"Bitcoin mining is a Big no!" - page 22.

richardsNY

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Quote from: francojon on January 07, 2018, 06:42:41 PM

I think the best example of that is Ormeus Coin. It stinks of a ponzi from miles away yet still got many people throwing money into it.

People with common sense know the difference between something that's legit, and that what's not. Those who don't have this common sense, which is a group of people accounting for the far majority, will always fall for these scams. In some cases people even do know that they are investing in obvious scams, but they think they can get out with profit before it shuts down, which is a damn shame. In no shape or form should there be incentive to support these scams, and those who knowingly pump money into these scams, are on the same level as those who are behind these scams. It's their money that makes these scams last longer, which translates into more victims....

francojon

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Quote from: milewilda on December 25, 2017, 10:56:19 AM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Take the 2nd opinions which came from those some people because they do really say the right thing which investing on cloud mining isnt really worth because most of them are just total scams. You would really able to see that they are well known and trusted but the truth is that theyre not. They do just try to convince you to put up money into their ponzi cloud mining site. Better stay away and find another investment.

I think the best example of that is Ormeus Coin. It stinks of a ponzi from miles away yet still got many people throwing money into it.

chineseprancing

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Bitcoin mining is one of the most profitable job in crypto currency community, however this is also the most expensive investment in digital country. Because not only investment are you need, you also need time, electricity and other materials that you need in mining. Before you recover your capital it was taking too much time.

LuckyHopper18

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I think you should go for the 2nd option. Really, cloud mining is not profitable and sometimes just a ponzi scheme. If you are really going to mine then I suggest buy your own rig and mine it yourself.

portotoi

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Quote from: Bect1936 on January 01, 2018, 12:09:15 PM

Bitcoin mining profit depend on your place.
in china and other countries bitcoin mining make real profit but in others is Big No "income tax and electric bill "

In that case we should look for a place with less electricity bill so we can do the cloud mining? I think if you really want to invest in mining then you should try it with a small numbers of computer at first at least then try to observe if you can earn more than you invested.

carnut

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It's possible they were referring to purchasing hashing power when they used the term cloud mining. But if they were actually talking about these investment schemes, then they are NOT financial advisors - so beware.

Personally, I fell head first into the "bitcoin investment" scheme. I ended up in four of them. I've broke even, but now that I know better, it was not a wise decision to join them. I'm not saying every single one of them are ponzi schemes, but I can say most are. The minute new money coming in slows down, they'll (and many have) close the doors.

I have since focused my time learning about ICO's, and in mining. I like to control the money (call me paranoid) so mining is my favorite.

If I were advising my own mom on what to do, I'd suggest either a diversified portfolio of coins, or buy/build your own mining rigs and scale that operation.

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

alfs75

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Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Yes,thats true mining investment,is expensive and risky and its true also is a good way to gaining a passive income,and maybe i thinks of there contradiction is they dont want you to join there community or maybe they tried you of how long your determination to be part of there mining team,you are the one would analyze the situation,either you must enter or find other way of resources,maybe you should try in investment trading if your asset could not capable in mining gadgets or other expenses needed in mining business,or if you thinks you should survive then you must goes to the flows.

repsol

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for now bitcoin mining is not profitable, the cost of being in terlu high too high while bitcoin from mining is not much, my opinion buy bitcoin better than mining

coinplus

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Quote from: milewilda on December 25, 2017, 10:56:19 AM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Take the 2nd opinions which came from those some people because they do really say the right thing which investing on cloud mining isnt really worth because most of them are just total scams. You would really able to see that they are well known and trusted but the truth is that theyre not. They do just try to convince you to put up money into their ponzi cloud mining site. Better stay away and find another investment.

Yes, I am sure none of the financial advisers have an idea or an experience from any of the cloud mining and I wonder how they ended up being an adviser when they cannot just make use of the web to find just little information about cloud mining and profitability. That is the worst advice anyone can ever give the OP. A lot of people who have experienced cloud mining have shared their experience and that is all that is needed to know.

rickadone

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Quote from: AngelSky on December 25, 2017, 01:18:36 PM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

cloud mining are completely shit most of the cloud sites are now turns cheating their investors like closing their account or blocks their account from the cloud mining site too.
If you want to start the mining process you have to buy a hardware and then goes for it make the more money in that way. If you choose higher end miner like antminer s9 means you will get the more profit as well as electricity consumption will be higher.

I really do wonder why people go for cloud mining when they can just easily buy a miner and start mining themselves.

Cloud mining can never give you something tangible even in the long run and an investor is even better off keeping their assets in their wallet than trying to get into cloud mining. The reputable ones today, even after being tried and tested will still not give you what you need as the difficulty even keeps increasing.

neolite

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I also tried the so-called cloud mining in 2016. I know I invested 1 btc it did not represent much and I was going to get my investment in 4 months. After 1 month the site disappeared. I do not recommend investing in cloud mining. Better invest in ICO or learn trading.

noloco

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If you have the funds to contract cloud mining, you have the funds to buy directly on any market.

Bitcoin is not a rare coin where you need to mine to get some.

Cloud mining adds the risk of time to the transaction vs buying.

hkall_018

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Indeed cloud mining could be risky, but after all its wise to invest in the crypto world with money you can afford to lose, whether its a risk of a scam could mining contract, or even the cryptocurrency market crashed and the so-called bubble "burst" having said that: if you're willing to take the risk with money you can afford to lose (and equally chance of big returns) then cloud mining is much easier than buying & maintaining ASIC miners. You can also setup a GPU miner and rent it out in return of Bitcoin revenue which is kind of somewhere in the middle. I'm actually doing both; I'm using a couple of cloud mining services that provides constant payouts in BTC and also running a small mining rig that also gives me small portion of BTC every day.. If you're interested I can refer you to the cloud mining services I'm using.

serjent05

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Quote from: bitbunnny on January 04, 2018, 02:08:38 PM

To invest in mining on your own has become too expensive having in mind the final profit. Unless you don't have some mining farm you can't expect much and the expenses are high.
That was one of the reasons why people thought cloud mining could be the solution but there are so much scam scheems that is very hard to distinguish what is legit and what not.

True! I have been here since 2014, around that time until now there are lots of cloudmining company that turned scam. I was also a victim of that scam but oh well, lesson learned. Though I can say there are cloudmining that are still legit up to date, but when they will turn to scam is unknown yet (possibility is big though). Given, that cloudmining is a legit stuff, the problem would be the diminshing return of investment. The ever increasing difficulty and hashrate of the entire coin's ecosystem will render your investment to have less and less return unless you upgrade. That is the unevitable feature of cloudmining. The ROI will really take a very long time.

bitbunnny

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To invest in mining on your own has become too expensive having in mind the final profit. Unless you don't have some mining farm you can't expect much and the expenses are high.
That was one of the reasons why people thought cloud mining could be the solution but there are so much scam scheems that is very hard to distinguish what is legit and what not.

lady pink

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Quote from: glowing10 on January 04, 2018, 01:51:21 AM

Quote from: rhamzter on January 01, 2018, 05:23:42 PM

Quote from: richardsNY on December 31, 2017, 08:03:44 PM

Quote from: WitKohler on December 31, 2017, 11:43:08 AM

bitcoin mining is good and can make some profits from it and No for newbie.

Bitcoin mining isn't profitable either for the far majority of the people, so it's pointless even mentioning that. The only entities managing to make actual profit are those with hundreds of thousands worth of equipment at minimum, and even they need to invest in more gear from time to time. If you don't upgrade your gear, the increasing difficulty will make sure there is no point in keeping your operations running any longer. People for once should understand to put mining aside completely, because it doesn't bring you anywhere -- the far majority of the people regret having invested into anything that's mining related, so why continue to go through all this?

Actually mining is a time consuming and they need high amount of investment. Because this projects are needed a lot like tools, electricity and others. Maybe mining was depending to the capacity of the users together with the location.

Location will play a vital role because its possible that electricity would be very cheap at that place and on other hand many countries have the high cost thus this difference would kill your profits as the level of difficulty will keep increasing to mine any of the coins. So people avoid nowdays mining instead look to invest directly.

Bitcoin mining becoming expensive, consuming high level energy could enter bitcoin into dark age. Being avoided by miners is a threat to bitcoin's future. One of the report says that bitcoin mining will consume more power than the whole world by 2020. If it is true then Bitcoin will face a lot of new problems than it have today.

dharnamonitor

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Quote from: spngebob on December 25, 2017, 02:44:10 PM

Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

That group of financial advisers are probably group of scammers, no one would suggest you to invest money into cloud mining sites because mostly they are ponzi scams.
You should listen to other group who told you that you should stay away from cloud mining.

Hahaha 😂. I also have some second thought about it whether those financial advisers he said were real or fake. Even though I'm not expert than them, I could still be sure to recommend someone to keep away from those schemes. Lol

Laland

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Quote from: yojodojo21 on January 04, 2018, 03:22:26 AM

Cloud mining is crazy as f*** sorry for the word, they keep on telling yeah it's good but it's really not, on the first place they can do it by themselves mine bitcoin on how much amount they have but investing to it, is like cutting your money and burn it.

Off they would tell you that but it is in each users to know what is legit or not. If its too easy that all you have to do is invest at their site then wait for profit, then it is a scam. Sure bitcoin is investing but you have to manually work for it, not just some automatic profiting like some of these cloudming sites.

yojodojo21

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Cloud mining is crazy as f*** sorry for the word, they keep on telling yeah it's good but it's really not, on the first place they can do it by themselves mine bitcoin on how much amount they have but investing to it, is like cutting your money and burn it.

glowing10

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Quote from: rhamzter on January 01, 2018, 05:23:42 PM

Quote from: richardsNY on December 31, 2017, 08:03:44 PM

Quote from: WitKohler on December 31, 2017, 11:43:08 AM

bitcoin mining is good and can make some profits from it and No for newbie.

Bitcoin mining isn't profitable either for the far majority of the people, so it's pointless even mentioning that. The only entities managing to make actual profit are those with hundreds of thousands worth of equipment at minimum, and even they need to invest in more gear from time to time. If you don't upgrade your gear, the increasing difficulty will make sure there is no point in keeping your operations running any longer. People for once should understand to put mining aside completely, because it doesn't bring you anywhere -- the far majority of the people regret having invested into anything that's mining related, so why continue to go through all this?

Actually mining is a time consuming and they need high amount of investment. Because this projects are needed a lot like tools, electricity and others. Maybe mining was depending to the capacity of the users together with the location.

Location will play a vital role because its possible that electricity would be very cheap at that place and on other hand many countries have the high cost thus this difference would kill your profits as the level of difficulty will keep increasing to mine any of the coins. So people avoid nowdays mining instead look to invest directly.

Topic: "Bitcoin mining is a Big no!" - page 22. (Read 4020 times)