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Complaints about Bitclub Network. A continuing saga….

I SO look forward to writing positively about Bitclub Network, but with a dearth of activity ie really nothing much happening on the Bitclub front, there is sadly not much to rave about.

All I receive, and continue to receive, are complaints like the one below:

“I’m trying to log in to my bitclub network server and says its restricted and it’s no longer available so I have invested 3500 euros and i have money from the mining side now I cant get that back or withdraw my money so either I get my full refund paid back, something must be sorted out asap, I will not tolerate this no more, I have had troubles for the last year with this bitcoin thing I have a year and a half mining contract left and now I cant even get it and take my money back. I find that really unfair”.

Now I am NOT Bitclub Network Support, and am only a member of Bitclub Network, but I guess that because I have an online presence, having written blogs for some time, that I am an easy person to vent one’s frustrations too. And I get that. Fully.

I must say that I really feel for a lot of Bitclub Network members, especially in South Africa. These are good, hardworking people: many of whom are unemployed and who have scraped together money to buy a share in a Bitclub mining pool in the hopes of it delivering returns that can help them pay their bills.

Instead, they receive returns that are a pittance.

There are a lot of really poor South Africans amongst them: people who have been “recruited” into Bitclub Network with little understanding of Bitcoin, and especially of Bitcoin mining. (Bitcoin mining is not easily understood by the vast majority of people – educated or not!) .

To try to explain to people like this that they are only earning cents a day and to see their disappointment when they were promised attractive returns is really hard. And to tell them that no, they will not get paid back their initial investment after the 1000 days of their mining contract is even harder. They don’t understand, and will never understand.

Now no-one expects Bitclub Network to change the terms of engagement (after all, they are a business and no-one is forced to join them and buy one of their mining pools), but they DO have a responsibility to do what they can to get their mining earnings up to a level where it makes sense to buy a share in a mining pool.

As things stand, the mining earnings are terrible, Bitclub Network is no longer on the Blockchain distribution pie chart (it hasn’t been for a good 10 days now), and to be honest, there doesn’t seem to be a cohesive plan in place to turn the ship around. Yes, there are encouraging words said in the latest update – see an excerpt below –

Bitcoin Mining Pool Update

You may have noticed the hash power has not been showing on our main pool website for about two weeks now. Don’t worry, the hashpower is not lost, we have been mining to our backup pool and will continue to pay out daily mining earnings like we always have. There are few factors at play here…

  1. We are negotiating new terms in our some of our larger data centers so that we can continue to mine for 1,000 more days (or at least have the best chance to).
  1. We are turning some of our old inventory into newer models. Over the past two months we have been prepping for the S17 and T17 in areas that it makes sense. The market for S9 is still very strong but we see a major shift happening as the halving approaches and our main goal is to survive and thrive beyond next May’s halving.
  1. We are working on some very large JV deals with some other companies that may help us significantly cut costs and piggy back each other to be more sustainable.
  1. We are upgrading our mining pool and will be moving to cut the latency even further by deploying new servers at the locations of our data centers. We believe we can improve hashpower and efficiency and the added benefit of lower latency will help in claiming the block and reducing orphans.

As you know from previous updates we have been constantly working to improve our mining the last 12 months. Before 2018 it was very easy and there was a lot of margin to be made so we could afford to move fast and freely. With the crash in 2018 and the recovery from now until then, its very important that we act strategically and deploy our machines in profitable situations that will remain profitable for years to come. We feel like we are finally getting to a point where we can see the light at the end of the tunnel and we should start to see the fruits of all this work coming to life. At the very least our main goal from this day forward is to continue to mine for 1,000 days from when we take our last contract and fulfill our promise on behalf of all members. Its our hope that we will see another big opportunity after the halving next year, so we are doing the proper things now to be in position to make another run with machines that will last for a long time. Sincerely,-BCN Support Team!

but Bitclub Network members are impatient, and want to see ACTION.

Other Bitcoin mining operations seem to deliver decent mining returns. Why can’t Bitclub Network?

I hate to say this, but the Bitclub Network of today is by no means the Bitclub Network that I joined back in 2015!

But it’s not only the company that I’m frustrated with: it’s also those Bitclub Network members who continue to recruit, oftentimes only with the aim of earning commissions.

There are members who blatantly and falsely lie to prospects (mostly rural folk who have at best a seriously limited understanding of Bitcoin and Bitcoin mining), telling them that they can earn $200 a day, and $2000 a day, and more, by doing nothing. Such lies! And yet, people believe this, and buy a share in a mining pool in the expectation of untold riches. Only to be disappointed down the road….

How do I know this? Because I receive complaints and hear stories almost every other day. Asking me whether this is true, or whether that is true? In most cases, it’s not true at all.

Why am I only earning 40c per day? Why can’t I withdraw? Why can’t I get my initial investment back after the 3 years of my mining contract? Why can’t I log in? Why can’t I do my Bitclub KYC?

All valid questions, and yet the people who recruited them into Bitclub have long gone. Left for other Bitcoin mining operations. Or forex trading. Or crowdfunding platforms.

It’s a frustrating state of affairs.

Many of the top earners in Bitclub Network South Africa, and most of the leaders in Bitclub Network South Africa, have left for greener pastures. There are, to my knowledge anyway, very few meetings or Bitclub presentations happening; not much sight of the Bitclub Network founders on the internet, and – as mentioned earlier – no sign of Bitclub network on the Bitcoin mining hashrate distribution piechart.

Not very reassuring, I’m afraid…

The latest Bitclub update alludes to being around for atleast another 1000 days. I’m sure that most Bitclub Network members look forward to this being the case, and to seeing CONCRETE ACTION ….and not just words, and positive-sounding sentiments. The time for action is NOW.

In the meantime, I’ll be focussing on my other cryptocurrency business, the launch of our gold-backed cryptocurrency in December and the listing of the company on the Frankfurt and London stock exchanges shortly thereafter!

Gerard Kavonic was one of the first people to join Bitclub Network South Africa in 2015. He has the rank of Master Builder. He has two websites: www.bitclub.co.za and www.bitclubblog.com Gerard and his business partner Derek are heavily involved in Karatbars and also in the process of launching their CAPTAINS IN CRYPTO business. See www.captainsincrypto.co.za Gerard can be reached on +27 83 444 9888 and on gerard@kavonichone.co.za, more@bitclubnetwork.co.za, gerard@cyptogold.africa and gerard@captainsincrypto.co.za His skype address is: gerardkavonic

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