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Author Topic: BITCOIN CLOUD MINING IS A SCAM (noob word!)  (Read 6530 times)
BitBlitz
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June 27, 2014, 05:43:26 PM
 #21

Why would the cloud mining company actually need hardware, warehouse, and electricity??  They could just bet on difficulty raising fast enough to make your return less then buy-in.

You give me 1BTC.  Over your contract, I give you back 0.9.  I just need a laptop, wallet, and a script to pull that off..

I see the value of Bitcoin, so I don't worry about the price...
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DubFX
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June 27, 2014, 06:20:54 PM
 #22

It is a bit of scam from lenders side as they know they won't reach that high summ so they sell it and they still profit more.
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June 27, 2014, 06:34:51 PM
 #23

It is a bit of scam from lenders side as they know they won't reach that high summ so they sell it and they still profit more.

Ye just a little bit of a scam: you buy a thing for X$, you then spend Y$ for electricity and you never reach back what you spent on it  Cheesy

I see there is stuff for MHs.

I mean... MHs, not GHs.

What can you do with that? The essential value of a MHs miner is probably below 1$ (no wish to make counts, sorry... enough for today).

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Dr. Sekxy
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June 27, 2014, 07:43:57 PM
 #24

Technically, it's not a scam since you get what you paid for and they don't run away with your coins. But it's a really bad investment, especially in long-term.
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June 27, 2014, 08:02:33 PM
 #25

Technically, it's not a scam since you get what you paid for and they don't run away with your coins. But it's a really bad investment, especially in long-term.

Well if it's a matter of words, ok, it's a fraud, not a scam, because it will not ever pay back. Mathematically.

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DrBitcoin
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June 27, 2014, 08:37:45 PM
 #26

Have you calculated reinvesting the dividends? Like on Cryptsy, you can buy fractions of a mining share.

So what if you reinvested the payouts on a weekly basis?

Theoretically you'd get exponential growth. Perhaps this would work? Could you do the math on something like this?

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June 27, 2014, 09:05:53 PM
 #27

Have you calculated reinvesting the dividends? Like on Cryptsy, you can buy fractions of a mining share.

So what if you reinvested the payouts on a weekly basis?

Theoretically you'd get exponential growth. Perhaps this would work? Could you do the math on something like this?

That would probably fix it.
The problem is: you will never then have BTC, you will only have GHs until the end of times.

Let's say you buy 1000 GHs.
These 1000 GHs after the first month give you 0.799 BTC.
You buy 0.799 of GHs (no matter how much it is).

Now you have 1000 GHs that will never catch up the investment, AND 0.799 of GHs that will never catch up the investment  Cheesy

I just trashed 150 Euro like an idiot, I can admit it.
But I wonder all those people in there with thousands of GHs... how comes they didn't make the count before buying so much of it?

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June 27, 2014, 09:40:24 PM
 #28

How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?

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June 27, 2014, 10:24:01 PM
 #29

How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?

Put it as you want, they show that you can EARN, while in effect you earn nothing.
By earning, of course, everybody means earning more than what you invest.
EVERYBODY means that.
And yes, they take advantage of people ignorance.
That does not make them worth a single penny more, if you ask me.
And if you appreciate these people I despise you.

Just to be more clear: if somebody goes to your grandma and sells her some useless phone contract with higher prices teasing her in believing that she will spend less, do you think your grandma is an idiot or that scammers must be punished?

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June 27, 2014, 11:20:06 PM
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How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?

Put it as you want, they show that you can EARN, while in effect you earn nothing.
By earning, of course, everybody means earning more than what you invest.
EVERYBODY means that.
And yes, they take advantage of people ignorance.
That does not make them worth a single penny more, if you ask me.
And if you appreciate these people I despise you.

Just to be more clear: if somebody goes to your grandma and sells her some useless phone contract with higher prices teasing her in believing that she will spend less, do you think your grandma is an idiot or that scammers must be punished?

If my grandma is presented with the specs and decides to purchase the useless phone contract without any convincing then yes, it's Darwinism at its best.

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June 27, 2014, 11:59:28 PM
 #31

How are renters responsible for your incompetence and lack of knowledge in basic math/logic again?

Put it as you want, they show that you can EARN, while in effect you earn nothing.
By earning, of course, everybody means earning more than what you invest.
EVERYBODY means that.
And yes, they take advantage of people ignorance.
That does not make them worth a single penny more, if you ask me.
And if you appreciate these people I despise you.

Just to be more clear: if somebody goes to your grandma and sells her some useless phone contract with higher prices teasing her in believing that she will spend less, do you think your grandma is an idiot or that scammers must be punished?

If my grandma is presented with the specs and decides to purchase the useless phone contract without any convincing then yes, it's Darwinism at its best.

I hope you will never make any mistake in your life... you are presumptuous to say the least.

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June 28, 2014, 02:01:37 AM
 #32

. you are presumptuous to say the least.

I might suggest that, if you are the kind of person that expects others to act in your best interest, then Bitcoin may not yet be ready for you.

Or to SouthPark it...

'You're gonna have a baaad time"

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June 28, 2014, 03:33:24 AM
 #33

On the bright side, the more people realize how much of a scam cloud mining is, the less centralized the mining will become!
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June 28, 2014, 04:06:12 AM
 #34

It's basically a scam business model.

No sane company is going to give money
away, and that's exactly what it would be doing
by selling you fully managed hashing power that's
profitable.

Duh.

And furthermore, I would say most turnkey mining hardware
sales are scammy too.  Sure, you pay electricity,
maintenance, storage,etc..but it doesn't make
sense for a company to sell you gear and give
you any substantial margin when they could mine with it.

Seems like the real winners in mining either
make their own chips or at least buy chips wholesale
and assemble.  

the joint
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June 28, 2014, 06:22:54 AM
 #35

It's basically a scam business model.

No sane company is going to give money
away, and that's exactly what it would be doing
by selling you fully managed hashing power that's
profitable.

Duh.

And furthermore, I would say most turnkey mining hardware
sales are scammy too.  Sure, you pay electricity,
maintenance, storage,etc..but it doesn't make
sense for a company to sell you gear and give
you any substantial margin when they could mine with it.

Seems like the real winners in mining either
make their own chips or at least buy chips wholesale
and assemble.  


...Except it's disingenuous to call it a scam business model.

When you purchase hash power, two main things happen:  1)  Yeah, you submit shares and get a reward, but 2) the whole reason for doing so is to secure the network.  The business model is providing a service to let you secure the network if you don't know how to do it from home.  If a person thinks that there's some magic company with infinite money that will allow any person to give them money and receive more money in return, that's a bit absurd.  

I realize you basically said the same thing as I did in my previous sentence, but I think that just places the responsibility back on the consumer rather than on the business.  If you make the argument that targeting noobs and others who lack the knowledge to know that the prices are crazy expensive is scamming, then that could also apply to a lot of other similar-looking business models.  A good example would be car leasing offers.

Although, I bet we both agree the prices are ludicrous pending significant coin-value increases.

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June 28, 2014, 06:33:54 AM
 #36

. you are presumptuous to say the least.

I might suggest that, if you are the kind of person that expects others to act in your best interest, then Bitcoin may not yet be ready for you.

Or to SouthPark it...

'You're gonna have a baaad time"

You didn't understand the sense of this thread.
And I explained it really clearly.
Think of it.

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GODLIKE
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June 28, 2014, 06:37:05 AM
 #37

2) the whole reason for doing so is to secure the network.

LOLWUT?

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acs267
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June 28, 2014, 06:46:42 AM
 #38

Cloud mining isn't a scam.
Mining itself just isn't as profitable to the average Bitcoiner anymore.
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June 28, 2014, 06:54:11 AM
 #39

Cloud mining isn't a scam.
Mining itself just isn't as profitable to the average Bitcoiner anymore.

Yes, and soon it won't be profitable for anybody, unless they bring out some equipment much more cheap and much more economic, and anyway, also then, it will only last few months before becoming useless.

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the joint
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June 28, 2014, 06:56:51 AM
 #40

2) the whole reason for doing so is to secure the network.

LOLWUT?

That's the purpose of mining.   *People* mine for profit, but mining secures the network which is good for anyone that has BTC.  Also, even at these prices, there is still the potential to profit long-term, and Bitcoin can only exist long-term so long as there are miners and the network is secure and...you get the idea.

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