I've invested some money in Hashflare cloud mining (http://hashflare.io/) and Emercoin cryptocurrency.
Then I've made the first purchase of cloud mining hashrate, they accepted Bitcoin, credit cards, wire transfer and Emercoin.
That seemed a little strange to me - why do they accept Emercoin and not Ethereum, Zcash or any other cryptocurrency?
Well, maybe Emercoin is just a really good cryptocurrency.
So I've purchased some SHA-256 (Bitcoin) hashrate and they have claimed that I've rented this hashrate for life and I would only need to pay maintenance fees.
Then, suddenly, in August 2017, they have changed the contract terms and told the customer that all "lifelong" hashrate should expire in one year. That was a first sign that something is not right with this company.
And on December 22, 2017, the BTC minimum withdrawal amount was set to 0.
05 BTC, so all the people who just invested several hundred dollars cannot withdraw their money even at the end of the contract!
Also, the withdrawal fee was raised to 0.0007 BTC.
I've started searching for more information on the internet and have found out that the same people own Hashflare, Emercoin, and Polybius. The main company is called Hashcoins.
Hashflare looks like a classic Ponzi scheme and, most probably, they do not have sufficient mining equipment to actually mine on all the contracts they have sold. Also, they have referral scheme that isn't even trying to disguise itself as non-Ponzi. They will give you some instant kickback if you will refer other people and they will invest in Hashflare.
Hashflare has even offered cashback via Letyshops cashback service! Now this cashback scheme is suspended, but you can still see Hashflare on the Letyshop website: https://letyshops.com/shops/hashflare
This shows that Hashflare is really desperate for cash right now.
How have they kept this truth hidden for so long?
They have printed their own money to fuel the Ponzi!
If you can make your own money - Emercoin - you can run the Ponzi for a really long time, without any real mining equipment and investments.
And while Emercoin team claims that iе is a perfect currency for some services like DNS, SSL and other trusted storage, it was mostly used to fuel Hashflare and Polybius.
The legitimate uses for Emercoin would never get even the tenth of the same trading volume.
So, the Emercoin price rise was in turn fueled by these Ponzi schemes.
Once more people will realize this, they will try to pull their money out of Hashflare and Polybius. Like with any Ponzi scheme, there would be not enough money to pay everyone, Hashflare and Polybius will invent some other excuses for not paying back and will eventually default and take the Emercoin value with them.
I have some money locked up in Hashflare and I've lost some money trying to invest in Emercoin and I want to warn everyone that you should learn from my mistakes and invest your money in some better way.
HashFlare LP Reviews
I've invested some money in Hashflare cloud mining (http://hashflare.io/) and Emercoin cryptocurrency.
Then I've made the first purchase of cloud mining hashrate, they accepted Bitcoin, credit cards, wire transfer and Emercoin.
That seemed a little strange to me - why do they accept Emercoin and not Ethereum, Zcash or any other cryptocurrency?
Well, maybe Emercoin is just a really good cryptocurrency.
So I've purchased some SHA-256 (Bitcoin) hashrate and they have claimed that I've rented this hashrate for life and I would only need to pay maintenance fees.
Then, suddenly, in August 2017, they have changed the contract terms and told the customer that all "lifelong" hashrate should expire in one year. That was a first sign that something is not right with this company.
And on December 22, 2017, the BTC minimum withdrawal amount was set to 0.
05 BTC, so all the people who just invested several hundred dollars cannot withdraw their money even at the end of the contract!
Also, the withdrawal fee was raised to 0.0007 BTC.
I've started searching for more information on the internet and have found out that the same people own Hashflare, Emercoin, and Polybius. The main company is called Hashcoins.
Hashflare looks like a classic Ponzi scheme and, most probably, they do not have sufficient mining equipment to actually mine on all the contracts they have sold. Also, they have referral scheme that isn't even trying to disguise itself as non-Ponzi. They will give you some instant kickback if you will refer other people and they will invest in Hashflare.
Hashflare has even offered cashback via Letyshops cashback service! Now this cashback scheme is suspended, but you can still see Hashflare on the Letyshop website: https://letyshops.com/shops/hashflare
This shows that Hashflare is really desperate for cash right now.
How have they kept this truth hidden for so long?
They have printed their own money to fuel the Ponzi!
If you can make your own money - Emercoin - you can run the Ponzi for a really long time, without any real mining equipment and investments.
And while Emercoin team claims that iе is a perfect currency for some services like DNS, SSL and other trusted storage, it was mostly used to fuel Hashflare and Polybius.
The legitimate uses for Emercoin would never get even the tenth of the same trading volume.
So, the Emercoin price rise was in turn fueled by these Ponzi schemes.
The truth has already started to leak out:
https://www.reddit.com/r/hashflare/comments/7l3rll/the_long_con_hashflare/
https :// www. scambitcoin. com/ hashflare-io/
Once more people will realize this, they will try to pull their money out of Hashflare and Polybius. Like with any Ponzi scheme, there would be not enough money to pay everyone, Hashflare and Polybius will invent some other excuses for not paying back and will eventually default and take the Emercoin value with them.
I have some money locked up in Hashflare and I've lost some money trying to invest in Emercoin and I want to warn everyone that you should learn from my mistakes and invest your money in some better way.