"Bitcoin mining is a Big no!" - page 23.

MoneyMotivatesMe

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Quote from: zlatan07 on January 02, 2018, 07:33:49 AM

Most Bitcoin Cloud Mining Companies are Scams

Like the heading says, most cloud mining contracts are scams. Why?
Because it’s easy for companies to take peoples’ money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware. So remember: 99% of cloud mining companies are scams.

'

Absolutely. I've encountered many of them in social media and all these sites are gone quickly with all the investor's money on their pockets.

ivrynx

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I think this depends on your situation, if you located on a cold place and the cost of electricity is low, why not mine bitcoin as, since you can still profit, but if all the factors that will help you mine will cost more than your earnings, then stop. As an investor, bitcoin still gives us income, why stop, though there are alot of altcoins out there, they still can be converted to bitcoin, i am not against mining altcoins, but why would we stop mining bitcoin, if it still gives us profit, the term is not being greedy, but being practical and expanding your investments.

d0nsly

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It better to mine altcoins than bitcoin, you can probably consider ethereum, bitcoin gold or monero

Fantastic33

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Cloud mining is profitable but it is very difficult to mine, and i think its not a good idea. Also, you need certain equipment to mine. Mining is very risky, and there are only few trusted mining sites. If you want to earn, then do it on a right way just like trading. Its more profitable than mining. Just be patient and plan your actions very carefully, then success will follow.

If you want to read about the advantages and disadvatages of mining, then click on the link below.
http://techglamour.com/cloud-mining-advantages-and-disadvantages/

pokeronlinestatus

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Quote from: Kemarit on December 30, 2017, 09:42:10 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?

There are two sets of people that you have talked to. The first group of people you have talked is knows nothing and just want to earn quick bucks by investing on cloud mining sites, however, there are only few trusted mining sites that really give you good returns, and most of them are scams. While the second set of people, are really traders and have been in the business too long that they have earning big bucks already. They know the ins and outs and have been in the industry for so long and experience says that is the best way, not investing in cloud mining. Reason to the second set of people that you have meet, they know what they are saying and you should try it. Trading is risky YES, they are right, but the risk comes with big rewards as well.

I took think that for now bitcoin mining is not too profitable instead of if it is done on a large scale. Mining is becoming difficult more and more days as the number of t. But still trading is more profitable compared to mining for now transactions are increasing and also the power needed to mining.

Bitcoin trading is in the other had more profitable as more and more new coins are getting listed on exchange and this has increased the chance to earn money for the traders.

zlatan07

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Most Bitcoin Cloud Mining Companies are Scams

rhamzter

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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.

Mister1k

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Quote from: Koadharber on January 01, 2018, 12:52:11 PM

Quote from: sister1001 on December 29, 2017, 05:33:54 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?

I think that mining with graphics cards is nowdays a risky bet at most. Normally, if the benefits are particularly good due to good prices and plenty of coins to mine many more people go into it and the profit goes down. ASIC mining is probably even worse, as the really fat whales are into it.

GPU or ASIC mining both do have risk if we do try to look on mining difficulty which we do know it do rise up overtime. The fact there that most people do focus on GPU since its lesser on price not like on asic and they can able to mine out lots of coins which is mineable by VC but regarding profitability it can give you the chance but still you would need to consider the most common things which is electricity.

How do you say GPU and ASIC mining both are risky bro. There are many people mining bitcoin and alts for making money. Next development projects on crypto platform this is the highly earning option.
Difficulty is need to worry when you have the cheap hash given hardware or GPU cards. When you have antminer s9 or other than that you will get the profit for sure with that. GPU rig is good for mining ETH or other alts.

Koadharber

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Quote from: sister1001 on December 29, 2017, 05:33:54 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?

I think that mining with graphics cards is nowdays a risky bet at most. Normally, if the benefits are particularly good due to good prices and plenty of coins to mine many more people go into it and the profit goes down. ASIC mining is probably even worse, as the really fat whales are into it.

GPU or ASIC mining both do have risk if we do try to look on mining difficulty which we do know it do rise up overtime. The fact there that most people do focus on GPU since its lesser on price not like on asic and they can able to mine out lots of coins which is mineable by VC but regarding profitability it can give you the chance but still you would need to consider the most common things which is electricity.

Bect1936

newbie

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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 "

richardsNY

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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?

francojon

member

Activity: 238

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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?

Cloud mining is not particularly risky. It is risky to invest in mining equipment that can easily get obsolete.

sajeebur rahaman

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I love Beauty

Quote from: Slow death on December 25, 2017, 04:15:46 PM

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

What are the possible reason on thier contradiction?

Everywhere there are those who profit and those who have losses. by that I mean the following, for people who entered the cloud mining sites very early had the benefit of having many referrals and with that today they make a lot of money, there are also people who invested a lot of money and who also make huge profits and have people that are with damages, but this depends on the contract that each person has.

So it depends on the person you ask.

If someone has profits, obviously he will tell you that cloud mining are good investments.

If the person never invested in any cloud mining site and this person has just read some bad comment about some cloud mining company, then he will say to you: don't invest in cloud mining

If someone invested and did not like or disagree with the gains that have, this person will say to you: don't invest in cloud mining sites

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

Whos recommendation should i try and why?

You said the right thingBTCBTC

You should do your own research and decide for yourself.

WitKohler

newbie

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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?

cloud mining is biggest No, Faust is also big No.
bitcoin mining is good and can make some profits from it and No for newbie.

1Referee

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Quote from: vintages on December 31, 2017, 07:43:07 AM

There are some cloud mining sites that are genuine like the ones you have researched about but be careful.

If we look through this cloud mining market, there isn't such a thing as genuine mining services, because all of them know that the far majority of the buyers won't see even 50% of their initial investment back. Those who do manage to ROI, are amongst the very few ones having had just pure luck. In other words, cloud mining is just a waste of time and money.

Quote from: vintages on December 31, 2017, 07:43:07 AM

Its most times too difficult to trust them completely. Some trusted cloud miner have surprisely turned to become scammers.

Point is that you shouldn't trust them. Even if certain services are actually mining, they are still just gaming their users. It's a scheme that people throw themselves in, and they can only blame themselves for that. It's a scam infested market all the way through, so no one should be surprised to see whatever service shut down or run away. Cloud mining just like gambling is the poor man's attempt to become rich, and this only works against you.

vintages

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There are some cloud mining sites that are genuine like the ones you have researched about but be careful. Its most times too difficult to trust them completely. Some trusted cloud miner have surprisely turned to become scammers. So I suggest you should follow the advice of those that advice you not to enter into cloud mining, they might have been experienced in it. If they are making big income from bitcoin, I suggest you should ask them how they did it. They should put you through, to know if they pool mine, invest or trade.

Kemarit

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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?

There are two sets of people that you have talked to. The first group of people you have talked is knows nothing and just want to earn quick bucks by investing on cloud mining sites, however, there are only few trusted mining sites that really give you good returns, and most of them are scams. While the second set of people, are really traders and have been in the business too long that they have earning big bucks already. They know the ins and outs and have been in the industry for so long and experience says that is the best way, not investing in cloud mining. Reason to the second set of people that you have meet, they know what they are saying and you should try it. Trading is risky YES, they are right, but the risk comes with big rewards as well.

AMHURSICKUS

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Doing mining is very expensive, you need some equipment just to do mining.
It consumes lot of elctricity and you have to provide an stable elctricity just to perform mining. You should have a big capital if you want to start mining. And read and read about mining before you start, this will help you to acquire some knowledge and techniques.
If you really want to make your money double, triple or more. Try to do trading, it is risky but i can assure you that it is profitable.

erre

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I would be very curious to know who are the "financial advisers" you are talking about. Cloud mining is over, you can maybe find a mining partnership in China or Venezuela but you need very cheap electricity for btc mining to be profitable nowdays

sister1001

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Quote from: katinko on December 29, 2017, 01:32:34 AM

Quote from: ActiveWizard77 on December 29, 2017, 12:52:50 AM

Some cloud mining are legit. But I don't think it will be profitable, cloud mining are sometimes just a Ponzi scheme that will collapse anytime.

Yes legit at first, but in the long run they will turn to scam because they do not have real mining site they only get money in the investors for payout to the first person who invested on them. For me much better to have your own mining hardware that is much profitable than other method. Avoid cloud mining mate it could not help you.

The ponzis and the ilegit business are a real plague in all this. It is much better to try to invest in serious business with at least some professional teams and backers. The rest is a bet.

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