Re: Amit Bhardwaj/Kumar and a HashOcean clone called Gainbitcoin.
tmfp I am following this thread since its inception and I stopped myself from investing into gainbitcoin due to your analysis till now. But at some points you are not correct and I doubt if I should move ahead or believe all what you write. I am sure, you don't want anyone to fall for a fake mining company but are you sure. Bcz till now I have seen none of the people who are investing with them without their payout on time. No reports of cheating as well. And now they are coming up with wallets, refund policies etc as well. As you said, they need at least 1 BTC as minimum investment, it is not correct, it starts from .1 BTC. As I have already waited enough and no wrong reports came in front, I am planning to move ahead with .1 BTC and will increase my investment gradually. This way at least I will be able to give first hand info on what gainbitcoin is in real, rather than cribbing sitting outside. No offense to anyone but I plan to do so now.
The siren call of profit.....
The smallest amount you can buy a Gain mining contract for is 1BTC, say 55,000 INR today.
However, in the MLM industry (and in some "cloudminers") it's not unknown for your upline to offer a partial share if you cannot meet the company's minimum purchase requirements.
This involves giving cash to a third party under an informal arrangement.
Anyway, if you give Gain 55,000 (and completely disregard the mathematics of my previous posts), then you can expect to receive back ~ 5500 rupees per month for 10 months (in the event of no BTC price change and payments actually being made as promised...).
So, in October 2017 you may have been paid back your 1BTC in stages and are now at break even.
Or are you?
None of us have crystal balls, but it is clear that Bitcoin is a bull market.
Let us say, for the sake of illustration, that the bull run continues at 10% per month (as it basically has over the last year).
Do the math between "investing" in Gain mining and simply hodling that 1BTC. (Should the price of Bitcoin collapse so will many miners, as their fixed overheads are denominated in fiat).
after INR k value *mining returns (cumulative, converted back into rupees on receipt)
1 month 60.5 6.05
2 66.55 12.706
3 73.2 20.025
4 80.52 28.077
5 88.58 36.935
6 97.43 46.678
7 107.18 57.396
8 117.90 69.186
9 129.69 82.155
10 142.66 96.421
*assuming they are continually made @ 10% monthly. See likelihood of this in my previous posts. Numbers rounded.
If that is so, it gives you an indication of how fast and loose they play with their promises and T&C's
Do you really want these people owing you money for ten months?
I think I must try my hands with them. Let me try with some small amount.
The siren call of profit.....The smallest amount you can buy a Gain mining contract for is 1BTC, say 55,000 INR today.
However, in the MLM industry (and in some "cloudminers") it's not unknown for your upline to offer a partial share if you cannot meet the company's minimum purchase requirements.
This involves giving cash to a third party under an informal arrangement.
Anyway, if you give Gain 55,000 (and completely disregard the mathematics of my previous posts), then you can expect to receive back ~ 5500 rupees per month for 10 months (in the event of no BTC price change and payments actually being made as promised...).
So, in October 2017 you may have been paid back your 1BTC in stages and are now at break even.
Or are you?
None of us have crystal balls, but it is clear that Bitcoin is a bull market.
Let us say, for the sake of illustration, that the bull run continues at 10% per month (as it basically has over the last year).
Do the math between "investing" in Gain mining and simply hodling that 1BTC. (Should the price of Bitcoin collapse so will many miners, as their fixed overheads are denominated in fiat).
after INR k value *mining returns (cumulative, converted back into rupees on receipt)
1 month 60.5 6.05
2 66.55 12.706
3 73.2 20.025
4 80.52 28.077
5 88.58 36.935
6 97.43 46.678
7 107.18 57.396
8 117.90 69.186
9 129.69 82.155
10 142.66 96.421
*assuming they are continually made @ 10% monthly. See likelihood of this in my previous posts. Numbers rounded.
they declared that they will transfer bitcoins only their app address.
If that is so, it gives you an indication of how fast and loose they play with their promises and T&C's
Quote from: gainbitcoin
DIRECT WITHDRAWAL
Save the withdrawal address once & and receive withdrawal automatically to any wallet of your choice.
Save the withdrawal address once & and receive withdrawal automatically to any wallet of your choice.
Do you really want these people owing you money for ten months?