Is Cloud Mining Really a Ponzi Scheme?

[waterpile]

@OP: If you haven't seen a ponzi promoter, see above. He is one of the active ponzi promoter. I highly recommend not to invest in that site.

Any specific reason of your silence behind Bit-X inability to show their mining address so far ?

Any specific reason for Cloudmining.website's inability to show any proof that they mine at all so far?

Its really the same with all cloud ponzi mining services, they don't need to provide evidences of their miners because there are suckers that are willing to give them free money..

[Phildo]

http://i59.tinypic.com/hs126w.jpg

There is just no general consensus on the profitability of cloud mining.

Some cloud mining companies are just not trustworthy.

Experts say there's a simple way to tell if a cloud mining company will turn out a scam.

I like this quote in the article...

“If you draw an analogy between recent projects that have deceived their clients and closed down, you will notice that they all share several traits: short lifespan and the promise of a very high ROI, such as 200-400% per year.”

Being an user of www.CloudMining.website for several months, I can now comfortably assume that it does not satisfy any of thee traits...

1. Lifespan: It is paying consistently for seven months now. Payment proof: www.cloudmining.website/payments.php

2. ROI: It does not promise anything on ROI at all. In fact, it took ~125 days for me to ROI on CMW, whereas a third party mining monitor reported to have ROI with them within ~114 days...

That guy made a roi on his 2 dollar investment, everyone run and give them all your money, we'll all be rich in no time!!!!

[Phildo]

If the miners are profitable why would they rent them out to you for less than they can make plugging them in?

If the miners aren't profitable why would they waste the money they spend on the miners, electricity, bandwith, etc when they can just give you your money back slowly over time?

[waterpile]

Why would a cloud mining service not just mine themselves and keep bitcoins?  Answer:  they make more contracting to suckers.

I agree, waiting for 6months ROI is just a bother.. you don't know whats the price of BTC in that time

Well thats why its a risk right lol.

Anything you invest has some levels of risk, just have to know how to off-set it. I wouldnt really bother cause 6 months is really a long time.

I know that it has a risk but i can't understand why people would willingly risk their money and wait for 6months to ROI when it is an obvious scam.. so lets say you got your ROI but afterwards they suddenly vanished.. you've waited for 6mos and got nothing LOL

[bajing]

yes, some company cloud mining now is ponzi scheme. many cloud mining ending with scam after 6-8 month

[Amph]

if they can't provide a video or a photo of their machines(and not fake foto like that infamous ponzi cloud), one could argue about that, it would be too easy to just build a site and set it like a cloud and then call it a cloud, while behind the scene there is nothing to backup it, thus making it a blatant ponzi

still some companies are legit and some of them deploy their miners only if you use their service, like hashnest, so maybe the above rule isn't working for every site...