<p>In general, get rich quick schemes are a scam.</p>

<p>Mining pools themselves are safe to mine with, but I do not know of any official investment schemes. Do not send your money.</p>

CC BY-SA 3.0
2018-02-09T11:42:40.873Z
2018-02-09T11:42:40.873Z
Willtech
<p>Like any good scam, typical mining scams rely on some element of truth, and separating the truth from the lie, especially in a technically complex field can be difficult.</p>

<p>Let me try to break it down piece-by-piece:</p>

<h1>Truths:</h1>

<ul>
<li>Mining is a real thing.</li>
<li>Mining in a pool is a real thing.</li>
<li>Participating in a mining pool is possible<br>
If you bring your own ASIC miner and have cheap electricity.</li>
<li>Investing in a mining pool is possible.<br>
It does not require your own hardware to mine.<br>
Some solicitations for mining investments are legitimate.</li>
</ul>

<h1>Lies:</h1>

<ul>
<li><p><strong>Fast returns!</strong><br>
Mining requires substantial upfront investment for hardware and other costs, then returns slow, steady profits over a long time. (assuming the Bitcoin price does not drop)</p></li>
<li><p><strong>Guaranteed 5x return!</strong><br>
Mining does not have guaranteed returns, and certainly not 5x!</p></li>
<li><p><strong>Risk Free!</strong><br>
Nothing is ever entirely risk-free, and if it truly is a sure-thing, then they would invest their own resources, and keep the risk-free profits for themselves.</p></li>
<li><p><strong>We need your Bitcoin account / password / private key.</strong><br>
Mining requires expensive hardware, and lots of electricity, but does <strong>not</strong> need any of your Bitcoin info.</p></li>
</ul>

CC BY-SA 3.0
2018-02-09T15:43:09.707Z
2018-02-09T16:33:22.900Z
2018-02-09T16:33:22.900Z
abelenky
<p>I happened to follow a few Bitcoin related profiles on Instagram today and within a few hours received about a dozen  messages from ppl asking if i wanted s fast secure return up to 5x my investment.  Of course i immediately assumed it was a scam then I did a Google search on.mining pools.  I haven't read where it's a scam or even a high risk move?  </p>

<p>Can anyone give me advice on if I should even entertain the idea.  Or is it something that is just too good to be true. </p>

CC BY-SA 3.0
2018-02-09T09:34:35.267Z
Why should they ask you to give them money to 5x it, when they could 5x it their own? If they ask you via Twitter, I would not do it. There is a lot of scam. I think, buying a cryptocurrency and holding it for 1 year is a safer way to 5x your money...
hardfork
<mining-pools>
Is Bitcoin mining pools safe to invest with?
chad markham
# Is Bitcoin mining pools safe to invest with?

(Asked by: username_0 on 2018-02-09)

I happened to follow a few Bitcoin related profiles on Instagram today and within a few hours received about a dozen messages from ppl asking if i wanted s fast secure return up to 5x my investment. Of course i immediately assumed it was a scam then I did a Google search on.mining pools. I haven't read where it's a scam or even a high risk move?

Can anyone give me advice on if I should even entertain the idea. Or is it something that is just too good to be true.

**Tags:** mining-pools

> **Comments:**
> **username_1**: Why should they ask you to give them money to 5x it, when they could 5x it their own? If they ask you via Twitter, I would not do it. There is a lot of scam. I think, buying a cryptocurrency and holding it for 1 year is a safer way to 5x your money...  

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## 2 answers

### Answer by username_2 on 2018-02-09. Score: 1

In general, get rich quick schemes are a scam.

Mining pools themselves are safe to mine with, but I do not know of any official investment schemes. Do not send your money.


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### Answer by username_3 on 2018-02-09. Score: 1

Like any good scam, typical mining scams rely on some element of truth, and separating the truth from the lie, especially in a technically complex field can be difficult.

Let me try to break it down piece-by-piece:

# Truths:

* Mining is a real thing.
* Mining in a pool is a real thing.
* Participating in a mining pool is possible  
  If you bring your own ASIC miner and have cheap electricity.
* Investing in a mining pool is possible.  
  It does not require your own hardware to mine.  
  Some solicitations for mining investments are legitimate.

# Lies:

* **Fast returns!**  
  Mining requires substantial upfront investment for hardware and other costs, then returns slow, steady profits over a long time. (assuming the Bitcoin price does not drop)
* **Guaranteed 5x return!**  
  Mining does not have guaranteed returns, and certainly not 5x!
* **Risk Free!**  
  Nothing is ever entirely risk-free, and if it truly is a sure-thing, then they would invest their own resources, and keep the risk-free profits for themselves.
* **We need your Bitcoin account / password / private key.**  
  Mining requires expensive hardware, and lots of electricity, but does **not** need any of your Bitcoin info.


---

