Cloud Mining Service Legitimacy

[subSTRATA]

Greetings and salutations,

From what I understand in this corner of the internet, a majority of bitcoin miners and frequenters think that cloud mining services are a scam, and are not to be trusted. My question to you, the bitcoin loyal masses, is "what could a cloud mining service do to make them seem more legitimate in your eyes?"

Not being anoymous and being transparent. Companies who keep their owners hidden are shady and doesnot look legit. Find out everything about the owners, if they appear in public their hosting website is mostly  be legitimate. Even a video proof of  the mining rigs help.

It's actually hard to get a profit from cloud mining by the way.

even if the owners of the operations come forth, it doesnt guarantee that an operation is legitimate; lets take GAW for example, im pretty sure little explanation is needed. But, your first point is very right: cloud mining operations that tend to try and keep the owner's identity and whatever else information they can hidden are usually ponzis, one of the points made in the ponzi risk assessment thread: https://bitcointalk.org/index.php?topic=878387.0

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[muhrohmat]

well the more you see the cloud mining services the more you get related to closing in 3 to 6 months the same bussniness soo cloud mining even the proof of block find does no gives you a secure future bussiness investment into the users of cloud mining maybe just the 49% that cex.io have makes them a bit better but i lost money there last 2 yers not entering in none like subStrata said

[kiowarory]

Greetings and salutations,

Thanks for all the replies, I didn't expect so many thoughtful and redundant replies, though redundancy is a great thing IMO. To answer any possible questions, this question is a means to an end. The ,hopeful, end is a cloud mining service run by myself, and a good friend of mine. After poking around and reading (link to the sticky post about reigniting public interest in BTC goes here), soul searching, and a few days doing nothing a playing video games. I believe that cloud mining services are the best way to reignite public interest in BTC. As cloud mining would be an easy way for the average person to attempt mining, since there would be little start-up costs, no increase in personal utility bills, and no purchasing specialized hardware, but I digress. As for actual information about my service, there really isn't any yet. Currently it's an idea that might not even happen, as with many ideas. Speaking for the future though, we will most likely attempt to crowd-fund this project, but past that we have no plans. Though this forum will certainly be the first to receive word, should any of this come to fruition.           

[Phildo]

I'm not sure why you (or anyone) thinks that "pay someone else for hardware and electricity" is such a better idea than "pay for hardware and more for electricity."

[Amph]

I'm not sure why you (or anyone) thinks that "pay someone else for hardware and electricity" is such a better idea than "pay for hardware and more for electricity."

you said it , it is because you pay more for electricity, and you don't need to have to do with all the hassles about shipping time, customs , scammer that won't send you anything, or that will send you damaged item, or malfunctional one

the risk are in both cases, the difference is that one is faster to establish than the other

[subSTRATA]

I'm not sure why you (or anyone) thinks that "pay someone else for hardware and electricity" is such a better idea than "pay for hardware and more for electricity."

you said it , it is because you pay more for electricity, and you don't need to have to do with all the hassle about shipping time, customs , scammer that won't send you anything, or that will send you damaged item, or malfunctional one

the risk are in both cases, the difference is that one is faster to establish than the other

people also dont like dealing with the noise and heat the miner causes either. in addition, with cloud mining, people do not have to perform any sort of maintenance on miners, or worry in case a miner breaks.