Topic: [2014-08-15] Gavin Andresen Suspects Ponzis in Bitcoin Cloud Mining (Read 1174 times)
You know the really ironic thing about this topic? One of the banner ads I got here was of cex.io and it reads "100% profitable trusted by 200k users" LOL
August 15, 2014, 03:46:17 PM
Hmm, though this may be true it's dissapointing to see Gavin associating bitcoin with the word ponzi. That's something we really need to get away from.
Gotta call a spade a spade. Many of these guys just keep selling shares for hashing and may or may not upgrade their hashing. I've heard how the PR goes for these outfits in that they gear it towards the newer people entering the ecosystem that are pretty green in terms of the broad understanding of what's going on. It all sounds easy because you just send a wallet address along w/ your fiat payment to the company and you start collecting dust daily or weekly instead of having to link up a checking account or making wire transfers to some exchange that they know nothing about. The payments obviously keep getting smaller over time but unless there's upgrades, the show is coming to an end. One of the main things here is that users don't really know how mining works and then w/o upgrades, the coffin is sealed.yes! if anything, franchising will be the next thing. at least investors hold the actual mining in their hands. no incentive to flake out. I'm surprised more manufacturers aren't focusing on it.
August 15, 2014, 12:21:13 PM
Hmm, though this may be true it's dissapointing to see Gavin associating bitcoin with the word ponzi. That's something we really need to get away from.
Gotta call a spade a spade. Many of these guys just keep selling shares for hashing and may or may not upgrade their hashing. I've heard how the PR goes for these outfits in that they gear it towards the newer people entering the ecosystem that are pretty green in terms of the broad understanding of what's going on. It all sounds easy because you just send a wallet address along w/ your fiat payment to the company and you start collecting dust daily or weekly instead of having to link up a checking account or making wire transfers to some exchange that they know nothing about. The payments obviously keep getting smaller over time but unless there's upgrades, the show is coming to an end. One of the main things here is that users don't really know how mining works and then w/o upgrades, the coffin is sealed. 
August 15, 2014, 09:20:16 AM
Hmm, though this may be true it's dissapointing to see Gavin associating bitcoin with the word ponzi. That's something we really need to get away from.
August 15, 2014, 05:41:18 AM
http://www.cryptocoinsnews.com/news/gavin-andresen-suspects-ponzi-schemes-bitcoin-cloud-mining/2014/08/14
Gavin Andresen, perhaps the most respected and well-known Bitcoin developer today, made a rather interesting statement about Bitcoin cloud mining the other day, and the strange thing is that it went basically unnoticed by the community as a whole. Bitcoin community about mining contracts and whether or not they could be solid investments, and most of the responses were rather negative when discussion came to the long term prospects of earning money through one of these cloud mining contracts. Gavin echoed the general sentiment found in other responses, but he also took his view on the subject to the next level by stating, “I suspect many of [the Bitcoin cloud mining companies] will turn out to be Ponzi schemes.”
Gavin Andresen, perhaps the most respected and well-known Bitcoin developer today, made a rather interesting statement about Bitcoin cloud mining the other day, and the strange thing is that it went basically unnoticed by the community as a whole. Bitcoin community about mining contracts and whether or not they could be solid investments, and most of the responses were rather negative when discussion came to the long term prospects of earning money through one of these cloud mining contracts. Gavin echoed the general sentiment found in other responses, but he also took his view on the subject to the next level by stating, “I suspect many of [the Bitcoin cloud mining companies] will turn out to be Ponzi schemes.”
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