Topic: Why cloud mining is a zero sum game - page 2. (Read 8023 times)

No bets I find most cloud mining sites suspicious in one way or another. Not sure if I'd call some of those legit sites not being scams. If ROI was never even possible (because of maintenance fees and estimated difficulty increase) aren't those sites scams also? and the way many market themselves is like difficulty will never increase or even use old stats from mining months ago to deceive new customers. The whole cloud mining business seems a very dishonest one and hard to know where to invest. So judging from what everyone says it seems most legit ones will never ROI and the ones who will are all possible ponzi's

I dont base myself on price to determine if they are legit. I list the criteria in the post I linked:
https://bitcointalksearch.org/topic/cloudmining-101-860400

Feel free to apply them yourself and consider what the chances are pb or cloudminr are legitimate. IF you think there is a real chance, lets make a bet.

I've spent some money on PBmining contract and maybe was going to invest in cloudminr.io so I hope you are wrong about those two Hard to know in advance, not sure if PBmining is amongst those suspiciously low charging anymore @ 0.0014btc/GH currently.

Genesis Mining seems even more expensive than cex.io where 1GHS=0.64$ with high maintenance fees.

New comers offer cheaper GHS because they have smaller structures and costs but you have to take a chance they are honest and that their business will last.

Most scrypt coins are paying 8 cents per MH per day or less.

Goldcoin - 8 cents
Litecoin  - 7 cents

Gawminers charge 8 cents per MH per day in maintenance fees, this will result in a zero payout.

Day 39 comparison of payments
GAW Waffle Hashlet                   0.00000000 BTC (No Payout)

Day 46 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 52  comparison of payments
GAW Hashlet Waffle                   0.00000456 BTC

Day 54 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 56 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 57 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 58 comparison of payments.
GAW Hashlet Waffle                   0.00000253 BTC

Day 61 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 62 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 67 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 68 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 69 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 71 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 72 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Day 73 comparison of payments
GAW Hashlet Waffle                   0.00000001 BTC

Anybody who says you could possibly make money or break even 'now' is dreaming.

Here is the full record of the payouts:
https://bitcointalksearch.org/topic/genesis-mining-vs-gaw-mining-spondoolies-hashnest-and-mining-sweden-updates-768931

Honest cloud mining providers have simply stopped accepting new customers

0.001/GHS is a good price but Cloudminr has no maintenance fee

For cloudmining.website, it is always 0.001 BTC/Ghs, whatever u buy.

Im not taking bets against ltcgear. See the link I provided, I do think they are very suspicious, but not enough so that I declare them a ponzi with confidence.

Here are a few I will take bets against:

  
CoIntellect.com      
coinsoncloud.eu      
cloudmining.website
PBmining.com        
cloudminr.io        
grmining.com

I accept your bet. Whats the price, and who is the escrow
Cloud Mining provider in this case is Ltcgear.

(My thought is that the Escrow will vanish before Chris)(But I have to think this way, For I have invested more than I can afford to lose)

PS: Not a referral whore, my signature is for slightly alternative means. Just saying lol.

Yeah, you can. Certainly with the vast majority of these cloudmining ponzi's.

Everyone here is focused on ROI, and no one seems to care if these companies are legit. The majority of cloudmining websites dont do any mining whatsoever. They pay out old customers via coinmixers from revenue that comes from recruiting new ones. No surprise, to keep the game going they usually emphasize referrals to make you do their dirty PR work.

Now why would you care if these companies are mining or not? All that matters is they pay out, right? Wrong.

If the company (or more aptly: scammer) isnt mining, then its impossible on average for the investors to profit. Early investors might, but only at the expense of later ones.  If there are no miners, then there is nothing to generate those profits. So dont be fooled by low prices or high payouts. Ponzi miners will drop prices as low they need to keep the game going.

And dont think because its been running for 10 months, that it has to be legit either. Unlike traditional ponzi's, mining ponzi's dont risk a bank run. You cant get your money out if you begin worrying, so they can run a fairly long time. Take PBmining, one of the most obvious ponzi schemes. Several posters here are promoting them, and at least some seem to think  they are legit because they have been paying since early this year. Here is the reality: based on their own stats, in the past month they sold ~1.5 (non existent) PH worth of contracts. Good for around ~2200 BTC. During that same month they paid around 1600 BTC in dividends. A net profit of  ~600 BTC or nearly a 1/4 of a million dollar. Just for running a website. SO of course they are still paying out, not because they are legit, but because they are maximizing their profits: they are still getting far more revenue from new victims than they are paying out.

Of course that cant last. At some point the new sales will slow while the owed dividends keep going up. Once the latter becomes bigger than the former, guess what the anonymous operator will do? Yep,  the same thing pirate, bitcoin-trader and countless other (mining) ponzi's before did. They go *POOF*



Be smart. Think before you invest. Dont trust *anyone* with a referral link in his signature. Let this be a guide:

https://bitcointalksearch.org/topic/cloudmining-101-860400

BTW, to all the referral link whores that are about to say Im full of it, that I have no proof etc,  Im taking bets. I will double your ponzi revenue through escrow if Im wrong. I will win the principal if Im right and within say 12 months, said ponzi collapsed.

I lost alot with Physical Hardware.

I have earned over 3 times my investment back thanks to cloud mining (Mostly ltcgear).

Started with 2 btc, I now have over 2,000 Mhs.

Good Game.

0.0013/GHS if you buy less than 2000GHS
0.0011/GHS if you buy 2000GHS or more

It's in the FAQ (https://cloudminr.io/faq/) or in the BUY HASHRATE page after you registered

mh..i dont see the 0.0011/GHS..can you tell me how you get the price xD

Cloudminr sells at 0.0011/GHS and no maintenance costs, what is pbmining rate? You have to register to know the price

bitcoincloudservice.com is a good one for me

It has already started happening, because its hard for people to run rigs at their houses and do all the maintainence. Cloudmining is profitable as well, specially if its in countries with cheaper electricity options.