Today i will be writing an article around what you have to look out for before you put money anywhere. Sadly i see a lot of people sharing investment and cloud mining sites. Without actually doing research. All that people are thinking on when they share the links on youtube and other social networks is money.
The people sharing the scam sites are as bad as the scammers. “But the site is paying” i really do not care if its paying, the site is made to scam people. The sites will always pay at first. This is how they lure people into posting referral links. Then more people join. For them there more peoplejoin the more they can steal.
Today we will use a company MinEx as an eg.
1. Looking out for lies
First look out for text like shown above. They claim to be open for 6 years. However after a search of the domain with a whois tool like https://whois.domaintools.com. I found out that the domain is not even 2 years old. This means its just a lie to make people think they are legit and working.
ALSO READ: Crypto Interests Better Then Any Bank
2. Return of Investment
When it comes to interest rates of your investment. scam sites will always have an insane rate over the possible 0.02% a day. When i say possible 0.02% it means from legit sites. If you want to see sites that are real and possible pplease check the also read above this. Any site giving over 0.02% is a scam and dont invest in it. The insane profits is how they get new people to crypto to invest and lose money.
You do not profit $871 in 240 days from any real investments or interest sites.
3. Company ID and address
Most of the scam sites use a british company ID. Mainly because its cheap and easy to get hold of for anyone. 95% of the time you will see a UK company ID on these kind of sites.
Then there is the address. Even tho the site has a UK company ID they are located in USA? Well after making a search of the address i found out that its was the “Oculus Center” in New york city which is a shopping mall. There wont be a mining farm in a mall. It takes way too much power and cooling to fit for a mall and not a data center build for it.
4. Hashrate and gear
When it comes to hashrate and gear. This site is giving out 3000 GH/s for free. The cost of gear and power to run that per costumer would be thousand and thousand of dollars. Not talking about how 3000 GH/s wont even make you $1 a day if mining Bitcoin or other SHA-256 algo coins. Specially for bitcoin. When it comes to mine bitcoin you would need a lot of TH/s which comes after GH/s. The ASIC miner to mine 100 TH/s would cost $12000 at min. Then you can have a guess how much a machine/machines would cost to provide 3000 GH/s per costumer that sign up.
Then there comes rent and power use. Cooling and so much more that will make the power bill even more of thousand of dollars.
It’s very simple. 99% of all thesse sites are scam and you shouldn’t share them at all. Only way to stop scam sites if no one use them. This is however why i will ask you to share this article with anyone you know in the crypto world. The more people who gets educated around it the less poeple will actually use these sites.
Do not fall for them, stop sharing them and stop being as worse as the scammers because you share them. End of the day you are just stealing your referrals money and other peoples money. The sites do not have any income beside whats deposited from users. Also what they use to payout people and why you become a scammer too.
Also if you see videos or posts around scams.. report them for fraud or promoting pishing and fraud.
Thanks for reading and please share on your socials for more to read. It will help the fight against these scammers if it helps people not to use thesse sites.
ALSO READ ON MY BLOG: https://cryptocity.info/how-to-see-if-a-site-is-scam/