What am I missing about Genesis Mining?

[plexasm]

Looking at their plans, for example the 10 TH/s for $1600/lifetime

$1600 upfront

According to http://www.vnbitcoin.org/bitcoincalculator.php ...



In 3 months you would have made approximately $1500, about 94% of your original investment

I realize that the block reward is havling, but vnbitcoin.org seems to take that into account. Also the price of bitcoins should definitely raise with bitcoin halving, which should likely give you a positive ROI

There's no way money can be made this easily, where's the scam here?

[ardentvolcanoes]

Looking at their plans, for example the 10 TH/s for $1600/lifetime

$1600 upfront

According to http://www.vnbitcoin.org/bitcoincalculator.php ...



In 3 months you would have made approximately $1500, about 94% of your original investment

I realize that the block reward is havling, but vnbitcoin.org seems to take that into account. Also the price of bitcoins should definitely raise with bitcoin halving, which should likely give you a positive ROI

There's no way money can be made this easily, where's the scam here?

All of the website with same service can go to a scam , are you willing to spend $1600 just to avail service ? Imagine it will take 3months before you can get your ROI but infairness genesis mining has much quicker ROI than HashOcean . But what if their sites goes down and you havent get you ROI ? That would be your big lost .

[janggernaut]

for OP, you should read this thread first about genesis in scam accusations, here is it https://bitcointalk.org/index.php?topic=1185909.0

[WaffleMaster]

for OP, you should read this thread first about genesis in scam accusations, here is it https://bitcointalk.org/index.php?topic=1185909.0

Thanks for the thread link with some good info. I did some digging around in there and was in their main forum thread. Here's a quote I found

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

So apparently they just take the contracts away from people at any given time and without reason.

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...

And there's another one. This is shady business practice at best and fraud at worst. Be careful people and my only suggestion for cloud mining is Hashnest.

[Monnt]

Op, you have to factor in mining fees, the risk of them going scam, etc. Mining fees take up a huge chunk of your payout if you're investing small.