What does everyone think of these miner rental sites?

[Lethn]

Obviously some of them will be scams but I'm curious because this could actually be a legit way for miners to earn money and to help out people that can't stand the idea of mining like me, in turn all going towards the network. I think I have some math to do to see whether or not this is just a flashy dividend scheme where you send them a lot of money and get very little in return, there also seems to be cloud mining out there now but that just looks like the same sort of thing but with some marketing hype.

http://btccheap.com/index.html

https://cloudhashing.com/

BTC Cheap seems a bit more legit to me because they're being honest about how much you're getting but I thought we could have a discussion about it regardless, it looks like there are some quite interesting ideas of growing BTC coming out of the woodwork that might end up being helpful to newbies, maybe there are some altcoin sites like this that I don't know about.

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[Signus]

I'm not too sure. I mean if anything throw down the .1BTC and see what happens. If anything you lost ~$11 on a shot for something. Their basic service would make a %15 return on your .1BTC within 72 hours. Granted it's low, and whether they're legit or not they are banking.

Damn people and their money. It's money that allows ideas to happen. >.<

If anybody does try this, let me know. I may throw down .1BTC just for the hell of it.

[Plazma]

I think they are paying to the old investment with the next ones, and it will just crash once its not sustainable anymore. Where are they renting from? So for all places I have seen that rent computing power you have to play 10-50 times more then you what you earn in bitcoins.

[Plazma]

Just wanna add something so people don't get scammed.
If they were legit they would only show payments. they would show money received too.

[jdebunt]

i'm sceptical of all these sites, most turn out to be a scam sooner or later anyway

[buddrulez]

Sounds a bit dodgey be sure to do your research before you part with any cash!

[furuknap]

This does smell a bit, yes. For kicks, I checked a couple of the 'Premier Members' addresses as of today. The deal is supposedly that you send ฿1 to 1AEcHjfFoXSAXBjvnVTQfw3gJopeDvmFNc, but that address has no transactions, even though there are plenty of supposed 'Premier' members:

https://blockchain.info/address/1AEcHjfFoXSAXBjvnVTQfw3gJopeDvmFNc
 
However, I did check several of the transactions and it seems that they send rewards back to senders as promised. How this accomplished is uncertain; I couldn't be bothered to dig into every transaction but at least there are matching inputs with outputs according to the reward schedule.

I don't know, I wouldn't add my money here, even for 15% in a few days. It all sounds too good to be true...

.b

[Lethn]

Shame These are promising ideas but at least we know now.

[farlack]

Doesn't make sense, why would you get paid $10 to pay $12 in a few days? Why not just mine and keep your own coin.

Seems fishy to me.

[tom_o]

I think they are paying to the old investment with the next ones, and it will just crash once its not sustainable anymore. Where are they renting from? So for all places I have seen that rent computing power you have to play 10-50 times more then you what you earn in bitcoins.

It says this on their site:

NOTICE: BitCoin addresses associated with the mining servers are not public. BitCoins from our public addresses (the addresses Bitcoin are sent to buy mining packages) are used for payouts first until depleted, and then the secondary addresses are used. This is to protect the master wallet address from potential threats.



Which does make sense but it could also be there to cover their arses if ever accused of being a ponzi scheme.

[YipYip]

Obviously some of them will be scams but I'm curious because this could actually be a legit way for miners to earn money and to help out people that can't stand the idea of mining like me, in turn all going towards the network. I think I have some math to do to see whether or not this is just a flashy dividend scheme where you send them a lot of money and get very little in return, there also seems to be cloud mining out there now but that just looks like the same sort of thing but with some marketing hype.

http://btccheap.com/index.html

https://cloudhashing.com/

BTC Cheap seems a bit more legit to me because they're being honest about how much you're getting but I thought we could have a discussion about it regardless, it looks like there are some quite interesting ideas of growing BTC coming out of the woodwork that might end up being helpful to newbies, maybe there are some altcoin sites like this that I don't know about.

PONZI Plain and Simple

Pirate40 ran a similar scam back in the day (look it up) that took some of the cream of the bitcoin world for over ~ $250k (it may have been more)

Looks like the old favorites are being recycled ...lol

[btchaver]

i put in 0.1 bitcoins twice and they did not go through and transactions were denied then i re tried to put in another 0.1 twice with miners fees and they went through and were affirmed but it took over 4 hours or so with blockchain i sent it. Then when i logged in to view my specific payment i saw ponzi scam written all over the blockchain info payments to them or i think it was them.  check it out!


https://blockchain.info/address/1CHDessF5MRxT1hyF1tSbS8NFFAS4mTjqh


So why did i not see this before?

[crazyivan]

Greed is a very powerful motivator for people to do things without even considering potential consequences.

[bcpokey]

btccheap is a clone of mininunited (probably run by the same person) which has now conveniently "closed" because its "now illegal in the US" (which it isn't).

Clear scam, plain and simple. Wish there was more legal recourse against these people.

[btchaver]

i just sent .2 btc today and by tonight the site is redirecting me to another address.   so its a SCAM    BEWARE i JUST GOT SCREWED OUT OF .2 BTC !!!!!!!    THATS THAT!

[Lethn]

Yeah looking at it now I can understand it better, it's a shame because if someone made legit versions of this it would do very well I suspect.

[tom_o]

Yeah looking at it now I can understand it better, it's a shame because if someone made legit versions of this it would do very well I suspect.

What taking 3 day loans then giving away some of their mining profits? What would be the point.

[chungenhung]

i just sent .2 btc today and by tonight the site is redirecting me to another address.   so its a SCAM    BEWARE i JUST GOT SCREWED OUT OF .2 BTC !!!!!!!    THATS THAT!

and now btccheap.com no longer exists.