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How to Identify a Bitcoin or any Crypto Currency Cloud Mining Ponzi Scam?

Any new industry is full of scams and the Bitcoin and Crypto industry is no exception. So how do you identify a Bitcoin scam. Well it’s really difficult for anyone to know and the scam artists are becoming more clever … or not? All depends who you listen to; as I already shared the other day on my FB wall. So copy/pasting that below:

How to Identify Bitcoin Ponzi Scams

I will do a video about crypto currency mining scams one of these days, how to spot them, how to run one (a scam) of your own and get away with, etc. Just so you will be able to spot the differences..
Update: cannot wait? I already outlined in this Dutch blog on 7th of September 2016  how exactly you can setup your own scam for a couple of $1000USD and turn that into literally millions of profit. Thus how it’s literally childsplain. But let’s dive a bit deeper in the value proposition of miner purchase …

Hardware Miner vs. Cloudmining Price 

 bitmain-antminer-s9-bitcoin-asic-miner-reviewAs Bitmain — the largest independent manufacturer of SHA-256 alghorithm aka Bitcoin ASIC miners — announced availability of the latest batch of Antminer S9. Where you can purchase a 13TH/s hardware miner for $1600USD ~ 2.2BTC (source:
Which sold out instantly … and now what? Let’s join a ‘company’ that’s in prelaunch and sell you a mining contract for $1000 ? So you can get … 30TH/s of mining power?! Do you see how unrealistic that is? You don’t see it? Okay let’s get a ‘rack’ at the same company portraying to be a cloudmining company; that gets you 300TH/s in mining power for $10,000USD. So at Bitmain you would pay 23 times as much($37K) for that, and that does not include the energy bills. So it’s either a great deal. Or a scam. Which one do you think it is?

Do legit CloudMining Opportunities exist at all ?!

So if you are going to opt for a company that offers cloudmining with a great payplan attached to it based on recommendation marketing? Then do so with … and I know you won’t get an account or even bother to open the page. As I shared a similar story 3 times before. And yet you choose to put your funds in a ponzi, and sell others on the fairytale that has no proof whatsoever on mining pools, and BCN does; they are ‘just’ one of the largest crowdfunded mining pools on the planet (proof on the site in pictures, video walkthrough the mining datacenter and blockchain).
How much proof do you need? And the only thing you have to know about mining? Is pull out your creditcard to purchase bitcoins through for example into BCN. To earn Bitcoins / Ethereum / Zcash for the next 500+ days on auto-pilot. With a company that doesn’t bail out on their promises as the scams do. Which is why the people that do know a thing or two about crypto currency (myself and my tagged business partner included; whom is a 7-figure career earner in MLM) like to invest & leverage their cold hard earned cash into BitClubNetwork and nowhere else.

“But so and so told me it’s legit ! “

Yes I know they told you. Guess why? Instant affiliate commissions are the name of the game. They — including you when you participate — are getting paid by building a distribution network. The typical 8-14% direct referral commissions that are being paid out in dozen of illegale investment or cryptocurrency mining schemes in Bitcoin? Are based on the purchases of thin air. You’re not purchasing cloudminers. It’s just impossible as outlined earlier. And these type of ‘schemes’ give the handful of great companies (including BCN) a bad name.

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“But company XYZ have a company registration!” Yes, virtual office based. Already shared something about that in the past as well on FB: link coming later …

And that’s also the aforementioned. ANYONE that can set up a site like that and get away with it when it collapses; which is the reason ponzi’s are illegal by law. And thanks to semi anonomity because Bitcoin has semi anonomity without refunds? 

About Earnie Rhyker

tech pioneer | intellectual BadAss | ethical lifehacker | WordPress Developer & Polyglot | information activist | blogger | added value services provider | multimedia enthusiast | senior linux server administrator | geek | bitcoin investor | laptop entrepreneur | open source contributor | hackintosh fanatic | charity donator | accredited top MLM networker & internet marketer 2014-2016 @ BFH

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