"Bitcoin mining is a Big no!" - page 26.

Anne8

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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?

If you want to gain passive income then mining is good but you should stay where electricity is very cheap.
If not cheap, it is like you put your money on risky because you will pay more in electricity.

Rinsend

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AZBI NETWORK - Multichain system

I know a little about cloud mining.
I think so far cloud mining is still very profitable although it is not recommended for beginners.
because there are many costs that need to be issued.
but if it can be well set.
this can produce quite large

Slow death

legendary

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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 should do your own research and decide for yourself.

cryptonomics_dealer

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I can't said that cloud mining is only negative. Yes it's really a problem, that services (at least hashflare) don't let you to make windrawals to exchanges when price of Bitcoin is growing up. It can be interesting experience but you'll never been sure that you cloud mining contract will finish in a "peaceful" way))

richardsNY

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Anyone advising people to get involved in cloud mining should directly be discarded as trustworthy person. It's nothing more than a well set up plan to gain basically guaranteed profits as service. If at some point they feel that there isn't much money coming in anymore, they have all the freedom to lift fees, or even terminate your contract. And if in extreme situations that isn't helping either, they just stop their cloud mining activities. I often see people refer to cloud mining as being a legal form of scamming, and they have a great point there, because they aren't doing much wrong, unless they aren't actually having a mining operation.

spngebob

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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?

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.

AngelSky

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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 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.

VitKoyn

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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?

The majority of those Bitcoin cloud mining are scams, even those legit ones that have been operating for a long time and really pays their investors are not profitable and it will take years before you will get your return of investment and yes it is very risky, it is much better if you do your own mining than investing there, it will just take months before you get your ROI (depending on how efficient your mining hardware is). What is the recommendation of second one? if that is trading then yes it more profitable than investing in cloud mining sites but still risky.

Lucifer777

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Could support for ripple, eth, bcc, doge, ltc, dash and other alts be a good foundation upon which to build a small business?

milewilda

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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?

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.

hercules006

newbie

Activity: 56

Merit: 0

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?

Topic: "Bitcoin mining is a Big no!" - page 26. (Read 4020 times)