The Good, The Bad & The Ugly

Website Cryptocurrency Mining

The Good, The Bad & The Ugly

October 5, 2017 Comment News 0

Let’s start positively with the good news.

Users can now earn referrals from clicks through the privacy notification. If you see referrals in your account with the reference privacyCryptoLink or privacyLogoClick as a reference then this is where they have come from.

It only seemed fair that if someone clicks on the notification and then signs up the webmaster is rewarded.

The migration seems to have gone well and the self-mining is back up, running and proving as popular as ever.

The bad news comes in two parts, ad blockers and emails.

Ad blockers seem to have started to take an interest in our service and ad block plus now has a nocoin subscription specifically for web based mining. No surprise, we are already on the list. This seems like an injustice because our mining is completely different to other mining operations in that we use the minimal amount of CPU resources necessary and do everything to ensure the website visitors user experience is not disturbed in any way. These companies basically hold you ransom by charging to have your details removed (pay-to-play) which is their business model but we see no reason to give in to at this stage.

We’ve had some problems with emails. We sent out a newsletter on Sunday which we believe triggered some spam filters and some email providers started to block our outgoing emails. We contacted our email providers Sendgrid and to be fair they’ve been very supportive offering excellent customer service. Hopefully the worse is behind us but if you still aren’t getting welcome emails or password reset notifications try adding to your email address book.

The ugly is UK banks.

We’ve been turned down by Barclays specifically despite banking with them for 20+ years. It turns out that all major banks in the UK will not give business bank accounts to anyone involved in cryptocurrency or blockchain technology. This seems like a bad joke considering the Barclays CEO has been vocal about embracing blockchain technology and London is meant to be the self-proclaimed capital of fin-tech.

After some research we have heard horror stories of personal users having bank accounts closed just for carrying out transactions to popular cryptocurrency exchanges. There are plenty of threads on bitcointalk about the issues UK customers have had.

A cynical person would say this is anti-competitive and legally questionable, the banks claim the industry is high-risk and they maintain the right to refuse accounts for any reasons they see fit.

Moving forwards we are looking to explore options for offshore banking.

This project has been the most exciting and shows more potential than anything I have ever worked on, it is also proving to be the most challenging. The future has a place for a mainstream, widely adopted cryptocurrency and we will need to overcome these hurdles to give JSEcoin a chance of becoming that.