Bitcoin Forum

Let's one of your friend say he/she (for simple reference, I will just use 'he' throughout the thread) just know about Bitcoin. And he purchased some Bitcoin and invested some of it to cloud mining site. What will you say to him? Would it be nice for you to tell him to stop? Or let him learn online scam the hard way?

I just wanna tell to my friend, that mostly of cloud mining are scamed their users. And i will suggest for make Investment on it, with can lost it. I can not tell him to stop because he has right for make a choice.

You should definitely tell him about it, maybe show him some facts and figures about it. Its not really good to let him lose some money knowingly, if you're a friend, you should not let this happen.

Nope, it's not good to stop them from investing on those ponzis, and you have no right to stop them coz it is their bitcoin, the only thing you can do is to warn him that ponzis has no good reputation and that most of the time it disappear along with his money without any traces...

You could show him some examples on the internet if he wants to listen to you, but if he has no plan to listen then be it, let him do his foolishness..  8)

I would tell them that they're going to get fucked and then let them get fucked deep and hard because people never, ever listen to the most blindingly obvious advice.

At Least you can refer him to this forum and explain that not all services are that honest. Real mates should warn each other when they are about to be scammed. You can't warn him for all the bad things but that research he can do by his own

I will say to him, cloud mining are just for pasive income and need much time for return of investment. And there is risk on cloud mining be got scam. I will say to him "please looking for cloud mining service who has support of hardware miners."

Let them know what you know about cloud mining but dont stop them because sometimes even though they know the risks involve in investing in those kind of sites they will continue to invest and try their luck in multiplying their coins through ponzis. Whats important is you shared your knowledge and give them a warning.

I will suggest you to stop him from investing into cloud mining as if you truly care about him why you let him to invest in cloud mining ponzis. If you can show him examples of how other scam cloud mining sites like hashocean, cldmine etc have gone offline overnight with millions of peoples money in past.

it is better to stop him by not investing on cloud mining site , if we get scammed by site should not happen to others ,best is educate him not to invest on scam sites and make him understand what is best investment strategy and where to invest  :)  . it is guiding the person to right path.

I'd say "I feel sorry for you".

For me, I'd give information or the dangers that occur when they do so. because if I am banned or give something bad to keep them away from it, I am going crazy because people nicknamed interfere with her activities. I'd advise him to do trading than cloud mining or fraud

I will remind him/her about in cloud mining that never invest to much on it, then its up to them if they continue or not. At least I warned him/her about that matter. Though I cannot say to him/her to stop because its their own free will to decide what he's/her gonna do to their investment.

If my friend invested into cloud mining, I will just tell him that the site he invested him is a scam. Most cloud mining return rates are absurd and can't be filled without it being a ponzi.

i will introduce to my friend how real cloudmining work, and how "fake cloudmining" running his service, then introduce how to mining bitcoin, i think this is the best solution.

Of course I would suggest to him not to put any amount in any cloud mining companies even if they are legit.
Because once you send bitcoin to them it would be impossible for you to get your money back, so I tell him before he does.

There are some real cloud mining services out there. Although very scarce. Knowing that I am into bitcoin longer than him I am sure that my friend would ask me before investing into anything bitcoin related.
We would talk and I will explain what is going going with bitcoin/altcoin scam cloud mining - as I was fooled by some projects like these in the past myself.

That is the worst idea that a so called friend to advise you to do.
Cloudmining is a fantasy scam. >:(

i have facebook friend that he only know how to earning bitcoins by investing at cloud mining sites besides faucet and he has several times got scammed by cloud mining sites but i don't know why he wasn't learning from his experience even though i have already prohibit him to stop that but he always looking for new cloud mining sites and be an investors at those sites

Obviously you cannot force them to stop as they are their own person but I would definitely warn them of the dangers and that they will likely get scammed, I would suggest rather than use cloud mining they try the altcoin market if they want to invest in something.

I have a friend like that, but it happened already one year ago. when it was cloud mining very crowded. I previously was the victim of cloud mining and stop investing there. when I just tell my friend about cloud mining that is less good. but he ignored my advice and finally he was regret. indeed sometimes the experience is that can prove it, so people believe.

I always advise my friends not to invest their money into cloudmining site, but most of them already know the risks of losing their money but they're still invest their money out there , they told me that they were very happy earn  bitcoin on cloudming since they're literally earning bitcoin while sleeping. They dont even stop when they got scam. They will find another cloudming to join with it. I can't do much, just advising.

i don't actully care about someone losse money or not i will tell the truth to my friend that most cloudmining services are scam and if possible then he can withdrawl his money and after it i will leave all the matter to him i did my duty by telling the truth

I would tell him about the current situation of scam cloud mining sites. It all depends on what site he uses. I would warn him not to invest any more money until he gets a good return and withdraw of his already 'invested' money.

most cloud mining is ponzi/scam so your friend should aware of it. I leave cloud mining for this because they are none but scammer. I think your friend did wrong cause cloud mining is wrong platform for investment. j will like to suggest him  for  trading because with some skills ans experience your friend can make good profit.

Well for i will let them know that its scam.. i will show them all my knowledge about bitcoin so that they know that im one of the old users of bitcoin..
Just like my friends past few days he is always looking for cloud mining to invest and experience of scam.. so he said to me that bitcoin is useless but the truth he didnt know that investment site are all scam. even cloud mining site..

I remember a lot of people telling me how i was an idiot not to invest in hashocean, and I was telling them than sooner or later it would collapse, they didn't listen.

I would just ask my friend if they know it's a scam.

If he says, "Yes," then that let's me know that he knows what he's getting into and leave it at that.

If he says, "No," then I would explain what I know about them and let him still make the decision for himself if he wants to continue with it or not.

It might already be too late. But what's the point of your question, why would you want to hear our opinion? There can be only one answer, namely, you should warn our/your "friend" immediately and ask him to withdraw what is left or possible to withdraw. There's no point in learning it "the hard way"...

Just in case, no one learns not to eat shit this way

Well Im not that bad type of person but if he's already invested then I will just say only one thing and that is to explain it simply about ponzis.

And I will just let him to experience what should be the output if my friend will continue to invest in cloudmining as sometimes putting them in the actual situation will make them realize what is right and wrong.

Of course I would warn him that cloud mining sites are scam and if possible that he can withdraw his investment immediately then he should do it. I will share to him my experience of investing in a cloud mining site and then later on it disappear together with my coins. If he will still insist on investing even though I already warned him and do my best of convincing him not to invest in sites like that then I will let him because may be he wanted to learn it the hard way.

If he invested here already we can not get it unless if the cloud mining is giving a first withdraw they can still recover it but i will tell them the truth that cloud mining is scam they are just the same as investment site they will run after few days or weeks.

What's done is done,after the "investment" his money are already lost and he won't be able to recover them.
The only thing i can do is to warn him about online scams and teach him how to recognize a shady business from a legit one,the best suggestion you can give to newbies who are interested in investing their money online is to stay away from any site that promises high returns and always ask his friends' opinion before making any move.

I would make fun of him to make him understand he's doing something stupid

Stupid is as stupid does, and that would be an equal exercise in stupidity, though not as forgiving. I don't think you would be quite happy being ridiculed for having lost a decent amount of money (no matter what's the reason, ignorance or not)...

Surely not something to laugh at (remember, karma is a bitch)

Not all cloudmining services are a scam, I would not say that Genesis-mining is a scam.
Now, if it will make a profit, that's another question.

I've personally made a profit through Genesis-mining by getting paid in Dash and selling it when the price was pretty high a couple of months ago.

i see a lot of people investing in it too and it is just a waste of time and money because they will all turn to a scam and give no returns in my opinion

Too difficult for giving advice for them because they already believe if the cloud mining is profitable because I ever trying finding one of my friends is just putting all of their money into cloud mining site and their head is very harsh to get my advice.

i avoid cloud mining websites at all costs, i used to try it though they scammed me on a lot of money as i did not know they were just hyips before

Hopefully anyone that just found out about Bitcoin will do some research before spending too much money on an investment. 
If anyone I knew went into cloud mining, hopefully they spent it on one of the sites that aren't a scam. 
Unfortunately, probably 99.9% of cloud mining is a scam. :(

well if you knew bitcoin than your friend. i think you should guide or teach him the best way where to earn and invest on it.. there are gambling sites that gives investment. or trading sites you can tell them. and it would be good for you as you can make them your referral.

cloud mining not prospect investment
majority only Hyip scheme ponzy
is real mining is break event point is very long is over one year, is eabot or iam is forget is name, BEP must wait over 2 year
is not prospect compare you saving in deposito in bank, asia country is better than high save bank

not recomended is country europ or USA because in there cash rate in bank is very low

I've seen it in my local forum , the member itself recommended for anyone asking about how to grow their bitcoin to investing in "cloud mining".
That's the wrong tips would be given to beginner , and makes their money vanished , but we can't force them for stop on cloud mining after they deposited their money there , but we can give an explanation about HYIP or ponzi scheme so they would be understand about bitcoin investment.

What will I say after what he has done? Since he did it already, I will just tell him my experience, on how I know cloud meaning, but, I won't stop him. I will just let him know what might or might not happen, the possibilities based on my own experience. In the end, no matter what, he is still the one who can decide what he wanted to do with his coins.

First I'd ask him in what cloud mining website he invested (I find hashnet to be good, I've profited from them for 40% in one month and that was a year ago) if he said then he invested in some other service I'd tell him to draw taht funds asap and not to invest in cloud mining, maybe suggest him to buy a miner and mine alt-coins.

I will tell him that cloud mining is not worth anymore and it will takes long time to get ROI and profit. Especially after the halving, it's become more more harder.

if he purchased already well we ill wait if what will happen to his coin. If he get hi ROI well good news but I will not recommend him  to do that again because its too risky to join in cloudmining sites. So I will suggest him why nit go in trading you will not get scam but you will do some effort about that and research also. Not just giving money to some unknown people and waiting that your money will come back, Well you have only 30% chance that your coin will come back to this sites.

When you invest in cloud mining you're hoping that the overall and total hashing power of the network will go down so that your investment gains more value over the term of it's maturation. The halving then effectively halves the value of the contract, and, depending on how the market moves, can increase the time required to pay off the initial investment, let alone gather an ROI.

i think the ROI for cloud mining takes too long especially on how many hash rate you paid. the more the rate the more profit for investor. Genesis mining is the most trusted cloud mining as of now.
because they have proof that they have a miner farm. but AFAIK they are risk also in investing with them because we don't when did they farm got shutdown . :) cloud mining is not advisable i'd rather setup my miner than investing to people we don't know

well i would say good luck to him, hopefully it wont turn to scam, you cant do anything anymore because he already invest it, its better to advise him to stay away from HYIP and ponzi also cloud mining in the future, and tell him how is the correct way to earn bitcoin so he wont be scammed again

I have nothing to say, its  his decision and its his own money, I could just tell him that those ponzis are risky and might run his money... There is no need to stop them coz it's not right...Tell him that you will be laughing at his ass when his money is gone...  :D

If I am his closest friend the real friend, and if I am very much aware with bitcoin mining I would suggest him the right thing to do.  I would tell him to be cautious and to be very careful in investing with some sites as it always turns to be scam.  We could do some research and maybe plan to where and how we would do some investment.  As a friend I do not want hin ended up sobbing. ;D

you have to tell them. otherwise you would be helping a scam take place.
if you know about the scam, you have to teach them about the cloudmining and how scammy it is. but do it in a nice way instead of being bold about it.

i will tell them the truth if investing money in cloud mining is actually ponzi scheme and tell them if their profit money is only from new member who deposit on the site and it means their money is other people is money , sometime that way is worked and they know that they almost do wrong thing

I'm not sure how anyone has done well with cloud mining. I have heard from
a few people they had a nice ROI. I have never had that luck in fact I took a
bath invested in CEX a couple years back and lost heaps of bitcoin.

I would tell your friend to run! or really break out a calculator and focus on difficulty
change and if he can make the money back.

I think the fisrt i will let he learn about cloud mining and all of the consequences investing in cloud mining, after he face serious obstacle and asking help to me i will give my advice and prefer to him how to looking for bitcoin safely, or at least controlled risk, although majority have a risk.

That would be a very nasty story.

Let`s say i told my friend about bitcoin,but never told him about btc scams.

This would be my fault,i guess.

the only time I could ever see a cloudmining service be at the very least profitable, it was on cex.io a couple of years ago when it was still profitable and they were running it (now it is paused because of the high fees and unprofitability). and even then it was hard to make a decent amount from cloudmining, the most of the profit came from trading GHS

As I understand it, this makes sense only if the cloud mining site you invest in is legit. Otherwise, the hashing power of the network is irrelevant altogether, since no one is actually selling you any hashing power at all...

What did I miss (if anything)?

I definitely would warn him to avoid such projects, tell him that he can lost his money and show him an examples in the Internet

Well, instead of friend it was me who was trying to go with cloud mining. I have cancelled my plan because I was and am complete noob in mining and there is no point if I’m entering in cloud mining without proper knowledge. I asked about it before investing in cloud mining here on bitcointalk and I was told to stay away from cloud mining because various reasons.

I would do the same if any of my friend is going is same direction.

that is the point OP is trying to make, you should try to tell other people especially if they are your friends that investing in a cloudmining is not such a good idea.

and if you could, you should always give them links about their scam accusations and the scam topics that you can find so they believe you easier and prevent them from possible big losses.

I think I would direct him to this site, http://www.badbitcoin.org/ and ask him to count the amount of sites connected to cloud mining/Ponzi schemes and see if he is still interested in investing with these types of sites. Some people will not take your word for it, so you have to come up with some evidence to prove your point. I have learned the hard way, with telling friends about something their kids did, and even if it was true, they still did not want to believe it, until I brought the proof and now they are left with the red faces. ^hmmmm^

thank you for the site, i will add this. also i think your experience describes how 90% of this cases go down. sometimes even with the evidence they still do not believe you. it depends on the people you are dealing with, but in most cases i do not argue anymore if i have presented the prov and they still wont believe me. then i just wait till they come back crying.

Well he ask for my opinion then I would say things that I know with cloud mining.  Tell him the risk factors of joining those investments and show some pictures or articles for some legal basis.  I will warn him and advise him to be careful with all the investment sites as some were scam.  As a friend I will be really concern with him. 

I must admit that I didn't know about scamming in cloud mining before I read other replies on this post. If a friend of mine decided to invest money in such a thing, I'll mention some unpleasant situations he might face and will ask him to read some information on this website: https://www.weusecoins.com/avoid-bitcoin-cloud-mining-scams/. And yet it is his money and every business involves a great risk, so let it be his way.
By the way, aren't there famous cloud mining companies people trust? I mean, companies which passed the test of time?

I will stop him investing in cloud mining if he is my friend, i dont have to wait to lost his money before i speak. its better from the beginning to give him an advice before its too late. and i dont want him to experience what ive been through.

first, i will ask him how much he make invest on cloud mining and then i will suggest him to stop mining with cloud mining if he wants but i don't want to push him to follow my word, its up to him and i only can give him an advice that maybe he needed. but before i telling to stop, i will exlain some info to him, i will explain him what is cloud mining and everything that will be necessary he should know.

I convince him not to invest in any cloud mining sites and say to it why not try trading it's a little bit risky but if you have experience you will earn in it higher than you can make in cloud mining. And cloud mining not profitable at this moment.

He already invested in a cloud mining site dude you cant stop your friend. But for me as my prediction now if he just invested on a one of the top cloud mining site now after halving i'll just say that he should just get his roi on that because right now it is very early that the cloud mining site will scam you :D.

He already invested in a cloud mining site dude you cant stop your friend. But for me as my prediction now if he just invested on a one of the top cloud mining site now after halving i'll just say that he should just get his roi on that because right now it is very early that the cloud mining site will scam you :D.

I would probably suggest him to not make an investment directly before he really understood about it. And because he already did it, then there's nothing he can do much except if he still can cancel the investment.

Of course I would take the initiative and tell him more about it, That cloud mining is just a HYIP in another way, I would attempt to assess him getting a refund which is possible if the website is still running and stable, if I didn't tell him I'm sure it would impact his positive view regarding BTC.

It is his money to lose so I'm letting him charge it to his experience. If he learns a lesson or two after investing and eventually being scammed, maybe he would shy away from those stuff and just invest on proven ways and methods. But some people never learn, always being made to believe of high yield investments and promises.

Because he jusst invested in the cloud mining site then he should wait until the ROI and withdraw it immediately then roll the existing power and earn until the mining site turns into scam but i think now as my prediction they wont scam the mining investors because it is too early to scam them they wait until the price rises or if they are running almost a year? then that is the time

What you are telling is not good, If he has invested before itself in the cloud mining , then i think now he can do nothing but one thing he can do is keep autowithdrawl daily and just start to withdraw daily till the site goes scam, like this your invested will be secured as you are going to withdraw daily, if your luck is their then your invested bitcoin you will get it and after that what ever profit you get is your luck,

But dont try to reinvest what every you are getting in daily, that way you will lose whole invested bitcoin in that site.

Beforing saying all cloud mining sites are scam, I would ask him about the site. If its hashnest, genesis or even hashflare then I would try to explain to him the time required to break even and the risk involved. I would not encourage him to invest more  and would ask him to withdraw his payout daily and invest in some good ICOs or hold it as bitcoin and keep it as  along term investment and wait for gradual price appreciation.

I think all newbies to bitcoin make that mistake of investing into cloud mining sites at the start of their bitcoin journey only to understand later the opportunities missed or the bitcoin they lost to a scam.

If he has already invested in cloud mining then I can't really help him, but I would suggest him that if they pay him for the first time then that would be the right time to withdraw all the funds from it.

if my friend want to invest at cloud mining i will stop it, i will invite my friend to visit my mining rig, because building mining rig is best solution, is more profitable than invest at cloudmining.

this will be a bad thing for between him and bitcoin. lots of people are afraid with using bitcoin just because their first experience with bitcoin wasn't that much good (they almost got scammed or earned very less from faucets) and then they prefer to left bitcoin.
BTW. I will warn my friend and try to convince him that the whole bitcoin is not like that. so just leave cloudmining but don't leave bitcoin.

people will always believe a flashy sales pitch/schpiel.
i've never heard anyone actually stop and ask how cloud mining works; yet people seem too happy to hand over the dough.
all cloud mining consists of is a bunch of rented hashpower (or a small hashing farm) set to mine literally at the will of its owner.

if the owner makes a decent profit, he might pass it on; but there are no honest crooks in cryptocurrency, so you'd be lucky to get back what you put in. why people don't take the 1-2 weeks to learn how to setup a basic stratum against a bunch of coin daemon is literally beyond me, there is no shortage in the way of guides/howto files on the internet.

live and let live, the saying goes.
a fool and his money are easily parted.

Some new sites with fresh commencement of operations aren't listed quickly on badbitcoin.org so sometimes if a newbie might encounter a ponzi on the same day of that site's inception, they can't find the name on the list of bad sites.

What's more effective is to tell all newbies that cloudmining today is just a bunch of shit. If a cloudmining site offers big profit at shorter ROI then that is really suspicious. The rewards also has been dropped today together with the current mining difficutly so ROI will not be reached in just short period of days.

Any type of investment in Bitcoin is good but we need to choose the thrusted one. If I am being him, I will be choose trading. I didn't like to investing in minning site because so many mining site was turned into scam. And also we can try omicron there are a good deal for us.

of course i will tell as much detail as possible, so he is aware of the negative impact that will be received from the investment of cloud mining or provide proof perhaps he will have more confidence.

We cannot afford to trust any cloud mining site at a moment,  and if my friend asks me before investing in those sites then I will simply ask him to stay away from it and find better ways to invest.

As we all know that most of the investment sites are scam, so thats why a lot of people not trust on it and i am also one of them. In start when i joined Bitcoin, than one scam site send me msg to do investment and i did it and i got loss, so i suggest don't do it and if you want to do something with your bitcoins, so you should do altcoin trading, it is better way to use your bitcoins.

I would suggest not to invest in any mining site until his friend invest there and get 100% back along with the profit. Because all mining sites are 100% scam as much as i know. Since he had  invest so I can't do anything but I would suggest him not to invest anymore.

I'll tell him, "Congratulations, you just donated some money to some deadbeat from the Internet!!" and then leave him.

Kidding aside, I will tell him that he was just scammed. The website might still be paying him right now, but eventually they will stop paying and run away. He already sent his coins, we can do nothing about it now. You can't stop him now, he has to learn his lesson the hard way. I'll also tell him that we all have been there, we we're all scammed by some investment site out there so he will not be embarrassed and think of getting scammed at first as a normal and acceptable incident.

That's right ,all investments are risky ,cloud mining is good to start especially people who have many referrals ,but if you're the one who will invest big amount on it most of the time it ends up with a big loose or scam ,some of my friends invest in cloud minning which when they will withdraw the investment it can't withdrawn .

I tell to my friend that its not worth cause she continously add investment for a big weekly and daily amount .
I do.math and calculate some of this .after a big investments this sites turns out to be scam ,still operating and updating but you can't withdraw your investment .

you are right, i think that bitcoins are the best investment option right now, i hope that it will make me some decent money soon

Best investment option? That's debatable. However, if we say a "good" investment option, that may deem true.
There's really no problem with cloud mining sites if there were legit ones. Unfortunately, that is the problem. We don't know which of which is a real one.