Topic: Say No to Cloud Mining (Read 1158 times)

Maybe we can invest in Gavin Andersen.. .it was him that said he suspects the majority of cloud mining to become scams!

Actually yeah,
Hashie turned out to be dividend derivatives after all.

We'll still see the story unfold after the ARG

hard to say, afavor or against!
today you say afavor because the cloud where you mining is giving you profit.

tomorrow you say against, because the opposite occurs.

this is very complicated. I myself have had profits and losses. (+  losses)

Cloud Mining isn't really all about scamming, a lot of people just came about and started diving into it after one did.
Imagine a domino, when one Cloud Mining Service scams, a lot of people come to like the idea and start doing the same.

Now for Hashie, I'm still not sure about what to say abut Hashie, since it looks like a guy who tried anyway.
Hashie seems to have been DDOSed and everything. The biggest fault of the owner would be not being more responsible
or having better security checks IF that is the issue. So if that's the issue, we can't blame a single person for security,
when even government websites fall to hackers. Well I'm not entirely sure about everything. But if that isn't the issue,
then shame on the owner, and condolences to those who lost their money to a scammer.

Hashprofit on the other hand is totally a scam.

I have nothing to say about GAW though, they seem legit due to proofs, and they have the money to
get more hardware to satisfy the user needs.

Puppet's thread would be useful.

http://smallbits.ml/index.php/news/15-hashie-co-drama

I`m against cloud mining as well.  How many actually made money investing their money in cloud mining service?

That's why I warned against Hashie, since it's still in the sig. 

AMHash is legit too.  From AM or Havelock....Hashie.com....not so sure about that.

What makes his claim even more ridiculous is the fact he fails to see that while cex.io sets monthly fees for their contracts (and did so ages ago and actually lowered them several times without any contractual obligationto do so), it doesnt set contract prices, the market does. Their contracts trade freely, they cant help if morons are charging and paying ridiculously high prices that can never turn a profit.

You can even take it one step further, if they were crooks, what on earth is preventing cex.io from dumping a bazillion more GH on to that market? For those prices, its a no brainer to do so, regardless if you have the hashrate to back it up (and they probably do, or could easily obtain them).

Ethical/Moral != legit.
They have their own mining equipment. There is proof of their mining and names of the owners are publicly exposed.
Blockchain.info has their address tagged and you can see whenever they mine a block. Almost every other cloud mining "companies" don't have that.

I've nowhere said that they have moral policy, and do not mean to get in this discussion.

Ghash.io are the biggest scammers of them all, they charge over 80% in maintenance fees, they quote a USD per GHS per month price and charge you for every single share you put in. How many other sites do you pay for cloud mining and loose BTC instead of gaining it. Oh yea every scam site that stole bitcoins. There is nothing ethical or legit about this company its another unethical business just like the rest. the difference between Ghash.io/Cex.io and the other scam sites, Ghash.io fucks you in the ass with no lube and just keeps on doing it over, and over and over. they flood you with statistics, and numbers that do not calculate. But in the end they are no better than sites like PBmining. At least sites like him closed their doors and eventually stopped stealing bitcoins. Ghash steals you BTC every day.

actually they are ponzi investment sites using the word "cloud mining" to get investment from bitcoin users
they are same like HYIP sites that pay a % of invested amount for few months and then run away with investors money

I consider myself a lucky one, since i managed to make a ROI in about 10 months (small investment, though) through a cloud mining company and when i was ready to make some profit, BOOM!!! Same old story about hacking etc. No more payouts, and many people crying over their lost btc.

I am not complaining though, because i was told that i was probably entering a "ponzi" scheme. So i knew i was taking a risk.

Now, i know for sure that i will never spend any btc again for cloud mining.

First of all, as others pointed out, not all cloudmining services are ponzi scams. Most are, but there are exceptions. See the link in my sig to learn more.
Of course, that does not mean at all that  those few legitimate services are generally profitable,  because they are not.

What I take more exception with however, is your proposed alternative. Lending bitcoins is generally an even worse idea than (cloud) mining. Its hard to see why a legitimate borrower would want to borrow bitcoins, considering its volatility. Most investments and costs are still fiat denominated, so the exchange risk is enormous for a borrower, he might see his debt double or triple in mere months.  The sad reality is that most of these of borrowers will end up using the BTC for cloudmining ponzi's (and will default on their loans when said ponzi collapses), gambling (same thing, you might as well gamble yourself), as a way to short sell bitcoin (probably resulting in a default  if BTC price goes up significantly) or plain old scamming the lenders by taking out ever bigger loans, increasing their credibility rating each time, until one day, they run. Cloudmining is usually a bad idea, lending out BTC an even worse one.

As for 'investing'; there is pretty much nothing you should even consider investing BTC in. Out of 100's or 1000's of IPO and scheme's Ive seen over the years, I can name precisely ONE that actually returned substantially more to its investors than it collected (asicminer). There are plenty of BTC related companies  I would like to be able to invest in (bitpay to name just one), but none of them raise capital through BTC, for the same reasons explained above.

In the end, bitcoin itself is your investment. Dont try to 'grow' it, you dont do that with an investment in gold or silver either.  Put it in a cold wallet and hang on to it. Thats the only truly sensible thing you can do with it, besides using it for buying stuff.

Every apple rotts once.
Good Luck.

I have made ROI using Bitcoin Cloud Services 

there are good apples among the many bad ones

Somebody say that could mining is another kind of Ponzi,maybe,because of continuously rising difficulty,your hash would become unprofitable. That's a point, however Cloud Mining could be a good solution for some who didn;t good at managing miner.

I have been using cloudmining before, and now I have lost all my bitcoin 'cause cloudmining,... 

for me, I have to sure that cloudmining company have a real hashrate ( hardware proof ), pools, and address.....
if they can't give a proof of their hardware, proof, and address I can't trust them...

Mining from companies that have proof of hashpower (known pool, signed addresses, service name in coinbase text) are the only ones that can be trusted, and even then, they still need extra consideration. If there is no proof of hashpower, it's clearly not a real cloud mining provider.

And also hashnest which is from bitmaintech and is also legit. As long as the investor check before purchasing, cloud mining is awesome...

Mate, Every thing have an end, You will remember this thread once you see their real face.
Good luck.

Not necessarily every cloud mining company is a scam. For example, ghash.io is legit.

Hello,

I want to start an initiative as these cloud mining companies are fucking scamming and raping off bitcoin users.
Instead of fucking giving your coins to them, you can Invest it or you can lend a loan to a respected member so you can get your interest too and in the end, Cloud mining is like gambling. Invest >> Invest >>> Invest, Gets Nothing.

Once these companies cover up their investment and earn some profit from you, they will sell their miners (i actually don't know if some of the cloud mining providers own miners or they simply generate bitcoins to your account) and earn out of you.

Instead of giving the coins to these scammers, help a poor guy and give him a one time meal, you will happy from inside and blessed for sure. Try it if you doubt.

A user before started this and so, I would like to start it too!
Please do not invest in Cloud mining sites..

Everything which appears golden, isn't gold!