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Is Dualmine Legit?
dualmine.com appeared some 3 years ago, presenting itself as a cryptocurrency mining company with a LTD company incorporated in London offering cloud mining packages that worked as an investment platform paying profits for the so called mining activity. What was off from day one was the fact that the hashing numbers were somehow inaccurate for the crypto yield, but somehow it kept paying its investors in kind and very well.
Before going on, the usual disclaimer: Nothing written here is meant to offer financial or investment advice, I am not qualified to give any financial advice and warn you not to take any of this as any sort of advice, financial or otherwise. This text is simply a record of my personal experiences with crypto, mining, Defi etc.
Most investors were probably aware that the supposed mining activity was not profitable at the time, so the idea of simply multiplying your crypto seamlessly was not achievable, but that said the company never promised that their activity was just mining crypto currencies and it would be feasible that they were making profit via other activities like trading cryptocurrencies, staking etc. despite not being very clear on this, they also weren't very clear on an exclusive activity on how they ran their company, not altogether unusual in the crypto world and many people agreed at the time that cloud mining was likely to be pseudo-mining at it's core and all revenue raised by a clever setup like an edge fund model or simply a Ponzi Scheme about to fall at any given time, again many people that participate is so called HYIP's or High Yield Projects are aware that they are blindly investing in something that can vary from the unclear to damn right shady, it seems to be a risk some willingly take while others sadly fall for the promise of high profits just to end up broke and deprived of much needed money.
99% of Cloud Mining = Pseudo Mining = HYIP = Ponzi Scheme
The above is sadly the case of how these projects are promoted in reverse order. HYIPs are elaborate Ponzi's and please don't invest in such sites counting on a return for your money, you are likely to loose your shirt!
Back To Dualmine.Com
So, people that got in early saw great returns for just about over two years, two interesting years that counted on several re-investment offers often giving x8 times the value of the investment in "hash power" that offered even better returns, these promotions were on all the time, rarely pausing for long, those two years saw also the introduction of more mining currencies, betting games, a dedicated exchange and more, but most notably their own crypto token, an ERC20 Token named CRT, and we will focus on this because on year 3, Ethereum fees were going through the roof, at the same time that dualmine started paying out investors profits on CRT exclusively. At this time, dualmine.com managed to get their token listed on a few exchanges(like whitebit.com) and Coinmarketcap/Coingecko, they valued the token as pegged to the USD, but as the fees for ETH were going through the roof, payments were proving troublesome to the point of being paused for a while and going through a few interim solutions to keep payments in their own coin going. It should be kept in mind that investors were already bitter at that point for not being paid in kind(same currency they invested) but in the CRT Token that some compared to a "shitcoin".
In the meanwhile dualmine.com started to offer their token in an alternative blockchain, the Tron Chain giving investors the possibility to exchange CRT via JustSwap within the TronLink wallet - for a fraction of what was initially valued at and going down ever since.
The Original CRT / Cryptonits was gone:
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This was probably out of need to keep the platform going as ETH fees were ridiculous at the time, but it is interesting to see that the token max supply went up massively from the 21,000,000 of the original ERC20 Token:
• CRT Smart Contract address: 0x36a28c7c9b3dea22f07f4df67833cbe764feeeb4
• Number of Digits: 18
• Symbol: CRT
To the new TRX20
Total Supply: 210,000,000.000000000000000000CRT Circulating Supply: 210,000,000.000000000000000000CRT Holders: 7,339 Addresses About 10x the max supply for some reason, there might be a legitimate reason for this but the information on dualmine and cryptonits sites are out-of-date in that sense.
Dualmine Scam?
It has been edgy at times to say the least, but the reward counter within the dashboard never quite slowed down, this would be an easier move from the admins rather than going to the lengths of redefining the payout system, but we should keep in mind that the sudden transition of paying in kind, that is the same currency invested in to paying in an own token is a common exit scam in HYIPs and the such, there are too many like that to list that turned out by being simple pyramid schemes, miny.cc, maxvest.io, helixxmine... and so many more that caused devastation to naive investors that fell for them. A complex bespoke high quality site is no guarantee that the project is serious and not a scam, so keep in mind that risk is always very high for unregulated "investments". Is Dualmine a Scam? Time will tell what is next for dualmine, a full circle curve from shady to legit is not impossible if one considers the like of USDT and others that despite shady beginnings made it into mainstream. But the path is certainly hard and treacherous for projects that go through so many changes in so little time and somehow persist. The owner of Dualmine has been persistent so far in maintaining the platform running but without a clearer strategy, he/she will loose trust from early investors at reputation cost that will eliminate the possibility of growth. Disclaimer: I have no relation with dualmine(Cryptonits LTD) personal or professional and most definitely DO NOT ADVISE ANYONE TO INVEST IN THEM. How about you? Do you have any experience of investing with Dualmine that you would like to share?
