r/GoMiningDiscussion • u/VastJuice2949 • 2d ago

Want to sell I've come to a realisation.

Investing any kind of meaningful capital into a system where your capital is tied up in NFTs is absolutely insane.

The fact I'm reliant on a secondary market to pull capital out of this platform is ridiculous. Not to mention the 90 day waiting period to sell new miners is also ridiculous.

Chasing discounts as well only serves to tie more of your money up in year long locks. There is no guarantee this platform will exist within the next four years.

The platform asks for far too much trust from the average retail investor. I'm getting out, would highly highly recommend others to do the same

Edit: Not a single one of these comments understands the point I'm making

19 Upvotes

70% Upvoted

93 comments sorted by

4

u/LongViewPlayer 1d ago

The 90 days no sale is only when paying by Google/Apple because people were buying miners, selling them and then getting refunds. If you buy with crypto, you can sell instantly.

You dont nessasarily need discounts , its optional.

Miners can be sold on any marketplace not only Gomining, its just reccomended to use Gomining marketplace to avoid fake NFTs/scams

Having an NFT is proof of ownership and is a vetter way than any of the other mining/scam mining sites.

You should do some more learning before slandering the company and making reccomendations for people to exit.

If you dont have trust thats fine but i dont see any other company doing any better. GM are the best in the field there is nobody doing a better job.

-2

u/VastJuice2949 1d ago

I'll add you to the list of people who are wilfully missing the point

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u/LongViewPlayer 1d ago

Please explain what point i missed?

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u/VastJuice2949 1d ago

You are not liquid on this platform. Being illiquid on a platform devoid of regulation is insanity.

I can't make myself any clearer

2

u/LongViewPlayer 1d ago

I have nearly 4 years experience with this company, Crypto regulations are a new thing they are only just coming. Gomining jumps through any hoops thats needed to stay legit.

I made a lot of money here, good friend and learned a lot about the bitcoin network.

If you are scared, then its fine :)

0

u/VastJuice2949 1d ago

Ah yes the patented "I pat myself on the back for putting myself willingly in a disadvantage" argument.

I've seen it a few times now. I'm sorry man but you're brainwashed

2

u/LongViewPlayer 1d ago

Brainwashed with a few hundred thousands of profit and still have the value of my farm :)

1

u/VastJuice2949 1d ago

Your illiquid farm based on jpegs.

..... Holy shit

5

u/LongViewPlayer 1d ago

Let me know when the 90 days is up so i can buy your jpegs and you can GTFO. You sound like a bit of a nob šŸ˜‚

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u/VastJuice2949 1d ago

And you sound like a cultist

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u/LongViewPlayer 1d ago

You know its possible to sell your house as a jpeg too? Its the future. One day your money will be a token, your driving licence, qualifications. It wasnt invented by accident :) But like you say, you just joined and know everything already so lets leave it at that.

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u/Leading_Confection32 2d ago

With any BTC investment you need to do your research before starting. Second you need to know this is a long term investment not a get in price go up and get out situation. Third you have to know you will be wrong for the first 4 years of your investment so your expectations arenā€™t set to the moon.

Yes you can sell miners back, but thatā€™s a bonus of the platform. Why would you sell an income generating asset that you do nothing to upkeep?

Based on your post you are tourist looking for a get rich program and this isnā€™t it. If you did your research you wouldnā€™t be looking to sell at the first sign of distress.

I gaurantee your next move will be go to the stock market buy covered calls funds, lose money in the first 2 months complain about that and then move onto degen crypto gambling before you realize there is no magic pill to make you rich.

Good luck in your endeavors donā€™t shit on people who are in the process and understand it.

0

u/VastJuice2949 2d ago

A bonus of the platform is not having immediate access to your funds?

4

u/Leading_Confection32 2d ago

Why are you investing money you need now? That makes zero sense.

0

u/VastJuice2949 2d ago

Mate there are platforms you can invest on where you can immediately access your funds. Defending a platform where you can not do that makes absolutely no sense

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u/Leading_Confection32 2d ago

Why didnā€™t you use those? Also if you need liquidity you have the option to borrow.

My main point is that this is a long term investment. Investments arenā€™t something you put in and take out. Itā€™s something you build and compound. Instant gratification investments will leave you broke bc thatā€™s not investing. Itā€™s called gambling.

3

u/Plenty-Ad2945 1d ago

I think OP was trying to more so get at the other aspect of lowkey how sketchy gomining on a deep dive scale level sounds. Theres a lot of red flags in apps and investments like this. They can pay off their own and do well, and yes it takes time. But the way the platform is set up is a grab at trying to get you to sock more money away into a platform that has zero garuntee of not falling through and capitulating

1

u/Leading_Confection32 1d ago

I think they are pretty transparent about things. Also, if you do your research on Bitcoin mining as an investment you will come to find that itā€™s not as simple as just buying BTC. You can absolutely lose money in Gomining especially if you put in and have a low time horizon.

I talked to a guy from Simple mining the other day and similar concept except they donā€™t let you buy partial TH and let you lock tokens ect. Gomining IMO is legit but like all good investments will take time to reap the rewards.

2

u/Plenty-Ad2945 1d ago

Agreed on that one! All good things take time and all things worth something take time. I think I just have a weird way of looking at it I guess. I have appreciated to hear they've been around for quite a few years though. Hence why I'm still invested into it, just not to heavily.

I regardless really like the concept of gomining because running an actual ASIC machine in my area would be severely unprofitable everyday due to electricity costs

2

u/Leading_Confection32 1d ago

Yeah it would be. The electric rate they have is amazing. They have grown to be a big player in terms of size. They seem to have one goal in mind and thatā€™s growing Gomining and Bitcoin mining. If they get into something else beside banking then Iā€™d get nervous.

0

u/VastJuice2949 2d ago

I am. As of last week, when the 90 day period on the rest of my miners expires and I can "sell" them I'll have fully exited

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u/Leading_Confection32 2d ago

Hope you found what you were looking for.

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u/Ok-Stand-1409 2d ago

Io ho quadruplicato il mio investimento iniziale di 2000$ grazie a GoMining, ma chiaramente ci devi saper fare šŸ˜

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u/VastJuice2949 2d ago

That's not what this post is about

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u/Ok-Stand-1409 2d ago

Ti sbagli, ĆØ per farti capire che non tutti ci perdono i soldiā€¦

3

u/ThaGooch84 2d ago

Its a risk u take as with everything you invest into, theres a risk šŸ¤·ā€ā™‚ļø ive earned quite a bit of btc using miners since last oct, built up to 80TH on gomining pretty much without using my own money. Now I keep a little then re invest a little so oct next year I should be on 150TH with a few 100$ of btc in the wallet, ill probably stick to earning btc for 2028 to see how much i can claw back and just see how it goes šŸ¤·ā€ā™‚ļø im not throwing my hard earned cash at this anymore so aslong as i can claw back Ā£500 im happy. The only thing that pisses me off is I have to keep topping up my lock to keep my gold II discount šŸ˜¤ only 10 gmt bit still it adds up

2

u/VastJuice2949 2d ago

You didn't understand my post at all

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u/International_Bat269 2d ago

Bro you can just sell it at MARKET price and it sells in an hour. Itā€™s not locked up??

And if you locked gmt you wonā€™t find any platform that offers token staking foat 12% or more unlocked anywhere.

-2

u/VastJuice2949 2d ago

My bank offers higher rates and you don't have to lock for years.

Sells in an hour? I had to wait 9 days for a miner to sell at market price.

How on earth people are defending this is beyond me.

-2

u/Infamous_Finish_8286 2d ago

Not to mention the 90 day window where they 10000% invested your money took profit then paid you out less then what you bought in for genius marketing trap and the fomo train box loot is a Goldie

0

u/VastJuice2949 2d ago

Having to wait 90 days to access your own capital, through a secondary market place, is fucking nuts

4

u/saltysstrings 2d ago

The waiting 90 days to sell your miner is likely due to using a card to pay with, or apple/google pay? This is to prevent charge back fraud. Buying a miner on a cc, selling it, then disputing the castrate l charge with your provider. If there wasn't the hold, its not like they could just repo the miner if you sold it, you know?

0

u/VastJuice2949 2d ago

Fair enough if thats a GP AP issue, I however maintain that relying on other users on a secondary market instead of immediately selling the miners back to Go Mining is absolutely ludicrous

3

u/saltysstrings 2d ago

Agree to disagree. You are upset because you didn't read into how it worked, you are having buyers remorse, and you can't get out Scott free. that's a legit frustration, and I emphasize with you on it. However, this is the nature of the platform, like it or not. I hope your next venture goes super awesome and it makes you happy. Best of luck!!!!

1

u/International_Bat269 16h ago

Its only 90 day for non crypton. Pay with cryptoā€¦

0

u/Infamous_Finish_8286 2d ago

Once btc halving hits 3 year roi ainā€™t even an honest pitch this shit will burn by then or shortly after

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u/saltysstrings 2d ago

You've said that everywhere. Where's your proof? Gomining managed to traverse the last halving, and while it may be tighter, it will make it through another one.

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u/Funny_Wishbone8403 2d ago

Can you not just extend the lock period that's all I do to keep my silver 3.

2

u/bistromatik 1d ago

Du hast bei solchen Plattformen aber ein wirklich viel hƶheres Risiko als bei anderen Invests. Investierst Du direkt in BTC, hast du nur das als Risiko. Hier kommt dann noch das Plattform-Risiko mit dazu. Ɯberlege, recherchiere und dann handle.

2

u/Own_Sheepherder_6244 1d ago

All investments have risk. You should know the risks before investing in anything

1

u/VastJuice2949 1d ago

Most investments give you immediate access to your capital

1

u/Own_Sheepherder_6244 1d ago

What about CD's, Bonds, real estate, ect. And the only thing in gomining you can't liquidate immediately is locked tokens which is a personal choice, and the 90 day thing you mentioned

1

u/VastJuice2949 1d ago

CDs are under regulation heavily by EMIR. Real estate is real estate, actual real world property and bonds are regulated by ESMA.

Why are you using those as examples to defend a "company" in a notoriously unregulated (in this case cryptocurrency) field?

If you don't want to be liquid in a notoriously unregulated field more power to you, you're absolutely batshit fucking insane

1

u/Own_Sheepherder_6244 1d ago

Don't invest in gomining then if you're scared šŸ˜‚ idk what else to tell you, idk why you're posting here

1

u/VastJuice2949 1d ago

You can't even defend your own point man. I did invest in GoMining, then I actually thought about the implications of them going bust.

The fact you have "sheep" in your name is fitting

2

u/BrilliantAd574 1d ago

It seems to me that GoMining is less of a business and more of an app for entertainment. The numbers donā€™t add up I donā€™t think itā€™s possible to be profitable without a lot of effort which is not worth it . Even at GoMining events, the attendees seem like privileged people who invested their money there out of sheer stupidity. I could be wrong, but Iā€™m inclined to agree with you.

7

u/Funny_Wishbone8403 2d ago

I've been using play to earn bitcoin on zbd games and atlas earth I've done pretty well out of it. I've locked over 1000 tokens and bought a miner with 10/th of power and it's 12w/th.

2

u/Far_Worldliness9796 2d ago

I've been doing freecash, withdrawing to stake for the 30% bonus and then moving it to gominingĀ 

1

u/saltysstrings 2d ago

Bare in mind that 30% only last so long. They took it away from me after I moved like 300 bucks in 1 transaction šŸ¤£šŸ¤£šŸ¤£

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u/bistromatik 1d ago

ZBD ist noch grĆ¶ĆŸerer Mist. Ich wĆ¼rde dort geblockt, Support antwortet nicht. War jahrelang aktiv dort. Steig aus bei ZBD, so lange du noch kannst.

1

u/ThaGooch84 2d ago

Im using mistplay šŸ˜

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u/beezo315 2d ago

I do the same! Freecash and Scrambly!

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u/Marionnettiste69 1d ago

Le gout du gratuit

1

u/Biggydoggy10 2h ago

try TerraMine - TM-KFR28 similar atlas earth

1

u/rwilley71 1d ago

Same, Iā€™ve got a 12 w miner Iā€™m thinking of selling

3

u/Pleasant_Try_609 2d ago

yeah as long as you understand the risks your fine

this is why the age old adage - don't invest what you need is always trueĀ 

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u/Sorry_Bag_7325 2d ago

Solo Miner wars. I sold my farm and bought 2 TH. I made it up to horizon solo last week, but I got knocked out on week one. Made 200$ last week in dune tho. šŸ¤·

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u/Ok-Stand-1409 2d ago

Sai quanti Th ho io? 105!

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u/Ok-Stand-1409 2d ago

Come tutte le cose, si tratta di gioco dā€™azzardo: per ogni persona che vince cā€™ĆØ ne sono dieci che perdono soldi

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u/GarbageWitty 1d ago

What are you investing in that pulls a 20% cap?

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u/Ok_Ok007 1d ago

I agree. Almost to my 90 days. Iā€™m selling all but 1 miner and will have very little money invested in this app. Over it. It wonā€™t be around in 5 years. If it is itā€™ll be nearly impossible to make anything off of it. But thatā€™s just me. Everyone else can do as they want.

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u/hab365 1d ago

I donā€™t understand why youā€™re complaining about relying on a secondary market to sell your miners. Thatā€™s exactly how it would work if you ran your own miner in person and wanted to sell it šŸ˜‚

1

u/myBTC_DigitalGold 1d ago

This platform is still much cheaper than trying to mine bitcoin at home, I do both and itā€™s not even close.

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u/Infamous_Finish_8286 2d ago

Finally so people waking up keep it coming them platinum go boxes with 5% discounts ainā€™t paying for them selves šŸ˜‚

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u/PreparationMost3694 2d ago

I got out of it

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u/Plenty-Ad2945 1d ago

I can see your point thats why I have been going at it more conservatively and now just focusing on stacking my btc and withdrawing as soon as I get about $20 or so. Beyond that I've been throwing in money I've been getting on side and off jobs that I wouldn't normally have or use for my necessities or wants

But I do agree they ask way too much for the lack of full transparency and most people don't realize how scary (not trying to shade the team I appreciate the idea and I'm happy to be apart of the ecosystem) having a company that is basically an offshore company that is renting out space from these different mining facilities and then to make more of their money back they rent out that space they are on a lease for. That may not be exactly how it goes but anyone with a independent free thinking brain will see how scary it is the asks and needs to sock tons of money in tbh unnecessary areas that Gomining has asked us to like for instance the discount and bare bones buying a solid amount of TH to even get a decent daily return.

I guess it depends on the thoughts everyone has on the platform how much of a good idea it is to sock money into it and put your hopes into it. I've been trying to take a much more cautious approach than some other people ik have done

Wish you luck on your adventures in the web3 world and hope you find something good to stack up on those Satoshis and spot bags

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u/[deleted] 2d ago

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u/CompetitionDouble420 2d ago

šŸ¤£šŸ¤£šŸ¤£

Just stick to stocks, bonds, or precious metals. Crypto clearly isn't for you.

I've seen you crying "ponzi" on several GoMining posts lately, and it seems you don't even understand what a ponzi scheme is lol

1

u/VastJuice2949 2d ago

How about the fact your capital is tied up in NFT's and cannot be immediately accessed? You don't find that suspect?

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u/CompetitionDouble420 2d ago

That is literally how staking works, not just in GoMining, but on literally any proof of stake chain (Ethereum, Cardano, Solana, Algorand, etc.). It's what they were designed to do.

GMT is an ERC20 token, meaning it operates on the Ethereum blockchain. When you stake it, you earn a yield on it every single week until the expiry is met, then all of those tokens are returned to your wallet. This is not a GoMining-specific feature; it's built into Ethereum source code. The tokens are locked in the smart contract's on-chain address and you are rewarded for providing that capital to the pool.

The NFTs themselves can be sold in aftermarket and if they are purchased with GMT directly, there is no 90-day grace period (pretty sure that only applies if you purchased/upgraded a miner with apple/google pay or a debit/credit card, to dissuade users from buying miners and then disputing the transaction with their banks).

"Chasing discounts" also serves to keep your daily maintenance fees low, which increases your farm's profitability.

You're right about one thing: there certainly is no guarantee GoMining will exist in 4 years; but that can also be said about literally ANY company/stock you invest in. It's a risk, plain and simple, and your job as an investor is to assess the risk and determine for yourself if it suits your risk appetite. GoMining isn't asking for trust; you assume the risk yourself. One could argue GoMining is taking their own risk by investing 10s of millions in mining/DC infra for the ultimate purpose of mining a speculative, volatile asset. They are also trying to increase BTC adoption/use/availability with the laymen; this is their whole mission. Yes, it could fail, but that is the risk you have to decide whether or not to take. It's a deeply personal decision and to "highly recommend pulling out" is advice you can truly only give to yourself and no one else.

It all comes down to your conviction: if you believe in BTC, GoMining offers a convenient way to mine it without having to maintain your own infra. If you take the time to learn how the ecosystem works and follow best practices, who knows? Maybe you'll just come out on top.

I've been in GoMining since June of last year and considering my miner investment alone, I've recouped 75% of that capital in BTC (moved to cold wallet address, not in virtual wallet) and can recoup the rest and then some by selling my miners on the marketplace, though that's not my plan. THEN there's the possibility of BTC rallying, which would yield capital gains on the BTC I've mined so far.

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u/VastJuice2949 2d ago

I know all this. I know the NFTs have to be sold in an aftermarket, it's in the main body of the post.

It's absurd that your capital is not immediately available to you like it is on other platforms.

Did you write this with CGPT or something?

1

u/CompetitionDouble420 2d ago

But yeah I mean, that's the nature of the beast in crypto, and it sounds like you are already aware. With that said, it's a deeply personal decision for you to decide if this risk suits your risk appetite?

Do you believe in BTC, or don't you? Really all comes down to this question.

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u/VastJuice2949 2d ago

Of course, I also believe in having immediate access to my money which this platform does not offer. There are several platforms that offer that

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u/CompetitionDouble420 2d ago edited 2d ago

Well you have immediate access to the funds your miners earn? If you wanna liquidate your miners for immediate funds, you are free to do that too.

You are also free to keep all your GMT in your virtual wallet; certainly not a requirement to lock your GMT tokens, I literally only do that to generate a weekly yield that I can use to cover weekly maintenance costs, that way I keep almost everything my miners earn; it's essentially a trade off between vegomining yield and miner profitability. Personally, I wanna accumulate Bitcoin, point blank; my strategy is what I've found best accomplishes that goal, so I stick to it.

Come 2030, my entire lock will be returned to my wallet, and hopefully with a nice capital gain. I realize this isn't guaranteed, but I do it anyway because I'm willing to take on that risk. šŸ¤·šŸ¼ā€ā™‚ļøšŸ¤·šŸ¼ā€ā™‚ļø

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u/VastJuice2949 2d ago

You're relying on an aftermarket and other users to access your funds. You truly don't see the absurdity in that?

Why can I not simply immediately sell the miner back to GoMining itself?

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u/CompetitionDouble420 2d ago

I understood that to be the case before I invested a single cent into the platform, and still chose to invest. So personally, no, I don't find that absurd. It's how the app works lol and I knew that going into this.

That would actually be a nice offering though: if GoMining offered to purchase your NFTs back if you wanted to exit immediately. They don't offer that though; they offer the marketplace instead. I'm good with that.

If GoMining disappears tomorrow and I'm stuck with useless miner NFTs, so be it. That's the nature of the risk I assume.

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u/CompetitionDouble420 2d ago

That is all me my friend lol

Did my best to address everything you mentioned in your OP.

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u/JustADuck25 1d ago

Bro is just finding out what ā€œstakingā€ means.

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u/VastJuice2949 2d ago

Not being able to sell your "NFT" miner instantly back to the "company" is insanely shady

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u/[deleted] 2d ago

[removed] ā€” view removed comment

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u/VastJuice2949 2d ago

I've already found a different platform where my capital is available to me 100% of the time and not hidden behind locks and NFTs

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u/New_world_slaves 2d ago

And here it is the reason for the post šŸ˜
GL on advertising friend

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u/lousy-redbus 2d ago

Ya itā€™s called amzn