Bitcoin.com cloud mining scam

[Peke]

Thinking about cloud mining? All scams. Today it was Bitcoin.com's turn to scam BTC from their customers.

Bitcoin.com Lifetime Contracts Paused, Full Refunds Available


Due to regulations in China regarding Bitcoin mining, we are moving our mining equipment out of China. Unfortunately this means that we need to pause all lifetime mining contracts until the transition is completed.

Only lifetime contracts are affected. Other contracts, such as 1 year or 6 month mining contracts, are located in the USA so are not affected.

You have two options at this time:

Receive a 100% full refund of your initial USD cost (paid in BCH at current exchange rate). Your contract will permanently end if you chose a refund.
Pause your contract from January 18th until approximately April 30th while we move our hardware to a data center outside of China.

Refunds are available now, and can be requested until our hash rate is back online.

To receive your full refund, please go to your purchased contracts page, click on your contract, then click "Refund" to complete the process.

If you prefer your contract to be paused until our hash rate is back online, no action is required.

We thank you for your patience and understanding.

Funniest thing for this excuse is that these guys barely had any hashpower in China. Their hardware seems to be mainly in US and they continue mining into their own pockets with the hardware their customers paid for. Scam well done, Roger Ver and Co.

https://image.ibb.co/cvwdBm/bitcoin_com_scam.png

[sencix]

How is this a scam if they are offering a refund?

[Peke]

How is this a scam if they are offering a refund?

People bought those contracts in good faith when Bitcoin was $2000-4000 instead of just hodling on their BTC. Now they are offering dollar value back converted to BCH. Think about it and you'll catch why it is a scam.

[sencix]

It looks like they want people to wait until April 30th, so they can move their hardware out of China.

[Oilacris]

How is this a scam if they are offering a refund?

People bought those contracts in good faith when Bitcoin was $2000-4000 instead of just hodling on their BTC. Now they are offering dollar value back converted to BCH. Think about it and you'll catch why it is a scam.

If you do really think and understand carefully on such transition you will able to say that this is just an indirect reason for them to announce but well i dont really care at all on whats the truth. The thing here is that as long they would give full refund then it wont really be considered as scam anyway it might be uneven or not reasonable basing on previous bitcoins price but you cant argue on this matter.

It looks like they want people to wait until April 30th, so they can move their hardware out of China.

Just like being said above you would really need to wait up but if you are smart enough then better to pull out investment asap.

[Peke]

If you do really think and understand carefully on such transition you will able to say that this is just an indirect reason for them to announce but well i dont really care at all on whats the truth. The thing here is that as long they would give full refund then it wont really be considered as scam anyway it might be uneven or not reasonable basing on previous bitcoins price but you cant argue on this matter.

As said, they don't really have hardware in China. That's just poor excuse to basically throw out people who paid for that hardware and continue to mine with it in to their own pocket or resell those contracts again to new customers. What comes to latter part, I'm not so sure that court would agree with you. Even if it would, morally it's still a scam to rip Bitcoin out of peoples pocket for basically a small portion of what it's worth now. But you are entitled to your opinion as we all are.

[magneto]

How is this a scam if they are offering a refund?

Bitcoin has risen far beyond the levels that most people bought their lifetime contracts at. That means that if people bought at $2000 per bitcoin, they're receiving only a 15-20% refund on their initial investment and any proceeds from the actual mining(probably not much).

If they choose to wait for months then they are also losing out on a lot of profits(4 months actually). Nowhere in their cloud mining advertisements does it say that this sort of behaviour is acceptable, they should have foreseen China's decision to regulate bitcoin mining strictly.

At least they're not just running away with customers money, tbh. But cloud mining in essence is just a scheme to make the administrator of the scheme rich and take money from newbies thinking that they will be rich from this.