So what’s the latest on Cointellect scam?

I have not written much about cointellect lately, but I’ve been monitoring its activities from many others forums, blogs and off course social media such as facebook.

It is no surprise that many of the top earners referrals still going strong trying to get people into cointellect to buy contract so they can profit with a big referral bonus, while letting the people who got in suffer. These are the referrals people that joined cointellect from the beginning and earned much money from referring people into cointellect, they make money for each referrals earned and also a one time 10-20% if I recall back correctly. I could have mistaken the referrals % with coingeneration.com

Sadly many people already know this is a ponzi scheme scam, fraud your money, but they still doing it. Again, it’s those greedy people that want to refers more people into cointellect and let them suffer while the referrals pocket good amount of money and doesn’t care or need to do anything else, in fact some of the referrers calling the people whom purchased cointellect contract stupid as it the fault of the people buy them.

Now let get to the business side of cointellect.

  • Yes Bitcoin price had fallen, but it’s moving up a little bit. Cointellect uses this advantage to change its plan and stop paying old contract and allow people to request refund, but had anyone confirmed to get their Bitcoin refunded? For those that are lucky to have a good credit card company will fight to get the money back, may have their fund frozen, but it will takes months, and hope cointellect don’t fight back to win over your bank.
  • Swiss Card? – have anyone confirmed of receiving the Swiss Card? I don’t think so, and it’s been months since the announcement. If anyone filled out those forms for Swiss Card, probably got their identity stolen, and I hope that you don’t send a picture of you holding your ID and send it to them also.
  • Mining? – no more pool mining on ASiC, as I’ve mentioned on many of my previous blog that cointellect asic mining will end soon and indeed it did. Today mining with their software so call “Coinminer” is not a good idea, we don’t really know what it mining or what it do, but it does use up a good portion of CPU usage depend on your settings 0-100%, and NO I don’t think it uses the GPU much, FAKE. As for cointellect datacenter with a live webcam? As I’ve already mentioned, it’s fake, just a video looping making it realistic with door open and close and light flashing randomly.
  • Earning changes? – yeah it changed big time, and it’s NOT what indicated in the chart. You will earn a lot less if you purchase a contract. This is for new members, for old members you’re earning nothing, it’s funny sometime to see your balance in the hundreds and even thousands but you can only withdraw 10 cent. If cointellect are doing this to the old members, what makes you think they will not do it to the newer members? Their terms of service changes overnight without any notice, they reserve the right to do so, you can’t do anything to change that.
  • Employees at cointellect? – it’s funny that I got a couple email from them, but I don’t really know if it’s from them or some referrers people profit from cointellect … asking me to stop talking about cointellect is scam, stop posting link and pictures or else I will get arrested, they will report me with my blog to the police. So funny. I hope that person or persons success with cointellect scamming more people and their life will be successful scamming, don’t know how they can sleep at night, or know where their career is heading.
  • Lack of communication? – if there is communication at all from cointellect. Every communication news cointellect posted are just stories using words such as we “will”, “soon”, “big plan” coming … so on and so forth. No different than coingeneration.com communication. “soon” we will pay all members in full, “soon” as in soon we will live on mars more like it. I have not seen cointellect deliver what they promised. Please don’t tell me that cointellect was working great at the beginning and because of bitcoin price drop which led to cointellect being iffy today. If so, this is indeed a ponzi, it is how ponzi scheme work, great pay out at the beginning to get lots of people invest, then run away with their money.

Bottom line, for those of you who plan to invest with cointellect. I think it’s better that you buy bitcoin directly at whatever price it is at the moment and forget about it, less head ache, wasting less time. If bitcoin down, just giggle, if it goes up be happy and you can sell it if you want or just watch it go up and down. Don’t invest or buy a contract at cointellect, it will give you more grieves than enjoying your daily life. If you’re a risk taker then go gambling, don’t gamble with cointellect, you will loose and dies slowly miserably, while gambling at casino you can win and loose big within seconds – quick painless death 🙂

 

Bitcoin will crashed to below $100 in March 2015 due to government auction of 50 thousand Bitcoin?

If you’ve been following Bitcoin news lately, you would know today US Government announced another 50 thousand Bitcoin to be auctioned to the public. How much Bitcoin does the US Government have anyways? We probably don’t know, but it appears that they have a lot of Bitcoin to be auctioned a little bit each time, every so often. Why don’t the government also auction marijuana? well see that’s the thing government accept Bitcoin existent.

Based on historical data, anytime there’s a big auction like this, 50 thousand Bitcoin, it will surely hurt Bitcoin price slowly. At first the people get panic selling, then some will short sell days before happening, then finally whoever won the auction will most likely sell it little by little and thus causing Bitcoin price to tumble.

So what will the Bitcoin price be after the auction completed on March 2015? – most speculated to be below $100, then a surge in buying will risen up the price of Bitcoin again. Single digit is possible, but it will not be $50 because at this price we would see big surge in purchasing Bitcoin and will cause the price to go up $100 to $200 real fast. However there could those with amount of purchasing power to buy and sell to make a profit, similar to arbitrage.

It is also possible, and hopefully it is, that one of the Bitcoin exchange business such as Bitstamp and Coinbase will enter the auction and win it, otherwise it will fall into the wrong hand and could do harm to Bitcoin. I’m not saying that Coinbase will not do harm, but I feel much safe and better if one of the well known Bitcoin exchange won it, especially coinbase which had been doing a lot of improvements and development to publicize Bitcoin.

Cointellect latest news and development

I haven’t written much about Cointellect, and today I circled back to the chat room and various forums and blogs, including facebook social media to see what’s going on at cointellect.com

Turns out Cointellect is still running, and members that purchased contract during the month of January 2015 appears to get paid via Cryptopay. For those that purchased contract before January, you’re not getting paid at all, your funds held.

For those mining without buy contract, your earning will accumulate, you will not be able to withdraw, you can only use it to buy contract when you have enough money, a minimum of 99EUR. If you mine with a CPU or GPU most likely it will take you a very long time to get to 99EUR to buy the contract.

Basically only newer members that join and purchased contract will get paid. Old contract appears to be voided. A lot of people are loosing money, but appears that Cointellect willing to give refund on the different ROI, so let say you invest $100, but you only get paid $90, Cointellect said will give you $10 refund. Whatever money you have made doesn’t look like you will ever paid, you need to contact cointellect to get refund on the ROI, all old contracts voided. Only contract purchased begin of Jan still valid.

Swisscard? I haven’t seen any confirmation that people are getting the swisscard, except for that one picture indicate the person received the swiss card, but suspicious because receipt posted before Cointellect announcement swisscard, so something wrong there, could be another lie from cointellect.

The new contract appears to be have less earning than what the max said. So the 99EUR supposed to have max of 1.10EUR a day, but people are reporting a lot less, sometime half. Instead of 1.10EUR people are reporting 0.70 to 0.90 EUR the most they’re getting, not the 1.10EUR.

As I said before, transparencies are important, look like Cointellect have transparencies now, but I’m not sure if it’s enough to keep them from being called a ponzi scheme scam. The did lied in the past or at least they don’t really know what they’re doing.

So where did Bter.com hide the 7170 Bitcoin claimed got hacked?

OK to the title to this blog entry isn’t funny, but honestly if we look at Bitcoin as non-regulated, then anything can happen and nobody can protect anybody, you’re on your own. However there are basic fundamental  steps that you can follow to protect your Bitcoin wallet  just like how you would protect your actual physical wallet. Would you leave it in plain site? would your have multiple people access to it?

What surprised me this time is that this is a cold wallet, meaning it’s not a live wallet connected to the internet for transactions. This cold wallet supposed to be off the network, or the internet, how does it get hacked? Here comes the conspiracy theory! Yeah sure, bter.com stolen the Bitcoin themselves and claimed it was hacked by hackers. Why would they do this? either to get more fame, to be more popular for a few days or weeks, and then all of a sudden back to business and put those bitcoin back to work but still claiming that hackers stolen those Bitcoins?

If this is true then very sad that Bitcoin have weak security or people just don’t care to protect their Bitcoin wallet with simple fundamental steps.

Now if we look at actual currencies USD, latest news indicated that $1 Billion stolen by hackers hacking about 100 banks, that’s a lot more than the amount of BTC claimed to got hacked over the years including MtGOX.

7170 BTC got stolen from our cold wallet in this transaction:

https://blockchain.info/tx/f5b0363f03e1ed8bb812c135361ea93590c831ce9f13a3750be1b93575baccc6

720 BTC bounty for chasing it back.

All wallets have been shut down and withdrawals of the unaffected coins will be arranged later.

BTER.com
Email:support@mail.bter.com
Phone:400-0070-955
QQ: 4000070955

Bitcoin GPU mining Finally paid off my Newegg credit card account with no interest

During those days when Bitcoin price started to rise, I invested money in mining equipment specifically to mine Bitcoin. What other ways better than those GPU miner? Yep, I took advantage of the Newegg credit card with no interest for 12 months, and the 12 months was over today, my final payment of $250 to paid off done.

Yes, I did spent $3000 worth of GPU related mining equipment for a 12 months no interest. I split the monthly payment evenly to avoid interest and I made it. Each month $250 for 12 months. Now I got $250 a month spending power 🙂

It’s kind of cool that most credit card company allow you to buy things and pay monthly without interest for a year typically. I took advantage and I accomplished paying it, although I heard of many people couldn’t make the payment and in the end put themselves in further credit card debts. For me I did the calculation carefully, make sure I can afford it, and whatever it take to make that $250 a month, even if I have to work week end to make that $250 a month. Although during that time I was able to make more than $250 a month selling the bitcoin I mined.

Now a day, mining for are no longer profitable at this time. However people can continue mining, just make sure you can afford electricity by not selling any of your Bitcoin mined. Keep your Bitcoin safe, and maybe in the next 5 to 10 years it will rise to $1000 or more again.

So many good news about Bitcoin in the next coming years

As more and more positive news on Bitcoin for the next coming years, hopefully it’s true that within the next 3 years Bitcoin will be widely adopted and use. However there are indeed bad news on Bitcoin as well, lets hope the good is greater than the bad. That’s the world we live in any ways, there are bad and there are good.

The latest positive news on Bitcoin is that “Larry Summers Likes the Idea of Bitcoin” This is the Silicon valley guy on economics and growth analyst people. If we have more people like him speaks positive about Bitcoin, will surely help Bitcoin stability and rise.

Off course we also have negative news about Bitcoin. The latest is that Hong Kong Bitcoin exchange firm or so call MyCoin disappeared indeed. Yes police report has been filed by many people. Since Bitcoin is not regulated, but there are rules and regulation in regard to its standard business. I’m sure the owner(s) and staff(s) will get caught and be brought to the court of law.

Will Bitcoin crashed again deeper with the news of Hong Kong bitcoin exchange disappeared?

By now, you must have heard about the Bitcoin related Exchange in Hong Kong disappeared with half million or so people’s money. Somehow it is related to Bitcoin, or is it Bitcoin Exchange. This is the risk people know about Bitcoin, the unregulated virtual currencies, some now believe it’s really a ponzi scheme scam. NOT! I think not, I don’t think Bitcoin is a ponzi scheme scam. If it is then everyone else on earth is a scam then 🙂

Bitcoin had been in the negative side for over a year now, up a little, big crashed, up a little, big crashed, and kept on doing this for over a year already. Who can save Bitcoin?

Myself and many other Bitcoin enthusiast I’m sure would agreed that Bitcoin will never died, as long as there is one miner or one transaction or one wallet still exist, it will never died, and in fact today it’s next to impossible to get rid of Bitcoin because there are so many wallets already downloaded and active … I’m not going into the detail because I’m not an expert, but I’m sure you know what I mean on how Bitcoin was made and exist.

So with this news on the disappearance of Hong Kong Bitcoin Exchange or so call Mycoin should have cause Bitcoin price to tumble, but surprisingly Bitcoin maintain its $220 mark. What will happen in the next of days or weeks we don’t know. For sure what we know Mycoin Hong Kong Bitcoin disappeared according to the news.

So is Hong Kong Bitcoin Exchange Mycoin similar to Coinbase, Bitstamp and others? Yes, I think so. So if this happened in Hong Kong, can the same thing happen to Coinbase? Yes off course why not? But at least in Americas there are court of law. Will it happen to Coinbase? Yes possibly but for sure there will be some sign of it will fall apart before it will fall apart. What were the indication if any that Hong Kong based Bitcoin Mycoin closing? we could learn from this.

What’s going on at Cointellect what are the staff doing?

First of all. The last message Cointellect posted on its official website cointellect.com was back in January 27, 2014. After that nothing was posted. The payout had been halted for few weeks now. Although some new members are reporting that they got paid a few times at the beginning.

Cointellect could have make this work by being transparent. What are Cointellect really doing, no one really knows. However I believe Cointellect started with the vision and prediction that Bitcoin will go up and or cannot go lower than $350 at the time. Unfortunately Bitcoin crashed down to $200 below $200 at one point, but regained back to $200 and been hovering barely between $200 to $230. Even with all the good news, no way Bitcoin will go up in the next couple years to even $500, however there had been community prediction that Bitcoin will go up to $1000 in 3 years, I’m optimistic.

Now if cointellect being transparent about where the money was invested to give back to the members then today there wouldn’t be so much bad negative reviews impact, and in no way in hell cointellect ever regain it’s reputation. No way! it is broken beyond repairable. Think of you car got, new, nice smooth ride daily commute broad you happiness an joy driving, then one day your car got wrecked beyond repairable, meaning it’s crushed – engine cracked in half ignite in fire, luckily you didn’t get killed. Now thing about that, can you repair that car like new again and expect same value if you are to sell it? I don’t think so. Same concept can be applied for happened to Cointellect. Cointellect is broken beyond repairable. Even if Cointellect is legit, but it’s so bad now not possible regain trust, as more and more un-professionalism being exposed.

If Cointellect members knowing at the beginning that Cointellect are investing in development of future technology for Bitcoin, or invest in low price Bitcoin and sell high, then at least the members knew and if Bitcoin crashed members invested in Cointellect can understand the situation. It’s all about transparencies but Cointellect isn’t talking telling what they’re doing with the money members giving to Cointellect.

Now for the Cointellect Mining Pool, no doubt that there was manipulation to the software such as lowering the difficulty level so the hash rate could earn a lot more than other normal mining pool. Cointellect mining pool is just a gimmick to get members in and see the earning, it’s like a trick, so members have the confident to buy contract assuming the profit is same with Mining Contract as mining pool, I mean 100 times higher profit or earning than any other pools, something wrong there.

Now just lately, a lot of members received respond from Cointellect, giving a refund. Well folks, for Credit card purchases, Cointellect will loose the dispute anyways so yeah they have to make it look legit so hope some members don’t dispute.

I can tell you this, based on my experiences with many previous large scale of ponzi scheme scam, such as Coingeneration, IPUservices, and a bunch of other HYIPs, the ending is the same. Some larger scale of ponzi scheme will tried to keep operation running as long as possible, this is to filter out dispute and at the same time giving old members some hope and new members to join getting paid consistently to get some more money in. It might work, and might not. Some users will fall for it, some may not.

The bottom line is, sadly it’s the users or members fault for loosing the money. Those that purchased Mining Contract via credit card, chances are you will get your money back. Those that paid via Bitcoin, don’t expect anything back. Forget about the gimmick of SwissCard debit card recharge payout, just another way of keeping hope up, Cointellect just killing time with those SwissCard whatever you call it, the process would takes weeks and months and in the end those cards get sent out, but Cointellect disappear from the internet. Cointellect is broken beyond repairable, all negative reviews and comments on the internet, it is not possible for Cointellect to regain confident and its reputation, no way!.

cointellec is broken beyong repairable

cointellec is broken beyong repairable

Is this the world largest Bitcoin mining operations?

This is probably one of the biggest Bitcoin mining operations in the world. This one is in China, located in a perfect place where cheap power and cool climate for running these mining rigs.

This Bitcoin mining operation claimed to paid $80K (usd) in electric bill a month, and about 4000BTC mined monthly. So if you do the match, you will see that they’re in the profit, however we need to factor in the initial investments, and rent employees working there. Appears that these employees are being paid well. These employees must have computer skill, will train on maintenance of the Bitcoin miners.

At the current price of Bitcoin $230, this operation are making about $1 million dollars worth of Bitcoin monthly. Now imagine if the price of Bitcoin is at $1000, that’s very profit if Bitcoin price ever to go back up again to $1000.

I started mining Bitcoin with a computer, making a couple Bitcoin a day, and then the difficulty increased, so hard to make bitcoin, I had to abandon my computer and get many GPUs but still making less Bitcoin like 1 btc a week. Then ASIC came out and I had to abandon GPU and use ASIC. Then now with Bitcoin at $200, even with ASIC I’m not making any money to pay for electricity, and so I had to abandon ASIC also, and now just hold a few Bitcoin waiting for it to go back up hopefully at $1000 then I cash it out. Yes everyone is saying Bitcoin will be up over $1000 eventually, for sure not in the next couple of years, maybe 5 to 10 years. I think I can wait 🙂

http://www.coindesk.com/video-vice-tours-bitcoin-mine-china/

the world largest bitcoin mining operation in dalian china

the world largest bitcoin mining operation in dalian china

Coinbase operating without a license?

Easy there killer! it’s not what you think when you first see the title of this blog 🙂 LOL well I got it from NYTimes news, http://dealbook.nytimes.com/2015/01/28/coinbase-a-bitcoin-exchange-is-operating-without-licenses-so-far/?_r=0

Basically it is true that Coinbase operating without a license in California that is. However chances are they will be issued a license soon, so they’re good and legal, they’re in compliance. Don’t worry your Bitcoin is safe at Coinbase, but who knows what the future hold.

OK what’s up with the Bitcoin price? it was up nicely with strong momentum but that didn’t last long, over the past few days it dropped like a rock again back to close to under $200. Even with the good news of bring Bitcoin to stock exchange, it did help, but didn’t maintain its momentum.

I strongly believe that Bitcoin will rise again someday and based on surveys and analysis, Bitcoin will be at $1000 again in 3 years, although we may not see Bitcoin going up anytime soon in 2015. Therefore if you’re thinking about invest or play with Bitcoin, don’t expect any profit in the next 6 months or a year.

 

bitcoin price prediction is next to impossible

bitcoin price prediction is next to impossible