Bitcoin Forum

Guys,
do you want some magic calculations?

I have an account both at HashFlare and one at GenesisMining.

Hash:
Sha-256 contract has profitability of 0.00007355 for 1 Th\s

Genesis:
Sha-256 contact has profitability of ~0.000041 for 1 Th\s

Genesis doesn't write the profitability, so I had first to calculate an average based on 20 consecutive days, and then count the profitability.

WHERE IS MY BEING STOLEN EVERYDAY PAYOUT !?

I could have mistaken a little (after the sixth number after the zero: 0.00000?), but still almost 75% as less?????? Obviously this is NOT a maintenance fee!


 >:(

I have 20Th\s with Genesis....... anyone wants to buy?

The same here 750 gave genesis 1 dolar income. And 3 or 4 days not paying in a mounth general.

Genesis mining now recommends taking payouts in ltc so you can get over the minimum requirements.

I take mostly doge for exchange. zcash pays out every day so i stand on that one.

I repeat.
While one service gives the correct payout, the genesis steals money.

I recommend stop stealing.

Which makes it even more of a shady deal, in my opinion. If people really are mining crypto with their contracts, then they should be getting a share of coins mined, not being able to request in other currency or even needing a minimum payout.

Bitcoin price aside, mining coins itself is still as productive as ever. To OP, cut your losses and don't renew contracts. Learn your lesson and spend your money buying Bitcoin if you really want an investment. Prices have not been this good for a while, probably not again for long more.

It would be great if before giving advice people would know what they are talking about.

Genesis doesn't have lease time, it's forever.

That's why:

Who wants to file a law suite? or at least write a group statement to the police where the company is located?

This needs intervention.

Or give me my money back and leave yourself the bitcoins, I didn't take the payouts because they miss 75%

This is indeed a shady thing why they would give another coins if you are supposing to invest and do like to receive a specific coin on which contract you had putted in.Giving you out another options for the sake on getting minimum withdrawal isn't really appropriate at all.If you do have money is stucked then you don't have any choice but to accept the terms or another divert way as long you can able to pull out your funds.

Sorry for asking too many questions, but I need you to answer these questions:

- How much money did you invest?

- How much money do you make per day?

- Did you say that you have 20TH, did you buy it once or did you buy it and reinvest it so that you have these 20THs today?

- How long have you been in genesis mining?

I see a lot of people saying it's profitable, but I do not think it's very profitable, yet I can not prove they are not so profitable, so your experience will be very useful if you answer those questions I asked you.

I want to start mining in my country, I find it much more advantageous than cloud mining. I want to do it for hobby

Cloud mining... here we go again. I don't want to be a bashful bystander, however, I just want to once more repeat that cloud mining in the ned is a zero-sum game at best.
I learned about it the hard way when most of the cloud mining companies I was interested in the past turned out to be either blatant scams or ponzi investment schemes.
Why does anyone sane is still paying for cloud mining after all these years you know that at some point they will stop paying.

Most people here know that cloud mining is a losing game, but you shouldn't forget that every day there are new people joining this market, and thus are likely going to be the next cloud mining loser.

People are fascinated with mining, where buying hardware requires a hefty investment, requires you to set it up, see your power bill increase significantly, and that's what people try to avoid.

What's left? And what offers people everything they want? Right, that's cloud mining. It's an offer people almost can't refuse. It allows you to earn passive income in Bitcoin, who doesn't want that?

They only look at the picture the service in question wants them to see. Cloud mining is a noob trap.

GM is a scam like all other cloud mining companies. You didn't read the threads where people were repeating it over and over and gave them your money. Now you're paying the price.


They won't answer you on the forum. I recommend you stop whining and report them to the authorities if you feel scammed.

True I've been speculating in these parts but people don't understand what cloud mining can do and the thing is little. So many questions about cloud mining and how to do it. Many have been bashing me also in these parts for being stingy but it's undoubtedly true.

That's futile. GenesisMining has its terms set up in a way that they can't be held responsible under any circumstances. It's not that they are falsely promising people certain rewards, so there is not even a slight bit that you can report them for. In mining you are subject to plenty of variables that may or may not work against you, and that alone is a very powerful defence mechanism they can fall back on. People for once should take responsibility for their own actions, and acknowledge how stupid buying these empty products is. Another thing that you have to take into consideration is the fact that GenesisMining doesn't allow you to liquidate your contracts, so you are forced to wait it out, or find a noob to sell your contracts to.

Agreed. This is by far the most used tactics by companies to evade liabilities to their customers.
Also, some of them uses confusing words on the terms to make it difficult to understand.

______________________________________

Just for fun, maybe GM is based on a location which have a higher power cost than hashflare that makes that astounding payout difference.

Warnings like "Cloud mining discussions don't belong here" are posted in various sectoins of bitcointalk for a reason. They're all border-scam-like which is obvious to anyone who's willing to spend 5 minutes with calculator.

Hm, thats a bad shit really. Never understand how these but hurts really make up the layout for the whole projects?

Is this because of the location difference. I mean an suspecting that it could be the difference between electricity cost according to the country where the both rigs are sited really. If one is having more costing as compared to the other one then it could get it covered and may cost more. However thats still huge difference.

Well, I am just guessing that but let me tell you , I really dont like cloud mining concept and for such reason of spams and suspicious looks of the sites the disliking gets even stronger over the time.

3k
twice as less as at HashFlare: 1500 a year!!! With 3k contract.
at once
less than a month, they just started, but I bought the contract maybe in December

I filed to HongKong police.

Should I do the same for Iceland?

But basing on the difference between payouts of those two cloud mining sites thats way too far to consider even we do talk about energy cost it should not show those numbers.It not justifiable to have that kind of deduction which will really put questions in my mind as an investor of the company,you will surely have such question on mind. I do agree that companies would really do things to evade liabilities when it comes to possible problems to their customer later on.

Genesis Mining is just a legal scam cloud mining company and it's proven here many times with 100% right arguments and real facts.
Thanks for sharing this OP but your words were said many times, people will still buy their contracts, these people never learn on their mistakes.

Do you really think police will able to do anything in this matter? Unless and until its not legal in your country they will be helpless. It could happen that they might just ignore you by saying you that you have made investment into the project which is ponzi scheme and you are responsible for it sir! Also, genesis like company is already facing lot of law suits, I dont think it will do nay bad to them if you do so. You need create great proofs, bring similar minded and suffered people together and then apply for the law suits to take the action. Thats why the democratic power is always great.

Also, I would like to advice OP on not to get involved with such schemes at all. Genesis is real? Yes off course they are real and they have shown us lot of videos about their rigs and presence. But how are the results are doing? Not good, so dont waste the time and money too.

They should share the coins that are being mined. If i were you. just stop investing in that shady cloud mining site cause you will lose more money than actually profit. Better do some trading invest in it then start trading currencies or buy lots of bitcoins then hodl this is better than getting stolen from.

Did you make some research before putting your money in this shit ? I, and others, are warning people here for 2 years (yes, 2 years) to avoid this scam. Just say thanks to Marco Streng now, and cry, noobs.

they did not steal your money, they only delay payments, genenis mining will have strong arguments if you were going to file a lawsuit against them and genesis mining will win that cause easy.

my recommendation is that you withdraw all your profits and then forget about cloud mining, that's all you can do, because a lawsuit will only make you spend money and still lose the legal dispute.

the mining mining scheme of genesis mining and hashflare was so well orchestrated that it is difficult for someone to overthrow them

Now through Genesis, many people are getting paid on the weekly basis, i don't know about the other but Bitcoin payment is taking quite long with the increasing price of the fee and we have to be very careful when dealing with the Genesis mining.

Despite having a large and qualified company but that does not guarantee that genesis can give us the assurance we get regular income from the mining obtained. As we know that the cloud mining system is a risky thing because most cloud mining only do math calculations only, they have no hardware and will usually end up with a scam. This is the risk we have to face, we know that this is one investment, but I strongly advise to be able to make investments that much better and more promising again.

You can choose to trade and also invest in an ICO, it will be much more promising and the risk can be reduced.

People going for cloud mining do so because it's easy and doesn't require them to use something (brain cells) they don't have. Trading is like gambling for people not knowing what to do, so it's a horrible recommendation, and investing in ICO's fits in the gambling category as well. Cloud mining, regardless of which of the popular services, at least results in short term payouts, which can't be said about trading or investing in ICO's. Some people should just accept that they aren't capable of getting wisely involved in anything related to investments. Most of the people here are only losing money, do you think that's coincidence? Stupidity only yields something based on luck, and luck isn't something that you can endlessly fall back on. Result? Long term losses.

Yes, we don't have any guarantee from this company whether they will pay the withdrawals on time and how long it is going to take nobody don't know. According to their wish, they are sending the withdrawals to the people who invested in the genesis mining.

Hello everybody, the Genesis Mining problem gets trickier day by day, thus involving more and people along with the mysterious payout scheme that they have conceived. One thing is certain: They are not honouring their contracts. Nobody knows for sure what are the issues that they have preventing them from paying out. Marco Streng is now totally absent. He is not conveying any message to the users community. The chief technology officer seems to be a shady person uninvolved and distant. No declaration whatsoever! The support seems to be non-existent. The tech team also is so inscrutable. I actually do not see any serious or strong argument that Genesis Mining may use to their benefit in a case.

Dissatisfaction and anger are becoming a standard when it comes to this company.
Check this out:
https://www.reddit.com/r/GenesisMining/comments/86yhj5/sue_genesis_mining_and_i_will_help_with_your/

As some people might remember, I filed to Hong Kong police.
They requested additional evidence. And they are getting it! Genesis! YOU ARE GOING DOWN!
Not only I will ago after IceLand, but when I get replies from all them, I will go after the owners!


Here is a part from Hong Kong police reply, VERY interesting:

...
The location of company involved was visited and revealed that it is a
secretarial firm and not a physical company.  There is no actual business
operation in Hong Kong and the case was classified as business dispute.
For your information.
...

My note: it was classified business, but I will get them the evidence.

If you are not OK with the payouts: Contact me PM fast!

I got money in my first three months at Genesis, then nothing since. Its a scam!

LOL, they deleted my message from their so-called "self-moderated" post.

The message they sent you was:

A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

Quote
As some people might remember, I filed to Hong Kong police.
They requested additional evidence. And they are getting it! Genesis! YOU ARE GOING DOWN!
Not only I will ago after IceLand, but when I get replies from all them, I will go after the owners!


Here is a part from Hong Kong police reply, VERY interesting:

...
The location of company involved was visited and revealed that it is a
secretarial firm and not a physical company. There is no actual business
operation in Hong Kong and the case was classified as business dispute.
For your information.
...

My note: it was classified business, but I will get them the evidence.

If you are not OK with the payouts: Contact me PM fast!


GENESIS I AM GIVING ALL THE EVIDENCE TO HONG KONG NOW!

Been always advised how many times about cloud mining investments but still people do engage themselves inspite on the advice being given by the community.The main reason why? They do love easy passive income without doing nothing, just put up money then recieve regular payout. Cloud mining sites like genesis are legit ones unlike into those scam cloud minings sites that do exist. Even though they are legit ones doesnt mean they do guarantee that they would sustain forever. Profitability would always be the main issue.

That's why i don't invest on cloud mining sites because it is a ponzi scheme waiting to explode the news that they run the investors money with it. I think genesis mining is preparing for exit scam sooner or later because of these kind of complaints that never had been solved. And if you still invest on this kind of ponzis well, be careful and take at your own risk.

Ive experienced a lot of cloud minings and all of them doesn't pay good. If you're really mining they should atleast share the tokens mined and to be able to withdraw without any minimum payout and chose your own pool then be transparent to their costumer and actually show their mining rigs.

Dont use genesis mining and try setting up your own mining rig.