January 2015 Archives

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Beware! CryptoFarm has stopped paying! Do not invest there!

Hello everybody, and Happy New Year from Hong Kong for the first MNO blog post of 2015! After spending the holidays in Singapore, a trip which couldn’t possibly have been better by the way, I’m continuing my trek through the “four tigers” (Singapore, HK, Taiwan, and will finish at the end of January in Korea). I’ve lived in many different places over the years, and did more then my fair share of traveling. Most of my time however has been spent in the cooler climes of northern Europe. That’s why my first trip to Asia has been such a culture shock, but I mean that in a good way. I know I have a lot of Asian readers so maybe it’s of less interest to you if you live in this part of the world, but speaking as a first time visitor I must say it’s been a revelation. Especially when I think how Singapore developed from just a couple of hundred fishermen in the early 19th century to the booming worldwide powerhouse it is now after just 50 years of independence. Also, speaking as very much an active, outdoors kind of person I really enjoyed the opportunity to finally get out and explore what little remains of the tropical jungle. As a European it wasn’t always easy but so rewarding in the end and so worth the effort to see such weird and wonderful wildlife up close without going to a zoo. And so relaxing to finish the day with a dip in the outdoor pool at the serviced apartment complex I was renting. Thankfully no tigers were around, lol!

Back to business now, and I want to start with an interview received just last night (despite it being sent almost a month ago!) with the admin of CryptoFarm. That’s a longer term HYIP offering terms of 2%-2.4% for 60 days, and is a BitCoin only investment (ie none of the usual payment methods are allowed, members may only use BitCoin). Perhaps this, plus the high 0.25 BTC minimum required to join, have combined to make CryptoFarm the only program ever monitored on MNO to have received no active investments whatsoever despite being listed for six months. I mean there are members, yes, but no investors. Not among my own referrals anyway. This is one of several aspects about CryptoFarm I asked the admin about, so let’s see what he has to say about it all below. If you like the interview and would like to find further information on the program, I’ll just remind you that CryptoFarm was first reviewed on MNO here:
1. Hi Toby, please introduce yourself to the readers of MNO and tell us please about your own involvement in CryptoFarm. What is your role in the day to day running of the program?

Thanks Paul. My name is Toby Rejkyak, the founder of CryptoFarm. My role in the day to day operations is primarily that of project manager, managing all of the parts that make CryptoFarm work. Unfortunately I’m not a techy so I don’t play a huge role in the management of the mining operation itself, however I have a great team that ensures that everything runs smoothly.

2. Can you give us some background information on CryptoFarm? How many others are involved with the program or are you operating alone? How long have you been online?

CryptoFarm was launched in the summer of 2014, and was listed on MNO shortly thereafter. We had initially planned to launch CryptoFarm earlier, however things got delayed due to delays with mining equipment manufacturers. For those who are familiar with the BitCoin mining industry, there have been a lot of controversies surrounding the various mining equipment manufacturers, ranging from Butterfly labs to KNC. Luckily we’ve managed to get a direct line to the top ASIC manufacturers in China, allowing us to create one of the most profitable mining operations. CryptoFarm is managed by myself, and a team of four others who primarily work on the product research and acquisition, as well as the maintenance of the “farm”.

3. Explain the investment plans in detail to us. What ROIs are on offer. What are the minimum and maximum amounts to invest? What payment options are you currently accepting?

Most BitCoin mining operations are complicated and pay out in hash power, which can be incredibly misleading to those who are not familiar with the BitCoin mining industry. Users who don’t understand the fluctuations in hashrate and mining difficulty end up getting suckered into mining operations that aren’t what they seem. At CryptoFarm, we wanted to keep things simple and easy to understand, which is why we made our returns in BitCoin instead of hashing power. Here are the plans that we offer.

Beginning Plan
0.25 BTC – 60 day mining contract – 0.005 BTC per day

Professional Plan
1 BTC – 60 day mining contract – 0.022 BTC per day

Expert Plan
5 BTC – 60 day mining contract – 0.12 BTC per day

4. BitCoin exchange rates have been extremely volatile for quite some time now. A lot have people have commented to me that they thought about joining CryptoFarm but changed their minds because of this. It’s possible to get a return of 120%, but in 60 days the exchange rate can mean investors actually come out with a massive loss. In other words 120% of their original BitCoin investment can be worth less than they spent in the first place when they change it back to dollars. A profit in BTC isn’t much good to anyone under such circumstances, don’t you think?

Thats true, but its great for anyone who is holding on to BitCoins. Also, the opposite is also possible. If you don’t believe in BitCoin or the future value of the currency, you probably shouldn’t be investing in CryptoFarm.

5. Why is it so expensive to join your program? 0.25 BTC (which at the time CryptoFarm was originally reviewed on MNO was the equivalent of roughly $100) by HYIP industry standards is a pretty big ask. Don’t you think you’d have a lot more members by now if you were only looking for $5 or $10?

Most stock trading sites have a $5000 minimum. Most Forex sites have a $1000 minimum. 0.25 BTC is very modest. We would rather have 1000 wealthy clients than 100,000 clients who are struggling to come up with $100. Also, if $100 is a lot of money for an “investor”, they should not be “investing” it in BitCoin or any other high risk commodity.

6. Why are you only accepting BitCoin? Isn’t this cutting off a huge potential audience for your program? Given that accounts with PerfectMoney and EgoPay are free and start working immediately, what’s been preventing you adding them to CryptoFarm?

BitCoin mining earnings are in BitCoin. It would be impossible to guarantee rates with US-Dollar based currencies.

7. How secure is the CryptoFarm website? What are you doing to protect it and members’ accounts from hackers? Are you on a dedicated server? Who is your host? What kind of anti-DDoS protection do you have?

Very secure, it has to be. We are hosted on a dedicated server, running Ubuntu, with data-centre based DDOS protection. We haven’t bothered with the typical anti-ddos extortionists due to the fact that it simply isn’t worth it.

8. What kind of script is CryptoFarm off? Where did you get it, how safe is it, and why do you think this one is most beneficial for you as an admin and your members?

The script is a custom configured modification of a script that was initially developed by our development team.

9. Can we see any statistics regarding CryptoFarm? How many members have joined since the beginning and how many are active at the moment? Are you pleased with the support from the members so far? How important a role do they play in bringing in new members?

Unfortunately we do not share our internal statistics publicly so I won’t be able to go in-depth on this one. However, I am satisfied with the level of growth that we have experienced. At first it was slow, but that gave us the right amount of time to set the ball rolling and ensure that we had everything in order before we started to ramp up.

10. On a related question, as a monitor MNO has 30 referrals in your program, however no ref commissions have been received from any of them. Is there something wrong with your script? Or have none of them made any actual deposits?

As far as I can see, none of MNO’s referrals have made actual deposits.

11. If this is typical behavior for the average member, then how do you propose you are going to come up with the profits when they are due without much in the way of obvious new deposits coming in?

With BitCoin mining, you don’t need constant new funds coming in. Of course new funds are useful to build the mining facility, however they most certainly aren’t a necessity when it comes to paying investors. In fact, one stat that I can share is that CryptoFarm has paid out more profits than it has received in deposits. Much different than the typical “investment” program that you find out there.

12. How can members contact you if they have any questions or support related issues?

The best way is through the contact form on our website.

13. What have been the most common questions and problems you’ve had to deal with so far? Is there anything you wish to say here so that members can avoid having to contact you later?

Surprisingly, we get relatively few complaints and problems. The vast majority of email is spam.

14. How have you been promoting CryptoFarm so far? What advertising strategy have you been using? How are you getting new members to join?

MNO, and a few forum posts. Other than that, not much yet. We prefer slow and steady growth. The slow and steady wins the race.

15. What exactly are you doing with investors money? How are you investing it and how are you generating the profits being made to members? How can investors independently (ie a reliable source not controlled or influenced by CryptoFarm) verify this information before they join?

The funds are used to purchase mining equipment, which is then setup in our secret Iceland based mining data-centre. This equipment then mines BitCoin. Additional information on the process can be found on our website.

16. And finally is there anything else you wish to say not covered in this interview? Also please feel free to comment on the review of your program published on MNO. If there was anything you felt was unfair, mistaken, or in any way in need of clarification then you are welcome to explain this in your own words here.

Overall I feel that BitCoin has been unfairly portrayed over 2014 as a mediocre investment, while those same detractors ignore the massive 1000%+ gains that BitCoin has experienced over the past few years. One cannot expect an asset to grow in perpetuity at such crazy rates. Like the American real estate market, and gold, it has to settle down and flat line at some point.

Other than that, I very much enjoyed this interview and thank you for taking the time to put it together.

That’s about it for today, guys. Thanks a lot for reading, sorry there hasn’t been a great deal else to report on recently but that’s just how the HYIP industry goes around this time of the year, and I hope you enjoyed reading Toby’s interview as much as I did. I’ll just sign off as usual by saying thanks a lot to him for taking the time and trouble to answer my questions, and wish him, his investors, and anyone who has decided to take the plunge and join CryptoFarm the very best of luck with the program. With the holidays now out of the way I hope it finally develops into something big for all those who’ve taken the gamble.

I, along with most experienced readers who’ve been playing the HYIP industry for several years now, would say things are about to turn around very shortly and this will be one of the last quiet weeks we see for a while. Maybe not in the immediate next few days but soon there will be a lot of new and high grade programs starting up, so remember that MNO is the first place you’re going to hear about them when it happens. Therefore don’t let the lack of activity over the holidays put you off checking the MNO blog and monitor carefully throughout the month of January, traditionally a prosperous time for experienced players.

I’ll have a more detailed news update for you all tomorrow as there’s been a couple of events worthy of further discussion since the last update, so please stay tuned for that also and check back here on Sunday. I’ll also be drawing the final (and so far rather one sided!) results of the current opinion poll running on the MNO TalkBack page asking what you personally think will be the most profitable program for yourself out of the current industry leaders. Not necessarily what you think is the best or a simple popularity contest now, just the program you feel you’re going to make the most money from. Your last chance to vote can be taken here. See all tomorrow, everyone, and once again Happy New Year to all of you!

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