• Johan Barnard posted an update in the group Group logo of CryptocurrenciesCryptocurrencies 3 years ago

    So after a couple weeks in cloud mining my IMMEDIATE advice would be: DON’T GO THERE!

    It is nothing more than a fancy, multi currency and international PONZI SCHEME.
    Take for example.

    1. ETH Mining is a limited 1 Year contract. BTC can stop when ever they deem it ‘unprofitable’.
    2. No independant and concrete evidence exist of the hardware they are supposed to use.
    3. Who is paying 10% for the referral fees
    4. How do they then actually make money?

    While prices are going up they may get away with it, until it cools off. I am happy to share what I have found / or not found but would like other views on this!?

    • 2 people like this.
    • Glenn replied 3 years ago

      Thanks for sharing. My gut feel its that its a ponzi. 15-20% returns per month (consistently) are too good to be true, or at least, to good to be sustainable. If its a ponzi, it will all come crashing down when either prices collapse (which could happen any time) or when new buyers stop stepping in paying the old hands. If things are still ticking along nicely in a year or so, I will admit that I was wrong and missed out on excellent returns.