November Four, 2014
Heed the wise words of Kirk Lazarus ter Tropic Thunder: never go total retard, man.
This statement can just spil lightly be extended and adapted to the gambit of “cloud mining” companies which have flourished ter the Bitcoin space ter latest months. Many of thesis companies teeter riskily on the brink of ponzi schemes. The basic gist is:
1. You pay $X amount of Bitcoin for “managed” mining hardware – hardware you never get to hold te your mitts, but whose existence is assured by the hosting companies
Two. You receive $X amount of Bitcoin vanaf day from your virtual mining hardware, minus a maintenance toverfee
Trio. Your payout schedule is such that it is very unlikely you will everzwijn see an ROI on your cloud mining
When examining cloud mining from the triad above, it’s likely that many companies te the space are orchestrating a techno tour den heist that would make even Madoff green with envy. Given that there are no assures of profits, and with Bitcoin difficulty on a vertical ramp up, it’s accepted that the cloud mining product ultimately boils down to a ponzi gezond for a gambler’s tastes.
Are you a betting man? Josh Garza, CEO of GAW Miners, certainly is. He recently purchased the domain name www.BTC.com for $1.1 million dollars.
Are you feeling fortunate? Josh certainly is. So fortunate, te fact, that he has determined to cook up a brand fresh creation for the GAW umbrella : HashCoin.
Now, no one knows exactly what HashCoin is (there is no whitepaper publicly released, EDIT: Whitepaper has bot released: https://hashcoin.com/white-paper and HashCoin isn’t ensured to be its final name), however there is already fairly a few interesting “Get Rich Guarantees” being made to all the hapless cloud mining customers antsy to turn their failing mining hardware ROI into a quick pump and dump.
Our Market Analyst and our banking playmates have released their final market numbers for HashCoin. I will save the yummy stuff for zometeen, but the
summary is this:
• HashCoin will go “public” for just overheen $20 a coin.
• Our customer ICO HashPoint round, for our mining members, will be at “less” than $Four a coin.
Legal note: Recall, this is NOT the FIAT round. This round, at thesis prices will be limited to purchases with HashPoints only. Our banking vrouwen will NOT permit more coins to be purchased than with the available pool of HashPoints.
“HashCoin” is the code name for the coin, not the actual name that it will bear. Wij purchased the rights to the most popular name an online currency could everzwijn have. That overeenkomst finished today.
To sum it up, GAW is releasing a fresh coin, which will be made available to their “banking and market analysts” spil well spil GAW Cloud Mining customers for a mere $Four a coin, with a target “ITO” price of $20 / coin. Josh, you should’ve listened to Kirk. Perhaps you’ve had too much a taste for the good life, buying million dollar domains and flying around on private jets without even having reached the ripe old age of 30.
It’s time to step back and realize that just by interchanging the P for a T ter “IPO” you are not avoiding regulatory scrutiny. Duo this with very suspicious nature of the cloud mining scheme and you have a recipe for disaster.
Wij don’t need another GOX, another BFL, another Mintpal. Take heed, hold your Bitcoin taut. There are snakes on this private plane.