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Author Topic: Why don't people realize the problems with cloud mining?  (Read 297 times)
magneto
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January 28, 2018, 09:24:52 AM
Merited by Rahar02 (2)
 #21

It's quite obvious, greed. People who simply want to earn some quick bucks without any effort fall for these scams, cloud mining, .

These fake schemes are not really easy to understand for newbies, they actually have no experience

Well, not only newbies anybody who is in a state of mind filled with greed and hunger for more and more money

Lack of knowledge and everything that they are searching out is all about profiting in cryptocurrency or mainly with bitcoin.

I want to quote all of the posts above but some of it is enough to describe the perspective of some people about the cloud mining.
is it true?
Greed, lack of knowledge, stupidity, have no experience, etc.
it may be right in some cases (fake cloud mining).
But, if you ask; have you ever invested in genesis mining or hashflare?
The answer is NO, they have not.
They just read other people comment about how terrible cloud mining is, not get paid, payment delayed, etc.

But, I can say: genesis mining quite fair and it's paying people for their hashrate.
It's not me, but some of my friends, I have asked them about genesis mining and the answer: it's paying and profitable. I don't know about hashflare though.

One thing to note: every investment has a risk, whether you will get profit or lose the funds, in this case; just put some money that you are willing to lose. But don't invest blindly without doing some research about the investment and asks some investors, not just ask "commentators" who never invest.

You make good points. A lot of these people have never invested in cloud mining but just ride off other people's opinions and never formulate their own. But I have invested in Genesis and I can tell you that it ended with around a 30-40% loss. Of course, right now could be different as price of bitcoin has been skyrocketing. But I doubt the people who invested in genesis mining contracts with bitcoin at $20k is making a lot either.

As with hashflare, even though I don't have any experience with investing in it, I'm pretty sure that nobody is really satisfied with it let alone profits. You've got the management being a joke, reducing contracts from lifetime to 1 year and then temporarily increasing min. withdraw to 0.2 BTC.

It's true that Genesis Mining is a legit site, but you're probably not going to make a longstanding income from it. But people for the sake of their ref links spread the exact opposite of that.

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January 29, 2018, 01:43:20 AM
Last edit: January 29, 2018, 02:02:26 AM by Rahar02
Merited by CyberKuro (7), magneto (1), zarados (1)
 #22

You make good points. A lot of these people have never invested in cloud mining but just ride off other people's opinions and never formulate their own. But I have invested in Genesis and I can tell you that it ended with around a 30-40% loss. Of course, right now could be different as the price of bitcoin has been skyrocketing. But I doubt the people who invested in genesis mining contracts with bitcoin at $20k is making a lot either.

As with hashflare, even though I don't have any experience with investing in it, I'm pretty sure that nobody is really satisfied with it let alone profits. You've got the management being a joke, reducing contracts from lifetime to 1 year and then temporarily increasing min. withdraw to 0.2 BTC.

It's true that Genesis Mining is a legit site, but you're probably not going to make a longstanding income from it. But people for the sake of their ref links spread the exact opposite of that.

I don't recommend hashflare as well, but for people who want to give it a shot, go ahead.
The same thing applied to genesis mining, do your own diligence to check and calculate how much to invest and how long it takes to reach ROI, as bitcoin difficulty increase over time if bitcoin price doesn't increase, you are at loss.

Correct me, if I'm wrong.
1. As far as I know, genesis mining is a lifetime bitcoin contract (not altcoins). So, if you have enough hashrate (more than difficulty, that will generate bitcoin) even though it takes a long time, you will get the ROI. in your case, I don't know how much hashrate that you have.

2. Correlated to the first point, if you invest a small amount of money, it's not worth due to the difficulty and maintenance fees: $0.00028/GH/s per day. Let's calculate if you have $179 for 1000 GH/s > maintenance fee = $0.28/day
According to coinwarz, 1000 GH/s may generate BTC0.002898/month * $11,694 (bitcoin price) = $33.89/month.
It takes 30 months to reach ROI, as I said, it's not worth. But, it will be different if bitcoin price increase to $20,000, it takes 18 months to reach ROI.

Another calculation if you invest $3975 for 25,000 GH/s, maintenance fee = $7/day
25,000 GH/s can generate $865/month or $10,524 annually. You can get ROI in 5 months.
Quote
But I doubt the people who invested in genesis mining contracts with bitcoin at $20k is making a lot either.
I can say: it's different if you invest a small amount of money or if you invest a big amount of money to get decent hashrate.
You may share your experience in genesis mining, how much hashrate that you have? How much money that you've invested, and so on, if you don't mind to.

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January 29, 2018, 04:44:15 AM
 #23

You make good points. A lot of these people have never invested in cloud mining but just ride off other people's opinions and never formulate their own. But I have invested in Genesis and I can tell you that it ended with around a 30-40% loss. Of course, right now could be different as the price of bitcoin has been skyrocketing. But I doubt the people who invested in genesis mining contracts with bitcoin at $20k is making a lot either.

As with hashflare, even though I don't have any experience with investing in it, I'm pretty sure that nobody is really satisfied with it let alone profits. You've got the management being a joke, reducing contracts from lifetime to 1 year and then temporarily increasing min. withdraw to 0.2 BTC.

It's true that Genesis Mining is a legit site, but you're probably not going to make a longstanding income from it. But people for the sake of their ref links spread the exact opposite of that.

I don't recommend hashflare as well, but for people who want to give it a shot, go ahead.
The same thing applied to genesis mining, do your own diligence to check and calculate how much to invest and how long it takes to reach ROI, as bitcoin difficulty increase over time if bitcoin price doesn't increase, you are at loss.

Correct me, if I'm wrong.
1. As far as I know, genesis mining is a lifetime bitcoin contract (not altcoins). So, if you have enough hashrate (more than difficulty, that will generate bitcoin) even though it takes a long time, you will get the ROI. in your case, I don't know how much hashrate that you have.

2. Correlated to the first point, if you invest a small amount of money, it's not worth due to the difficulty and maintenance fees: $0.00028/GH/s per day. Let's calculate if you have $179 for 1000 GH/s > maintenance fee = $0.28/day
According to coinwarz, 1000 GH/s may generate BTC0.002898/month * $11,694 (bitcoin price) = $33.89/month.
It takes 30 months to reach ROI, as I said, it's not worth. But, it will be different if bitcoin price increase to $20,000, it takes 18 months to reach ROI.

Another calculation if you invest $3975 for 25,000 GH/s, maintenance fee = $7/day
25,000 GH/s can generate $865/month or $10,524 annually. You can get ROI in 5 months.
Quote
But I doubt the people who invested in genesis mining contracts with bitcoin at $20k is making a lot either.
I can say: it's different if you invest a small amount of money or if you invest a big amount of money to get decent hashrate.
You may share your experience in genesis mining, how much hashrate that you have? How much money that you've invested, and so on, if you don't mind to.
I think that what you're missing is the fact that Genesis Mining contracts will not actually last lifetime. As soon as your incoming profits are lower than the maintenance fees that you're supposed to pay, then you're pretty much done for. Plus, you never know where they get their daily payout figures from. They could be making it up for all we know.

I purchased the bare minimum a year and a half back. I think it was 50 GH/s which definitely is minuscule now but still cost me around 0.05 BTC to purchase it. I probably only made around 0.02 - 0.03 BTC of it back before it got terminated. Of course, it could have been the fact that the halving affected the profitability of mining a lot, but the price rose as well at the time.

Bottom line I think is, cloud mining that is actually "mining" will probably not make you more than holding your bitcoins in a bull market like last year, and there is always a risk of not making ROI. Sure, there are some people saying that it's a scam without any basis, but there are legitimate complaints.

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January 29, 2018, 05:37:41 AM
 #24

I fail to understand how it's hard to notice that people aren't just going to give you access to their rigs and ASIC miners and pay you profit from it (without it being a scam) or that these lifetimes contracts are actually going to lead to profits, as companies like gensis mining are only going to pay out if its PROFITABLE FOR THEM AS WELL.

What's so hard to understand here and why are people, joining into this cloud mining scam?

Logically, nobody should be falling for this but realistically, the promoters of these cloud mining sites are just too convincing for newbies. Most experienced bitcoiners won't even look at any advertisement that has the words cloud mining in it.

People think that they can make a passive income from cloud mining, build their portfolio with "strategies" that are drawn up by random nobodies on microsoft excel. In reality it's never that easy, you have to earn your income. There is just no way that you're going to get the promised profits on your investment without the site being a ponzi or bitcoin price going up many times in a year.

Look, to all newbies out there, cloud mining is only consistently profitable for the website, not you. Otherwise, why are they offering this at all??

I don't even think you could consider it too convining, cause they're not really doing much to prove anything. I just think it's peoples greed and ambition to prove that they're going to be the ones to make it and they couldn't be someone who would get scammed. People always want to think that they couldn't be the one who would get scammed, it's like anything else when it comes to greed.

Plus once these people are invested in cloud mining they want to get other people in so they ensure that they're able to keep the scam going JUST long enough so that they're paid as well.

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January 29, 2018, 09:10:13 AM
 #25

I don't even think you could consider it too convining, cause they're not really doing much to prove anything. I just think it's peoples greed and ambition to prove that they're going to be the ones to make it and they couldn't be someone who would get scammed. People always want to think that they couldn't be the one who would get scammed, it's like anything else when it comes to greed.

Plus once these people are invested in cloud mining they want to get other people in so they ensure that they're able to keep the scam going JUST long enough so that they're paid as well.

Pretty much. It's the same logic that people had with bitconnect who eventually lost the majority of their investment. Cloud mining is seen like a way to passive income, and honestly, who doesn't want passive income and when we were newbies we would have all searched for ways for earning money at home, risk free.

So in a sense, yes, it is the greed that is gripping the investors.

Keep in mind, we're talking about cloud mining that does not have a verified fleet of miners. Genesis mining is different, you have a chance of making money but it's not that big. The reason why a lot of people even make money from genesis is through its affiliate program, and anything that has an affiliate program should be treated cautiously.

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January 29, 2018, 09:32:43 AM
 #26

Those members are too greedy to earn quick profit and also lack of knowledge about investment it will lead them to be scammed.

The main reason is not all people can provide their own mining rigs that is why they take the risk of investing in cloud mining even other knows what will happen in the long run.

Since start i do not recommend cloud mining to all investors but its hard to stop them because when they see good offer they will easily attracted and taking advantage for that amount of profit without knowledge that is one way by the developer of cloud mining to trap more investor.
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January 29, 2018, 02:43:27 PM
Merited by CyberKuro (4)
 #27

The reality is, people are too focused on the positives offered by cloud mining service providers. While they say when the promotion is very different from what happens when the promotion is complete.

Average cloud mining says it will start mining process 3 months after the purchase of hash rate, and some even more. Whereas in 3 - 4 months mining, they can buy more mining tools that they buy with investors money. It should not hurt them to give a lifetime profit facility if it did happen.
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January 29, 2018, 07:46:43 PM
 #28

Because the feel of easy money is making them blind. Mining with special equipment asks for investment and cloud mining are going to give you coins without any investment. Such things attract people, but I really count it as wasting of time and cheating. Cloud mining to me is something like a faucet in this point and I do not recommend to any one to join it.

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January 29, 2018, 08:01:54 PM
 #29

I fail to understand how it's hard to notice that people aren't just going to give you access to their rigs and ASIC miners and pay you profit from it (without it being a scam) or that these lifetimes contracts are actually going to lead to profits, as companies like gensis mining are only going to pay out if its PROFITABLE FOR THEM AS WELL.

What's so hard to understand here and why are people, joining into this cloud mining scam?
The thing here on is that not all of those so-called cloud mining sites or people do tend to announce that they do cloud mine which they have the apparatus or the miners in doing such thing which means they are just pretending that they do farm or mine. We know here on online world we can easily announce such things because its not simple to see or prove it.Scammers do see cloud mining becoming a trend which they do took this idea on scamming people. Talking back on legit ones that they are business after all and they wont operate such thing if they wont able to generate profits.



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January 29, 2018, 09:13:43 PM
 #30

When it comes to money people could be very blind, thinking only about profit and not considering consequences. But they often forget there is no easy money and no such thing as free lunch.
Despite all warnings and bad experiences people still don't want to beleive they could be easily scamed on cloud mining. But I guess the greed is stronger than common sense.

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CyberKuro
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January 30, 2018, 05:30:55 AM
 #31

The reality is, people are too focused on the positives offered by cloud mining service providers. While they say when the promotion is very different from what happens when the promotion is complete.

Average cloud mining says it will start mining process 3 months after the purchase of hash rate, and some even more. Whereas in 3 - 4 months mining, they can buy more mining tools that they buy with investors money. It should not hurt them to give a lifetime profit facility if it did happen.

Indeed, the biggest problem with cloud mining whether they are really honest regarding all the things that going on in their mining facility.
In this case, let's take a look at Ice Rock Mining cloud mining, it fits perfectly with what you have mentioned.
I'm one of the investors on ICO 1 that last from September 25th - October 1st, 2017 and have promised their investor will get bitcoin mining contract on December 20th, 2017. But, there are many investors that didn't get bitcoin mining contract until today because they just bought 20 S9. So, IRM devs have promised (again) for investors will get bitcoin mining contract in March. The problem is; IRM devs are running 2nd ICO, create a new system (site) for 2nd wave of investors but there is no any site where first investors can register to see the hashrate, even they send eth and ltc payments manually which they have promised to create a site for automatic payment system on December 20th, 2017.
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January 30, 2018, 02:14:24 PM
 #32

Deceptions by good dictators always capture the interest of listeners especially if the listeners are either greedy or illiterate to understand and review about the specific cloud mining site. They could not learn unless they have tried it. losing is learning and more complains come out and does appear everywhere that this and those are scams. Initiators of this kind of Ponzi scheme should be blame 70% and 30% for devs. I think FBI should focus in this kind of issue too.

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January 30, 2018, 04:02:13 PM
 #33

Deceptions by good dictators always capture the interest of listeners especially if the listeners are either greedy or illiterate to understand and review about the specific cloud mining site. They could not learn unless they have tried it. losing is learning and more complains come out and does appear everywhere that this and those are scams. Initiators of this kind of Ponzi scheme should be blame 70% and 30% for devs. I think FBI should focus in this kind of issue too.
Theres no need to impose percentage to be blamed off which I do believe devs would really have that 100%. If there were no creators then there would be no initiators and also the one who do initiate is always been part of the team.Talking about on arresting them then there would be only slim chances but yet theres still possibility depending on the traces been left by those scammers. This cycle would really continue no matter what as long there are noobs who do invest on these things.


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xiaomi_
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January 31, 2018, 11:35:02 AM
 #34

To me the answer is simple.
Many people dont like to research and find out the answer.
They will believe anything, and if someone promises them x-profit its a nobrainer for them to "invest" their money.
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January 31, 2018, 02:19:15 PM
 #35

Deceptions by good dictators always capture the interest of listeners especially if the listeners are either greedy or illiterate to understand and review about the specific cloud mining site. They could not learn unless they have tried it. losing is learning and more complains come out and does appear everywhere that this and those are scams. Initiators of this kind of Ponzi scheme should be blame 70% and 30% for devs. I think FBI should focus in this kind of issue too.
I think its more of a greed or naive, I always see people who defend a cloud mining site by simply saying " It pays me and I'm making profit, there's no way it is a scam"
Well, duh, that's how ponzi works. When the site collapses they would say a bunch of profanity launched towards the devs, who at this point has ran away with their money Cheesy

Best we can do is to warn people when there's a new ponzi site came out, whether they want to listen to us or not is their problem, we already did out best to warn people out of it.
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January 31, 2018, 02:31:33 PM
 #36

Investing in HYIP[High Yield Investment Programme] and Cloud mining in most cases by impatient and less researchable Newbees and also greed for quick high rate of interest or ROI often lead to their being scammed. I am of the view that warnings on this must be adequately given to these New bloods as soon as they are coming up to the forum , or this shall be part of guiding rules and regulations towards their successful membership.
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January 31, 2018, 07:22:37 PM
 #37

To me the answer is simple.
Many people dont like to research and find out the answer.
They will believe anything, and if someone promises them x-profit its a nobrainer for them to "invest" their money.
These kind of person doesnt really value their money at all where they do carelessly invest into things which they saw they can able to make profits without doing much hard work.They do already saw the results and the things do happen and the convenience that it gives without even minding the risk involve if this business is sustainable or not.Realization would happen if they do already facing consequences.

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January 31, 2018, 08:16:48 PM
 #38

It'll be interesting to see what effect this Facebook ban has on how many offers there are out there.

If we approach with the mind set of a complete newcomer it's more understandable that they fall for this stuff. The first question many people ask on arrival is how they can mine it on their 1982 Atari.

When that idea gets laughed out of town then they're likely to spot one of those ads. Hey, it's still mining. Hey, they do it for you. Hey, there's a profit too. It's depressing how few devote a few seconds to googling but that their lookout.

It's a very attractive idea to the gullible which is why it's still a thing after all this time.

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January 31, 2018, 11:58:23 PM
 #39

I fail to understand how it's hard to notice that people aren't just going to give you access to their rigs and ASIC miners and pay you profit from it (without it being a scam) or that these lifetimes contracts are actually going to lead to profits, as companies like gensis mining are only going to pay out if its PROFITABLE FOR THEM AS WELL.

What's so hard to understand here and why are people, joining into this cloud mining scam?
What's hard to understand for them? It's this: Easy money doesn't exist. <-- they can't understand this. Also they can't understand why will someone buy rigs and mine for you while he/she or them can do it for theirselves.
People they get more and stable profit from claudmining than you. You buy hashes (buy some part of equipment), owner pays some part too, gives you very low profit and lies you with the words that they take care of equipment and you just have to forget that noisy sound of miners.
A lot of lies to just attract you. And you think: Wow, they buy equipment and mine for me, what have I found, I am genius and start buying of sillyness.
That's reality....

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JanpriX
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Buy The Fucking Dip


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January 31, 2018, 11:59:11 PM
 #40

Most of the time, the main reason that I'm seeing here is that they are greedy as hell where they are being blinded by the "easy" profit being presented to them by these cloud mining sites. They think that these mining sites will easily provide them passive income as long as they provide sum amount of money to them. They don't even do proper research about it and what is the true meaning of mining is. As dumb as you may think, many people are still being victimized by these scams numerous times. They just don't learn their lesson.
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