Needless to say, what I’ve blog before in regard to Cointellect. It appears that all over the internet that talks about Cointellect, now mostly negatives comments. One item I picked up is the Fallout article at reddit by Shibes communities. Basically Cointellect failure, but not too many people know. Some people were making good dogecoin for a couple months now when Cointellect first came out, however as it appears to be more transparent of like coingeneration, people are loosing faith. Cointellect isn’t doing much to fix payout problems and Mining Pool problems. It appears that Cointellect focussed on more on getting new investors than paying existing investors and miners.

When this Cointellect Fallout happens, people whom just got into Dogecoin will loose faith and probably never look back at Cryptocurrencies again, these are the new folks just got into Dogecoin Bitcoin. This will also make Shibes look very bad! it will be similar to the MtGOX situation. People invested in Cointellect Mining Contract are in the hundreds thousand dollars and perhaps even more, we don’t know at this point, only Cointellect have that number and probably they will never give that number out.

For people that invested to Cointellect Mining Contract, if no payout being make in full by next week, Credit Card purchased should contact their bank immediately and report the failure to provide goods and services to get your money back. People that invested using cryptocoins, your money Bitcoin is gone, nothing you can do about it. We don’t know who Cointellect people are, the pictures taken at Bitcoin Expo claimed to be Cointellect staff four people, we don’t really know them. Bitcoin Expo know them? I don’t think so either.

Bottom line, when this Cointellect Fallout happens, Shibes will look very bad! people will loose faith, negatives impact to Shibes Dogecoin value, and the whole cryptocoins communities in general. People are asking Cointellect to please fix the problem with payout and Mining Pool, otherwise this Fallout will happen very soon.

http://www.reddit.com/r/dogecoin/comments/2teqo9/shibe_brain_power_4_cointellect_fallout/

Cointelegraph interviewed Cointellect, based on an articled published on CT website. There are couple of questions that the community wanted to know: What happened to Cointellect Mining Pool, it’s up down, disconnected, all kind of problems mining, why is this question not being asked by CT?. The other question is Payout, which CT had asked and answered below. To me, and to be honest, I’m not going to lied, it’s bullshit respond. English is my second language and so I don’t know much vocabulary or wording that I’ve never come across, in this case Cointellect answered we never “reneged”, to me it’s a big word.

“Reneged” is “Fail to fulfill a promise or obligation” So Cointellect is saying they never failed to deliver payout? This is not totally true, Cointellect did admit to delay and other payout issues, but the delay reason doesn’t makes much sense. In addition to the fees in which Cointelegraph failed to question Cointellect, did CT even did thorough research before interviewing Cointellect? The fees of 20% has been ongoing, on top of the 20% fees there are payout backlog pending for days and weeks, and eventually all got cancelled and returned back to the balance, then members attempt to payout withdrawal again, and again pending for days, and with Paypal weeks cancelled suspended, with Cryptopay it’s limited to certain account. So Cointellect never failed to make payout huh? so if Cointellect continue to have issues with payout, they can say they never failed, just issue they cannot control for days, weeks and possibly months now?

Cointellect Mining Pool, Cointelegraph didn’t ask specific question to the pool operation. Cointelegraph really need to step up their research, there a lot more main keys issues that they need to focus on questioning Cointellect failed to do so. Cointellect Mining Pool hasn’t been working for a long long time, always problems disconnecting, not responding and so on and so forth, this started to happen when Bitcoin price dropped, isn’t that a coincident?

http://cointelegraph.com/news/113359/cointellect-at-bitcoinexpo-2015-coo-cloud-hashing-is-the-foundation-of-the-cryptocurrency-industry

CT: You have received a lot of criticism late last year for reneging on payouts. How have you addressed (resolved) these issues?

 

HR: We first want to clarify that we have never reneged on payments. There were just some issues with delayed transactions due to the long holiday period where the volume of requests was more than we ever anticipated. Dogecoin is our primary method of withdrawal, with Paypal and Cryptopay as supplementary methods. As such, we have limits on these two methods that were unfortunately very quickly surpassed, which then resulted into unavoidable backlog. Please note that this is our first time to experience the holiday volume, but we will take the necessary steps to prevent the same situation in the years to come.

There is one comment responding to Cointelegraph articled that I find interesting. This person appears to know the organization behind Cointellect operation.

Badbitcoin.org • 8 hours ago
When Cointellect goes down We WILL say we told you so. There is NO EVIDENCE WHATSOEVER of any genuine mining by these People. Try getting an Interview with Mr A.A.P. the Cyprus CEO and real owner of this entire outfit.

Over the past few weeks, to today, even after the appearance of Cointellect at Bitcoin Expo 2015 in Europe, still all negative comments about Cointellect popping up all over the internet websites, including many of Cointellect Facebook fan page, and there are a tons of them out there, I don’t know why they created so many or allow their affiliates to create so many, I guess it cannot be controlled.

If people are searching for information about Cointellect payout of earnings, or even about Cointellect alone will most likely landed on one of the facebook Cointellect page and will likely to see a lot of negative comments. It was different few weeks ago, but as payout and of earnings from members having problems, people are complaining they haven’t got paid for days and weeks, and got cancelled.

This is in addition to the Cointellect Mining Pool problems, it’s a separate big issue with Cointellect Mining Pool. The issue today is the earnings payout not happening. Cointellect have to admit that they lied about instant of Dogecoin, it was not and still not instant, it takes days and sometime got cancelled and restart and sometime back to the same problem.

So many problems now with Cointellect, but according to one of the Cointellect Facebook page so call COO are encountering negative comments as well, let see if those negatives comments will get deleted or will Cointellect struggle to resolve issue. I think it’s best that Cointellect should come out clean, be honest and transparent, admit that they do not have the funding to pay due to the falling price of Bitcoin, yes be honest like CEX.io. What Cointellect doing is lied, they knew they don’t have funding, but not being transparent since they’re hoping by being quiet they will continue to get investment flowing in.

Now if Cointellect have funding then those technical issue should have been resolved, not that hard to fix. Mining Pool, Payout Dogecoin, Payout Cryptopay, for Paypal it is true there is limit, but the other two shouldn’t be much problems.

This is no longer a surprise to anyone whom mine at Cointellect Mining Pool. Although no one really know what’s going on with Cointellect Mining Pool. Cointellect Minig Pool said they’re a multipool. When they first started the earning was incredible, the speed and reliability were awesome. However today, and many months back, Cointellect Mining Pool hasn’t been in sync with their slogon “Mining Done Right”, in fact many think they should change it to “Mining Done Wrong”

Cointellect Mining Pool has problems off and on and sometimes for days. If miners don’t pay attention for few hours, few days, those are the days that the members mining at Cointellect Mining Pool will not earn anything because your miner got disconnected from Cointellect Mining Pool.

Cointellect Mining Pool issues has been ongoing for for over a month. The most famous error message is “not responding” “waiting for work” “Rejected” “interrupted” … and most of the time your miner will just sit timed out and totally disconnected from mining, and your earned dropped to zero and if you don’t restart it, you earn nothing for those time.

So what’s going on? No one really know. What we know is the Cointellect Mining pool exist, but the earning was manipulated, you’ll making a lot more mining at Cointellect than any other Multipools for scypts. However it appears that when Cointellect need to limit earning from members, they would manually interrupted the Minig Pool so members can earn less or nothing at all for that duration of down time. Then Cointellect will publish messages they’re aware of the issue and will continue to fix it, but they mentioned that the contract mining is not affected, this is another way of asking the members to buy contract mining pool instead of mining it themselves. In other word, invest in this HYIP, since other HYIP is straight forward which most likely will fall apart quick, but cointellect can live longer and more investors with the strategies they have today.

** update ** January 20th 2015. Dogecoin payout is not instant, not one hour, not two hours, over 12 hours passed, many members are reporting no payout went through. Most if not all dogecoin payout went into pending mode to be executed. Look like Cointellect is in trouble making payout EVEN WITH THE 20% fees implemented, not sure really what Cointellect are doing with people’s money contract investment. If these issue continue to exist, most likely Cointellect will shows its true face, just another HYIP taking advantage of the crypto currencies to lure people in to invest, when it run into trouble, it will try to operate with minimal payout to keep investor coming for a short while. People that purchase mining contract through Credit Card, better to prepare to contact Credit card company or bank to file a dispute. For those that invested using Bitcoin, you’re out of luck, your money is gone, however you can still help new investors whom consider to invest in cointellect, by reporting Cointellect as fraud, but let’s wait for the next couple days to see if anyone payout will go through.

** update ** confirmed dogecoin payout instant works but not really instant, could take some time. Continue to monitor activities from the chat room. The 20% is a killer, Cointellect could have done a better job just taking less than 10% some even mentione 2-5% max. For sure, Cointellect business is in trouble.

Look like the instant Dogecoin payout was instant for probably a brief moment. As of now many people saying Dogecoin payout withdrawal is no longer instant, all appears to be “Waiting to Executed” in other word, no longer paying instantly and no one know when instant will be back or if even Cointellect have enough funding to pay. This is on top of the 20% fees Cointellect already pocket from your earning.

Cointellect mining pools appears to have problems also connecting. So many problems with cointellect now. Not sure what the future look like for Cointellect over the next days and weeks if it will still exist.

Just to put things into perspective.

• For mining: Your earning. Let say you earn $1 a day. Now will be 80 cent a day, but that’s if the Cointellect mining pool is up 100%. Most likely the pool will be off and on and sometime disconnected you the hole day if you’re not watching and so your earning could be zero. If mining up, most likely 50%, so your 80 cent a day will cut in half if you’re lucky 40 cent a day.
• For investors, people whom purchased contact at Cointellect. You will be seeing 20% cut, simple as that, hopefully no funny stories Cointellect will announce to cut your money even further. So now you need to do some math. If your you invest 14EUR, and expect to get 14EUR back in 7 days? Well not really, you will be only getting 11EUR back, that’s right! it’s a loss.
  • Do the math. If you invest 99EUR, and expect to get 199EUR in 3 months? NO, wrong. You will be getting back 159EUR. Basically you’re loosing 20% overall earning, this is if Cointellect don’t manipulate your earning further. If they do, and you buy contract with your credit card? You better contact your bank to file fraud case. If many people does that, then Cointellect will be flagged as fraud and eventually will get shut down.