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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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    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... – ndsvw Feb 9 '18 at 9:34
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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:

    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.

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