Re: Cloud Mining Scam or legit

I am pretty new to bitcoin and have basically been using faucet sites to get started.
I know faucets are slow and labourious but at least they are giving me an insite into how bitcoin works
Cloud mining is something that i am seeing advertised a lot.
People will say it is a scam
Some people will say it is not a scam I know that

I would just like everyones opinion on it if that is ok

So is cloud mining a scam yes or no

Reasons why appreciated

Many Thanks

I started in faucet too and then proceed to join cloud mining because it promises huge returns and I end up being scammed. There are sites maybe that are not scam but it gives so small earnings that you will still end up losing rather than earning. There are so many HYIP sites that promises just days and you will get back your return of investment but more often than not those are scam too. One hint for you is that if the return is too good to be true then maybe it is.

Yea probably its the people who thinks cloud mining could generate such kind amount of money 24 hours or so . So people tend to say that it is a scam because as you say it has a small amount of interest than your money dropped but eventually wont happen after some time because some cloud mining site also tends to lure the some people in their stand and let them have the first or two but the third one and or last it wont happen again

Thinking off the concept on how Ponzi works which old investors would really be paid up by the amounts being invested by new comers which means payout would really depend if there someone new do join but coming to a point on where no one would able to join now then for sure this is the best time for them to ran off all the money have been invested.They are really just good on 1-2-3rd payments but later on expect that you would be scammed.Nothing on this world do gives huge interest for a short period of time without doing nothing.