Is a scam yet?

It’s been a while and no official words anyone can really say is scam. Can it be, is doing a legitimate business? It was just a suspicion because of their credit card verification process? People freak out about it because why would a mining pool required credit card verification right?

Anyhow, it’s been a while I came across anyone on the internet, blog, forum, chat room, anyone new that is, not a bias. None so far for a while saying is scam. Perhaps, it’s not, and maybe not yet. Business process of credit card verification remain questionable. Other pools sometime don’t even required an email, just enter your wallet address and start mining.

So let’s take a look at it a little further. Let say cointellect is simply a mining pool, they required credit card verification to withdraw cryptocoins, now this would trigger scam alert!. However on the same account you have the option to buy contract. Buying a contract would definitely required some identity verification, email perhaps if paying with cryptocoin, however withdrawing it with cash then would definitely required identity. Take coinbase, bitstamp,, as example, these are bitcoin exchange business and they required bank and government ID verification. So what cointellect is doing is half of that, just credit card verification.

The credit card verification, as cointellect stated, a quick temporary hold, then reversed a couple days or less later. So far no report of anyone encounter problem where the charge was permanent. Nor anyone reported activities on credit card that would tied to fraud, such as cointellect selling the credit card information out on the internet or use your identity to commit fraud, none of that happened yet. Well yeh, maybe not yet, but as of today, nothing like that yet.

Reading more about other people review. The 10% commission just too high, but if we look at linknergy, and so on, some of their commission are as high. It’s a marketing strategies, where cointellect doesn’t have to hire staff to work on marketing, rather get the members to get affiliate under them like a pyramid scheme or scam. In other word, it’s a multi marketing strategies, and it works great! The top guy earned the most money eventually doesn’t have to do much work, just get paid by commission.

Now the question remain. How long will cointellect last? People now know it’s safe to use with caution and earn money through cointellect, but for how long? How long before another changes, such as less and less earning, no more CPU mining, no more GPU mining, no more paypal, new requirement of government ID for verification, and more changes.