Everything I don't like is a scam
I often roll through product reviews. More often then not crypto product reviews. I ran across one today that struck me as a bit uneducated claiming a service was a "scam " so I figured I'd bust this myth once and for all.
First Genesis cloud mining is not a scam. It never was. It's a legit company. I'm not paid to say this. I'm not posting my referral code (unless you ask) and I'm not telling you to buy their products. I however will explain to you how this service works and why it's not a scam.
First Genesis cloud mining is a company that sells contracts for computing power devoted to mining your chosen currency. Each day you'll be paid a return portion of your original investment for that days mining minus maintenance cost. As time goes on that contract will either become to difficult to be profitable or it'll expire. This is spelled out when you go there. It's clear up front.
This means if your currency has 1 million miners come on line and they have a huge amount of computing power making your currency highly difficult for you to get a higher return.
Why is this not a scam? Simple. You're told all this when you open a contract.
The company isn't conspiring against you. I'm fact it maybe highly profitable for you to start a contract.
For instance in the review i read the individual complained he put in .1 btc and received 2 eth. He complained said eth was only worth 69 dollars at the time so it was a "scam" because he didn't get his btc equal back.
He got what he asked for though. His argument is now highly flawed.
First when you buy a currency that currency may quadruple, increase by 1789% or disappear. You still are getting a product but it may not be what you think it's worth.
If the guy held his eth he could have sold it for 360 dollars per coin. That's 720 bucks. That's more than double your investment.
But let's look at it from a different angle. Say bitcoin falls to 300 dollars a coin and eth rises to 1270 a coin. I bet he'd still be complaining about having over 2400 dollars from 100 buck investment. Obvious scam there making cloud farmers rich while you go broke.
The thing with ANY currency is it rises and falls. Gold was 20 an ounce and now it's 1260+. Silver was 60 an ounce but now it's 17. Are those scams?
I use to pay $5.23 for a club sandwich and now it's $9.23. Obvious scam there.
Truth is you get what you pay for. What that's worth? It's up to the market. It can go either way. Always research things in-depth before buying and if you get a product in return that's promised it's not a scam.
As for me? I like their services. I get a good return. I researched my product and understand it's value and potential. It's gone up times 3 since i started the mining contract. I'm highly pleased with my returns.
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