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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.
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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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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:
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.
1Why 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... – ndsvw – 2018-02-09T09:34:35.267