So confused what is GAW ?

[Holysmoke]

that is the conclusion I came to as well.

I decided for me, that bitcoin is nothing more than a very good payment tool.  I am glad I found it although quite late.  

however holding bitcoin even one day cost me money.

I deposited with circle  2 days ago, it took them a day to get it done, then today I transferred to my wallet then into my sportsbook, they go by bitstamp price, so I am already down with fees and depreciation of btc spot

the best way to deposit into a sports book is western union when the book covers the fees

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[Lassi]

that is the conclusion I came to as well.

I decided for me, that bitcoin is nothing more than a very good payment tool.  I am glad I found it although quite late.  

however holding bitcoin even one day cost me money.

I deposited with circle  2 days ago, it took them a day to get it done, then today I transferred to my wallet then into my sportsbook, they go by bitstamp price, so I am already down with fees and depreciation of btc spot

I have held coin longer. I will hold it longer still. I will buy more or trade for more or will sell something for BTC.

Should everyone? Nope. Know what you are willing to lose and draw the line at that. It could all go south in a blink.

[Holysmoke]

in 2007 I put all my eggs into one basket.  mint state 2007 SAE's.  I almost pulled the trigger on 39 ounces of gold but got greedy thinking more ounces of silver would explode in value.  pfft.

7 years later I have dead money but I do enjoy having a tangible asset.  it seems btc is similar to fiat, created out of thin air

[GAW_Amber]

its a company that its customer support really sucks i had a ticket openned since July and still they try to find
the details mostly trying to make me get bored and stop dealing with it
I have contacted all of them and no solution

Hi!

I am sincerely sorry that your ticket has taken longer than we would like. Our Customer Service Manager, Amanda has been working very hard to get this resolved quickly for you now She will continue to help via ticket, that is the best way for us to track the progress.

I appreciate you working with us and allowing us the opportunity to make this right.

Respectfully,
Amber
amber@gawminers.com

I WONDER IF YOU CAN OFFER SOLUTION I HAD TO MUCH HELP SO FAR AND DID NOT HELP MUCH
 

Hi I see that you and our Customer Service Manager, Amanda have come to a satisfactory solution! I have let her know that you have responded to the ticket. I am confident you will be squared away in no time!

Sincerely,
Amber

[Lassi]

Think long. Think hard. Then think long and hard. Then do more research before anything cloud mining related you purchase. Given the price of BTC slipping you could be glad you just waited and bought BTC at lower price.

[Meech]

I was trying to learn if btc was worth mining, my attitude was good until I learned what a scam cloud mining is.  I also learned that bitcoin is not an investment. 

I plan to use it as a purchasing tool now.  I like to bet sports and my favorite book takes btc

WTF!   Dude you obviously don't know what you are talking about.  BTC is mainly an investment first and a currency later.  Stop thinking right now.

[Bicknellski]

Here is a long well researched and clear thread started by DrG about cloud hashing.

https://bitcointalk.org/index.php?topic=739510.msg8355686#msg8355686

[kingscrown]

GAW = Geniuses At Work
Reviewd loads of hashers of them at http://fuk.io - hashlets too

[Bicknellski]

http://cointelegraph.com/news/112329/gavin-andresens-fractional-reserve-mining-cloud-miners-respond

We then asked Streng to verify how his company does not practice “fractional reserve mining” and how consumers can verify this. Streng replied to CoinTelegraph via email:

“Practicing fractional reserve mining is at best a bet against your client (and at worst, a Ponzi scheme if you never intend to pay). In any way such an operation is a scam, because it does not hold its promise that mining really takes place. If such a company bets against its client it can (i) win the bet and earn a higher profit than an honest business (ii) lose the bet (and probably get insolvent). If you are anonymous then there is only an upside (and no downside).

There is no way for any mining company to prove that they really own the hardware.

At Genesis Mining we do our best to be as transparent as possible: we publish information about the company founders on our webpage, have a registered company and frequently appear at conferences all over the world. Furthermore, we publish pictures of our mining operation, to prove that we own huge amounts of hardware. And we invited Gavin to have a look at our mining farm (and drink a Bavarian beer with us – Gavin, it is delicious stuff!).”

All of this more or less confirms Andresen's initial thoughts: Some companies will prove to be Ponzi schemes, and some will prove to be legit. Proof is only a question of time, as there are incentives to be unscrupulous and incentives not to be. The difference is only one of those is a long-term strategy.

Do not spend any money on cloud mining that you are not willing to lose outright as with anything bitcoin you are risking it all. Be very careful.

[Holysmoke]

if you wanted to gamble in cloud mining, the only way would be if they took a credit card and you could get near ROI before 60 days.  If not, flip no.

especially as we watch bitcoin fall like a brick

[EvilPanda]

if you wanted to gamble in cloud mining, the only way would be if they took a credit card and you could get near ROI before 60 days.  If not, flip no.

especially as we watch bitcoin fall like a brick

This actually hits whole mining industry, no matter if it's a physical or a cloud miner.

[SFMiner]

if you wanted to gamble in cloud mining, the only way would be if they took a credit card and you could get near ROI before 60 days.  If not, flip no.

especially as we watch bitcoin fall like a brick

Looks like that brick may be bouncing back up a bit...

In all seriousness, you definitely had some bad luck with timing your BTC purchase, and that's unfortunate.  To mitigate that risk, you could try out some other services that allow you to purchase BTC instantly, so you're not exposed to fluctuations as much.  You may also consider a sports book that maintains your account using BTC, so short-term fluctuations won't hurt as much.

As for cloud mining, as others have stated, it's possibly even riskier than owning your own BTC mining hardware, because you're placing trust in a third party.  So obviously don't invest more than you can afford to lose. Read about others' experiences.  Don't put all of your eggs in one basket.  The up side is services like GAW allow for minimal investments for immediate mining, so you're not gambling thousands on pre-ordering mining hardware like most of the rest of us have done at one point or another.

Good luck!

[betterangels]

Cloudmining page,

Like ghs, pbmining, but better.

They are offering MH/s (hashlets) , and GHs .