Bitcoin Forum

Is this site upmcoins.com legit? can some confirm this...
because it seems fishy.

There's a good 90% chance it's a ponzi, like most "cloud mining" businesses.
From what I know they even give you a free "machine" to run and get the taste of it.
As a general rule, cloud mining is more likely to be scam than legit.

and with a ponzi you mean "fake.."

In this case, ponzi means that most likely this site doesn't mine at all.. They pay back early investors with the money deposited by late investors.
The early investors ROI and lure in late investors. Once the ammount of invested coins peaks, the site closes and runs with the pot.

I do have to agree tough, only a very, very, very limited fraction of cloud mining sites is legit.

The ones that are legit do not hide behind private whois info. They clearly advertise who they are, show proof of mining (pictures, signatures from mining addresses,...). They usually also ask for vouches from their hardware vendors, and post links to these vouches as a clear proof they actually own mining power.

In the absence of such proofs, cloud mining is usually a ponzi...

oh okay thanks feelsbadman :/ do you know a site thats legit.

Ponzi in short term is a form of fraud ,you can very well read about ponzi in details here https://en.wikipedia.org/wiki/Ponzi_scheme (https://en.wikipedia.org/wiki/Ponzi_scheme) usually cloud mining sites starts as a legitimate business and turns into a ponzi scheme when the profits turns out to be very less and since the difficulty level of mined coins increases with time the business model is infact waiting to fall at any time.

100% noo i already opened up the site and it totaly not a worth to trust buddy and i smell fishy on that website where the admin are going to scam people after they deposited their money your can't withdraw you money and it not listed on hyipmonitor either and the website has no SSL certificate and don't try to invest on that site if i were you.

If you think that this site smells, then stay away from this, because you're right and almost cloud mining sites are totally scam.

I don't know what site is legit, but I know what kind of sites is scam and will become scam, if the site is well promising and too good to be true. Just go and read their faq you can sense if they are telling the truth, just like this that they will fully get back your money with good profit
There's no easy way to earn bitcoin, as the site's promises for every week payment just like that

I've invested in cloudmining and got burnt a long time ago. Since then i wouldn't touch cloudmining with a ten foot pole.
That being said, in the past, i've read that Hashnest or genesis-mining were legit (don't even know if this is still the case).
99% of the other sites (including this one) are ponzi's (or straight out scams that don't even pay out the initial users)

Do be carefull tough: even if a cloudmining site is legit, this does not mean you'll profit from buying hashrate from them!!!

Think about it this way: if i had 10 antminer S9's, i could either mine BTC myself, or i could rent out part of my machine to other users... Those are my two choices.

Why, oh why would i ever create a site, run a promo, have support crew, handle payments, handle complaints instead of just running my S9's for myself? If i ran them for myself, there is no hassle... Just run them, get payed, done...

Then, why do legit cloudminers still exist?
In my opinion, there are only 2 possible reasons:
- they're selling their risk to their users
- they're charging more for hashrate than they'll ever earn by mining for themselfs

Neither of those two situations are ideal for the subscriber!!!

We can never tell who's site is legit and who is dont since many frauds are.making their site look more legit by investing on different site accesories so their site will be look more appealing to the people who could see it and will attract to invest and so by that so we cannot become a victim by this scheme we should really avoid those all investment site wether its cloudmining or etc, so we can get out on investing life and learn to earn decently thru this furom and by tradings aswell.

Upmcoins advertise themselves as old crypto company created in 2009? Interesting that I and apparently everyone else never heard about them until now.
There zero online feed prior to creation of this 'cloud mining' site. And this is usual scam, nothing which even remotely resemble legit operation.

I've seen much better scam cloud mining sites, these guys are not even trying hard.

Also their slogan: "We - a cloud service of mining cryptocurrency. We use only clean production" - what does that even mean? They supposed to be mining cryptos and this slogan does not make sense.

Ponzi means you can lose your investation without being expected as I'm ever invest on Ponzi named Golden Cow
My first impression when see it, it was cool so I try to invest about 0.05 and you can guess what happen next

Do not risk your bits except you can afford to lose

if the cloudmining website doesn't mine, then it's most likely a ponzi. If you want to invest in a company that actually mines i suggest haobtc but like always, do your due diligence first before investing into the company(although it acts more like a bank then a cloudmining website).

There is no any cloud mining sites which we can consider legal. As most of the cloud mining sites don't have real mining device and what they sell is just your virtual share of mining. Many have already ran away scamming millions so better to stay away from all cloud mining ponzi. Cloud mining ponzi are just like HYIP which will not survive on long run. DOn't invest in any cloud mining ponzi.

If anyone wants to invest in mining, it should be only done with friends and close partners, you must have direct insight in the hardware that is bought and location where is being installed

Even then mining investment is very risky, only if the electricity us very cheap or if you don`t pay it, then think about investing in mining hardware, also be sure that 8-12 month if all good will be needed to ROI

Best advice in this time "stay away from Ponzi and if you have some money for investing let's be traders or offering your service"
and don't will expecting more about the cloud mining site in this time.

ponzi with a free bonus
signup for the free bonus,bookmark the site and forget about it :)
return in 4-5 months to see if it is still alive
if it is alive -collect the minimum payout and be happy
if it collapsed as predicted be happy you didn't lose any money
win win in my books

Upon checking the website it surprised me to welcome me with words "Cloud or hosted mining for everyone!"
So it clearly states that it is a cloud mining that is just promising big returns if you are going to invest to it and don't believe with ponzi schemes it is just going to scam your bitcoins.

no this site is not legit
just see the text on their website that saying they're already experienced in cloud mining for about 7 years that the don't say which mining site they're just already operated for past 7 years (or experienced in making ponzi for about 7 years)

only 1 year domain and whois privacy,i can sure this site is a scam and plain BS

So much scam and ponzi sites these daysw, you have to be very careful. Always check all available informations about the site and hosting. And if any detail looks suspicious you better avoid it.