Is cloudmining beneficial to everyone? Makecoin Pro seems to think so and the site is actively promoting a service that promises to help investors make profit for investing in its cloudmining service.
At Cryptoinfowatch, we are on a lookout for profitable investment sites that would actually help you make money. So we decided to check up Makecoin Pro if this is the site that would make the difference for the investor.
The essence is to give you background and in-depth analysis that would help you make informed decisions and avoid losing your funds to scams.
Before then, it is important to know that scams thrive because there are many people that do not research investment proposals and sites to make sure that what they claim are true.
What we have noticed is that many of these people start asking questions after they have lost money to fraudsters. This is a case of putting the cart before the horse.
If you came across Makecoin Pro and want to know if this is a genuine investment site before committing funds to it, you’re actually among the smart investors out there.
Here we go:
What is Makecoin Pro?
This is an investment site that claims that it is involved in a cloudmining operation. Interestingly, this site did not provide the name, location and pictorial view of its mining farm, but just stated that investors could earn income by investing in its mining operations.
Even if this is possible, it is not standard practice since this is akin to sending your funds to strangers just because they claimed that they would help you double your money in a short time.
The site claimed that the company has studied everything about mining of cryptocurrencies in the past 6 years and has perfected its skills. This means that they would always be in profit since they are experts in what they do.
How Reliable is this Site?
Despite these claims, there are questions that remained unanswered. Mining operations are not as simple as they made it. It’s also not as profitable as they would want you to believe. It is profitable but not the way they presented it.
Granted, big mining farms can make a lot of money by dominating the hashrate of mining pools but the problem with Makecoin Pro is that there is no evidence that it owns a real mining operation.
This is despite the claim that:
“Our mission is to provide an opportunity for ordinary people to earn money on the mining of crypto-currencies, without the need for long training in dealing with personal miners.”
What we have seen over the years is that fraudsters routinely set up sites and claim that they’re mining cryptocurrency, especially cloudminng operations. They subsequently lure investors in by offering high profit margins which is not in consonance with current mining yield. They usually claim that they know a secret others don’t.
The Securities and Exchange Commission clearly captures the scenario on its site when it stated that investors should be wary of sites that offer profits that are far higher than what is obtainable in the market. It should be obvious that this is a strategy employed by fraudsters to lure in investors.
When Profit Margin is High
Irrespective of how profitable a cloudmining operation is, it is impossible for the miners to earn 5 percent daily. The Makecoin Pro site expressly stated that it makes daily income ranging from 2 to 5 percent. We are looking at 60 to 150 percent generated from mining operation which experienced miners say is impossible.
Most miners of Bitcoin and altcoins would tell you that their turnaround investment period spanned months. Some do not recover their investments until after 8 months or more. Yet an unknown site claims that it would double your investment in a month.
This is suspicious claim and indicative that the people behind this site are not genuine miners.
Would you readily send money to a random site that you know nothing about its owners? You probably would if you have no experience in serious investing. This is a bad idea however you look at it.
A critical analysis of the Makecoin Pro site shows that the site’s claim that it has been online for 26 days and has more than 80,000 registered users. This is inconsistent with the reality obtainable with a site that has no rating.
Also stating that it has paid out more than $5000 is debatable. Nevertheless, the table showing deposits and withdrawals is no proof that the site actually paid anyone. In fact, this is a strategy common with scam sites in their quest to deceive uninformed investors.
You should know that the Securities and Exchange Commission has made it clear that sites that promise specific ROI that are higher than what is ordinarily sensible should be considered fraudulent.
A site that hides the identity of the owner is not reliable, especially if it is soliciting for funds from investors. There have been many exit scams in the crypto industry and these scams were successfully pulled off because no one actually researched them closely.
Makecoin Pro is an active scam. Sending funds to this site would result in losses. There are genuine investment sites that are regulated. These are the types of sites that you should invest with, not some random sites whose owners are unknown.
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What is your view about Makecoin Pro? Please share them using the comment box below.