Quote from: elements on July 02, 2011, 10:44:10 PM

Quote from: timsmith on July 02, 2011, 07:10:29 PM

Quote from: GeniuSxBoY on July 01, 2011, 11:39:44 PM

if you think it's a scam, stop using it!

rocket science it is not.

It's not a scam. But it is a poor deal.

Sorry, but it is a scam! Not only a scam but a strike of genius, too!

Here is the reason why:

1.) After your first payout(s) you try to transfer to your wallet whatever little you "mined"

=> This is the first time EVER that you're informed that the minimum transfer is 0.01 BTC
=> To the newbie, who just got his/her very first BTC this is frustrating but somewhat understandable, so you keep your machine running till the total of all your payouts exceed 0.01 BTC

2.) Second transfer attempt:
Now, the proud owner of 0.01x BTC finally wants to transfer the coins to his/her wallet. And BAM:
Now you get informed (FOR THE FIRST TIME EVER AGIAN) that you have to pay a 0.01 BTC transfer fee and that any transaction has to be a multiple of 0.01 BTC (i. e. that you have to "mine" at least 0.02 BTC and losing half of it to transfer fees).

=> At this point the devestated newbie realizes that this is not a fun way to start mining and stops using the service, leaving the owner with hundreds if not thousands of left newbie accounts

If the owner would clearly state that:

a) minimum transfer is 0.02 BTC (with a 0.01 BTC transaction fee)
b) transfers are possible only as multiples of 0.01 BTC

THEN it would be a poor deal.

This way it is utter scam!

hopefully this is easy enough to follow along

my anger at this got the best of me

I 100% agree!! complete Bleeping scam. I've only been around for a few weeks and everything he said is exactly what i thought.

The owner hides the .01 btc MINIMUM for transfer until you go to the transfer page. while this is not a big deal, idealy id have liked to transfer it sooner. I had no clue untill then that i needed .01 minimum. so like the above guy said "its understandable" to have to wait. so while its my fault that i didnt check *every* page on his website, he Certainly didnt make this fee upfront. but forget about that for now here is the real 'gotcha'.

The real scam here is that it litterly doesnt mention *anything* *anywhere* about needing .02 BTC for the /actual/ transfer it ONLY says ".01 btc minimum for transfer".

the owner basically strings you alone with "well you have .004 btc! might as well stick around till you get .01 btc and can transfer it out, after all you earned it!" but once you get that .01 btc you find out the REAL minimum is .02 btc.. so now you have to wait around for another .01 btc or you end up throwing away the .01 btc you already have, effectivly donateing it to the site owner. so if at any point you leave... because you never withdraw the amount of BTC you've earnd the owner effectivly gets to keep it since the BTC is in his account and he only has to pay transfer fees on each of those small amounts *if* he transfers them out.

i only mention the following because someone else did as well and because i had the exact same reaction. it Seems like the amount he pays out drops over time as well as well as the frequency of payments, it Seems like hes double dipping. which is why i tested out a Real CPU miner... which i make allot more on. in 4 days, (not nights) I've made as much i had in the last 2-3 weeks.

some of you can say "its only a few pennies, and their are fees!" but i really don't care, the facts stand, the fees are hidden to string you along so when you eventually give up he gets to keep the money. Aside from that, he can lump multiple withdraw transactions together to reduce the overall cost(unless im just wrong on this, transactions have a limit in data size, not number of people included in the transaction). he can also simply push them out with no transaction fee since that limitation is client side and not in the protocol itself, i really wouldn't mind waiting 24 hours or a week to get the BTC considering a i spent 2-3 weeks getting it in the first place.

and for those of you thinking "why bother for so little?" its because It's freaking cool! then why am i pissed? because of the principal of it! and if TWO people are pissed, you can be sure their are more. this guy is certainly doing a great job to help out the image of bitcoin lets all give him some applauds! *claps for the site owner*.

id love to see how much btc is waiting to be given out from inactive accounts. heck he could even have a "donate your btc to xyz charity" then every time he reached 10.01 btc he could simply send it to the charity rather then keeping it.

oh and while I'm at it, the Ufasoft CPU miner that does GPU's as well works much better.. and doesn't require any installs.

forum page for all miners -> http://forum.bitcoin.org/index.php?topic=16125.0

Link to other thread complaining about the same thing -> http://forum.bitcoin.org/index.php?topic=17099.0