So what’s the latest with cointellect mining pools or should I say cointellect scam? Well first let just say it’s not a scam yet, only time will tell. The reason I’m saying it’s a scam is because based on all the analysis by many bloggers and forums indicated cointellect have a very strange business model, strange marketing strategies, and lastly a pool that is like no others.
First let talk about the pool issues. Over the past few days or even before, for a long time. Sometime the pool disconnected users suddenly, and it’s not all users, some were still able to connect and mine. Some users reported that their ASIC or GPU got disconnected and it’s hard to connect again; there are the users that have low mining speed about ~300kh/s, so does this mean cointellect purposely disconnect or interrupt users that have low mining power?, not sure. However even if we were to mine on other pools, we sometime encounter the same issue, got disconnected once in a while or when the pool got DDOS. So it’s hard to say that cointellect begin to single out miners that low hashing power. Cointellect also mentioned that their domain name controller was DDOS that could have cause an impact, but the mining software would have given error message when connecting.
Now to the strange business model and strange marketing strategies for a pool. Which pool ever ask for your personal information? What pool ever given a 10% commission for referrals? what pool would have such high return rate in short period of time, in this case a 99EUR investment you get back 200EUR in two months, sounds like HYIP isn’t it? Indeed! but so far it’s not showing itself yet as potentially an HYIP, eventually it will we don’t know when, that is how HYIP work. One day they exist pay their members greatly, the other they disappeared and no one can do anything about it. Especially when it come to crypto currencies, the authority probably can’t do much. Some say that the dogecoin payout were the dogecoins that got hacked stolen by a large group of hackers anonymous as is, and they’re trying dispose the dogecoin this way to be safe, other than selling it in an exchange for cash. Hackers are smart, don’t underestimate any of them.
Bottom line about cointellect. As of today, cointellect are paying. Cointellect does have problems and issues, but yet to show any sign of scam, not yet! Nor we search on the internet and see how many people complaints about cointellect being scam with evidence. Just keep in mind a few things if you are investing with cointellect. You are taking a greater risk on buying contract. You are risking if you buy a contract with your bitcoin with long term contract. There are rules and policies that you must follow and it’s not all stated in the Terms of Service or FAQ section of cointellect website. Sometime their rules and policies changes before announcing it. Forget about contacting support, they have different answers and the answer valid at that moment only. Lastly cointellect marketing strategies on the internet is so call blackhat methods; their name cointellect being polluted scattered all over the internet especially on social media network where one facebook account fan page after another being created to buried the negatives feedback from weaker bloggers that less traffic or no SEO optimization; this is the method being use to make any website popular; in other word you have one website that say “abc123”, but cointellect have 20 thousand website that say “abc123” who do you think will get the most popular hits in traffic?