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I've been scrolling through the NEW section on Steemit, looking for something to post about. Nothing really interested me, but then something caught my eye. A post titled " Proof! Not a hoax you say? As everyone else, I love money. So obviously I had to check it out! But as you learn with time, nothing's free in life. Reading through the post it seemed like this guy was making a pretty nice amount of money through bitcoin cloud mining ponzi " Bitcoin cloud mining " service.
There are two things that seemed a bit odd here. Well, bitcoin cloud mining ponzi it turns out, NO. As stated on their FAQ page " No, your Mining power is permanent and set for a lifetime, it will never expire. So you're saying that I only need to invest a small amount and I get to keep all of the returns for a lifetime?! Lets check it out and lets see what kind of income we bitcoin cloud mining ponzi expect. Look at that deal we're getting!
But lets do a quick Google search, just to make sure. All it took me was 20 seconds. And here are the results. During the writing of this post the author of the original post replied to my comment debunking bitcoin cloud mining ponzi Ponzi scheme stating that he has a plan to " cheat the system " my words, not his and proceeded to explain it. And honestly no matter what kind of plan you have bitcoin cloud mining ponzi is still a bad idea. Here's my reply to him explaining why.
Hopefully this post helps to save at least a couple of people from loosing their money to this Ponzi scheme. Upvote this post and follow me for more daily content like this! I feel someday bitcoin will become greater than gold, a beacon of light in the night that's bitcoin cloud mining ponzi bitter and cold.
You have completed some achievement on Steemit and have been rewarded with new badge s:. You got your First payout. Click on any badge to view your own Board of Honor on SteemitBoard. For more information about SteemitBoard, click here. If you no longer want to receive notifications, reply to this comment with the word STOP. By upvoting this notification, you can help all Steemit users. There are two things that seemed a bit odd here; Why sell hashing power to other people instead bitcoin cloud mining ponzi using it to mine Bitcoin for yourself?
That would be a lot more profitable, right? But OK, lets assume these are some generous people who like sharing their hashing power with the world for a small fee. You would need a whole facility of small, low power miners for it to even be profitable!
So investing into something like this wouldn't make much sense, would it? But okay, lets assume somehow these people can get free electricity and have found some magic algorithm which, spoiler alert, doesn't exist to discover new blocks before everyone else. But I have to keep investing to keep receiving my payout, right? Oh, and also, the only payment method they accept is Bitcoin. What kind of hashing power am I getting? But I know how to cheat the system! I see where you're going with it, but I still have two complaints about it.
Either way, it's a bad idea. You could make the same or greater amount of money if you invested your time into something else i. There are plenty of ways to bitcoin cloud mining ponzi money in the crypto-world, many of them even more profitable.
And by participating in this Ponzi scheme you're just allowing it to live longer, which in turn will cause more unknowing people to loose their money once the operation finally collapses.
Seriously, don't play bitcoin cloud mining ponzi fire. You'll get burnt sooner or later. Also, feel free to leave a comment if you think I've missed anything! Authors get paid when people like you upvote their post. You have completed some achievement on Steemit and have been rewarded with new badge s: For more information about SteemitBoard, click here If you no longer want to receive notifications, reply to this comment with the word STOP By upvoting this notification, you can help all Steemit users.
