It's the exact opposite. It's the perfect way to scam people, but a stupid way to 'make' money for people. That being said, in most cases all terms most of the well known cloud mining services handle have been updated to reflect the negative aspects due to the many variables that are involved. In other words, it's no longer a scam, but a gamble. Some people call it a legal scam, which I can agree with as well. People just need to understand what consequences their actions may have if they blindly invest their funds in whatever vague site or service. If they accept the involved risks, then it's all fine -- we can't stop people from investing, just provide information. It's up to them to acknowledge that or to blatantly ignore it (the latter mostly applies).
Worse part is that people actually borrow loans to invest in cloud mining sites. They don't do the math nor a good research. People think this is a scenario of high risk - high profit, while it is clearly high risk - low/no profit. People have made a lot of assumptions about crypto and they have been wrong every single time. 
Topic: Why do people continue to invest in cloudmining? (Read 343 times)
Yet that's just a stupid ways to scam people.
It's the exact opposite. It's the perfect way to scam people, but a stupid way to 'make' money for people. That being said, in most cases all terms most of the well known cloud mining services handle have been updated to reflect the negative aspects due to the many variables that are involved. In other words, it's no longer a scam, but a gamble. Some people call it a legal scam, which I can agree with as well. People just need to understand what consequences their actions may have if they blindly invest their funds in whatever vague site or service. If they accept the involved risks, then it's all fine -- we can't stop people from investing, just provide information. It's up to them to acknowledge that or to blatantly ignore it (the latter mostly applies).
Because people are very naive and eager for money, even greedy. They are buying all kind of promises without checking the facts. Scamers actualy have easy job, in most cases they don't even have to bother too much to make some sophisticated scheems. And the less educated and informed people are they get scamed more easily.
same reason they invest in ponzi scams. newbies get lured in easily
Yes, those newbies get lured easily. If you offer something "big" amount for them, they will believe this thing a real thing and just invest it without any hassle. Also cloud mining offers you to earn reward by doing nothing, so it's a good deal right? Yet that's just a stupid ways to scam people. 
same reason they invest in ponzi scams. newbies get lured in easily
People are dumb, greedy and easily fooled.
A lot of people get fooled by cloud mining ads that are on reputable sites like Facebook, and Google. They should really do more research.
A lot of people get fooled by cloud mining ads that are on reputable sites like Facebook, and Google. They should really do more research.
I've been on here trying to get more and more people away from cloud mining, telling them that their either getting into a scam or they're just not going to make a profit (or their money back at all) but still more and more people get into cloud mining and lose out and then complain.
Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
Ignorance, lack of understanding, wanted to earn easy money. That's maybe reasons for most of them, specially newbie in cryptoverse just join cloud mining. And yes, as much as we screamed that they should stay away from it, they are still attracted and tempted to pour their hard earn money and then cry later saying that they have been scammed. So we can't really do anything to stop them, the best way is to just give them fair warning. It's going to be a expensive lessons to learn once the money they have put up is all gone.
I've been on here trying to get more and more people away from cloud mining, telling them that their either getting into a scam or they're just not going to make a profit (or their money back at all) but still more and more people get into cloud mining and lose out and then complain.
Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
Wish, wish of easy money. What does cloud mining offers? Easy money, you just sit, eat, sleep and money comes, amazing yeah? You just invest 1000$ and can get good profit + you don't have to care about equipments nor buy them, only contracts. And in this situation if you tell people that it's fake, they say that you are silly and know nothing in innovative technologies. So don't worry about them, at least they'll learn and never repeat once lose money in cloud mining themselves. Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
They think that it is the best way to be a billionaire, lol.
they always think instantly and ignore the process to get success. no creativity I suspect they are from among the lowly educated.
they always think instantly and ignore the process to get success. no creativity I suspect they are from among the lowly educated.
I don't why there are many people answering the same answer to them not to invest in cloud mining but still, people are showing a lot of interest towards cloud mining. I hope it is very risky one and they left us behind when they don't have money to us, according to my knowledge cloud mining is completely rotation of money in between us.
Have you ever invested on cloud mining site mate. First try anyone confirm how much you pay for 1 year mining contract. Secondly check how long it take to give the ROI to you. These both are applicable for the trustable cloud mining website.
Mostly you would not find the trusted one anywhere that is biggest problem on cloud mining. Many times contracts get closed with in some months or unwanted charges will deducted from the mining balance.
The answer is greed. 
People are atracte by the offers given by the cloudmining sites so they are just blindly invest on something and lose their money totally.But people need to realize that 9/10 cloud mining sites are scams and one of my friend also victim of cloud mining scams so please control your greed and save your money from scammers.
People are atracte by the offers given by the cloudmining sites so they are just blindly invest on something and lose their money totally.But people need to realize that 9/10 cloud mining sites are scams and one of my friend also victim of cloud mining scams so please control your greed and save your money from scammers.
I think that you are only half right. I think that there are not that many actually in cloud mining. Most are only spreading ref links and use the "demo" "hashrate" in a hope they'll earn a few satoshi from that.
i think Neuroticfish is right, not all who joined the cloudmining is investor, some of them is "testing the water" taking the free hash or feeling what is like in cloudmining industry, i hope they could find a cloudmining site that really offered a good earning on their hard earned money
They think that it is the best way to be a billionaire, lol.
they always think instantly and ignore the process to get success. no creativity I suspect they are from among the lowly educated.
they always think instantly and ignore the process to get success. no creativity I suspect they are from among the lowly educated.
I don't why there are many people answering the same answer to them not to invest in cloud mining but still, people are showing a lot of interest towards cloud mining. I hope it is very risky one and they left us behind when they don't have money to us, according to my knowledge cloud mining is completely rotation of money in between us.
I've been on here trying to get more and more people away from cloud mining, telling them that their either getting into a scam or they're just not going to make a profit (or their money back at all) but still more and more people get into cloud mining and lose out and then complain.
Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
They seem to be desperate people, or they are people who really do not know the bad things of cloud mining, it could be because they are new people but I do not understand why they do not read postings that have been made before. But here I just want to remind again about the bad impact of cloud mining. The biggest risk is that we can lose all the money we have, I want to mention that people who do insist on cloud mining are lazy people !! Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
I've been on here trying to get more and more people away from cloud mining, telling them that their either getting into a scam or they're just not going to make a profit (or their money back at all) but still more and more people get into cloud mining and lose out and then complain.
Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
I've been giving warning to some people too that they will just lose their investments in those cloud mining sites but they still do it. Well it is not my fault anymore if they lose their funds because they are hard headed and I think they would just only learn when they experience it themselves. They cannot stop themselves for now because a high interest is so attractive and they are now thinking that they can grow their coins in just few days. I know the feeling since I've been there before but have a big time regret later on. It is a great way of earning passive income that's why even if some already got scammed before, they still continue to invest in such sites hoping to get back what they lose.
They are blinded by their greed, they are attracted to make an easy money and ignore all the logical explanation, they thought that they can get profit before they the cloudmining closes down, and because of them the scam cloudmining keep coming out, sometimes they need to experience the heavy lost then they will come to their sense
There are those people who are successful in investing in cloud mining sites but more people lose so the best way for them to come to their senses is to experience it themselves. Usually the ones who are joining these sites are newbies so they will just learn along the way what's best for them. 
Who are those people who join cloud mining? Newbies who do not understand the point and do not search too much for some e travel information. So, while there are those crypto newbies who just heard something about crypto, but have a bright wish to make money easily such things as cloud mining will blossom.
I've been on here trying to get more and more people away from cloud mining, telling them that their either getting into a scam or they're just not going to make a profit (or their money back at all) but still more and more people get into cloud mining and lose out and then complain.
Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
less experience is the reason and want to earn profit without even doing anything. One day they will learn a lesson when they try it many times and see that they are no longer profit but only loosing to much money. Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?
Generally it is more effective to just buy the coins. However. A coworker of mine is cloud mining and has about .5 Bitcoins after six months. He only payed $3000 for the contract so I guess he more than payed for the contract already and has six more months of mining to go.
They are blinded by their greed, they are attracted to make an easy money and ignore all the logical explanation, they thought that they can get profit before they the cloudmining closes down, and because of them the scam cloudmining keep coming out, sometimes they need to experience the heavy lost then they will come to their sense
They think that it is the best way to be a billionaire, lol.
they always think instantly and ignore the process to get success. no creativity I suspect they are from among the lowly educated.
they always think instantly and ignore the process to get success. no creativity I suspect they are from among the lowly educated.
That's because human in very greedy in its core nature. There's no one available out there that can deny it. This greediness blindside anyone who's confronted by the "guaranteed" profit that then could get from cloudmining. These people will never doubt any shred of it as long as they are assured that they'll get their money with interest after a couple of weeks or months.
If people don't think logically and just submit themselves to their greediness, the number of people who are being scammed by cloudmining on a daily basis will not decrease. Heck it will increase even more as more people get introduced to cryptocurrency. Preventing people from investing into it will be an uphill battle but this one should be given with utmost priority.
If people don't think logically and just submit themselves to their greediness, the number of people who are being scammed by cloudmining on a daily basis will not decrease. Heck it will increase even more as more people get introduced to cryptocurrency. Preventing people from investing into it will be an uphill battle but this one should be given with utmost priority.
Anyone here knows legitimate cloud mining site which actually paying the investors?
None, because there aren't any legitimate cloud mining services. All cloud mining services are a scheme, so it shouldn't and can't be considered legitimate, even not when they actually pay their users. Genesis Mining and HashNest as probably the main players in this industry, but I wouldn't recommend anyone to invest even a single penny in their platform. If you invest in schemes, then know that there is no way for the majority of the investors to actually profit from these platforms. The only thing that makes them continue to pay their users is when enough new capital is being invested by newbies. In other words, your capital is being used to fund previous investors, and those who entered after you are funding you.
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