I have heard that "genesis-mining" is profitable and I think it's worth investing in their plan but I want to be sure if they won't scam.
I would be happy to hear your thoughts on this website.
Profitability of this site is very hard to give an answer on. It's a fact that your risk is greater than your reward, but how big is that risk?
Let me give you some of my thoughts about it...
ProfitabilityTill now, Genesis Mining has been profitable for a lot of people... IN FIAT! That's an important detail people often forget..
In Genesis Mining, you pay basically with the currency you want to mine. So if the price of the currency you're mining rises, you will most likely make money. If the price of the currency you're mining drops, you will lose money. The thing is though, that if Genesis Mining would pay you back less than you invested, it would mean that you could still make money if the worth of the cryptocurrency increases. And that is exactly what happens at Genesis Mining!
Let me give you an example. This example contains a situation that has probably never happened in reality, but similar things have happened. Person A is a smart, but definitely not a nice person.
Person B is a... Well, let's say he is simply not a too intelligent specimen..
Person A looks at GM. He understands that it's probably too good to be true, but notices its referal program. He decides to advertise GM, to make money for himself. He makes up a sweet story about "invest $5, get $500" and S
Person B sees Person A's awesome story and decides to click his referal link.
Person B looks at the site and thinks he can make tons of profit on it, so he buys a plan.
The Plan costs 10 Dashes. At the current Dash price, this costs $5/Dash, so $50 for The Plan.
The Plan then makes Person B $100 before the end of The Plan.
Person B is so happy... But he then realises that the price of Dash became $20/Dash, so he actually got only 5 Dashes back..
Person A is ofcourse happy, as he made money with The Plan Person B bought.As you see, Person B now made money, as he turnt his $50 into $100... But if he just bought 10 Dashes and held tem, he would've had $200 by now! GM has earnt $100 through this, by just having him get the contract and paying him his own money back.
Now there are 3 possible outcomes leading to more advertisement of GM, making GM look more trustworthy, whilst it's actually a scam.
1. Person B realises he lost money, which means he wants to earn it back and take revenge... So he decides to make up a story and get referals to GM... Revenge + making money... eZ!
2. Person B doesn't realise he lost money, so he decides to give Genesis Mining positive feedback and recommend it to others...
3. Person A earns money, so he decides to advertise his referal link more, getting more people to be scammed by GM..
All these outcomes lead to GM seem more trustworthy, whilst it could just aswell be a scam.
Now I've seen a lot of stories of people who tried to prove that GM was legit and then realised it was actually a scam..
Others claim that it's legit, but I've not seen any proof of that... Till I see any proof of it, I consider it as a scam.
So maybe it's legit... But it's a fact that A LOT of people have lost money to it and I wouldn't recommend buying a plan from GM.
Even if it isn't meant to be a scam, in any case I've seen it would have been better to have bought the coin straight and just hold it.
And it doesn't even offer that much profit for the amount of risk it offers.
If you want more reward and, if you're skilled at it, less risk... Just invest in altcoins!
Regards,
Trump
best summary I read so far.
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