hashflare is the best and secure mining site....
you will not make a profit
" Yes it IS basically a scam. A referral ponzi scheme. Yes there are payouts but you will never get even half what you put in.
Everybody here tells you Hashflare is great because they get 10% kickbacks when you sign up on their referral links.
I'm not willing to throw away my integrity for a few bucks, so here's the truth of it....
I've had an account with HF for 6 months. Mining for LTC and BTC.
(note LTC mining payed out in BTC)
Here's what I can tell you about my experience.
1. Overall, all mining yields have dropped 90% after 3 months, 70% after just one month.
(at this rate my contracts will cease soon, making the changes to "lifetime" contracts irrelevant)
DO NOT ASSUME YIELDS REMAIN THE SAME OR TAPER WITH DIFFICULTY LEVELS. THEY DROP VERY FAST.
2. LTC yields showed NO CHANGE during period where LTC price DOUBLED against BTC for a couple of weeks. In fact yields appear to be nothing more than a pre-defined exponentially decreasing yield curve that have nothing to do with coin prices, difficulty levels etc.
YIELD HAS NOTHING TO DO WITH PRICE
3. Since purchase of contracts when (BTC was in the $2000's) I have recovered 30% of my DOLLARS. Projected maximum return is 40%-50% of my DOLLARS (and that's being optimistic). If I had used the money to purchase coins instead the return would have been 200% - 300%. Dollar returns on HF decreased fast even while BTC and LTC were making big gains. What a joke.
4. Changing lifetime contracts to 1 year is nonsense. It gives the false impression that they'll actually still be paying out after 1 year. Don't believe it! Fact is they can (and will) do whatever it takes to maximize their profits and minimize your return. And if you call them out on these things your yield will drop even faster! Customer's that wise up aren't going to give them more money or more customers so there's no point keeping them happy I guess.
5. It is expensive and takes a long time to make a withdrawal. We have to pay very high BTC transaction fees when we're actually processing these transactions with our own purchased mining power, like... really?
6. When asked about why yield drops so fast and has nothing to do with coin prices or difficulty levels they completely avoid the issue and whinge about the demand, cost and maintenance of hardware.
In fact this entire business model would be quite profitable without any mining going on whatsoever. Who needs to mine when you can just put up a website with some pretty charts, take the money, buy coins and slowly give back a fraction of them over time?
Lastly, if this is the kind of deceit we can expect from the miners that basically drive the entire BTC network, then it doesn't bode well. Appears to me the mining situation for BTC is already so far askew from the original vision that the coin is in danger of losing "decentralized" status.
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