Topic: Advice for new users regarding CLOUD MINING - page 14. (Read 44376 times)

This is partially correct but a large portion of the "popping up" has to do with a post on GAW's forum a few weeks back mentioning ltcgear ROI potential as well as the new referral program.

From ltcg affiliate page: Referral rate was 0 until September 16. Current rate is set to 11% from each completed referred order.

As for myself, I'm not "claiming" (you, Sythyn, mean bs'ing I take it?) a damn thing... I have invested in Chris's gear and I've also invested at GAW. Whether they both last or disappear... only time will tell. I've only invested what I'm willing to lose.

Referral system came in not too long ago. People who have shares at LTCgear were probably investors earlier on, but it wasn't worth to advertise it.

I am curious to know why so many accounts suddenly popped up that are "invested" in LTCgear "shares" since they started advertising on the forum. I have never heard of them before a few weeks ago, but I now see probably hundreds of people claiming to be invested in them

I'm heavily invested at both LTCGear and GAW. /shrug

If I can find cheap power I'll run my own machines again but until then.. spreading the risk between these two is working fine. If I run across another decently run outfit I'll probably invest with them as well.

I'm pretty heavily invested in LTCGear.  The simple reason we are promoting them is, we are all making money.  They have been in business for over a year,  payouts are early, accurate, issues are resolved fast.  You are more then welcome to join us on freenode @ #ltcgear.  You won't find a frustrated customer there, try to find that elsewhere!

There appears to be a huge number of LTCgear shills around this forum that have popped up in the last few weeks. I have seen them around a number of threads discussing LTCgear, and they are all wearing their affiliate signature, and give very similar responses, almost like the responses are from a script or something

GAW accepts credit cards (why, IDK, and I am not sure as to the terms of the credit card payment - likek when you can withdraw your earnings for example).

It should also be noted that these companies have not proven themselves to be "legit" but are rather a list of companies that claim to own mining hardware they are selling/leasing to customers

there has got to be other legit cloud based mining services maybe ones where i can pay with credit card

No he's right, I have LTCgear shares, I bought the 160MH on sept 20th, and it multiplied the 24th. I have already gotten back in BTC just under half of what I spent on it. I am pulling ROI first to be safe, but the site has worked out real well so far. I also have a good amount on zencloud, and I would change your review on them since the way it works has changed. They have shown the farms. Also GAW is by far the largest, and most reputable cloud mining site out there. LTCGear just seems like a sweet deal with the promo, on a small little one man show with no bells and whistles, otherwise his prices are just a hair below most of the market.

You also could check out Zeushash which just went out of beta and into full public mode, and hashnest thru bitmain, although at least right now most miners on hash nest seem to be 50%-90% in fees, so yeah not great.

#1 GAW
#2 Genesis
#3 Zeushash (Just on Zeus miners rep, and price per MH)
Interesting option not to go crazy on LTCGear (He has been around for a year, has been paying well, is very responsive, and everyone seems happy with the service. I did do my research before jumping in)

Thnx for posting this!

I am surprised at the people who are so happy they got paid early on in their contract.  that means little as all ponzi schemes pay early on

nice topic i reviewed most of those companies listed: http://fuk.io/cloud-hashing-and-rig-renting-services-review/

and yes i company is new.. u can never be sure if they dont disappear while doing ponzi

holysmoke you must have missed the other images - it was a series, boxes arriving then kit unpacked and racked -  here are the neptunes purring away happily in Sweden..

What did you expect? Whole title is misleading in a way to hook potential readers. It will be boring boxes or some naked hardware at best.

he bragged about mining porn and it was nothing but a picture of freaking boxes

What a misleading prices, the best prices don't exist, yeah when it starts at 15 feb 2015, come on, ridiculous, never megamine with those tactics!

Exactly. When I first red that comment it hit me very hard that people could do it so easily and get away with it. And in many cases it is true. Well I cannot talk for the actual mining hardware, maybe they have it, maybe not, but the price of a contract often doesn't pay back.

Then again, maybe in X years it turns out that even though I lost some $ back in the day, the (then) current value of BTC will still justify it. Speculations.

That last paragraph of yours is exactly what the Ponzi scheme is.  I setup a cloud mining service and sell you a 5TH/s contract for $4000 for a year.  Assuming BTC is $400 a coin, you either will pay me 10BTC or I will purchase 10BTC with the $4000 you send me.  Even with 10% difficulty jumps, you are not going to "mine" that 10BTC.  At the end of your year's contract, you'll still be down 0.6BTC, meaning I've made that profit for myself.  Now, I get a whole bunch of people to sign up, offering different levels of contracts for different prices (the smaller the contract, the higher $/GH/s I charge).

In this scenario, I have never once setup any actual mining hardware.  I'm using the money I'm getting in for these contracts to payout the customers and keeping a percentage of it for myself.  As the service provider, I can adjust my pricing as needed, so if BTC rises in cost, I adjust my contract pricing upwards.  If it goes down, I can adjust down.  As long as I have some BTC and new customers signing up, I can keep on running the scheme.

This is why people like myself are constantly asking cloud mining providers for proof of their kit and proof of actual mining.  Very very few actually do.  So far, I believe Justin from MegaMine has been the only one to come on here and show off his setup.  Others come up with excuses as to why they can't.

I think if you are a miner, you won't shut down your gear just because at the moment the BTC price is too low and it doesn't make economical sense. What if tomorrow it shoots up to 600$? then you will regret you didn't mine more.
With cloud services this might be different, but I don't think a single person shouldn't judge its mining profitability based on 24hour price of BTC.

There is a controversial argument on the forums in general:
1. Hold bitcoin because its price will go up, don't use it, just buy it and HOOOOOLD
2. It doesn't make sense to mine because I only make 10$ and my electricity costs 11$ NOW

Am I the only one who doesn't get this?

Regarding cloud services I red a comment at some other site saying
"CEX.io doesn't actually need to have any sort of mining equipment. Since the price of 1 GH/s is much more than it will EVER earn for you, when you buy a GH/s they will simply pay back part of it to you as "mining"."
Made me think....

Today's mining economy was based on $600 BTC to have the possibility of breaking even. At $400 BTC, all of those schemes fall apart because there is absolutely no ambiguity - buy BTC instead of hashing power. This is true of cloud mining and mining hardware. Even if a cloud mining operation is totally legitimate, they are transferring risk to you and their pricing does not reflect current BTC price.

There is finally an online calculator that seems pretty good. https://bitcointalksearch.org/topic/mining-calculator-805477

My spreadsheet still has a couple of advantages to it, but the numbers are close. PM me with an email and I'll send it to you.