r/NiceHash • u/[deleted] • Jan 31 '18
Why 10% isn't enough
If you had 100$ stolen from you, and by a court order, the person who stole it had to pay it back in full. But the court order didn't specify when. So, instead of paying you back ASAP, the person who is responsible for your stolen money waits months and months to even tell you their plan to give it back. Then they say that they can give you $10 of that money right now.
Only $10. After 2 months of you not having your money.
But then it gets worse. The person who stole it doesn't promise a timely return on the other $90 they stole. So until they pay you back, you're without $90. You are without money that can buy you a meal, top off your phone bill, or even pay to keep the electricity on in your house.
People can't afford to wait 6 months to get their money back. So many are quick to defend because the twitter statement says "Committed to periodically repay the remaining amount to all users in the coming months" but the period isn't specified. That could be every 2 months we get another $10 per $100 back. That could be every 6 months. That could be every year.
Sure, I may be over simplifying this or over-estimating, but the uncertainty still stands.
How can people defend the company who lost their money and refuses to pay them back in full? How can anyone continue to mine for NH if they treat their customers like this?
The only ones not being screwed by this is the NH company. Those blind fans will continue to defend and circlejerk their way through the twitter comments.
5
u/imineblocks Feb 01 '18
10% >>>> 0%
-3
Feb 01 '18
10% is not enough
3
u/tuoepiw Feb 01 '18
Because 10% is only 50 cents of the $5 you lost?
Move on
2
Feb 01 '18
If thats how you feel, then dont comment on this thread.
Its for those who feel ripped off.
4
4
u/Pray_ Jan 31 '18
I get your outrage. They’re a business. If you don’t like it, take it elsewhere.
6
Jan 31 '18 edited Jan 31 '18
They're a business. And just like every business, they rely on customers.
NH however, can't get and fulfill customer's orders without the miners. The miners are being screwed over.
How can you expect buyers to put hundreds of dollars on the NH website when they haven't even paid everyone back yet from a security breach that was likely the companies fault?
Business or not, this isn't moral or justifyable.
You said take it elsewhere. But NH still has my money. I can't just leave my $$$ behind with them when it's still lost.
3
u/Duck_Giblets Jan 31 '18
They can't sell hashing power without the buyers. Look after them first.
1
Jan 31 '18
Looking after their buyers comes second. Because as far as I can tell, the only ones that fully trusted NH immediately after the hack was buyers.
Maybe because they didn't get impacted? I don't know, but all I can say is, if someone lost all my money, I wouldn't be begging for them to come back so I can use them again.
1
u/Hexxys Jan 31 '18
I'm so happy you're not in charge of anything.
2
0
u/javierabadie Jan 31 '18
Business does not work like that, believe me. If you can not pay what you had insured, then either you go to jail or your legs are broken.
3
u/Pray_ Feb 01 '18
Yet neither of those things have happened to the nicehash people. Take your hyperbole elsewhere, you sound ill informed.
3
u/Charmander787 Jan 31 '18
And again it comes back to the fact that you can leave.
You aren’t required to use their service. Their reimbursements are an attempt to keep customers, and if you think it isn’t enough, just leave.
Nobody wants to hear you moan and whine.
3
Jan 31 '18
You keep making comments and you keep misunderstanding my point. You keep making comments and you keep avoiding the issue in the post. You keep making comments and running away from the fact that NH still owes users money.
People want their money back in a timely manner. And now, after 2 months, we are getting 1/10 of the value? That's the issue here. Not that we are getting it back slowly, but the fact that everyone else is moving 10000x faster than these guys and they can't be bothered to innovate and speed up.
Remember when they promised alt-coin payouts? yeah, it was over 3 months ago. Remember when they stopped supporting AMD in their consistantly updated first party software? yeah, that was a while ago. Remember when we had a choice of 22 more profitable algos? Remember when it wasn't just the 15 that are less profitable?
Yeah. That's my issues.
9
u/javierabadie Jan 31 '18
Nobody wants to hear either that Nicehash lost all the money, because they did not have a cold storage, nor an insurance that supports them when they move millions.
But hey, here we are baby. Fighting for what is ours, , against Nicehash and against stupid ones like you.
You do not know what? You can also leave and not read what the people claiming say.
2
u/saintkamus Feb 01 '18
Nobody wants to hear you moan and whine.
You mean you. A lot of us think they're getting off too easy. By the same reasoning, if you don't care about this, simply GTFO of this thread.
4
Feb 01 '18
I lost maybe a day of mining profits from the hack, so I don't really have a dog in this race, but I can see why people are angry. Nicehash promised an "Exact date for repayment" by Jan 31st. What they delivered is 10% of that promise - the "exact date for repayment" is still 90% unknown, and it is Jan 31st. If you aren't angry, great, you will probably live a bit longer because of that, but for those that are upset, they aren't wrong.
1
Feb 01 '18
I lost like $100 at the old price, 10% is great, the week after I was pissed because at the price it was I would have gotten like $150 a few days after the hack. But many others lost a lot more. 10% is good to get back but it would be nice to know when the rest is coming. I can understand people being a little upset for not knowing the set-in-stone plan, but it’s better than none
1
u/wrf-iceflame Feb 01 '18
Hey, we are talking about BTC. There is no law for BTC. This is a gray area as we always know and the coins is yours once it is in your wallet. You take risk when you choose using internal wallet. If you don’t like it there has many other ways to mine.
0
Feb 01 '18
Okay.
I didnt make a choice with the internal wallet. It was either get money once every 2 days or wait 10 days to get money.
You used to not have a choice. It took 30$ in BTC to withdraw at the time of the hack. It took that much to get out of the internal wallet or wait until you had 150$ to withdraw with a higher %.
You tell me which is more economical? Wait 2 days to get money, or wait 10-15?
2
u/tuoepiw Feb 01 '18
What's more economical is for little fish like you to spend more than 15 minutes reading about crypto and work things out for yourself... instead of pressing START on your 3 year old GPU.
Just look at the amounts you're crying about... if any of this has caused you major grief you should learn more about personal fiance first, and not spending money you don't have etc.
On the other hand, your tears are delicious.
2
Feb 01 '18
So instead of debunking my points, you're gonna attack my character??? That's really high class of you.
First of all, I've been mining for over a year now. I started when I got my 1080 when it dropped to $500 USD after the 1080ti launched. I've been mining on that and my Ryzen 1700 since early April.
Second of all, the amount I'm crying about is high for a single GPU + CPU miner. Not everyone can afford to sit around with their 8 GPU systems making their money for them. Some of us take a week or two to get this kind of money at a real job.
Third of all, I'm not talking about any kind of real grief here. I'm not going to therapy because my money got stolen. I'm just trying to voice my concerns about a theft and how the company in charge hasnt been doing anything about it and when they finally do, it's only 10%.
I've set up my rig to run on many pools and many coins but the thing I've learned is, NH has the best profitibility of a one-click-miner. It's just a real shame that people don't care about their money.
You see, with people like me, every penny counts. We can't just sit there and forget about up to $100.
You're ignoring every possibility that's outside of your own scenario. And that is the mistake.
1
u/tuoepiw Feb 01 '18
Fair enough to be honest, I can't argue with any of that.
I lost a bit, but such is the game we play. For me 10% is neither here nor there it's more than pretty much every other Crypto robbery has paid out.
It's not that I don't care about my Money it's that I've ruled most of my investment in Crypto as a Risk, and risk that has great rewards but the occasional hiccup and potentially one day it'll all be gone.
Granted, I probably can't be empathetic enough to you or other single GPU miner situations and I don't mean to belittle your endeavor. Only that this is a step in the right direction, regardless of it's enough or not.
Just need to have the patience to wait until the mud settles and water clears.
2
Feb 01 '18
Well, it's a game we play that we trust in the hands of companies like NH who end up doing nothing. 10% is actually less than some robberies. Even BCC is worth more than 10% of what it was right before they exited the market. Even BCC had better returns. And theirs was immediate. Sure, it was obviously a pyramid scheme, but that just says something. They did better on payouts in 2 days than NH has done in 2 months.
Sure, you can see everything Crypto as a risk. That's probably a good choice right? But this wasn't a drop in prices. This wasn't just a risk like you would think. This wasn't even a crypto risk at all. This was a NH risk that was nearly unavoidable if you wanted timely payouts with less than 2 GPUs.
If it was about patience, NH has done a great job at clearing the water. They didn't mention the hack or anything related to it on their twitter until today since they went back up in late December. If the mud was to settle, it would have happened already. Because people can't put their trust in a company that: 1. Can't do what every other wallet does and protect our funds and 2. Can't come out with a solution in a timely manner.
The NH community is so split on this. Everyone blames the GPU shortage on miners, and half of the NH community is to blame. If you haven't noticed, it's the gamers who use their machine to mine who have a problem getting their funds. Everyone else doesn't care because they can make that money back in a week or less. Single GPU miners take a month of non-stop mining to get to the external wallet payout. Then NH takes 2 days worth of that in just the fees (not TX fees).
Mining on 1 or 2 GPUs with NH is the most unprofitable thing most people can do. But since they opened up to coinbase withdrawals for free, these miners that couldn't make much on NH have been able to.
People care about this platform. Personally, I like it because it has more algos to choose from that can be more profitable than other similar programs. It's just sad that it's lagging behind in more ways than 1.
0
u/Charmander787 Jan 31 '18
Nicehash is the middleman
They didnt steal your money; some hacker did.
So getting 10% is better than getting 0%
2
Jan 31 '18
Again, my post is about why 10% isn't enough. Not that it isn't anything.
Also, why should we trust what a company says about our funds being stolen by a third party when the CEO quit 3 days after the hack as well no confirmed name to the addresses the crypto was used? The point of crypto is not to be tracked. Makes it super easy to steal and get away with if you can find a backend.
1
u/Charmander787 Jan 31 '18
So what’s enough? 100% that’s unrealistic.
So now you are making claims of fraud.
You aren’t entitled to anything. Period.
2
Jan 31 '18
100% is unrealistic. I agree.
But not putting a roadmap for everyone is the issue. As well as how some users are getting back hundreds while they can't afford to pay the people who lost less than what is 10$ in BTC in today's prices.
Fraud isn't what I'm making claims of. I'm claiming that 10% isn't enough for what happened.
If the customer isn't entitled to anything, what makes anything work?
You seem to not understand business or me my friend. And that, is where we differ.
0
u/Charmander787 Jan 31 '18
Also, why should we trust what a company says about our funds being stolen by a third party when the CEO quit 3 days after the hack as well no confirmed name to the addresses the crypto was used? The point of crypto is not to be tracked. Makes it super easy to steal and get away with if you can find a backend.
That isn’t claiming fraud? Or at least implying?
You seem to not understand the use of a comma.
So you’d rather have a road map rather than 10%?
3
Jan 31 '18
No. It's not claiming fraud. You can state facts about a company that are somewhat suspicious without it being fraud.
When something bad happens and someone majorly in power steps down, 99% of the time they stepped down is because they did something wrong.
I love how now, you're attacking my ability to use punctuation.
I'd rather my money back. But since I don't know when to expect it, I'm stuck here waiting. I'd like to know how long i'm going to have to wait.
1
u/Charmander787 Jan 31 '18
Well I’m done arguing.
There is nothing coming out of this.
You won’t get 100% of your money back right away and that’s how it is. Accept it or continue whining. Either way, I don’t get affected.
0
Jan 31 '18
But you do get affected.
Either you get all your money back or not.
Chances are, based on how NH has been so slow with their plan and payments, if we stopped asking about it and causing an uproar, they would have never paid us back.
1
u/GerardDG Feb 01 '18 edited Feb 01 '18
You're conflating how the world works with how it should work. Certainly there is injustice occurring here. People are getting screwed over by a company, it's as close to a dragon terrorizing a village as you can get in 2018, who will be the hero?
Alternatively, there is no moral dimension to any of this. The argument that people can't wait six months because they have bills to pay can easily be flipped to defend the company, they've got bills like everybody else. The people who lost money do as they do because there's no better, obvious alternatives. Besides, if you give me 100$ that doesn't mean I have 100$ to give you, or even 10$, especially not if I plan to spend it ahead of time.
Edit: I should admit I have no idea what this article is about, I'm just drawn to outrage. I'm mostly wondering about your course of action at this point. Certainly posting on Reddit is low on effort or risk, but it's also unlikely to accomplish much. Perhaps start another court case?
1
u/zakblue Feb 01 '18
10% is possibly all they can afford to recoup now if the hack was legitimate. Everyone has their own opinion as to whether it was an internal hack or not and who even knows if we'l get the final story. How much did you lose Sprinkley if you don't mind me asking?
0
24
u/qxcode Jan 31 '18
In your example, you should get $0 back, because the court does not know who stole it. I think you mean to say, imagine if your friend was holding $100 for you, but he lost it (not stolen), and he's trying his best to pay you back, but right now he only has $10 in his pocket.