Bitcoin Forum

I've been on here trying to get more and more people away from cloud mining, telling them that their either getting into a scam or they're just not going to make a profit (or their money back at all) but still more and more people get into cloud mining and lose out and then complain.

Why is it that people get into cloud mining? Why can't they see the writing on the walls that they're not going to do well and they should be doing other things?

The answer is greed. :o

People are attracted by the offers given by the cloudmining sites so they are just blindly invest on something and lose their money totally.But people need to realize that 9/10 cloud mining sites are scams and one of my friend also victim of cloud mining scams so please control your greed and save your money from scammers.

I think that you are only half right. I think that there are not that many actually in cloud mining. Most are only spreading ref links and use the "demo" "hashrate" in a hope they'll earn a few satoshi from that.

They really don't care about our advises here in the forum.

Just like what Neuroticfish said they are only spamming their websites and asking like this "is this *mining site* profitable?".

They are exposing those websites as if they are advertising for free just to get attention and hopeful that they can get an easy investor that is so gullible with their scripted potential profit.

Definitely right. As long there are people who do feed those scammers cloud mining or HYIP sites would really still exist no matter what. They do close and ran investors money and few days later they would pop out like mushrooms in the jungle and newbie investors or greedy people will really able to be fall out into the pit of being greedy on money which hyips sites can really convince innocent minds and to those who lack of experience.

If they want to jump in and buy the cloudmining contract without previously asking and researching it then it is their problem. Let them make their mistake and hopefully they will learn something about it. Of course they are lookig for money and then they hear mining is the process that creates crypto+ you get passive income and they are excited then they figure out that they are the ones who most probably need to put it all together and set the machine to run. Since they don't understand the thing about it of course it is easier for them to go online and buy cloud mining. Because this way it is one-click away as opposed to researching how they can do their mine operation and set it up themselves.

When you go to cloud mining websites they also offer great opportunity and then you average Joe is sold right away. Tho some cloud mining services seems to be real and in case of price increase you could look at profit at end. However I can't claim anything as personally I haven't tried any of them.

They just want more money on their own, even the fact that it might scam their but due to the "greediness" to have more they take more risk at all.

They're greedy and lazy. Lazy to ask around before throwing their money away. They don't even have to ask, they just have to think a little and they'd realise themselves why bitcoin cloud mining is not viable anymore.

They're expecting to get profit when they do nothing or something like "I Build this to make passive income, so i don't need to work again" or maybe "This is my passive income, so when i don't get enough salary from my job, then i still have this passive income". But as you can see, they don't get profit except from referral program.

Ignorance combined with what's already been said. People fall for obvious scams like Nigerian princes and invest in HYIPs and Ponzis (cloud mining is one!) every single day, and posting and setting up alerts can only do so much. The apparent flexibility and simplicity of cloudmining compared to getting miners hosted also reels people in, and don't forget all the ads. Investments in cloudmining will probably continue to be popular for a few years if Crypto is still as valuable in those days.

Very limited locations around the globe has got the low electricity consumption charges. Mining cannot be made effective when placed in a location where electricity charges were high. To eliminate the electricity consumption people prefer the cloud mining, and here very few functions with legitimacy while the rest easily get the investment and scams the people.

it is partly greed but also partly the desperation for earning more bitcoin.
I think you already know that one of the most common questions that is asked is "how do I earn more bitcoin". and people always want to receive money (bitcoin in this case) the easiest way possible without doing anything. and when they see these cloudmining sites and the advertisement and the numbers and all the empty promises,... they finally give in and invest.

So we can call it as greed to become a millionaire without doing anyworks but actually they are just losing their little money what they have.No one can be a miilionaire by doing no works or by doing hardworks,the only way to become a miionaire is by doing hardworkd in smart ways.
If they really want to earn some bitcoins without doing any works then they need to built their own mining farm but obiviously it needs huge capital so earn that money by doing some real day job then built your own farm.

I think the first reason is ignorance, many new users really do not know almost nothing about cryptocurrency-they think money can be made from thin air and cloud mining scamers target them everywhere.Although there are warnings everywhere and even on this forum some still do not understand it, which brings us to another reason and that is very poor understanding of english language.

Regardless of all of the above we should not give up in the fight against all forms of fraud,if you help only one person every day to stay away from such thing I think that's already a success.

It is because there are people that still don't know that investing in cloud mining is not profitable and most are just a ponzi scheme, most of these people are the ones who just starting to enter cryptocurrency industry, they are being attracted by the huge profit in short time that cloud mining companies promises which is not really true. There are also some people that already know that investing in this kind of scheme is not worth it but still closing their eyes about the truth it will never be profitable for them, because they are greedy to make more money or gain more cryptocurrency. We have to accept the fact that some people will never learn until they get victimized by scammers.

People we do not have knowledge about the cloud mining and how it works perfectly so far but I am mining ethereum with my 10 cards rig in my home itself. I really happy find the profit with it.

I am wondering while you are investing on cloud mining why you guys missed to check the legitimate of the project before investing on it.

I personally do not suggest anyone invest their fund on cloud mining. They initially give the free contract and then they lock the account without any notice. This what I got information.

to be honest I can't blame all the people who still join cloud mining , a good percentage of them are totally newbies who get into this business by watching youtubers who are making thousands of dollars with these sites
they are trying to sell their follower the fake dream of passive income , and personally I fall into it 3 years ago

The problem is when members of this forums join the cloud mining , even after reading unlimited amount of negative posts

All high rank members not getting into the cloud mining investment because they are being part of forum for longtime and get the answers says negative about cloud mining for long time. I also stand on the same place where cloud mining is not more profitable.

I see genesis, hashflare are showing good returns to their investors. Even their cloud mining contracts are giving ROI better than other exchanges.
People who ever get involved on cloud mining they all are newbies only. Experienced will never turn towards it.

Yes greed is the reason that many people are still investing into cloud mining site they are get attracted by the huge offers so they think that they can be a rich person soon by investing small money into the cloud mining sites but they are going to lose their money by investing on cloud mining at most of the times.

Anyone here knows legitimate cloud mining site which actually paying the investors?

None, because there aren't any legitimate cloud mining services. All cloud mining services are a scheme, so it shouldn't and can't be considered legitimate, even not when they actually pay their users. Genesis Mining and HashNest as probably the main players in this industry, but I wouldn't recommend anyone to invest even a single penny in their platform. If you invest in schemes, then know that there is no way for the majority of the investors to actually profit from these platforms. The only thing that makes them continue to pay their users is when enough new capital is being invested by newbies. In other words, your capital is being used to fund previous investors, and those who entered after you are funding you.

That's because human in very greedy in its core nature. There's no one available out there that can deny it. This greediness blindside anyone who's confronted by the "guaranteed" profit that then could get from cloudmining. These people will never doubt any shred of it as long as they are assured that they'll get their money with interest after a couple of weeks or months.

If people don't think logically and just submit themselves to their greediness, the number of people who are being scammed by cloudmining on a daily basis will not decrease. Heck it will increase even more as more people get introduced to cryptocurrency. Preventing people from investing into it will be an uphill battle but this one should be given with utmost priority.

They think that it is the best way to be a billionaire, lol.
they always think instantly and ignore the process to get success. no creativity I suspect they are from among the lowly educated.

Apart from greedy and being lazy and all sorts of things, many people still invest in cloudmining because they are curious and wants to try it out. And you seriously don't blame them for this because most of all the cloudmining   company and marketer are very good at advertising cloudmining as a very potential and lucrative with a so called money back guarantee. And it's so unfortunate that most people who want to experiment fall for this.

They are blinded by their greed, they are attracted to make an easy money and ignore all the logical explanation, they thought that they can get profit before they the cloudmining closes down, and because of them the scam cloudmining keep coming out, sometimes they need to experience the heavy lost then they will come to their sense

Generally it is more effective to just buy the coins. However. A coworker of mine is cloud mining and has about .5 Bitcoins after six months. He only payed $3000 for the contract so I guess he more than payed for the contract already and has six more months of mining to go.   

less experience is the reason and want to earn profit without even doing anything.  One day they will learn a lesson when they try it many times and see that they are no longer  profit but only loosing to much money.

Who are those people who join cloud mining? Newbies who do not understand the point and do not search too much for some e travel information. So, while there are those crypto newbies who just heard something about crypto, but have a bright wish to make money easily such things as cloud mining will blossom.

I've been giving warning to some people too that they will just lose their investments in those cloud mining sites but they still do it. Well it is not my fault anymore if they lose their funds because they are hard headed and I think they would just only learn when they experience it themselves. They cannot stop themselves for now because a high interest is so attractive and they are now thinking that they can grow their coins in just few days. I know the feeling since I've been there before but have a big time regret later on. It is a great way of earning passive income that's why even if some already got scammed before, they still continue to invest in such sites hoping to get back what they lose.

There are those people who are successful in investing in cloud mining sites but more people lose so the best way for them to come to their senses is to experience it themselves. Usually the ones who are joining these sites are newbies so they will just learn along the way what's best for them.

They seem to be desperate people, or they are people who really do not know the bad things of cloud mining, it could be because they are new people but I do not understand why they do not read postings that have been made before. But here I just want to remind again about the bad impact of cloud mining. The biggest risk is that we can lose all the money we have, I want to mention that people who do insist on cloud mining are lazy people !!

I don't why there are many people answering the same answer to them not to invest in cloud mining but still, people are showing a lot of interest towards cloud mining. I hope it is very risky one and they left us behind when they don't have money to us, according to my knowledge cloud mining is completely rotation of money in between us.

i think Neuroticfish is right, not all who joined the cloudmining is investor, some of them is "testing the water" taking the free hash or feeling what is like in cloudmining industry, i hope they could find a cloudmining site that really offered a good earning on their hard earned money

Have you ever invested on cloud mining site mate. First try anyone confirm how much you pay for 1 year mining contract. Secondly check how long it take to give the ROI to you. These both are applicable for the trustable cloud mining website.
Mostly you would not find the trusted one anywhere that is biggest problem on cloud mining. Many times contracts get closed with in some months or unwanted charges will deducted from the mining balance.

Wish, wish of easy money. What does cloud mining offers? Easy money, you just sit, eat, sleep and money comes, amazing yeah? You just invest 1000$ and can get good profit + you don't have to care about equipments nor buy them, only contracts. And in this situation if you tell people that it's fake, they say that you are silly and know nothing in innovative technologies. So don't worry about them, at least they'll learn and never repeat once lose money in cloud mining themselves.

Ignorance, lack of understanding, wanted to earn easy money. That's maybe reasons for most of them, specially newbie in cryptoverse just join cloud mining. And yes, as much as we screamed that they should stay away from it, they are still attracted and tempted to pour their hard earn money and then cry later saying that they have been scammed. So we can't really do anything to stop them, the best way is to just give them fair warning. It's going to be a expensive lessons to learn once the money they have put up is all gone.

People are dumb, greedy and easily fooled.

A lot of people get fooled by cloud mining ads that are on reputable sites like Facebook, and Google. They should really do more research.

same reason they invest in ponzi scams. newbies get lured in easily

Yes, those newbies get lured easily. If you offer something "big" amount for them, they will believe this thing a real thing and just invest it without any hassle. Also cloud mining offers you to earn reward by doing nothing, so it's a good deal right? Yet that's just a stupid ways to scam people.

Because people are very naive and eager for money, even greedy. They are buying all kind of promises without checking the facts. Scamers actualy have easy job, in most cases they don't even have to bother too much to make some sophisticated scheems. And the less educated and informed people are they get scamed more easily.

It's the exact opposite. It's the perfect way to scam people, but a stupid way to 'make' money for people. That being said, in most cases all terms most of the well known cloud mining services handle have been updated to reflect the negative aspects due to the many variables that are involved. In other words, it's no longer a scam, but a gamble. Some people call it a legal scam, which I can agree with as well. People just need to understand what consequences their actions may have if they blindly invest their funds in whatever vague site or service. If they accept the involved risks, then it's all fine -- we can't stop people from investing, just provide information. It's up to them to acknowledge that or to blatantly ignore it (the latter mostly applies).

Worse part is that people actually borrow loans to invest in cloud mining sites. They don't do the math nor a good research. People think this is a scenario of high risk - high profit, while it is clearly high risk - low/no profit. People have made a lot of assumptions about crypto and they have been wrong every single time.