Topic: Why don't people realize the problems with cloud mining? (Read 480 times)
Cuz those people want easy money offered by cloud mining. Probably cuz beginner could be easily attracted with high profit and want to take a part to invest on cloud mining or because referral commission. If no one invest on those scammy sites, cloud mining would be never exist this time (except the legit one)
Bottom line I think is, cloud mining that is actually "mining" will probably not make you more than holding your bitcoins in a bull market like last year, and there is always a risk of not making ROI. Sure, there are some people saying that it's a scam without any basis, but there are legitimate complaints.
You are right. I know some people who have made a profit doing cloud mining but their profit comes from the price increase not the mining.
I fail to understand how it's hard to notice that people aren't just going to give you access to their rigs and ASIC miners and pay you profit from it (without it being a scam) or that these lifetimes contracts are actually going to lead to profits, as companies like gensis mining are only going to pay out if its PROFITABLE FOR THEM AS WELL.
What's so hard to understand here and why are people, joining into this cloud mining scam?
What's so hard to understand here and why are people, joining into this cloud mining scam?
It's because some people just don't want to do the hard work but instead make their money work for them even though there is a small profit. Some just want to have a passive income because they are busy with their other jobs so investing in cloud mining would be one of the ways to have multiple source of income. Some people don't know how to mine themselves so they invest into someone else that has the tools to mine and then wait for their share of income. Some maybe are just starting venturing into cryptocurrencies and don't know where to put their funds so they start in cloud mining.
No matter how much you try you will never understand it. Even after so many warning topics, people with bad experience in cloud mining, everyday I see new cloud mining site and people who pays for their mining power. What to think about people, that most of the world population is stupid and ignorant? Like sheep's they go to do a haircut and they pay a lot of money and they give their wool, double loss, but who pays attention on that.
I understand that people wish to make easy profit, but this is worst then anything else. Even gambling is better, at least you have some real chances to win something big, with cloud mining you can just lose.
I fail to understand how it's hard to notice that people aren't just going to give you access to their rigs and ASIC miners and pay you profit from it (without it being a scam) or that these lifetimes contracts are actually going to lead to profits, as companies like gensis mining are only going to pay out if its PROFITABLE FOR THEM AS WELL.
What's so hard to understand here and why are people, joining into this cloud mining scam?
What's so hard to understand here and why are people, joining into this cloud mining scam?
It's because some people just don't want to do the hard work but instead make their money work for them even though there is a small profit. Some just want to have a passive income because they are busy with their other jobs so investing in cloud mining would be one of the ways to have multiple source of income. Some people don't know how to mine themselves so they invest into someone else that has the tools to mine and then wait for their share of income. Some maybe are just starting venturing into cryptocurrencies and don't know where to put their funds so they start in cloud mining.
It is sad. If people just place the money they spent in the cloud mining contract and invested directly in the coin itself they would be much better off. So stop cloud mining and simply buy some btc and hold.
It's not that simple like you said, holding BTC isn't an easy task to do especially if you have big capital in Bitcoin and need to exchange them quickly because any reason.~snipped~
Not all of them are scam, genesis-mining still legit until now.It is sad. If people just place the money they spent in the cloud mining contract and invested directly in the coin itself they would be much better off. So stop cloud mining and simply buy some btc and hold.
It's not that simple like you said, holding BTC isn't an easy task to do especially if you have big capital in Bitcoin and need to exchange them quickly because any reason.~snipped~
Not all of them are scam, genesis-mining still legit until now.
It is of recent that I understand how this cloud mining business works and my study review to me that most of them are scams site and 99% of them are not genuine and we really need to be careful before even thinking of investing into them.
Why do you need to berate cloud miners, when there are people pre-ordering Bitmain miners at ridiculous prices and by the time they get shipped the difficulty will be astronomical?
You need to tell those people they are wasting their money on overpriced, power-hungry doorstops!
You need to tell those people they are wasting their money on overpriced, power-hungry doorstops!
I fail to understand how it's hard to notice that people aren't just going to give you access to their rigs and ASIC miners and pay you profit from it (without it being a scam) or that these lifetimes contracts are actually going to lead to profits, as companies like gensis mining are only going to pay out if its PROFITABLE FOR THEM AS WELL.
What's so hard to understand here and why are people, joining into this cloud mining scam?
They only want fast money and fast success yes cloud minng is profitable but before that you need to sacrifice a lot of money to achieve that profit goal,of course it is time consuming and if you stop working on it it became a scam because you fail to maintain your mining rigs and bills to pay. Unfinished contract can benefit the mining company your woking for only them can hold your progress after all you've done. What's so hard to understand here and why are people, joining into this cloud mining scam?
It is sad. If people just place the money they spent in the cloud mining contract and invested directly in the coin itself they would be much better off. So stop cloud mining and simply buy some btc and hold.
It'll be interesting to see what effect this Facebook ban has on how many offers there are out there.
It's a first step. YouTube as well is full of cloud mining shilling, reviews, blatant advertising, etc. It will require YouTube to follow the same pattern as Facebook regarding their most recent actions.Genesis mining is probably the most successful in marketing itself, which has lead to them being able to stay operational for such a long period of time. Cut off their marketing, and they will dry out completely later on.
This however will also affect legitimate services advertising, which is the downside of this. It's impossible that they will try to filter out scams since there is no way to know that up front, unless it's sooo obvious.
People are blinded by the greed that they refused to see the danger ahead, and there are so many people trying to lure them in cloudmining so they can get referral, for a newbie cloudmining offer seems so attractive and they don't understand how does cloudmining work, they are lazy to find out so just put their money in
Most of the time, the main reason that I'm seeing here is that they are greedy as hell where they are being blinded by the "easy" profit being presented to them by these cloud mining sites. They think that these mining sites will easily provide them passive income as long as they provide sum amount of money to them. They don't even do proper research about it and what is the true meaning of mining is. As dumb as you may think, many people are still being victimized by these scams numerous times. They just don't learn their lesson.
I fail to understand how it's hard to notice that people aren't just going to give you access to their rigs and ASIC miners and pay you profit from it (without it being a scam) or that these lifetimes contracts are actually going to lead to profits, as companies like gensis mining are only going to pay out if its PROFITABLE FOR THEM AS WELL.
What's so hard to understand here and why are people, joining into this cloud mining scam?
What's hard to understand for them? It's this: Easy money doesn't exist. <-- they can't understand this. Also they can't understand why will someone buy rigs and mine for you while he/she or them can do it for theirselves. What's so hard to understand here and why are people, joining into this cloud mining scam?
People they get more and stable profit from claudmining than you. You buy hashes (buy some part of equipment), owner pays some part too, gives you very low profit and lies you with the words that they take care of equipment and you just have to forget that noisy sound of miners.
A lot of lies to just attract you. And you think: Wow, they buy equipment and mine for me, what have I found, I am genius and start buying of sillyness.
That's reality....
It'll be interesting to see what effect this Facebook ban has on how many offers there are out there.
If we approach with the mind set of a complete newcomer it's more understandable that they fall for this stuff. The first question many people ask on arrival is how they can mine it on their 1982 Atari.
When that idea gets laughed out of town then they're likely to spot one of those ads. Hey, it's still mining. Hey, they do it for you. Hey, there's a profit too. It's depressing how few devote a few seconds to googling but that their lookout.
It's a very attractive idea to the gullible which is why it's still a thing after all this time.
If we approach with the mind set of a complete newcomer it's more understandable that they fall for this stuff. The first question many people ask on arrival is how they can mine it on their 1982 Atari.
When that idea gets laughed out of town then they're likely to spot one of those ads. Hey, it's still mining. Hey, they do it for you. Hey, there's a profit too. It's depressing how few devote a few seconds to googling but that their lookout.
It's a very attractive idea to the gullible which is why it's still a thing after all this time.
To me the answer is simple.
Many people dont like to research and find out the answer.
They will believe anything, and if someone promises them x-profit its a nobrainer for them to "invest" their money.
These kind of person doesnt really value their money at all where they do carelessly invest into things which they saw they can able to make profits without doing much hard work.They do already saw the results and the things do happen and the convenience that it gives without even minding the risk involve if this business is sustainable or not.Realization would happen if they do already facing consequences. Many people dont like to research and find out the answer.
They will believe anything, and if someone promises them x-profit its a nobrainer for them to "invest" their money.
Investing in HYIP[High Yield Investment Programme] and Cloud mining in most cases by impatient and less researchable Newbees and also greed for quick high rate of interest or ROI often lead to their being scammed. I am of the view that warnings on this must be adequately given to these New bloods as soon as they are coming up to the forum , or this shall be part of guiding rules and regulations towards their successful membership.
Deceptions by good dictators always capture the interest of listeners especially if the listeners are either greedy or illiterate to understand and review about the specific cloud mining site. They could not learn unless they have tried it. losing is learning and more complains come out and does appear everywhere that this and those are scams. Initiators of this kind of Ponzi scheme should be blame 70% and 30% for devs. I think FBI should focus in this kind of issue too.
I think its more of a greed or naive, I always see people who defend a cloud mining site by simply saying " It pays me and I'm making profit, there's no way it is a scam"Well, duh, that's how ponzi works. When the site collapses they would say a bunch of profanity launched towards the devs, who at this point has ran away with their money
Best we can do is to warn people when there's a new ponzi site came out, whether they want to listen to us or not is their problem, we already did out best to warn people out of it.
To me the answer is simple.
Many people dont like to research and find out the answer.
They will believe anything, and if someone promises them x-profit its a nobrainer for them to "invest" their money.
Many people dont like to research and find out the answer.
They will believe anything, and if someone promises them x-profit its a nobrainer for them to "invest" their money.
Deceptions by good dictators always capture the interest of listeners especially if the listeners are either greedy or illiterate to understand and review about the specific cloud mining site. They could not learn unless they have tried it. losing is learning and more complains come out and does appear everywhere that this and those are scams. Initiators of this kind of Ponzi scheme should be blame 70% and 30% for devs. I think FBI should focus in this kind of issue too.
Theres no need to impose percentage to be blamed off which I do believe devs would really have that 100%. If there were no creators then there would be no initiators and also the one who do initiate is always been part of the team.Talking about on arresting them then there would be only slim chances but yet theres still possibility depending on the traces been left by those scammers. This cycle would really continue no matter what as long there are noobs who do invest on these things. Jump to: