Exclusive: Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered

[LiteCoinGuy]

Exclusive: Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered

Roughly nine months ago, Bitcoin Foundation Chief Scientist Gavin Andresen made a rather interesting comment on Reddit in which he claimed, “I suspect many [cloud mining companies] will turn out to be Ponzi schemes.”

https://bitcoinmagazine.com/20702/exclusive-possible-500000-bitcoin-cloud-mining-ponzi-scheme-uncovered/

[1713973301]

1713973301

[bathrobehero]

I don't see why would anyone sell their hashrate for 2 years when they could hit ROI in 4 months. And they have referal bonuses which is another red flag - in my eyes at least.

[adaseb]

LOL!

I don't see how anybody can look at those fake cardboard boxes OR poorly photoshopped photo and see that its a legit service.

[Geiger]

Ha.  That's a very interesting premise.  You will always lose money with cloud mining.  It's exactly the same as buying BTC at a higher rate that it is currently worth.  Basically, fake a miner and buy BTC low and sell high to the doofus that want's to pretend like he's mining.

[Amph]

those miners in the photo, look exactly like a brick that was varnished with a fake fan in the head, to resemble more a real miner

how can someone fall to this is beyond me

Ha.  That's a very interesting premise.  You will always lose money with cloud mining.  It's exactly the same as buying BTC at a higher rate that it is currently worth.  Basically, fake a miner and buy BTC low and sell high to the doofus that want's to pretend like he's mining.

well not always, there a re legit cloud, where you can reach roi, just like you can reach roi with your equipment, the problem is that legit cloud can be counted with the fingers of one hand

[hermanto]

died karma

[Valanor]

Exclusive: Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered

Roughly nine months ago, Bitcoin Foundation Chief Scientist Gavin Andresen made a rather interesting comment on Reddit in which he claimed, “I suspect many [cloud mining companies] will turn out to be Ponzi schemes.”

https://bitcoinmagazine.com/20702/exclusive-possible-500000-bitcoin-cloud-mining-ponzi-scheme-uncovered/

I think largely of cloudmining will meet the same fate with bitcoin cloud service after he get more trusted predicate from customer feedback
Im not sure Genesis mining can survive to 3year 

[the_reprobate]

The terrible plague for bitcoin.. daym scamming is their way of life

[avatar_kiyoshi]

Exclusive: Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered

Roughly nine months ago, Bitcoin Foundation Chief Scientist Gavin Andresen made a rather interesting comment on Reddit in which he claimed, “I suspect many [cloud mining companies] will turn out to be Ponzi schemes.”

https://bitcoinmagazine.com/20702/exclusive-possible-500000-bitcoin-cloud-mining-ponzi-scheme-uncovered/

Sooner or later they will turn out to be a ponzi scheme.
The logically is when the diff always increased why they want to rent their equipment, they will get low profit(if they really rent their equipment) and turn into ponzi scheme is possible.