Quote from: Netwerked on August 15, 2014, 06:09:00 AM

Quote from: BigBoy89 on August 15, 2014, 04:42:35 AM

i've read about this too, it's around some months ago that they move to Iceland (before that, they were in Canada)
they said this statement in this thread. if some users read this thread constantly, he will know this statement too Grin

I read this whole thread last week, and I never saw any mention of Iceland. I just searched for "Iceland," and the first mention of it is less than 48 hours ago.

It's my understanding that the company is still in Canada, but most of the mining operations are no longer in the country.

This.
I've been on this thread since about a month after they launched, and a customer since March. I've spoken privately with them, and I've read everything they posted. At one time they DID have the Eligius address they mined at, and got trouble at home. They were a small operation. What they DID say is that they had moved the majority of their mining to another country. Iceland was NOT specified, though it'd be a good bet.

Ponzis collapse far faster than this. They might be investing in something other than mining and paying out (possibly), but it's not likely. The business model that I had speculated on previously still makes the most sense, and while they didn't confirm it, they did say I was on the right track. For those that don't want to go back through the thread, I'll put a short version of it here, again.

What I believe they have done, right from the outset, is sell approximately HALF the hashpower they had available. They then use that to buy more equipment, and again, sell HALF. This covers them for the long term, as they will always be building twice as much as they are selling. It capitalizes the growth of their farm, guarantees their profit in BTC and allows them to cover truly massive difficulty leaps until it stabilizes. It's a good model.

Again, I do NOT know this to be their actual operation, but it's the way I would do it. My only beef, is that at this point they have grown large enough that they could drop some of the veil of secrecy and show actual mining addresses if they chose without major repercussion. They could easily establish enough corporate veil to keep the curiousity seekers and the criminals on the other side of the gate at this point. I wish they would do so, if for nothing else to end this constant discussion of ponzi schemes.