Cloud mining - why? - page 2. | Bitcointalksearch.org

jossiel

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Quote from: freedomgo on June 01, 2020, 04:03:15 AM

I don't know if there still a legit business now that offers cloud mining but in general, it has a very bad reputation, so stay away. Investing in bitcoin or other potential coins would be better than risking your money in cloud mining.

I have seen that Viabtc offers it but it says that it's sold out. You can calculate how much profit would be.

https://www.viabtc.com/contract/pricing

Like what others said, cloud mining became a place for scammers that creates the scheme as HYIP today. There's no point in putting your bitcoins there and it's recommended just to keep it on your wallet. I think most newbies are thinking that they are actually mining when they buy unprofitable contracts through cloud mining. They tend to think that they mine and boast it to their friends.

freedomgo

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Cloud mining has become a HYIP, don't easily fall for that one, I don't know if there still a legit business now that offers cloud mining but in general, it has a very bad reputation, so stay away. Investing in bitcoin or other potential coins would be better than risking your money in cloud mining.

joniboini

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Quote from: danieleither on May 31, 2020, 12:31:49 PM

The only way I can see it 'could' be beneficial is if you purchased a contract some time in the future at a fixed price, and by the time your mining contract begins the value of bitcoin has risen significantly and outweighs the cost of the contract

Nah, that's just gamble as you say. Even if some companies have this product I believe they'll add additional clauses so that they got more profits. Most of them win because the price per share is really high while the bitcoin the user got is small, I doubt they'll change their strategy.

This 'business' is likely going to keep running because it's easy to set up a cloud mining website for $100, and then ask a user to pay $50 for some 'hash power'.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: danieleither on May 31, 2020, 12:31:49 PM

or is that the point, like some sort of gamble?

Cloud mining is a pyramid scheme/MLM scheme. So yes it becomes a sort of a gamble and a hype led koolaid crew.

This is enhanced by the fact that these schemes spread on social media and previous faucet sites and google ads (not anymore now) for giving high referral commission and thus more and more people signed up.

The real winners here were the people running the scheme who are the scammers and the social media promoters who promoted them, specially youtubers. They got paid for it and they didnt care about how people lost, they just wanted their money - you see how money can manipulate people to forget their morals?

And the losers were those who got on the hype train, those investing last were the least probable of breaking even because on fine day the site will have shut down and all the money gone into thin air with no legal authority to contact and nobody to run after.

If you talk about accusing the youtubers then they will either claim their disclaimer or say they were also scammed/pull the victim card. Roll Eyes

mk4

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Paldo.io 🤖

Quote from: danieleither on May 31, 2020, 12:31:49 PM

so why do people buy these contracts?

Mostly ignorance and their want to join the "crypto hype train". The same reason why people frequently get tricked into investment schemes. Even a quick Google search would immediately let them know how bad of an idea paying for cloud mining is.

BitcoinNewsMagazine

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You are always better off just buying and holding bitcoin for the long term. Just stay away from the cloud mining contracts. The companies are in business to make a profit for themselves, not the investors.

danieleither

full member

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Can someone help me understand the point of cloud-mining and why anyone would buy a cloud-mining contract? For every one I've looked at, the cost of the contract far outweighs the amount of bitcoin that would be mined, so why do people buy these contracts?

The only way I can see it 'could' be beneficial is if you purchased a contract some time in the future at a fixed price, and by the time your mining contract begins the value of bitcoin has risen significantly and outweighs the cost of the contract - or is that the point, like some sort of gamble?

Topic: Cloud mining - why? - page 2. (Read 732 times)