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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 227404 times)
anonymousx
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March 10, 2016, 08:02:46 PM
 #101

The amount of dust they are sending me is insane! I got my wallet stuck twice one of them coins took a week, they claim they cannot implement a minimum payout option, I am moving the hash I have to any shitcoin and thats it.
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March 10, 2016, 08:05:37 PM
 #102

Thank you! for this thread, you just saved me from purchasing a Contract from them. I was going to purchase one of
their Plans (ETH Mining) but I couldn't understand the 10000 GH/s Mining - so I PMed them here on Bitcointalk to get more
details and information on how their Contracts work. But i have no response from them.

With all these warnings, I will not invest in ETH mining instead will wait for the dump. LOL!

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March 10, 2016, 08:10:46 PM
 #103


I purchased with my Credit Card, 40 MH/s of ETH in December 2015 and already I have been paid almost 104 ETH coins.

My contract cost me 719 USD and already that ETH is worth at current prices, over 1000 USD, so Genesis Mining and their ETH contracts have been good to me.


Completely false logic.
 
If Ethereum had stayed at ~90 cents, the price prevailing when you bought your mining contract, then you'd have $90 towards your roi, estimated in about two years.
As Phildo says, Genesis have not "been good to you", the bubble in Ethereum has.

Extraordinary Claims require Extraordinary Evidence
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March 10, 2016, 08:23:53 PM
 #104


I purchased with my Credit Card, 40 MH/s of ETH in December 2015 and already I have been paid almost 104 ETH coins.

My contract cost me 719 USD and already that ETH is worth at current prices, over 1000 USD, so Genesis Mining and their ETH contracts have been good to me.


Completely false logic.
 
If Ethereum had stayed at ~90 cents, the price prevailing when you bought your mining contract, then you'd have $90 towards your roi, estimated in about two years.
As Phildo says, Genesis have not "been good to you", the bubble in Ethereum has.

GM business model is finding customers who can't math or logic.

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Zeta0S
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March 10, 2016, 11:48:59 PM
 #105

I think they are getting burned big time by the ETH rise they have to payout on.

I do not agree and I feel you are bitter about your experiences but for me, not so.

I purchased with my Credit Card, 40 MH/s of ETH in December 2015 and already I have been paid almost 104 ETH coins.

My contract cost me 719 USD and already that ETH is worth at current prices, over 1000 USD, so Genesis Mining and their ETH contracts have been good to me.

A scam, I do not think so although I can understand if you are complaining about SHA 256 as what with the recent difficulty rises etc, then payouts would have gone down but for ETH contracts, GM have given me a chance to make some money.

Where I live i can not buy Bitcoin directly so Credit Card was the only option for me or else I could have bought ETH directly using Bitcoin, but I did not have that option.

Anyway good luck with your thread although personally I do not think they are a scam, just Bitcoin mining has led you to make this thread up because Bitcoin and SHA 256 mining went down the pan which I think is not really Genesis Minings fault.

If i look around at other providers doing SHA 256 I can see their payouts have also gone down too which tells me that this is not a GM problem.



Yep! same here, i directly stepped in when the start offering Ethereum contracts and it pays well.
Also the Dash advice GM give me i followed, resulting in profits.

It seems some people have real hate in there harts, i feel sorry for them.


Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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March 11, 2016, 08:54:36 AM
 #106

Yep! same here, i directly stepped in when the start offering Ethereum contracts and it pays well.
Also the Dash advice GM give me i followed, resulting in profits.

I think you should ask yourself the same question regarding ethereum mining: just how much of my profit is ROI on mining itself and how much of my profit is due to the ETH price bubble?
Conflating the two (like BitClub Network does in BTC ) in order to make a false claim about the profitability of a loan to a large company (which is what you are doing) is very misleading.

Quote
It seems some people have real hate in there harts, i feel sorry for them.

"Hate in their hearts"...
It seems increasingly popular to make ad hominem comments about people who are skeptical about Bitcoin 'investment' schemes.
I've been fruitlessly looking at potential ventures to invest my coin in for a couple of years and have been appalled by what I have seen, so I criticize and get called all sorts of names by people who appear to be suffering from some sort of Stockholm Syndrome.

Although no-one has anyone but themselves to blame for what they do with their coin, it is a fact that very few crypto investments are successful.
Risk is one thing, being lied to is another.

Genesis pitch mining with them as a jointly profitable venture, whereas in reality it is very much one way relationship where they get a loan repayable on terms they can vary to their advantage, but the investor gets crumbs/dust and painted as a hater if they complain. 

Extraordinary Claims require Extraordinary Evidence
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March 11, 2016, 10:15:18 PM
 #107

Thank you! for this thread, you just saved me from purchasing a Contract from them. I was going to purchase one of
their Plans (ETH Mining) but I couldn't understand the 10000 GH/s Mining - so I PMed them here on Bitcointalk to get more
details and information on how their Contracts work. But i have no response from them.

With all these warnings, I will not invest in ETH mining instead will wait for the dump. LOL!

You are welcome. I hope more potential customers like you will be able to see this thread. That's the only reason I did it :-)


Yep! same here, i directly stepped in when the start offering Ethereum contracts and it pays well.
Also the Dash advice GM give me i followed, resulting in profits.

It seems some people have real hate in there harts, i feel sorry for them.


Sorry to say so but you are so much promoting Genesis Mining on their thread that no body will really believe you outside of it right now.
I don't know if they are paying you or if your maths are just really really bad. Be sure I don't have hate in my heart. I just see people losing money in this scam and that's unacceptable to me. It won't do any good to bitcoin reputation by the way.


It looks like Genesis Mining is quickly losing control over its own thread.A majority of customers are now realizing what a huge scam it was and publicly complaigning. It looks like Genesis Mining can't delete negative posts anymore (because there are too much of them).

mayax
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March 17, 2016, 04:31:40 PM
 #108

all the cloud mining is a SCAM, so no news Smiley
anonymousx
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March 17, 2016, 09:06:20 PM
 #109

all the cloud mining is a SCAM, so no news Smiley

Except for Hashnest, but again its not a guaranteed ROI, depends alot on price and electricity, best would be getting the hardware.

And for those who did ROI on gen mining its not because of cloud, if you would bought etherium, hold it and sell it now your ROI will be much more than what you gain from them, it was the price change.
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March 17, 2016, 10:38:40 PM
 #110

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.



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March 18, 2016, 03:15:31 AM
 #111

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.
I spent $70 ish a year ago and have gotten $66 back and no more payouts.
Shady fucking company, go find a legit place that does cloud mining instead of this garbage.

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March 18, 2016, 11:31:55 AM
 #112

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.
I spent $70 ish a year ago and have gotten $66 back and no more payouts.
Shady fucking company, go find a legit place that does cloud mining instead of this garbage.


You lose $4 and genesis-mining is legit and they are in public but it doesn't mean that their customers will get roi just because of that. They will let you mine using their hardware but no guarantee of earning. There is no such place in cloudmining that is profitable id say.
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March 18, 2016, 03:53:01 PM
 #113

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.

I wouldn't be sure of that.

It doesn't really make sense for them to offer a legitimate contract that won't ROI. If you give me 1 btc, why would I put the time, energy, effort, and costs into running a miner that will generate .9 btc over the length of the contract to send you .9 btc when I can just send you back .9 btc over time?

That's why it doesn't make sense to buy cloud mining, ever.

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March 18, 2016, 08:51:50 PM
 #114

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.
I spent $70 ish a year ago and have gotten $66 back and no more payouts.
Shady fucking company, go find a legit place that does cloud mining instead of this garbage.
That`s not a scam, just bad luck or poor judgment when to invest.  You lost $4,- but forget the fun of receiving each day coins to your wallet. No more Hardware setup problems and high energy bills.

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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March 19, 2016, 02:15:23 PM
 #115

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.
I spent $70 ish a year ago and have gotten $66 back and no more payouts.
Shady fucking company, go find a legit place that does cloud mining instead of this garbage.
That`s not a scam, just bad luck or poor judgment when to invest.  You lost $4,- but forget the fun of receiving each day coins to your wallet. No more Hardware setup problems and high energy bills.


Yep and too annoying miners sounds but losing $ is not good though even you can afford to lose it.
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March 20, 2016, 06:33:30 PM
 #116

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.
I spent $70 ish a year ago and have gotten $66 back and no more payouts.
Shady fucking company, go find a legit place that does cloud mining instead of this garbage.
That`s not a scam, just bad luck or poor judgment when to invest.  You lost $4,- but forget the fun of receiving each day coins to your wallet. No more Hardware setup problems and high energy bills.


no idea how you define fun, but throwing money out of the window on a daily basis is not considered funny for most humans I guess

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March 20, 2016, 07:57:47 PM
 #117

It's not really a scam, they're sharking. You are purchasing a legitimate contract, but without knowing it will not give you an ROI. They did not tell you you would get an ROI, but you think you will.
I spent $70 ish a year ago and have gotten $66 back and no more payouts.
Shady fucking company, go find a legit place that does cloud mining instead of this garbage.
That`s not a scam, just bad luck or poor judgment when to invest.  You lost $4,- but forget the fun of receiving each day coins to your wallet. No more Hardware setup problems and high energy bills.


no idea how you define fun, but throwing money out of the window on a daily basis is not considered funny for most humans I guess

You don't throw it away on a daily basis, you throw it away all at once and watch as the person you gave it to throws it back at you a few pennies (or less) at a time. If that isn't your idea of fun you should have found a better way to lose your coins.

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April 15, 2016, 04:41:20 PM
 #118

Update:

Total investment U$419 - 1TH/s

2015-12-17 - 0.15 TH/s - Fee USD 0.00099 per GH/s and day
2015-12-20 - 0.35 TH/s - Fee USD 0.00099 per GH/s and day
2015-12-23 - 0.50 TH/s - Fee USD 0.00095 per GH/s and day

Overpayment - sha256 BTC balance of 0.0032036 successfully added to your account on 2015-12-26

Lowerpayment - sha256 BTC balance of 0.00051456 successfully added to your account on 2016-04-14 [decreases every day]

0.15850811BTC Total received = ROI 1771 Days = Never

Lifetime contracts = money burned.

Not recommend , waste of time and money.
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April 18, 2016, 03:57:42 PM
 #119

Update:

Total investment U$419 - 1TH/s

2015-12-17 - 0.15 TH/s - Fee USD 0.00099 per GH/s and day
2015-12-20 - 0.35 TH/s - Fee USD 0.00099 per GH/s and day
2015-12-23 - 0.50 TH/s - Fee USD 0.00095 per GH/s and day

Overpayment - sha256 BTC balance of 0.0032036 successfully added to your account on 2015-12-26

Lowerpayment - sha256 BTC balance of 0.00051456 successfully added to your account on 2016-04-14 [decreases every day]

0.15850811BTC Total received = ROI 1771 Days = Never

Lifetime contracts = money burned.

Not recommend , waste of time and money.

Sorry for you. I hope others see your testimony and avoid Genesis Mining.

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April 18, 2016, 04:20:44 PM
 #120

Avoid Genesis Mining? I making insane profits  Smiley  Just step in on the right moment.

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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