I have bought a contract with Genesis Mining without any problems... They pay out daily without any problems too.
But do you expect to make a profit? Can you show the math that shows how much profit you will make?
Topic: beginners be very carefull - page 6. (Read 9313 times)
But do you expect to make a profit? Can you show the math that shows how much profit you will make?
I have bought a contract with Genesis Mining without any problems... They pay out daily without any problems too.
Not just that, starters (like me before) earning their first satoshis would feel that its so good, but after some time, greed kicks in. Beginners must be aware of greed, as it might take over them subconsciously. I've learnt my lessons with golden-cows, (if anyone still remembers 
) at first it seems like I could get lifetime unlimited earnings, and my earnings increase over time, but soon, all of my investments just disappeared and I lost everything. 
Too much to pay for a lesson, but still a lesson learnt. Know that money is not free, and whatever you are 'earning' must have reasonable work behind it. For example you gain from faucets as you are giving traffic to them, and they make money from ads, same logic to signature campaigns, so always find out the motive behind every investment-required-for-high-BTC-returns, and you might find out how cruel to have scams existing. :/
) at first it seems like I could get lifetime unlimited earnings, and my earnings increase over time, but soon, all of my investments just disappeared and I lost everything. Too much to pay for a lesson, but still a lesson learnt. Know that money is not free, and whatever you are 'earning' must have reasonable work behind it. For example you gain from faucets as you are giving traffic to them, and they make money from ads, same logic to signature campaigns, so always find out the motive behind every investment-required-for-high-BTC-returns, and you might find out how cruel to have scams existing. :/
Mining in general is a big scam. The cloud miners are the real puppet masters of mining and they are scamming us all.
Stay away from mining is my words of advice.
How is mining a scam? Mining is the method by which transactions are included in blocks to prevent them from being double spent. Mining is an integral part of Bitcoin, without it, Bitcoin wouldn't work.Stay away from mining is my words of advice.
Cloud mining is different, and most of the time cloud mining doesn't actually mine, they are usually just ponzi or pyramid schemes.
Mining in general is a big scam. The cloud miners are the real puppet masters of mining and they are scamming us all.
Stay away from mining is my words of advice.
Stay away from mining is my words of advice.
Used to think cloud mining was a good idea. After all I read around here, not really anymore. I will just let the cloud mining that
exists on accounts run their course and I would collect what comes. Otherwise, I will look into buying miners and mine altcoins
and trade them.Any cloud mining will just run its course into a wallet or so and be traded off until; the cloud mining outfit
finally goes under. If so, I got what I could out of it.
exists on accounts run their course and I would collect what comes. Otherwise, I will look into buying miners and mine altcoins
and trade them.Any cloud mining will just run its course into a wallet or so and be traded off until; the cloud mining outfit
finally goes under. If so, I got what I could out of it.
I feel sorry for you OP,but you can't expect more then that from cloudmining sites..almost all cloudmining sites are pure Ponzy and will eventually turn out Scams..they provide ROI after many days say 100 days which is both useless and bullshit,considering the site stays alive till then..HYIP are better then these cloudmining sites.Even though both Hyip and cloud mining sites eventually become scam,atleast hyip provides better interest and you can recover your principle in short amount of time,if in luck.
I would say be very careful and never invest in these ponzy type cloud mining sites..If you really need to invest then go for some reliable casino's house edge investments.
I would say be very careful and never invest in these ponzy type cloud mining sites..If you really need to invest then go for some reliable casino's house edge investments.
thank you for informing about cloud mining, this forum is really very good as i am getting full of information about bitcoin and alt coins and also the information about the sites and their performances.
So these new contracts that they made will not be able to ROI before the year ends !
Most of cloud mining sites are scam and when they are trust, they pay very low income. So one should make his calculations before paying his money
i agree with what you said, several month ago i have some any contract of about four cloudmining service and all of them become a scammer and stole my money anyway...and for nowadays i never be interesting again in cloudmining and for now i do trading in altcoin bitcoin and it is more better than have a cloudmining contracts Most of cloud mining sites are scam and when they are trust, they pay very low income. So one should make his calculations before paying his money
...That is not alot, about 12,000 satoshi or .00012 BTC a day, but I am going to have my computer on anyway, so might as well mine!...
That's a poor justification. Your computer uses a lot more energy when mining than when idle. Your are making $0.05 per day mining BCN, but you are probably spending at least $0.25 in additional electricity.
They give some "profit" illusion to drag you down into their fake mine.
That's why you should more carefull or you will regret forever
That's why you should more carefull or you will regret forever
You can't group 100 percent into this category. Sadly yes many scum have created ponzi schemes, this is why people need to research.
Look at hashnest do you think it is fake mining? I honestly think it is mining and not fake, and I get 0 dollars for saying that. So there are some good.... but sadly a lot bad.
When doing cloud mining, you need to read all of the facts, prior to signing up and paying for them. There ae few to no mining where you can make anything interesting. I currently mine BCN and mine about 2,000 per day. That is not alot, about 12,000 satoshi or .00012 BTC a day, but I am going to have my computer on anyway, so might as well mine! When it comes to cloud mining, paying for it is almost never worth it, so you need to read all the facts and do the calculations before you make payment. Think of it this way, if you owned a mining company where your equipment would mine at 10k THz an hour, would you charge some to profit from your equipment, or would you keep the profit yourself??
well... cloudmining is about buying people to mine it for you! not to make it ROI fast 
Mining is there business and whether you make profit or not is none of their business
Mining is there business and whether you make profit or not is none of their business
They give some "profit" illusion to drag you down into their fake mine.
That's why you should more carefull or you will regret forever
That's why you should more carefull or you will regret forever
That's the nature of the business, the guy is right, you did pay for hash power, not for "guaranteed profit".
If it was profitable they would not rent their hardware, they would mine for themselves...
If it was profitable they would not rent their hardware, they would mine for themselves...
i've always dismissed them, i rpefer to go straight away with hashnest, they have the best deal, and they are legit as fuck, no need to worry there
but besides that, with the current diff increase i would simply avoid mining, try your luck in altcoin mining
but besides that, with the current diff increase i would simply avoid mining, try your luck in altcoin mining
Welcome to the new mining age.
There is no more profitability for small miners, only large scale industrial sized mining companies can fight for profit.
All others will mine at a loss, except if you sell your mining-loss at a premium to newbies...
There is no more profitability for small miners, only large scale industrial sized mining companies can fight for profit.
All others will mine at a loss, except if you sell your mining-loss at a premium to newbies...
Lol, they don't provide the calculations, just the hash power. That's like a bank that just takes your money and doesn't calculate the APY. I think it's been pretty much proven that every cloud mining scheme is a scam, so I'm not sure why anyone in their right mind would still be looking to buy into one.
Don't let greed get the best of you.
Don't let greed get the best of you.
Totally agree with you that they are selling Hash Power only, but they are selling with calculation of how much you will earn if you purchase this much hash power. so this is cheating because after you take their scheme then they tell you the real fact. so then this is scam or not.
This is why it is clearly mentioned that investing in cloud mining is clear ponzi and scam scheme and mostly newbie are getting afected.
People had been warned every now and then here in the forum to avoid such as cloudmining is clearly just a ponzi to which they always get away. I can't believe no one ever get even to these companies.
Never have I seen a legit one really.
Genesis Mining was a never a good cloud mining choice indeed.
your signature is linked to a mining company as well so how much would davide get if he invested $65 to them?
I don't see anywhere in the conversation where Genesis/Helmut is lying or being deceptive. The worst thing he did was suggest using the Coinwarz calculator, which will give absurdly optimistic results.
Sorry davide72, you need to show me why investing in a money-loser was a good idea before I can consider taking your side.
Sorry davide72, you need to show me why investing in a money-loser was a good idea before I can consider taking your side.
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