RE: Who can Prove that Cloud Mining is Profitable without Tricking Others in their Pyramid Scheme ?
I also suspect that most of the cloud mining sites are ponzi schemes. Sooner or later they are likely to close down. There may be a few genuine sites like Genesis mining & Hashing24 which have had good reviews. However, Genesis mining too have had some payment issues in the recent past.
I guess, we need to study the website well before investing anything. Some of the indicators are the 'About us' page which should give details of the promoters, there should be clear contact details. And check the reviews as well as the website reputation score. They should also provide photographs of their mining centres. However, at the end of the day, we need to be prudent & not get blown away by any of the HYIP hype out there.
As for banning such fraudulent sites, I completely agree that they should be outlawed but I am yet to see any action being taken.
From my first experiences with Genesis, Hashing24, Hashflare, my impression is that these schemes are not profitable if you don't join the affiliate club and try to lurk in others that will eventually be on the losing side.
I guess that from the bitcoins I have 'invested' in Genesis Mining, 1/3 will be lost by the time Genesis ends my contract, 'because it is no longer profitable'.
I would like to see other people come out about this in the open. Show how long their contracts lasted with a 'mining firm', before they were ended because of not being profitable anymore. And to see what their profits and losses were in percentage.
When it can be proven that some of these mining schemes are not profitable, these 'firms' should be confronted by those that are victims of them.
When there are enough of these people, they can form some kind of 'power' to force these 'firms' to stop their misleading activities and have their promotion banned on social media and elsewhere.
I just noticed your comment. Yes, I agree that others too should come out in the open & discuss so some sort of action can be initiated. I saw that people do discuss such issues on 'bitcointalk.org' forum. But not sure who can take action against such sites who take everyone for a ride. Banning their promotions on social media is a good idea and also spread the message on other social media platforms.