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Topic: BITCOIN CLOUD MINING IS A SCAM (noob word!) - page 4. (Read 6839 times)

hero member
Activity: 546
Merit: 500
LOL what you looking at?
Cloud mining isn't a scam.
Mining itself just isn't as profitable to the average Bitcoiner anymore.

Yes, and soon it won't be profitable for anybody, unless they bring out some equipment much more cheap and much more economic, and anyway, also then, it will only last few months before becoming useless.
hero member
Activity: 644
Merit: 500
Cloud mining isn't a scam.
Mining itself just isn't as profitable to the average Bitcoiner anymore.
hero member
Activity: 546
Merit: 500
LOL what you looking at?
2) the whole reason for doing so is to secure the network.

LOLWUT?
hero member
Activity: 546
Merit: 500
LOL what you looking at?
. you are presumptuous to say the least.

I might suggest that, if you are the kind of person that expects others to act in your best interest, then Bitcoin may not yet be ready for you.

Or to SouthPark it...

'You're gonna have a baaad time"

You didn't understand the sense of this thread.
And I explained it really clearly.
Think of it.
legendary
Activity: 1834
Merit: 1020
It's basically a scam business model.

No sane company is going to give money
away, and that's exactly what it would be doing
by selling you fully managed hashing power that's
profitable.

Duh.

And furthermore, I would say most turnkey mining hardware
sales are scammy too.  Sure, you pay electricity,
maintenance, storage,etc..but it doesn't make
sense for a company to sell you gear and give
you any substantial margin when they could mine with it.

Seems like the real winners in mining either
make their own chips or at least buy chips wholesale
and assemble.  


...Except it's disingenuous to call it a scam business model.

When you purchase hash power, two main things happen:  1)  Yeah, you submit shares and get a reward, but 2) the whole reason for doing so is to secure the network.  The business model is providing a service to let you secure the network if you don't know how to do it from home.  If a person thinks that there's some magic company with infinite money that will allow any person to give them money and receive more money in return, that's a bit absurd.  

I realize you basically said the same thing as I did in my previous sentence, but I think that just places the responsibility back on the consumer rather than on the business.  If you make the argument that targeting noobs and others who lack the knowledge to know that the prices are crazy expensive is scamming, then that could also apply to a lot of other similar-looking business models.  A good example would be car leasing offers.

Although, I bet we both agree the prices are ludicrous pending significant coin-value increases.
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
It's basically a scam business model.

No sane company is going to give money
away, and that's exactly what it would be doing
by selling you fully managed hashing power that's
profitable.

Duh.

And furthermore, I would say most turnkey mining hardware
sales are scammy too.  Sure, you pay electricity,
maintenance, storage,etc..but it doesn't make
sense for a company to sell you gear and give
you any substantial margin when they could mine with it.

Seems like the real winners in mining either
make their own chips or at least buy chips wholesale
and assemble.  
hero member
Activity: 686
Merit: 500
On the bright side, the more people realize how much of a scam cloud mining is, the less centralized the mining will become!
legendary
Activity: 3080
Merit: 1688
lose: unfind ... loose: untight
. you are presumptuous to say the least.

I might suggest that, if you are the kind of person that expects others to act in your best interest, then Bitcoin may not yet be ready for you.

Or to SouthPark it...

'You're gonna have a baaad time"
hero member
Activity: 546
Merit: 500
LOL what you looking at?
How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?

Put it as you want, they show that you can EARN, while in effect you earn nothing.
By earning, of course, everybody means earning more than what you invest.
EVERYBODY means that.
And yes, they take advantage of people ignorance.
That does not make them worth a single penny more, if you ask me.
And if you appreciate these people I despise you.

Just to be more clear: if somebody goes to your grandma and sells her some useless phone contract with higher prices teasing her in believing that she will spend less, do you think your grandma is an idiot or that scammers must be punished?

If my grandma is presented with the specs and decides to purchase the useless phone contract without any convincing then yes, it's Darwinism at its best.

I hope you will never make any mistake in your life... you are presumptuous to say the least.
sr. member
Activity: 350
Merit: 250
How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?

Put it as you want, they show that you can EARN, while in effect you earn nothing.
By earning, of course, everybody means earning more than what you invest.
EVERYBODY means that.
And yes, they take advantage of people ignorance.
That does not make them worth a single penny more, if you ask me.
And if you appreciate these people I despise you.

Just to be more clear: if somebody goes to your grandma and sells her some useless phone contract with higher prices teasing her in believing that she will spend less, do you think your grandma is an idiot or that scammers must be punished?

If my grandma is presented with the specs and decides to purchase the useless phone contract without any convincing then yes, it's Darwinism at its best.
hero member
Activity: 546
Merit: 500
LOL what you looking at?
How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?

Put it as you want, they show that you can EARN, while in effect you earn nothing.
By earning, of course, everybody means earning more than what you invest.
EVERYBODY means that.
And yes, they take advantage of people ignorance.
That does not make them worth a single penny more, if you ask me.
And if you appreciate these people I despise you.

Just to be more clear: if somebody goes to your grandma and sells her some useless phone contract with higher prices teasing her in believing that she will spend less, do you think your grandma is an idiot or that scammers must be punished?
sr. member
Activity: 350
Merit: 250
How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?
hero member
Activity: 546
Merit: 500
LOL what you looking at?
Have you calculated reinvesting the dividends? Like on Cryptsy, you can buy fractions of a mining share.

So what if you reinvested the payouts on a weekly basis?

Theoretically you'd get exponential growth. Perhaps this would work? Could you do the math on something like this?

That would probably fix it.
The problem is: you will never then have BTC, you will only have GHs until the end of times.

Let's say you buy 1000 GHs.
These 1000 GHs after the first month give you 0.799 BTC.
You buy 0.799 of GHs (no matter how much it is).

Now you have 1000 GHs that will never catch up the investment, AND 0.799 of GHs that will never catch up the investment  Cheesy

I just trashed 150 Euro like an idiot, I can admit it.
But I wonder all those people in there with thousands of GHs... how comes they didn't make the count before buying so much of it?
sr. member
Activity: 350
Merit: 294
Have you calculated reinvesting the dividends? Like on Cryptsy, you can buy fractions of a mining share.

So what if you reinvested the payouts on a weekly basis?

Theoretically you'd get exponential growth. Perhaps this would work? Could you do the math on something like this?
hero member
Activity: 546
Merit: 500
LOL what you looking at?
Technically, it's not a scam since you get what you paid for and they don't run away with your coins. But it's a really bad investment, especially in long-term.

Well if it's a matter of words, ok, it's a fraud, not a scam, because it will not ever pay back. Mathematically.
newbie
Activity: 51
Merit: 0
Technically, it's not a scam since you get what you paid for and they don't run away with your coins. But it's a really bad investment, especially in long-term.
hero member
Activity: 546
Merit: 500
LOL what you looking at?
It is a bit of scam from lenders side as they know they won't reach that high summ so they sell it and they still profit more.

Ye just a little bit of a scam: you buy a thing for X$, you then spend Y$ for electricity and you never reach back what you spent on it  Cheesy

I see there is stuff for MHs.

I mean... MHs, not GHs.

What can you do with that? The essential value of a MHs miner is probably below 1$ (no wish to make counts, sorry... enough for today).
sr. member
Activity: 434
Merit: 250
It is a bit of scam from lenders side as they know they won't reach that high summ so they sell it and they still profit more.
sr. member
Activity: 285
Merit: 250
Turning money into heat since 2011.
Why would the cloud mining company actually need hardware, warehouse, and electricity??  They could just bet on difficulty raising fast enough to make your return less then buy-in.

You give me 1BTC.  Over your contract, I give you back 0.9.  I just need a laptop, wallet, and a script to pull that off..
hero member
Activity: 546
Merit: 500
LOL what you looking at?
Bitcoin cloud mining isn't a scam, it's just a rip off, I actually believe maths wise that these cloud mining companies are renting out the Bitcoin mining contracts etc. at a premium then using the money they make to mine the shit out of altcoins and sell them at an even bigger profit because they seem to be extremely determined to not add other coins to their services. We've slowly gotten the occasional Litecoin cloud mining outfits around but only after the difficulty has gone up further.

If you want to hunt for worthwhile deals I recommend https://www.betarigs.com/ which is much more P2P than these companies who rent out other peoples mining gear.

Mhhhh sorry but are you kidding me?

Looks to me that site is full of overoveroverpriced stuff... for rent.

After all, if that stuff was still worth it, why aren't they using it?

I mean, if they can mine, why rent it?
Just mine... and earn your BTC.
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