Identifying scams is not too difficult. Mining scams are very widespread in the crypto ecosystem because people think that bitcoin is easy to mine.
Also there are others that believe that even if a scam such as Turbominers wants to steal from people that the losers would be the later participants.
This is not always the pattern of scammers. You should bear in mind that thieves are behind bitcoin mining sites and their intention is to make as much money as possible.
Big Deposits Are Lost to New Scam Site
It would be rash to assume that making a deposit of $1000 to scam site would yield advertised profit just because the site is new.
For instance, Turbominer.com is clearly a scam bitcoin mining site promising ROI of 120% after 24 hours. This means that an investor who deposits $1000 to expects to be paid $2, 200 after one day.
Do you really think that the scammer would make that payment just because their site is new? Ordinarily, very new scam sites pay their newest depositors because they need good publicity to help lure in more gullible people.
However when an investor is careless to the extent of sending in a substantial amount the money would be lost even though the scam site is new.
The reason is that the scammers are aware that getting such big deposits happen rarely. They’d want to hold unto it because they may not even have the fund to pay the promised returns.
What is Turbominers.com
According to the website, the site belongs to a bitcoin mining company that claims to use the best technology in making profit through cloud mining. It said that its focus is not just on profit but in protecting the invested funds.
Sometimes, to know the intention of scammers you just need to see things from their perspectives. At other times, you should use the knowledge you have to understand what the scammers plan to accomplish.
Scammers routinely give unsolicited assurances to make their potential victims let down their guards. This is exactly what the turbominers.com scammer intend to accomplish by stating that their focus is on securing the invested funds.
In practice, they secure it in their own wallet and make sure that people that make deposits with them are the losers in the long run.
“Using the Best technology to Assure High Profits”
Knowledge of the processes involved in Bitcoin mining is essential to identify scams. Turbominers.com promise returns ranging from 120% to 300%. That there are people who believe anyone could double or triple their money in less than a week is asinine.
Bitcoin Mining Profit Much Lower
Bitcoin mining and the mining of any coin for that matter is not as profitable as it was 10 years ago. That was one this type of profit was possible. These days, the competition, mining difficulty and price of cryptocurrencies make it impossible to make anything near such figures.
You should ask yourself where they’re going to get the money from. Even if they are a normal Ponzi scam paying older enrollees with funds brought by new participants, that equation is not sustainable.
If you think that scammers would pay you without first stealing from you and others you’re just a wishful thinker. So whenever you consider sending deposits to a scam site such as Turbominers.com always remember that the scammers’ objective is to steal your funds.
Turbominers.com Affiliate Program
Every scam site involved in fake mining service need an affiliate program to help spread the word about the project. Turbominers.com is no exception. The scammers offer 5% commission for affiliates of the business.
It is unfortunate that there are many people who think that the best way to earn a living is by helping scammers to cheat people.
What many people seem to focus on is the gains they would make by referring people to scam site without considering the fact that they are causing those people pains and losses as they help scammers steal their bitcoins.
How Old is the Turbominer.com Website?
A whois search of the domain shows that the scammers behind it used a service to make the registration date anonymous. Nevertheless it is obvious that this is a new site since the level of affiliate promotion is still low.
Scammers move from scam to scam and this site may be the idea of experienced scammers that know what it takes to attract the gullible.
Features of A Convincing Scam
You wouldn’t miss these features: A fancy site whose theme is cool, the usual provision of little information about the site owners, a display of pay-outs that are obviously fake and every other information to facilitate assurance and make investors send the coins.
Turbominers.com Claims Location
Most scammers in their quest to create the impression of legitimacy sometimes provide random location or even virtual addresses without authorization of the owners of the property.
Turbominers claimed that their operational location is:
Rose Cottage 46 Fox Lane,
Hoghton, Preston, Lancashire, PR5
But a search of the address shows this a residential address. It is clear that the scammers who wouldn’t give their identity would not give their residential address. So we can just conclude that the scammers used a random residential address for their purpose.
Interestingly, this address was officially registered by Bamber Bridge Management company. The same company that Turbominers.com claims their registration number.
False Date of Commencement
Older sites are assumed to have built online reputation so scammers tend to create the impression that they’ve been operating for longer periods.
The Turbominer site claims that the company has been in operation for 1512 days or 3 years. This is obviously a lie and the reason the owners of the site concealed its date of domain registration.
The site claims that the business started on January 1, 2015. In reality, no scam paying even less could last one year talk less three.
It is obvious that this is not a legitimate company even with their claims of being a professionally managed company that is registered and insure deposits.
The registration the scammers claimed has Company Number 06167360 belongs to Bamber Bridge Management company which was incorporated in 2007. Apparently they have used a legitimate company without the knowledge of the owners.
In any case what is certain is that this mining scam is a very new site that won’t last more than a few months. Stealing the ID of a registered company wouldn’t change that.
Scams should be avoided because they cause people harm. Promoting scams because of profit is unethical because you’re encouraging scammers and helping them steal from people.
Scammers like Turbominers so anything to get deposits just as stealing IDs. Do not be fooled. Sending your bitcoins to this site is like throwing them away.
If you’d like to check a site that has built a business designed to last, here’s my recommendation.
Please send in your comment on your views or experience with Turbominers.com especially if you’ve been with them more than a couple of months. Were you paid or scammed. The comment box is below.