Are Bitcoin Enthusiasts SUCKERS? And Cloud Mining and Hashlets likely the next Big Scam?

[Stratobitz]

Giving thought to Cloud Mining Services that seem to be popping up rather quickly.

While GAW seems legit and has has some decent press coverage, my thoughts on these newcomers are this:

When you buy a contract, whether it be a year or a lifetime... How do you know you're buying actual mining at all? It could simply be simulated in terms of fake numbers generated telling you your hash rates and returns based off current market factors. How does one know if the actual mining farm actually exists.

It would seem, that a company could get away with selling phantom/ponzi mining for quite a while considering:

- Setup costs are next to nothing.

- The time it takes to fully return your initial investment is months (likely 6-8) out.

- During that time only a fraction of people would withdrawal proceeds, many may reinvest into more hashlets.

- During that time many new investors would join in, funding any withdrawals.

- The Bitcoin brought in by customers could be either cashed out, churned, or used to buy hashlets at GAW... Which is known to be legit. This would mask any questions of why the network Hashrate isn't increasing if the company got very large.

- If the customers BTC were used to purchase hashlets elsewhere, the newly mined coins would be laundered, likely very difficult or impossible to trace.

I only bring this up because a few of these new companies show no pictures of their "huge" farm. None.

Odd isn't it?  If I had a 2 PetaHash Farm, I'd have a photo of it on my website.

Strato

[1714116308]

1714116308

[philipma1957]

   You can not be sure.
  They did show some photos of a lot of gear.  I have a few bucks with them.



 I am looking more  and more at  buying coins then holding them. Over any other method right now. I look forward to your launch and may pick some coins up to hold.

[rammy2k2]

i'm very happy with them since they launched.
i bet u dont own anything at them, u just like to act smart ...

[Stratobitz]

i'm very happy with them since they launched.
i bet u dont own anything at them, u just like to act smart ...

If you read my post I clearly stated GAW seems clearly legitimate. It's the other new companies that keep popping up which I question.

Strato

[philipma1957]

note that I  did a temp signature take a look at it.

[eoakland]

Giving thought to Cloud Mining Services that seem to be popping up rather quickly.

While GAW seems legit and has has some decent press coverage, my thoughts on these newcomers are this:

When you buy a contract, whether it be a year or a lifetime... How do you know you're buying actual mining at all? It could simply be simulated in terms of fake numbers generated telling you your hash rates and returns based off current market factors. How does one know if the actual mining farm actually exists.

It would seem, that a company could get away with selling phantom/ponzi mining for quite a while considering:

- Setup costs are next to nothing.

- The time it takes to fully return your initial investment is months (likely 6-8) out.

- During that time only a fraction of people would withdrawal proceeds, many may reinvest into more hashlets.

- During that time many new investors would join in, funding any withdrawals.

- The Bitcoin brought in by customers could be either cashed out, churned, or used to buy hashlets at GAW... Which is known to be legit. This would mask any questions of why the network Hashrate isn't increasing if the company got very large.

- If the customers BTC were used to purchase hashlets elsewhere, the newly mined coins would be laundered, likely very difficult or impossible to trace.

I only bring this up because a few of these new companies show no pictures of their "huge" farm. None.

Odd isn't it?  If I had a 2 PetaHash Farm, I'd have a photo of it on my website.

Strato

Strato, has valid points.  however their TOS already states they don't have miners.  that the hashlets are virtual, or some other verbage that i can't recall.  as long as they don't pull a BFL and not deliver what they promise it's all good.  that dude has a cult like following on the GAW forum though.  they applaud and praise him no matter what he does. 

[philipma1957]

Giving thought to Cloud Mining Services that seem to be popping up rather quickly.

While GAW seems legit and has has some decent press coverage, my thoughts on these newcomers are this:

When you buy a contract, whether it be a year or a lifetime... How do you know you're buying actual mining at all? It could simply be simulated in terms of fake numbers generated telling you your hash rates and returns based off current market factors. How does one know if the actual mining farm actually exists.

It would seem, that a company could get away with selling phantom/ponzi mining for quite a while considering:

- Setup costs are next to nothing.

- The time it takes to fully return your initial investment is months (likely 6-8) out.

- During that time only a fraction of people would withdrawal proceeds, many may reinvest into more hashlets.

- During that time many new investors would join in, funding any withdrawals.

- The Bitcoin brought in by customers could be either cashed out, churned, or used to buy hashlets at GAW... Which is known to be legit. This would mask any questions of why the network Hashrate isn't increasing if the company got very large.

- If the customers BTC were used to purchase hashlets elsewhere, the newly mined coins would be laundered, likely very difficult or impossible to trace.

I only bring this up because a few of these new companies show no pictures of their "huge" farm. None.

Odd isn't it?  If I had a 2 PetaHash Farm, I'd have a photo of it on my website.

Strato

Strato, has valid points.  however their TOS already states they don't have miners.  that the hashlets are virtual, or some other verbage that i can't recall.  as long as they don't pull a BFL and not deliver what they promise it's all good.  that dude has a cult like following on the GAW forum though.  they applaud and praise him no matter what he does. 

 made some money with dzcoop last year they ran some really good deals then they turned bad.

I made some money with gaw/zen miners then they   

  1) stayed good ?
  2) turned bad?

Do not know yet.  But I reduced my holdings in them and made myself a sure winner.  Just  like I did with dzCoop.   

If they stay good I will make less money but still make money. If they turn bad I will still make some money.

[AirFlame]

Hey i wouldn't call GAW a new company. They were active resellers for over 6 months and had thousands of clients.

[philipma1957]

Hey i wouldn't call GAW a new company. They were active resellers for over 6 months and had thousands of clients.

They sold a lot of hardware to me. That I had shipped to my home. They still have hardware they will ship to you.  But and this is the big but they did a huge shift in product.  What does it mean? is the question asked here.

 For that matter  lots of cloud mining coming on line.  So will there be a huge cloud meltdown? or monsoon ? or thunderstorm? Or is cloudmining the real future of crypto digital coins?

[Hazir]

First of all you need to know that there is risk involved in everything. Like now when bitcoin price is really low. And I don't know if my invested money from times when bitcoin was a lot more expensive will be back...
Companies offering cloud mining are on a good path in my opinion. I was made clear that leading companies in that sector are trustworthy and legit. If you want to purchase contract from GAW for example I am totally convinced that you won't be scammed. I'm a bit wary of less known companies, so heed my advice and better stay away from some smaller businesses until they prove themselves legit.

[seriouscoin]

In a bearish market, the cloud "hashing" is a perfect scam to make money.

The suckers (customers) literally paid for future bitcoins at today price. However they only receive bitcoins in future days where the price is lower.

However, so many suckers on here think they're making "investment" with cloud hashing.

I never thought Bitcoin would attract this many idiots. Greed is understandable, but the idiocy in this is unseen.

[hedgy73]

In a bearish market, the cloud "hashing" is a perfect scam to make money.

The suckers (customers) literally paid for future bitcoins at today price. However they only receive bitcoins in future days where the price is lower.

However, so many suckers on here think they're making "investment" with cloud hashing.

I never thought Bitcoin would attract this many idiots. Greed is understandable, but the idiocy in this is unseen.

+1

[cat2]

Even if cloud mining isn't a scam it's going to feel like one when ever increasing difficulty brings the inevitable smaller returns.

[Hazir]

In a bearish market, the cloud "hashing" is a perfect scam to make money.

The suckers (customers) literally paid for future bitcoins at today price. However they only receive bitcoins in future days where the price is lower.

However, so many suckers on here think they're making "investment" with cloud hashing.

I never thought Bitcoin would attract this many idiots. Greed is understandable, but the idiocy in this is unseen.

+1

Of Course that there will be idiots everywhere. And stupid people are unfortunately a majority. But I disagree that cloud hashing is so bad. It is certainly better than keeping your money in a bank account or something.

[-ck]

I never thought Bitcoin would attract this many idiots. Greed is understandable, but the idiocy in this is unseen.

I coined a term to describe this the other day, I call it greedity, a combination of greed and stupidity.

[xstr8guy]

In a bearish market, the cloud "hashing" is a perfect scam to make money.

The suckers (customers) literally paid for future bitcoins at today price. However they only receive bitcoins in future days where the price is lower.

However, so many suckers on here think they're making "investment" with cloud hashing.

I never thought Bitcoin would attract this many idiots. Greed is understandable, but the idiocy in this is unseen.

+1

Of Course that there will be idiots everywhere. And stupid people are unfortunately a majority. But I disagree that cloud hashing is so bad. It is certainly better than keeping your money in a bank account or something.

I've been positive ROI with 1190GHs for several weeks now that I bought on PBMining in March. So it's not impossible. I, however, do not think its feasible to repeat those results with GHs bought now... there or anywhere else.

[Hazir]

We all can be called idiots because right now price of btc is really low. I am little worried that people will get carry away with mass dumps.

[BTCish]

I sure hope there will not be a huge dumps now.

[philipma1957]

 big sell offs of coins may happen.  but gear in the northern hemisphere will make some nice heat. gear may slow for sell off.

[Gleb Gamow]

I never thought Bitcoin would attract this many idiots. Greed is understandable, but the idiocy in this is unseen.

I coined a term to describe this the other day, I call it greedity, a combination of greed and stupidity.

I claim first dibs on coining Cryptocapper: