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General Discussion / Re: Reason why people do not believe in mining
« on: Today at 12:32:48 PM »What cloud mining was legit? I have been around for a long time and every cloud mining site that has launched has always netted a loss including CCEX. They paid out, but you lost money due to difficulty and fees. They were all a scam IMO.Mining of coin is one way to earn money online too , but some people hate it because there are many scammers online which will tell u to deposit money to start. Reason why we mine is that coin When computers on the network verify and process transactions, new bitcoins are created, or mined.
That's cloud mining it used to be legit and profitable, and it used to be managed by big companies, but because of the changes in structure and the cost, they've stopped, until the scammers used it to scam people because it sounds attractive where you just put in money and money just comes in, but scammers are now using and change the structure into a Ponzi scheme.
So most of the cloud mining now are just a Ponzi scheme