Bitcoin: Cloud Mining Operators and Agents can face up to 21 years in prison

[SmileyLadd]

According to the regulator these contracts promise to pay the investor daily or weekly mining proceeds and these unregistered firms also affiliate commissions for every recruit that registers.

Now we're talking, may this serve as a pre-caution to those miners.

What are your thoughts?

[Red-Apple]

when you call them "miners" then you are confusing yourself. call their operation by its true name and it will become clear what they are doing: Ponzi Scheme.

so far all the cloud mining sites were either a ponzi scheme from start or eventually turned into one when they couldn't make ends meet offering real contracts. they end up selling more hashrate than they really have and the downward spiral starts there.

[stompix]

According to the regulator these contracts promise to pay the investor daily or weekly mining proceeds and these unregistered firms also affiliate commissions for every recruit that registers.

Now we're talking, may this serve as a pre-caution to those miners.

What are your thoughts?

You should always add a source...

Doing your job, this is what you're referring to?
https://news.bitcoin.com/philippines-regulator-issues-warning-to-cloud-mining-participants/

If yes, then it's only for the Philippines, it's old news and I do hope every damn so-called "cloud mining" ponzi scheme and fake ICO "developers" end up in jail and not for 21 years but for 210.

Oh,
And I do hope they extend the punishment so that all those shilling for such scams get the same sentence!!!!

[Brianlee0112]

Based on the regulator this types of activities may bring huge loss in your life based on this it may 21 years jail because this type of activities are prohibited in crypto currency based on this people should aware of this and many ICO are scam in the market so if we don’t think about this it will be problematic.

[petloer]

Yes, this was the news in Philippines. The regulator of Philippines stated that if the cloud miners do not pay to the investor daily, they can face up to 21 years in prison. They also advised not to invest on this type of unregistered investment activity.

[adzino]

According to the regulator these contracts promise to pay the investor daily or weekly mining proceeds and these unregistered firms also affiliate commissions for every recruit that registers.

Now we're talking, may this serve as a pre-caution to those miners.

What are your thoughts?

They are not miners. They are scammers. All most all cloud mining sites are pure scam. They are nothing, but ponzi schemes. Based on the current costs, cloud mining should never be profitable for the service providers. And don't fall for the free hashes they give. You won't be able to cashout for "free". You will need to buy something prior to cashing out your profit and this is where they scam you.

[bitbunnny]

For me this is just another confirmation that majority of cloud mining sites are scam. What they are offering to users with their contracts is a phishing for naive people and the holders of such sites are greedy criminals to say it very openly.
I don't now if there are barely few legitimate cloud mining sites so my strong advise is to avoid such options unless you want to end up scamed with big losses.

[dbravo]

Based on this question cloud miners operators can face 21 years jail based on this there are lots of scam are creating in the market based on this problem fake ICO makers are also involved in here so this may cause of many problem and this is a fraud based on this it may cause of 21 years jail & its good for market regulations.

[mineko]

maybe that's true, because now bitcoin is not what it used to be because now bitcoin is very tight, and hence we should be careful about running bitcoin, and now paying bitcoin is pretty slow like it used to be.

[sakahayang]

when you call them "miners" then you are confusing yourself. call their operation by its true name and it will become clear what they are doing: Ponzi Scheme.

so far all the cloud mining sites were either a ponzi scheme from start or eventually turned into one when they couldn't make ends meet offering real contracts. they end up selling more hashrate than they really have and the downward spiral starts there.

That's right, I once did a mining but when I calculated that I got only a loss, it made me angry. I hope the others are not exposed to this ponzi scheme, because it is very detrimental to the miners.