Well, yes and no.
This is a likely scam, but we've got a way to scam the scammers if that's the case. And if its all legit, well, this really is a great deal.
http://cointellect.com/?code=5feee7af is my referral link to this site. The only way in is via a referral, so I have no qualms about that. We've set up a thread on /r/asicgroupbuy over on Reddit for people to post their links so we can spread the bounty.
Now, the likely scam part...
Firstly, these guys are paying out about 30 times more than anyone else. To give you an idea, when I abandoned CPU mining on my MacPro server months ago, it was earning 500 doge in about 12 days. My first half day on Cointellect, it paid out nearly 1600 doge. That's insane for a CPU miner, and even small ASICs don't earn that elsewhere. In 13 days, this machine has earnt almost 7 Euros, and two laptops have earnt about 4 each. Not too shabby for computers that are always on anyway.
We've worked out part of what they're doing that's not quite kosher. Earnings are not linear. The larger the miner, the less it will earn. Double your hashpower, and your earnings might go up 5%. We think the other 95% is used to subsidise the little guys.
Why?
Well, their custom client contains malware. So we only use standard software, such as the cpuminer package I put on my website for people to try: http://fulvio.jovianprojects.com.au/coins/forum where there are ZIP files for OSX and Windows. These contain a batch file with my key in it, so people can test drive before signing up. The things to look out for are the reported hashpower, and temperature, especially on laptops. Whatever they're mining does run cooler than we used to see, in my case 90°C instead of 110°, but its still worth keeping an eye on. If you do sign up, just edit the batch and swap my key for yours, and away you go. If you have GPUs or ASICs, you're on your own, I'm going nuts trying to get some gridseeds working. :(
The other scammy thing they do is with their mining contracts. These are geared towards pushing people into long-term contracts, and if the company then vanishes, well... you've been warned.
So if you try this, definitely withdraw daily, in Dogecoin, because there are high limits for Paypal, and they want your credit card details once you hit ten euros. Another likely scammy aspect.
You'll need a wallet to withdraw to.... coinspot.com.au is a local exchange in Berwick, and I know the guy. EDIT: see referral link in reply below. You can sell your coins on there, and it won't cost you any fees. Just open your dogecoin wallet and copy the address to put into your cointellect withdrawals.
There are plenty of other online services you can get wallets from too, such as backslash.io, dogechain.info, block.io... just be aware anything online might get hacked. So if you're going to hold real money, and not just loose change, instal the official wallet app, but be warned it will download and sync over 6Gb of data, which costs time, storage and bandwidth. Or use a lite client or a paper wallet.
So there you have it. This is a way to turn the tables on some scammers, if they are scammers. And whether they are or not, its worth a couple hundred bucks a year at current values. And if the price of dogecoin goes up like it did in September, well... all the better, right?
Of course I expect most of you will either ignore this entirely or complain, but meh... you can lead a horse to water... ;)
Just discovered I've been made an affiliate on CoinSpot:
https://www.coinspot.com.au?affiliate=flv (https://www.coinspot.com.au?affiliate=flv)
This means I get a commission, IF people deposit cash and buy coins with it. Meh, like that's ever gonna happen... but it does make it easier to point people there at least. :)
BTW, there's a couple of new cryptos, Ozziecoin, which will probably be as unsuccessful as all the other regional coins, and NuBit, which is pegged 1:1 with US$, which could greatly facilitate all sorts of stuff and hopefully cut Paypal out of the picture with any luck. :)