Let me share with you some very important lessons I learned when I started investing my time and money in crypto currency. This is expounding on my experience. It has taught me well and I hope the newbies in crypto can learn from my mistakes.
We find ways to get more bitcoins. And some people are taking advantage of this because a lo people what to get bitcoins “fast”. Thus the HYIP sites popped out to lure people into investing their bitcoins to earn more passively. It’s a pity that many people still fall for these sites. They have moved from “paying” fiat currency to bitcoin because of the increase in demand of bitcoin - or so I noticed.
One of the most notable “investments” I made was to Ore Mine Here’s a photo of how the ore mine was “working” for the investor.
and another
The first few months it was “working”. I was “getting” btc to my account but it was a good thing the deposit was high, which was the reason I didn’t invest more and I’m glad I wasn’t get tempted to deposit more into the account.
Come to think of it, how to they get the btc by mining an ore mine? I didn’t realize that until after the site shut down. Remember, that all of the bitcoins I had, came from faucets. I was able to accumulate around 0.001~0.003 trying to test what I can do with bitcoins and how I can earn from it. I used that amount to start my “ore-mine”.
You’ll find out from the link above or by searching the Internet that Ore-mine.org site has closed down months ago. I don’t believe the site was able to pay the investors back. Here’s a good suggestion if you still want get into HYIP sites, the founder always use the investment of the new users to pay the old users. Keep that in mind and your losses would be minimal. Or better yet, don’t try them at all.
There is a list I always check if and when I’m in doubt. It has been a while since I last checked the Bad Bitcoins list because I haven’t been investing anymore in these sites. You’ll find more by simply searching it in your favorite search engine. I’m better off though in arbitrage trading or by lending btc through Btcpop. I have a decent ROI in lending, of course, I have losses there too. But that’s going to be another topic.
Remember, before you invest your money in any site, do your research. Check the site and ask around if it’s legitimate or not. Remember, if it’s too good to be true- it probably is. There’s no quick way to be rich, so don’t try to be. These people who create these HYIP sites will have their day. I believe in karma and if these creators don’t lose the money they got, they will lose something far more valuable than the money they took with their empty promises.
Please be extra careful where you invest your money