Pos mining question

[Hunlight]

Hello,

 

I was a bit scammed I guess. One colleague suggested to invest into pos mining as I knew the person I did invest small amount of 50$ to try it out and see if its real. But today found out that site where we did it is closed and apparently pos mining still needs your computer power so what we did was a scam as every 6hours its just made us a small amount of ETH depending on usdt we had in the wallet. So I wonder if someone could let me know if POS mining is only possible with computer power usage or what we did is real but just website we used is a scam?

[Dukesilver27-]

The whole point of POS is not having to resort to computers calculating stuff using up power. It's Proof of Stake, you just stake your coin, there's no mining in POS.

[Hunlight]

47 minutes ago, Dukesilver27- said:

The whole point of POS is not having to resort to computers calculating stuff using up power. It's Proof of Stake, you just stake your coin, there's no mining in POS.

oh so what we did is more or less right just the site is not legit as its closed on random  was something like ethpos.buzz or similar. Can you maybe suggest me a legitimate place to do it ? Im trying now to withdraw cash from Zelion app ( wallet we used) but apparently they dont have way to withdraw -_-

 

Oh website is back online, maybe something just happened out there. still not sure its legit anyone could confirm that?

[porina]

If you want to directly POS Ethereum, I think you had to have a large lump. Way more than $50 worth (currently equivalent to $55000). So what I'd guess is happening is some sites are kinda re-selling the POS in smaller parts. They deposit the bigger amount necessary to do POS, and people who buy in get a share of whatever they make. See it like a mining pool in the GPU era, but instead of GPUs you're putting in crypto.

[Kilrah]

Nobody can know if a small site with a scammy-looking url is going to last... heck nobody even knows if the biggest names in the industry like Binance or... FTX are "legit", they are until they suddenly aren't.

 

But yeah it seems ETH staking through a pool is supposed to return about 4.5%/year so your $50 deposit would give you <$2.50 per year. 

 

Don't deposit anything you can't afford to lose. 

[Hunlight]

9 minutes ago, Kilrah said:

Nobody can know if a small site with a scammy-looking url is going to last... heck nobody even knows if the biggest names in the industry like Binance or... FTX are "legit", they are until they suddenly aren't.

 

But yeah it seems ETH staking through a pool is supposed to return about 4.5%/year so your $50 deposit would give you <$2.50 per year. 

 

Don't deposit anything you can't afford to lose. 

 

10 minutes ago, porina said:

If you want to directly POS Ethereum, I think you had to have a large lump. Way more than $50 worth (currently equivalent to $55000). So what I'd guess is happening is some sites are kinda re-selling the POS in smaller parts. They deposit the bigger amount necessary to do POS, and people who buy in get a share of whatever they make. See it like a mining pool in the GPU era, but instead of GPUs you're putting in crypto.

after I invested 50$ it gives out 2.8$ in 2 and a half days. I can even see some people are invested enough to get 5ETH every 6 hours. my friend got enough and making 3k a day at least thats what he says.

[Kilrah]

6 minutes ago, Hunlight said:

after I invested 50$ it gives out 2.8$ in 2 and a half days. I can even see some people are invested enough to get 5ETH every 6 hours. my friend got enough and making 3k a day at least thats what he says.

Yeah that's going to be a complete scam.

 

Typical promise high returns, give them initially so it feels legit and you go "oh I need to put more", and once you do everything disappears/you can't actually withdraw anything.

And lots of people are lying about this since they do need people to get scammed continuously to build their own returns.

[Hunlight]

19 minutes ago, Kilrah said:

Yeah that's going to be a complete scam.

 

Typical promise high returns, give them initially so it feels legit and you go "oh I need to put more", and once you do everything disappears/you can't actually withdraw anything.

And lots of people are lying about this since they do need people to get scammed continuously to build their own returns.

and how can I test it if its real or not? and maybe you could suggest me a legit way, but then again you mentioned investing 50$ is not worth it?

 

oh and about the site I use.

app for wallet is zerion and site is etht.shop I still did not cash out from that site to my wallet. will do in a day or two they said limit is 6$ I got 3$ with cents so far earned. So in a day or two would be able to tell if cash out is working.

[Kilrah]

Do a bit of research about how ETH staking works, you should find several sources that mention the ~4.5% from pools, with some services maybe having temporary offers or promos that might increase that by a couple of %.

 

Anything that advertises significantly more than that is most likely going to be a scam, or something way more complex than just ETH staking that you'd want to make sure you fully understand how it works. 

 

In general anything promising >10% / year is going to be very suspicious. Nobody in this world will just be giving you free money, many will however want to make you believe they will so they can actually steal what you had.

[Hunlight]

35 minutes ago, Kilrah said:

Do a bit of research about how ETH staking works, you should find several sources that mention the ~4.5% from pools, with some services maybe having temporary offers or promos that might increase that by a couple of %.

 

Anything that advertises significantly more than that is most likely going to be a scam, or something way more complex than just ETH staking that you'd want to make sure you fully understand how it works. 

 

In general anything promising >10% / year is going to be very suspicious. Nobody in this world will just be giving you free money, many will however want to make you believe they will so they can actually steal what you had.

yeah I feel it is smth shady too. and here I thought I could make some extra to help my financial situation

[dogwitch]

On 3/17/2023 at 9:16 AM, Hunlight said:

yeah I feel it is smth shady too. and here I thought I could make some extra to help my financial situation

same rule applies to investments to.