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I am surprised at the people who are so happy they got paid early on in their contract. that means little as all ponzi schemes pay early on
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if you wanted to gamble in cloud mining, the only way would be if they took a credit card and you could get near ROI before 60 days. If not, flip no.
especially as we watch bitcoin fall like a brick
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buy BTC instead of hashing power.
I did that a few months ago.   LMFAO |
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They won't be unprofitable, because they promise to keep the fees low, so you'll always get some profit, no matter what the difficulty will be.
Oh! If they promise I'm sold. Where do they get the free electricity and free hardware? and did you know that some VPN's don't log? |
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we need to arrest those pig, chicken and cow abusers now
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in 2007 I put all my eggs into one basket. mint state 2007 SAE's. I almost pulled the trigger on 39 ounces of gold but got greedy thinking more ounces of silver would explode in value. pfft.
7 years later I have dead money but I do enjoy having a tangible asset. it seems btc is similar to fiat, created out of thin air
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that is the conclusion I came to as well.
I decided for me, that bitcoin is nothing more than a very good payment tool. I am glad I found it although quite late.
however holding bitcoin even one day cost me money.
I deposited with circle 2 days ago, it took them a day to get it done, then today I transferred to my wallet then into my sportsbook, they go by bitstamp price, so I am already down with fees and depreciation of btc spot
the best way to deposit into a sports book is western union when the book covers the fees
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I was trying to learn if btc was worth mining, my attitude was good until I learned what a scam cloud mining is. I also learned that bitcoin is not an investment.
I plan to use it as a purchasing tool now. I like to bet sports and my favorite book takes btc
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Sounds like a waste of life time money and a lot of grief
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it was a very modest deposit, not enough to lose one minute of sleep over.
I really wanted to see how the credit card company would process it.
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TU and repped and bumped and thanked and whatever else one can do on a forum
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Will my credit card company consider this a cash advance? If so instead of 0% for one year, it will be 25% immediately.
Holy cow, I will lose my ass.
edit: I just made a $1.00 deposit so I will see how that is charged.
On their website they do state that its treated as a cash advance fee. I was charged the exact amount I deposited plus circles fees. No cash advance fee from credit card company |
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I think if you are a miner, you won't shut down your gear just because at the moment the BTC price is too low and it doesn't make economical sense. What if tomorrow it shoots up to 600$? then you will regret you didn't mine more.
With cloud services this might be different, but I don't think a single person shouldn't judge its mining profitability based on 24hour price of BTC.
There is a controversial argument on the forums in general:
1. Hold bitcoin because its price will go up, don't use it, just buy it and HOOOOOLD
2. It doesn't make sense to mine because I only make 10$ and my electricity costs 11$ NOW
Am I the only one who doesn't get this?
Regarding cloud services I red a comment at some other site saying
"CEX.io doesn't actually need to have any sort of mining equipment. Since the price of 1 GH/s is much more than it will EVER earn for you, when you buy a GH/s they will simply pay back part of it to you as "mining"."
Made me think....
That last paragraph of yours is exactly what the Ponzi scheme is. I setup a cloud mining service and sell you a 5TH/s contract for $4000 for a year. Assuming BTC is $400 a coin, you either will pay me 10 BTC or I will purchase 10 BTC with the $4000 you send me. Even with 10% difficulty jumps, you are not going to "mine" that 10 BTC. At the end of your year's contract, you'll still be down 0.6 BTC, meaning I've made that profit for myself. Now, I get a whole bunch of people to sign up, offering different levels of contracts for different prices (the smaller the contract, the higher $/GH/s I charge). In this scenario, I have never once setup any actual mining hardware. I'm using the money I'm getting in for these contracts to payout the customers and keeping a percentage of it for myself. As the service provider, I can adjust my pricing as needed, so if BTC rises in cost, I adjust my contract pricing upwards. If it goes down, I can adjust down. As long as I have some BTC and new customers signing up, I can keep on running the scheme. This is why people like myself are constantly asking cloud mining providers for proof of their kit and proof of actual mining. Very very few actually do. So far, I believe Justin from MegaMine has been the only one to come on here and show off his setup. Others come up with excuses as to why they can't. he bragged about mining porn and it was nothing but a picture of freaking boxes |
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I have wet dreams about going back in time to the OP's post date and buying 15,000 bitcoins with the $30k I had sitting in SAE's. My problem would have been I would have sold at $20 btc
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I can write a similar post for by %s/dogecoin/litecoin/g and yet litecoin is pinned to bitcoin I am almost tempted to switch my savings to ltc. In my opinion Dogecoin is extremely undervalued. You really just need to look at the facts. Don’t invest more than you can afford to lose. undervalued? Isn't it just digital created out of thin air not backed by anything? |
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The guarantee is about as trustworthy as a VPN that says they don't log
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Not even an authorization from my credit card, not an email, not a denial......... Just nothing but a timestamp in my transaction log.
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Will my credit card company consider this a cash advance? If so instead of 0% for one year, it will be 25% immediately.
Holy cow, I will lose my ass.
edit: I just made a $1.00 deposit so I will see how that is charged.
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