There are many people lost money by investing this option to buying hash rates.
Despite the fact that people have indeed been losing big time with cloud mining, a whole lot of newbies and other delusional people still see it as a viable investment option, which is ridiculous.
In most cases the people that do end up investing their hard earned cash into cloud mining, make the mistake of re-investing their earnings into even more contracts/hash power.
These people don't realize that if you do re-invest your earnings, that you have to start earning from scratch again, because you gave the cloud mining service back what it gave you.