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Self-Proclaimed Cryptocurrency Guru Amit Bhardwaj Accused Of Running A Ponzi Scheme

The rente te bitcoins is enlargening day by day te India but so are controversies surrounding them. Ter the latest, Amit Bhardwaj, founder of two bitcoin companies – cloud mining operation Gainbitcoin and China-based mining pool GBMiners – has bot accused of running a Bitcoin Ponzi scheme.

More than a year has passed and Suresh claims that he is still awaiting Bitcoin withdrawals. According to the petition, Bhardwaj has also not responded to the claims.

He goes on to state, “I requested for my very first withdrawal after Trio weeks and now even after one and a half years – my withdrawals are still pending. I contacted the support n number of times. Result: No Response. I e-mailed Amit. Result: No Response. Two Months zometeen after a meeting with a duo of top names ter the Indian BitCoin Community, I told them about my practice with Amit and they told mij more about him – He is a fraud!”

Spil vanaf his LinkedIn profile, besides GBMiners and Gainbitcoin, Amit Bhardwaj is also the founder of AmazeMiners, an alt-coin mining company, since December 2016. He had also founded HightKart, which he claims to be India’s very first Bitcoin-based ecommerce sites, but it closed te early 2016.

Meantime, spil vanaf gegevens on Blockchain.informatie, GBMiners’ mining pool controls about Two.8% of the network hashrate.

Interestingly, today Bhardwaj has also announced the launch of his e-book, ‘Cryptocurrency for Beginners.’

Unravelling Amit Bhardwaj’s Alleged Ponzi Scheme

Doubts about Amit’s alleged Ponzi scheme were raised te an article on the cryptocurrency news webpagina Coinjournal back ter January this year, which stated, “Many bitcoin cloud mining schemes have turned out to be Ponzi schemes overheen the years, and GainBitcoin is no different.”

Similar concerns were raised te an article ter The Caravan by Aria Thaker te March this year after she interviewed Bhardwaj for a story on Bitcoins. Spil vanaf the article, “He repeatedly contradicted himself and wasgoed evasive about the relationship inbetween GBMiners and Gainbitcoin. He also admitted, with casual ease, that he had liedje to his investors about crucial information regarding Gainbitcoin’s investments (“They feel good, right? When they get high information,” he told mij about his customers, after admitting to using inflated figures on Gainbitcoin’s webstek.) Bhardwaj has bot proclaimed a defaulter te one of the six India-based entities he directs. For two of thesis companies, he has flouted the law by never filing annual balance sheets with the ministry of corporate affairs.”

The same facts were also highlighted te a report by FactorDaily today.

Last month, Aria ter hier tweet also brought to light the fact that all the seven fresh team member profiles listed on GBMiners webstek are fake. She stated that Bhardwaj himself is the foot contributor to almost all of the ‘,crunchbase’ profiles of thesis “new employees.” They are otherwise wit and have no social media footprint.

Amit is also associated with a few other Bitcoin and cryptocurrency-based companies/products. Thesis include Bitcoin wallet service CoinBank and Bitcoin payment processor PayBitz. He is also said to be an investor ter Satoshi Studios, which is said to be an incubator for blockchain startups ter Southeast Asia.

Wij have reached out to Satoshi Studios’ founders and Amit’s corporate communication team for a comment.

Interestingly, Bitcoin startup Zebpay has made it clear several times on their webstek and Facebook pagina that cloud-mining companies such spil Gainbitcoin , which assure immovable comebacks, are very likely scams. Gainbitcoin ensures a 10% come back on investments into their cloud mining scheme vanaf month.

Bitcoin is witnessing a lotsbestemming of rente from Indian users but the government is still to determine on whether it should make it legal te India. Till now, the RBI has maintained a cautionary stance on cryptocurrency stating that anyone using them does so at their own risk. The decision on legalising cryptocurrency is expected to be announced by the end of July.

Amit Bhardwaj and the alleged scam are an significant marker spil to why the murky and undefined world of cryptocurrency, blockchain, and bitcoin needs clarity and regulation – both from within the industry and from an outside authority.

Postbode publishing the article, Nikunj Jain, co-founder of Satoshi Studios, reached out to Inc42 and informed us that primarily Satoshi wasgoed involved spil the technology vendor for GBMiners but once they realised that they did not fully understand the fundamentals of the business, they ended their involvement with GBMiners. He also stated that Satoshi has returned the money they had raised from Amit Bhardwaj after they snapped ties with him last April.

An earlier version of this article wrongly stated that wij had reached out to Amit for his comments on this story. Wij had reached out to Amit’s corporate communication team. The same has bot updated te the story.

Bitcoin mining pools are a way for Bitcoin miners to pool their resources together and share their hashing power while splitting the prize identically according to the amount of shares they contributed to solving a block.

A “share” is awarded to members of the Bitcoin mining pool who present a valid proof of work that their Bitcoin miner solved. Bitcoin mining te pools began when the difficulty for mining enlargened to the point where it could take years for slower miners to generate a block.

The solution to this problem wasgoed for miners to pool their resources so they could generate blocks quicker and therefore receive a portion of the Bitcoin block prize on a consistent voet, rather than randomly once every few years.

Network Overeenstemming

If you solo-mine, meaning you do not mine with a Bitcoin mining pool, then you will need to ensure that you are te overeenstemming with the Bitcoin network. The best way is to use the official BitCore client.

If you participate ter a Bitcoin mining pool then you will want to ensure that they are engaging ter behavior that is te agreement with your philosophy towards Bitcoin.

For example, some rogue developers have threatened to release software that could hard-fork the network which would likely result te tremendous financial harm.

Therefore, it is your duty to make sure that any Bitcoin mining power you onmiddellijk to a mining pool does not attempt to enforce network overeenstemming rules you disagree with.

Segregated Witness

When segwit is activated, you will want to be able to mine and relay segwit-style blocks. The following mining software has bot upgraded to support segwit.

Please note that software that supports the GetBlockTemplate (GBT) RPC vereiste be upgraded to support the BIP9 and BIP145 switches to GBT. All the programs linked above that support GBT have bot upgraded.

Segwit is already activated and enforced on testnet, so you may find it useful to test your infrastructure upgrade by mining with some puny amount of hashrate on testnet. Alternatively, Bitcoin Core 0.13.1’s regression test mode (regtest) also supports segwit by default.

Bitcoin Mining Pools

There are many good Bitcoin mining pools to choose from. Albeit it’s tempting to pick the most popular one, it’s better for the health of the network to mine with smaller pools so spil to avoid potentially harmful concentration of hashing power.

The hash rate distribution is best when split among more Bitcoin mining pools.

Bitcoin Mining Pool Hash Rate Distribution

Bitcoin Mining Pool Options

For a fully decentralized pool, wij very recommend p2pool.

The following pools are believed to be presently fully validating blocks with Bitcoin Core 0.11 or straks:

BTCC: BTCC is a Bitcoin exchange, wallet, and mining pool located te China. Its mining pool presently controls around 15% of the network hash rate.

Slush Pool: Slush Pool is run by Satoshi Labs, a Bitcoin company based te the Czech Republic. Slush Pool wasgoed the very first mining pool and maintains around 7% of the network hash rate.

Antpool: [WARNING] – Bitmain operates Antpool and some consider them to be a malicious actor ter the Bitcoin ecosystem because of the AntBleed scandal where they were intentionally including malware within mining equipment they sell. Ter a corporate communication, Bitmain claimed this wasgoed a feature and not a bug. This malware would enable Bitmain to remotely shut down equipment of customers or competitors thus enlargening their own profitability. Additionally, such behavior could pose a risk to the entire Bitcoin network.

Eligius: Eligius wasgoed one of the very first Bitcoin mining pools and wasgoed founded by Luke Dashjr, a Bitcoin Core developer. Today, the pool controls just under 1% of the network hash rate.

BitMinter: BitMinter, once one of the largest Bitcoin mining pools, now controls less than 1% of the network hash rate.

Kano CKPool: Kano CKPool wasgoed founded te 2014 and presently has around 3% of the network hash rate under its control.

F2Pool: F2Pool is the 2nd largest Bitcoin mining pool, with around 25% of the network hash rate. Its user interface is ter Chinese, making it difficult for English speakers to join.

BW Pool: BW Pool controls around 7% of the network hash rate. Like F2Pool, its user interface is ter Chinese, making it difficult for English speakers to join.

Bitfury: Albeit seen publically te block explorers and hash rate charts, BitFury is a private mining pool and cannot be joined.

Bitcoin Mining Pool Payment Methods

Calculating your share of the bitcoins mined can be ingewikkeld. Ter an ongoing effort to come up with the fairest method and prevent gaming of the system, many calculation schemes have bot invented. The two most popular types are PPS and DGM. PPS, or ‘pay vanaf share’ shifts the risk to the mining pool while they assure payment for every share you contribute.

PPS payment schemes require a very large reserve of Ten,000 BTC te order to ensure they have the means of suffering a streak of bad luck. For this reason, most Bitcoin mining pools no longer support it.

One of the few remaining PPS pools is EclipseMC. DGM is a popular payment scheme because it offers a nice balance inbetween brief round and long round blocks. However, end users vereiste wait for total round confirmations long after the blocks are processed.

PPS: The Pay-per-Share (PPS) treatment offers an instant, assured payout for each share that is solved by a miner. Miners are paid out from the pools existing balance and can withdraw their payout instantly. This prototype permits for the least possible variance te payment for miners while also transferring much of the risk to the pool’s technicus.

PROP: The Proportional treatment offers a proportional distribution of the prize when a block is found amongst all workers, based off of the number of shares they have each found.

PPLNS: The Pay Vanaf Last N Shares (PPLN) treatment is similar to the proportional method, but instead of counting the number of shares ter the round, it instead looks at the last N shares, no matter the boundaries of the round.

DGM: The Dual Geometric Method (DGM) is a hybrid treatment that enables the technicus to absorb some of the risk. The technicus receives a portion of payouts during brief rounds and comes back it during longer rounds to normalize payments.

SMPPS: The Collective Maximum Pay Vanaf Share (SMPPS) uses a similar treatment to PPS but never pays more than the Bitcoin mining pool has earned.

ESMPPS: The Equalized Collective Maximum Pay Vanaf Share (ESMPPS) is similar to SMPPS, but distributes payments identically among all miners te the Bitcoin mining pool.

RSMPPS: The Latest Collective Maximum Pay Vanaf Share (RSMPPS) is also similar to SMPPS, but the system prioritizes the most latest Bitcoin miners very first.

CPPSRB: The Capped Pay Vanaf Share with Latest Backpay uses a Maximum Pay Vanaf Share (MPPS) prize system that will pay Bitcoin miners spil much spil possible using the income from finding blocks, but will never go bankrupt.

BPM: Bitcoin Pooled mining (BPM), also known spil “Slush’s pool”, uses a system where older shares from the beginning of a block round are given less weight than more latest shares. This reduces the capability to cheat the mining pool system by switching pools during a round.

POT: The Pay on Target (POT) treatment is a high variance PPS that pays out te accordance with the difficulty of work returned to the pool by a miner, rather than the difficulty of work done by the pool itself.

SCORE: The SCORE based treatment uses a system whereby a proportional prize is distributed and weighed by the time the work wasgoed submitted. This process makes zometeen shares worth more than earlier shares and scored by time, thus prizes are calculated te proportion to the scores and not shares submitted.

ELIGIUS: Eligius wasgoed designed by Luke Jr., creator of BFGMiner, to incorporate the strengths of PPS and BPM pools, spil miners submit proofs-of-work to earn shares and the pool pays out instantaneously. When the block prizes are distributed, they are divided identically among all shares since the last valid block and the shares contributed to stale blocks are cycled into the next block’s shares. Prizes are only paid out if a miner earns at least. 67108864 and if the amount owed is less than that it will be spinned overheen to the next block until the limit is achieved. However, if a Bitcoin miner does not submit a share for overheen a period of a week, then the pool will send any remaining balance, regardless of its size.

Triplemining: Triplemining brings together medium-sized pools with no fees and redistributes 1% of every block found, which permits your share to grow quicker than any other Bitcoin mining pool treatment. The administrators of thesis Bitcoin mining pools use some of the Bitcoins generated when a block is found to add to a jackpot that is triggered and paid out to the member of the pool who found the block. Ter this way, everyone ter the pool has a better chance to make extra Bitcoins, regardless of their processing power.

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