Serious qestions about CEX.io and other cloud mining services

allegro

newbie

Activity: 14

Merit: 0

Quote from: gracesfall on December 03, 2013, 08:12:22 AM

Quote from: siameze on November 30, 2013, 10:23:41 AM

Cloud mining *can* turn a profit but the problem with cex is not their hardware or the site itself, it is the site management which likes to jerk around users and change there TOS on a whim. There are several alternatives to cex.io, I hope the new one that is creating a buzz eventually forces cex lower on the scale.

My advice is do not trust cex.io or Jeffrey Smith AT ALL.

What are some viable, reputable alternatives to CEX?

Take a look at Hashnest. You can buy (and sell) hashing power and no one doubts legitimacy of Bitmain.

Bitcoin News Magazine

MICRO

legendary

Activity: 2464

Merit: 1037

CEO @ Stake.com and Primedice.com

Quote from: elavenil on February 26, 2014, 01:07:35 AM

Quote from: michaelhampton2 on February 26, 2014, 01:04:46 AM

Use pbming.com, if you are serious about making money.

If we use pbmining can we make profit?

U will get invested money back in 60ish days. After that everything is profit for next 5 years .

elavenil

full member

Activity: 182

Merit: 100

Quote from: michaelhampton2 on February 26, 2014, 01:04:46 AM

Use pbming.com, if you are serious about making money.

If we use pbmining can we make profit?

michaelhampton2

newbie

Activity: 56

Merit: 0

Use pbming.com, if you are serious about making money.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: vlc on February 23, 2014, 08:43:06 AM

Did the original questioner remember to include the fact that at the end of that year you still have the original ( but depreciating ) GHS to sell back to BTC? And if one were to re-invest the mined coins as they come, there is the opportunity to mitigate the depreciation of the total GHS on the account, by constantly increasing the mining power by using at least some of the profits.

Do the math. The price has dropped 90% in the last 4 months and mining has returned only 50% of the purchase price. Reinvesting would have only compounded the loss.

quarkyplum

full member

Activity: 378

Merit: 100

ez answer: u sell

MICRO

legendary

Activity: 2464

Merit: 1037

CEO @ Stake.com and Primedice.com

I invested 0.05ish btc for 5ghs in this http://pbmining.com/ . Its for 5 year so no trading or selling ur ghs. But at this price of 0.011 btc / 1ghs. U should get ur money back in 60ish days. So everything after that for the next 5 years is pure profit. And also they are paying out evry week so u dont even need to check or cashout . Just forget about it and get btc in ur wallet evry week.

vlc

newbie

Activity: 11

Merit: 0

Did the original questioner remember to include the fact that at the end of that year you still have the original ( but depreciating ) GHS to sell back to BTC? And if one were to re-invest the mined coins as they come, there is the opportunity to mitigate the depreciation of the total GHS on the account, by constantly increasing the mining power by using at least some of the profits.
However, I don't know if the value of the BTC mined would be enough to buy sufficient extra GHS to create a virtuous cycle. Probably only some of the time. But part of this model involves timing when to move between GHS and BTC. i.e. Trading one for the other for a profit.
In some ways this could be more sensible than buying the mining hardware because it is difficult to convert the BTC (or fiat) you used to buy the equipment back into BTC.

MICRO

legendary

Activity: 2464

Merit: 1037

CEO @ Stake.com and Primedice.com

Quote from: odolvlobo on February 20, 2014, 05:18:06 PM

Quote from: MICRO on February 20, 2014, 04:32:55 PM

Yeah better ur btc sit in cex and making u some small profit than sitting in ur wallet doing nothing Cheesy

.

That is just not true. in general, the more you mine using cex.io, the more money you lose. You are much better off holding BTC in your wallet than buying GH/s and mining. This has been shown many times already.

There are three ways a profit can be made on cex.io:

1. You buy GH/s at a very cheap price (below 0.012 BTC) and you mine.
2. You trade frequently and you are very good/lucky.
3. The difficulty remains flat or falls (possible but extremely unlikely).

Well hm... u have good point coz price rely drooping.
But there is one more way , let refs buy ghs for u Cheesy

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: MICRO on February 20, 2014, 04:32:55 PM

Yeah better ur btc sit in cex and making u some small profit than sitting in ur wallet doing nothing Cheesy

.

That is just not true. In general, the more you mine using cex.io, the more money you lose. You are much better off holding BTC in your wallet than buying GH/s and mining. This has been shown many times already.

Here are the ways a profit can be made on cex.io:

1. You buy GH/s at a much lower price (below 0.012 BTC), and you mine.
2. You trade frequently and you are very good/lucky.
3. The difficulty remains flat or falls (possible, but extremely unlikely).
4. Spam referral links (as suggested by MICRO).

MICRO

legendary

Activity: 2464

Merit: 1037

CEO @ Stake.com and Primedice.com

Yeah better ur btc sit in cex and making u some small profit than sitting in ur wallet doing nothing Cheesy

.
And also add there some good refs. And do bit trading . U can make some nice profit.

Quote from: miroman86 on February 11, 2014, 09:01:55 PM

Bottom line, YOU GOTTA SPEND MONEY TO MAKE MONEY! It's as simple as that...

I totally agree with u . Cex cant make u loads of money on ur investment , but its pretty safe investing there and will make u some profit. Not much but better than nothing. Atm if u have more than 160 ghs, for me that will make some nice profit for doing nothing.

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: daledaledale on November 24, 2013, 11:54:23 PM

OK, this all sounds like there is some possibility for me to buy cloud hashing time and potentially actually see a return on my investment right? Looking at their own calculator: https://cex.io/calc we can see an estimate of predicted investment VS return.

The current rate for GHS/BTC is .0850, so say I spend 8.5BTC for 100GH/S, their calculator shows that in the first month I will make back 2.39BTC, second 1.59BTC...etc until the twelth month when it has dwindled to .03BTC and is fast dropping. The most I ever make back is 6.92BTC plus a few specks of dust after 12 months as the return approaches 0.

WHY WOULD ANYONE DO THIS? Please I don't want to hear about trading of GHS/BTC, I realize that this is how people are using it to make money, but cex.io themselves isn't only focusing on this, they are selling themselves as a mining service that makes sense, and to me it makes absolutely no sense.

Very simple.
Some people don't check the profit calculator, and some don't even understand what difficulty is.

miroman86

full member

Activity: 126

Merit: 100

This chart helped me get a better idea of CEX >>> https://cryptfolio.com/historical?id=cexio_btcghs_daily&days=180

I use CEXio... before my goal was to trade, then I wasnt careful and had around BTC 0.4 of losses mainly because I thought the price of GHS would go up (I started just before prices went down)...

Looking at the graph in the link above, and the graph on CEXio, I've had some luck getting back those BTC that I lost...

If the price of GHs is destined to go down, trading would really be profitable. Just buy when it gets to that big drop (you really have to spend time watching it though). The more GHs or BTC you trade, the bigger the profits of course. Don't expect to be rewarded by trading one GHS/BTC at a time... Those .000x wouldn't matter if you're not trading big, youre better off mining that difference for the time being...

In the end, I think its the same thing if you're mining in the cloud or have your own hardware. Bottom line, YOU GOTTA SPEND MONEY TO MAKE MONEY! It's as simple as that...

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Hunterbunter on February 11, 2014, 04:27:54 AM

Quote from: Itun on November 25, 2013, 12:49:20 AM

Well, you can buy GHs, mine for a month and sell it.

If the prices of a GHs lower at the constant rate it has been lowering at, you can make a profit like that.

The logic behind that is flawed.

If you buy for a month and sell it, does what you said also apply to the person who bought from you?

What if you are the person who bought from the person who'd be already using it for a month?

Everybody will make a lot of cash

, err bitcoins. Wasn't supposed to be like that , everyone getting rich out of nowhere? =))))

LunarLuna

newbie

Activity: 10

Merit: 0

i dont see a lot of people agreeing with you

Hunterbunter

hero member

Activity: 994

Merit: 1000

Quote from: Itun on November 25, 2013, 12:49:20 AM

Well, you can buy GHs, mine for a month and sell it.

If the prices of a GHs lower at the constant rate it has been lowering at, you can make a profit like that.

The logic behind that is flawed.

If you buy for a month and sell it, does what you said also apply to the person who bought from you?

What if you are the person who bought from the person who'd be already using it for a month?

smooth

legendary

Activity: 2968

Merit: 1198

Quote from: jballs on January 08, 2014, 12:40:07 AM

Quote from: Late_Miner on January 07, 2014, 11:18:41 PM

Ok I've been running some thoughts and numbers in my head about CEX. Right now it is .04189 a GH so 1 Bitcoin would get you about 23 GH's. I have about $14,000 in a couple stocks right now that I am thinking about cashing out and buying bitcoins at the current price of $850 I could get about 16 Bitcoins. Now if I bout GH's with those 16 bitcoins I would have 368 Gh's (not including my BFL 60), at the next predicted difficulty level of 1,549,680,471 I would earn .1194 BTC per day according to bitcoinx.com. So if I did this for 30 days I would earn 3.582 bitcoins but with difficulty increase probably 3 bitcoins in a month. Then I sell my Gh's hopefully for what I paid for them or more I could make a profit here I think, and then put my money back into stocks. My goal is to just get about 5 bitcoins total and then store them on a flash drive and CD for the next 10 years and then come back and look at them.

Any thoughts if this could work? Huh

Thanks.

Is cex.io legal?

Never really occurred to me to ask but they are uk based I believe, stringent financial regs. Since they don't take money money I am not sure what the status would be. Technically they are running an exchange (buying selling hash power basically the same as trading electricity in the eyes of a bleary bureaucrat).

I would have concerns about that putting a big chunk in and keeping it for months. Risk not worth a few extra coins considering opportunity loss if they grabbed your stash.

Just something to think about, like I said I don't know.

I see no advantage whatsoever (and significant disadvantages) if the plan is to buy and hold (mine). Just buy some mining gear (which will likely be cheaper). Why introduce a middleman who might implode, might be a scam, etc.?

If you are going to trade I could possibly see the merit, but not for mining.

jballs

member

Activity: 182

Merit: 10

Quote from: Late_Miner on January 07, 2014, 11:18:41 PM

Ok I've been running some thoughts and numbers in my head about CEX. Right now it is .04189 a GH so 1 Bitcoin would get you about 23 GH's. I have about $14,000 in a couple stocks right now that I am thinking about cashing out and buying bitcoins at the current price of $850 I could get about 16 Bitcoins. Now if I bout GH's with those 16 bitcoins I would have 368 Gh's (not including my BFL 60), at the next predicted difficulty level of 1,549,680,471 I would earn .1194 BTC per day according to bitcoinx.com. So if I did this for 30 days I would earn 3.582 bitcoins but with difficulty increase probably 3 bitcoins in a month. Then I sell my Gh's hopefully for what I paid for them or more I could make a profit here I think, and then put my money back into stocks. My goal is to just get about 5 bitcoins total and then store them on a flash drive and CD for the next 10 years and then come back and look at them.

Any thoughts if this could work? Huh

Thanks.

Is cex.io legal?

Never really occurred to me to ask but they are uk based I believe, stringent financial regs. Since they don't take money money I am not sure what the status would be. Technically they are running an exchange (buying selling hash power basically the same as trading electricity in the eyes of a bleary bureaucrat).

I would have concerns about that putting a big chunk in and keeping it for months. Risk not worth a few extra coins considering opportunity loss if they grabbed your stash.

Just something to think about, like I said I don't know.

Late_Miner

newbie

Activity: 1

Merit: 0

Ok I've been running some thoughts and numbers in my head about CEX. Right now it is .04189 a GH so 1 Bitcoin would get you about 23 GH's. I have about $14,000 in a couple stocks right now that I am thinking about cashing out and buying bitcoins at the current price of $850 I could get about 16 Bitcoins. Now if I bout GH's with those 16 bitcoins I would have 368 Gh's (not including my BFL 60), at the next predicted difficulty level of 1,549,680,471 I would earn .1194 BTC per day according to bitcoinx.com. So if I did this for 30 days I would earn 3.582 bitcoins but with difficulty increase probably 3 bitcoins in a month. Then I sell my Gh's hopefully for what I paid for them or more I could make a profit here I think, and then put my money back into stocks. My goal is to just get about 5 bitcoins total and then store them on a flash drive and CD for the next 10 years and then come back and look at them.

Any thoughts if this could work? Huh

Thanks.

johningreece

member

Activity: 77

Merit: 10

Yesterday morning my cex.io account was hacked and also my email. The hacker sold the GHS I had and withdrew the funds. I had deposited 10 btc into my cex account. My cex account is now frozen by cex and they are investigating – whatever that means. Does not cex have the obligation to make this right??

2FA should be mandatory, not an option. In addition, they need tighter security for withdrawals.

Topic: Serious qestions about CEX.io and other cloud mining services (Read 18563 times)