Power and profitability still lie behind crypto mining – but not always for the right reasons, as Bitcoinist’s interview with FoxMiners shows.
FoxMiners: Criticism Before A Single Product Ships
As the hardware market continues to diversify, one outfit is seeking to make good on a hitherto unpopular concept: the dual-currency miner.
FoxMiners, which is currently accepting pre-orders for its Bitcoin and Litecoin hybrid model due for release in May, is already receiving its fair share of criticism, but maintains the revenue model for users is perfectly feasible.
“There have been some attempts and promises from different companies that they will produce dual-miner machines,” CFO Eugene Brown told Bitcoinist. “They were asking for funds everywhere, by the end they failed.”
A recent article in The Merkle raised serious doubts about the likelihood FoxMiners’ claims were real, warning potential investors to stay away.
A host of social media suspicion is also plaguing the business, posters highlighting discrepancies such as the customer support telephone number given on its website still giving FoxMiners’ previous identity, UFOMiners.
More worryingly, it also features on a list of Bitcoin bad actors, BadBitcoin.org.
“It’s been a while since we’ve seen a fake mining hardware pre-order fraud. Don’t pre-order from an unheard of, and in this case, fake manufacturer,” a description reads dated April 22.
In addition to Bitcoin and Litecoin meanwhile, FoxMiners is promising a piece of hardware that users can adapt themselves to mine any altcoin matching either coin’s algorithm.
In emailed comments to Bitcoinist, FoxMiners CFO Eugene Brown, whose name appears not to be genuine, sought to outline further information about the product, as well as cast suspicion on the cryptocurrency community sources stating FoxMiners are best avoided.
However, as you will read below, the burden of proof surely lies with FoxMiners themselves, as the broken English, bewildering tales, alongside any concrete lack of evidence of an actual product, besides arbitrary specs and pictures, point to what is likely a scam.
[Editor’s note: Bitcoinist has decided to publish the answers from FoxMiners without any changes so the reader can make their own decision regarding their product.]
Bitcoinist: Why do you think no other outfit was able to bring dual-miner hardware to market before? What was the development and funding process like?
Eugene Brown (EB): There have been before some attempts and promises from different companies that they will produce dual-miner machines and they were asking for funds everywhere, by the end they failed with it.
On summer of 2016, after 2 years of mining, I decide to find someone capable to build a new ASIC miner which can produce more then what market offers.
As target i choose Japan but we also announce it on Los Gatos (our home town).
An old lady called Brenda sent us an email and explain to us how she is able to create ASIC which can mine 2 algorithms at choice but not on same time, she told us that she have done Computer Science now long time ago and worked for different companies which help her get more knowledge in domain.
We were very skeptical about it, as we had the funds required but didn’t want to waste it on a promise.
Mike decided to give her a chance and finally 2 month’s ago she came to us with a product which could mine with 45 TH/s on bitecoin, we didn’t even care about litecoin hash rate anymore, and ask her if she can improve it, she said “Yes i can this is just a sample”.
That’s how we got to build this machine.
Bitcoinist: How easy is it for customers to “customize” the products for mining coins other than Bitcoin and Litecoin?
EB: Once with the product, in the same package customers will receive a manual of instructions which explain them how to configure the miner(which is very easy), also how to mine other cryptocurrency then bitcoin and litecoin which use same algorithms,
Bitcoinist: What kinds of results have you seen from testing the hardware so far? What guarantees do customers have?
EB: The only problem we had with the miners was the accepted shares, but we figure out after few tests that there was no hardware problems but few software problems, that’s why we choose the pre-sale date on 14Th of May, so we have enough time to prepare the miner for delivery as logistics are already made.
Bitcoinist: What is your reaction to articles such as this one from The Merkle which claims “nothing about Foxminers is adding up” and that the company is “offering miners that are seemingly too goo to be true”?
EB: We have reasons to believe that TheMerkle take funds from one of our competitors to use defamation words against us, also we have some information that they paid reviews and forum users to do the same and we will drop them on public soon.
They claim to visit our headquarter in Los Gatos which is a lie, nobody visit us from TheMerkle, but they prefer to visit Brenda home address and verbally abuse her, she said that they act like mobs forcing and hitting the door, screaming “scammers”, Brenda ask them who are they and they said “you think a C&D latter will stop us from take off your mask, you don’t know who you deal with”.
She desperately call us and claim help, she thought someone trying to hurt her and she was crying on the call, we told her to call police and to stay inside and keep the door closed we are on the way.
Of course she call police but before they arrive to her address this abusers were left, Brenda said she don’t know exactly how many they were, as she was terrified by their actions, but she heard 3 different voices 2 male and 1 female.
If they were so professional as they claim, they should take a camera and film the “interview” with Brenda which they claim they had, if not camera then record with cellphone or anything similar, but no, it’s easier to claim things with presumption that people will believe what they said on article anyway.
They also used this technique against cointelegraph and cryptocoinnews accusing them of “scam their own readers”, basically if they got paid why not to destroy their own competitors too!
I try to understand why they had that behavior, we drop it on marketing and bad-advertising which is so often on business world, but they take it to a different level.
Shall i remind you of Panda Miners?
They had the same attitude against them, and finally after a while they prove to be legit https://bitcointalk.org/index.php?topic=1823791.0
After a few days of research we find that they had only 10 % pr2e-sale orders of what they expected just because Themerkle had a defamation attitude against them.
Bitcoinist: What is your position on the current Bitcoin scaling debate? Do you think it is necessary to side with or run in opposition to mining entities such as Bitmain?
EB: We know that there been some tensions between bitmain and SegWit adoption, but we support SegWit, we have reasons to believe that the actual giants of bitcoin mining doesn’t care about community as much as they care about their own profits.
Thank you for the interview and i hope you assimilate the information i give to you in the right sense of it.
Bitcoinist would like to advise readers to always exercise caution when deciding on investing funds into any cryptocurrency business or purchasing products, who guarantee profits or whose claims seem to good to be true.
In the case of FoxMiners, Bitcoinist supports the postion taken by critics highlighted in this article, including The Merkle. Readers should consider all the evidence at hand before making a pre-order of any product from this unknown manufacturer.
We are more than happy to update the above content if FoxMiners is able to supply suitable evidence to contest the statements made.
What do you think about FoxMiners? Let us know in the comments below!
Images courtesy of Shutterstock, foxminers
The post Interview With Foxminers: ‘Dual Mining’ Hardware …Aaand It’s a Scam appeared first on Bitcoinist.com.