Please read THIS THREAD first to get an understanding of GAW's community relationship right now, and the first comments on that thread are Mike from CoinFire discussing some of this stuff.
CoinFire has come out with a story addressing GAW Miners claims about partnerships. The original article is linked, but CoinFire has quite a solid rep in here for being the source for quite a bit of breaking BTC news (BFL Labs, SEC letters, etc). They have full time journalists tracking down all tips and stories happening.
Chached Version - Is GAW Miners Lying About Partnerships?
People have also pointed out that you have a financial inventive to receive up-votes on their forum. If you check their latest members, there all shill accounts with fake one or two positive tacky template response. VIEW HERE.
A check of their Twitter Followers shows lots of spam accounts (looks a lot like a purchasing followers service was used, same with Facebook).
GAW responds on HashTalk, debunking claims because of CoinFire's Alexa rating? How that has a correlation to journalism is beyond me. Very poor quality arguements, plus, in my opinion -- if he really had these partnerships, a good CEO would say "Great CoinFire, just watch and see." and roll them all out, debunking all of CoinFires claims. The defense mode that is instantly triggered. Just read the topic on HashTalk and you'll understand.
"Coinfire: GAW will defend itself against libelous claims, such as those in your "article." " cites GAW.
Today, CoinFires site read:
"THE NEXT TIME YOU WANT TO WRITE ABOUT A COMPANY A BUNCH OF LIES RECONSIDER IT ASSHOLES. THE CUSTOMERS MIGHT NOT LIKE IT."
Its not confirmed GAW hacked their website. All clues point to it, but not confirmed. I cannot edit the title. Sounds like some unprofessional revenge. Obviously, this will never be confirmed, assuming GAW sticks to denying claims. (EDIT: They do). If it looks like a duck, sounds like a duck, its probably a duck.
Josh Garza CEO tweeted "Karma is a funny thing..." then deleted it. If anyone has a SS, please provide.
Please, if you are advertising GAW Miners on your website; consider removing them out of your cycle. This is way to suspicious, and I personally would feel morally horrible if I advertised a site that turned into a ponzi and lost people money (I'm not sure about you).
Is GAW Miners On The Brink Of Going Full Ponzi?
This statement can just as easily be extended and adapted to the gambit of “cloud mining” companies which have flourished in the Bitcoin space in recent months. Many of these companies teeter dangerously on the brink of ponzi schemes. The basic gist is:
- You pay $X amount of Bitcoin for “managed” mining hardware — hardware you never get to hold in your hands, but whose existence is guaranteed by the hosting companies
- You receive $X amount of Bitcoin per day from your virtual mining hardware, minus a maintenance fee
- Your payout schedule is such that it is highly unlikely you will ever see an ROI on your cloud mining
When examining cloud mining from the triad above, it’s likely that many companies in the space are orchestrating a techno tour de heist that would make even Madoff green with envy. Given that there are no guarantees 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 fit 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 lucky? Josh certainly is. So lucky, in fact, that he has decided to cook up a brand new creation for the GAW umbrella : HashCoin.
Now, no one knows exactly what HashCoin is (there is no whitepaper publicly released, EDIT: Whitepaper has been released: http://ift.tt/1xJeC8s and HashCoin isn’t guaranteed to be its final name), however there is already quite a few interesting “Get Rich Guarantees” being made to all the hapless cloud mining customers eager to turn their failing mining hardware ROI into a quick pump and dump.
• HashCoin will go “public” for just over $20 a coin.
• Our customer ICO HashPoint round, for our mining members, will be at “less” than $4 a coin.
Legal note: Remember, this is NOT the FIAT round. This round, at these prices will be limited to purchases with HashPoints only. Our banking partners will NOT allow 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. We purchased the rights to the most popular name an online currency could ever have. That deal finished today. To sum it up, GAW is releasing a new coin, which will be made available to their “banking and market analysts” as well as GAW Cloud Mining customers for a mere $4 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 swapping the P for a T in “IPO” you are not avoiding regulatory scrutiny. Couple this with very suspicious nature of the cloud mining scheme and you have a recipe for disaster.
We don’t need another GOX, another BFL, another Mintpal. Take heed, hold your Bitcoin tight. There are snakes on this private plane.
I have no affiliation with CoinFire or GAW Miners. I have simply been following the news and piecing stuff together. Please make your own assumptions, but I am quite skeptical of this operation after all of this. One bad apple will can hinder us all as a community.
Submitted November 23, 2014 at 11:19PM by kysarkoin http://ift.tt/1pcTaa2