OMG...........I wish I found this sooner.   I am really disgusted to hear this news.  Enough to make me feel sick.

I am such a fool.......this is the 2nd scam I have gone through dealing with bitcoins and mining equipment.  I bet everything I had on this stuff and lost it all.   Might as well pack up a suitcase and become a homeless bum.  Bitcoins have become a curse to me.......they really have.   I've lost all this money and still don't have a single bitcoin in my wallet.  Makes me wanna cry.

 

yeah, I just got back from the bank.  I did a "recall" on the wire transfer. However, the beneficiary on the account has to approve it for it to transfer back.  Like that is really going to happen.

Lesson learned.  I hope others read this and stay safe and not make the same mistake.  I was all starry-eye over getting 3 400gh/s mining machines that the security measures I should of taken went out the window. 

Hopefully what coins I do have now can make up for my losses one day.  Need to clear my mind of this and move forward.

Thanks for the feedback everyone.  Much appreciated.

Ken

it was a bank wire transfer.  I did not even think about escrow.....my own fault.  Yes, I made a dumbass noob mistake.  Trust me.....I am feeling the pain of regret.

I sold everything from my CEX account because after about a month I figured out that is really wasn't worth it and I was actually losing money.  I did find another service with bitcominers.com for cloud mining and they had some really reasonable rates.  I am giving them a try......I should be mining with them in a couple days. 

In the mean time.........I hopefully will have my own mining machine running here soon.  Cloud mining was the best alternative to get me started without having equipment.  Bitcominers seemed to be one of the only companies that seems reputable and legit that I have found to do cloud hashing.

Anyways......hope that helps!  Happy Mining!!$$

Ken

Just to let other miners know I got scammed for some bitcoin mining machines I thought I was buying from alibaba.com.  I thought I was buying Avalon 2 400gh/s mining machines.  I have used alibaba several times for other types of products and have had good success with it.  I did not even think of the fact that I would get scammed (so naive).

They got me for $7800 ($2600 x 3 machines)

Joy_Chen1985@163.com is the email

I spoke with the company that I thought I was buying from and they told me 400gh/s machines are not even out yet.  I did not know that.

I got a few other quotes via email.....turns out they were all scammers (4 other emails total)

So, just wanted to let my fellow miners know about this problem and I hope no one else makes the stupid mistake like I did.  This was my first investment into mining equipment and they took all my funds I had saved up.  Sucks.  I guess it could of been worse....but still....I am disgusted over the whole thing.  I tend to learn my lessons the hard way.....this lesson sure did hurt!

So bottom line.......BE CAREFUL if your buying any equipment from alibaba.com!  I hope someone who happens to think of doing the same thing I did reads this and doesn't lose there money.  I now found a couple companies in the U.S. that are reliable sources for equipment.  Wish I found them before I placed the order.......coulda....woulda.....shoulda.

Anyways.....back to counting my pennies to try and get me a real mining machine.

That is a very interesting concept! 

I lost money on cex.  the price of gh/s keeps dropping and dropping.  The only rise is only on a short term day chart.   was at .06 getting in......seen it go down .02 on bad news about China a few weeks back. Sold at .044 taking a loss.

Didn't feel the reward was good enough for how much money you would need to spend in order to have enough gh/s power to make it worthwhile.  

for me......cex was a bust.  There are better mining contracts out there. The mining payout was pretty low when you have to pay 3% pool fees.

I thought the concept was a great idea for a noob who had no mining equipment (yet).  I learned my lesson and took my losses and moved onto bigger and better things with my own mining equipment.

$$HAPPY MINING$$

cryptomogul..........feel free to ask away.  I'm more than happy to help out a fellow enthusiast if I know the answer!  Learning and knowing is important in this hobby/business. 

$$Happy Mining$$

WOW!!  Sorry to hear that!!   

I would remove the app on your phone because I also have heard of an error with Android and a back door hack that allowed access to peoples phones which in turn caused others to lose bitcoins.

I am surprised about Coinbase.......use them as well and chose them because they are U.S. based. 

I hope karma works in your favor.........bad luck to all the bitcoin theives out there!!  It is a shame people have to steal. 

thanks for the post!  Much appreciated!!

All the machines we have ordered are currently taken.  We just happened to be very lucky and ordered these machines right when they became available and happen to get our hands on a few.  We have other friends asking but the next order is currently on a pre-order status.  We want to test the machines first before I even consider selling one to someone else.  We will know this week if these machines are worth it or not, then we will go from there on ordering more.

The only thing I worry about is that the difficulty versus mining power.......one of those things where I think the window of opportunity is getting very small to keep mining at a profitable stage.  After April or May I am curious to see how much it really changes.  Especially when a few of the other companies are releasing 2th/s machines sometime in April.  That is going to put the mining power up quite a bit.

Don't quote me on the April thing.......but curious to see how hard it will really get to mine without having a substantial amount of mining power.  Basically if your not running with the big dogs, you will need to stay on the porch......if you get my drift.  That is what I have read anyways.......

That is why my idea is to get my mining gear paid for as fast as possible.  If I can at least break even, I'm happy.  Hoping to maybe use the ASIC miners for another type of cryptocurrency to mine later on if bitcoin mining becomes to difficult or not lucrative enough.

Hello fellow NOOBS!!!   

These forum restrictions..........yes I understand why they are in play.........but mannnnnnnnnnnnnn!!!!

How long do I have to endure the newbie status??  I'm a chatter.....LOL!  I keep getting the 360 second post timer message.......BLAH!!!

Can't wait to be able to graduate and hang out and chat with all the big dogs!!   

$$HAPPY MINING$$

a friend of mine has a reliable resource from China.  These are some of the first 400gh/s machines coming out of China.

Just be careful with who you buy from in China.......I've read of scams already.  On a chatroom board I read someone lost $10K from sending money to China and never getting anything shipped.  So please be careful.  Hate to see anyone get scammed.  Especially a fellow enthusiast!!

Unfortunately I do not know what company mine are coming from.  I gave the money to my friend and he ordered them for me.  Tracking shows them arriving this week via DHL.  I'll have to post pics and performance once I get them running.

Ken

HELLO FELLOW NOOB!!! 

I took the plunge just about a month ago.  Started by testing the waters with buying mining contracts for 24hours from Ebay.  Expensive way to mine, but it got me started and I learned the ropes about bitcoin and how it all functions.  Pool setup, wallet setup, exchange setup, etc etc........

Now I understand the basics so I bought some mining gear that will be here this week.  From what I read and researched from the difficulty in mining going up.......I'm just trying to break even on all the gear I just got.  After that, it's all gravy and I got equipment that is paid in full.  There are several bitcoin mining calculators that can help give you an idea on what kind of money you can make from mining.

I am actually moving more into litecoins(LTC) since the difficulty is lower. Plus....asic mining hasn't spoiled the difficulty yet (not yet anyways, that I know of) with having these super powerful mining chips that are out now for ASIC mining.  Seems like to even be worthwhile mining bitcoin, you now have to spend quite a bit on gear that seems to get outdated in a very short time span.

Good luck on your mining ventures!!!

$$Happy Mining$$

this damn forum and newbie restrictions on posting..........BLAH!!!!


I bought 3 Avalon 2 400gh/s machines @ $2600 each

I took the plunge myself and bought me a bunch of mining gear.  Originally started and got my feet wet with bitcoin mining by buying mining contracts off Ebay.  This seemed to work well and got me started and helped me to understand things like setting up pools and understanding how to basically setup everything.  I've had good and bad success with mining contracts.  A few were great, but I also encountered a couple scams.......so be careful.  I suggest to anyone reading this and thinking of buying a contract......DO NOT BUY ONE from someone who says they will start they contract more than 3 months after you send payment.  I've already been scammed once.  After 90 days it is very difficult to get your money back, luckily paypal was nice to help me out.

Waiting on my mining equipment to get here.  Most of it should arrive this coming week.  I am super excited.  Will be hashing around 1.2th/s with an investment around $8000

I took the plunge and am super excited about bitcoins.  I see opportunity with mining.  I also see opportunity with selling equipment.  I also see opportunity to sell mining contracts.  3 options to bring in cashflow.  Looking at it as both a hobby but as a business.....if that makes sense.

Good luck on your ventures!!