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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 226384 times)
Malindi
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Investing in get-rich-quick schemes is plain dumb!


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January 06, 2017, 03:35:59 AM
 #241

Read our blog to get all updated calculations. Remember that the payouts will increase if the Bitcoin price increase which has happened the last month.

Does anybody know how much in BTC can I mine using genesis-mining per 1 TH/s per day nowadays? Is it worth to buy BTC mining powers with this enormously high BTC price?

I've read the blog above, but since then BTC price appreciated and total mining power increased.

Unless you are a bitcoin mining expert with deep pockets, or are prepared to learn to become one, stay away from bitcoin mining. Your question suggests you are not an expert all. Neither am I, so I don’t have an answer to your questions.

But I am actually surprised that you still want to invest with Genesis Mining despite many members telling you the company is a scam. Do not trust anything from Allcloudminers, the website has been down voted as untrustworthy.

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January 09, 2017, 05:29:40 AM
 #242

Hi guys,

I'm new here to the forum. I read this thread from the first page to the last page. I, too, was wondering if I could invest on Genesis. I saw the old post there was something about the expiry of contract - 1 year, basically means there is a time limit. I am talking about BTC so I registered an account with Genesis and saw that there are no longer validity of contract anymore. It seems it will mine forever. What do you guys think of it now?

Kind of pissed I'm sure when it comes to a contract with expiry date especially if we don't reach the ROI - We're thinking what the hell are we investing for if we don't reach the ROI when the contract has ended. Should we re-invest? Hello no, of course not right? But now the feature is mining all the time without any validity, do you think it is fair now to invest? But I do wonder why Genesis all of the sudden change its policy from a validity contract to validity-free contract. Why didn't they start the non-validity contract in the first place? That can be very skeptical and raise some concerns, don't you think?

Another thing I want to point out is the BTC price. I read one page in the forum saying 8-9 months of ROI but I don't think this is the case. This is actually debatable. If you guys monitor the price of BTC since Day 1, you will able to see if the investment will be profitable or not. BTC as of last year 2015 lowest was around $200 per BTC and then trending was up as the year goes by till 2016, $300, $400, $500 per BTC. And now we are at January 2017, BTC price is at $900++, and then surpassed the level of $1000+. As I am writing this post at this date, the price is now at $800++ per BTC.

Do you guys see what I am getting at? Buy low then sell high for fast profit. Theoretically, if you guys started investing at $200 era, and sell your BTC this year at $1000, that will be profitable. But I don't think you will get that 8-9 months of ROI if the price is volatile up and down unless the price is exactly constant throughout the time OR the trending is always up.

Let say you started invested during the $1000 per BTC, this wouldn't be profitable as you expected because the price now is still below $1000. I don't think it's fair to see the profit as in dollars of ROI, you should instead see it as how much number BTC the account can produce for you. As for the BTC market price, there is nothing you can do because you are not able to control BTC market price. So the way I see is that you have to accumulate and collect your BTC as much as possible and decide when to sell your BTC at a higher price provided that the BTC market price increases overtime. Otherwise you have to collect more number of BTC to sell at lower price so that you can reach your ROI but I think that would be ages to wait.

People say Genesis is a scam or a Ponzi scheme but still there seems to be a benefit of a doubt because they started the business at a cheap price of BTC. Ponzi scheme usually works and will only benefit the people who started the earliest as long as there are people joining in, and those who joined at a later time will obviously suffer.

Guys, I'm not taking side on Genesis and I am also not against it either. However, there is still a benefit of the doubt to be given. Try open the past BTC charts, and calculate your investment if you were to start on 2015, or way months back of 2016 and see if you are profitable or not.

Plus, you're receiving the BTC via your e-wallet. This is not forex where you are trading against broker/the market or Genesis. At the end of the day, how much BTC you accumulate in your e-wallet is what you're selling later and again you're not selling this BTC to Genesis too - unless you want to reinvest, that would be a different story.

Another thing I want to share is this calculator and most of you may know this: https://alloscomp.com/bitcoin/calculator

The calculator is very straight forward, punch in your Hash Rate and see how much you get based on daily, weekly or monthly. If you guys know how to calculate the difficulty at a given period, even better or check https://blockchain.info/ for past records but that would be tedious anyway.

If any of you guys have invested before, the coins calculated based on the calculator (daily/weekly/monthly), it is actually slightly higher than what Genesis is mined - yes I started with $30 as a capital shared with 3 friends $10 each - we just wanted to test the waters if my theory is right lol - if we are wrong, I am just going to imagine we lose those $10 each on a couple of beers. Can any of you guys who had invested on Genesis used this calculator and compared what you mined in Genesis, tell me was it lower or higher than the calculator produced? I bet it was lower if it's otherwise, let me know. I am guessing this difference goes to the maintenance fee claimed by Genesis. I know it's ridiculous, they took our initial money capital as profit and they still take a portion of our money based on per day transaction of BTC. Well I guess that's how a company usually works, they want to gain as much profit as they can.

When it comes to this, I think this is why they introduced the contract with validity in the first place because BTC trending back then was going up -  they thought investors will be profitable before the contract was ended - I don't know, maybe Genesis screwed up there? But now maybe because of BTC is at a expensive price so Genesis is featuring a forever mining BTC contract, so what do you guys think?
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January 09, 2017, 07:46:02 AM
 #243

I thought they were trusted when I searched badbitcoin.org and then I found this thread and there goes my plan in investing. Thanks for the warning.
Glucose
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January 10, 2017, 05:28:03 PM
 #244

Hi guys,

Hi.

Genesis Mining isn't profitable, even with "life" contract. Because it won't last forever. When your fees are higher than your payout they will stop it. In fact it will happen very fast (3-4 monts maximum). You will NEVER reach any return on investment.

Bitcoin price is increasing yeah, but so is difficulty. So mining won't give you more money. Unless you have very cheap electricity and mine it yourself.

I thought they were trusted when I searched badbitcoin.org and then I found this thread and there goes my plan in investing. Thanks for the warning.

You are welcome. Quite happy it saved you some money :-)

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January 10, 2017, 05:31:18 PM
 #245

Read our blog to get all updated calculations. Remember that the payouts will increase if the Bitcoin price increase which has happened the last month.

Does anybody know how much in BTC can I mine using genesis-mining per 1 TH/s per day nowadays? Is it worth to buy BTC mining powers with this enormously high BTC price?

I've read the blog above, but since then BTC price appreciated and total mining power increased.

Did you at least read the 1st post of the thread ?
This is a scam accusation thread against Genesis Mining. Don't invest here. It's useless. You're just losing your money.

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January 10, 2017, 10:04:08 PM
 #246

Dont use them they are a bunch of idiots my account got hacked and they are not helping me. They have locked my account and doing shit about it. I bought 25 Th/s For over 4000$ use their service at your own risk.
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January 11, 2017, 05:19:10 AM
 #247

I thought they were trusted when I searched badbitcoin.org and then I found this thread and there goes my plan in investing. Thanks for the warning.
honestly today i plan to invest on genesis mining today, but i decide to do little research just for looking any news about genesis mining, and the last one is reading about it here in bitcointalk and finally i have a decision not to make investment in any cloud mining.
thank you

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January 11, 2017, 12:20:31 PM
 #248

I thought they were trusted when I searched badbitcoin.org and then I found this thread and there goes my plan in investing. Thanks for the warning.
honestly today i plan to invest on genesis mining today, but i decide to do little research just for looking any news about genesis mining, and the last one is reading about it here in bitcointalk and finally i have a decision not to make investment in any cloud mining.
thank you

That's a very wise decision. I'm happy my thread helped you. By doing so you are saving your money.

You can buy directly in bitcoin what you wanted to invest and hold it hoping price will rocket someday :-)

swogerino
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January 11, 2017, 05:38:52 PM
 #249

I think I saw a high ranking member here selling an account with them.
Is it a good choice to make to continue to use them because of all these accusation going against them now?




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Glucose
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January 11, 2017, 07:44:31 PM
 #250

I think I saw a high ranking member here selling an account with them.
Is it a good choice to make to continue to use them because of all these accusation going against them now?

It wouldn't be a wise choice to continue to use them.

Not only because of the "accusations" but mostly because if you do use them you gonna lose your money !

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January 14, 2017, 09:26:11 PM
 #251

http://prntscr.com/dvoli8

for salle

3.5 btc
Enation
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January 14, 2017, 09:40:07 PM
 #252


0.35btc
scarar
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January 15, 2017, 10:47:39 AM
 #253


Is their any cloud mining that isn't a scam?
Glucose
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January 15, 2017, 07:17:14 PM
 #254


This is not a thread allowing you to sell anything. If you want to sell your contract, you can go in the right section of the forum.

+ I would not recommand anyone to buy your contract. If you read the 1st post, you know this contact won't pay anything worth it.

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January 15, 2017, 07:18:42 PM
 #255


Is their any cloud mining that isn't a scam?

I guess Hashnest is still the better one and they are really mining. Give it a try if you want. But you won't become rich with cloud mining anyway. So instead you could buy bitcoin and hold them.

Malindi
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Investing in get-rich-quick schemes is plain dumb!


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January 16, 2017, 06:56:29 PM
 #256

http://i.imgur.com/H7TeGuR.jpg

I am really disappointed by badbitcoin.org website.

Badbitcoin.org recommends Genesis Mining for mining bitcoins. As far as I am concerned, Genesis Mining is the biggest scammer in the bitcoin industry. So these guys have essentially sold their souls to make a quick buck or keep their website afloat.

The action of endorsing and promoting Genesis Mining defeats the purpose of the website, which is to save investors from bitcoin mining scams.

They are essentially saving investors from crocodiles, only to feed a big shark. Well, I guess the best we can do is to find a way to spread the word to the bitcoin community. Warn the community that the best bitcoin scams watchdog on the net is also promoting a scam, so they should watch out.

http://kipicommunity.org/
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Glucose
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January 16, 2017, 07:07:13 PM
 #257



I am really disappointed by badbitcoin.org website.

Badbitcoin.org recommends Genesis Mining for mining bitcoins. As far as I am concerned, Genesis Mining is the biggest scammer in the bitcoin industry. So these guys have essentially sold their souls to make a quick buck or keep their website afloat.

The action of endorsing and promoting Genesis Mining defeats the purpose of the website, which is to save investors from bitcoin mining scams.

They are essentially saving investors from crocodiles, only to feed a big shark. Well, I guess the best we can do is to find a way to spread the word to the bitcoin community. Warn the community that the best bitcoin scams watchdog on the net is also promoting a scam, so they should watch out.


Yeah that's a shame and I can't understand why they are doing this. They are probably being paid by GM for doing so. Btw don't forget to put a negative trust on Genesis Mining profile.

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January 18, 2017, 09:44:05 AM
 #258

Having read through the threads, from September 2015 till now, it seems to me as if there had and has been put a lot of energy and time, into "the fight against Genesis-Mining".

At first glance, i reasoned that dissatisfaction by the time. (the low Bitcoin exchange rate back in 2015)

At second glance, i recognized some kind of a systematic, used in the critizism of some contributors. It became quite obvious, that the company is crtizised for their lack of transparency. This made doubt about the authenticity of these posts.
Being transparent overall in this market, would be pretty naive, owning a mining company competing with competitors, letting them know, how big for example, your electricity bill is, to scale your business in detail. Wouldnt it?

Furthermore, you dont know who was and is contributing here in this thread. So much effort, that many posts, from one and the same member, lets me assume, that this could be some jealous competitors themselves, trying hardly to create a bad company reputation on Genesis-Mining.

In the Internet youll find all kinds of lobbyists, spreading their "thoughts". So, id be quite careful, with adopting to any kind of one-way picture on an issue.

Many customers complained about not having achieved their "promised goal of return". Cant that simply be, due to some unrealistically made calculations, and wrong "visions" about the future price development of Bitcoin? I guess many invested in mining at the wrong time, and got disapointed, when their expectations havent met their "personal price developments". Im also sure, that the nature of some folks is, to be in a permanent state of disapointment, wether they make profits, or not. And then blame everyone, if their calculations are not met exactly.

At least, not to forget about those, who dont understand that Bitcoin mining, or mining cryptocurrencies in general, isnt a short term business. These folks feel convinced, that their 1 to 2 years of mining, are a long term issue. A long term, in sense of cryptocurrencies, is 5 to 10 years, and further on.

Time will tell, who is right or wrong. Until then, my mines keep mining on.

My view. Many having had a short term horizon, will argue in the long term then.
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January 18, 2017, 12:28:59 PM
 #259



I am really disappointed by badbitcoin.org website.

Badbitcoin.org recommends Genesis Mining for mining bitcoins. As far as I am concerned, Genesis Mining is the biggest scammer in the bitcoin industry. So these guys have essentially sold their souls to make a quick buck or keep their website afloat.

The action of endorsing and promoting Genesis Mining defeats the purpose of the website, which is to save investors from bitcoin mining scams.

They are essentially saving investors from crocodiles, only to feed a big shark. Well, I guess the best we can do is to find a way to spread the word to the bitcoin community. Warn the community that the best bitcoin scams watchdog on the net is also promoting a scam, so they should watch out.


NOW you're disappointed by badbitcoin.org?  Grin

Come on, they were shilling for GAW and scrypt.cc and pretty much anyone who paid for ads.

My view. Many having had a short term horizon, will argue in the long term then.

Sure, one post newbie, whatever you say Roll Eyes

Feel free to present the long term stats for the contracts GM is selling.

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letsbehonest
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January 18, 2017, 04:52:03 PM
 #260

To all of you who have been scammed, to all of you who think they shouldn't be allowed to keep selling contracts : Put a neutral or negative trust on their profile here : https://bitcointalk.org/index.php?action=profile;u=247140. We have to spread awareness about this.


Alright. But as i looked up their profile, no one has put a neutral, nor a negative trust on them. How you explain that? And, if them would be scammers, why isnt there a whole lot  more of fraud accusations in this thread? By serving over 300.000 clients, there should be a "little" more voices of complain out there. As everyone can see, that many people have looked up this scam accusation thread, why that less ones have replied, or shared their bad business experiences?

If they would be scammers, then they should be rated as outstanding skilled craftmen. Lets be honest. Would Marco Streng be presented in the Forbes Magazine, if he would lead an empire built out of fraud?

Why im writing this in favour of GM? I want to invest in a serious mining company. And by questioning your accusitions, i try to find out if them are legit, or just being paid fraud accusitions, financed by GM´s competitors.

What are trusted miners then? Are there any objective reviews on any company? I mean, if anyone presents stats, are them reliable, though they can be manipulated, anyway?

What do you think of getting started with mining Bitcoins right now, behind the reward halving, and with the exchange rate at way another level than back in 2014 and 2015?

Isnt it as simple as that. If theres a strong price, mining should be profitabel in anyway. Its the same with gold mining and oil delivery, and so it is with the biggest digital currency. Or, am i fully misunderstanding the general concept of mining crypto currencies?
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