Gavin Andresen Suspects Ponzis in Bitcoin Cloud Mining
Gavin Andresen had some harsh words for the Bitcoin cloud mining industry on Reddit. Gavin Andresen, perhaps the most respected and well-known Bitcoin developer today, made a rather interesting statement about Bitcoin cloud mining the other day, and the strange thing is that it went basically unnoticed by the community as a whole. Redditor /u/zapt0 asked the /r/Bitcoin community about mining contracts and whether or not they could be solid investments, and most of the responses were rather negative when discussion came to the long term prospects of earning money through one of these cloud....
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Cloudhashing or Cloudmining, the process of paying someone else to mine BTC for you, has been popular since the rise of CEX.io's Ghash service. Numerous alternatives have risen to compete with Ghash such as Hashie and LTCGear. Many cloud mining sites have been revealed as poorly designed ponzi schemes over the last year, as anticipated by Gavin Andresen. It seems we might be seeing more now. Update: LTCGear's website is back online, though no payouts have been received. Also read: Gavin Andresen Suspects Ponzi Schemes in Bitcoin Cloud Mining. Hashie Playing Games? While literally no....
Roughly nine months ago, Bitcoin Foundation Chief Scientist Gavin Andresen made a rather interesting comment on Reddit in which he claimed, "I suspect many [cloud mining companies] will turn out to be Ponzi schemes."There have been a few cloud mining scams uncovered over the past year or two, and it appears that another one could unravel in the near future. An anonymous source has provided information to Bitcoin Magazine regarding the possibility of a Bitcoin cloud mining ponzi scheme involving Bitcoin Cloud Services (BCS), which is currently one of the largest cloud-mining providers on....
This situation becomes especially painful when considering how Satoshi Nakamoto himself appointed Gavin Andresen as being the one to take over the “reigns” of Bitcoin development Now that the Craig Wright debacle has calmed down again, there is still the pressing matter of what will happen with Gavin Andresen. After the Bitcoin Core team revoked his commit access, there seems to be no indication of restoring the Bitcoin developer to his precious status. A lot of people were surprised when Gavin Andresen of all people came forward and identified Craig Wright as being Satoshi Nakamoto. Even....
I saw Gavin Andresen throughout the day, mostly while he was giving a presentation. Though I was lucky enough to sit down with Gavin and Mike (Hearn) during lunch. However their 'tech speak' went a bit over my head while I quietly observed and ate the delicious dinner that had been prepared by the venue. It was not until the Blockchain.info after-party that I managed to get Gavin on his own for a little while for a chat and an interview. What do you hope the audience got from your presentation? Gavin Andresen: "Whenever I do a presentation, I'm hoping that I don't bore them, hoping that I....
In a recent blog post to GavinTech, Gavin Andresen admitted that he has recently been thinking about ethereum "a bit." Ethereum is a Bitcoin 2.0 project that is creating "a revolutionary new platform for applications." Vitalik Buterin, one of ethereum's founders, was recently awarded the Thiel Fellowship, a $100,000 fellowship awarded to 20 bright entrepreneurs around the world under the age of 20. Gavin revealed that he thinks some parts of ethereum, such as the new proof-of-work and new currency, are needlessly re-engineered while admitting particular interest in the development of smart....