Maybe this is the way these ponzis are lasting

Pursuer

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Where is my ring of blades...

Quote from: BitcoinSupremo on April 07, 2016, 01:07:37 AM

I have been think thoroughly regarding 2 cloud mining which are ponzis without any doubt and are cldmine and topmine. How come these website are still alive (well topmine is new 1.5 month old) but Cldmine is about 6 months now and not many people know it. I have arrived at the conclusion they are mining GPU-s maybe and thats how they can continue to stay well more than 6 months available, as mining DOGE is not really difficult or any other alt crypto which can be easily mined. What do you think of this ?

it is a nice theory but the problem with this theory is that if they want to mine, they would go legit and use GPUs or even mining equipment, meaning they would invest in it to really mine and share in the reward (even very small amounts) with their investors.

but scams do not want to spend anything, which means they would use the cheapest plan, only a domain and a hosting plan to put the website up. there is no more to that in order to mine even with GPU they would at least need a VPS or something like that which will cost which will lead to less money earned through their scam.

gkv9

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!!! RiSe aBovE ThE StoRm !!!

According to me, nothing but they are just moving others' money ahead by robbing Peter to pay Paul...
Ponzis are definitely not at all trustworthy and if you think you should invest, do it at your own risk, but that too by researching and not just get involved with your eyes closed...

mrcash02

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If they are surviving for a long time it's because there is people feeding them. People are still investing on it, so they can continue "working". Better for them because this kind of thought feed the hope of people like OP that believe that they are legit.

"They are paying for some months, maybe they are legit...". Unfortunelly it's just another scam site... Sad

BitMaxz

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Quote from: plost24 on April 08, 2016, 06:01:03 PM

ponzi only have a short time of life because even if they have so much investor it will come a day that the owner will descover that he can't pay the others so he will run away with all bitcoin he have and turn to scam. even if you have 3 new invester a day and the old one reinvest in the ponzi there is no chance.

yeah your right they running all our investment they are only good in the first time you invest just to attract people to invest more until you invest and increase your investment.. after that they ran..

Rizla2345

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Quote from: Hashminers on April 09, 2016, 01:26:51 PM

Quote from: Rizla2345 on April 09, 2016, 06:51:05 AM

It´s those "lifetime" contracts which are especially attractive to people that aren´t familiar with bitcoin mining. They don´t understand that lifetime really refers to the equipment, how long that can profitably eke out some coin. I guess most people don´t know that mining is a question of a ballooning equipment and hash power chasing a fixed daily supply of coin. So the more hash the less for each miner on average until the gear isn´t profitable anymore and therefore defunct, useless. This lifetime concept helps both the scammers and legitimate operations in their marketing.

Yeah the term lifetime is very misleading. Since there is no way the contracts will last a lifetime. In the best case scenario it would be for 1.5 year.
And so people buy into this kind of ponzi's/ scams.

In a legit operation it depends mostly on the difficulty increase I guess. And the dollar price if maintenance is calculated in dollars. The lower the BTC price the more satoshi towards those fees. It´s likely to be worthless within a year I think and practically worthless some time before that although it may pay out some meaningless dust.

If the BTC price is rising more hash will be added to the network and the difficulty will rise wiping you out that way. If the price falls you´ll be killed by the maintenance costs. It´s lose-lose on average.

arseaboy

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just simple like networking the more investor to come the more they continue, ponzi always rely on the numbers of investors that will joined them and as long as their are patronizing it the long live they gonna have. i have a free account from cldmine for almost 4months now but did not get any thing because of the amount that is needed before you can withdraw to the point that I already gave up.

Hashminers

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Quote from: Rizla2345 on April 09, 2016, 06:51:05 AM

It´s those "lifetime" contracts which are especially attractive to people that aren´t familiar with bitcoin mining. They don´t understand that lifetime really refers to the equipment, how long that can profitably eke out some coin. I guess most people don´t know that mining is a question of a ballooning equipment and hash power chasing a fixed daily supply of coin. So the more hash the less for each miner on average until the gear isn´t profitable anymore and therefore defunct, useless. This lifetime concept helps both the scammers and legitimate operations in their marketing.

Yeah the term lifetime is very misleading. Since there is no way the contracts will last a lifetime. In the best case scenario it would be for 1.5 year.
And so people buy into this kind of ponzi's/ scams.

sana54210

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In my personal experience, most of ponzis are surviving on beginners and new investors. Some people are aiming for affiliate earning to recover their investment is short term. Internet always provide world wise business opportunity, so all new business are able to get new people from some part of the world who come front to risk their money for different reasons.

Bitspenser

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Quote from: beel on April 09, 2016, 06:33:36 AM

how about hashocean its been running more than 1 year now i guess

I'm guessing it's still alive because they keep getting new investors, and that people reinvest their bitcoin. If you made a 1.5 multiplier on your money by doing nothing, the idiots will put their profits into 'cloud mining' as well.

Rizla2345

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It´s those "lifetime" contracts which are especially attractive to people that aren´t familiar with bitcoin mining. They don´t understand that lifetime really refers to the equipment, how long that can profitably eke out some coin. I guess most people don´t know that mining is a question of a ballooning equipment and hash power chasing a fixed daily supply of coin. So the more hash the less for each miner on average until the gear isn´t profitable anymore and therefore defunct, useless. This lifetime concept helps both the scammers and legitimate operations in their marketing.

beel

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how about hashocean its been running more than 1 year now i guess

Rizla2345

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It´s scum utilizing other scum for a fee (referral) to round up victims. You´ll see this referral scum bragging on the threads about how they made ROI, to get more victims. Or so it used to be, maybe it doesn´t work so well anymore so many of these scams have folded that most people are probably getting wary.

amacar2

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Fake cloud mining site run on same principle as of HYIP (high yeilding investment program) and they can live as long as they get new customers via referal of others. I think they have quite good advertisers enjoying referal commision on background.

plost24

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ponzi only have a short time of life because even if they have so much investor it will come a day that the owner will descover that he can't pay the others so he will run away with all bitcoin he have and turn to scam. even if you have 3 new invester a day and the old one reinvest in the ponzi there is no chance.

BitcoinSupremo

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Quote from: noel57 on April 07, 2016, 09:30:54 PM

Quote from: Phildo on April 07, 2016, 09:20:15 PM

It's very easy for cloud mining scams to last because they don't really need new investors to pay old investors.

They can just take your money and give it back to you a little bit at a time.

They go until the deposits stuff and the owner realizes they will never have more money than they do at the moment, so they run.

I agreed with you completely because that is the way ponzi cloud mining works some of them even invest your funds into gambling, Forex trading etc in order to meet up.

Lol, so some of them also play the role of those well known HYIPS which tells you their managers are very experienced FOREX players and promise you 6% daily. Like I said, morals exist no more in our world.

noel57

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Quote from: Phildo on April 07, 2016, 09:20:15 PM

It's very easy for cloud mining scams to last because they don't really need new investors to pay old investors.

They can just take your money and give it back to you a little bit at a time.

They go until the deposits stuff and the owner realizes they will never have more money than they do at the moment, so they run.

I agreed with you completely because that is the way ponzi cloud mining works some of them even invest your funds into gambling, Forex trading etc in order to meet up.

Rizla2345

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Quote from: Phildo on April 07, 2016, 09:20:15 PM

It's very easy for cloud mining scams to last because they don't really need new investors to pay old investors.

They can just take your money and give it back to you a little bit at a time.

They go until the deposits stuff and the owner realizes they will never have more money than they do at the moment, so they run.

They´re probably enticing the current members with offers to reinvest. That´s one way these schemes prolong their existence. And there´ll be discounts on hash sales. At some point these very promising offers come thick and fast which is usually a sign that the end is near.

Phildo

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It's very easy for cloud mining scams to last because they don't really need new investors to pay old investors.

They can just take your money and give it back to you a little bit at a time.

They go until the deposits stuff and the owner realizes they will never have more money than they do at the moment, so they run.

Monnt

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It's pretty much the same idea as gambling. People have made profit of ponzis before, and think they can do it again. And they get scammed. Simple. It's greed.

SparkyU

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You know what they say, there is a sucker born every minute. There is essentially an endless stream of people to take advantage of if you're the kind of scumbag person that does that sort of thing. It's why it's profitable and why people will continue to do it.

Topic: Maybe this is the way these ponzis are lasting (Read 1258 times)