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Here are some common investment scams, and how to spot them. They send an email to lure recipients to a specially created website asking them to enter private key information. However, many cloud mining companies are scams or, at best, ineffective � in that you end up losing money or earning less than was implied. For many people, the mad rush into cryptocurrencies has evoked a sense of the Wild West, when limitless possibilities for enriching themselves was possible.