Topic: Mining contracts - the new ponzi - page 2. (Read 17491 times)

Cloud mining is very Risky; and in general, cloud mining contracts are nothing more than ponzi schemes.

If you want to cloud mine you should buy ghs and not mining contracts.

There are 2\3 sites that are trusted: cex and hashnest. However, for now cex.io is not a good option.

that thread is a very good guide for newbies and old ones who wants to dive into cloudmining investment
it would really help if those sites offering cloudmining put pictures weekly of their operations or maybe post somewhere in youtube

I think that one can take the risk if the site has these conditions:

-They offer selling your GHs /KHS

-They provide reasonable withdrawal fees


Then you can invest some bits with caution (not a great amount) "mine" for some days (5-7), sell so that you get even or some small profit, and leave the rest of the profit "mining".


Now these small amount is mining "safely" as you would only lose time if that crumbles.

Reading this will be a good start : https://bitcointalksearch.org/topic/cloudmining-101-ponzi-risk-assessment-878387

Really useful :-)

Every time i remember those "mining contracts" I remember cloudminr.io
I was so sure before that they will not close down because of that "mining contract" because they offer 5 tears mining contracts. But I was wrong and so does the others who invested with cloudminr.io
One giveaway on cloudminr.io is their domain name, which is registered only for 1 year, yet they are offering 5 year mining contract.

Yes, you are right. When you find BTC mining company website - you never know - it is scam or not. 

its hard to tell if those cloud mining sites are really mining even if they shows photos since it's easy to crop pictures nowadays. BTC exchange is quite low for a company to mine and offer cloud mining unlike before where a BTC is worth more than $300 USD.
BTC cant even stay long in the $300 USD level for a long time.

Otherwise i have still some Cloudminr.io Accounts that i can  sell up to you  so... if ure interested 

No for sure.. There are simply quit enough scmamers out there... everyday a new Porject...
But there are, legit Cloudmining Services ... i can give u some tipps. 

regards

Bitcoin Cloud Mining looks good on paper but hard to make it work for you on a small scale.

I tried BitcoinCloudServices. com and CloundMinr.io and for a while it looked good until the payout stopped and one guy even put his whole user list on his website claiming it got hacked. Needless to say, both are 100% scams.

Bitcoin fever is hard to resist so I now  mine alt coins and convert those to bitcoins.

Alt coins are much easier to mine (some even with cpu only) and you can cash out every day if you like. But beware, a lot of pump and dump in the alt coin world. But some of those alts are worth while keeping for the long term and make some decent money. Something that's mot possible anymore with mining bitcoins. Except if you throw tens of thousands of dollars on hardware.

PM me for a list of suggestions if you're interested.

I wish it were not a ponzi scheme, but it is the most obvious answer.

I singed a contract with the President of isapassion.com and paid 212 dollars back in 2013. I see him live and kicking, but no sign of bitcoin or refund is in the horizon.
The site is gone and so are the internet traces of the person who took my money.

sorry it's actually been 3.5 months

I've got a small contract with pbmining and they have paid out 80+% of my investment so far after just 2.5 months.  So although it's quite likely it is a ponzi, at least it's a healthy one... they never missed a Sunday payment for me. 

Not bad! I used it

The benefit of cloud mining is avoiding all the headaches of dealing with hardware.  The downside is that you're adding another variable into your mining success.  You're relying on the mining cloud or contract to uphold their end of the bargain.  Once they have payment you really don't have any recourse.

You can make money with contracts if you can treat the miners as your own in-house eq and control the pool they mine on and the algo.  Very few mining contracts offer this.

I think that a miming contract would be great if you could choose your own pool to mine on to prove that you have actual hardware mining for you. But of course that wouldn't work for all these scams either.

yes true once mining in cex.io or pbmining with GHS prices low and not too much benefit for us if we are not a large capital

but now I just choose to buy or lease mining equipment rental rigs

Well, sure but not if the price per coin is $5,000 per unit, not if electricity is generated for free, which both can be possible, all at once too.  The price shoots and drops by hundreds, like Gold regularly does, this means people recognize it is worth that much compared to fiat.  Those machines became highly affordable when the price of Bitcoin tanked because many miners were getting out of the business and many nearly giving away machines; Manufacturers started to mass produce because the yhad a lot more coin to play with because of the new influx of miners, well, those that could did, since now more people could afford them.  This shot a demand through to yingyang and bolstered the in-stock market.  The price in Bitcoin Asics is not priced in dollars but in BitCoin.  The machine is only worth $200 but was once sold for multiple thousands worth of Bitcoin; set by the network.  If price of BTC doubled overnight, so would the cost for miners but you'd likely pay the same amount in BitCoin.  It would cost you more fiat to buy Bitcoin.

Everything happened at an opportune time, don't you think? 

I still own every computer I ever owned from my 1992 IBM ThinkPad and they still all do their own work in my lab; all they way up to my newest ThinkPad W530.  Just because something is obsolete, doesn't make it useless, just means you need newer machines to pick up the slack and get creative. 

Comparing with consumer computers, is not being fair because you can buy a high end computers that will be obsolete after 15 years and not just 2-3 years like with HP's, Acer and other low grade brands.  My ThinkPad T61P is still considered above average, 8 years after; but that's the same model astronauts take into outer space, not cheap stuff.

How can anybody fall for this?!?!

I did cloud mining and gpu mining. But i lost money in both. If i would have purchased the btc directly i am in profit.