These are the stats of my first Bitcoin Contract on Genesis Mining
Order Date:
2016-04-27 16:12:44
Contract Start Date:
2016-04-27
End Date:
∞
this brings you what ?
regards
Just want to ask from someone who has invested in genesis mining rather than speculate from others who have never invested, it's a good information. May I ask other questions? It's almost 2 years, how long it takes for your contract to reach ROI at that time? Whether everything goes well regarding the payment or some payments ever missed/lost? The last thing, it's such a secret, do you have a contract more than 15 Th? Thanks for sharing this with us. |
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i just got payed for my bitcoin contracts on genesis minigs !
so they still operating they just moved there farms away from usa .....
regards
May I ask, how long you have been invested on genesis mining? |
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If you're talking about genesis mining will terminate 90% contracts before investors reach the break-even point, it's purely unrealistic speculation. You may say 10-30%, but 90%? I don't think so.
It may not be 90% exactly, could be more, could be less, but it definitely isn't anywhere near the figures you mentioned. Based on your figures, cloud mining would be somewhat worthwhile, but that's not how the reality is. The reality for most people is that they don't even reach their break-even point as I have said before. Like I said, 90% is just unrealistic speculation. Most people? Like 90% you have mentioned? Lol  I always read over and over again on genesis twitter account where people complaint about their payment reduced or missing, but on the other hand, many people ask for new contract as well, genesis can't just open a new contact without new ASICs or GPUs, it's a positive sign that they provide the services it offers fairly. And most people who didn't reach ROI at all due to they have a low hashrate that can't even generate enough bitcoin as the difficulty keep increasing these days. Honestly, I want to buy a contract but seems like it's too late now. I have some friends who have bitcoin contract on genesis mining (over 20,000 GH/s) and they have reached ROI less than 6 months because of bitcoin price spike to $19,000 few months ago. Look, it's not a speculation, it's a proof based on people who really involved. Genesis mining has running for around 5 years since 2013, it is the most transparent cloud mining company compared to others, doesn't mean it's the most profitable but many people gaining profits till today, at least they still provide the services it offers.
Lol, you are a dreamer. Many people aren't gaining profits at all, but just suffering from their own idiotic investment in cloud mining. Honestly, I want to buy a contract but seems like it's too late now, but I have some friends who have bitcoin contract on genesis mining (over 20,000 GH/s) and they can reach ROI less than 6 months because of bitcoin price spike to $19,000 few months ago. Look, it's not a speculation, it's a proof based on people who really involved. Yes, my friends still gaining profits until today. If you never invest on genesis or at least has a friend who did, than you don't know about it. I don't talk about cloud mining in general, it just my point of view on genesis mining. That service will remain operational as long as fools decide to invest in it, and that has been going on for years. As long as money flows in, they'll keep mining hot air. If they are as transparent as you say they are, please tell me where they mining addresses are.... People have been looking to know this for years, but no one found out yet.  have mentioned above, genesis can't just open a new contract without new ASICs or GPUs, and genesis have some rules about their mining contracts. I don't think any miner want to reveal their mining addresses, I don't know either, but you can figure it out if you have a friend who get payment from genesis.  How about, they pay customers with their own invested money? There is no way we can prove it, but maybe it ever happen if mining business doesn't go so well and bitcoin price falls down but the difficulty keeps increasing.
Look up the definition of a Ponzi scheme. I don't think genesis mining is a Ponzi scheme. You can check their twitter, their youtube channel, some YouTubers who ever visited genesis mining farm on Iceland, and so on. |
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the only reason that makes sense is that if it's more profitable for me if I let people rent my devices
The thing with cloud mining is that mining farms who are mining anyway, don't actually pay people out with mining rewards, but they pay people out with their own invested money. For example, if you buy 1 BTC worth of contracts, they will slowly give you back small chunks of that 1 BTC, but not enough in order to be able to walk away with profits. Their terms are set up in such a way, that probably +90% of the people will have their contracts terminated far before they reach their break-even point. In other words, actual mining farms earn their mining rewards + people's investments in cloud mining contracts. It's a win win situation for them. If you're talking about genesis mining will terminate 90% contracts before investors reach the break-even point, it's purely unrealistic speculation. You may say 10-30%, but 90%? I don't think so. Genesis mining has running for around 5 years since 2013, it is the most transparent cloud mining company compared to others, doesn't mean it's the most profitable but many people gaining profits till today, at least they still provide the services it offers. How about, they pay customers with their own invested money? There is no way we can prove it, but maybe it ever happen if mining business doesn't go so well and bitcoin price falls down but the difficulty keeps increasing. Since too many companies and ICOs going on the market these days, want to enter the mining business, the difficulty will increase even higher and it may not so profitable if you want to buy a little but hashrate on cloud mining. |
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Afterwards, I did a little Googling on the exchange, and it seems that this has been happening to everyone.
Aren't you suppose to do that before depositing the coins ? You will remember it from the next time I suppose.  It is not difficult to start a shitcoin exchange and get listed on coinmarketcap by targeting coins which aren't accepted on most of the platforms.Coinmarketcap doesn't actively track them down ,it's upto the depositor to research before blindly following them. Everyone do mistakes, at least he tell us about the situation. Well, rightbtc isn't a big exchange and does not provide any information regarding the company/persons who run this site. However, it maybe a scam exchange or they have bad support. You can read it here: https://www.google.com/amp/s/amp.reddit.com/r/RaiBlocks/comments/7o6evm/rightbtc_scam/Some people can actually deposit/withdraw after 6 hours - 24 hours or even 36 hours. |
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We all know the answer isn't exchanges. The answer is hodlers . In crypto, it's the ones who hodl long term that profit. There are a lot of people who makes profit on cryptocurrencies such as traders, holders, whales, miners. but this article mentioned exchanges due to it can be calculated based on their trading volume and commission rate. $3 Million a day from commission is a big deal and not many people can achieve this amount just by holding. On the other hand, we don't know how much profit from miners, holders, or traders. Even many people in this forum who are not ICO developers, but just a layman who can make profit through cryptocurrencies. |
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You have to decide first you will doing day trading or long term trading because each will be use different time frame, for day trading use time frame 1 hours and for long term trading use TF 1 day or minimum 4 hours. And for indicator use maximum 3 different indicator, and not more to more easy to understand. Some popular indikator and easy to use is Moving average, RSI and MACD.
According to investopedia; long term means hold it for one year or for as long as 30 years or more, 1 day or minimum 4 hours is short-term trading (day trading). Maybe you can share more information about RSI and MACD, don't know about that. Technical analysis does not apply to bitcoin this is my personal opinion. The only thing you can use to add up the idea of the course is the news background
Actually technical analysis is the most popular way for many people to make profits from trading bitcoin, if you read some speculations based on technical analysis, it really happened. Even from price analysis, you can tell whether bitcoin will be fall or rises by compare trading volume from some exchanges and watch over the uptrend or downtrend. |
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Bitcoin is a digital currency with p2p system and
dollar is the official currency of the United States.
I got what you mean about bitcoin is the digital dollar, but I prefer bitcoin is an alternative currency in form of digital.
Since we can't compare bitcoin to dollar which is a fiat currency, widely accepted worldwide, being used in daily transaction, legal payment method, no fees, instant transactions and many other advantages.
But for now, bitcoin mostly used as a speculative object or an investment, that's why you can see the price always fluctuate.
We still waiting for the day where we can spend bitcoin as easy as spend fiat currency, in this case, government have to legalize cryptocurrency such as in Japan.
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Aha, nice solution report it to the police May I know, do you and the seller live in the same country/region? Such as in Europe or in USA, as it won't works if you live different side of the worlds. Hopefully your funds refunded in 1st March, good luck. |
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as me specified before me buyed hashflare account with 82 th/z hash rate ... one of guy sold me his account remaining for more 10 months contract now ... we done escrow and me paid him 0.20 btc total ... and he given me account id and password too and seller said to change hashflare email by contacting them ... now the problem is me dont has full control over account cause me dont has email access of account and hashflare support also not responding or changing my email  stuck now ... did i got scammed ... me has seller all details like his address and mobile number ... can i get my money back by any legal way ? or should i wait until hashflare update the email its been 2 days passed me contacted hashflare ...the account seller is on this forum too ... thats seller profile so plz help guys https://bitcointalk.org/index.php?action=profile;u=1760645You said that guy sold his hashflare account for BTC1 but then you guys agreed just for BTC0.2? Don't you feel it's strange, too good to be true from BTC1 to BTC0.2. But, if you do a research, it's overpriced as hashflare offer $1.8 for 10 GH/s but it was $1.4 in December which mean: $1.4/10 GH/s * 8200 = $1,148 or BTC0.11 at current price, maybe less in last week as bitcoin reach over $11,000 Seems like a trap in the first place as he initially offer it for BTC2.1 I bought 78 TH/s @ 14.12.17 Reinvested 4.1 TH/s.
At the moment you can buy 82 TH/s for 2.1 BTC.
https://bitcointalk.org/index.php?topic=2935707.msg30165739#msg30165739No offense to your decision to bought it for BTC0.2 But a little bit fact about hashflare contract price and how someone deceives others. and he given me account id and password too and seller said to change hashflare email by contacting them ... now the problem is me dont has full control over account cause me dont has email access of account and hashflare support also not responding or changing my email stuck now ... did i got scammed ... me has seller all details like his address and mobile number ... can i get my money back by any legal way ? or should i wait until hashflare update the email its been 2 days passed me contacted hashflare ...the account seller is on this forum too ... thats seller profile so plz help guys https://bitcointalk.org/index.php?action=profile;u=1760645Did you read this: https://m.imgur.com/VBoeW1c. ?? I'm not sure if it's a reply from hashflare support but it clearly mentioned not to sell the account. Maybe because of this, hashflare don't want to change the email address or for other reasons. opened scam accused thread already thanks for suggestion but i m founding a solution to get back my hardly earn money which is huge
Interesting, do you mind to share the way to get back your ' hardly earn money'? Really appreciate it. Any update from hashflare support? |
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I'm talking about when the bitcoin transaction fees skyrocket. This is when everyone is forced to pay the TX fees due to someone inflating them, spamming the network, etc.
I think so, especially from miners or another side who didn't agree with core developers to stick up with 1Mb block size. Those people want to prove it is not enough by offers some hard fork which ended as altcoin or postponed, the easy way to do it by inflating the fees every time the price rise up. However, it just a speculation as there is no proof of this attempt due to bitcoin transaction is pseudonymous and can be anonymous. The fees spike whenever bitcoin price increase, and get back to normal after a major correction. It always happens all the time. It makes sense if we consider the fees increase following bitcoin price, people triggered to transact bitcoin from their wallet to exchanges in order to trade bitcoin and most transactions occur in exchanges. But, most exchanges are not using segwit address or lightning network. |
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Whenever bitcoin price rises significantly in a short time, the dump (crash) will happen in the near future for sure.
We have seen it after bitcoin reach the peak at $20,000 and currently struggle to hold its position above $10K.
Yeah, it sucks to see your balance suddenly drop, most of the holders experience it.
However, you can avoid it by secure fiat money whenever bitcoin reach a high price and buy back in the dip.
How to predict it? Read some news regarding bitcoin development and acceptance in big countries such as Japan, the US, Europe, and so on. Then, check bitcoin trading volume on some exchanges, bitcoin price tend to drop if bitcoin volume in exchanges suddenly rises due to people prepare it to cash out immediately if a dump sign occurs.
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An active day trader myself (sort of), I often think about common mistakes people make in trading. And it seems that I have traced back most if not all such mistakes to their root cause. In a nutshell, it all comes down to being unable to back out if something goes wrong. For example, you buy a few bitcoins at a December high and expect the price to continue rising, which is kind of obvious. Instead, the price starts crashing down and you find yourself in a situation that you didn't envisage or consider beforehand. So your best option would be to bring things back where they were as fast as possible even if it means some loss.
It is not so much about placing dumb stop-loss orders or other trading techniques aimed at minimizing losses as about your mental disposition or general attitude to immediately get out of what can be loosely called a decision limbo when you basically don't know what to do. In other words, search for the exit where the entrance is and do that fast.
I see it as a wrong decision, refers to the example: buy few bitcoins at the high peak in December. Don't you think about the problem before it? Most mistake caused by "lack of information and greedy" Yes, people didn't do some research to identify when the price will stop climbing and start to decline. Or else, people realize it may be the peak, but it is bitcoin, it will continue to rise, I will keep it for few years as some people predict bitcoin can reach at least $50,000. In fact, we don't know what will happen in the future whether bitcoin can reach such price or not. Holding, it's better than "cut loss decision" though. |
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1. Can we expect altcoins to reach the success of Bitcoin?
2. and how long would it take?
3. what are success metrics?
4. What makes Bitcoin different from alt coins?
This is better than yours (the way you written the questions). 1. Unknown (maybe yes, maybe no) but I prefer altcoins will never reach or equal with bitcoin in term of; price and trust from people. 2. Unknown (we don't know what will happen in the future) if refers to my first point, it will take forever. 3. Adoption, acceptance, spread widely in worldwide (bitcoin and ethereum has these points) 4. The most significant thing is; bitcoin is the first cryptocurrency and altcoins just other copied, following bitcoin path. There are a lot of altcoins which is better than bitcoin such as lower fees or faster confirmation time, etc. But, altcoins still can't reach bitcoin due to that (4th) reason. |
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not a good time to invest mate, and im not recommend it. The difficult can be grow higher in the future and it will be less payout from day by day, because i invest on hashflare too before so i feel it. Better keep it or invest on something else like altcoins or ico.
It will be more informative if you mention how much you have invested on hashflare? How much hashrate that you have at that time? I agree not to invest on hashflare as well, their mining operation is too shady imo. Recent dip or even right now still a good time to buy more bitcoin or altcoins but cloud mining will change due to some big companies keep developing ASICs such as GMO in Japan and there are too many big mining farms which will push the difficulty to the higher number. |
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Bitcoin will never be taken seriously if people keep focusing the attention on bitcoin price.
I get you, but the far majority of the people don't care about Bitcoin's technical aspects and developments. Banks and governments dictate people's lives already, here they at least have the chance to choose. Sadly true as the price fluctuates significantly these days and most people see it as the way to earn money faster through trading bitcoin, hence the price is the hottest topic to discuss. Holding isn't really profitable if compared to traders that can earn profits + buyback in every dip such as happened before, we could easily sold at $19,000 and buyback at $8000, more than $10,000 profit for everyone who trades BTC1 and so on. Bitcoin development and technical aspects will bring another topic of price speculation, but this is what we have been waiting to be implemented as bitcoin can't be used as an alternative currency if the scale problem remains unsolved. |
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People are waiting for this, wondering how long it takes for lighting network to be done and can be implemented?
I always thought whether it will going through the drama such as when segwit has not been activated or it will just apply to the main network.
[...]
What do you mean? In its basic form Lightning Network has already been implemented and deployed on main net without much drama. It's just that right now the network is still only used by enthusiasts and early adopters, being not quite ready for day-to-day usage yet. This what I mean: "Currently, there is a Proof-of-Concept implementation running on the Bitcoin Testnet. So everybody can try out the Lightning Network and even set up their own Lightning Node. A date when the Lightning Network will be launched on the Bitcoin mainnet is not yet set, but chances are high it will be sometime this year."
Read hereIt's not on main net, still on testnet. And this is the first one: Read here
I mean; Lightning network still not being used massively as you said: still only used by enthusiasts and early adopters
Even for segwit which has been implemented over 6 months is not really used by exchanges or most people in bitcoin-world. in short, I'm waiting for an official announcement about everyone can transact using Lightning network easily, in most case, people transact in exchanges. |
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Anyone in the same boat ? I decided to go with Genesis Mining last year mid August. 30 TH. Up until now I haven't reached the break even point. And my payouts dropped dramatically after diffculty increased a lot this year. I estimate that it will take at least 1-2 more month till I reach the break even. But I just asked myself how much btc I will get out of this contract then till difficulty is so high that Genesis will cancel the contract. Any idea how to calculate this?
Yep. When difficulty goes up and prices go down, that's when genesis mining contracts just stop paying out. Usually, in the first 1-2 months you'll receive ok-ish payouts. If those sort of payouts continue then you think that you could get a ROI and then go into profits within 6-7 months. But then after a few months the payouts will drop to almost nothing. Obviously, if difficulty goes up but bitcoin price goes down genesis mining give 60 dayss before shut down the contract if your hashrate can't pay the maintenance fees or it's not profitable anymore. Usd dollar, this is the Fiat currency for Bitcoin, if usd dollar is worth Shit for 60 days straight the contract may stop. But, I don't think it's possible if you have enough hashrate to generate bitcoin. At the end, you could be looking at a terminated cloud mining contract because your payouts can't even be used to pay maintenance fees anymore. This is why we here tend to shy away from cloud mining and advise others to do so as well.
30 Th/s is a huge hashrate imo, you need more than $4000 to purchase it and can generate $729/month or $8872/year at the current rate ($9262). |
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Guys…
I read the new the Japanese Exchange Coincheck loses ¥58 billion in the hacking attack. It’s not a single case in this after a few weeks ago Etherdelta was also Hacked. So how can we ensure that our money is safe on exchanges?
Hacking is a common problem in crypto-world, even in every aspect of the Internet, there are many cases since a long time ago. Hackers always targetted exchanges as the biggest prey to hunt as they have big trading volume in their hot wallet, it isn't easy though. I'm not a hacker to explain how did that happen, but we know it's not safe to keep your funds/coins in exchanges. Exchanges meant to be a place to trade cryptocurrencies, not a place to keep your coins for a long-term, just deposit-trade-cash out immediately. But for now, I don't think hacking is the big problem, bitcoin acceptance in world-wide a.k.a regulations regarding cryptocurrency is the biggest problem right now. Bitcoin price always falls down if a big country announces will bam crypto trading or bam exchanges, such as happened in China and South Korea. |
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