Another proof that cloud mining is a scam

[jak3]

We can't do anything for them. they need to learn and even if you warn them about these scams and hypes they are still gonna make the same mistakes. but these scams are definatly gonna too small in current years but I do not understand why these scams are even there. I mean a skilled user can easily make like 0.01 btc per month (at least). there is nothing bad about making money but making money from stealing others is somewhat bad.

[Yakamoto]

Cloud minings and the fallacy of the lifetime contracts. Many people thought they would earn passive income by the end of their lives, but in fact they earn few satoshis every day and decreasing until the *lifetime contract* is finished because mining difficult and operational maintenance costs.
And they dare to say some people make profit from cloud mining investment. Of course they did, they invested in cloud mining when btc was 400 dollars, received half of the total amount of btcs invested back, but with btc at 6000-14000 dollars range price. In this kind of business the investor is paying the mining business to make profit exclusively for themselves, it doesn't return any profit to investors!

Most people think that there's got to be some kind of value in these mining contracts, at least when they start. I think it's basically just betting that the value of Bitcoin will always go up and that the difficulty won't get harder than it already is, which we know is a fallacy because it's almost always been going up. I used to think that cloud mining was a viable means of earning BTC, since I used to use sites such as, I think it was CEX.io(?), and it's where I put my first few earnings into, but I eventually realized that it would never pay off and I was able to walk away without losses because I could just sell the hashing power.

I kind of want to feel bad for people that get baited into these kinds of scams, but that's what happens when people think that something too good to be true is actually a good deal. There is no value in mining contracts and, sadly, too many people buy into the lifetime ones thinking it's a great deal.

Companies do whatever makes them the most $, and if they're willing to sell their hashing power instead of using it to mine for themselves, you know that it's more profitable for them to not mine. If they won't mine, why should you?

[rdluffy]

If people just use the logic and do the math they will see that`s not worth to invest on cloud mining
You will only gain money if the coin rises in value, so you can buy the coin directly

[SaShiRaJaVu]

I really don't understand, it's already 2019 and people are still believing that cloud mining is still one way to earn and the best way to invest your money??? *face-palm*..

Anyone new to bitcoin will always look at ways to earn maximum benefit and that is where these cloud mining sites make their profit, it is a trap for new users as they will not understand the difficulty in which you could get any profit even with a good mining machine and these cloud mining sites are taking advantage of that ignorance and there is no doubt we should tag those sites.

[franciscoDC]

https://www.reddit.com/r/Bitcoin/comments/b09lxr/beware_nuvoo_is_refusing_to_payout_mined_btc/

I really don't understand, it's already 2019 and people are still believing that cloud mining is still one way to earn and the best way to invest your money??? *face-palm*..

You cant really blame yet there are still noobs out there who do feed these scammers.Due to lack of knowledge and the nature of greediness
on making money which do leads with wrong decisions on putting money with these cloud mining sites.Its part of the learning process  

Lack of knowledge, yes, that was most people got scammed. The worst here is the reputation of the entire cryptocurrency, once a noob had scammed they think that the whole crypto also was a scam and the main here is Bitcoin. And tell their friends that it is scam without knowing them the only source of scam is where they invested not the crypto. Frankly speaking, people are easy to fool when it comes to higher earnings.
Well, we are so lucky here that we are fully oriented regarding that matter and avoid possible scam.

So that is why we need to improve their thinking level about crypto dont hesitate to help because i know it will give them a motivation to never drag themselves about quiting here because this is what exactly i‘ve experienced here in crypto.

[niisarearning]

https://www.reddit.com/r/Bitcoin/comments/b09lxr/beware_nuvoo_is_refusing_to_payout_mined_btc/

I really don't understand, it's already 2019 and people are still believing that cloud mining is still one way to earn and the best way to invest your money??? *face-palm*..

i used only one cloudmining website that is Eobot i dint find much revenue in this site even if we want to get some good returns it will take years . So i stopped investing time in this websites .

[Bonheur]

Cloud mining sites are really great and easy scams if you want to scam people who are new in this type of thing. People want fast and big returns and cloud mining scams offer such great profits.Too bad people rarely realise if something is too good to be true, it is not true at all. There are a lot of cloud mining scams and most of them were very profitable for scammmers. A shitty website and a couple of people promoting that site for their own gain. And thats it. Scams such as crypterra which was not even a good scam that had a site that only had stock images got away with millions of dollars.

[coin-investor]

https://www.reddit.com/r/Bitcoin/comments/b09lxr/beware_nuvoo_is_refusing_to_payout_mined_btc/

I really don't understand, it's already 2019 and people are still believing that cloud mining is still one way to earn and the best way to invest your money??? *face-palm*..

Cloud mining was over since 2017, but there is still a lot of cloud minings, they are targetting newbies who do not know that the cloud mining is just a Ponzi scheme and there are really no mining rigs to show investors, I'm also surprised that so many ICO are cloud mining based.

[kingsart]

https://www.reddit.com/r/Bitcoin/comments/b09lxr/beware_nuvoo_is_refusing_to_payout_mined_btc/

I really don't understand, it's already 2019 and people are still believing that cloud mining is still one way to earn and the best way to invest your money??? *face-palm*..

Cloud mining was over since 2017, but there is still a lot of cloud minings, they are targetting newbies who do not know that the cloud mining is just a Ponzi scheme and there are really no mining rigs to show investors, I'm also surprised that so many ICO are cloud mining based.

You are right that new user who are greedy and came to bitcoin to become rich soon falls for this cloud mining scam as they wanted to earn without doing any hardwork and cloud mining is the best way they think but in the end they come to know that they got scammed.

[michellee]

If people just use the logic and do the math they will see that`s not worth to invest on cloud mining
You will only gain money if the coin rises in value, so you can buy the coin directly

But the problem is people are tempted of the word "making money with cloud mining" so they still invest in the cloud mining especially in the new cloud mining which they don't know if that services could stay online for a long or not. The cloud mining right now was not profitable because you should buy hash power to mining, the price of the power is not cheap, you should wait for some time to reach ROI which you don't know if you can reach it or not.

[Novatech8]

I've been in the cloud mining business since 2017 and I've learned a lot about it ,I invested for sure but later on gradually I detect its an absolute waste of time ,many of the popular cloud mining platforms are dead or exist scam already ,stay away or cry later

[Indamuck]

Just because it is a stupid thing to buy doesn't mean it is a scam.  The mining companies usually do what they promised but it is a dumb investment.  It is like a car dealership selling you rust protection or something else that isn't really needed but you are still getting that service so it isn't really a scam.

[MakeMoneyBtc]

Just because it is a stupid thing to buy doesn't mean it is a scam.  The mining companies usually do what they promised but it is a dumb investment.  It is like a car dealership selling you rust protection or something else that isn't really needed but you are still getting that service so it isn't really a scam.

It's true that there are some cloud mining websites that are fair and try to do the best in order to pay their customers but the reality is these days most of this websites are just a hidded HYIP under another name. They lie people about their company and their services, pay them for a small period of time to build some reputation and raise more money and them disappear and stop payments.

[Adriano2010]

Some cloud mining is not a scam, but over time with cloud mining we can't get a ROI, i invest over time on cloud mining and after i paid over 0.1 bitcoin and got on return only 0.07 bitcoin.

[bekkioPEK]

I did a couple of contracts with genesis mining in the past, September 2017 it seems to me, the contract was 2 years and in fact they are still paying me (I think there are a few months to finish the contract). the problem is that after a few months the profits have dropped a lot and you only have a few crumbs left. absolutely not recommended

[Golftech]

I did a couple of contracts with genesis mining in the past, September 2017 it seems to me, the contract was 2 years and in fact they are still paying me (I think there are a few months to finish the contract). the problem is that after a few months the profits have dropped a lot and you only have a few crumbs left. absolutely not recommended

most of the comments about cloud mining is really not for recommending such investment, its better to trade or invest with projects that you'll
be able to get some good returned instead of giving your money with mining company who can't promised to take care of your money, you can deal
with trading and invest with full control of your money.

[oseikuf44]

99.99 percent of all cloud mining is a scam despite all the hardware and the proof they can convince investors to believe. It is unfortunate always newbies into cryptocuurency fall to this fraud. Though they can pay at early stage like all ponzi scheme but sooner or later they will get excuse to stop paying.

[iqlimasyadiqa]

Immediately avoid cloud mining because this is a type of investment that is not recommended. too many negative things happen because basically the cloud mining companies do not have hardware mining and in fact the majority only do math calculations. so this initial indication has proven that cloud mining is not reliable to be an investment. choose investments that are far more convincing like trading. I left cloud mining 3 years ago, I realized that cloud mining is a useless thing.

[pixie85]

https://www.reddit.com/r/Bitcoin/comments/b09lxr/beware_nuvoo_is_refusing_to_payout_mined_btc/

I really don't understand, it's already 2019 and people are still believing that cloud mining is still one way to earn and the best way to invest your money??? *face-palm*..

Cloud mining was over since 2017, but there is still a lot of cloud minings, they are targetting newbies who do not know that the cloud mining is just a Ponzi scheme and there are really no mining rigs to show investors, I'm also surprised that so many ICO are cloud mining based.

It was over even before that. The real big year for cloud mining was 2015 and it was just next year 2016 when most of them collapsed because it wasn't profitable to mine and contracts were bought months before when Bitcoin was worth more so people were expecting profits that were impossible to achieve in bear market.

Some cloud minings were ponzi schemes and some just couldn't deliver.

[Johnzky]

https://www.reddit.com/r/Bitcoin/comments/b09lxr/beware_nuvoo_is_refusing_to_payout_mined_btc/

I really don't understand, it's already 2019 and people are still believing that cloud mining is still one way to earn and the best way to invest your money??? *face-palm*..

Thats why we need to expand our effort in telling people like this,we cannot blame them for being a victim as  cloud mining really promise huge profit than the other area of profiteering here

I almost entered this mining field when a friend of mine told me about this issue and lucky that instead of cloud mining i bought cryptocurrency and tokens for long term holding

Now atleast i can still see my capital(even though they dropped from upto 50% but still chances are i can profit huge in future

I actually had the same experienced with you. I have friends who suddenly woke up one day and invite me to join on those cloud minings in 2017, lol. The thing is that I'm not aware that they're also into crypto so I was caught by surprised and I told them that majority of them are scams.

So they didn't believed in me and later I found out that they have been scammed and come back to me saying that they should have listened to me.  

Lucky that I am not one of those friends of yours who cried after being scammed and not listening to advices lol 😂

But at least they become a good example to others so they won’t be a victim in same scenario.i hate scammers as I hate being victim also