If you have invested the money already, just try to take your money back as soon as possible. Some people say that if your money is lost in cryptocurrency, it is lost forever.
You can never get it back. You can file complaints to the crime monitoring authorities, but they cannot assure the return of your money.
However some recovery agencies are also operating for this purpose, but their authenticity is also questioned many times.
These cryptocurrency recovery agencies are mostly scams. So, it is better to study details before investing, to save yourself from a huge loss.
Background assessment
Cryptocurrency has been prevailing in the modern era, so as the scams and Watermine is one of the scammers it claims to give profits to its members since the day one, which assures that it is a fraudulent company.
No one knows the day the profit can be earned because crypto mining depends on different variables. Moreover, Watermine does not provide the details of the cryptocurrency in which member will mine.
The legit companies neither explain the exact day of profit nor hide the details of cryptocurrency.
Watermine works on the Ponzi scheme, which involves taking money from new members and then giving it to the older ones. Such type of pyramid financial system does not last for long and it collapses one day.
So, it is better to take out your money as soon as possible to avoid any major loss. Moreover, recovering the loss encountered through this scam can be tough or nearly impossible.
So, even if you receive a small profit at the start, it’s not a profit but money taken from new members and given to old investors. It’s a tactic to get your confidence.
What is Watermine?
Watermine is a service that deals with cryptocurrency. You can purchase mining power from this service and mine cryptocurrency.
This process gives you the profits and you can get increased money in return. The company also claims to be involved in the trading of cryptocurrency.
The company also offers 4 plans of mining for earning profits daily. Now the issue arises of whether these claims are true or false.
So, a simple answer would be. No, these claims are false. This company is a scam and many people have wasted their money on it. No one gets the profit!
Watermine Scam
Watermine.io is a scam and it must be avoided. Do not get fooled by their appealing fake claims. The people who have invested in Watermine have lost their money and never gained a profit. Although they offer different plans that look real, many people become fooled by their so-called schemes.
Fake Mining of Cryptocurrencies
What makes the Watermine fake in the first place is its claim about mining. It says that you would be getting 2% profit from the first day.
This claim makes people invest in their company and the same claim shows fraud as well. Those who know the details of mining in cryptocurrency know that it is not possible to get this much return from day one.
Mining cryptocurrency involves many variables like electricity cost and mining difficulties of different currencies; it cannot be easily used for making returns.
If you focus on mining details, you would know that it takes months to even cover the initial cash outlay. You cannot even think of profit in the initial months; reaching the break-even point becomes your first step so as a priority.
So, it is a long process because of several variables involved in the entire process.
Signs of a Legit Crypto Mining Company
- As discussed above, Watermine has claimed profit since day one, but a legit crypto mining company cannot give you this assurance. A company does not know the date when its users will make a profit. So, if a company like Watermine claims that you will make profits from a particular day, then it is a huge sign that the company is a scam because no one knows the value of variables involved in the future and how they would shape the prices of cryptocurrency.
- Another sign is the provision of details of the mining cryptocurrency. Legit companies tell the details of the cryptocurrency the user will mine. They tell you all the necessary details of the cryptocurrency to have all the knowledge of the process you are going into. Whereas, Watermine does not provide any details to the users, how can it claim daily returns of 2%.
These reasons make Watermine.io a scam because the numbers it shows as a return are almost impossible to get in reality.
How does Watermine work?
You might have heard about Ponzi schemes. These schemes work by giving money from later investors to earlier investors.
So, the Watermine also works on this Ponzi scheme and there isn’t any real cryptocurrency mining but a fake financial pyramid that can break at any time. It works by taking the money of newer members and then giving it to the older ones; this creates a fake financial pyramid.
Sometimes it might lead you to make a profit, but keep in mind that the money you get is someone else’s money who got scammed just like you. Also, it is sure that such systems will collapse someday, so your investment is not the real investment for you.
Conclusion
There is no definite way to recover the loss you encountered through the Watermine scam. The recovery agencies are mostly frauds and just add to your previous loss.
However, some signs distinguish the fraudulent crypto mining companies from the real ones. Watermine is a fraudulent crypto company that works on a Ponzi scheme.
It claims to give profit from day one, which is impossible. No one can tell the day on which you will make a profit in crypto mining. So make sure to study the authenticity of the company in which you are going to do crypto mining!
Although, if you have received little profit from them, it’s not a profit through mining but money from the people who got scammed, same as you. So, you need to take care and not increase your trust level if they have given you some small profit.
Frequently asked questions
Should I hire some recovery funds from the Watermine scam?
Hiring and paying someone to help in recovery seems to add to an existing loss. There is no such service in reality. So, if you pay someone for recovery, it’s highly probable that you will add to your existing loss. So, it should be avoided.
Which platforms are legit for cryptocurrency?
There are various crypto trading platforms including Coinbase, Bitcoin IRA, Block Fi, Uphold, Kraken, etc.
Which platform is highly recommended for investing in cryptocurrency?
Coinbase and Robinhood are well-known crypt trading platforms. Both have their pros and cons. Coinbase is flexible, where you can trade with higher flexibility. On the other hand, Robinhood is a little cheap.
Is coinbase a safe platform for investing in cryptocurrency?
Coinbase is one of the well-known and reliable investment platforms. It’s considered to be safe and protected against external intrusion.
Who should use the Gemini platform for trading in cryptocurrency?
The functions and features of the Gemini are compatible and suitable for the institutions. So, it’s a little more complex and suitable for professionals.
Is the cyber security of Gemini reliable? Was there any successful hacking attempt on the platform?
Yes, the steps taken by Gemini for cyber security are reliable. There has been no success in the hacking attempt on Gemini.
What’s the way to avoid fraud in cryptocurrency trading?
The best way to avoid fraud is to adopt precautions in trading. There is a strong need to appropriately select reliable trading platforms. For instance, Coinbase and Robinhood are considered to be reliable trading places.
