Subject: Bit Talk Edition 101
Bit-Talk Newsletter Edition 101
We're All About Bitcoin

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More News From Bitclub Network

I wanted to wait until I could see some of the changes in action before sending out the latest news bulletin from BCN that came out 30th January but, alas, they haven't implemented the changes set for the 1st February yet, or so it seems.

So, without further comment from me, here is the news:

BitClub moving to Bitcoin Cash starting February 1st

As mentioned in our last update BitClub is moving exclusively to accept Bitcoin Cash (BCH) for all invoices starting February 1st. We are also moving all commission payments to BCH and will no longer be accepting Bitcoin Core (BTC) for any mining packages or other products.

Before making this transition the current invoicing platform will go offline for about 12-24 hours. During this time you will not be able to pay for any new invoices (including pay it forward) until the new platform launches.

Once the new platform goes live we will ONLY be accepting Bitcoin Cash, which means (ED note this next bit well) any Bitcoin (BTC) you send to a BCH address will be lost forever. This is very important so please remember not to do this!

To make the process easier we have created our own internal conversion tool so that you can easily convert your BTC to BCH with no fees. All you have to do is click on the new conversion link under your wallet page and decide how much you want to convert.

This works both ways BTC --> BCH and also BCH --> BTC.

IMPORTANT NOTE: You can still deposit Bitcoin (BTC) into your BitClub Credit Wallet by using the Deposit tab under your wallet page. This will allow you to send any amount of BTC into your BitClub Credit Wallet and then convert the BTC to BCH and pay for mining packages or any other invoices.

New Internal Conversion Tool

We have built a very robust back end conversion tool that will allow you to swap your tokens from one to another based on the current market rate at the time. Right now we are only going live with the BTC/BCH pair but we will soon offer more tokens for you to convert.

This feature will allow you to take advantage of your own balances to get whatever tokens you would like to hold or withdraw.

For example, if you are mining Monero and Ethereum Classic you don't have to set up external wallets in order to withdraw, instead you could just convert them internally to Ethereum (ETH) or BCH, or whatever you wanted and then make a single withdrawal to your wallet.

We are really excited about this new feature. However, we also want to be very clear that we are not becoming an exchange. This is not intended for any trading or high volume swaps. In fact there will be strict limits on how you can use this and if you are found to be abusing this feature we will disable it from your account without warning.

Also, important to know that we are not charging any fees for this service, it's purely for your convenience and to help you maximize liquidity in whatever token you desire to hold.

Bitcoin Gold Wallets

Bitcoin Gold wallets will go live right after the new invoice platform goes live with Bitcoin Cash. You will be able to add your BTG withdrawal address and request your funds just like all of the other tokens we currently support.

We are planning to add the option to mine Bitcoin Gold using your GPU shares within the next 30-60 days, so if you want to start accumulating more BTG you will have the option to do this very soon with our mining pool.

GPU Expansion Plan and Repurchases

Starting February 2nd we will be adding partial share repurchases to all of our GPU mining contracts. All new shares purchased will default to a 30% repurchase rate and you can change this to go higher or lower from 0% up to 100% just like our Bitcoin mining contracts.

The repurchases work based on whatever coin you are mining and this will pay commissions to your upline in that same token when you make a purchase.

For example if you are mining Monero and you set repurchases at 50% then each day 50% of your daily earnings will be held for a future repurchase. The repurchase will happen on the 1st day of each month no matter what your balance is you will see a repurchase happen for whatever token you mined during the month.

So lets say you had 5 shares of the GPU pool and you had 1 share of each set at 50% (ETH, ETC, XMR, ZEC, and soon to be BTG). At the end of the month whatever balance you have in your held commissions will be used to purchase a partial share for each token. These repurchases would all create upline commissions that would be paid in each token that is used.

This is different from BTC repurchases and we think its even better. We are not relying on a certain amount before doing a repurchase, instead we are doing 1 partial share repurchase per month for each token no matter the balance in the wallet.

Doing this will force repurchases each month and we believe this will be a great way to accumulate all of the tokens each month. Just imagine knowing that each month you will earn a commission on whatever your team members are mining and repurchasing through the same compensation structure you have already built.

When you combine this repurchase model with our new swap feature it means you can convert your tokens into other tokens for free and have full control over your crypto portfolio. This could be very lucrative for those members with large teams who are doing repurchases and we believe it makes GPU pools even more attractive than BTC pools.

*A Big Change to GPU Contracts... 

Based on the current market conditions and our new repurchase model we are dropping the total amount of days in the mining contracts from 2,000 down to 1,000 starting on February 2nd. This only applies to new shares purchased after February 2nd and for all partial repurchases made.

Also, we are excited to announce a massive expansion in our GPU mining operation. We've been purchasing a lot of GPU rigs over the last 90 days in anticipation for the increased demand in the market and also the increase demand from our members with the new repurchase model.

Currently we have purchased over 14,000,000 MHs with about 5,000,000 MH still waiting to be deployed between now and the end of March. Our team is deploying rapidly in multiple locations and we have built up a very strong supply chain that will allow us to add a lot more power as we grow.

Ethereum Payments - PAID!

We had some major issues with our Ethereum payment scripts and we apologize for the delay in sending out withdrawal requests. As of today this has now been completed and by the end of the day we will be 100% caught up.

This new system comes with an audit model for checking correct payments and it will allow us to diagnose any issues with the gas limits and any other issues that may trigger a partial payment instead of a full payment.

Due to the backlog please give us 48 hours to be sure you received your Ethereum withdrawal. If after 48 hours you are not seeing anything please open a support ticket or respond to an existing ticket if you already have one open.

We have been working to improve our withdrawal scripts for all tokens and soon we will have every withdrawal for every coin paid within 12-24 hours after being requested.

Thanks for your patience while we get this upgraded!

New Bitcoin Mining Update

There have been some delays in getting our latest rounds of power. Mainly because of the Chinese new year and some other supply chain issues that have been causing unexpected delays.

The good news is we should see the total power nearly double to around 800 PH within the next 7 days and we have a lot more power being added in February. To date we have already paid for 2,037 PH in total and we are placing another order at the end of this month for even more.

Unfortunately, with the current market conditions anything we buy today has a target deployment date of around May. This is due to the huge demand and even with our connections with Bitmain and Bitfury it's just a crazy market right now and all we can do is keep buying more and adding power when it becomes available.

We should see all of this power hit our pool between now and April, which will give each share a nice boost!

Overall, it's a very exciting time to be a member of BitClub Network because not only do we continue to expand our Bitcoin mining and GPU mining operations but we are also expanding our corporate team and we are currently doing a complete re-brand of our website, videos, content, and all landing pages.

You will begin to see a lot of these new changes going live in February and there is much more you haven't heard about yet that we plan to announce in the coming months. It's going to be an incredible year and we are dedicated to helping you build a crypto empire!

Thanks for being a member of BitClub Network!

Sincerely,
-BCN Support Team 

Communication Breakdown?
Shortcomings in communication was the gentle way I put it in the previous piece. Yes, there is no question, Bitclub are masters at non-communication and questionable support. 

I do genuinely believe that they, those within BCN, that have some influence, have been aware of and affected by this problem. I know for a fact that there are individuals within Bitclub who have far too much responsibility for everything that happens.

Because I have met him on several occasions and been lucky enough to talk to him directly on many more, I am fortunate to know Russ Medlin very well. He has been personally responsible for much of the overall growth and development of Bitclub and I know when I go through periods of loss of communication with him, I feel that my final line of support has been taken away.

 I know that he would want Bitclub to be all things to all people with the very best support possible and I know that he, more than anybody else, feels the impact of the dissatisfaction often shown by Bitclub members with this poor support. Just lately I have been unable to speak with Russ and I now know why.

Russ was very recently taken into hospital with a burst appendix and, as I understand it, he is recovering well but I would like to publicly wish for him all the very best and a 100% rapid recovery. 

I mention this not as an excuse for the lack of comprehensible support from Bitclub but merely to point out that he is human after all. 

That tongue in cheek statement wouldn't be so tongue in cheek if you knew how hard that guy works to build and sustain Bitclubs' growth. There is no doubt that there is an element of strength and security that comes from large numbers and this is very evident in the increase in influence that Bitclub are now showing on the Bitcoin stage.

Enough of that, let us get to a specific issue which I have now, finally had some real feedback on from another of Bitclubs' pioneers. 

CLUB COIN

There is an issue currently with Clubcoin and specifically the wallets connecting and synchronising properly with the ClubCoin network. You may know, from BCNs' most recent news bulletin of circa 11th January, that ClubCoin internal virtual staking ends soon. In fact, it may already have ended by now (don't know for sure because I haven't been party to virtual staking for some time). 

There is a newer version of ClubCoin being launched in preparation for the public launch of Coinpay and it seems that issues have developed in the old original ClubCoin network program that has caused a problem with ClubCoin wallets.

I cannot say with any certainty whether this has affected every ClubCoin wallet out there staking directly but I am guessing that it has. 

The message here is simple enough. They (those within BCN able to fix this) are aware of the problem and it is being worked on. So, if you are experiencing ClubCoin staking issues (basically nothing happening and perhaps even your wallet not being synchronised with the network - that's the problem I have) then rest assured there are techies working on it.

That's all I know right now except that BCN are also finding it harder than they would like to find and recruit good support staff. You would be staggered with the number of support tickets generated daily within BCN and now there are literally a very small handful of real people dealing with all these support issues.

To enable any reply at all within an acceptable period, many replies are being handled by automation - which explains the sometimes hard to figure responses we get to our support questions. 

We have no choice but to be patient as frustrating as that can be. Be assured that, from what I can gleam from the communications I get, the dream is very much alive and those that can put the support issues to one side for now will find that (apologies) "things can only get better!"

John



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John Duncan, 1st Floor, Barclays House, Gatehouse Way, HP19 8DB, Aylesbury, United Kingdom
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    This is an online snapshot of a newsletter created by the owner of Bit-Talk (John Duncan, 1st Floor, Barclays House, Gatehouse Way, HP19 8DB Aylesbury, United Kingdom) and sent via GetResponse on 2018-02-03. Report abuse