You need to read this if you are still new to crypto space

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Quote from: Renampun on June 15, 2021, 05:28:43 AM

Quote from: Balladtony77 on June 06, 2021, 01:52:19 AM

If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam, a relative came around yesterday and luckily he opened up to me, I stopped him from depositing money on a cloud mining website, they never pays and on the long run they will exit scam on you

good because you make your family aware not to invest in cloud mining...

I used to join cloud mining and to be honest, it wasn't worth it at all. Currently, cloud mining is not very interested anymore but there are still newbies who fall into the trap. I personally don't recommend you to invest in cloud mining.

Bitcoin mining is always used when they introduced by someone in to bitcoins and we can also see how mining is well introduce in certain videos about bitcoin so expect that there are newbies will fall for this classic scams since not everyone can warn people about how bad it is if we make it as option for us to earn, thats why its good to avoid cloudmining since its not really worth it and scamming is always the ending of the story there.

Renampun

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Quote from: Balladtony77 on June 06, 2021, 01:52:19 AM

If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam, a relative came around yesterday and luckily he opened up to me, I stopped him from depositing money on a cloud mining website, they never pays and on the long run they will exit scam on you

good because you make your family aware not to invest in cloud mining...

I used to join cloud mining and to be honest, it wasn't worth it at all. Currently, cloud mining is not very interested anymore but there are still newbies who fall into the trap. I personally don't recommend you to invest in cloud mining.

traderethereum

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Quote from: Balladtony77 on June 06, 2021, 01:52:19 AM

If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam, a relative came around yesterday and luckily he opened up to me, I stopped him from depositing money on a cloud mining website, they never pays and on the long run they will exit scam on you

Indeed. Cloud mining will not give you anything unless losing your deposit money.
At least, that is what I thought before. In the beginning, I joined crypto because I do not know if cloud mining really works, so I try to deposit.
People who suggested you join with them in cloud mining can lose too if they do not know anything about cloud mining.
You better search for the other way to make money from crypto and stay away from cloud mining.

LostEcho

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Quote from: Beparanf on June 06, 2021, 08:41:28 PM

Quote from: Balladtony77 on June 06, 2021, 01:52:19 AM

If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam, a relative came around yesterday and luckily he opened up to me, I stopped him from depositing money on a cloud mining website, they never pays and on the long run they will exit scam on you

Not all cloud mining is a scam. There are some legit company that running this kind of business for a long time ago like Genesis mining and hashflare. The problem on this kind of investment was the ROI is so long that's why you can have more profit if you mine on your own. Most of the scam cloud mining offers a too good to be true ROI for short period of time that's why many people enter the scam company rather than the legit one.

I definitely not recommend cloud mining though. Staking on exchange using stablecoin is far more better than cloud mining.

Hashflare later turned scam and genesis mining closed down because mining isn't profitable anymore, if I'm wrong why aren't this companies running till date? The only legit cloud mining service I know then is EOBOT, it lasted longer than many others and have been around before hashflare and others

Upgrade00

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Quote from: CryptopreneurBrainboss on June 07, 2021, 10:01:36 PM

Probably when that hype on defi swaps dies down, the hackers will return back to targeting the exchange and you won't what your funds to be there when this does occur.

Some would argue that their funds are insured and in cases of hacks some of the centralized exchanges would repay the funds lost, there are however other risks involved when staking;
• The funds could lose value overtime due to supply shocks while your funds are locked up,
• Exchanges could decide to lock/seize your funds at their discretion,
• Your privacy is exposed,

Also, the insurance would depend on the extent of the back, if it renders the exchange insolvent, recovering funds would be a hassle.

masulum

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hmph..

Quote from: nakamura12 on June 07, 2021, 07:46:44 PM

I mostly noticed that people are asking about cloud mining if they can earn around 2018 and 2019 which that year is I wanted to try mining cloud. So far, I never earn crypto from it and I never deposited since I always bale to read somewhere in this forum that most cloud mining is a ponzi scheme.

I remember about hashflare, I made deposits to them $50, when my investments so close to get my initial investment, they are changed minimum WD. so i must do re-invest to get highest chance to get my money someday, but they are closing their services. that my first experience use cloud mining services and never do it again.

CryptopreneurBrainboss

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Quote from: Beparanf on June 06, 2021, 08:41:28 PM

I definitely not recommend cloud mining though. Staking on exchange using stablecoin is far more better than cloud mining.

Staking itself has it own risk and doing so on an exchange is more riskier. With your funds on exchanges, you don't have control over your capital irrespective of how reputed that exchange is.

Chances of exchange getting hacked is high, forget that there hasn't been news of hacking occuring on exchange, this isn't because the exchanges are becoming very difficult to hack instead there are easier target now which are the so called decentralized exchanges out there with very little or no security put in place and just launched to the general public to use so they increase the value of their naive token.

Probably when that hype on defi swaps dies down, the hackers will return back to targeting the exchange and you won't what your funds to be there when this does occur.

BitcoinBarrel

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nakamura12

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Quote from: masulum on June 06, 2021, 08:27:20 PM

No at all, I still very often find people asking about cloud mining. In fact, many of them are ready to pay for cloud mining services. I've tried to explain to them, some don't believe it and provide screenshots of the withdrawals they get. however, we can only remind them, if indeed they insist they want to continue, we just let them do what they wants.

I mostly noticed that people are asking about cloud mining if they can earn around 2018 and 2019 which that year is I wanted to try mining cloud. So far, I never earn crypto from it and I never deposited since I always bale to read somewhere in this forum that most cloud mining is a ponzi scheme.

SquirrelJulietGarden

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Quote from: Balladtony77 on June 06, 2021, 01:52:19 AM

If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam, a relative came around yesterday and luckily he opened up to me, I stopped him from depositing money on a cloud mining website, they never pays and on the long run they will exit scam on you

If you want to mine, buy your mining rigs (GPU cards) or ASICs to mine with your farms.

Cloud mining is risky because you don't own any rigs and you must trust the cloud mining services for the capital you pay for to loan hashrate. It used to be one of most common scam. Cloudmining 101 (ponzi risk assessment)

With real mining farms, it is risky as well if you buy hashrates because you don't know when the service owners will run away.

cryptoaddictchie

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Quote from: Balladtony77 on June 06, 2021, 01:52:19 AM

If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam.

Can blame the guy since he is exposed with too much scam on cloud mining. Partly I agree since there are times even up to now that cloud mining being shared and circulated and we can saw some shitty ponzi scheme "try to deposit your money" and earn back in few months. Thats totally bull shit but there are legit cloud mining services out there. You just need to find them and dig in deep.

Beparanf

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Quote from: Balladtony77 on June 06, 2021, 01:52:19 AM

If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam, a relative came around yesterday and luckily he opened up to me, I stopped him from depositing money on a cloud mining website, they never pays and on the long run they will exit scam on you

Not all cloud mining is a scam. There are some legit company that running this kind of business for a long time ago like Genesis mining and hashflare. The problem on this kind of investment was the ROI is so long that's why you can have more profit if you mine on your own. Most of the scam cloud mining offers a too good to be true ROI for short period of time that's why many people enter the scam company rather than the legit one.

I definitely not recommend cloud mining though. Staking on exchange using stablecoin is far more better than cloud mining.

masulum

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hmph..

Quote from: sapnu on June 06, 2021, 06:25:07 PM

A lot of people were actually hooked to cloud mining before but now, everybody figured out that most of it are scams.
-snip-

No at all, I still very often find people asking about cloud mining. In fact, many of them are ready to pay for cloud mining services. I've tried to explain to them, some don't believe it and provide screenshots of the withdrawals they get. however, we can only remind them, if indeed they insist they want to continue, we just let them do what they wants.

sapnu

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A lot of people were actually hooked to cloud mining before but now, everybody figured out that most of it are scams. Some might be able to give you some benefits but in reality, they are feeding on you more than you are earning from them. Such kind of schemes is still evident and should be avoided. That is why advices and informing newbies is really important and we should always make sure to guide them specially in terms of scams so they could still be saved.

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It's been a long time since there were people who have been hooked up with cloud mining. But it's a fact that most of them are scams and if some offers are coming from a legitimate company that operates them, you'll barely earn.
Instead of investing your relative's money in cloud mining, what have you told him? A better choice is to buy bitcoin with his potential capital which is going to secure his investments but he has to be patient after buying it.

Balladtony77

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If you are a crypto newbie and someone is shilling cloud mining beside you do not give them your ear, no single cloud mining is real they are all scam, a relative came around yesterday and luckily he opened up to me, I stopped him from depositing money on a cloud mining website, they never pays and on the long run they will exit scam on you

Topic: You need to read this if you are still new to crypto space (Read 239 times)