r/Bitcoin - GAW Miners - Liars, Frauds - A brief recap of ...
Bitcoin Forum - Index - bitcointalk.org
Why GAW Miners is a scam – The Merkle News
SEC Officially Indicts GAW Miners CEO for ... - Bitcoin News
GAWminers.com / Paycoin / Josh Garza has the potential to destroy or gravely set back the cryptocurrency revolution. Here is why.
Gawminers right now is initiating fraud that is beyond the scope of most bitcoin scams, maybe second only to MTGOX. They are misrepresenting their products and fraudulently shifting hidden risks to customers. Here are my claims
They are selling virtual hashes without the actual machines backing it.
They falsify payouts according to pools that never existed or never received hashes from GAW.
They are known and have been caught using shill accounts. Not just the company but the CEO himself. Josh Garza.
They are just generally immature assholes that will ruin the fun for everyone because of their unethical character and greed.
Here are the reasons why I submit my claims based upon public evidence: Josh Garza publicly stated that the payouts from his virtual hashing machines are from a combination of mining, day trading, and private rentals. https://bitcointalk.org/index.php?topic=720844.msg8601489#msg8601489 Nothing on the product page mentions day trading and it is misrepresentation of risks by omitting such evidence. None of the pool owners listed on the gawminers website confirmed ever receiving hashes from GAWminers. You can go email them yourself. The most obvious reason they do not have physical mining hardware would be to read the gawminers TOS. Here: https://bitcointalk.org/index.php?topic=720844.msg8605520#msg8605520 Their Zenpool had consistently paid 2x more than other multipools during the beginning of the launch. Their fake zenpool speed counter went up to 300MHS when it was displayed publicly here: https://www.zenminer.com/pool/ until they realized they are claiming to own more than 50% of the total litecoin network at the time. That is when the counter disappeared when people began to question the enormous scope of their fake mining operation. The zenpool is a farce. It is fake and it just simulates ponzi payouts. Which was confirmed when the payouts predictably dropped more then 100% few weeks ago and even lower than some of the other multipools. Josh publicly stated this was because "investors" were not buying big contracts. He publicly stated this here: http://webcache.googleusercontent.com/search?q=cache:8j3lrbmknSgJ:https://hashtalk.org/topic/11712/zenpool-fluctuations-update-update+&cd=1&hl=en&ct=clnk&gl=us realized his mistake of making such statement and deleted the whole thread. If a pool requires investors to buy contracts for increased payouts, then you do not have a real mining pool with real mining machines. Josh Garza used shill accounts on bitcointalk.org here: http://share.pho.to/6pc3a/9a/original . I think he was caught publicly using shills twice. If anyone has proof, msg me and I will send you 0.25BTC. If this ponzi scheme collapses and if his claims that he sold over 120mm of products this year are true. Then the regulatory fall out will be ugly. This is not a small scam. It is huge and will give ammunition to people like Ben Lawsky to regulate us to death as this occured with a US company on US soil. It will be another Enron or worse. Please please please educate. The private evidence I have is much much more condemning. But it should be obvious enough what is already out there publicly. Also, please feel to present counter arguments.
So, a lot of people got into Paycoin and then realized the fake marketing promises of this scam. There are a few things I would like to highlight about this sad (I would say) crypto-story:
Profit corrupts people. Proof of the reality of this fact are the miners who mined this coin, endorsed this scam and thus share the responsibility. They have the technical knowledge to understand what they are doing, ignorance is not an excuse in their case.
People didn't read the source code or even try to understand what is the technical innovation behind Paycoin. Which is also part of the problem. It shows that the people who got involved in Paycoin have no idea what is the technology behind it and if it really deserves support. At the end they would have realized that it is a clear copycat of Peercoin, as there were no additional developments for this "innovative" coin (and is by the way in violation of the MIT license).
People who are now realizing it is merely a scam do not immediately fall back on Peercoin as it is, unfortunately, not trendy at the moment. They do not realize that Paycoin used the exact same technology as Peercoin (Proof-of-Stake)! The only addition was fake marketing. If marketing is the only missing piece to Peercoin's technology, that can be done. It is easier (and more honest) to market the original than the copy.
In the end I have the strong feeling that most people are going into crypto or switching from one crypto to another just to "get rich" and nothing else. No ethic, no vision for the idea behind crypto. More than that, profit from an open source technology in order to scam others. I'm not sure this is what Bitcoin was created for, and if it helps the image of our community. That being said, I'll just leave this here:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
In case anyone still has GAW Miners cloudhashing, I'd strongly suggest you consider trading/selling whatever you can for BTC.
In case you are not aware, GAW has been investing a lot of their efforts into their new cryptocurrency called "Paycoin" (formerly called Hashcoin). While anyone is to welcome make their own judgment, I personally believe it is a scam. The gist of the coin is that people were "allowed" to save up their profits from cloud mining as "hashpoints," rather than cashing out Bitcoin. Miners could then use $4 worth of otherwise useless hashpoints to purchase this new Paycoin. But why would a miner want to do that? Well, because GAW is "guaranteeing" a 400% profit margin on day 1. They claim that they have banking partners and investors that will put up $100 million to make sure the price stays above $20, and that they expect it to go even higher than that. (The coin is supposedly live now and on coinmarketcap, but I wouldn't count it as truly live until miners are actually given the coins they are promised.) But of course, no legitimate institution has stepped forward to lend their credibility to the project. The only name they've given out is "Stuart Fraser" of Cantor Fitzgerald LP,a financial services firm, but there is no public confirmation of this aside from GAW's own press releases. I'm guessing this might turn out like MintPal, where by the time you have absolute certainty of the scam, it's already too late. Better to get your money out before that point. I know many in the BlackCoin community had been buying GAW cloud miners, so figured this is worth talking about here. GAW is also notorious for censoring their own forums, so don't be surprised to come across shills and other such tactics at bitcointalk and other places (and the usual pump/dump crowd, of course).
Want to get started mining defcoin with an ASIC and a Raspberry Pi? Does 360 KH/s of mining power sound appealing? Here’s how to do it. https://pbs.twimg.com/media/Blpj8IvCcAEIStY.jpg 1) Hardware List -Raspberry Pi Model B --SD Card --Micro USB power supply --Ethernet cable -Gridseed ASIC --12V power supply (5.5mm/2.5mm barrel connector) --USB to Mini USB data cable The main component is the Gridseed ASIC, which will be doing the Scrypt calculations. The Raspberry Pi will be used as the controller for the ASIC, and will be doing the communication with the mining pool. If you’re not familiar with the term, an ASIC is an Application-Specific Integrated Circuit - basically a chip with a single purpose, like mining crypto currency. Using an ASIC will allow us to mine more efficiently than we would be able to with general purpose hardware. The ASIC that I’m using is a “300+ KH/s Single Gridseed ASIC Miner”. It looks like a CPU heatsink with a fan attached. There is actually a circuit board with 5 ASIC chips sandwiched between two halves of this heatsink, and has a mini USB connector and a power connector sticking out the side. There are a few places where you can buy these. I bought mine at GAWMiners.com for $130. That was the lowest price that I could find, and I had a good experience buying from them. Use this link, and you can get $20 off of a $200 order (and give me some referral points :-)) GAWMiners. You can also find other vendors by searching for “Gridseed ASIC”. You’ll need a 12V power supply to power the ASIC, and a USB A to USB Mini B cable to connect the ASIC to the Raspberry Pi. I’m using a 60W power supply, which seems to be working fine for defcoin (Scrypt) mining. These ASICs can also mine Bitcoin at the same time, but you may need a beefier power supply if you want to do that. The Raspberry Pi can be purchased at any number of places- Amazon, SparkFun, AdaFruit, etc. I’m using the Model B because I had one already, and also because it has a built in ethernet port that will make connecting to the internet easy. Make sure to get an SD Card and a micro USB power adapter to get the Pi up and running too. 2) Software If you haven’t already, download the defcoin wallet from defcoin.org. If you want to do pooled mining, create an account for one of the defcoin pools, such as redbaron.us or whichever other pool you want to mine. Once you’ve created a pool account, make sure to create a worker too (for MPOS pools, that will be under My Account > My Workers). The password for your worker does not have to be the same as the password for your pool account (and it probably shouldn’t be). Next, download the latest Raspbian image from raspberrypi.org/downloads/ and install the image to your SD card. Instructions for installing the image can be found here. If you are using the dd method on a Mac, make sure to use /dev/rdiskX instead of /dev/diskX - both will work, but rdiskX is much faster. Once you have the image installed, put the SD card in the Raspberry Pi, connect the Pi to your network, and connect the Pi to your micro USB power adapter to power it on. Next, SSH in to your Raspberry Pi with the default username and password pi/raspberry. I use nMap to find the IP address that has been assigned to my Pi. You can also use an HDMI display and a USB keyboard to log in instead of using SSH. After logging in for the first time, run through the wizard that comes up to configure your Raspberry Pi. The defaults are fine for most things, just make sure that you don’t skip the step to expand the filesystem to use the rest of your SD card. If you don’t expand the filesystem, there won’t be enough space for other software. Once you have Raspbian installed, and have gotten through all of the first login setup stuff (which will likely end with a reboot), log back in to the Raspberry Pi with the pi user. From the command line, run sudo apt-get update sudo apt-get dist-upgrade There are some stability issues with USB communication between the Raspberry Pi and the Gridseed ASIC. Enabling SLUB debugging seems to resolve this, at least well enough to prevent the Raspberry Pi from freezing every so often. Open the /boot/cmdline.txt file, and add the following text to the end of the line. Don’t add a new line, just add this to the end. You can use vi, nano, or whatever your favorite text editor is to do this.
Reboot the Raspberry Pi once you’ve added that flag to your /boot/cmdline.txt file.
sudo shutdown -r now
Log back in with the pi user once the Raspberry Pi is finished rebooting. The mining software that we’re going to use is a customized version of cgminer that has support for the Gridseed GC3355 chips that are used in our ASIC. There are a number of different mining programs out there, this is just what has been working the best for me so far. First, install git and dependencies needed to compile cgminer.
cd cgminer-gc3355 autoreconf -i ./configure --enable-scrypt --enable-gridseed make
Once the make command finishes, we’re ready to run the mining software. You can also run make install if you want to install the software, but running it out of the build directory works just fine. Plug in the power supply for your ASIC, and connect the ASIC to it. Connect the USB cable to the ASIC and to your Raspberry Pi. Run the mining software by running the following command. The -o option specifies your pool URL, the -u option specifies your username and the workername that you set up for the pool, and the -p option is the password for your worker. There are a couple of options available that are specific to the gridseed ASICs, and those will be placed after --gridseed-options. The freq=850 option sets the clock frequency of the ASIC to 850 MHz. There are other clock options available, but 850 seems to be working best for me. I was getting hardware errors at 900, and a lower average hash rate. I am getting about 360 KH/s with the clock frequency set to 850.
This command needs to be run with sudo in order to access the USB hardware. You can also create another user specifically for mining, or grant the pi user the appropriate permissions if you don’t want to run cgminer as root. When you run this command, you should see output from cgminer showing that it is communicating with the mining pool, and something showing your hash rate. If you’ve gotten this far, and you’re seeing output from cgminer showing a hash rate, congratulations, you’re mining defcoins with your ASIC! There are just a couple more steps to do if you want to let your Raspberry Pi and ASIC continue mining without needing you to be logged in. To keep cgminer running after I log out, I am using nohup. You could also use screen instead of nohup. Create a script (startMiner.sh) by running the following commands.
If you run this command with sudo startMiner.sh, cgminer will run in the background, and will continue running after you log out. If you want to have this run when your Raspberry Pi boots, modify your /etc/rc.local script so that it executes this startMiner.sh script. Your /etc/rc.local file will end up looking like this:
# Print the IP address _IP=$(hostname -I) || true if [ "$_IP" ]; then printf "My IP address is %s\n" "$_IP" fi /home/pi/startMiner.sh exit 0
DogeCoin mining is not very profitable and typically a portion of mined DogeCoins get sold to pay for electricity and maintenance costs
Mining DogeCoins when it is not profitable hurts both miners and the DogeCoin community
Mining DogeCoins when it is not profitable reduces the demand for DogeCoins, which lowers the trading price, which in turn reduces the available hash rate. (So if you mine DogeCoin regardless of it's current value, you're actually hurting the security of DogeCoin)
Market fluctuations are more present since less DogeCoins are available for trade as most DogeCoin-only miners hold onto their coins expecting future valuation.
Alternatively, you can buy BitCoin at CoinDesk, then use Cryptsy to buy DogeCoins with your BitCoin.
For Those who have neither
Post a funny meme to /dogecoin, comment on hot /dogecoin topics. Remember to keep it positive and somebody might tip you. I estimate that after 10 post replies and maybe a meme posting, you'll definitely get some DogeCoins.
Do what you're good at, if your'e a good painter, paint a DOGE and post it, you'll get tipped for sure.
Make a small game and accept tips for downloads, like Cliffhorse :P
Also, by specializing at what you're good at (even if it's not mining) can make you more DogeCoins than just mining or buying it! - Specialization Video
If you doubt me, try it for 24 hours and compare your earnings, when I switched, I made 75% more DogeCoins than I did before! It was incredible!
The increased demand for DogeCoin will get more miners to mine DogeCoin and thus increase the hash rate naturally
Edit: The scary sayings
But DogeCoin will lose security!
False! The increased demand for DogeCoins will bring up the price and multipools and profit miners will mine more DogeCoins
But Multipools suck?
False, we use DigiShield which protects us from multipool attacks, DigiShield scales the difficulty so that large changes in network hash rate will not majorly affect block timing.
Don't multipools just come and go in large chunks?
No! Wafflepool actually switches super-fast and can mine DogeCoin a block at a time in between other coins, check their mining history out here: Link
Are you secretly wanting to tank DogeCoin?
Nope, I have ALL my crypto-money in DogeCoin, I may not be a rich shibe yet, but I want it to do well.
As far as DogeCoin pricing in comparison to BitCoin, it's looking like we're going to climb a few satoshi, BitCoin is a bit stagnant and Cliffhorse is making some serious news. If you're clever, you'll be able to make a few Doge, but remember not to keep away from it for too long. At the moment, I'm away from all forms of tea, so I have no new tea to chuck out there this week, I hope you enjoy the suggestions though, make yourself some MAD Doge!
Bitcoin Discussion General discussion about the Bitcoin ecosystem that doesn't fit better elsewhere. News, the Bitcoin community, innovations, the general environment, etc. Discussion of specific Bitcoin-related services usually belongs in other sections. Bitcoin’s hashrate climbed to an all-time high (ATH) this week touching 166 exahash per second (EH/s) on October 14. Meanwhile, despite the recent price rise and hashrate ATH on Wednesday, only ... Good and bad News about Bitcoin Menu Skip to content. Home; Bitcoin Ankauf-Verkauf = Buying-Selling; Bitcoin.name for Sale! Contact us; We hire talents; Category Archives: GAW Miners. Auto Added by WPeMatico . Gaw Miners CEO Sentenced to 21 Months in Prison. Leave a reply. Josh Garza, the former CEO of GAW Miners, has been sentenced to 21 months in prison in addition to six months of house ... The bitcoin mining software supports ccminer, cudaminer, minerd, cgminer and ASIC mining for bitcoin. In addition, EasyMiner has a ‘Moneymaker’ feature which is focused on the mining of litecoin (LTC) on its own stratum pool. Alternatively, users can utilise the ‘Solo’ mode to select a pool of their own, besides a custom hash algorithm corresponding with the coin they intend to mine. a modular ASIC/FPGA Bitcoin miner Last version: 5.5.0 Windows 32bit - Windows 64bit Arch: pacman -S bfgminer Debian: aptitude install bfgminer Gentoo: emerge bfgminer OpenWrt: opkg repository Ubuntu: apt-get install bfgminer Source code. What is BFGMiner? BFGMiner is a modular ASIC/FPGA miner written in C, featuring dynamic clocking, monitoring, and remote interface capabilities. Where can I ...
There is more to life than Bitcoin. The world is not going to end. The 80% will keep things the way they are in the "regular world", but you have the option ... Days 80, 81, 82 83 and 84 comparison of payments with Genesis Mining and GAW Miners Hashlets. Forum thread can be found here as well https://bitcointalk.org/... Asheville, NC- Welcome to the 1 Bitcoin Show! A lot of people HOPE that the masses will wake up to BTC. I say that most 80%ers will continue to believe the mainstream dollar narrative and never ... Day 69 comparison of payments with Genesis Mining and GAW Miners Hashlets. Day 54 to Day 68 payouts can be found by visiting this link https://bitcointalk.or... The GAW Miners Fury is a 1.3 Mh/s @ 45W Scrypt ASIC Miner that is used to mine scrypt based crypto-currencies such as Litecoin. To purchase the GAW Miners Fu...