Hi all,
This is my 5th update on my USI Tech Progress and what a steaming pile this is turning into.
To Recap:
My point of this is to act as a real world example so people can make an informed decision about USI TECH based on my real world experience with them.
Think of this as my USI Tech journal and it is just meant to be an informative ongoing piece.
I am not promoting USI Tech or providing any referral links EVER.
I am a sucker for Cloud Mining as I love the concept and whilst I want so badly to be part of a legitimate one, the whole Bitcoin mining space is full of dubious operators.
You probably don't want to be like me and join any of these sort of operations, but if you are thinking about it, I hope my blog gives you an insight into life as a customer of one.
Now USI Tech may or may not be one of those dodgy operators but the last week has not exactly filled me with confidence.
To Recap the USI Tech rules:
On USI you need packs to generate your Bitcoin
Packs are bought in Bitcoin (BTC) and the BTC cost of each pack is always 50 Euros worth + %3 mining fee.
Each pack enters you into a contract with USI Tech for 140 working days.
As the packs are 50 Euro's + fee each, it normally works out to be approximately $85 AUD a pack.
Once bought you start to receive a daily payout in BTC with a guarantee of at least a %140 return on capital in the 140 working days.
Or at least that is what the rules were when I joined.
All accounts are currently effectively frozen as USI Tech inform us they are moving over to their Bitcoin Mining 2.0 system.
So as I understand it from their FAQ's that pops up when I log in, all packs previously bought are part of BTC Mining 1.0 and will now be terminated once they have reached %100 return (your money back).
If you have a pack that has not reached %100 as yet your contract is on going.
If you have a pack that already has made you %100 back, that is terminated and your BTC refunded to you.
You then need to either withdraw or purchase BTC Mining 2.0 packs which get you back to making a %140 return on your investment.
As it stands all our balances read as 0 and we are basically been told to chill whilst the roll over/system migration is being completed by their IT team
Before this whole rollover to BTC Mining 2.0, I had 7 packs in play and spent $510 AUD.
6 Packs were bought with cash and 1 was purchased with my daily profits.
Now apart from the not complete lack of but lets say poor communication to members and the obvious alarm bells that are ringing about whether or not they are just going to take off with all your Bitcoin, there is another part that really annoys me.
Now as per their FAQ's and my understanding (which is clouded, as hard to get exactly straight easy to understand answers) people who have purchased packs in the past are only getting %100 return, so getting their money back.
Assuming that is correct and they do indeed pay that back, why on earth would I or anyone buy into their BTC Mining 2.0?
If all I get is %100 of my money back, what was the point of dealing with USI in the first place?
Who's to say they don't do it again when I buy and are part way through their 2.0 packs?
I could be entering into a long cycle of USI Tech always holding my Bitcoin and me never getting anything out of it until one day they collapse and I lose it at all.
USI Tech are not exactly filling me with excitement right now!
Safe to say my aim wasn't to spend $510 AUD worth of Bitcoin so I could wait 50 working days plus how ever much longer it is going to take just to get $510 AUD worth of Bitcoin back.
I could of just sat my BTC on any exchange and had access to it whenever I wanted.
- Please Explain -
So as it stands I will wait to see my balance get updated on their Bitcoin Mining 2.0 platform/system.
Then I guess I will wait further for the days to add up until I am back to %100, then and only then I will have the "privilege" of being aloud to have my own BTC back. lol - what a joke this is.
Pretty annoying stuff and pretty shitty by them.
From a lot I read online people are just hoping to get their money back and will be just thankful for that.
I imagine those heavily invested would be quite stressed out right now and I feel for them.
The whole experience has not been pleasant and I think USI Tech if they are legit like they say, could be doing a lot more to inform and comfort their investors.
I don't want to completely write off Cloud Mining as the concept excites me and I really like the idea of my money being out there in the world working for me, generating me Bitcoin.
The whole aim of most of us in this Crypto world is to amass as much Bitcoin as we can.
You get enough Bitcoin - you win life - party time.
I don't think USI Tech are going to be the ones to help me with this goal anymore and my intention is to get my Bitcoin the hell out of dodge as soon as I can touch it.
Good or bad I will continue with my weekly updates on USI Tech so readers can know exactly what happens.
If I lose all of it, some of it or break even you will know about it, until the day I have got my Bitcoin out and this USI Tech saga can be chalked off to Crypto World Life Experience gained.
Wish me luck
Thanks for reading
- Dahmsy