If you’ve lived in 2017 then you’ve definitely heard something about crypto currencies. In 2017 the crypto market started booming and a lot of people started investing their money in cryptocurrencies (Bitcoin, Ethereum, Ripple and etc.)
Everybody who’s invested in crypto usually expects to make a lot of money because they’ve heard that one man who bought 1000 Bitcoins in 2011 is now a millionaire (you’ve definitely heard these stories) and that’s why people try to find a way to make as much money as they can.
There are multiple ways to make money with cryptocurrencies. One of them is just holding the crypto in your wallet and there’s also another one – crypto currency mining. I bet that when you got to the crypto world you’ve tried to mine some crypto coins on your PC but after few hours you realized that you need a much better hardware in order to mine crypto currencies. Great! New hardware which can be profitable usually costs around 5000$ which is a lot! WAIT! There’s something called cloud mining?! They promise me that I’ll get over 150% returns! WTF, I have to try this. I’ll finally become rich! YAY!!
Ok, now let’s get back to the real world. In May of 2017, I bought 0.54TH/s Bitcoin mining contract for 0.03 BTC (it was around 80$ at that time). The Hashflare promised lifetime mining so I thought that I will get more than 0.03 BTC in 2 years or so but because a lot of people were joining Hashflare they decided to shorten the contract from lifetime to just 1 year! This is what I call a dirty business tactic!
This is my hashflare dashboard. DON’T be so amazed by it, continue reading!
Wait! It’s not everything I wanted to tell you. At the end of the year 2017, Hashflare decided to raise their withdrawal minimum to 0.05 BTC from the previous 0.001 BTC. This is a really big problem for most users (including me) who have invested smaller amounts and it will never be possible to earn 0.05 BTC if you’ve invested 0.03 BTC in just a year!
Now, look right of the ‘Withdraw’ button. Do you see it? Reinvest lets you reinvest your currently mined crypto again so that you can buy their mining plan again. This means that users who wouldn’t be able to withdraw their money because they don’t have 0.05 BTC will reinvest it again and again.
How does Hashflare even make money? They make a lot of money on mining contract fees.
Here’s my payout from this day. I once had bigger payouts but right now I don’t because the BTC mining difficulty has gone up recently. I’ve mined 0.00004435 BTC (0.44 USD) today and the fees were 0.00001924 BTC (0.19 USD). The total I’ve earned with fees is 0.00002511 BTC (0.25 USD). I’ll go to negative pretty soon.
Do you want to know what just happened? Hashflare closed their Facebook site today!
Yeah, you’re right! Hashflare is a SCAM! Let me say it once again. It’s a SCAM!!
With the raise of crypro currencies came a lot of problems. Cryptocurrencies are anonymous so you’ll never know who really recieved the money you sent to somebody. The other problem is that people expect to make a lot of money with crypto currencies and they invest in stupid sh*t like me.
Look at these media titles:
Now think about it. Isn’t it suspicious how Bitcoin and other crypto currencies went up recently? I think that the growth was highly influenced by media who gave people the fake illusion that they can become millionaires just by buying crypto currencies.
There are a lot of SCAMS in the crypto world right now. One of them are ICOs (initial coin offerings). Here’s an article which talks about the most recent ICO which raised 4.5 million USD and then disappeared! Cryptocurrency startup LoopX pulls exit scam after raising $4.5M in ICO
I was scammed for only few dollars that’s ok but imagine that you’ve invested everything you own into something that won’t be there in the next morning. What would happen? This would be a very big problem! Some countries like China and South Korea have banned ICOs and I think that that’s right!
We need to teach people how the crypto world works before they do something stupid!
Please, beware of everything that promises you that you’ll be a millionaire in few days.