I'm on the fence, I got in Early with hashprofit and spent maybe 1 btc for all my hashes (on sale of course) and maybe I will got a ROI. I contacted them early on and they sent back several correspondences back and forth just to see the humans behind the scenes.
They are real people.
Also initially, they never claimed to give you immediate ROI like many other sites. It seemed like a sound investment with a ROI in 9 months given difficulty. It's not a scam per se, but people need to understand dificulty is going to change and effect the ROI.
Realilisticly though, it's a moving goal post, so after my initial investment (or yours) I won't be reinvesting anymore. (yes if you read further I did reinvest, but for nothing, I made a brief + on profitcoin)
They weren't transparent about the difficulty, but they gave an estimate that seemed real life compared to other hashers out there. No %125 returns in 4 months BS! It said ROI in 9 months. Not profit, just ROI. And they mention depreciation over time.
I think Profit coin tanked after people traded there hashes for them and dumped them on the market.
I sold some of hashes for profit coin and then renivested the profit coin back in my hashes for basically a free 50khs. I did it at the right time and reinvested when profit coin was at a high, I don't think we'll see that again. I could've cashed out about 35$ in HP.
All they needed to do was let people trade there profit coins for BTC direcrtly on their website, but they never gave us the option.
There are many parallels between this and Paycoin, except that Profit coin uses a different algorithm. I also believe there was either no premine and ICO or a very small premine and ICO. Profit coin tanked in about a month, but it could recover if HP is legit IMO. The problem is the masses don't play along with the store of value crap and DUMP DUMP DUMP. Looks like Paycoin will smash that record, it's artificially propped up by Garza's investment. I also believe the initial investors were all employees of GAW and/or Amber. Who else would invest at this time when Bitcoin price is tanking?
Who would accept another altcoin when the big daddy is faulting in so many ways? The big thing is coming up with systems for merchants to accept cryptos (Look at tag coin for instance). Not the other way around. That's why paycoin flopped so hard, no one will accept it, Why else is Josh personally on the message boards? He's got enough money to hire a PR/Hypeman that knows how to talk scam. I digress because that is sooo off topic.
One more thing, the experiment of creating your own coin to try and payout customers for BTC devaluation and difficulty increases has obviously failed. HP really did beat GAW to the market by good few months on this idea, too bad GAW didn't see the writing on the wall for profit coin (Fucking Scrypt??? Are you fucking joking for something this big? it's 2015). Shit, Paycoin is just Peercoin with a different flag. At least Profit coin is ASIC resistant.
As far as the .03BTC to email them. They are about to get 100,000+ emails saying all the same thing. Which would be like a self initiated DDOS. Yes their message reeks of panic and "we took 15% of all hashes to dump profit coin on the market so we can pay out the BTC"
Before you hate on my newbieism, I'm not giving an endorsement or doing some FUD. just typed some facts I noticed.
Scam/Legit? More legit then Paycoin IMO. Scam? Could be, Thinking of trading hashes immediately after site reopens. Need more info, but I'm going to give them a week to sort shit out.
