This MiningBitcoins scam is about as transparent, readable and straightforward as it could possibly get. The people pushing this one didn’t bother with any unnecessary artifices. They simply put together an eBook called the Ultimate Guide to Bitcoin Mining, which contains information about something that’s supposedly the best invention since hot water. It will make people millionaires and it only costs $37. Sounds reasonable, right? Not really. The people targeted through this scam are obviously those who know nothing about cryptocurrencies in general and about Bitcoin in particular. Let us take a closer look at the “site” which promotes this “product,” miningbitcoins.net, and deconstruct this story, one step at a time.
Even at first glance, it’s obvious that the copy is typical sales/scam copy, put together by someone who is obviously experienced in this field. The whole structure of the page and the text screams scam professional. One doesn’t even have to actually read the scarce information delivered, to tell this thing is crooked.
Before we get on dissecting the claims and sales pitches of this scam, let us set a few things straight. The most successful cryptocurrency, Bitcoin can only be obtained legally in two ways: by mining it, or by simply buying it for actual money though one of the many Bitcoin exchanges. If someone promises you that he can duplicate your Bitcoins, he’s lying. If someone tells you that you can obtain Bitcoins fast and without particular effort, he’s either getting you into some sort of scheme to steal, or he’s most probably lying. There are all sorts of illicit ways of obtaining Bitcoins, from placing ransomware on people’s computers, to spreading viruses which then mine Bitcoins for the perpetrators on other people’s computers. Needless to say, all such activities are illegal and punishable by the law. Bitcoin cannot be duplicated. The issue of double spending has been solved through the Blockchain, which is the heart and soul of the cryptocurrency.
The MiningBitcoin scam page starts out with a bold claim: it’s selling nothing less than the greatest financial invention of the last 400 years. The claims are carefully formulated, to offer plenty of room to maneuver for the perpetrators of the scam, if they are ever apprehended. For instance, it says that the secrets contained within the $37 eBook “could” make the lucky buyer rich. That could indeed be true… if the reader happened to win the lottery while reading it…
The first paragraph is the good-old greed-arousing introduction, followed by a repeat of the headline claim. Just because one repeats an obnoxious and bold-faced lie, it doesn’t get any truer.
Next, we have a number of major inventions listed, like the automobile, the light bulb and the television set. Bitcoin is mentioned right alongside these revolutionary accomplishments. Of course, this is wrong on every level. First of all, while it has gained a lot more traction than anyone could’ve anticipated upon its inception, Bitcoin is far from the mainstream, and indeed, it may never get there.
What the author of the scam copy is looking to accomplish is to use the massive increase in the value of Bitcoin over time, as some of hyping point. The truth is though that while Bitcoin has indeed gained tons of value over the years, allowing those who picked up considerable amounts early, to cash out big, that opportunity is simply not there anymore. There’s still a lot of volatility associated with Bitcoin, and speculators may make some money on it, but nothing on the scale suggested by this scam. “Getting in on the ground floor” – as suggested by the author – is simply not possible anymore. If you want to speculate with Bitcoin, you will have to simply buy some (or mine some) at its current price, and hope it goes up.
The MiningBitcoins scam also suggests that it might deliver information regarding Bitcoin mining, thus somehow making it easier for those who read the eBook to mine. This is impossible to accomplish. Bitcoin mining is equally difficult for everyone, and while learning what needs to be done to set up a dedicated Bitcoin mining operation makes perfect sense, that sort of information is available out there for free. One certainly does not need to buy a $37 eBook to learn how to do that. There are no tricks involved in mining whatsoever, just tons upon tons of raw work, done by specially designed processing units called ASICs. It needs to be said though that there is absolutely no way around this mining process, and it is designed to get more and more difficult. Nowadays, mining Bitcoins through a PC no longer makes any sort of economic sense.
The Bitcoin Mining scam comes with its own money-back guarantee, made legit through a photoshopped certificate of sorts, which is probably added for visual appeal.
Perhaps the most relevant line of text on the whole page is the bit from the fine-print at the bottom, which says that Bitcoin is in no way involved with this scheme. At least the fine print speaks the truth, even though it only does it to give the scammers legal cover.
If you want to understand why Bitcoin mining is no longer an option for most people, then please visit our Introduction and History of Bitcoin.
An excellent book we recommend for beginners is “Mastering Bitcoin: Unlocking Digital Cryptocurrencies” by Andreas M. Antonopoulos. It should be regarded as essential reading for everyone interested in learning about bitcoin basics.
Another great book for more advanced bitcoin enthusiasts is “Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction.” It’s more technical than “Mastering Bitcoin” but it’s also readable and offers in-depth and thorough explanations of how bitcoins and other cryptocurrencies work. Video lectures are included for each chapter.
Did you read “The Ultimate Guide to Bitcoin Mining”? Let us know what you think! Feel free to comment below if you have any questions or feedback for us.
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