Free Steem On Complete Autopilot When You Visit This Faucet!

btcupload (49) in steemit • 8 years ago (edited)

8 years ago by btcupload (49)

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!

Sort Order:

Trending

[-]

cryptomancer (63) · 8 years ago

Interesting idea. I tend to be skeptical of cloud mining sites though, as many of them turn out to be scams. A few questions for you:

How long have you been using this site?
Have you been making a profit?
What kind of mining contracts have you purchased and what's your average daily payout?
Do the payouts change from day to day or are they always the same amount?

I currently have some Bitcoin and Ethereum mining contracts with Genesis Mining (one of the few reputable cloud mining companies out there), but it's not really profitable. All my earnings go right back into purchasing additional contracts just to keep up with the increasing mining difficulty curve.

$0.00

2 votes

[-]

dgiors (60) · 8 years ago

Absolutely. I'm a victim of a cloud mining ponzi from a couple years ago. Seemed like a deal at the time. It's actually not a good business model to "cloud mine" anyway. At least not at the level of returns most used to advertise. It's far less interest to take a capital loan than to pay the cloud mining dividends to the miners offering their money.
Just look at returns. If your cloud mining contract is making 5% returns per Month ask yourself why the company didn't arrange for cheaper access to the capital you provided.
Too good to be true is.
Show me a cloud mining operation with proof of a data center and blockchain evidence of their hashing I could be a believer. I'm betting such an operation would offer returns no more than 5% per year or they're just bleeding money for no reason.

$0.00

1 vote

[-]

cryptomancer (63) · 8 years ago

Another thing I always wonder is: if you have a successful cloud mining operation setup, where mining returns are greater than the electricity & equipment costs, why would you rent out the hashing power to others? You could just keep the mining profits for yourself. The answer, of course, is that you calculate you can make more by selling mining contracts. Which means that, on average, mining profits won't offset the cost of purchasing a contract.

So contract purchasers will rarely make money unless they get lucky and the underlying cryptocurrency undergoes a rapid price bubble so electricity costs eat up a smaller percentage of the profits. This happened to me once when I purchased a 1 year Ether contract from Genesis Mining in January, just before the price of Ether skyrocketed. I made double my money from the contract. Was thinking of buying more but then Genesis Mining tripled the price of the contracts. And in the end I would have made more simply by buying and holding the equivalent amount of Ether.

$0.00

1 vote

[-]

dgiors (60) · 8 years ago

Great analysis. In the end wouldn't you say buy/hold speculation would outperform those mining contracts when the market drives a profit for you?
In any case I've given up going into any long-term venture in which a third party is going to hold my tokens/contracts/dollars. It's completely against the spirit of crypto currency. The best organizations will find a way to take away the third party trust. Like Steemit, actually.

$0.00

1 vote

[-]

cryptomancer (63) · 8 years ago

wouldn't you say buy/hold speculation would outperform those mining contracts when the market drives a profit for you?

Exactly. Better to just buy directly on an exchange. But I'm glad I tried it, if for no other reason than it taught me this valuable lesson.

The best organizations will find a way to take away the third party trust.

To some extent you need to have at least a little trust in third parties (i.e. buying ETH means putting your trust in the Ethereum Foundation, DGD means you have to trust Digix, Bitcoin means you have to trust the Bitcoin devs, Steem means trusting in Dan, Ned, etc). But I take your point. You want to go for projects that require as little trust as possible, where decentralized market forces play a large role in the valuation of whatever asset it is.

$0.00

1 vote

[-]

btcupload (49) · 8 years ago

Yeah I have a contract with genesis minig too. As for EoBot its more for those wanted to learn how to cloud mine. I dont think there is much earnings on this platform as the contracts can easily be purchased from your faucet earnings, you don't even have to make a depost and simply just re-keep on purchasing the mining contracts with ur faucet earnings which EoBot provides too. As for cloud ming sites that you must deposit a large amount of money into are to me all ponzies now and days. It's very hard to find a lagit cloud moning platform. As for EoBot. Its been around for a while now and was simply made more as a hobby site for cryptocurrency entusiest.

$0.00

1 vote

[-]

dgiors (60) · 8 years ago

Thanks for your input. I might check EoBot out for kicks.

$0.00

[-]

cryptomancer (63) · 8 years ago

Gotcha. It does look like a fun way for hobbyists to get involved with crypto and learn about mining, as long as you don't sink too much money into it and don't care whether or not you get that money back. I admit when I was first learning about Bitcoin, I felt depressed I didn't have the hardware to try mining myself, and cloud mining looked like a way to experience the thrill of getting daily income from mining, without the hassle & technical expertise needed to do it myself. It's nice that EoBot offers such cheap contracts so pretty much anyone can play around with it and see how it works.

$0.00

[-]

riosparada (69) · 8 years ago

That's awesome! I love to mess around on these sites! I will definitely check it out later tonight! If you like this type of thing check this one out https://yobit.net/?bonus=uLegk

Upvoted, followed and resteemed!

$0.00

[-]

btcupload (49) · 8 years ago

Thank you @riosparada I'm glad you liked it! I'll definitely be checking it out!

$0.00

[-]

tzar (14) · 8 years ago

11 COINS FAUCET FREE EVERY DAY
FULL WALLET FUNCTIONALITY

https://goo.gl/aCKaJ4 Qoin

START WITH FREE COINS

Signup and we will credit your Qoin wallet everyday with:

0.00000250 BitCoin
0.00007671 LiteCoin
0.00604838 FeatherCoin
0.24640460 Virtacoin
0.00056826 PeerCoin
0.00004063 Dash
0.00025130 Neo

Trusted 2014 - 2017

$0.00

[-]

lydon.sipe (67) · 8 years ago

This is good news! Thanks for sharing.

$0.00

[-]

riosparada (69) · 8 years ago

Your welcome!

$0.00

[-]

everittdmickey (73) · 8 years ago

Can I start an account with the steem that I earned on Steemit?

$0.00

[-]

btcupload (49) · 8 years ago

Yeah actually you can even get some free Bitcoin when you first sign up and go to the faucet and claim your free bitcoin. Once you have claim your free bitcoin you can right away turn around and purchase a mining contract and start mining steem with your bitcoin winnings from the faucet they have on EoBot. You don't necessarily need to send steem to your EoBot account. However if you do you can start mining Steem a lot faster as you can purchase a 24hr or a 5 year contract with it and start receiving steem even Faster! This is really up to you if you want to start mining with Steem from your Steemit account.

$0.00

[-]

sherry-dow (56) · 8 years ago

Up voted and followed!

$0.00

[-]

btcupload (49) · 8 years ago

Thank you @Sherry-dow! I'll make sure to post more similar post like this ;)

$0.00

[-]

steevc (73) · 8 years ago

I signed up with your link. Just trying to work out how to use it. The daily faucet payouts will take a while to build up. I may be able to transfer some in, but will see how it goes.

$0.00

[-]

smokinhot (35) · 8 years ago

awesome

$0.00

Free Steem On Complete Autopilot When You Visit This Faucet!steemCreated with Sketch.

Free Steem On Complete Autopilot When You Visit This Faucet!