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Author Topic: Why don't people realize the problems with cloud mining?  (Read 297 times)
Indrawan77
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February 01, 2018, 12:23:31 AM
 #41

People are blinded by the greed that they refused to see the danger ahead, and there are so many people trying to lure them in cloudmining so they can get referral, for a newbie cloudmining offer seems so attractive and they don't understand how does cloudmining work, they are lazy to find out so just put their money in

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February 01, 2018, 01:12:44 AM
 #42

It'll be interesting to see what effect this Facebook ban has on how many offers there are out there.
It's a first step. YouTube as well is full of cloud mining shilling, reviews, blatant advertising, etc. It will require YouTube to follow the same pattern as Facebook regarding their most recent actions.

Genesis mining is probably the most successful in marketing itself, which has lead to them being able to stay operational for such a long period of time. Cut off their marketing, and they will dry out completely later on.

This however will also affect legitimate services advertising, which is the downside of this. It's impossible that they will try to filter out scams since there is no way to know that up front, unless it's sooo obvious.

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February 01, 2018, 01:17:51 AM
 #43

It is sad. If people just place the money they spent in the cloud mining contract and invested directly in the coin itself they would be much better off. So stop cloud mining and simply buy some btc and hold.

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February 01, 2018, 02:35:44 AM
 #44

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?
They only want fast money and fast success yes cloud minng is profitable but before that you need to sacrifice a lot of money to achieve that profit goal,of course it is time consuming and if you stop working on it it became a scam because you fail to maintain your mining rigs and bills to pay. Unfinished contract can benefit the mining company your woking for only them can hold your progress after all you've done.


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February 01, 2018, 03:34:29 AM
 #45

Why do you need to berate cloud miners, when there are people pre-ordering Bitmain miners at ridiculous prices and by the time they get shipped the difficulty will be astronomical?

You need to tell those people they are wasting their money on overpriced, power-hungry doorstops!
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February 01, 2018, 01:24:05 PM
 #46

It is of recent that I understand how this cloud mining business works and my study review to me that most of them are scams site and 99% of them are not genuine and we really need to be careful before even thinking of investing into them.



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February 01, 2018, 02:52:40 PM
 #47

It is sad. If people just place the money they spent in the cloud mining contract and invested directly in the coin itself they would be much better off. So stop cloud mining and simply buy some btc and hold.
It's not that simple like you said, holding BTC isn't an easy task to do especially if you have big capital in Bitcoin and need to exchange them quickly because any reason.

~snipped~
Not all of them are scam, genesis-mining still legit until now.


 
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February 01, 2018, 10:40:01 PM
 #48

It is sad. If people just place the money they spent in the cloud mining contract and invested directly in the coin itself they would be much better off. So stop cloud mining and simply buy some btc and hold.
It's not that simple like you said, holding BTC isn't an easy task to do especially if you have big capital in Bitcoin and need to exchange them quickly because any reason.

~snipped~
Not all of them are scam, genesis-mining still legit until now.


People do mostly think that holding bitcoin is an easy task or thing to do.Its sounds easy but its actually not.People are risk takes but only to those people who invested on legit cloud minings site like HF and genesis but for those people who did invest into scams then they are greedy enough on believing in to those too good to be true offers. They would realize when they did already lose up money.

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February 04, 2018, 02:50:04 AM
 #49

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?

It's because some people just don't want to do the hard work but instead make their money work for them even though there is a small profit. Some just want to have a passive income because they are busy with their other jobs so investing in cloud mining would be one of the ways to have multiple source of income. Some people don't know how to mine themselves so they invest into someone else that has the tools to mine and then wait for their share of income. Some maybe are just starting venturing into cryptocurrencies and don't know where to put their funds so they start in cloud mining.

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February 04, 2018, 07:25:30 AM
 #50

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?

It's because some people just don't want to do the hard work but instead make their money work for them even though there is a small profit. Some just want to have a passive income because they are busy with their other jobs so investing in cloud mining would be one of the ways to have multiple source of income. Some people don't know how to mine themselves so they invest into someone else that has the tools to mine and then wait for their share of income. Some maybe are just starting venturing into cryptocurrencies and don't know where to put their funds so they start in cloud mining.

No matter how much you try you will never understand it. Even after so many warning topics, people with bad experience in cloud mining, everyday I see new cloud mining site and people who pays for their mining power. What to think about people, that most of the world population is stupid and ignorant? Like sheep's they go to do a haircut and they pay a lot of money and they give their wool, double loss, but who pays attention on that.
I understand that people wish to make easy profit, but this is worst then anything else. Even gambling is better, at least you have some real chances to win something big, with cloud mining you can just lose.

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February 04, 2018, 08:49:25 AM
 #51

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.

You are right. I know some people who have made a profit doing cloud mining but their profit comes from the price increase not the mining.



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sulendra12
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February 04, 2018, 10:33:02 AM
 #52

Cuz those people want easy money offered by cloud mining. Probably cuz beginner could be easily attracted with high profit and want to take a part to invest on cloud mining or because referral commission. If no one invest on those scammy sites, cloud mining would be never exist this time (except the legit one)

 
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