Are you thinking of earning bitcoins considering that the price of the digital currency has recently increased? You may have come across Collect24.cloud, a cloudmining operation that claims that they would help you accomplish this.
If you’re experienced, you would know that it is always a good idea to do some background checks on the platform that you plan to invest with. This will ensure that you do not end up losing your funds to scams or at best, losing them after receiving some initial payments.
The internet is full of platforms that mimic genuine cryptocurrency operations such as exchanges, miners, mining pools and even sellers of mining equipment.
Also we have fraudulent startups that ask you to invest seed capitals with the promise of making gains when the value of their tokens rise. These are the reasons why you must be careful before sending your funds to any platforms. So what are your prospects if you invest with Collect24.cloud?
What is Collect24.Cloud?
We came across this cloudmining site through Google Ads. This implies that the owners of the platform are aggressively promoting it. Collect24.Cloud is promoted as a cloudmining operation where users can mine bitcoins.
According to the site, you can quickly start mining bitcoins by simply adding your address to a field on their homepage:
Are you hunting for the best mining pool for Bitcoin? Have you ever heard of Collect 24? Collect 24 is a platform aimed at making things as simple as possible for consumers. What you need to do is type your address for Bitcoin and that’s it. Now, you can begin mining. Get a free Collect 24 V1.0 chance to try it. If you earn more in V1.0 of Collect 24, don’t miss the opportunity to make much more. Only update it to v1.1 and raise the incentive for the partner scheme.
Nevertheless, it is important to investigate to determine if this is a genuine site that you should bother investing your funds with. This is what we did and this is our verdict: Collect24.cloud doesn’t seem to be a reliable investment site due to the following reasons:
A Low Quality Site
Collect24.cloud is a thin site that didn’t provide enough information that an investor could rely on to make informed decisions.
This could be seen from the fact that the home page doesn’t contain any actionable information on what the company does to make profit. This is despite the fact that it passingly made mention of the fact that it is possible to make profit through Bitcoin mining.
Grammatical Errors in Site Copy
According to SEC advisory, investors should look out for signs that shows that the entity behind an investment scheme is incompetent. One of these features that should raise red flag is grammatical errors in the web copy of an investment site.
Even though there are sites that present high quality copy but still end up exit scams, grammatical errors in an investment site is a sure pointer that you’re dealing with incompetent people who may be involved in fraud, Low quality scams mostly do not hire qualified copywriters and so are easy to detect. This does not preclude the fact that many seemingly polished sites could have malicious actors behind them.
A Likely Ponzi
With sites such as this, what you’re likely dealing with is a ponzi scheme if they pay you at all. This is because they’re paying older investors with funds collected from new investors.
Promoting a business is not a bad concept if it is a mutually beneficial investment, but when the intention is to defraud people, this is not desirable.
Some of the promotional methods employed by the platform include Google Ads, bounties for media influencers and content creators. This means that this is a platform that could generate a lot of traffic down the line, even though it does not in any way imply that you wouldn’t lose your funds by investing with the cloudmining operation.
What we have seen with Collect24.cloud is a platform that is working hard to generate a lot of traffic, even though it is obviously not a genuine cloudmining operation. It is obvious to know this because some of the ROI that the platform promises its users is so unrealistic to the point of impossibility.
For instance, Collect24.cloud claims that they pay investors up to 0.001 BTC per minute. From what we can see, this is so not possible and an attempt to lure the uninformed to make deposits to the site.
With Collect24.cloud, you’re definitely dealing with a dubious mining site that mean no good. The best case scenario is that they operate as a ponzi for some time before becoming an exit scam. The worst case scenario is that they never pay the investors and steal the funds deposited by their customers.
So what should you do? Keep away from sites with questionable entities behind them. There are better ways to earn with cryptocurrencies. If you already have digital currencies, you can earn by staking them here. If you do not have cryptocurrencies, you can search for the proof-of-stake coins that you can stake on this site and buy them, then go ahead and stake them for profit. It is sure better than losing your funds to scams.