According to many. The modern Computer version of the old
Ponzi scheme.
Ponzi schemes are guaranteed to fail for the investor. In addition, the "top dog" human promoting such an investment strategy interacts with the investors. There is no top dog making promises of huge returns if you going to start mining, unless you are seriously thinking you can sue that 7970 in a rig for causing you ills, or do old-fashioned exchange rate speculation. The money you lose will be from the product losing value because it isn't new anymore, your electricity bills, and the market forces on the exchange rates.
Mining is essentially giving minting power to the power who do it, and the attempt to profit via exchange rates is something done before, with George Soros being on of the most recognized figures in that department.