So if you've been around for a while, you've probably heard that cloud mining companies such as Genesis Mining are a way to lose money, and a bad investment. I would like to say that it is not.
So why is Genesis mining a good investment? Simple. Dollar Cost Averaging.
Are you good at buying low, and selling high? Almost assuredly no. Over 90% of people lose money actively trading cryptocurrencies. So 9 times out of 10, it would be better to buy at the average price, than to accidentally purchase at a higher price.
So what does this have to do with Mining?
By mining a given altcoin, you are essentially "purchasing" it over a long period of time, thus ensuring that if the price of that coin spikes, you will average a gain. If it drops, you will not lose value on your entire investment.
So essentially, cloud mining can act to help you show restraint, and patience. Instead of a panic sell dumping your entire stock of an altcoin, you only lose in the short term.
This means, that assuming that the value of a coin is going to go up on average in the long run, mining can be a fun, and profitable experience. So you lose out on the ability to partake in the wild swings of day trading, and opt for a slower, more strategic investment scheme.
Is it worth it? To some, yes, to others, no.
Tell me what you think, and feel free to share your experience with cloud mining below. :)
If anyone feels like supporting me, feel free to purchase cloud mining here, using my ref link: https://www.genesis-mining.com/a/1640766
For those who don't. https://www.genesis-mining.com/
You rather not promote any such, you were against it and couple others days earlier and now making a post promoting genesis. Im all in for genesis and i do believe in them but you are not qualified to post this. Sad!
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You clearly did not read my post.
I am not advocating genesis mining as an investment in itself, but as a way to dollar cost average out an investment in a particular altcoin.
You were posting ref links (without labels) to a publicly known ponzi scheme.
Is genesis mining a Ponzi scheme? It may be. I don't know. I provided links for people to sign up without my referral link as well, because I am posting about the concept as a way to get cheaper alts.
Thank you for showing up here and upvoting yourself. Based on your posts, your methodology here is clearly all about benefitting yourself.
I'm not here for money. I just found an interesting method. Get lost.
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Genesis Mining are a way to lose money, and a bad investment. I would like to say that it is not : Yes You are advocating it as an investment..
Is genesis mining a Ponzi scheme? It may be. I don't know. I provided links for people to sign up without my referral link as well : So if you provide links for people to sign up without your referral link, it still doesn't make any difference, you are still advocating it.
This is probably one of the few comments i have up-voted myself, you can see that. Its not just about benefiting myself, you can see that
I'm not here for money. I just found an interesting method. Get lost: In steemit everyone signed up is here for socializing & making money. Steemit itself mentions when signing up- Money talks! If not for the money, you are in the wrong place.
I wouldn't ask you to get out though, you seem like a good man(but temperamental) trying to help people from getting rekt. But keep your cool.
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Very well said .
However, I would ask everyone to get the hell out of any cloudmining program. Buy and hold!
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It isn't. I really don't see how this can ever be profitable. Buying and holding is way more profitable!
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Read the article, maybe? Hm???
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Took some time to really read through your post to the end ;-). Cloud mining companies, depends not only on the average increase in bitcoins but also the rate of increase. It has to be rapid enough otherwise it will not be profitable for them and your contract profits will start getting halved to the point where you may never see a profit except from referral income.
They likeky using their members to pay their electricity Bill. In a way they kind of loan the money from you to pay it off, and pay you back gradually in a way that is most beneficial to them. When Genesis mining started, Bitcoins was still fairly low in value. They have made serious gains since then and yet are refusing to give users any significant profit or rathet delay profit altogether. Furthermore, the annual interest of Bitcoins far exceeds that of genesis mining. It just isn't worth it!
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In conclusion; you are not mining anything. You are simply loaning Genesis mining money to pay their expenses. There is still a risk that your contract can be terminated and thus not risk free. But it may just be that trading is more risky and novice traders would probably be better off using a cloud mining service until they mastered or have found a strategy which works for them.
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@shaw1 got you a $8.7 (4.0%) @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more about @minnowbooster!
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The @OriginalWorks bot has determined this post by @shaw1 to be original material and upvoted it!
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