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RE: Measures For Active Spammers and Advertisers
Unfortunately there are some high rep people that get great payouts doing posts like that. This means there are more and more copy cats every day. Cloud mining scams are rampant. See that junk don't mute them do one better flag them. Spam and scams are valid reasons for flagging.
Hmm will consider your angle. Is genesis mining a scam btw? I've been using it for years, but I've only kinda advertised it only once in a post, like a personal review..
I haven't read your personal review, but I did read one at 99bitcoins.com and the conclusion was: legit but not profitable. I was tempted to try Genesis mining but now I think I'm going to pass.
@darthnava did a post about this very same article:
https://steemit.com/blog/@darthnava/genesis-cloud-mining-review-it-s-not-as-profitable-as-you-d-think
I'd say that it's better to DIY. But only if you've the space and patience for it. The best thing is that you actually own the hardware and get to sell it. Don't bother with ether mining contracts, it's going to switch to POS anyway..
Are you saying POS will completely take over POW? If I understood correctly, I think there is no more Proof Of Work with Steem, for example.
Can't say for sure but you always have to ask yourself one question when it comes to cloud mining. If it were profitable why would they not just mine for themselves? Sure it might look like you make money because price goes up but you would have made that money just by buying and holding.
@zathras I don't think that's the right question to ask. It's almost like asking if landscaping is so profitable, why aren't equipment rental shops doing landscaping themselves? Perhaps the equipment rental shop has developed a profitable and repeatable business model to service a particular industry. The two things are mutually exclusive.
The finance world has constantly innovated secondary markets to offload risk and provide a discounted immediate return in exchange for shrinking the length of time for finacial instruments (annuities, bonds, installment agreements, structured settlements, etc.). In a sense, Genesis Mining (and other cloud mining services) are applying this idea and the concept of an equipment rental shop to create a hybrid business.
While I don't believe cloud mining is a scam, I don't think it's for everyone (like crypto speculation). Before going into cloud mining, a person needs to figure out if it's the right tool to achieve the results for the plan they have (if they have one). They need to educate themselves on the product and market as well, then decide to jump in (or not). Remember, crypto skeptics always point to Bitcoin and all other altcoins as Ponzi schemes.
So far, it has worked for me, but with everyone bombarding Steemit with get rich quick stories and affiliate codes, this place has taken on a tone of QVC or Amway. Personally, I find myself using the mute key an awful lot lately.
That's true! It would seem like a pooling of coins to give coins to others and maybe not truly renting and giving out minted coins. I guess I'm fine with genesis mining since the affiliate thing isn't a multi-level incentive with uplines / downlines.
It's not so much a scam but simply something that gives a terrible ROI in practice.
It is! Good thing it's only about 5% of my total mining ventures (the rest i do it myself in some shoplot lol)