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A Ponzi Company which Calls Itself a “Ponzi” Company

Avatar Yashu Gola 5 years ago

We don’t know what the creators of ‘PonziCloud’ were thinking at the time of branding, but the newly launched cloud mining company is surely making a name among the social media circuits – at least for being honest.

According to the information available on their website, PonziCloud seems to be offering some of the most mouth-watering features in the Bitcoin cloud mining sector, in times when the leading Bitcoin mining operations are taking a late-Christmas break. The company guarantees to pay its customers 0.02 BTC per day, almost double what the other cloud mining companies offer. All customers have to do before parking themselves on PonziCloud is buy so called PonziShares. The more you buy them, the better hashing power you get (up to 10,000GH/s).

One of these products is actually reporting to be sold out.

Needless to say, cryptocurrency mining businesses are in their worst phase at this point in time. Earlier, many companies have been reported to authorities over fraud and breach-of-contract, while even the cloud mining operations are not holding a good reputation. The recent Bitcoin crash has further deepened problems of the entire Bitcoin mining sector. A reputable company even called out to shut its operations until the coin’s value hit $320. The launch of PonziCloud seems well-timed, but lacks good morale for obvious reasons.

Meanwhile, it is up to you – the customers – whether the new company could be trusted or not. Until now, there is no clue that points to the place where PonziCloud is getting its hash power from. Investing in these programs is not a good choice, until you are really good at pulling out these stunts.

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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