CEX.IO mining vs maintenance - whats going on - advice required

[stoneage]

after reading this comment posted online - " Fees are now 90% , and in the next difficulty rise which will expected as 20% rise, fees are also increase that amount, 0.90*1.20= 108% fees , that means,if you hold GHS, you have to PAY!, yes you have to pay for every block solved. Then CEX.IO ,term of use topic, 11.5 kicks in, "11.5. Mining with using User's Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by CEX.IO, taking into account calculations of mining effectiveness." THAT MEANS THEY WILL CLOSE THE MARKET. BEWARE PEOPLE.. STAY OUT THE MARKET BEFORE IT IS TOO LATE.."

this is getting out of hand now, maintenance fees continue to make cloud mining with CEX.io very unattractive, very little gain in BTC balance or even losses in BTC balance, where will it end, thinking of moving on..... any advice? should i sell up my GHS and go cloud mining elsewhere? if so, any suggestions would be welcome

[IYFTech]

It's called "milking it's customers for every BTC they got".

They've been doing it since day one.

[cyberpinoy]

CEX.IO and GHASH/IUO are the largest scammers in the world of pooled mining. Why the admins of this site have not made a public announcement of their selfishness greediness and the fact their mining pool and cloud is a huge scam one of the biggest scams in bitcoin history I do not understand. You should NEVER have negative bitcoin when mining with a companies cloud mining NEVER. CEX are a bunch of legal thieves.

[picolo]

after reading this comment posted online - " Fees are now 90% , and in the next difficulty rise which will expected as 20% rise, fees are also increase that amount, 0.90*1.20= 108% fees , that means,if you hold GHS, you have to PAY!, yes you have to pay for every block solved. Then CEX.IO ,term of use topic, 11.5 kicks in, "11.5. Mining with using User's Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by CEX.IO, taking into account calculations of mining effectiveness." THAT MEANS THEY WILL CLOSE THE MARKET. BEWARE PEOPLE.. STAY OUT THE MARKET BEFORE IT IS TOO LATE.."

this is getting out of hand now, maintenance fees continue to make cloud mining with CEX.io very unattractive, very little gain in BTC balance or even losses in BTC balance, where will it end, thinking of moving on..... any advice? should i sell up my GHS and go cloud mining elsewhere? if so, any suggestions would be welcome

It is crazy, if you sell your bitcoins, hold to them or invest wisely elsewhere you are better off in my mind.

[leblanc]

i thought its been that way forever lol.

esp in the cloud mining biz, its like 7 different level of fees or reasons to cut your actual return. And all you are left with is pretty much nothing, then ask what the hell happened.

[picolo]

IF the difficult really raise up
You should sell all your GHS now, before GHs price falling down 

And i think it's a risky choice to move to another cloud mining because the ROI is a bit too long & too many ponzi cloud mining now 

I don't think the ROI is too long : https://bitcoinwisdom.com/bitcoin/difficulty but you have to be careful who you invest with.

i thought its been that way forever lol.

esp in the cloud mining biz, its like 7 different level of fees or reasons to cut your actual return. And all you are left with is pretty much nothing, then ask what the hell happened.

cex.io is rising fees as their maintenance costs are rising but maybe they are milking the cows too

[stoneage]

I can't believe CEX.IO are still operating on such a massive scale, surely people should be getting wise to them now.

Probably ok for trading purposes but cloud mining service has got to be the worst out there

I have sold up, cut my losses and found a few better sites out there now, which seem to give out regular payments with no ridiculous maintenance fees:

Bitcoin cloud services  - https://www.bitcoincloudservices.com/?ref=3281

Hash Profit - https://hashprofit.com/en/registration/?hp=82228

Clouminr.io - https://cloudminr.io/?r=GTCRa1

All of the above sites seem promising to me and might even see a ROI eventually if things continue the way the are going currently.  

Got to make sure to take advantage of any offers / promo codes / and take into account the free weeks mining you get with Hash profit and Cloudminr.io

Anyone else using these sites?

[Mabsark]

Anyone else using these sites?

A few other people who didn't bother to do any research before investing in a ponzi that's pretty much identical to PB mining. People, do some research or you'll just end up like a PB victim.

[hua_hui]

You could try scrypt, scrypt-N, X11 cloud mining, ROI is quick and 2 months! Such as LTCgear is quite hot lately!

[stoneage]

Anyone else using these sites?

A few other people who didn't bother to do any research before investing in a ponzi that's pretty much identical to PB mining. People, do some research or you'll just end up like a PB victim.

Arrrgh, its such a minefield out there! 

[stoneage]

So, if these sites are ponzi, but don't disappear for a good while, I could still make ROI?

[picolo]

So, if these sites are ponzi, but don't disappear for a good while, I could still make ROI?

Yes, but you shouldn't invest in a business if you know it is a ponzi!

Invest in some legitimate business instead.

[stoneage]

Thanks picolo, I see you have a referral link to clouminr.io on your sig. I am currently using this site, do you believe they are legit?

[picolo]

Thanks picolo, I see you have a referral link to clouminr.io on your sig. I am currently using this site, do you believe they are legit?

I am taking part in their signature campaign. I am not giving any review of cloud mining sites because I am not an expert, I actually don't know much about it 

Their signature deal is great and they are very nice to do business with in terms of the signature deal but you should do your own study and only invest responsibly.

[Puppet]

CEX.IO and GHASH/IUO are the largest scammers in the world of pooled mining.

No they are not. In fact they are among the most trustworthy operators. To my knowledge, cex.io has complied perfectly with their contract, which is clearly defined and they have disclosed most the information I need from a company to be assured the contracts are backed by actual hashrate and will be complied with. If anything they gave you more than they promised as IIRC, they lowered maintenance fees not so long ago. They were under no obligation to do so.

Being honest and complying with a contract however, is a very different thing from being profitable. Their contracts trade on a open market and for a long time traded for insanely high prices. Everyone with a clue would have told you that.  But you can not blame the operator for those prices, they do not set them. You did. Nor can you blame cex.io for the inevitable and widely predicted collapse of that price.  THat they currently pay out next to no dividend was completely predictable and predicted and a logical consequence of increased difficulty.  

Here is the truth: selling mining hardware can be quite lucrative, but overall mining simply isnt. It cant be, its a zero sum game. Any company that offers you a mining contract that appears lucrative is most likely scamming you, or you are not reading the contract properly or you dont understand how mining works.

BTW,  yes, clouminr.io is definitely a scam. Looks lucrative until they run with your money in the next few weeks. Check my signature for more info.

[stoneage]

Thanks picolo, I see you have a referral link to clouminr.io on your sig. I am currently using this site, do you believe they are legit?

I am taking part in their signature campaign.

Sounds interesting

Excuse my ignorance, but how do I find out about / get involved in the signature deal?

[Puppet]

Excuse my ignorance, but how do I find out about / get involved in the signature deal?

Here is how it works:  before being able to participate, you must first spam the forum for a few months, ideally with many accounts, posting preferably nonsense and contributing absolutely nothing,  just  increasing your post count, thereby rendering this forum even more useless than it already is.

Once you obtained a meaningless seniority level, you can sell your integrity for a few satoshi (that you may or may not receive); in return for that you promote an illegal scam that will probably cause hundreds of people to lose their money. And which btw, technically could make you complicit in the crime.

[mudiko]

They scammed my 10 btc+ . Be careful

[picolo]

They scammed my 10 btc+ . Be careful

Can you tell us how?

Thanks picolo, I see you have a referral link to clouminr.io on your sig. I am currently using this site, do you believe they are legit?

I am taking part in their signature campaign.

Sounds interesting

Excuse my ignorance, but how do I find out about / get involved in the signature deal?

You will find their signature campaign here : https://bitcointalk.org/index.php?topic=854072.0 It is close for new participants.

You will find other campaigns here : https://bitcointalk.org/index.php?topic=615953.2120;topicseen

[stoneage]

thanks