One of my first experiences within the world of cryptocurrencies, and more specifically within the world of mining, was precisely the income of Hash to be able to mine, something that is basically called cloud mining.
This first experience was a failure for me, the level of scam to which I was subjected I do not wish it to anyone, but it helped me to understand certain factors that moved this branch of cryptocurrencies and how its conception and business model was practically a ponzi scheme if present. Many may not like the qualifications that I use in this writing but I have recently seen how this type of business has been growing, without control and with schemes that redefine it as an improved system.
Certainly this type of business takes advantage of those who are looking for an easy way to enter a "profitable" business with the minimum cost, without taking the precautions that this entails and that are decisive when making projections with the values of the coins and tokens.
All this business looks promising as long as certain values are maintained and it does not affect the spending structure of the company. At the moment of registering minimums, the excessive collection of the won and the potential loss of the mined begins under the rental of hash power.
Mining in the cloud does not represent mining at all, which has gradually lost its shine, but is still there, working to keep the network secure and the decentralization of currencies such as Bitcoin. It will be interesting, for example, when there are modifications such as Etherium 2.0 and its change in protocol, we will see how these contracts are handled and if they allow us to get what was achieved with those alleged contracts.
Another important point is that most of these companies have reactivated, looking for ways to improve the ways of scamming and getting more unsuspecting people who want to place their money in exchange for a mining power that is nothing more than a number on a screen from a site that only shows charts and expiration contracts every time a tipping point is reached in the price of the currency.
This article is necessary, especially now that we have a promising path for Bitcoin, many will want to invest in one of these schemes and that they are only interested in renewing with the injection of capital or the supposed satochis that you manage to get from these sites.
We must be aware, these ways of managing deceptions are renewed and without an intermediary or a figure that guarantees a real and decentralized contract, it makes no sense to believe in an instantaneous multiplication of wealth under one of these dream sites that are nothing more than clouds empty and scammers.
The content of this article is its own and there is no room for plagiarism. You can also read this information on my Publish0x blogs and read.csh under the following links.
https://www.publish0x.com/cryptographic-alchemy/everything-fades-into-the-cloud-xrodyzz
https://read.cash/@martinezdamp/everything-fades-into-the-cloud-635248ef
