In my boredom, I've gotten to a few hours ago of this bitcoin that got passed around for the payouts I assume.  I'm up from the 7 you got your bit from to 33, I had hoped at 25 I'd have found the generation, but I guess not ... oh well, boredom continues.

Well, it was a wallet that had 117 Bitcoin in it 8 hours ago, and passed the change around as it paid out that 117 bitcoin down to the 7 that your payout came from.  So the wallet simply seemed to have had only one input to use, since it put the change in every transaction from the original 117BTC.  (this took a few thousand clicks)

I landed here: https://blockchain.info/address/1CMzmz9DjVLU7BpR8t912BE27LrAG6NtBB

Since every single address had only one incoming and one outgoing transaction, they all came from the same wallet as the wallet paid a payout and made change to itself.

One of the inputs has an address linking to here: https://p2pwallet.cc/wallet

Following the transactions just back a little further, I land here: https://blockchain.info/address/18Yrkm5cRqT1MiqwAUBDcN64hWb1pLutsW

The above account has total inputs of over 24,000 BTC.


A very related account: https://blockchain.info/address/1P62VZZ9kL97dzzcWhG7JZDssaW2MDgn82

This account also has transaction volume of just over 24,000 BTC.

The two are first seen September 26 and 27th, 2014.

I have verified that this must be GAWMiner's wallet, because YOUR payout comes from it, AND a few recent transactions from MY wallet of 2.5BTC sent to zenminer a few days ago takes only 1 jump into it.

I haven't dug very far yet, but now that I know they have moved about 24,000 BTC with this account, linking my input bitcoin to your output bitcoin, the generated coin can't be far away.  If I can't find it, and your payout essentially comes from an account that has MY most recent pay in, I'm getting my ass out of GAWminers.

They could have put it trough a coin mixer. Or just bought some BTC on an exchange. You might be following the wrong path by now.

Another option would be to track deposits into ZenCloud and see where they end up. Should be some kind of cold wallet eventually, and perhaps there are some interesting links to/from it.

But overall the chance of finding anything that way is very low I think.

Being unable to take anything at face value I had to follow the coins for myself and a whopping 30 minutes later I came to the same wallet.

I don't think the p2pwallet payment is important being that it's only $0.02. (could just be blockchain advertising)

But from that address it's only a few more hops until you reach 18Yrkm5cRqT1MiqwAUBDcN64hWb1pLutsW which receives it's BTC from 1P62VZZ9kL97dzzcWhG7JZDssaW2MDgn82.

Following the trail I noticed that there are tons of addresses receiving miniscule amounts of btc (less than 0.0005).

This seemed strange considering the withdrawal fee is 0.0001 so I decided to follow the btc.

Look at these addresses:

https://blockchain.info/address/1FvFfnuMxYnaiKMBuRNdcEYkPoQMGx7Cg5
https://blockchain.info/address/1MCGWXnKEgKCSfmZcK67gg1k3gWdbwhfvK
https://blockchain.info/address/1CqBSkWkoxRJv1YMxZVkn2G2iMHxGva7RF
https://blockchain.info/address/1M6m9Lh9XtYsKbfPYcm7Bm9FJ186FJZU9d
https://blockchain.info/address/18iTDLS7qT72KkWXC9s8bWfe8cTu7vnQ1o
https://blockchain.info/address/19LusNnuBSaK9P1w18aXboqHeuPyhHEob4

You will notice they have all have two things in common, they all receive BTC from GAW, and they send transactions with large groups of inputs which also received btc from GAW.

For example look at https://blockchain.info/address/1CqBSkWkoxRJv1YMxZVkn2G2iMHxGva7RF

Most of the payments were ~0.0002 btc which means they paid 1/3rd of their earnings in transaction fees. (GAWcharges 0.0001 btc per withdrawal)

I asked myself why would anyone (or what looks like multiple people) want to waste 33% of their earnings to spread out the btc over multiple addresses, only to later combine the btc and send it to a single address.

The conclusion I came to was that no rational person would do this.

So who would do this and why?

The only explanation I can think of is that the suspicious transactions/addresses are all fake in order to make following the BTC very difficult and/or make it seem like a shitload of people are using GAW's service.

To test this theory I decided to see if any of the btc made a full loop and sure enough it did.

If you go to the origin address https://blockchain.info/address/1P62VZZ9kL97dzzcWhG7JZDssaW2MDgn82

First you will notice that none of the received btc originate from mining.

Second you will notice that the BTC 1P6 receives comes from a shit ton of addresses which received their BTC from none other than 1P6.

TLDR:

- No BTC originating from mining
- hundreds of fake addresses receiving payouts which are almost immediately sent back to the origin address

Just opened another ticket on GAW because they closed my previous ticket w/o resolving it.

My new ticket reads:

"What are you guys doing closing my ticket when you havent resolved it??
I have a multi hashlet that I would like to split and sell & I raised a ticket 2 mths ago about this issue & you still havent fixed it!. Sort it out & DONT close my ticket until you do! Get Josh in to fix if you have to - Im sick of this shit."

All I want to do is split & sell my last hashlet & GTFO off their site. Its not too much to ask. Useless...

GAW doesn't have "thousands of streams", it all comes from mining ltc and/or btc. There are no other coins that can support the amount of hashrate they claim.

In your example, if they had 1 PH/s and sold half they would immediately convert the payment to USD and buy another 0.75 PH/s to sell.

It makes no sense to keep the payment and use it to payout mining earnings.

According to the latest CCN advertisement, they should be getting thousands of BTC per day in new purchases that can immediately be spent on hardware.


Yes, they technically could have a secret mining address but I find it incredibly unlikely.

I would say it is definitely by default a bad thing that they are using new customer payments to payout "mining earnings". (i.e. mimicking a ponzi scheme)

Why can't they payout from actual mining earnings? Why can't they disclose their mining address? What benefit does it provide them to mimic a ponzi scheme?

From a "bookkeeping perspective" they've made their system several times more complicated than other companies who just payout directly from their mining address.

The currency people used for payment is irrelevant because it should not be used to payout mining earnings.

At any given time GAW has X hashrate that produces Y BTC for customers daily. They should be able to pay out Y BTC daily without ever touching new customer payments. It's much harder to try to allocate Y BTC daily from new customer payments.

A ponzi scheme defined as: "a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator."

So they are without a doubt mimicking a ponzi scheme.

If anyone can come up with a logical reason why it might be beneficial for GAW to payout "mining earnings" from new customer payments instead of from actual mining earnings, I will reward you with 1000 jimmothypoints. (keep in mind it has to outweigh the downside of looking like a ponzi)

Every time I see that doggieman yokel post here

I´m tempted to go back in GAW he´s been such

an outstanding counter-indicator for me elsewhere.