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Author Topic: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁  (Read 342325 times)
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BombaUcigasa
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January 12, 2015, 07:30:01 PM
 #481

Does anyone know of any cloud mining company that allows you to mint 100% virgin coins?
How much are you willing to pay for that?
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inBitweTrust
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January 12, 2015, 07:31:13 PM
 #482

Does anyone know of any cloud mining company that allows you to mint 100% virgin coins?
How much are you willing to pay for that?

I know how to get them , I'm just curious if any of these cloud mining companies issue them. That is the true test they aren't ponzi's.

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January 12, 2015, 07:33:29 PM
 #483

CEX switched off.
I cannot see any drop in hashing power. I think CEX was also ponzi


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MrTeal
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January 12, 2015, 07:35:02 PM
 #484

CEX switched off.
I cannot see any drop in hashing power. I think CEX was also ponzi
Why do you think CEX switching off means they actually turned off the hardware?
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January 12, 2015, 07:38:45 PM
 #485

No they diid not. There was no hardware. In T&C  same was the property of the users and could be redeemed.


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MrTeal
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January 12, 2015, 07:44:00 PM
 #486

No they diid not. There was no hardware. In T&C  same was the property of the users and could be redeemed.
I'll rephrase.
Assuming that CEX.IO has enough hardware to cover their sold mining power, do you think that them suspending the current accounts until such a time that mining revenue > maintenance fees necessarily implies that they have actually shut off the assumed hardware?
RocketSingh
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January 12, 2015, 09:15:56 PM
 #487

No they diid not. There was no hardware. In T&C  same was the property of the users and could be redeemed.
I'll rephrase.
Assuming that CEX.IO has enough hardware to cover their sold mining power, do you think that them suspending the current accounts until such a time that mining revenue > maintenance fees necessarily implies that they have actually shut off the assumed hardware?

AFAIK, Cex.IO's mining firm is Ghash.IO's own hardware and as I can see Ghash.IO is still mining with 12% (ref: https://blockchain.info/pools), i.e. their own hardware are still running.

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January 12, 2015, 09:40:40 PM
 #488

Unless it was an elaborate scheme, I believe CEX had their own hardware.  Low in hashing power by today's standards though. https://cex.io/redeem. It makes sense that some will have to stop mining if power costs exceed revenue. Difficulty is up and BTC value is down at the moment... A little scarcity of BTC wouldn't be a bad thing at this point.



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l3sny
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January 12, 2015, 09:46:29 PM
 #489

what you are seeing is the pool that other miners are mining.
@Mr.Teal
I will rephrase....  what makes you think there has been any hardware ever? Have you seen any ? any reliable evidence ? something like this? ever?
https://twitter.com/Datavetaren/status/485388559256657920/photo/1


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Warren Buffet
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January 13, 2015, 09:48:58 AM
 #490

Latest SCAM thmining.com

=> https://bitcointalk.org/index.php?topic=923017.0

=> https://bitcointalk.org/index.php?topic=923304.0
MrTeal
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January 13, 2015, 01:22:04 PM
 #491

what you are seeing is the pool that other miners are mining.
@Mr.Teal
I will rephrase....  what makes you think there has been any hardware ever? Have you seen any ? any reliable evidence ? something like this? ever?
https://twitter.com/Datavetaren/status/485388559256657920/photo/1
I haven't looked enough into CEX to justify me doing proper due diligence, but on the surface they appeared to be a legitimate reseller marketplace backed by a massive amount of Bitfury hardware. They were (to the best of my knowledge) reselling the Bitfury controlled portion of GHash's output. I can't say with any certainty that they are legit though.

That doesn't really change my disagreement with part of your post though. If CEX.io was actually selling time on legitimate machines, them suspending operations doesn't mean those machines turned off. Remember they haven't even disabled the option to pay out. You can still request that your account remain active, it will just run negative as the maintenance fee is higher than the reward.
Maintenance fee != their marginal cost though. They equipment is all installed, at least in the short term they're still paying for the facility, internet, etc, etc. Unless they have more efficient hardware waiting in the wings, their marginal cost to run the existing hardware is probably pretty close to the cost of electricity. They might still be making a profit at these conditions, and the equipment stays on.
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January 13, 2015, 03:07:14 PM
 #492

No, they do not pay for anything, nobody has ever seen a single DC of CEX. Bitfury chips went on negative equity long time ago more or less at the time the Jupiters stopped to be productive.


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IDivi ProjectI
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  ◣
❖❖❖ CRYPTO MADE EASY ❖❖❖
IDesigned for mass adoption by billion of people.I
  ◥
  ◀
  ◢
ICO
◆◆◆◆◆◆◆◆
Oct. 27th - Nov. 23rd
  ◤
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January 13, 2015, 03:13:54 PM
 #493

Hi Everyone.
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January 13, 2015, 03:17:35 PM
 #494

i am interested in mining as newbie and this thread is easy to understand.
mining at this point is not wise? or is it better to wait for later moment when price is higher.

What's so hard about buying bitcoin? The fact you don't have to beg someone for it back?

What's so hard about buying bitcoin? Well, watching it constantly tank - I guess.


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January 13, 2015, 03:51:47 PM
 #495

I heard that Puppet had a look at a bitcoin chart for the first time in two years, checked out Charts 101, quickly concluded that Bitcoin was a Ponzi scam, as a result had a breakdown and now thinks he´s Napoleon Bonaparte. Well, at least that´s the rumor.

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January 13, 2015, 06:35:48 PM
 #496

I heard that Puppet had a look at a bitcoin chart for the first time in two years, checked out Charts 101, quickly concluded that Bitcoin was a Ponzi scam, as a result had a breakdown and now thinks he´s Napoleon Bonaparte. Well, at least that´s the rumor.

Guys, just put galdur on your ignore list... Obvious trolls are obvious.

Don't feed him.


Always use escrow. OgNasty is pretty sweet.

Help me out with compiling a list of mining datacenters!
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January 13, 2015, 07:23:31 PM
 #497

No, they do not pay for anything, nobody has ever seen a single DC of CEX. Bitfury chips went on negative equity long time ago more or less at the time the Jupiters stopped to be productive.

Bitfury is still among the most power efficient chip, achieving ~0.75W/GH at the wall. So far only Bitmain is doing significantly better, and only since a few weeks. So it all comes down to their electricity cost.

You will note however, that even KnC has not shut off their miners, despite considerably worse efficiency. Clearly they still think its operationally profitable.
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January 13, 2015, 07:33:09 PM
 #498


You will note however, that even KnC has not shut off their miners, despite considerably worse efficiency. Clearly they still think its operationally profitable.

That assumption is based on the fact they are still using the Jupiters, the reality is that their farm is full of the customer neptunes they are refusing to ship.

They might not be a ponzi, but they are scam artists of the highest order.


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We're going to need a bigger heatsink.


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January 13, 2015, 09:16:49 PM
 #499

No, they do not pay for anything, nobody has ever seen a single DC of CEX. Bitfury chips went on negative equity long time ago more or less at the time the Jupiters stopped to be productive.

Bitfury is still among the most power efficient chip, achieving ~0.75W/GH at the wall. So far only Bitmain is doing significantly better, and only since a few weeks. So it all comes down to their electricity cost.

You will note however, that even KnC has not shut off their miners, despite considerably worse efficiency. Clearly they still think its operationally profitable.

Just going to point out that SP-Tech miners range between 0.3w/gh and 0.6 w/gh based on how much you overclock/underclock. As well, KnC Neptunes pull about 0.5 w/gh (very good efficiency).

Not sure if it counts but BE300s chips from Asicminer are currently pulling 0.3 w/gh on stock clocks, but they haven't started shipping in mass qtys.

There's plenty of chips doing better than bitfury's 0.75w/gh stuff. However, bitfury has much better chips now that they are not selling to the public. There's a lot of competition in this mining space!

Always use escrow. OgNasty is pretty sweet.

Help me out with compiling a list of mining datacenters!
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January 13, 2015, 09:19:59 PM
 #500

I think it's safe to put Hash Profit as a verified ponzi scam by now. No one I spoke to has been paid since christmas.
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