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Showing 6 of 6 results by Ghai
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Board Service Discussion
Re: Recovery program beginning in January for PB Mining customers.
by
Ghai
on 01/01/2015, 13:59:21 UTC
Despite the negative responses, i will continue to try to help. 

I honestly hope you will be able to solve the problems.
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Re: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁
by
Ghai
on 18/12/2014, 12:44:58 UTC
There are a few more pictures on their sites, also by night, but I don't think they give a much clearer image anyway. About profitablity, the most obvious scam imo, is the scam that promises you a x or y amount, but when you buy a contract does not pay the amounts promised. One of the worst examples I have seen is https://cloudhashing.com/.

I dont know what happened with cloudhashing specifically, so Im not going to comment on it, but any company that complies to my list if criteria, even if it breaks its contract, it can be held accountable. Which is more than can be said of the majority of anonymous scams listed.

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Ponzi's are harder to prove, also because a company (any company) can go broke at any time for numerous reasons. I think sometimes the bitcoin community is a bit too focused on calling companies ponzi's. Of course transparency is much needed, but also not easy to come by on the internet. Any picture can be fake, you can't visit companies because they are on the other side of the world, cryptocurrency are quite anonymous. All reasons why it is hard to determine if you are dealing with a legit company or not. In my opinion the best way to invest in cloudhashing is always to try with small amounts of money, see if they keep promises and if the payouts don't lower too fast and reinvest after you get break-even. Always spread your risks and never invest more than you can afford to lose. Even if they are ponzi's you can still earn money that way.

I wholeheartedly disagree. First of all, investing in a ponzi makes you complicit in the scam, as your goal of making a profit depends on luring in new victims that will not profit. Thats not how I would want to earn a satoshi. It also funds and enables the scam, while the chances of profiting are actually extremely slim. Very few ponzi's will live long enough.

Secondly, "testing" a cloudmining service doesnt tell you anything. Every well executed scam will pay perfectly. Until the day they pull the plug.

Lastly, spreading risk only ensures you will lose money because there are far more scams than there are legitimate services.

IN short, your strategy of spreading and testing and not asking too many questions is exactly what ponzi scammers want you to do. If instead of that, people demanded credible proof before sending them a satoshi, these scams would quickly be a thing of the past.

The problem though is that you have no hard evidence they are ponzi's, nor have I. A few signs are not enough. For example there are very trustworthy companies that also use referrals to advertise, most companies have secrets to protect their ideas from competitors, pictures say absolutely nothing, bad reviews can be written by competitors. 

I just treat like my normal investments, research, test and spread. Btw I do ask a lot of questions usually and I try to phone them even if they have no phonenumber published (a helpdesk is the least a company should have), I ask other people how their experiences are and read a lot . If you don't take a risk in investing, you will certainly gain nothing. The higher the risk, the more you can earn usually. That's just how investing works. Since I am already investing in many various companies over 15 years, I can tell you my profits are really not so bad and yes sometimes, you encounter some bad luck, that is why spreading is essential.
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Topic
Board Service Discussion
Re: Recovery program beginning in January for PB Mining customers.
by
Ghai
on 18/12/2014, 12:24:37 UTC
Well, the Dutch police is hopeless. Last year when my phone was pickpocketed in Barcelona and I had pictures taken of the robbers, they just told me that is too much work and they don't inform Interpol. The Spanish police told me to inform the Dutch police, so the circle was round. This time the amount of money I speak of is even less than the value of a phone and less tangible, so I would really be surprised if they would take the effort to inform the Canadian police (a phonecall to Canada is much more expensive than one to Interpol after all)
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Topic
Board Service Discussion
Re: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁
by
Ghai
on 18/12/2014, 10:40:37 UTC
Cointellect has a pool : stratum+tcp://66.55.92.73:8000. You don't have to use the miner they offer on their site, but you can point your own miner on it. They have a live-feed published of one of their datacenters a few days ago: http://dc.cointellect.com/

That live feed is actually neat (Im not being cynical). Just a shame I cant tell if those are file servers in those cabinets or miners.
At least they have some hardware apparently. Are there no pictures?

The pool IP doesnt tell me anything though. Id need pool stats and block signatures.

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I was wondering if you really try to talk with people of these companies on phone and try to get the information you need or that you only decide if it's a ponzi or not based on what you see on their sites or rumors you heard.

I dont call them, I usually do reach out to them via the forum, but as Ive explained a few times, I base myself solely on publicly available information for the very reason I want everyone to be able to double check my findings and do their own due dilligence. IOW, I shouldnt have to call them to get answers to these questions. But if there is something I missed, Im more than happy to adjust the ratings. Not sure yet if what you provided warrants that just yet.

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Btw Genesis Mining might be legit, but is absolutely not profitable.

I deliberately ignore profitability questions.  A scam can easily appear as profitable as the scammer wants it to appear, thats not something that should be balanced against the fact they are a scam and may not pay a penny after x weeks. So I only try to ascertain how likely it is a given company will comply with its contract, not how (un)profitable those contracts might be.

There are a few more pictures on their sites, also by night, but I don't think they give a much clearer image anyway. About profitablity, the most obvious scam imo, is the scam that promises you a x or y amount, but when you buy a contract does not pay the amounts promised. One of the worst examples I have seen is https://cloudhashing.com/.

Ponzi's are harder to prove, also because a company (any company) can go broke at any time for numerous reasons. I think sometimes the bitcoin community is a bit too focused on calling companies ponzi's. Of course transparency is much needed, but also not easy to come by on the internet. Any picture can be fake, you can't visit companies because they are on the other side of the world, cryptocurrency are quite anonymous. All reasons why it is hard to determine if you are dealing with a legit company or not. In my opinion the best way to invest in cloudhashing is always to try with small amounts of money, see if they keep promises and if the payouts don't lower too fast and reinvest after you get break-even. Always spread your risks and never invest more than you can afford to lose. Even if they are ponzi's you can still earn money that way.
Post
Topic
Board Service Discussion
Re: ▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁
by
Ghai
on 17/12/2014, 21:51:52 UTC
Cointellect has a pool : stratum+tcp://66.55.92.73:8000. You don't have to use the miner they offer on their site, but you can point your own miner on it. They have a live-feed published of one of their datacenters a few days ago: http://dc.cointellect.com/

I can't tell you if it's all real or fake, I don't understand their business model (it's way better than any other cloudhashing company), but I know quite a lot of people that are actually making profit there.

I was wondering if you really try to talk with people of these companies on phone and try to get the information you need or that you only decide if it's a ponzi or not based on what you see on their sites or rumors you heard.

Btw Genesis Mining might be legit, but is absolutely not profitable.
Post
Topic
Board Service Discussion
Re: Recovery program beginning in January for PB Mining customers.
by
Ghai
on 15/12/2014, 11:50:56 UTC
He pays, there are no guaranteed pays in the contracts, so I think he still fulfills his contracts. I doubt if he can be prosecuted at this moment.  

I'll just wait until payments stop and no solution is offered before I take action. The fact that he still pays, that he stopped selling hash and that he's trackable gives me a hope. I think the word 'Ponzi" and "scam" is often used too soon anyway in the bitcoin world (mt.Gox trauma). There could be plenty of reasons why this is happening, I hope he'll explain some day what happened and why. I hope even more that his customers will be refunded.