Ether Mining Review is Ethermining.net a Scam or Should I Invest

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Check The List Of Cloud Mining Scam

There is no doubt that the world is going crazy with the exponential growth in both numbers and the value of cryptocurrencies. Real-life people have become overnight millionaires by investing in Bitcoin and in other Altcoins. For this reason, the whole industry, which up to now is largely unregulated, has become a great playground for scammers. Most of the cloud mining services are scams because it’s easy for companies to take peoples’ money, and then not payout. Also, a company can claim to be a cloud mining platform without any proof of actually owning any hardware. So remember: 99% of cloud mining companies are frauds.

Take notice criteria to help you reveal a cloud mining fraud

We have prepared a list of “red flags” that you should watch out for before investing your hard-earned cash.

  • No relevant pictures of their mining hardware and data center: All legitimate cloud mining companies are able to provide you with details of their data center and even pictures of all the bitcoin miners that they have. Some even go so far as to provide proof of their electricity consumption. Although it’s easy to fake pictures, it should be even easier for a company to walk into their data center and record a video of all the equipment running, and take a few pictures to prove its existence.
  • Public mining address: No public bitcoin mining address or no user selectable pool. When you buy hashing power from a cloud mining company, you should be able to direct the hashing power to a mining pool of your choosing. The cloud mining company should also have a public mining address that proves that they are mining bitcoin on the network, and they should be able to sign blocks to prove they own an address. If they cannot do this, they are very likely a scam.
  • Unlimited processing power: The amount of GH/s you can sell is limited by the amount of mining hardware you have in the data center. Getting more hardware in order to sell more GH/s takes a long time to order, arrive and deploy. Legit mining companies will have limitations on the amount of GH/s they can sell and will make public how much they have (provably) access to, and how much has been sold. Any company that doesn’t limit sales or makes public how much hashrate they sold vs what they have deployed should be considered highly suspicious.
  • Cloud mining Ponzi and pyramid schemes: Frauds set aside funds and use initial funds from clients to make payouts to again give an illusion of respectability and honesty that then will generate more clients. They show a Bitcoin address that they make payouts from that is verifiable. One day the address stops paying.
  • No option to withdraw earnings: If a website offers to rent hashing power without providing a clear way to withdraw your earnings, it is likely a scam.
  • Company registration: A number have done so in London to give the illusion of prestige – but the Directors are often registered as foreign residents where identity requirements are easily faked.
  • Domain name ownership: A legitimate business in this space should make their contact information readily available. This applies to domain name registration, as well. Anonymous or concealed domain name ownership is a red flag that a cloud hashing operation is likely a scam.
  • No endorsement from any ASIC miner vendor: Legit cloud mining companies have a lot of very expensive hardware and the ASIC vendors who supplied them will gladly make a public post or acknowledgment to show that the company in question is one of their customers. This is free advertising for the ASIC company and the endorsement gives confidence to the cloud mining company so everyone wins. There is no reason why any ASIC vendor would not happily do this and real cloud mining companies usually ask this of them right in the beginning to get off on the right foot. If there is no endorsement, then you can assume that the cloud mining company simply does not have the hardware they protest to have.
  • Scammers use a promotion: For example, videos using fake representatives and offices – again with no proof of equipment.

It is recommended that you do your own research and understand exactly what you are signing up for before entering into a contract with any cloud mining service. There are legitimate and reputable operations out there, and they can be profitable under the right circumstances, but it is important to be aware that this is a high-risk space with no guarantees and many dubious players.

So as you can see cloud mining while being a good idea on one hand can be a risk on the other hand. Just like a normal stock investment, never risk more than you can lose, and do your homework first before investing.

Many cloud mining companies are actually Ponzi schemes that eventually will become unsustainable and collapse. There are a few cloud mining companies that do have real data centers and can provide proof of all their hardware.

TBBOB

Fighting online scams since 2020

WARNING: BestCoinInv is a scam – review

This review of BestCoinInv explains why you should not invest money in this scam.

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BestCoinInv Limited claims to be a company specialized in Bitcoin mining, trading cryptocurrencies and online marketing. These activities allegedly allow it to offer generous investment plans with daily returns ranging between 7% and 12% forever.

This means 210% – 360% per month and 2555% – 4380% per year. So, can you really multiply your investment 25x – 43x in a year with this program?

Table of Contents

BestCoinInv scam

Unfortunately, BestCoinInv is just another crypto scam that is going to fail, if it already hasn’t done so.

You should know it just by looking at the numbers, 360% monthly forever is a number that is impossible to achieve. Certainly not in crypto mining. As a trader you can have a lucky month and do it, but it is impossible to repeat it every month. That’s just how it is.

Empty company

Crypto scams nowadays often use a tax registration from to United Kingdom to make themselves look legit, but they are not. Almost anybody can get a tax registration for company in the UK and it doesn’t say anything about the legitimacy or nature of the business.

BestCoinInv is providing investment services, which in the UK is an activity regulated by the FCA. But BestCoinInv is not registered with the FCA, it has no license, therefore it is an illegal business. Check our picture to see the proof.

How it really works

BestCoinInv is a Ponzi scheme, which means that it does no real mining or trading. It just collects money from the public and uses new deposits to pay old profits.

This is how it will go on until there is not enough new deposits, or until the owners decide to run away with all the money. It will collapse, it’s given by the nature of the scheme.

And forget about the numbers on their page, they certainly don’t have more than a million users, they launched just a few days ago. The Facebook likes are fake too, done by bots.

Conclusion

BestCoinInv is a Ponzi scam that will fail sooner rather than later and people will lose their money, because Bitcoin transactions are irreversible. Stay away from it!

If you want to see how Bitcoin and crypto trading really works, try a free demo with a regulated broker.

You’ll see that it takes some learning to reach profits in trading.

Ether Mining Review: is Ethermining.net a Scam or Should I Invest?

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