Is Cloud Mining Really a Ponzi Scheme?

[GTA]

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.

[jonnybravo0311]

Unless they've proven they actually have hardware the chances of them being a scam is pretty high.  As with everything else invest wisely and only what you can afford to lose.

[marcotheminer]

No, not all cloudmining services are scams/ponzis.

https://bit-x.com and hashnest are those that come to mind that are legitimate.

[Bitdonator]

No, not all cloudmining services are scams/ponzis.

https://bit-x.com and hashnest are those that come to mind that are legitimate.

+1

Bit-x is still new, but very trustworth website.

[Xialla]

No, not all cloudmining services are scams/ponzis.

https://bit-x.com and hashnest are those that come to mind that are legitimate.

yeah, you are one of examples, that it can work, anyway generally "cloud mining" is for me:

1* non profitable
2* ponzi scam

[ajareselde]

No, not all cloudmining services are scams/ponzis.

https://bit-x.com and hashnest are those that come to mind that are legitimate.

yeah, you are one of examples, that it can work, anyway generally "cloud mining" is for me:

1* non profitable
2* ponzi scam

Agreed. The only difference is the time it will be needed for you to loose you investment (in 99.9% cases). With ponzi you loose fast, and with legitimate cloud mining your death is slow and painful to watch.
Just think about it; you are no longer mining yourself, but are involving third party to do the mining, it's obvious to see that you are the last one in the food chain in that case, which comes with little or no reward at all.
My advice is; if you can't mine yourself, don't mine at all.

cheers

[zecexe]

Is Bitcoin Mining Really a Ponzi Scheme?
Obviously from the experiences of most people it is because people are getting ripped off!

[Alley]

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

[MCHouston]

Is Bitcoin Mining Really a Ponzi Scheme?
Obviously from the experiences of most people it is because people are getting ripped off!

No, just a lot of so called Bitcoin cloud mining companies are Ponzi schemes.  Bitcoin mining itself is not a Ponzi scheme.

[BTCjust]

all cloud mining are scams, not only ponzi

[anderson00673]

I must disagree that cloud mining is not profitable.  Using hashnest I was getting a pretty good return, then when the price of hash went up I sold.  Their market has no transaction fee.  I didn't have to wait until ROI, because the hash does not expire on a specific date.  It expires when it no longer exceeds the maintenance fee.

If a cloud miner charges a maintenance fee that is generally a good thing.  Of course there are many shady looking sites out there but to say that cloud mining is not profitable by nature is incorrect.  You just have to understand what the investment is and how to best use it.

DO your own calculations and decide for yourself.

[Vitamin King]

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...

[Muhammed Zakir]

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...

[ img]http://www.anony.ws/i/2015/03/02/cmmonitor1.png[/img]

@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.

[SpanishSoldier]

@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 ?

[rammy2k2]

so far all cloud mining companies turned out to be 100% PONZI / SCAM

[marcotheminer]

so far all cloud mining companies turned out to be 100% PONZI / SCAM

There are still some (Bit-X, Hashnest) operating legitimately.

[mrhelpful]

Id just pick the ones that actually produce the asics, meaning they should be a mining company as well.

but its based on your homework, and what precautions you take. like if they accept credit card, you also have a protection on purchases.

[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

[techgeek]

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.

[tmfp]

@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?