Bitcoin Forum
November 24, 2017, 11:36:23 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 [16] 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 »
  Print  
Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 228536 times)
BTCDream
Newbie
*
Offline Offline

Activity: 13


View Profile
February 07, 2017, 09:10:06 PM
 #301

Review and Update.

I agree with most posters.  What I buy in Bitcoin for investments "hedging" etc. Is irrelevant. I will simply post honest results as often as I can.

Payout Review.

Payouts   Date               Amount   
1         1/26/2017       0.13164235     
2         1/27/2017       0.13349527       
3         1/28/2017       0.19443563     
4         1/29/2017       0.19397465    
5         1/30/2017       0.19443563       
6         1/31/2017       0.19888446   
7         2/1/2017        0.27526162   
8         2/2/2017        0.27994034   
9         2/3/2017        0.28272900
10         2/4/2017        0.25410926   


At this point I upgraded 400Th.  Burn baby Burn!  Grin    Total Mined BTC to date = 2.917686019


11         2/5/2017        0.39032759   
12         2/6/2017        0.38845505   

Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1120Th  Total $$$ = $141,382
1   $25,250.00                   200
2   $25,250.00                 200
3   $12,610.00                   100
4   $2,522.00                   20
5   $25,250.00                   200
6   $25,250.00                   200
7   $25,250.00                   200
 

https://imageshack.com/i/pnLd3YWSj

https://imageshack.com/i/pnxbbm1fj
1511523383
Hero Member
*
Offline Offline

Posts: 1511523383

View Profile Personal Message (Offline)

Ignore
1511523383
Reply with quote  #2

1511523383
Report to moderator
1511523383
Hero Member
*
Offline Offline

Posts: 1511523383

View Profile Personal Message (Offline)

Ignore
1511523383
Reply with quote  #2

1511523383
Report to moderator
1511523383
Hero Member
*
Offline Offline

Posts: 1511523383

View Profile Personal Message (Offline)

Ignore
1511523383
Reply with quote  #2

1511523383
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511523383
Hero Member
*
Offline Offline

Posts: 1511523383

View Profile Personal Message (Offline)

Ignore
1511523383
Reply with quote  #2

1511523383
Report to moderator
1511523383
Hero Member
*
Offline Offline

Posts: 1511523383

View Profile Personal Message (Offline)

Ignore
1511523383
Reply with quote  #2

1511523383
Report to moderator
Rogerdale
Sr. Member
****
Online Online

Activity: 336


View Profile
February 07, 2017, 10:50:14 PM
 #302

At this point I upgraded 400Th.  Burn baby Burn!  Grin    Total Mined BTC to date = 2.917686019

Are you still buying hashpower at Genesis? Even after we warned you that it will not pay out?
PWMJ
Newbie
*
Offline Offline

Activity: 5


View Profile
February 08, 2017, 03:26:39 PM
 #303

IT will be interesting to watch this progression also as i have a good bit of capacity at GM.
however i am in the 4%+ affiliate range and work with a group of affiliates to always get the maximum discount.

if you buy in quantity (5Th/s+) and get a good referral you can get as low as $130 per TH/s buys.....

the S9s on the market run $150-$170 per Th/s before PSU+ Electricity and man hours.

SO the only scenario i can see losing here is if GM goes under....especially if you have a means to invest from a corporate expense situation.

So i will be following this.  (just my 2cents)
suchmoon
Legendary
*
Offline Offline

Activity: 1414



View Profile
February 08, 2017, 03:46:49 PM
 #304

IT will be interesting to watch this progression also as i have a good bit of capacity at GM.
however i am in the 4%+ affiliate range and work with a group of affiliates to always get the maximum discount.

if you buy in quantity (5Th/s+) and get a good referral you can get as low as $130 per TH/s buys.....

the S9s on the market run $150-$170 per Th/s before PSU+ Electricity and man hours.

SO the only scenario i can see losing here is if GM goes under....especially if you have a means to invest from a corporate expense situation.

So i will be following this.  (just my 2cents)

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.

GAWSOME class action
(Homero Garza throws Stuart Fraser under the bus)
ION: XPY successor
                 Make sure to read

                 BitcoinTalk rules
          /s
PWMJ
Newbie
*
Offline Offline

Activity: 5


View Profile
February 08, 2017, 04:05:11 PM
 #305

IT will be interesting to watch this progression also as i have a good bit of capacity at GM.
however i am in the 4%+ affiliate range and work with a group of affiliates to always get the maximum discount.

if you buy in quantity (5Th/s+) and get a good referral you can get as low as $130 per TH/s buys.....

the S9s on the market run $150-$170 per Th/s before PSU+ Electricity and man hours.

SO the only scenario i can see losing here is if GM goes under....especially if you have a means to invest from a corporate expense situation.

So i will be following this.  (just my 2cents)

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.


Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.







suchmoon
Legendary
*
Offline Offline

Activity: 1414



View Profile
February 08, 2017, 05:02:15 PM
 #306

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.


Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.

What are you mumbling about here?

S3? What does THAT have to do with anything?

Understand working and movement? What does GM "teach" you that you couldn't learn by using BTC elsewhere? How to lose 50% or more on a misguided "investment"?

All of crypto? You mean shitcoins and stuff?

Why don't we stick to the subject of Genesis Mining.

http://genesismining.freshdesk.com/support/solutions/articles/1000128858-maintenance-fee

Quote
The maintenance fee is deducted from your daily mining output each day and is 0.0003 USD per 1 Gh/s for SHA 256 hashpower. These are the current fees for these contracts and was updated January 24 2017.

If you take an S9, which is approximately 13 TH/s @ 1.4 kWh, this maintenance fee translates into ~0.116 USD per kWh. Or you can use the maintenance fee itself in a calculator such as this:

https://bitcoinwisdom.com/bitcoin/calculator
(use Maintain Cost instead of Electricity Price)

Let us know what you get.

GAWSOME class action
(Homero Garza throws Stuart Fraser under the bus)
ION: XPY successor
                 Make sure to read

                 BitcoinTalk rules
          /s
tbonetony
Sr. Member
****
Offline Offline

Activity: 452


No zuo no die why you try, u zuo u die dont be shy


View Profile
February 08, 2017, 08:00:57 PM
 #307

Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.

Sorry I just cannot agree with you on the line that "this is a great entry level investment".
- It is entry, indeed, to the point that it mostly targets only at ripping off entry players in this field.
- It is ABSOLUTELY NOT great, no even anywhere near. I understand we all have different perceptions of what is "being great" but in this case I see it as black-and-white distinctive. There are alternatives, though not great, offering way more values to users than GM. I prefer not to name them here but they all have much more reasonable maintenance fee structures and even offering exit strategy for the same kind of products GM offers.

K&T Crypto Hosting, hosting as low as $45/kW per month ($0.06/kWh): https://bitcointalk.org/index.php?topic=1794057.0








I offer private S9 rental for various length: https://bitcointalk.org/index.php?topic=1708351.0
Glucose
Hero Member
*****
Offline Offline

Activity: 849



View Profile
February 08, 2017, 08:19:02 PM
 #308

IT will be interesting to watch this progression also as i have a good bit of capacity at GM.
however i am in the 4%+ affiliate range and work with a group of affiliates to always get the maximum discount.

if you buy in quantity (5Th/s+) and get a good referral you can get as low as $130 per TH/s buys.....

the S9s on the market run $150-$170 per Th/s before PSU+ Electricity and man hours.

SO the only scenario i can see losing here is if GM goes under....especially if you have a means to invest from a corporate expense situation.

So i will be following this.  (just my 2cents)

Dear Newbie, you're forgetting to mention that the "maintenance fee" is ~$0.12 per kWh and if you plug it into any Bitcoin calculator you have 400+ days to "ROI" if diff stays constant, and you would barely get half of your "investment" back if diff goes up at 2% on average. SO... you may want to visit an eye doctor if you can't see that "scenario".

Real hardware at least has a resale value.


Of course...I see S3's selling for $30 all over the place...so lets equal out the "maintenance fee" with electricity.  for someone new to BTC who wants to understand the working and movement etc....while not getting entangled in hardware that's a pain in the ass to use and keep mining.

I think this is a great entry level investment.  again, outside of them disappearing the risk is pretty much the same in all of crypto......people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.


Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol, but it looks like it and it's not convincing. Or you are really noob and a very bad mathematician. There is no "risk" investing with them : you are just losing your money from the start.

And btw : You're not learning anything through Genesis mining. Except the fact you will learn how to receive dust in your wallet and how to lose your initial investment ; and you will probably learn never to do it again. That's all you are learning.

Zeta0S
Legendary
*
Offline Offline

Activity: 1386


View Profile
February 08, 2017, 10:51:31 PM
 #309

Quote

Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol,

Did you not try to ruin the official Genesis Mining Thread yourselves?

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

Activity: 1414



View Profile
February 08, 2017, 11:43:49 PM
 #310

Quote

Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol,

Did you not try to ruin the official Genesis Mining Thread yourselves?

Can you enlighten us on how Genesis makes sense? Here is the basic math:

Why don't we stick to the subject of Genesis Mining.

http://genesismining.freshdesk.com/support/solutions/articles/1000128858-maintenance-fee

Quote
The maintenance fee is deducted from your daily mining output each day and is 0.0003 USD per 1 Gh/s for SHA 256 hashpower. These are the current fees for these contracts and was updated January 24 2017.

If you take an S9, which is approximately 13 TH/s @ 1.4 kWh, this maintenance fee translates into ~0.116 USD per kWh. Or you can use the maintenance fee itself in a calculator such as this:

https://bitcoinwisdom.com/bitcoin/calculator
(use Maintain Cost instead of Electricity Price)

Let us know what you get.


Feel free to contribute.

GAWSOME class action
(Homero Garza throws Stuart Fraser under the bus)
ION: XPY successor
                 Make sure to read

                 BitcoinTalk rules
          /s
PWMJ
Newbie
*
Offline Offline

Activity: 5


View Profile
February 09, 2017, 04:15:54 PM
 #311

I don't see much hope of any profits from an S9 either.
suchmoon
Legendary
*
Offline Offline

Activity: 1414



View Profile
February 09, 2017, 07:02:17 PM
 #312

I don't see much hope of any profits from an S9 either.

So you're basically saying - mining is unprofitable, donate your money to GM. Did I get that right? You're jumping all over the place, I may have misunderstood something, please explain.

GAWSOME class action
(Homero Garza throws Stuart Fraser under the bus)
ION: XPY successor
                 Make sure to read

                 BitcoinTalk rules
          /s
Rogerdale
Sr. Member
****
Online Online

Activity: 336


View Profile
February 10, 2017, 10:14:22 AM
 #313

donate your money to GM.

Basically that's what BTCDream did... In my opinion any investment in mining with days to ROI > 300 is questionable, and if days to ROI > 400 it won't return. For GM the number is over 500.
Roquene
Hero Member
*****
Offline Offline

Activity: 420


View Profile
February 10, 2017, 12:43:23 PM
 #314

GM is simply explained using this picture:


In short:
Stay the fuck away from Genesis!
Glucose
Hero Member
*****
Offline Offline

Activity: 849



View Profile
February 10, 2017, 08:55:44 PM
 #315

Quote

Never heared so much bullshit. I don't know if you are one of the Genesis Mining "minions" trying to ruin this thread lol,

Did you not try to ruin the official Genesis Mining Thread yourselves?

Oh yeah I tried to say the truth on their thread and warn other cutomers. No regrets about that. In my opinion everybody should ruin their thread because they are liars and thieves.
The only question is why you are still supporting them (and my answer is you are probably being paid by them..)

Rogerdale
Sr. Member
****
Online Online

Activity: 336


View Profile
February 12, 2017, 02:21:32 PM
 #316

Actually this is what awaits BTCDream's "investments":


coolcoinz
Hero Member
*****
Offline Offline

Activity: 504


★Nitrogensports.eu★


View Profile
February 12, 2017, 05:54:05 PM
 #317

I think this is a great entry level investment.
How can you say that with all the facts presented in this thread. This is not an investment, it's a donation to GM, that you will never get back!
It's not about them being real or not or disappearing or not, it's about their ridiculous rates that need years to give a return.

people can think for themselves....but disgruntled users who invested $30 and expect a return just to bash on a forum seems a bit unfair.  of course i will now go in search of people who have lost a SUBSTANTIAL amount of BTC and are not paid trolls.
Not all people can think, because you obviously can't do the math if you're calling GM contracts "a great entry level investment."
You also can't do the math if you think that multiplying the invested sum will increase your chances to get something out of it.
If you think that only $30 investors are losing money there read this:

I think it is time that I write about my investment failure here as well. Everything was in front of my eyes and I couldn't see the negative outcome.

I have spent close to 12,5 BTC into the service and it cost around 6400 USD at the time. I have spent the majority of my BTC into the service around August 2016. Before that I have made smaller investments to see the service in action. It has been 5 months and I think it is safe to say I won't make it back.

Payments have started from 0,025 and now have fallen to 0,01 BTC per day. The amount I have gotten back in terms of BTC is 3.4 as of today. It is displayed in USD in Dashboard so it says if I have converted everything into USD I'd have made back 3.000 USD. From here onwards until the end of time I'm expecting to make another 1.000 USD so there is a net loss of at least 2.5K USD. In terms of BTC I have lost close to 8 BTC including the remaining payment I will get.

Is Genesis-Mining a scam?
- They don't reveal much of anything about their daily operations, you get payments out everyday.
- They are saying they will give out according to your share in the ever increasing Hash rate world which was aroun 1.5M TH when I invested and it is now around 3.4 M. Obviously you are gonna get less everyday.
- They state how much per GH they will charge for electricity.

So if everything is in front of you and they are saying they will do the job under these terms and you cannot see the future clearly is this a scam? That is an ethical dilemma I'll leave you to ponder about. I can think about that I have supported the BTC community but that's not how I see it.

My lessons learned:
- Don't make an investment decision late Friday night.
- Do not go all in.
- FFS read the fucking forum (I've found this forum AFTER the investment.)

I can provide screenshots and more info if needed.

Edit: If anyone wants to buy 47.5 TH I'm selling it for 3.000 USD, much cheaper then they are selling on their web site Tongue

Would you call him a "paid troll" too? Who is he paid by? There's no competition in cloud mining anymore, so there's nobody who would benefit from this.


           █████████████████     ████████
          █████████████████     ████████
         █████████████████     ████████
        █████████████████     ████████
       ████████              ████████
      ████████              ████████
     ████████     ███████  ████████     ████████
    ████████     █████████████████     ████████
   ████████     █████████████████     ████████
  ████████     █████████████████     ████████
 ████████     █████████████████     ████████
████████     ████████  ███████     ████████
            ████████              ████████
           ████████              ████████
          ████████     █████████████████
         ████████     █████████████████
        ████████     █████████████████
       ████████     █████████████████
▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
▬▬ THE LARGEST & MOST TRUSTED ▬▬
      BITCOIN SPORTSBOOK     
   ▄▄
██
██
██
██
██
██
██
██
██
██     
██
██
             ▄▄▄▄▀▀▀▀▄
     ▄▄▄▄▀▀▀▀        ▀▄▄▄▄           
▄▀▀▀▀                 █   ▀▀▀▀▀▀▀▄▄
█                    ▀▄          █
 █   ▀▌     ██▄        █          █               
 ▀▄        ▐████▄       █        █
  █        ███████▄     ▀▄       █
   █      ▐████▄█████████████████████▄
   ▀▄     ███████▀                  ▀██
    █      ▀█████    ▄▄        ▄▄    ██
     █       ▀███   ████      ████   ██
     ▀▄        ██    ▀▀        ▀▀    ██
      █        ██        ▄██▄        ██
       █       ██        ▀██▀        ██
       ▀▄      ██    ▄▄        ▄▄    ██
        █      ██   ████      ████   ██
         █▄▄▄▄▀██    ▀▀        ▀▀    ██
               ██▄                  ▄██
                ▀████████████████████▀




  CASINO  ●  DICE  ●  POKER   
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
   24 hour Customer Support   

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
antdee
Member
**
Offline Offline

Activity: 67


View Profile
February 12, 2017, 06:11:14 PM
 #318

Well, you got Viabtc and Hashnest.
I doubt they make much profit, maybe Hashnest makes from their market, where users trade hashpower with one another.
Viabtc also has the insentive to increase their mining power to support Bitcoin Unlimited.
BTCDream
Newbie
*
Offline Offline

Activity: 13


View Profile
February 16, 2017, 12:16:45 PM
 #319

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
13         2/7/2017       0.39619655
14         2/8/2017       0.39102786

At this point I realized that this was all a mistake and I'd like to apologize to  ....Just kidding.  I upgraded another 200 TH/s.

Total hashrate is at 1320 TH/s

15        2/9/2017        0.4592695
16        2/10/2017      0.43685938
17        2/11/2017      0.45184163
18        2/12/2017      0.44973625
19        2/13/2017      0.44659067
20        2/14/2017      0.44675886

Total Mined BTC to date = 6.395966719



Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1320Th  Total $$$ = $166,452.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,250.00                  200
6   $25,250.00                  200
7   $25,250.00                  200
8   $25,250.00                  200

Will continue posting results

[imghttps://imageshack.com/i/pnOR5aCaj]http://[/img]
https://imageshack.com/i/pnefEXcmj
Gendange Cak Mat
Newbie
*
Offline Offline

Activity: 5


View Profile
February 17, 2017, 04:03:48 AM
 #320

i recomended to build my own mining rig than invest at genesis mining, i think Genesis mining is the next bitcoincloudservice (now scam)
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 [16] 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!