Another proof that cloud mining is a scam

[BitBustah]

Its not really a scam but the likelihood of making a profit is slim.  A scam would be more like them just stealing your money and never doing anything.  People will always fall for these advertisements as much as you want to prevent them from getting sucked in.

[suzanne5223]

How come you said cloud mining is scam, did you see many people have raised much money with cloud mining and they have build highest mining project and keep it for the future, but right now is not good time for cloud mining.

Not all of them are a scam. In fact, some of them are pretty good to make money when the prices are right and you have the amount to invest.

Now, with those contracts you are the one taking the risk. And if the price goes way down you will lose money, will the "cloud" mining companies are totally and completely safe. So in that aspect it is arguable.

Have you tasted it? if then, can you put one of the site which you means?

I just wanna tell you something about cloud mining if you don't know yet.

 1. ▁ ▂ ▄ ▅ ▆  Cloudmining 101 (ponzi risk assessment)  ▆ ▅ ▄ ▂ ▁
 2. BITCOIN CLOUD MINING IS A SCAM (noob word!)
 3. Lets STOP the Cloud Mining scammers HERE
 4. Advice for new users regarding CLOUD MINING
 5. [SCAM] Cloud mining website hashflare.io using fake reviews

You're both right I mean you and xWolfx because there are actually some long existing cloud mining site which are still active till day but they have also once scammed their user. Therefore, I will never recommend cloud mining to anyone because 99% of the company that claim to be cloud mining scammed their users.

[ninnelis]

How hard is it for them to ask for your BTC address and send it manually? I guess they have zero BTC in storage.

[Furious 7]

this is a powerful way to trick beginners to get bitcoin. everyone believes it is a cheap business with only internet capital.
they are easily cheated with extra income.
and the most frequently asked thing is "can it be withdrawl?"

[Moiyah]

Never been attracted even before with cloud mining. People nowadays were should really be anxious about something like this. After reading the conversation between the victim and the nuvoo, I absoultely sure that they were scam. She purchased a lifetime contract and nuvoo did not stop it and never bring back the btc that was mined.

This will be a lesson learned for everyone who easily falls for this kind of fraud. Beware!

[agatha90]

Maybe they have never experienced losing their money. And also most people who believe are those who still don't understand the world of crypto good or bad

[imstillthebest]

Maybe they have never experienced losing their money. And also most people who believe are those who still don't understand the world of crypto good or bad

Not all who invest in cloud mining sites are noob  .  i witness alot of experienced and pro traders that also invest on cloud mining because they wanted to earn extra income .  others can earn while other lost but there is no problem with it  .  they are aware that all types of investment do have a risk  . thats why we have a golden rule  which is " invest only what  you can afford to loose "

Furthermore , not all cloud mining sites are  scams  . there are also legit but they take a lot of time before you can recover your roi  .

[ryap12]

How come you said cloud mining is scam, did you see many people have raised much money with cloud mining and they have build highest mining project and keep it for the future, but right now is not good time for cloud mining.

It is scam tetyulfania. It is very similar to pyramid scheme where only the first people who invest will benefit the most. Once the scammers meet certain requirements, they will stop approving withdrawals and would just run away with the money from the newest investors. There is no other way for cloud mining to profit that much but through referrals.

[BeGoods]

Its not really a scam but the likelihood of making a profit is slim.  A scam would be more like them just stealing your money and never doing anything.  People will always fall for these advertisements as much as you want to prevent them from getting sucked in.

Online minning does not provide a big advantage to the owner if you they a real system using miner tools, so why would they prefer to use the ponzi system because they do not have to bother maintenance mining tools, and certainly much more profitable, because they can scam at any time. so be careful..

[eaLiTy]

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 am seriously not sure how people still invest in cloud mining sites as they can simply calculate the returns before investing and how long it will take to reach a break out profit, if they find it too hard to calculate there is no point in advising them either as they will not understand the basics, they will learn the hard way instead, cloud mining is not a wise investment but there is nothing wrong in having some fun, you could purchase the coins with that money instead of wasting it.

[prasad87]

Eh, some businesses in the niche are scams, agreed. But most are simply good businesses for the owners, bad for the clients - but nobody is forced to become their client, after all.

[MakeMoneyBtc]

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*..

Honestly I think we have more than enough proof needed to declare cloud mining a scam. There have been a lot of projects existing that tried to prove cloud mining could actually be a profitable business for everyone but unfortunately all of them failed even though they were online and active on the market for a few years. This only proves us that cloud mining is one of the biggest scams in cryptocurrency world and they should no be trusted

[Xalata]

I have so many reports about how most cloud mining platforms are scams. I don't actually know why some people still believe in cloud mining upon all the numerous warnings that have been given by some community members. It is better in my opinion to go into day trading other than mining of cryptocurrencies.

[Twinkledoe]

If you are an old timer in crypto, you won't believe any promises of these cloud mining services. They are the only one gaining from this platform. Have you ever heard a person getting his ROI from this kind of investment with the time period they promised? Or have you ever known a person invested in this that really got his initial investments?

[kamBlanV]

yes. some cloud mining can give us profit from our investment. Most of the Cloud Mining service providers pay their old customers from new customer contracts that come to join. In general, a concept like this is the Ponzi concept. If the provider of the site provider is hiding behind Whois privatization (WhoisGuard), or does not provide an identity, it needs to be watched out.

[talkbitcoin]

Cloud mining was good 1-2 year before and in old time but now for sure cloud mining is bad for all investors ,it is good only for people which get money from referral systems but then that people are liars which will be forgotten and be dissapointed later when their referrals lose so then they will build harder team in some new normal project.

the thing about scams and ponzi schemes is that their failure (the time when they run away) has no clear deadline so you can't say it was 1-2 years before and it is not shorter or something like that.
it all depends on how many people they can scam and for how long. a ponzi scheme can run for 5 minutes before it goes belly up or it can go on for years while  scamming thousands of people.

and the most important thing to remember is that you can never beat the system. so don't even try to do it.

[shield132]

The statement that cloud mining is scam doesn't need any more proofs, it's as easy as abc to understand that it's scam. At first imagine, why will someone mine for you while they can mine for themselves? If it's hard to understand for you, then imagine this: Why will someone print money for you while they can print it for themselves?
Cloud mining companies get great profit, you pay fixed money for hashrates, they get it, mine, charge you electricity and equipment's fees and finally you never ROI. Everyone works for their own benefit, not for your.

[ahmadinejad93]

in my opinion many who think to produce bitcoin with cloud mining is very easy and fast. Especially for beginners who are new to the world of bitcoin who want to get rich quick. including me who joined cloud mining in 2017, it turns out cloud mining is just a scammer.

[AjithBtc]

in my opinion many who think to produce bitcoin with cloud mining is very easy and fast. Especially for beginners who are new to the world of bitcoin who want to get rich quick. including me who joined cloud mining in 2017, it turns out cloud mining is just a scammer.

We cannot deny that mining isn't possible through cloud. What's been done through hardware mining is possible through cloud. But, through hardware based mining we are supposed to pay electricity charges and on initial investment. With cloud it is not possible to provide with low investment and regular spending. People lack in this understanding and gets scammed.

[tegarp90]

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*..

Actually it was not scam, but when the mining fee got higher and the price of bitcoin getting down.. So yeah..
I got like 3 times of my investment back in 2017 on hashflare.
But now, every cloud mining are almost scam