im sure that all true what you say, but comon, if you WANT to get a job, there is SOMETHING to do, it might be a shitty job, and it might suck, but really there is SOMETHING to do for more then 20 pennies per hour ...   im sure theres alot of SHITTY jobs that are not getting filled, that actually pay pretty good aswell, or atleast more then 20cents per hour ..

EDIT, i removed the question mark on the end of this, lets not make this thread about something else ..
Just stop responding to him. This is a guy who believes in 10 years the US GDP will be under $1T and all but 70 million people will be gone because someone on the internet said so. Quoting him makes everyone else's ignore function work less efficiently.
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December 31, 2014, 06:22:57 PM
 #362

JUst had a message of a mate you states that -

http://pbmining.com/

is still paying out with no problems ??

BTC - 1Ayax24aAU8c1xwAakK94DVDkm4kbfZ8Ch
ltcgearscammed
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December 31, 2014, 06:30:54 PM
 #363

Hello everyone!

Being scammed feels horrible and I hate myself for being fooled by some assholes. That's why I want to find them. All I want right now is to find them at any cost. I even willing to give a small reward in btc, if someone finds a lot of info about them. I know it is really hard for getting my money back or even finding them. But I don't want to let this go. I am quite sure that there are quite a few people in the same place as I am, who might want to participate in the chase or in increasing the reward.

I should have suspected the fact he hasn't posted any pictures of his farm even if he said he would, the fact that paypal canceled his subscription, the fact that he is not even using a btc processor like BitPay etc, the fact that he offers a 8% discount for those who pay in btc, when it is actually the only way to pay him, 49% discount to turn your profits in shares, ROI 2-3 months, no Blockchain verification (at least I don't know if he is verified), no public mining addresses and his Whois address http://whois.domaintools.com/ltcgear.com . If anyone is able to track them, by any means please do it and I will reward you. However I didn't do any research before I went straight into the catch. 3 People that I knew, mentioned the good ROI and the fact that they were satisfied + the fact that they weren't constantly 'selling' shares made me think that they are legit.

I want to gather enough information about Chris. Even if people think that he will return, we could still gather as much information as we can and also create a plan in case he takes our money and runs away. This call is for people that send him money through PayPal, for people who traded physical miners with him and especially those who send their stuff back to him, for people who have talked with him over the phone, VoIP or have any social network account. For them who have received referral payments. People who have send him Btc and he still hasn't withdrawn them from the deposit addresses. People that know any possible mining addresses.
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December 31, 2014, 08:06:50 PM
 #364

JUst had a message of a mate you states that -

http://pbmining.com/

is still paying out with no problems ??
Well yes, they are still paying, but only a fraction (about 0.1 %) of what they are supposed to.

> Most cloudmining companies are ponzi scams <
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December 31, 2014, 09:49:44 PM
 #365

thanks for the great info I’m using this as source when i'm trying to find cloud mining
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January 01, 2015, 07:26:17 AM
 #366

quik update hashprofit already down Cheesy
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January 01, 2015, 07:26:48 AM
 #367

ltcgear its ponzi / collapsing

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January 01, 2015, 08:12:17 AM
 #368

You're missing an 8 for gawminers. (guaranteed profit)

Also can you share which relevant pictures of GAW's datacenter you've seen? I've seen what amounts to a few % of the total hashrate they claim to have. (they were claiming 40+ PH/s last month)
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January 01, 2015, 08:34:22 AM
 #369

You're missing an 8 for gawminers. (guaranteed profit)

Keep in mind Im only gauging their (sha) cloudmining. Did they guarantee profits for that?

Quote
Also can you share which relevant pictures of GAW's datacenter you've seen? I've seen what amounts to a few % of the total hashrate they claim to have. (they were claiming 40+ PH/s last month)

Here are a few that you've probably seen already:
http://4.bp.blogspot.com/-JqqP37Ygce4/VF0tEsgGprI/AAAAAAAAAkQ/pa6-Mrp43x4/s1600/Miners2.jpg
https://www.cryptocoinsnews.com/josh-garza-to-launch-paycoin-media-tour/

Ive not seen the 40PH claim, do you have a link? But Im less interested in their grandiose claims as I am in finding out how much they actually sold.
Either way, its a bit of a moot point now  that the vast majority was forcibly upgraded to paycoin BS and they stopped selling these products
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January 01, 2015, 09:15:49 AM
 #370

You're missing an 8 for gawminers. (guaranteed profit)

Keep in mind Im only gauging their (sha) cloudmining. Did they guarantee profits for that?

Few quotes I could find:

Quote
Obsolete proof - Adjusts to always remain profitable and never breaks down
Quote
We've produced a miner incapable of negative ROIs
Quote
It uses enormous economies of scale to maintain profitability longer and more reliably than any other miner on the market.
Quote
leading more customers to positive ROIs than any other bitcoin miner ever sold

I'm sure I could find many more but they are lost in their unsearchable forum. (Josh also tends to backtrack/erase many of the false advertisements hence the obsessive archiving in the GAW thread)

Quote
Quote
Also can you share which relevant pictures of GAW's datacenter you've seen? I've seen what amounts to a few % of the total hashrate they claim to have. (they were claiming 40+ PH/s last month)

Here are a few that you've probably seen already:
http://4.bp.blogspot.com/-JqqP37Ygce4/VF0tEsgGprI/AAAAAAAAAkQ/pa6-Mrp43x4/s1600/Miners2.jpg
https://www.cryptocoinsnews.com/josh-garza-to-launch-paycoin-media-tour/

Ive not seen the 40PH claim, do you have a link? But Im less interested in their grandiose claims as I am in finding out how much they actually sold.
Either way, its a bit of a moot point now  that the vast majority was forcibly upgraded to paycoin BS and they stopped selling these products

I extrapolated the 40PH/s based on this claim that they mined 28k in 2 months. (and that's just one of the several mining addresses)

Quote
In investigating these claims, BitBeat viewed a bitcoin address at Blockchain.info that was cryptographically proven to belong to GAW and in which almost 28,000 bitcoins — currently worth more than $10 million – have flowed from mining operations over the past two months. We were told this was just one of a number GAW mining addresses.

As for actual sales, you will never find them but here's their totally believable claim:

Quote
Mr. Garza denies all charges of wrongdoing and stands by the heady claims he makes about the size of his operation: 200,000 customers; $120 million in revenue over six months; a mining operation that accounts for 50% of all new bitcoin computing power coming online.
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January 01, 2015, 09:28:16 AM
 #371

Few quotes I could find:

Quote
Obsolete proof - Adjusts to always remain profitable and never breaks down
Quote
We've produced a miner incapable of negative ROIs
Quote
It uses enormous economies of scale to maintain profitability longer and more reliably than any other miner on the market.
Quote
leading more customers to positive ROIs than any other bitcoin miner ever sold


Its all typical gawtalk, but nowhere do I see guaranteed profit (ROI >100%).
Besides, to be fair it would need to be advertised clearly on their website and not hidden in a blog or forum post somewhere.

Quote
In investigating these claims, BitBeat viewed a bitcoin address at Blockchain.info that was cryptographically proven to belong to GAW and in which almost 28,000 bitcoins — currently worth more than $10 million – have flowed from mining operations over the past two months. We were told this was just one of a number GAW mining addresses.

Well, if that claim is correct, then  if anything, it supports the legitimacy of gaw and I should grant them point 1. Of course I will not grant them that unless the addresses and proof are made public as I suspect its bullshit.
jimmothy
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January 01, 2015, 09:51:29 AM
 #372

Few quotes I could find:

Quote
Obsolete proof - Adjusts to always remain profitable and never breaks down
Quote
We've produced a miner incapable of negative ROIs
Quote
It uses enormous economies of scale to maintain profitability longer and more reliably than any other miner on the market.
Quote
leading more customers to positive ROIs than any other bitcoin miner ever sold


Its all typical gawtalk, but nowhere do I see guaranteed profit (ROI >100%).
Besides, to be fair it would need to be advertised clearly on their website and not hidden in a blog or forum post somewhere.

I see your point for the "always remain profitable" but I don't see how "incapable of negative ROI" is not guaranteeing profit.

Paying 1 satoshi per day might let them get away with claiming "always profitable" but that doesn't make the ROI positive.

Quote
Quote
In investigating these claims, BitBeat viewed a bitcoin address at Blockchain.info that was cryptographically proven to belong to GAW and in which almost 28,000 bitcoins — currently worth more than $10 million – have flowed from mining operations over the past two months. We were told this was just one of a number GAW mining addresses.

Well, if that claim is correct, then  if anything, it supports the legitimacy of gaw and I should grant them point 1. Of course I will not grant them that unless the addresses and proof are made public as I suspect its bullshit.

If those claims are correct then GAW is likely the single largest entity in all crypto mining.

Because of that, I don't see how pics showing around a hundred TH/s worth of hardware are relevant.
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January 01, 2015, 09:58:16 AM
 #373

Paying 1 satoshi per day might let them get away with claiming "always profitable" but that doesn't make the ROI positive.

Sure it does. 1 satoshi is a positive number, therefore ROI is positive. Remember, break even = 100% ROI and profit means > 100% ROI.
1% ROI represents a huge (99%) loss, but its not a negative number. A negative ROI would mean you somehow lose more than your initial investment.

Quote
If those claims are correct then GAW is likely the single largest entity in all crypto mining.

Because of that, I don't see how pics showing around a hundred TH/s worth of hardware are relevant.

You cant have it both ways. Either the author of the article is correct, and that would mean he saw more convincing proof than pictures could offer, and it would attest to gaw's legitimacy. Or, more likely, he was confused/lied to/mislead, in which case GAW shouldnt have to prove anything like 40PH.

In either case, unverifiable third party testimony cant really weigh on the scoring.
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January 01, 2015, 10:46:18 AM
 #374

Paying 1 satoshi per day might let them get away with claiming "always profitable" but that doesn't make the ROI positive.

Sure it does. 1 satoshi is a positive number, therefore ROI is positive. Remember, break even = 100% ROI and profit means > 100% ROI.
1% ROI represents a huge (99%) loss, but its not a negative number. A negative ROI would mean you somehow lose more than your initial investment.

It doesn't really make sense to use the term negative ROI unless you mean (total earnings-total invested)/total invested.

Either way, I don't think GAW deserves a free pass just because everything they say is ambiguously worded.

Quote
Or, more likely, he was confused/lied to/mislead, in which case GAW shouldnt have to prove anything like 40PH.

IMO they should have to prove what they are claiming to have.

Anyways I'll leave it at that. Like you said, it's sort of pointless now that most people have switched to hashpoints/hashstakers and the rest are being paid such small returns that they likely have enough hardware to cover it.
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January 01, 2015, 10:48:50 AM
 #375

anyone else missing payment from zeus from last night ?

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January 01, 2015, 11:26:02 AM
 #376

anyone else missing payment from zeus from last night ?

POOF...   NICE . AGAIN.   AWSOME.    FFFUUUUCCCKKKKK

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January 01, 2015, 11:32:54 AM
 #377

is there any bad news for Hashnest ??

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January 01, 2015, 11:47:04 AM
 #378

anyone else missing payment from zeus from last night ?

POOF...   NICE . AGAIN.   AWSOME.    FFFUUUUCCCKKKKK


https://crypto-hash.com/index.php

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January 01, 2015, 01:53:57 PM
 #379

is there any bad news for Hashnest ??

Yep, their latest cheap offer is worrying without further explanation. Also if you login to trade section and look into sellers bids, there are 2 bids for sale of 1 PHs each and one for 600+THs. All hashrate offered for sale together from all bids (3 PHs) is of the same size as whole umisoo should be and unless they explain from where the new hashrate is coming and how much did they dump to market it starts to stink.

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January 01, 2015, 01:57:22 PM
 #380

yet it is listed as legit in the cloudminer 101 thread?

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