Mining contracts - the new ponzi

[kingscrown]

cex.io was honest it was just market for hashes.

almost all cloud mining ended as scams tho

[eternalgloom]

So, it it actually possible to make a profit using a cloud mining service?
Possibly by mining certain altcoins, I would think?

[RGBKey]

So, it it actually possible to make a profit using a cloud mining service?
Possibly by mining certain altcoins, I would think?

I highly, highly doubt it. Mining at most points is incredibly not-profitable unless you're coming out with state-of-the-art hardware yourself.

[lunnalee]

Not every terrible investment is a Ponzi scheme. Please use the proper meaning of words.

Mining will most likely lose you money. The seller / operator of a mining program will most likely make money. Doesn't make it a Ponzi scheme.

I do believe it! Not every investment of mining is a Ponzi , there are many mining rigs for rent to make profit! I know the guy of Bitmain , It is the biggest manufacturer of mining rigs !!

They also do some business in cloud mining Pacmic V3:https://www.hashnest.com/l/wzepnNJ4jjg

However  the antiminer S5 or S5+ are good product for miners. I have U3 ,a vest-pocket mining rig of Bitmain .It works well.

SO,maybe ,we could turst one of them ,instead of to doubt everything .

[Bitsaurus]

A year after a lot of these ponzi schemes panned out and new ones still keep cropping up.  I guess new meat is available perpetually.

[Amph]

So, it it actually possible to make a profit using a cloud mining service?
Possibly by mining certain altcoins, I would think?

if you do not get the situation that was discovered with cex.io where their stopped their mining activity because their miners was not profitable anymore, and investors lost basically tons of money, maybe you can hope to do roi in 5 months

certainly if someone has roi already because he started this years, now he is ahead and he is making a good profit, if he start big....

[notlist3d]

So, it it actually possible to make a profit using a cloud mining service?
Possibly by mining certain altcoins, I would think?

if you do not get the situation that was discovered with cex.io where their stopped their mining activity because their miners was not profitable anymore, and investors lost basically tons of money, maybe you can hope to do roi in 5 months

certainly if someone has roi already because he started this years, now he is ahead and he is making a good profit, if he start big....

There are a lot of variables.  Difficulty has been pretty good.  Price could be better.   All depends on fees really, and cost.   The legit sites you at least have a chance.

The ponzi that actually have no gear and pretend to mind is the plague on cloud mining.  Sadly there are just a lot of scams you have to be carefull.

[CoinBreader]

iv been burned from PBmining , havent messed with anything else since then! iv learned my lesson!! 

[gurbar_nakub]

iv been burned from PBmining , havent messed with anything else since then! iv learned my lesson!! 

PBmining Ponzi shoud be classified as a investor-base game

[Phildo]

its hard to tell if those cloud mining sites are really mining even if they shows photos since it's easy to crop pictures nowadays. BTC exchange is quite low for a company to mine and offer cloud mining unlike before where a BTC is worth more than $300 USD.
BTC cant even stay long in the $300 USD level for a long time.

The entire point of bitcoin is to take the trust out of the question by putting everything on a public ledger. If they can't/won't show you the mined coins on the blockchain they are full of shit.

[Phildo]

So, it it actually possible to make a profit using a cloud mining service?
Possibly by mining certain altcoins, I would think?

If someone had a machine that would mine x amount of bitcoins why would they rent it to you for an amount lower than that?

[cniht]

Not every terrible investment is a Ponzi scheme. Please use the proper meaning of words.

Mining will most likely lose you money. The seller / operator of a mining program will most likely make money. Doesn't make it a Ponzi scheme.

No it just makes it like most investment advice today on wall street. LOL

[cniht]

its hard to tell if those cloud mining sites are really mining even if they shows photos since it's easy to crop pictures nowadays. BTC exchange is quite low for a company to mine and offer cloud mining unlike before where a BTC is worth more than $300 USD.
BTC cant even stay long in the $300 USD level for a long time.

The entire point of bitcoin is to take the trust out of the question by putting everything on a public ledger. If they can't/won't show you the mined coins on the blockchain they are full of shit.

BTC has a predicted resistance rate of around $250-$260.  The rest is waiting on the debt currency system the world runs on to explode(or is that implode?).  This is from what I've heard more from financial types who are watching this thing like a market.  It may NOT be a bad thing if the price drops to further for a while.  Remember we've got a lot of centralization going on and home miners can just pull the plug and go to their day job.  These mass mining operations can pull the plug, but only for so long then they have to start auctioning off their assets.  If you've got a cloud mining contract your SOL at that point.

I also believe that transparency is a good thing.  Sunlight scatters the cockroaches.  Every company I've ever dealt with that was truly striving for new customers would go out of their way to be transparent as to the size of their operation.  They may not show you their P/L if they were privately held but they would have no problem throwing out audit result after audit result and picture after picture so that you know they are a legitimate business.  Especially if they think they could possibly get a few thousand out of you.

[mudiko]

it looks hard to invest on cloud mining, when we check its history

[ssis]

bitcoin mining.does anyone have information about me?a decent company?or is it scam?
my mail:ocanayl@gmail.com
if you can help I'd appreciate it.

[Lavavest]

When the mining difficulty rises fast, the cloud mining company can make money by just selling the contract without adding more mining facilities.

[tmfp]

bitcoin mining.does anyone have information about me?a decent company?or is it scam?
my mail:ocanayl@gmail.com
if you can help I'd appreciate it.

Don't revive/necro old threads to ask a generic question. Use the search facility.