▁ ▂ ▄ ▅ ▆ Cloudmining 101 (ponzi risk assessment) ▆ ▅ ▄ ▂ ▁

[grendel25]

I through about $50 at bitcoincloudservices before I found this thread.  It was a 100G contract for 5 years.  I currently get about $.35 US per day or BTC.00123746 from that contract.  My thinking at first was oh man... wish I had more to throw at this 5-year contract because it would be awesome to be getting something for nothing for that long.

Now, looking at this thread and comparing other cloud services... IDK... is there even anything worth it?

Any thoughts?  I'll have about $1K US dollars pretty soon and am looking to put it towards btc in a meaning ful way.  I love the game and want to actively be working with btc.  Maybe I should try arbitrage but that seems waaayyy too time consuming. 

I guess there isn't really a fair game here.

[1713586287]

1713586287

[armedmilitia]

I through about $50 at bitcoincloudservices before I found this thread.  It was a 100G contract for 5 years.  I currently get about $.35 US per day or BTC.00123746 from that contract.  My thinking at first was oh man... wish I had more to throw at this 5-year contract because it would be awesome to be getting something for nothing for that long.

Now, looking at this thread and comparing other cloud services... IDK... is there even anything worth it?

Any thoughts?  I'll have about $1K US dollars pretty soon and am looking to put it towards btc in a meaning ful way.  I love the game and want to actively be working with btc.  Maybe I should try arbitrage but that seems waaayyy too time consuming. 

I guess there isn't really a fair game here.

Correct, there really is no such thing as a passive income in this space... Anything that looks too good to be true tends to be too good to be true.

[Puppet]

You should add ContractMine.com

I am experimenting with it here in this thread https://bitcointalk.org/index.php?topic=911366.msg10007621#msg10007621

I feel it needs some investigation. I hope to get some details on payouts, if any, soon.

Please add CONTRACTMINE.COM to the listing. I think it needs attention.

Thanks.

I dont think it needs any more attention. Even assuming it does what it says, it should be obvious to anyone who read this thead that its bad idea because several of the companies in the index are ponzi's. Secondly, on the payout addresses I see amounts coming in that are on the order of 0.1 BTC per month or less.  Tiny by any standard, and lets keep it that way.

[Puppet]

Any thoughts?  I'll have about $1K US dollars pretty soon and am looking to put it towards btc in a meaning ful way.  I love the game and want to actively be working with btc. 

Lets say you purchased another limited supply commodity such as gold instead of btc. What would you do to "actively be working with your gold" ?
You cant, or at least not in a way that is not extremely likely to generate losses.

BTC is the investment, they are cheap now, just put them in a cold wallet.

[jedi108]

please add cryptsy.com
https://www.cryptsy.com/markets/view/MN_BTC
https://www.cryptsy.com/currencies/view/260

[tmfp]

Any thoughts?  I'll have about $1K US dollars pretty soon and am looking to put it towards btc in a meaning ful way.  I love the game and want to actively be working with btc. 

Lets say you purchased another limited supply commodity such as gold instead of btc. What would you do to "actively be working with your gold" ?
You cant, or at least not in a way that is not extremely likely to generate losses.

BTC is the investment, they are cheap now, just put them in a cold wallet.

Absolutely +1 on this.
The "investment" industry that has grown up around Bitcoin doesn't need BTCs per se, any currency will do, but it thrives on the mistaken belief that coins should somehow be 'working' to justify their possession, like buying real estate for price appreciation but also with a rental value.
That is not the function of Bitcoin as I understand it, but it shows how unclear a lot of newcomers are about what to with it. They want it to ape fiat, Hodling is not enough for them and you can only buy so much coffee or Overstock sheets.
Put this together with the libertarian dogma of greed is good and the relative lack of sophistication of many new, young 'investors' and you have the cesspit that currently masquerades as the "Bitcoin Investment Industry" aka Scammers Retirement Fund.

[mayax]

Any thoughts?  I'll have about $1K US dollars pretty soon and am looking to put it towards btc in a meaning ful way.  I love the game and want to actively be working with btc.

Lets say you purchased another limited supply commodity such as gold instead of btc. What would you do to "actively be working with your gold" ?
You cant, or at least not in a way that is not extremely likely to generate losses.

BTC is the investment, they are cheap now, just put them in a cold wallet.

many of users from this forum will not agree with you when you say "BTC is the investment". they say "BTC is a currency"

I can say that BTC is a very high risk investment, similar with a HYIP.  More than that, you cannot be sure if you wake in the morning and your BTC wallet is not on zero because an Ukrainian or Russian hacker stole your funds.

[pawel7777]

Any thoughts?  I'll have about $1K US dollars pretty soon and am looking to put it towards btc in a meaning ful way.  I love the game and want to actively be working with btc. 

Lets say you purchased another limited supply commodity such as gold instead of btc. What would you do to "actively be working with your gold" ?
You cant, or at least not in a way that is not extremely likely to generate losses.

BTC is the investment, they are cheap now, just put them in a cold wallet.

You can't do much with physical gold, but there's plenty of ways to invest BTC and there's nothing wrong with that.

So what happens to bitcoin if everyone treats it like an investment on its own, everyone just holds and no one uses it? Price will skyrocket right?

[Puppet]

Its both and neither. From a usage POV, it acts more like currency, as you can easily exchange it and buy things with it. In theory you could do that with golden coins too, but its hardly practical.

But from an investor POV, its clearly a limited supply commodity, very different from fiat currency. Unlike fiat, bitcoins are not created from debt, and therefore cant be created (or destroyed) in response to economic activity. You therefore can not expect to make a % return, nor do you need to, as its not infinitely inflationary like fiat.  It acts just like gold. This makes BTC a very poor instrument to invest with rather than in.

[eneloop]

Hey Puppet,

I have a question about Hashnest. When I bought some GH/s there, I couldn't direct them to the pool of my choice.
Therefore I wonder why they have a score of 0/8 and not 1/8.

Great thread btw

Hi, please noted that we are developing related functions, will be online around 3 months later. However, this function requires a more efficiency and  stronger VPN, and repeatedly testing is needed before released.

@Puppet
Hashnest -> 1/8

[Dilemma]

what obut sicript.cc ?
is it legit?
is there anybody invest this site or can i take withdraw now?
Thanks to who help me

[Puppet]

Hey Puppet,

I have a question about Hashnest. When I bought some GH/s there, I couldn't direct them to the pool of my choice.
Therefore I wonder why they have a score of 0/8 and not 1/8.

Because they published their mining addresses. User select-able pool is not a requirements for point 1, provable hashrate is.

[MrTeal]

Hey Puppet,

I have a question about Hashnest. When I bought some GH/s there, I couldn't direct them to the pool of my choice.
Therefore I wonder why they have a score of 0/8 and not 1/8.

Because they published their mining addresses. User select-able pool is not a requirements for point 1, provable hashrate is.

Do they still sign blocks? I think they moved it all over to Antpool, which isn't entirely Hashnest and I don't think shows any top hashrate stats. I could see how that might be a bit of debatable one, since you can't select a pool and they aren't explicitly signing their blocks anymore.

[Puppet]

Do they still sign blocks? I think they moved it all over to Antpool, which isn't entirely Hashnest and I don't think shows any top hashrate stats. I could see how that might be a bit of debatable one, since you can't select a pool and they aren't explicitly signing their blocks anymore.

Signing blocks to me isnt a requirement, as long as they provide the addresses where the mined coins are sent to (be it from coinbase transaction or just the pool paying out).
I thought hashnest provided those, but I cant seem to find them now.

scrypt.cc will be added later, but at first glance seems an obvious case of 'stay away'.
Ill look further in to MN_BTC too.

[suchmoon]

scrypt.cc will be added later, but at first glance seems an obvious case of 'stay away'.

Probably. No transparency whatsoever. Very poor or no communication, site often has issues. Surprisingly it keeps paying out even after some blackouts when many expect it to be folding already, but that doesn't mean much for "risk assessment".

[whitewhidow]

scrypt.cc will be added later, but at first glance seems an obvious case of 'stay away'.

Probably. No transparency whatsoever. Very poor or no communication, site often has issues. Surprisingly it keeps paying out even after some blackouts when many expect it to be folding already, but that doesn't mean much for "risk assessment".

I have support ticket there, open from LAST YEAR !!! i've NEVER gotten a response to ANY ticket from these guys ...   not to mention their rediculous withdraw fee

[armedmilitia]

Probably legit for 3/7 and Probably/partially legit for 4/7 sound very similar. How about renaming probably/partially legit to "possibly legit" or "maybe legit"?

[Dilemma]

i waiting your scyript.cc report
then maybe i will join there
if it can be beetwen 0/8 and 2/8

[alevlaslo]

Hashprofit is not working now

[alevlaslo]

why Knccloud is legit, they website do not has the fotos of farms