Bitcoin Forum

http://i59.tinypic.com/hs126w.jpg

There is just no general consensus on the profitability of cloud mining.

Some cloud mining companies are just not trustworthy.

Experts say there's a simple way (http://cointelegraph.com/news/114485/is-bitcoin-mining-really-a-ponzi-scheme-op-ed?utm_source=google&utm_medium=cpc&utm_campaign=bitcointalk&utm_term=evg) to tell if a cloud mining company will turn out a scam.

Unless they've proven they actually have hardware the chances of them being a scam is pretty high.  As with everything else invest wisely and only what you can afford to lose.

No, not all cloudmining services are scams/ponzis.

https://bit-x.com and hashnest are those that come to mind that are legitimate.

+1

Bit-x is still new, but very trustworth website.

yeah, you are one of examples, that it can work, anyway generally "cloud mining" is for me:

1* non profitable
2* ponzi scam

:(

Agreed. The only difference is the time it will be needed for you to loose you investment (in 99.9% cases). With ponzi you loose fast, and with legitimate cloud mining your death is slow and painful to watch.
Just think about it; you are no longer mining yourself, but are involving third party to do the mining, it's obvious to see that you are the last one in the food chain in that case, which comes with little or no reward at all.
My advice is; if you can't mine yourself, don't mine at all.

cheers

Is Bitcoin Mining Really a Ponzi Scheme?
Obviously from the experiences of most people it is because people are getting ripped off!

Why would a cloud mining service not just mine themselves and keep bitcoins?  Answer:  they make more contracting to suckers.

No, just a lot of so called Bitcoin cloud mining companies are Ponzi schemes.  Bitcoin mining itself is not a Ponzi scheme.

all cloud mining are scams, not only ponzi

I must disagree that cloud mining is not profitable.  Using hashnest I was getting a pretty good return, then when the price of hash went up I sold.  Their market has no transaction fee.  I didn't have to wait until ROI, because the hash does not expire on a specific date.  It expires when it no longer exceeds the maintenance fee.

If a cloud miner charges a maintenance fee that is generally a good thing.  Of course there are many shady looking sites out there but to say that cloud mining is not profitable by nature is incorrect.  You just have to understand what the investment is and how to best use it.

DO your own calculations and decide for yourself.

I like this quote in the article...


Being an user of www.CloudMining.website for several months, I can now comfortably assume that it does not satisfy any of thee traits...

1. Lifespan: It is paying consistently for seven months now. Payment proof: www.cloudmining.website/payments.php

2. ROI: It does not promise anything on ROI at all. In fact, it took ~125 days for me to ROI on CMW, whereas a third party mining monitor reported to have ROI with them within ~114 days...

http://www.anony.ws/i/2015/03/02/cmmonitor1.png

@OP: If you haven't seen a ponzi promoter, see above. He is one of the active ponzi promoter. I highly recommend not to invest in that site.

Any specific reason of your silence behind Bit-X inability to show their mining address so far ?

so far all cloud mining companies turned out to be 100% PONZI / SCAM

There are still some (Bit-X, Hashnest) operating legitimately.

Id just pick the ones that actually produce the asics, meaning they should be a mining company as well.

but its based on your homework, and what precautions you take. like if they accept credit card, you also have a protection on purchases.

I agree, waiting for 6months ROI is just a bother.. you don't know whats the price of BTC in that time

Well thats why its a risk right lol.

Anything you invest has some levels of risk, just have to know how to off-set it. I wouldnt really bother cause 6 months is really a long time.

Any specific reason for Cloudmining.website's inability to show any proof that they mine at all so far?

Its really the same with all cloud ponzi mining services, they don't need to provide evidences of their miners because there are suckers that are willing to give them free money..

That guy made a roi on his 2 dollar investment, everyone run and give them all your money, we'll all be rich in no time!!!!

If the miners are profitable why would they rent them out to you for less than they can make plugging them in?

If the miners aren't profitable why would they waste the money they spend on the miners, electricity, bandwith, etc when they can just give you your money back slowly over time?

I know that it has a risk but i can't understand why people would willingly risk their money and wait for 6months to ROI when it is an obvious scam.. so lets say you got your ROI but afterwards they suddenly vanished.. you've waited for 6mos and got nothing LOL

yes, some company cloud mining now is ponzi scheme. many cloud mining ending with scam after 6-8 month

if they can't provide a video or a photo of their machines(and not fake foto like that infamous ponzi cloud), one could argue about that, it would be too easy to just build a site and set it like a cloud and then call it a cloud, while behind the scene there is nothing to backup it, thus making it a blatant ponzi

still some companies are legit and some of them deploy their miners only if you use their service, like hashnest, so maybe the above rule isn't working for every site...