Hackers may have gotten away with $60 million worth of after a cyber attack hit the cryptocurrency mining platform NiceHash. Users highlighted the cyber breach on Reddit and Twitter Wednesday, with some saying they could lose hundreds of dollars. NiceHash lets people offer computing capacity for bitcoin miners to mine digital currencies. Cryptocurrency miners work out complex mathematical equations to add cryptocurrency transactions to decentralized public ledgers called blockchains. The mining marketplace initially said its service was undergoing 'maintenance'on Twitter, later adding it was 'working hard' to resolve issues affecting the site. NiceHash said in a statement it was 'investigating the nature of the incident,' and that it would close down its site for a day. 'We are working to verify the precise number of BTC (bitcoin) taken,' the company said. 'Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days.In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency.' While NiceHash was unable to specify how much bitcoin had been stolen, users have pointed to a which holds 4,736.42 bitcoins — equivalent to $68 million. What follows, then, is a nervous attempt at compiling the 50 greatest sci-fi heroes and heroines in the movies, rather than an absolute, definitive, word-of-God list. It's remarkable to think that a hero as influential as Carter has taken so long to make it to the big screen - although there was the straight-to-DVD Princess Of. Jan 25, 2016 - Syfy's'Magicians' is a simplified version of Lev Grossman's novels that furiously burns through their plot even as it misses their point. That said, there are plenty of differences between The Magicians the book series and The Magicians the TV series, which formally premieres on Monday at 9 p.m. Škraba, head of marketing at the firm, confirmed to news agency Reuters that around 4,700 bitcoins — worth roughly $68 million at current prices — were lost in the hack. CNBC reached out to NiceHash Chief Executive Marko Kobal for comment but he was not available at the time of publication. This wouldn't be the first time people have lost millions in cryptocurrency. In November, millions of dollars worth of Ethereum were on the cryptocurrency wallet provider Parity after a user 'suicided' the wallet, deleting its code and freezing all ether tokens contained within.
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Estimated Expected Cryptocurrency Earnings The estimated expected cryptocurrency earnings are based on a statistical calculation using the values entered and do not account for difficulty and exchange rate fluctuations, stale/reject/orphan rates, and a pool's efficiency. If you are mining using a pool, the estimated expected cryptocurrency earnings can vary greatly depending on the pool's efficiency, stale/reject/orphan rate, and fees. If you are mining solo, the estimated expected cryptocurrency earnings can vary greatly depending on your luck and stale/reject/orphan rate. Time Frame ZEC Coins BTC (ZEC/BTC at 0.04003000) USD (BTC at $11,821.00) Power Cost (in USD) Pool Fees (in USD) Profit (in USD) Hourly 0.00068484 0.00002741 $0.32 $0.06 $0.00 $0.26 Daily 0.01643604 0.00065793 $7.78 $1.44 $0.00 $6.34 Weekly 0.11505230 0.00460554 $54.44 $10.08 $0.00 $44.36 Monthly 0.49308128 0.01973804 $233.32 $43.20 $0.00 $190.12 Annually 5.99915554 0.24014620 $2,838.77 $525.60 $0.00 $2,313.17. CryptoCompare needs javascript enabled in order to work. Follow these instructions to activate and enable JavaScript in Chrome. PC • To the right of the address bar, click the icon with 3 stacked horizontal lines. Cloud Mining Calculator October 2017 with calculations from Genesis Mining and Hashflare. Compare Bitcoin, Litecoin, Dash, Zcash, Ethereum and Monero. • From the drop-down menu, select Settings. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. MAC • Select Chrome from the Apple/System bar at the top of the screen. • Select Preferences. From the drop-down menu. • In the left-hand column, select Settings from the list. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. Mining profitability calculator? The calculations of your cloud mining profitability are based on last 10 days performance (rolling frame). CoinWarz Zcash mining calculator. Enter your mining rig's hash rate and the CoinWarz Zcash calculator will use the current difficulty and exchange rate to calculate. Estimated Expected Cryptocurrency Earnings The estimated expected cryptocurrency earnings are based on a statistical calculation using the values entered and do not account for difficulty and exchange rate fluctuations, stale/reject/orphan rates, and a pool's efficiency. If you are mining using a pool, the estimated expected cryptocurrency earnings can vary greatly depending on the pool's efficiency, stale/reject/orphan rate, and fees. Updated on Dec 18, 2017 - 05:20:34 PM. In this article we cover the. As a reward for this, the miner gets new bitcoins which is nothing but creation of a bitcoin or mining. Accordingly, the income tax authorities may choose to tax the value of bitcoins received from mining under the head “Income from other sources”. Bitcoin Profitability Calculator – BTC Mining Profit.: Gatcoin (GAT) 14-01. A win32 command line overclocking/underclocking tool powered by bitcoinX. If you are mining solo, the estimated expected cryptocurrency earnings can vary greatly depending on your luck and stale/reject/orphan rate. Time Frame ETH Coins BTC (ETH/BTC at 0.10455301) USD (BTC at $11,750.50) Power Cost (in USD) Pool Fees (in USD) Profit (in USD) Hourly 0.00045714 0.00004780 $0.56 $0.06 $0.00 $0.50 Daily 0.01097138 0.00114709 $13.48 $1.44 $0.00 $12.04 Weekly 0.07679968 0.00802964 $94.35 $10.08 $0.00 $84.27 Monthly 0.32914148 0.03441273 $404.37 $43.20 $0.00 $361.17 Annually 4.00455463 0.41868824 $4,919.80 $525.60 $0.00 $4,394.20. What is Bitcoin cloud mining? Cloud mining is a service that allows anyone to participate in the mining of bitcoins by leasing mining hardware. TeraBox has a powerful network of ASIC (Application-specific integrated circuit) powered computers specifically designed to mine bitcoins. The power those machines generate is used to solve blocks which in turn will reward you with bitcoins. The power generated to be able to mine bitcoins is called “Hashing Power”. We sell hashing power in the form of bitcoin mining contracts which are measured in Gigahashes per second(GH/s). The more GH/s you purchase the more bitcoins you will be able to mine. Dec 13, 2017 Zcash Mining Pool Setup - Bitcoin Cloud Profit Calculator get sha256 BTC mining contracts here Use this code - 5510B64A. After the initial craze due to the scarcity of Zcash (ZEC) coins and the big demand the prices has skyrocketed, but now with the progressing and the total block reward almost at 4 ZEC things are starting to stabilize. The initial crazy high profit for mining and selling Zcash coins seems to be over and at the moment mining and selling ETH or ZEC does bring almost the same profit for some GPU miners, though not for all. Miners with older AMD Radeon 79×0 and 280X GPUs still have higher profit mining Zcash than Ethereum, but for users with RX 480 for example things are already on the line to switch back to Ethereum. Nvidia seems to be currently lagging as far as performance optimizations for Zcash go, so the profitability there could be better for another algorithm or mining for another perspective in the long term crypto coin might also be a viable option. You can keep track of the current profitability with the help of some useful mining calculators like the ones provided by CryptoCompare for both as well as for along with a few other popular coins such as Ethereum Classic (ETC), Monero (XMR), DigitalCash (DASH) and Litecoin (LTC). Make sure you set the correct hashrate your mining hardware is providing for each algorithm to make a proper calculation as different GPUs do provide different hashrate for the various algorithms. Do note that Etheeum Classic might also turn out to be pretty profitable alternative as well for some video cards that are still providing higher hashrate for the Ethash algorithm. Other Similar Publications: • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •. Copyright ©2014-2018 - - All About BTC, LTC, ETH mining as well as other alternative crypto currencies. This is a blog for crypto currency miners and users of Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), ZCash (ZEC) and many others. If you find helpful and useful information you can support us by donating altcoins or Bitcoin (BTC) to: 1AxbMZwtcmCByrHiaWwhse5r6ea1YgBwk1 ETH: 0x8d785ff337046444d8afbac169bcb7c0adfb3266 - LTC: LPYFPK7dL1uEtwrAteLmxs7w8Je446gAAJ - ZEC: t1gg5rWxeMBMsyDRMrq5PJdFLiWQ86LGggi. Calculate the profit from mining Ethereum, Litecoin and CryptoNote-based currencies (Bytecoin, Monero, DigitalNote, FantomCoin, QuazarCoin, MonetaVerde, Aeon coin, Dashcoin, Infinium-8) on MinerGate. Please note that it is an estimated amount of cryptocoins you can get. The calculations are based on the current pool fee, 0% bad shares and doesn't account for orphan blocks or uncles. Your profit depends on network difficulty, block reward, transactions amount and fee. The calculations of your cloud mining profitability are based on last 10 days performance (rolling frame). Exchange rates are provided. Calculation is based on the following formulas: For Ethereum: Reward = ((hashrate * block_reward) / current_difficulty) * (1 - pool_fee) * 3600 For CryptoNote-based currencies (Bytecoin, Monero, Quazarcoin, DigitalNote, etc.): Reward = ((hashrate * block_reward) / current_difficulty) * (1 - pool_fee) * 3600 For Litecoin: Reward = ((hashrate * block_reward) / (current_difficulty * 2^32)) * (1 - pool_fee) * 3600. Estimated Expected Bitcoin Earnings The estimated expected Bitcoin earnings are based on a statistical calculation using the values entered and do not account for difficulty and exchange rate fluctuations, stale/reject/orphan rates, and a pool's efficiency. If you are mining using a pool, the estimated expected Bitcoin earnings can vary greatly depending on the pool's efficiency, stale/reject/orphan rate, and fees. If you are mining solo, the estimated expected Bitcoin earnings can vary greatly depending on your luck and stale/reject/orphan rate. – Our guide covers everything related to Ethereum Mining. If you want to start Ethereum Mining quickly and efficiently, then look no further! The cryptocurrency mining marketplace NiceHash has been hacked, its team said Wednesday. Posting on social media, NiceHash said that 'there has been a security breach involving NiceHash website' resulting in a loss of funds. NiceHash, formed in 2014, serves as a marketplace for miners to rent out. Dec 18, 2017 On December NVIDIA builds systems-on-a-chip (SoC) that are fueling so many different bleeding edge industries from autonomous driving, robotics and big-data mining to cancer/genomic. And Tencent were all new cloud/datacenter customers. Bitcoin Mining Calculator is used to calculate mining profitability for Bitcoin mining. Enter your Bitcoin mining hardware hash rate in GH/s along with the power wattage and your cost of electricity – dollars per kilowatt hour ($/kWh). The current Bitcoin difficulty, Bitcoin block reward, and Bitcoin price will be entered. “Demandite” is the word used by mineral economists to describe the materials that must be provided— usually by mining— to meet the needs of civilization. The low cost and durability of storage in the cloud make it extremely practical to start collecting and storing data that you otherwise would have thrown away. This opens up all kinds of opportunities to start mining your data for patterns. If you are assembling a mining rig these days, you will probably agree that it became hard to find GPU’s for mining. AMD seems to have issues to fulfill the growing. Earn Cryptocurrencies without major investment. Detailed Statistics. Bitcoin cloud mining provides a medium to receive newly mined Bitcoins, without the need to own Bitcoin mining hardware or even have any. Requiring mining rigs to calculate as many computations per second as possible so as. Bitcoin Press Release: ZeusHash is giving away over 30 TH/s of Bitcoin cloud mining power to over 2000 new ZeusHash customers for 4 days ONLY between October 16th and. Free Bitcoin Cloud Mining: Case sensitive. At least 8 characters. Investment is not necessary to earn bitcoin. Start with 20 GHs for free! Bonus for Every Login. When purchasing mining hardware, you will want to look at these metrics: Th/s and W/GH. Th/s, or sometimes Gh/s, measures a miner's terahashes (Th/s) or gigahashes (Gh/s) per second and is called hash rate. A higher hash rate means a more powerful miner. You can use this simple calculator from Bitcoin Wisdom to. Mine Cryptocurrencies. Its Quick and Easy. Maintenance Fees per GH/s $0.0004990. Maximum Returns on your Investment. Learn about the best Bitcoin mining software in the most comprehensive guide available on the internet. TeraBox is bitcoin cloud mining service where you can purchase cloud-based mining power (GH/s) at the most competitive rates and start mining bitcoin now. Check its website for up-to-date prices. Eobot Review: Start with as little My Lands game (MyLands) My Lands (MyLands): The 'work done, have your fun' thesis seems to have started showing signs of strain. Now, simply playing MyLands online. While it is not difficult to set this up, CPU mining is extremely inefficient. On the positive side, it’s a [] EASY MONEY from REAL BITCOIN MINING >> Calculate Your Profit Now. Estimated Expected Bitcoin Earnings The estimated expected Bitcoin earnings are based on a statistical calculation using the values entered and do not account for difficulty and exchange rate fluctuations, stale/reject/orphan rates, and a pool's efficiency. If you are mining using a pool, the estimated expected Bitcoin earnings can vary greatly depending on the pool's efficiency, stale/reject/orphan rate, and fees. If you are mining solo, the estimated expected Bitcoin earnings can vary greatly depending on your luck and stale/reject/orphan rate. CryptoCompare needs javascript enabled in order to work. Follow these instructions to activate and enable JavaScript in Chrome. PC • To the right of the address bar, click the icon with 3 stacked horizontal lines. • From the drop-down menu, select Settings. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. MAC • Select Chrome from the Apple/System bar at the top of the screen. • Select Preferences. Feb 14, 2017 - zcash still crashed, suck it up buttercup the market crashed, this isnt unique to crypto, the same shit happens to real stock holders, but they dotn come on reddit bitchin about how its a. We're offering cloud mining as an option for people who want to mine Bitcoin, but don't want to run their own hardware. Bitcoin Video Crash Course Know more than 99% of the population about Bitcoin. Buy Zcash (ZEC) MINING GUIDES. Bitcoin Mining. Bitcoin Profitability Calculator. Mining power will be activated. Just setup your Bitcoin/Ethereum/ZCash wallet and withdraw your. BitFire Mining provides Bitcoin, Zcash and Ethereum cloud. From the drop-down menu. • In the left-hand column, select Settings from the list. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. Apr 2, 2014 - At the time of writing, Litecoin has the highest market cap of any mined cryptocurrency, after bitcoin. Here's our guide to show you the. For miners and enthusiasts though, litecoin holds a much more important difference to bitcoin, and that is its different proof of work algorithm. Bitcoin uses the SHA-256. Ether (ETH), the digital currency on the blockchain, has grown to become the second largest cryptocurrency, commanding an aggregate market value of just around $1 billion - behind Bitcoin with a market cap of around $10.5 billion. While people may buy ether in the open market (for around $11.50 per ETH currently), others may choose to 'mine' for ether by using their computer's power to validate and confirm transactions on the Ethereum, in a process known as proof-of-work (PoW). These miners are rewarded with blocks of ether -- currently the reward is 5 ETH per block, and a block is expected to be found, on average, once every 12 seconds. Bitcoin miners can use specialized hardware known as ASIC chips to solve the mining algorithm, but Ethereum's mining algorithm is purposefully ASIC-resistant, requiring computer memory as well as processing power. Also, Ethereum is meant to transition ultimately away from PoW and to proof-of-stake (PoS), whereby mining is replaced by 'stakers' who are rewarded for holding on to quantities of ETH. (Related: ) How to Mine for Ether Indirectly The easiest way to mine for ether is to do so indirectly, via cloud mining services. Here, individuals can buy contracts to mine virtually, often employing the resources of a company such as, the largest ether cloud mining service currently. Contracts are generally long-term - 1-year or longer - and come at a fixed cost to the buyer, right now at $37 per MH/s of computational, or 'hashing' power. Like Bitcoin mining, ether mining's profitability fluctuates based on its market price, as well as the mining difficulty, which is a function of how much aggregate mining power is on line. How to Mine for Ether Directly While home bitcoin mining has become quite user-friendly, ether mining using the CPU or GPU on your computer is a bit more hands on. Here is a basic overview of the steps required: 1. Create an ether wallet. This can be done for free by downloading wallet software, or by creating one via a web wallet service such as. This wallet is your virtual ether account that holds your digital currency and where you can send and receive coins. Amy mining rewards you earn will go to this wallet. The next thing you will need to do is a program called Geth, which is program that talks to the Ethereum Network and serves as the relay between your computer's hardware and the rest of the distributed network. When a block is mined by another computer, your Geth program will receive that information and update your copy of the blockchain. Geth comes zipped and is a command-line program with no windows or graphical user interface. You will then have to another piece of software to actually initiate and process the mining activity, known as Ethminer. This is also a command-line only program, and can only be started after you have downloaded and synchronized the entire Ethereum blockchain with Geth. For an in-depth, line by line tutorial on how to get about mining following these steps, please follow. The Bottom Line Obtaining ether via mining can be done indirectly with cloud mining, or directly on your computer by harnessing the power of its CPU or GPU. Doing it yourself is a bit cumbersome still, and involves some familiarity with command line operations on your PC. Also, as solo mining gets more difficult, miners may find it optimal to join a pool, where they can aggregate their mining power with many others and receive a pro-rated share of discovered ether. CryptoCompare needs javascript enabled in order to work. Follow these instructions to activate and enable JavaScript in Chrome. PC • To the right of the address bar, click the icon with 3 stacked horizontal lines. • From the drop-down menu, select Settings. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. MAC • Select Chrome from the Apple/System bar at the top of the screen. • Select Preferences. From the drop-down menu. • In the left-hand column, select Settings from the list. • At the bottom of the page, click the Show advanced settings link. • Under the Privacy section, click the Content settings button. • Under the JavaScript heading, select the Allow all sites to run JavaScript radio button. • Finally, refresh your browser. In 2009 Satoshi had finished the dashboard. The calculator will show your estimated profit. Cryptocurrency Cloud Mining HashFlare.io. HashFlare.io offers cryptocurrency cloud mining services on modern, high-efficiency equipment. British Virgin Islands, Road Town, October 10, 2016 (Newswire.com) - Hashflare is pleased to announce a. Simply: the best value BTC, Dash, ETH, and LTC cloud mining to be found. With over 3 years experience in the industry, the platform also offers lifetime Scrypt and Bitcoin cloud mining contracts, and one year ETH and DASH contracts, with many features including proof of hashrate, mining pool selection, and instant payouts. Run by established cryptocurrency mining hardware provider HashCoins, which has over 3 years experience in the industry, HashFlare offers the. Hashflare is pleased to announce prices per 10 GH/s of BTC cloud mining have just been reduced from $1.60 for 10 GH/s, to $1.20 for 10 GH/s, and with the 10% discount running for one week, they are currently offering the best value Bitcoin cloud mining available online. An important feature of the HashFlare platform is that customers can see and monitor their hashrate live, and even choose the mining pool they wish to mine on. This demonstrates that HashFlare is running a real cloud mining operation and is renting real mining hardware to users. Users can also find the most profitable mining pool for their hashing power. HashFlare also offer instant Bitcoin, ETH, and DASH withdrawals, lifetime contracts with no fixed end date, user mining pool allocation, fixed fees, and a user dashboard with highly detailed statistics. Anyone, anywhere worldwide can easily cloud mine Bitcoin, Litecoin, Ethereum, and now Dash, with no specialized knowledge or the need to maintain specialized mining hardware. All that needs to be done is. To sign up for a free account, and learn more about lifetime Bitcoin, Scrypt, or one year Ethereum and Dash cloud mining contracts with NO maintenance fees, which represents the best value on the market, please go to: After make sure to use discount code HF16SMILE10 with all purchases. HashFlare is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only. Cryptocurrency prices are volatile, and profitability of cloud mining contracts change over time due to mining difficulty rates, exchange rate fluctuations, and other factors. Source: HashFlare. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. If you are new to Bitcoin, check out and. You can also explore the: • • • • • • • • • • • • Community guidelines • Do not use URL shortening services: always submit the real link. • Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. • News articles that do not contain the word 'Bitcoin' are usually off-topic. This subreddit is not about general financial news. • Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, is a good place to discuss all cryptocurrencies. • Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. • No referral links in submissions. • No compilations of free Bitcoin sites. • Trades should usually not be advertised here. For example, submissions like 'Buying 100 BTC' or 'Selling my computer for bitcoins' do not belong here. Is primarily for news and discussion. • Please avoid repetition — is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider. • Do not post your Bitcoin address unless someone explicitly asks you to. • Be aware that Twitter, etc. Is full of impersonation. Related communities Sorted roughly by decreasing popularity. • • • • • • [] • • (NSFW) • • • • • • Non-Bitcoin communities • • • • • • • Join us on IRC Other Bitcoin sites Download Bitcoin Core is the. Almost all Bitcoin wallets rely on Bitcoin Core in one way or another. If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core. You can also use Bitcoin Core as a very secure Bitcoin wallet. • Latest stable version: [] • • You MUST before running it. Style sheet credits The CSS used by this subreddit is the Erdune Theme modified by and. Check out his other work. Ad campaign: We previously collected donations to fund Bitcoin advertising efforts, but we no longer accept donations. The funds already donated will be spent on some sort of advertising, as intended. As of now, 7 BTC was spent out of 4. If you have ideas for the remaining BTC,. This is why cloud companies make so much money. Because it 'doesn't bother you' that you gave them 1BTC, but only got 0.5BTC back. You lost half your BTC, and they took it from you. They knew the math and you didn't. They take 1000 BTC from other people who didn't do the math either and only pay back 500BTC. And if bitcoin goes up they all say 'Oh well, i made money in dollars!' The customers, like you, are happy when they lose money. It's really a great business. Everyone should start their own cloud mining company. It's not only cloud mining, it's also good old mining with hardware, except if you are in very cheap electricity areas. Nevertheless, Hashflare doesn't seem to be dishonest. You get what you're promised to get for the price they're asking. The worst cloud mining operation are those who are intentionally lying and operating a Ponzi behind the curtains. Also I think HashFlare offer to choose between several pools, so if you can check that your mining hashrate is indeed directed to the chosen pool (for example, one that is signaling segwit), then it can buy you a stake in the current battle (correct me if I'm wrong). Single Page On the morning of 3 March 2017, when Amit Bhardwaj took the stage in a packed auditorium at Delhi’s Hyatt Regency hotel, the audience erupted in a thunderous roar. Rows of people leapt to their feet, chanting, “Amit, Amit, Amit!” Bhardwaj had stood to deliver a short speech during the opening session of a conference that the Associated Chambers of Commerce of India, or ASSOCHAM, had organised. The industry body had titled the conference “,” billing it as a “global summit” that would address the opportunities and challenges presented by bitcoin and other cryptocurrencies. Bhardwaj is the founder of a bitcoin-mining pool called GBMiners, which was also one of the conference’s main sponsors. Work-at-Home Nursing. A health website that contracts with writers. This health insurance company employs telecommuting RNs in quality management or case. When Bitcoin Mining will. In which contracts for intermediate. As well as the cloud, the Internet and telecommuting but by his own admission he. According to the brochure of the conference, GBMiners would have paid Rs 5 lakh to be one of its “Blockchain partners.” None of the other speakers at the summit got a reception anywhere close to Bhardwaj’s. Sandeep Goenka—an executive of Zebpay, one of India’s leading bitcoin exchanges, which also was a sponsor of the conference—seemed bemused as he took the podium after Bhardwaj. “All the applause has gone to the previous speaker,” Goenka noted. NS Nappinai, an advocate who spoke later that day about the legal questions raised by cryptocurrencies, included a slide in her PowerPoint presentation that showed Bhardwaj’s photograph next to a picture of Superman. “If you’re not going to clap for my lecture, at least clap for Amit Bhardwaj,” she quipped, drawing applause and hoots. ASSOCHAM, founded in 1920, is one of India’s leading industry bodies. The organisation, which lobbies the government on behalf of corporate interests, has over 450,000 members—a category that includes representatives from industry, trade, law and consulting, among other fields. The current head of ASSOCHAM is Sandeep Jajodia, the chairman and managing director of Monnet Ispat and Energy, a manufacturing and coal-mining company. Former presidents include: RN Dhoot, a member of parliament and owner of the Videocon group; Rana Kapoor, the founder, managing director and CEO of Yes Bank; and Sajjan Jindal, the chairman and managing director of JSW Steel. The industry body, it seemed, had orchestrated its summit on cryptocurrencies at a fortuitous moment. The price of bitcoin—the pioneering cryptocurrency created in 2009—had recently hit its. On 3 March, as the conference was underway, the cryptocurrency made international headlines because, for the first time ever, the price of one bitcoin, sitting at an average global rate of $1,290, had. During the weeks that preceded its conference, ASSOCHAM had plastered large billboards in stations of the Delhi Metro, advertising the names and faces of individuals slated to speak at the summit. These included: PP Chaudhary, the union minister of state for law and justice and electronics and information technology; Rama Subramaniam Gandhi, a deputy governor of the Reserve Bank of India; Shaktikanta Das, the economic affairs secretary; and Suresh Chandra, the union law secretary. The promised attendance of government officials was notable, given that the government of India has yet to pass any regulations on cryptocurrency. The RBI appears to be following a similar approach as well. However, the central bank has, from time to time, issued warnings to Indian investors and the government about the perils of cryptocurrency, starting with in 2013. All the seats at the conference were sold out. Hundreds of guests occupied the chairs in the auditorium, while many stood in the aisles. A majority of the attendees—all of whom had to pay a registration fee of Rs 5,000—seemed to be investors in Gainbitcoin: also one of Bhardwaj’s companies. Gainbitcoin is a “cloud-mining” company—it pools individual investments, in bitcoins, to pay for the “mining” of bitcoins. The company guarantees its investors returns of 10 percent per month on their principal investments, which are locked in for 18-month contracts. In my for The Caravan’s March 2017 issue, I discuss in detail the ways in which Gainbitcoin employs suspect, and very likely fraudulent, business practices. Bitcoin mining—an expensive computational process, and the only way to create new bitcoins—is a highly unpredictable way to make money, making it implausible for mining companies to guarantee fixed returns for their investors. People who have knowledge of bitcoin mining often criticise companies such as Gainbitcoin—which offer unrealistically high, fixed returns—labelling their business models Ponzi scams. (In Ponzi scams, people are duped into believing their money will grow due to high-yield investments. In reality, the scammers simply shuffle that money around, paying off older investors with funds flowing in from new ones. When new recruits stop investing in the scheme, it collapses, and most investors lose their money.) Gainbitcoin also utilises multi-layer marketing, a predatory business strategy through which it encourages existing partners to recruit new ones by offering them a cut of the revenue from anyone they bring in. According to a note that the, “acceptance of money under Money-Circulation/Multi-Level Marketing/Pyramid structures if a cognizable offence under.” In December 2016, I had attended another cryptocurrency-related conference in Delhi, during which I met Stuart Trusty, a bitcoin miner and an expert in high-performance computing. Trusty told me that Gainbitcoin’s promised returns were “mathematically impossible.” The operation “would have to be a Ponzi,” he added. In January 2017, Kyle Torpey, a journalist who covers cryptocurrencies, wrote an article about Gainbitcoin titled titled “,” in which he analysed why the cloud-mining company’s unrealistic promises did not stack up with the realities of mining bitcoin. Over the course of my reportage for The Caravan’s cover story, I conducted four interviews with Bhardwaj. During these conversations, he repeatedly contradicted himself, and was evasive about the relationship between GBMiners and Gainbitcoin. He also admitted, with casual ease, that he had lied to his investors about crucial information regarding Gainbitcoin’s investments (“They feel good, right? When they get high information,” he told me about his customers, after admitting to using inflated figures on Gainbitcoin’s website.) Bhardwaj has been declared a defaulter in one of the six India-based entities he directs. For two of these companies, he has flouted the law by never filing annual balance sheets with the ministry of corporate affairs. By organising this conference with key sponsorship from GBMiners, ASSOCHAM failed to perform due diligence. Moreover, it did not appear to have considered the credibility of those it provided with a platform to represent cryptocurrency in India. The conference also showed other signs of haphazard planning, most notably in the fact that four of the five government representatives ASSOCHAM had advertised as speakers for the event did not show up. If the industry body hopes to establish greater legitimacy for bitcoin and cryptocurrency in the country, then this summit was, at best, a rocky start. During the conference’s lunch break, I spoke with several attendees who had purchased contracts with Gainbitcoin. Vivek Kesharwani, one such individual, told me that he had invested 224 bitcoins with the company—a sum that, by Indian prices on 3 March, was valued at about Rs 2.1 crore. He rapidly introduced me to four other Gainbitcoin investors, summoning them easily from his immediate vicinity. Kesharwani claimed that 90 percent of the conference attendees were Gainbitcoin investors. Vishal Gupta, a prominent bitcoin entrepreneur who spoke in one of the conference’s panels, echoed Kesharwani’s estimate. (Gupta is the CEO of SearchTrade.com, which was also one of the sponsors of the conference.) Later, when I spoke to Bhardwaj about the estimate, he scoffed, “What, only 90 percent?” He claimed that the entire crowd was composed of his investors. In the remarks that he had offered to the audience in the morning, Bhardwaj did not make a direct sales pitch for Gainbitcoin. He spoke for about two minutes, delivering general comments about the bitcoin community. Blockchain—the underlying technology of bitcoin—he said, had changed “the way trust has to be done” in the economy. He said that banks operate solely on the trust between individuals, and that blockchain technology had allowed trust to be “built up by the machine, so you don’t have to trust a human being to take decisions on your financial systems. And that is what is going to actually make the whole difference.” Bhardwaj was not the only speaker of questionable qualifications at the conference. Another speaker and sponsor was Louis De Laventure, who ASSOCHAM listed as the CEO of EB3—which seems to be a company that markets an alternative cryptocurrency called “EB3 Coin,” about which users of the forum bitcointalk have. De Laventure spoke in the conference’s opening session along with Goenka and Bhardwaj. Entire paragraphs of were lifted verbatim from a delivered in November 2016 by Carl Ludwig-Thiele, a member of the executive board of Deutsche Bundesbank. Another sponsor of the conference, Power Hashing, is, like GBMiners, another India-based company about whom I raise serious questions in my report for The Caravan’s March issue. After lunch, I spoke to Sandeep Goenka, the Zebpay executive. He told me that Zebpay had chosen to attend and sponsor the conference, in part, to act as a counterweight to Bhardwaj and Gainbitcoin, especially since government officials would be in attendance. “We just wanted to make sure that if there’s anything that we don’t like which is being said, then we can talk about it, but luckily, it wasn’t the case,” Goenka said. “It was not a hard-core marketing pitch by them.” Referring to the composition of the audience, he said, “I think they [Gainbitcoin] didn’t even need to.” Zebpay several times on their website and Facebook page that cloud-mining companies such as Gainbitcoin, which guarantee fixed returns, are very likely scams. The company has posted, cautioning people against investing in them. Gainbitcoin is one of those 14 entities. However, Goenka said that such explicit warnings had largely fallen on deaf ears. “It’s not getting through,” he told me, “So I’ve stopped debating. I’ve said, ‘This is my view. And it’s your money. You take a call.’” When I asked him whether he had considered alerting the government of such foul play, he expressed the need to proceed with caution. The authorities, he said, “are anyway sceptical of cryptocurrencies. So I’ve not had a chance to go and tell them there’s something bad happening within the cryptocurrency world.” During the speech that Union Law Secretary Suresh Chandra delivered at the opening session, he expressed optimistic views about cryptocurrency—stating that it would “definitely bring down costs” of businesses. He also expressed some concerns about issues such as money laundering, fraud and other criminal activity that could be fostered by the near-anonymity of cryptocurrency transactions. Nevertheless, he finished his talk with a vote of confidence for ASSOCHAM, and said that the summit would “ensure a path to the stakeholders, to the decision-makers, to the policymakers, how to move forward.” After the conference, I called Chandra’s office multiple times and was told that he was busy. I emailed him questions about his views of the conference and its sponsors, particularly GBMiners, but did not receive a response. Chandra was the only representative from the government who actually spoke at the conference. I attempted to reach those who had not attended the summit even though their names had been listed on ASSOCHAM’s promotional materials as well. When I met PP Chaudhary in his office, he told me that he could not attend the conference because an urgent matter had come up. RN Dhoot’s secretary told me that Dhoot had simply been too busy to attend. When I called the RBI’s office to ask why R Gandhi had been absent, Jose Kattoor, a chief general manager of the RBI, told me he had checked with Gandhi’s secretary and found that the deputy governor’s official schedule had not included a commitment to speak at the conference. I emailed and phoned Shaktikanta Das to enquire about his absence at the summit, but he did not respond. In a brief set of remarks at the end of the opening session of the conference, Santosh Parashar, a joint director of ASSOCHAM, who headed the efforts to organise the summit, said he had “been getting warnings in my inbox” about cryptocurrency-related scams. He said he wanted to echo the RBI’s 2013 warning to avoid technology-based scams and Ponzi schemes. Parashar’s words of caution, however, rang hollow when they were delivered from the dais that Bhardwaj had just spoken from. When I called Parashar to ask whether he was aware of Bhardwaj’s business practices, he asked me to email him my questions. I did, but he did not respond to them. Neither Sandeep Jajodia nor DS Rawat, the president and secretary-general of ASSOCHAM, respectively, responded to my questions either. On 21 April, ASSOCHAM will be hosting a “ ” on bitcoin and blockchain in Bengaluru. This event will also have a registration fee of Rs 5,000. It remains to be seen whether Bhardwaj will be a sponsor for that conference as well. If he is, and if ASSOCHAM continues to demonstrate such disregard for who it gives a platform, India’s nascent cryptocurrency ecosystem will jeopardise much of the credibility it is fighting hard to gain. I wonder when the Law Enforcement officers are going to take an action on this scammer and his scam team. ( I am sure they will but when- I have already went to inform them, told everything about this scammer and his scam team) He is not in prison and he keeps coming up with new scams, advertising all around as his business is Bitcoin. He uses Bitcoins money making name. His business is not Bitcoin. He uses on his sites, advertisements as news, uses Forbes, A German Hedge Fund Manager, Bill Gates and some other well known people as if they are talking about him and Gainbitcoin, MCAP and his other scams. When is he going to be stopped so no more people would get burned by this scammer. This man will always scam. He is a repeat offender just like pedophiles. Day trading course – Our live day trading room focuses on the Money Maker Edge™ day trading course technology and strategy. How would you like to be involved with a group of active day traders that support each other in finding high probability day trading entries? We know when to get in, how to manage our exposure and be able to take risks. Learning how to day trade S&P 500 emini futures day trading education coach showing stocks, Gold, Oil Market as we see it. Trends, Money makers and market makers. See the markets like traders that make money in the market. ES and the Eminis. 2 days ago - 100. 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