Topic: Advice for new users regarding CLOUD MINING - page 22. (Read 44275 times)

I went to both sites.  The reviews from cloudminingreviews all seem to be from May.  1/2 the users reviewing 808 mining have latin names - so either they got a bunch of friends to spam reviews or the site is catering to South American customers.

For PBmining to be rank 1 it needed people to click thumbs up or thumbs down.   If the owner of PBmining has access to 40 IPs he could have done all the positive ratings himself.  The ratings are meaningless.

Look at my 2nd post in this very thread - people paid by these mining sites will come to this board and post spam promoting their sites without disclosing that they work for the website.  Why would you trust a user with 4 posts who makes 3 posts promoting a cloud mining site?

Thanks alot for this, was going to but now im turned off hahaa i dunno animore..

I'm thinking about investing into cloud mining but i don't know where... 

Can someone explain to me why the ranking on these two sites is so different?
http://www.cloudminingreviews.com/   
http://cryptoverse.org/cloud_mining/   

On cloudminingreviews 808 mining is on rank 6 and at cryptoverse 808 mining is on rank 26 (the last one).
Should i trust any of them?
PBmining is rank 1 on cryptoverse but only rank 8 on cloudminingreviews !?

@DrG you're probably right.
I have never thought along this lines as during beta we are focused rather on functionality and marketing plus a number of other technical issues. After all most of the cloud hashing undertakings are anonymous not transparent at all.
Just to address a few points you have raised...
In beta the silver coins will remain in my drawer as I am the man behind it. I do not think there will be any situation I would need to use them as I believe hashing will be profitable long enough to cover the costs and bring profits to the users. Once we implement the full version I have two options: I am happy to escrow them or I would still keep them and store them in place like merrionvaults.ie Personally I would prefer to escrow them to a trusted person from the bitcoin community and I know such person but never discussed it. Escrow would require also distribution of the coins to those users who would be able to collect at least 1TH/s as per our T&C. This would require further arrangements etc. Actually there is only one person I would trust in this respect but I am not going to disclose his name at this moment.

Once we sort out the fiat payments we will be selling only for fiat and only thorough third parties, be they exchanges or businesses or any other company  who would be interested in buying from us GH/s in blocks and re-selling them to the public. We do not intend to be selling long term on the platform as we do at the moment. At that stage the whole busines will be transferred to our company registered here in Dublin. If someone is interested in details I am happy to provide registered name and copies of the certificates, which date back a few weeks. In this respect full transparency no problem.

It all actually depends on two factors: how long would it take to implement fiat payments into beta and how successful beta version would be. As I have stated before we have our mining operations located in Poland and in China. Polish DC is not going to be developed too much any further (apart from the KnC Neptics in the pipeline) as the equipment and hosting prices in China are basically unbeatable and we believe things are going to be that way for long if not forever. I am expecting the photos with our logo from the Chinese DC shortly thanks to courtesy of our counterparts there.

And to be honest with you I am happy with the situation as it is now because I am sure that at the end of the day we will be as transparent and reliable as it should be. I will not be struggling now trying to convince everyone who I am whether I have any miners (some photose in the main kryptologica thread) and whether there is any silver in my posession or escrowed.  I am happy that the people can judge by themselves.

In the mean time I will keep calm and continue mining and promoting kryptologika

l3sny - I think the biggest point of contention, the real issue with cloud mining, is whether or not people can trust you to keep up your end of the bargain.  When buying hardware from a company like KNC or Bitmain current users know they will probably get their hardware (even if it is late or worthless - they will still get it).

What assurances do you provide to your customers.  You said the mining is silver backed.  Does that mean somebody is holding your silver as an escrow or bond?  Are you a licensed business?  Does your business have insurance?  These are the things that would make people consider cloud mining as a viable option.  Without the proof that it is a real business it may just as well be a ponzi.

Never cloud mine. it centralizes everything.  cex.io got me to lose 40% of my holding in ONE DAY. if you cloud mine you get screwed over so hard outta nowhere. cex.io added futures and taht is what did it to me. DONT CLOUD HASH!!!!!!!!!!!!

It will not work for you if you take it as an investment. But if you buy them, keep them a while and sell them for the same or higher prices you will make a very good profit. Please note that the price on CEX is a market price. There are people willing to pay 0.0038 per GH/s. And there are thousads of them. At kryptologika the market prices are much lower, the maintenance costs are also lower and we add silver price protection for the GH/s.
Perhaps you could make an extra mile, visit our site and compare CEX prices and kryptologika prices and comment here?

Cloud Mining at CEX.io - I thought that it would be a great idea to use some of my mined bitcoins to buy GHS at CEX.io, since they only charge .18 per GHS per month - that's not a lot right?  Wrong it's a fortune!.  I bought 1 TH/s of GHS power, so at .18 per GHS, the maximum fee is $180 per month.  Well that 1 TH/s of power only produces .5 of a bitcoin per month.  So, if the price of a bitcoin falls to $400, then my .5 bitcoin is worth $200.  Now subtract the fee of $180 that I was charged by CEX.io and I am left with a profit of $20.  Sure, cloud mining may be more profitable in a rising bitcoin market, but then the monthly fee would probably increase and then I wouldn't even be making .5 of a bitcoin because of the difficulty increase and all the hashing power coming on board.  My conclusion:  Sell the GHS's at CEX.io before they are worthless and use my S-1 rigs at home to heat my house this winter, while wearing earplugs.  A once profitable fun hobby is no longer profitable and definately no longer fun.

Bitcoin time is like a factor of 10x as fast as real life, so 1 month in Bitcoin is like a year or human life.  Those GLBSE defaults are so long ago I haven't even heard them brought up for at least a couple weeks.  Despite all the documentation of all the shady stuff people have done, the new users are still making mistakes.  Sometimes you just have to tell people not to put their hand in the fire and actually show them why 

I hope nobody thinks that cloud mining scams are new or rare. There have been many cloud mining scams in the past.

Here are some:

MiningUnited: https://bitcointalksearch.org/topic/rent-space-on-a-mining-server-mining-united-make-extra-bitcoins-189872
TimeToBit: https://bitcointalksearch.org/topic/timetobit-bitcoin-cloud-mining-platform-free-mining-plan-giveaways-665330
All those "perpetual mining bond" scams at GLBSE.

Probably one of the better posts here in this forum in a long time, well done.

Sticky suggested Dr G's post.

@Philipma
Perhaps you would be interested in our thread.
https://bitcointalksearch.org/topic/kryptologika-trade-silver-backed-hash-power-for-the-best-prices-732733
We charge around $0.11 per GH/s per month and we will be reducing the maintenance fees by 2% starting with 01 September. Kryptologika is competitive with home mining and we offer silver backup.

I am much like you.  I am directing more are btc for now.

I do mine in house but power is 15 cents a k watt so in house is difficult.

I have 2 s-3's at gawminers. at 0 cents  a kwatt for 1 month then 10 cents a  k watt
I have 4 s-3's in house at 15 cents a k watt
I have 2 s-3's at a friends office power is 3 cents a k-watt  but I am close to maxed at the 656 watts they are using.
I now have 10 gridseeds in house also at 15 cents a k watt
I have 62 mh in mixed gear  on zencloud  with

I just sold off a 1th dragon to my host in china.

Well the profit is there for the manufacturers of the ASICs themselves.  That's why all the companies are making their own farms off the money that people send to them to buy miners.  For every 1 miner you buy they can afford to buy 3 or 4 and they can make a profit that way.

Not sure how you calculate your profit. When I run a profit simulator on bitcoin mining, even bitmaintech S3 miners do not show any profit after you factor in the electricity cost.

Unless you have free to extremely cheap electricity cost, there is no point in mining.

I'm thinking about spending like 20 dollars on Cex.io .. Hoping to make some profit. GHs are so expensive..

I purchased 4mh in hashlets for 64 dollars. I had some coupons and spent about 10 bucks to do this.

problem is it is too easy to get hash power from gaw miners.  plus they have insanely low prices.  on the surface that seems good .  but since they opened the cloud up to scrypt prices have dropped a lot.

I do not think I can make much profit with ltc/scrypt any more.

thanks for your advices!

Great thread and thanks for adding kryptologika.com
I hope soon you will be able to put some more positive information in this thread. For those who are interested in our platform please find our FB link:
https://www.facebook.com/kryptologika
and twitter #kryptologika_pl
We want to hear from you!