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2375 Badsites as at Aug 17th 2016
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It can be argued that mining bitcoin is always unprofitable - however...
If you get your calculator out, and weigh up all the costs, the contract or hardware costs, the electricity cost, pool fees, increasing difficulty,
reducing reward, and obsolescence - and then offset those against current bitcoin price, then bitcoin mining is simply not profitable.
It has been a long time since it could be mined profitably, so why do a lot of us still mine it, and why is it a good idea for you to mine it as well?
Bitcoin is a finite Virtual Currency. It cannot be inflated by money printing, there are 21 Million Bitcoins to be mined in total, and it is getting harder all the time to mine them, whilst at the same time, demand is increasing and that inevitable demand is in turn driving investment and innovation.
This is all good for the market value of bitcoin, and so miners do it because they are prepared to invest in a long term investment, and realise a profit at the end of a term. Rather like a 1 or 2 Year Bond Yield.
For those of you who cannot afford to get involved in mining bitcoin, then you can still get bitcoin through earnings from "Bitcoin Faucets" - a few can be found on our Safelist. On Faucets, you earn by simply visiting the page, and earn small amounts of bitcoin (called satoshis or bits).
If you earned some satoshis a couple of years ago, they are worth a lot more today, but this time around, you won't have to wait long. Bitcoin price is set to soar as more people realise that this is the future of Trade and Barter, without Banks in the middle to steal it and issue promissory notes despite the reality that they are simply not underwritten by anything tangible.
There is a lot to learn about bitcoin, but it is really easy to buy, earn, use and enthuse about, so get involved at any level.
Ponzi is any scheme which pays interest to "Investors" from Bitcoin coming in from new Investors. A
HYIP (high yield investment program) is just a Ponzi. All Ponzi/Hyips will fail. The later Investors will lose everything when the scheme folds and leaves with the Bitcoin.
Most HYIPS and doublers etc, just steal it immediately. You send it and they keep it.
Due diligence is your own responsibility.
There are plenty of good sites out there where your Bitcoin and your work are safe. You just need to do your homework, including checking here. If it isn't in our Badlist, email us, and we'll check it and get back to you.
psychology behind the typical ponzi’s & HYIP's run by the
“professional” scammers. They know most people will do this.
You deposit a small amount, you want to be cautious, you can’t quite figure out how they do this – but they sometimes double it (or pay promised interest) and pay you.
You think – Ah that’s great, so you either redeposit the entire amount, or just your profit. You get that back and think wow, it works, so then you deposit a much larger amount and in the worst case, even get your friends and family involved in this wonderful money making scheme.
Then one day, after not long it just doesn’t get returned – there is some issue with your account, or your withdrawal is stuck or something similar, so you keep emailing the site and gradually it dawns on you that you’ve been scammed. Commonly the scammer will even show you the transaction, but it just isn't real.
Even if you just put your initial profits back in, the conman hasn’t lost anything – and the depositors who think they are ‘playing’ the ponzi, by getting in early, do try that, and most of them don’t get it back either. People who run Ponzi's are thieves.
Some people empty their life savings into these scams, and they are the ones the scammers are really after. Once they get that big depositor, they move on and create a new ponzi, just leaving the old one alive for a while to mop up any new ‘mugs’ Some even return after a 3 or 6 month absence to catch a fresh load of hits, they will never run out of victims. It’s what they do, and they are expert at it.
You will no doubt come across negative comments about this project, but understand that this is the scammers only route to fight back, and a great
many of these scammers are the same people who are Senior, and Gold members of forums.
Forums relating to bitcoin are the best source of conflicting information ever, which is why we keep it plain and simple, we tell you it's a badsite (albeit sarcastically - we have to stay sane) and that's really all you need to know to stay safe.
When we started this project, we didn't expect that it would still be needed years later, but the interest in bitcoin is driving every web fraudster to try their hand after bitcoin. The bitcoin Industry on the whole is clean, these fraudsters generally do not come from the inside, but often from the world of fiat, and a great many from developing countries and Eastern Europe.
It can be really easy to misunderstand the bitcoin environment when it's all new to you, and it will take you some time to grasp some of the rules, concepts, and limitations. This leaves you vulnerable to the swathes of scams and ponzis that try to lure you into their promises of easy money, and doubling or even 100 times multiplying your new 'Magic Internet Money'
It doesn't work like that. It isn't magic, it's just very efficient, very secure, and much sought after by thieves the world over.
If you have bitcoin, you need to learn to look after it, or these crooks will soon take it from you.
Don't make it easy for them. Contribute by reporting suspect sites to us when you find them, and we'll do the rest.
As we approach 2065 sites listed since Feb 2014, our track record is one of getting it wrong on only 2 occassions. On both of these occassions, we erred on the side of the Scheme Operator. However, one of these errors, the GAW Miners and Paycoin debacle is yet to be fully heard and ruled on by the SEC, and at this time is still a matter of debate.
Declaration of Interests.
We currently have personal and project investments in Bitcoin VIP and
Mining shares at
Miningsweden.se (Now closing their mining), and Ethereum mining shares at
Genesis Mining. We would not invest
in anything we considered to be a Ponzi or Scam. As a project, we
are not directly funded by any organisation and depend on ad
revenue, our own, and other donations, and our external investments. We also provide links including referral
links to trusted 3rd party sites, not including *External Advertiser - Check our Badlist*s
beyond our control. Updated August 2015
PS - As a friendly tip, we probably aren't the people to generally ask about good bitcoin investments. We are pretty good at what we do, but so far, like yourselves no doubt, we aren't really that succesful when it comes to our own investments. Mintsy being our latest fail.
The high costs of running this site are helped by adverts. We also have to advertise in the same places as the scamsites. We have little control over the content, and consequently we do not directly endorse any advert. Some adverts will even appear in our Badlist. But at least the Bitcoin they spend on ads is coming back into the Bitcoin Industry.
Footnote. The evolution of society beyond the demise of the failed capitalist neo-liberal (Neo-con) experiment, first needs the evolution of it's means of trade and exchange. The current financial system, and system of fiat currency, is not fit for present or future purpose, and for all intents and purposes is already obsolete. Bitcoin is our first financial step towards a fairer, more benefecial society for all. Bitcoin is incorruptible, decentralised, concensus led, and above the influence of conventional politics and economics. A parallel currency with which you can begin to trade, and no middleman to take their slice or to gamble with your asset. When you deposit money to a Bank, it becomes the Banks property to do with what they choose, bitcoin is different, and you are your own Bank. It is up to you to take care of your bitcoin, and also to use it, not hoard it, and to be an important part of helping to build this fair and open global society. Bitcoin is worth what somebody is prepared to exchange it for, be that USD, Yuan, PC-hardware, Webhosting or anything that 'money' might buy. You can even get a bitcoin Debit Card. However, the bitcoin Blockchain, and it's potential is a much much bigger subject.
*External Advertiser - Check our Badlist*