Cloud My at Cloudmy.cc is a new Bitcoin mining site with a minimum deposit requirement of 0.5 BTC. This makes Cloudmy very suspicion indeed. While legitimate Bitcoin mining sites out there have some low minimum deposit requirement for testing their service, this one has an extremely high amount which no investor in their sane mind would be willing to deposit.
Does Cloudmy have any reputation in this industry? Not at all. How long have they been in operation? Well, some records indicate that they have been around for 1 year.
If those records are anything to go by, then we can only wonder why no one has ever reviewed this service or published their experience with Cloudmy on the internet. It is rather plausible to think that Cloudmy has existed for a year yet not a single customer testimonial or feedback has been given on the internet.
We have gone through the entire Cloudmy website, and this is what we have to say.
The domain of this site is registered/hosted in Panama. We don’t know why most mining sites are preferring to indicate that they are hosted in the US when that is never true most of the time.
Their who.is data is protected as well, so it’s impossible to find out who owns this mining site. Again, this makes us very suspicious indeed. Why would you send your Bitcoin to a stranger? And most importantly, why would you send a whooping 0.5 BTC to a stranger on the internet and think that they will be kind enough to return you a profit plus your money back?
👉 Want to make money automatically with Bitcoin and Cryptocurrencies without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! ETBOT is for you! With the ETBOT software, only YOU are in control of your investment funds. The software works using API Key connections that only YOU set up and control. The ETBOT service and mother company EndoTech has been making investors hundreds of percent a year in proven gains since 2012! They use the volatility of the Crypto market to trade long and short using breakout techniques and strategies powered by real Artificial Intelligence. This year so far ETBOT has made over 75% for clients since January 1st, 2020. If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to ETBOT now and buy your subscription to get started. PS: ETBOT is a Profitable Forex/Crypto Trading Bot. 100% Verified and Recommended by Valforex.com.
Any investor who thinks critically about this will never dare send their Bitcoin to Cloudmy because of the same reasons which we are highlighting here,
The minimum Bitcoin which they are asking for is 0.5 BTC, and this is an equivalent of $4,777 going by the current rates.
That’s a lot of money to gamble because Cloudmy is doing nothing other than making investors gamble with their cash through converting it to Bitcoin and sending that money to them. We are against doing business with strangers.
Yes, they do have a live chat function on their site. But this feature does not guarantee safety of your funds. If you were to sue the owner of the site for one reason or the other, it would be a challenge in the first place since you don’t know whom you sent money to.
Therefore, at least you should take this precaution seriously because all scams don’t endeavor to expose their operators. Scams in the Bitcoin niche would prefer to stay anonymous because it gives them much leeway to steal coins and go Scott free. So the first step to securing your funds is to avoid sending them to strangers altogether.
Cloudmy has a calculator that can help you visualize what you could earn if you invested a certain amount with them.
Let’s assume that you invested the required minimum of 0.5 BTC. That would be an equivalent of about $4,700 if the current rates are factored.
According to this calculator, 0.5 BTC will earn you 39,620 GH/S from Cloudmy. Your daily return on invested will be calculated according to those on level 7 of the income table. This would give you 3.2% daily return on investment. The site claims that this return on investment is stable and guaranteed. But that is also why they are raising eyebrows.
These claims can’t be proved whatsoever. There is no way you can expect to make this revenue on a daily basis. If you’re going to factor in mining difficulty, cost of electricity, hardware maintenance among other things, you will surely generate a modest income but not a consistent basis. If you hit the 3.2% daily target, the next day’s results will be totally different, and thus anyone who claims that they can guarantee a certain amount of revenue per day is definitely a liar.
The more we look at the income expectation table, the more we discover more disturbing things. The site claims that if you invest the minimum amount of Bitcoin required for this investment, you will make 0.016 Bitcoin everyday.
We used Bitcoin profitability calculator tool on the internet to find out the truth. You see, an ordinary investor will most likely get confused by these numbers. They may think that these figures make sense when the truth of the matter is that they are totally made up.
0.5 Bitcoin will earn you about 40,000 GH/s of hashpower. If you query the Bitcoin profitability calculator based on this amount of hashpower, you’d potentially realize a daily profit of 0.007 Bitcoin mined on a daily basis.
0.007 of Bitcoin is way less than the proclaimed 0.016 Bitcoin that this site is promising. It’s therefore quite clear that this site is inflating these values to make them look profitable. That kind of profit is too good to be true, which makes Cloudmy sound like the next big scam.
According to this site, investors are supposed to receive 120% monthly return on investment and above depending with the amount invested.
This means that 120% return on investment is the average that one should expect to make from Cloudmy.
Again, we will remind you of a statement that we love very much. If it’s too good to be true, shun it. You cannot realistically earn 120% monthly interest on your money regardless of what happens in the Bitcoin mining industry. Maybe a 10% monthly interest would be possible.
If you are lucky, you’d hit a 20% monthly interest when working with a legitimate Bitcoin mining website. But 120% is unheard of. We really don’t know where these figures are coming from because the Bitcoin economy has already proved that it is not possible to realize that kind of return.
So, what’s the motivation for all this? Simple, Cloudmy wants as many investors as possible to join their website. By misleading investors, they can cash in from the numbers. They can opt to keep the total amount of Bitcoin gathered from the public or might decide to issue payouts which will not be consistent.
At this point, you will realize that all that glitters isn’t gold. You will come to the realization that this site is only hyping their Bitcoin mining service, thereby misleading investors in the process. This is very risky because you could lose nearly $5,000, money which you will never recover. Don’t try it.
The rule of thumb is that if you don’t send any Bitcoin, you won’t lose any Bitcoin. But if you gamble your Bitcoin with a site whose owner is anonymous, you stand a significant chance of risking that amount. We don’t recommend this at all.
Cloudmy does not give us any confidence towards their service. We wouldn’t throw away an investment in their hands because it is too risky. The site is not professional in terms of their presentation.
For example, they don’t even talk about their business, how they started and where they are going etc. These are basic ethics which we believe every serious website on the internet should at least touch on. Avoid Cloudmy. Or simply sign up with this cloud mining service instead.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More