While performing a search on the internet, it is currently easy to find articles exploring whether Mining City is a Ponzi scheme or not. There are indeed some misunderstandings and bad press, but you have to keep a cool head. You should take a look at Mining City objectively, weigh all the arguments, ignore the gossip or emotional opinions, and make a fair judgment for yourself.
Today we will answer the question… Is the company legit and trustworthy?
Cryptocurrency is not a Ponzi scheme
Many people in history have immortalized themselves with noble and heroic accomplishments. Many others have become famous for their ignoble and evil deeds.
One of those whose name will forever be remembered in the history books for his dishonest actions is Charles (Carlo) Ponzi. Who hasn’t heard of the Ponzi scheme?
To put it simply, a Ponzi scheme is a type of fraud and a financial pyramid built on luring investors with promises of fast and high profits. Based on the definition, the “profits” are paid out from funds taken from participants recruited recently. That’s it! It is that simple because it is based on human willingness to turn a quick profit.
Enough history, however, and let’s come back to the present. Once we have this basic knowledge, we can start looking for answers to our question.
How does a Ponzi scheme work?
Ponzi schemes are relatively common in the crypto world, especially since some companies refuse to publish details of any blockchain. The income to the earlier clients comes directly from those who join the business at a later stage. Many of these companies may be fraudulent and respond to enquiries and…