"Bitcoin mining is a Big no!" - page 24.

sister1001

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Quote from: Mademoiselle on December 29, 2017, 11:49:57 AM

Quote from: @Mhaiang on December 29, 2017, 11:46:30 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?

You should try the trading and investing of altcoins or bitcoins instead of that cloud mining. Yes, that mining is very much expensive as far as i know and also it is very hard thing to do.

Mining btc is good but its risky, i mean it consumes alot of electricity and you wouldn't pay those big bills. For me I'll stick to marketing

It is also a quite unfair competition for those who live in countries with non-subsidized electricity prices. If someone is getting the juice at 5 cents, there is nothing I can do.

sister1001

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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?

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.

spring07

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0x5A165891De2a2c8B82c7De19486277e0d5b644DF

Mining is real and works just fine if you happen to stumble on the right source.
From a personal point of view and experiences i have had in the past, it seems legit and trusted cloud mining companies are rare to come by and as a result scam companies flood the whole cyber space. Infact i am tempted to call most of the mining contract being paraded up and down as mere scam and we all need to beware.

wxxyrqa

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Quote from: Qartersa on December 29, 2017, 11:45:02 AM

Yes, I agree. The response is not a straight NO because there are ways to earn good bucks through Bitcoin mining. Nonetheless, if you are really eager to venture onto cloud mining, then I suggest you would have to conduct a thorough research and study on how well such business works. Otherwise, you would end up having nothing either because you are not earning enough due to overhead costs or you got yourself scammed for a whole lot of devious schemes. You better be smart and educate yourself first.

Of course, you must first study the sphere of activity in which you are going to work. It seems to me that let the crypto-currency unite a lot of directions, but at the same time, production is very different from trade, as it is difficult to be very different from investments. Everyone should find themselves somewhere and in something certain.

Mademoiselle

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Quote from: @Mhaiang on December 29, 2017, 11:46:30 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?

You should try the trading and investing of altcoins or bitcoins instead of that cloud mining. Yes, that mining is very much expensive as far as i know and also it is very hard thing to do.

Mining btc is good but its risky, i mean it consumes alot of electricity and you wouldn't pay those big bills. For me I'll stick to marketing

@Mhaiang

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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?

You should try the trading and investing of altcoins or bitcoins instead of that cloud mining. Yes, that mining is very much expensive as far as i know and also it is very hard thing to do.

Qartersa

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Yes, I agree. The response is not a straight NO because there are ways to earn good bucks through Bitcoin mining. Nonetheless, if you are really eager to venture onto cloud mining, then I suggest you would have to conduct a thorough research and study on how well such business works. Otherwise, you would end up having nothing either because you are not earning enough due to overhead costs or you got yourself scammed for a whole lot of devious schemes. You better be smart and educate yourself first.

vinzanityyy

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Not straight-forward a big "NO" because if you have studied mining and have known sources of cloud mining sites that will really provide you bitcoins then I don't think that Bitcoin mining should be denied instantly, but if you are new to Bitcoin then I'd suggest you study and be skillful about mining, because there are tons of scam cases in the past few years wherein people would get scammed in mining not being aware that they are mining fake BTC, and this is why we should be literate enough to know and be sure of its legitimacy.

reliable

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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.

I was inclined towards the cloud mining during my initial days when I was seeing those monthly returns they use to show on their site. But then after reading and doing more research came to know that their are very few genuine sites exists who will pay you continuously and better to avoid it and save your money from getting scammed.

boyptc

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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.

I don't invest in any cloud mining anymore, call it what you want to call it but I've learned from my past experience of becoming a victim of a "legit" cloud mining and that is hashocean. I just invested into it because there are some investors calling it that way when I was quite new to bitcoin and from that incident lesson learned. Don't trust and invest there.

katinko

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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.

ActiveWizard77

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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.

BillCoin

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Quote from: serjent05 on December 28, 2017, 01:41:42 PM

I think cloudmining is just another waste of investment. I have been around this environment since 2014, and if cloudmining is still profitable then why would CEX.IO change its service? Though I can say there are still some legit cloudmining offers but majority of what is in the market now are all ponzi schemes where they pay us from the payment of their new entries. Aside from that, with the ever growing hashes, the return of our fixed hash will continuuously go down unless we upgraded it.

The big no here is that some cloud mining companys are actually a Ponzi scheme, and it's hard to determine whether a cloud mining company is a Ponzi Scheme or is actually legit.

That's the big reason you shouldn't be investing in cloud mining, because if you are not familliar with what you are doing, you can find yourself investing in a Ponzi scheme, which later can lead you to lose ALL of your investment funds.

batang_bitcoin

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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 a big no and I guess you have to rephrase the title. There have been somehow trusted cloud mining site before and later it was collapsed so don't put yourself and amusement to cloud mining. Those people that you've met who are earning big bucks with bitcoin, listen to them they know how cloud mining works and why you didn't asked them on how they are gaining profit?

serjent05

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I think cloudmining is just another waste of investment. I have been around this environment since 2014, and if cloudmining is still profitable then why would CEX.IO change its service? Though I can say there are still some legit cloudmining offers but majority of what is in the market now are all ponzi schemes where they pay us from the payment of their new entries. Aside from that, with the ever growing hashes, the return of our fixed hash will continuuously go down unless we upgraded it.

RamonBTC

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The title seems to be a little off with the content discussion. It is cloud mining that is a worthless and totally unprofitable. Not bitcoin mining especially using your own good hardware in earning passively. But I will recommend to used gpu like 1080ti that is worth the bucks with much higher hash rate. Because you can sold it, if you don’t use it anymore.

Fatunad

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Quote from: audaciousbeing on December 28, 2017, 12:54:20 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?

Your team of financial advisers might be right on other suggestions they have proffered but the bold part is not the best way to earn bitcoin surely not the only way as the cloud mining section of the crypto community have been infested with scammers that to identify a legit one is gradually turning into a nightmare while when you eventually get one, you have to wait until forever to get a return.

I will be tilting towards the latter school of thought, you want to make more bitcoin buy, learn the art of trading, and then practice it as that is the only surest way.

This would be the surest part which we can able to accumulate even more bitcoin.I dont see or even bother myself to put my money on these cloud minings which have been said most of them are infested by scammers which would really give the possibility for you to lose up money.Those suggestions by those advisor is considerable but they do really miss one point which isnt really true after all.

audaciousbeing

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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?

Your team of financial advisers might be right on other suggestions they have proffered but the bold part is not the best way to earn bitcoin surely not the only way as the cloud mining section of the crypto community have been infested with scammers that to identify a legit one is gradually turning into a nightmare while when you eventually get one, you have to wait until forever to get a return.

I will be tilting towards the latter school of thought, you want to make more bitcoin buy, learn the art of trading, and then practice it as that is the only surest way.

bering

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yes indeed bitcoin mining is big no because cloud mining itself even is risky than solo mining and this is not recommended especially there are plenty of cloud mining scam site who only promising us big profit but eventually they only will stole our money and disappear and i personally had several times got scammed by cloud mining and i would never trust again them until whenever

bitcoinvamp

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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?

Go for the second recommendation as mining requires a huge investment due to its expensive hardware requirement and electricity . On the other hand by doing trading and joining signatures you could earn good amount of money with almost no investment needed.

Topic: "Bitcoin mining is a Big no!" - page 24. (Read 4020 times)