hey guys. sorry for a noob question.. how does the cloud mining works ? say i buy 1TH for $450 (right?) and then pay some pennies in maintenance.. and it hashes me something... i dont get though - who pays the electricity??

isnt it kinda a bucket shop? there where are no miners and no coins.. its just an elaborated schema to squeeze the public? like a boiler room.

- hey Dave! customer on the phone!
(noise in the room)
- sorry Mr Davenport, Dave is on the trading floor. he has 1 Gazzillion of hashes to hash. He will call you back.
oh what Mr Davenport? you would like to spend all your savings and buy that 3 TeragoogleMiner you were discussing with Dave?
right away Mr Davenport. I could manage to secure 4 pieces for you. you want extra 1 for half price? great. its done. please send life savings of yours and your wife to the SuperHushPuppies Indonesia Ltd
have a great day Mr Davenport (hangs the phone)
- got ya sucker!!