Tales from the Cryptocoin
The more I travel down the cryptocurrency path, the more I realize I don’t know (though I suppose that’s true in most fields).
I’ve been doing a lot of bitcoin-related tweeting lately, and I happened upon an account called Eobot (@eobot). They describe themselves as “[t]he easiest way to mine Bitcoin, Litecoin, Namecoin, Dogecoin, Dash…” and a host of other cryptocoins.
So I decided to actually try out this service (the free version, anyway). As you might expect, you don’t simply get bitcoins or any of the others for free, although you may get some as incentives at certain times.
As you can see, I haven’t earned much yet, but you can buy or mine coins in various ways. One of the popular methods used on Eobot is cloud mining, which (in simple terms) means mining using shared processing power from remote data centers.
It sounds good, in theory, because you wouldn’t have to be doing the work, but it also sounds rather dubious. (I’d referenced something very similar in my earlier post Dark Web Sites That *Claim* To Be Red Rooms). Anything that sounds too good to be true probably is.
(Edit: I have, since writing this post, earned 0.00003375 BTC and 9 DOGE through the app. I’m sure I could earn more, but I’m not willing to invest thousands of dollars at the moment.)
Also of note: if you have any adblockers (like Privacy Badger or Adblock Fast) active on Eobot, you won’t receive your daily rewards!
Eobot also offers such services as Cloud SETI, Cloud Folding, and Faucet. In addition, they also offer a service called Eobot MyPool, in which you rent a cloud miner and mine directly to your own pool. The advantages, supposedly, are that you don’t have to pay any fees, and also that you can mine coins that aren’t supported by Eobot.
If you want to know what Cloud SETI is, you might want to sit down. And I quote: “Mining turns your machine into money, while SETI turns your machine into an alien finding satellite.” Wait…what?
“Help the world find aliens. SETI@home is a scientific experiment that uses Internet-connected computers in the Search for Extraterrestrial Intelligence (SETI) simply by running a piece of software on your computer or in our cloud.
“The problems we are trying to solve require so many calculations, we ask people to donate their unused computer power to crunch some of the numbers.”
The difficulty with all of this is that there’s no way to know whether any of these services are trustworthy, and this whole aliens thing has unfortunately tipped the scale toward “no.”
On the plus side, in my case, there really isn’t that much bitcoin they could steal, if it were fake! And I haven’t paid any money (as in dollars) toward the service.
I could be wrong about this – I have earned a little bit in the short time that I’ve used this service, but this alien thing really has me shaking my head. (And this is coming from someone who is interested in the paranormal.)
To their credit, Eobot at least warns you if any sort of coin will be removed from the mining cloud, so that you can withdraw, like this:
“NXT will be removed, please withdraw your coins.” That’s good to know!
All in all, I may be wrong about the possibility of earning some coins from this service, but I think I’ll just wait and see what happens with the free version for now. Who knows? Over time I may earn a little bit.
Anyone want to help me study for my MSc in Digital Currency degree? (I kid, I kid!!)
No, you know what? I think I’m going to do that alien thing.