All cloud mining companies want to take advantage of you. Even if they are legit they will make you take all the risk, like that legit company in Iceland was doing. They had their TOS written in a way that allowed them to stop paying you and liquidate your contract when it became unprofitable, so if you paid x USD for a 2 year contract and 1 year later difficulty suddenly rose so much that you weren't making money, they were cancelling the contract and did not have to bother with you for another year, while keeping the money.
Oh, so true. It's a long time since I heared about cloud mining for the last time, but I remember the negative experiences you mentioned above from many investors. People thought they would have lifetime passive income by investing on cloud mining, but they were never able to recover the initial invested amount in hash through mining income. Day after day, week after week and month after month interest kept decreasing until reaching to zero.Being lucky, I think they could recover 70% of the investment, although some claimed it to be profitable anyway (in dollar rates), due to btc pumps meanwhile.
Most popular one was Genesis Mining. It seems the platform is still alive, but people don't talk about it anymore. I suppose it's a really unpopular service right now.
Like that kind of people would even touch a service like that. When you have 50 mill or something like that, you don't try to multiply it using ponzi schemes, just buy safe stocks or bonds and satisfy all your needs with 5% a year. 
