Bitcoin Forum
November 21, 2017, 03:23:57 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 »
  Print  
Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 226381 times)
dervil
Newbie
*
Offline Offline

Activity: 10


View Profile
February 24, 2017, 09:29:41 PM
 #341

I think it's scammers I had with them such a situation
that first blocked me for a week referring,
I do think that anyone who does not offer a free making it a scammer,
'advance have such an assumption
1511234637
Hero Member
*
Offline Offline

Posts: 1511234637

View Profile Personal Message (Offline)

Ignore
1511234637
Reply with quote  #2

1511234637
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511234637
Hero Member
*
Offline Offline

Posts: 1511234637

View Profile Personal Message (Offline)

Ignore
1511234637
Reply with quote  #2

1511234637
Report to moderator
1511234637
Hero Member
*
Offline Offline

Posts: 1511234637

View Profile Personal Message (Offline)

Ignore
1511234637
Reply with quote  #2

1511234637
Report to moderator
BTCDream
Newbie
*
Offline Offline

Activity: 13


View Profile
February 25, 2017, 12:44:07 AM
 #342

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
21         2/15/2017       0.45082604
22         2/16/2017       0.45805296
23         2/17/2017       0.43639374

At this point I  upgraded another 200 TH/s.

Total hashrate is at 1520 TH/s

24        2/18/2017      0.50472102
25a       2/19/2017     0.43671164  (Full Disclosure: There was a discrepancy with this payout. I was missing the upgraded amount. GM corrected the issue, hence the other small payout.)
25b       2/19/2017      0.06478569
26        2/20/2017      0.50478069
27        2/21/2017      0.51339808
28        2/22/2017      0.52059900
29        2/23/2017      0.52836683

Total Mined BTC to date = 10.81460241


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Will continue posting results

https://imageshack.com/i/plhI3oQhj
https://imageshack.com/i/pn7BmuPyj
Zeta0S
Legendary
*
Offline Offline

Activity: 1372


View Profile
February 25, 2017, 12:47:01 AM
 #343

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
21         2/15/2017       0.45082604
22         2/16/2017       0.45805296
23         2/17/2017       0.43639374

At this point I  upgraded another 200 TH/s.

Total hashrate is at 1520 TH/s

24        2/18/2017      0.50472102
25a       2/19/2017     0.43671164  (Full Disclosure: There was a discrepancy with this payout. I was missing the upgraded amount. GM corrected the issue, hence the other small payout.)
25b       2/19/2017      0.06478569
26        2/20/2017      0.50478069
27        2/21/2017      0.51339808
28        2/22/2017      0.52059900
29        2/23/2017      0.52836683

Total Mined BTC to date = 10.81460241


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Will continue posting results



Thanks for sharing  Smiley

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
freedom3945
Newbie
*
Offline Offline

Activity: 1


View Profile
February 25, 2017, 01:33:19 AM
 #344

is GM gone?  lol

404 Not Found

www.genesis-mining.com


Ðire
Member
**
Offline Offline

Activity: 68


View Profile
February 25, 2017, 02:10:26 AM
 #345

is GM gone?  lol

404 Not Found

www.genesis-mining.com

All the code on their front page:

Code:
<div style="width:500px;height:301px;margin-left:auto;margin-right:auto;margin-top:150px;">
<img src="https://www.genesis-mining.com/img/m-gm.jpg"/>
</div>

Possibly!
Rogerdale
Sr. Member
****
Offline Offline

Activity: 322


View Profile
February 25, 2017, 02:13:33 PM
 #346

GM webpage opens up fine for me.
Rogerdale
Sr. Member
****
Offline Offline

Activity: 322


View Profile
February 26, 2017, 09:25:22 PM
 #347

Well... and here comes an obvious hashrate increase that will lead to a difficulty increase in just a week:

18 Feb - 151 block mined
19 Feb - 134 blocks mined
20 Feb - 148 blocks mined
21 Feb - 138 blocks mined
22 Feb - 138 blocks mined
23 Feb - 150 blocks mined
24 Feb - 163 blocks mined
25 Feb - 167 blocks mined
26 Feb - 178 blocks mined

We can face another 10-20% difficulty increase in the near future (1-3 weeks).

In case of 20% difficulty increase 0.52 BTC daily profit at GM will turn into 0.38 BTC (27% drop).
Glucose
Hero Member
*****
Offline Offline

Activity: 849



View Profile
February 27, 2017, 05:55:26 PM
 #348

Well... and here comes an obvious hashrate increase that will lead to a difficulty increase in just a week:

18 Feb - 151 block mined
19 Feb - 134 blocks mined
20 Feb - 148 blocks mined
21 Feb - 138 blocks mined
22 Feb - 138 blocks mined
23 Feb - 150 blocks mined
24 Feb - 163 blocks mined
25 Feb - 167 blocks mined
26 Feb - 178 blocks mined

We can face another 10-20% difficulty increase in the near future (1-3 weeks).

In case of 20% difficulty increase 0.52 BTC daily profit at GM will turn into 0.38 BTC (27% drop).

Yeah. As I said, there's no way to make it profitable.

Estimated Next Difficulty:    467,137,566,550 (+5.98%)

BTCdream, if you want you can send me 191000$ and I'll pay you dust Cheesy I probably need that money more than Marco does.

Btw BTCdream you should calculate how much you would have made just buying bitcoins and keeping it in your wallet. Price is going up quite fast these days...

BTCDream
Newbie
*
Offline Offline

Activity: 13


View Profile
March 04, 2017, 07:33:02 AM
 #349

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
30         2/24/2017       0.53489131
31         2/25/2017       0.52901872
32         2/26/2017       0.53187416
33         2/27/2017       0.53799520
34         2/28/2017       0.53857020


Total Mined BTC to date = 13.48695192

Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results

https://imageshack.com/i/pnuaPWAIj
Goldman Enterprises
Newbie
*
Offline Offline

Activity: 21


View Profile
March 12, 2017, 04:35:26 AM
 #350

I noticed that they changed it from "lifetime" mining to "Open-ended" btc Mining  Roll Eyes
favdesu
Legendary
*
Offline Offline

Activity: 1232



View Profile WWW
March 12, 2017, 09:40:27 AM
 #351

I noticed that they changed it from "lifetime" mining to "Open-ended" btc Mining  Roll Eyes

means someone sued them over false advertisement? very good

Raffle: Enter for a chance to win 100 OBITS + 100 OBITS to Charity Click Here to Enter
Glucose
Hero Member
*****
Offline Offline

Activity: 849



View Profile
March 13, 2017, 09:30:02 PM
 #352

I noticed that they changed it from "lifetime" mining to "Open-ended" btc Mining  Roll Eyes

means someone sued them over false advertisement? very good

Ahahah yeah someone probably did. Quite good. Thank you for noticing us about this.

console
Jr. Member
*
Offline Offline

Activity: 57

Http://CultOfMeme.com


View Profile
March 15, 2017, 06:57:17 AM
 #353

fucken idiot its not a scam you just suck at this industry.
why mine a coin that yields no ROI...

http://Http://CultOfMeme.com <-- We Take BITCOIN !!
wetsuit
Legendary
*
Offline Offline

Activity: 961


View Profile WWW
March 15, 2017, 08:12:46 AM
 #354

Does anyone know which pool GM uses? and their total hash rate?

Based on the number of people I have seen buying their contracts, they would easily save tens of thousands of $ a month by running their own pool (even assuming pool fee at 1%). I would estimate their total hashrate at 50 PH+ if they are actually mining equivalent to the amount of contracts that they sell.

Rogerdale
Sr. Member
****
Offline Offline

Activity: 322


View Profile
March 15, 2017, 10:05:43 AM
 #355

Does anyone know which pool GM uses? and their total hash rate?

Based on the number of people I have seen buying their contracts, they would easily save tens of thousands of $ a month by running their own pool (even assuming pool fee at 1%). I would estimate their total hashrate at 50 PH+ if they are actually mining equivalent to the amount of contracts that they sell.

How did you estimate their number of contracts?

Anyway most (if not all) of their mining contracts are not profitable, so they can afford not to mine at all and just work as a crypto-casino.
wetsuit
Legendary
*
Offline Offline

Activity: 961


View Profile WWW
March 15, 2017, 10:35:01 AM
 #356

Does anyone know which pool GM uses? and their total hash rate?

Based on the number of people I have seen buying their contracts, they would easily save tens of thousands of $ a month by running their own pool (even assuming pool fee at 1%). I would estimate their total hashrate at 50 PH+ if they are actually mining equivalent to the amount of contracts that they sell.

How did you estimate their number of contracts?

Anyway most (if not all) of their mining contracts are not profitable, so they can afford not to mine at all and just work as a crypto-casino.

50 PH is my estimate seeing the number of times I have seen people put in large amounts of money with them. If they do not actually mine, it's worse than a casino - in a casino the user atleast has a chance to win, this is like a guaranteed loss.

Rogerdale
Sr. Member
****
Offline Offline

Activity: 322


View Profile
March 15, 2017, 03:11:10 PM
 #357

50 PH is my estimate seeing the number of times I have seen people put in large amounts of money with them. If they do not actually mine, it's worse than a casino - in a casino the user atleast has a chance to win, this is like a guaranteed loss.

And for sure it is. It is a guaranteed loss unless a coin that you mine appreciates too much (but in this case it would be much more profitable to buy and hold that coin).
suchmoon
Legendary
*
Offline Offline

Activity: 1400



View Profile
March 15, 2017, 04:59:05 PM
 #358

Does anyone know which pool GM uses? and their total hash rate?

Based on the number of people I have seen buying their contracts, they would easily save tens of thousands of $ a month by running their own pool (even assuming pool fee at 1%). I would estimate their total hashrate at 50 PH+ if they are actually mining equivalent to the amount of contracts that they sell.

How did you estimate their number of contracts?

Anyway most (if not all) of their mining contracts are not profitable, so they can afford not to mine at all and just work as a crypto-casino.

50 PH is my estimate seeing the number of times I have seen people put in large amounts of money with them. If they do not actually mine, it's worse than a casino - in a casino the user atleast has a chance to win, this is like a guaranteed loss.

There is a word for that - ponzi.

Having said that, even though the contracts are unprofitable they could still be mining. Their maintenance fee is what kills it for the customer, but if GM has actual hardware and decent electric rate they could be mining with no risk for themselves because the hardware is paid for by said customer and they make guaranteed profit via those exorbitant fees.

For example:

1) Ponzi - GM takes 1 BTC and pays back pennies each day. BTC diff rises, contracts become unprofitable after they've paid out e.g. 0.7 BTC so they pocket the 0.3 BTC. But if a miracle happens and diff drops they would have to fold the tent or come up with some excuse to avoid paying out more than 1 BTC.

2) Mining - GM takes 1 BTC, buys hardware, and each day pays out ~50% or less of mining revenue, spends ~25% on their electric bill and other expenses, and pockets the remaining ~25%. BTC diff rises, contracts become unprofitable, they've made their profit regardless albeit likely less than a ponzi. They can even continue mining with the customer-sponsored hardware after customers have been relieved of their contracts. But if a miracle happens and diff drops they still keep making money unlike a ponzi.

It's obvious they don't give a shit about false advertising and other business ethics but running a blatant ponzi is not just unethical, it's a crime in most jurisdictions. They might be running at least some fractional mining. But it's still an awfully shitty "investment".

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

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

Activity: 322


View Profile
March 15, 2017, 06:14:09 PM
 #359

Does anyone know which pool GM uses? and their total hash rate?

Based on the number of people I have seen buying their contracts, they would easily save tens of thousands of $ a month by running their own pool (even assuming pool fee at 1%). I would estimate their total hashrate at 50 PH+ if they are actually mining equivalent to the amount of contracts that they sell.

How did you estimate their number of contracts?

Anyway most (if not all) of their mining contracts are not profitable, so they can afford not to mine at all and just work as a crypto-casino.

50 PH is my estimate seeing the number of times I have seen people put in large amounts of money with them. If they do not actually mine, it's worse than a casino - in a casino the user atleast has a chance to win, this is like a guaranteed loss.

There is a word for that - ponzi.

Having said that, even though the contracts are unprofitable they could still be mining. Their maintenance fee is what kills it for the customer, but if GM has actual hardware and decent electric rate they could be mining with no risk for themselves because the hardware is paid for by said customer and they make guaranteed profit via those exorbitant fees.

For example:

1) Ponzi - GM takes 1 BTC and pays back pennies each day. BTC diff rises, contracts become unprofitable after they've paid out e.g. 0.7 BTC so they pocket the 0.3 BTC. But if a miracle happens and diff drops they would have to fold the tent or come up with some excuse to avoid paying out more than 1 BTC.

2) Mining - GM takes 1 BTC, buys hardware, and each day pays out ~50% or less of mining revenue, spends ~25% on their electric bill and other expenses, and pockets the remaining ~25%. BTC diff rises, contracts become unprofitable, they've made their profit regardless albeit likely less than a ponzi. They can even continue mining with the customer-sponsored hardware after customers have been relieved of their contracts. But if a miracle happens and diff drops they still keep making money unlike a ponzi.

It's obvious they don't give a shit about false advertising and other business ethics but running a blatant ponzi is not just unethical, it's a crime in most jurisdictions. They might be running at least some fractional mining. But it's still an awfully shitty "investment".

I think they are running some fractional mining and not a full ponzi. But most of profit they get from the fact that their contracts are not profitable. Maybe if one coin goes to the moon they go bankrupt, but I think they get tons of money from people like BTCDream anyway. So they can survive some swings.
BTCDream
Newbie
*
Offline Offline

Activity: 13


View Profile
March 16, 2017, 12:26:39 AM
 #360

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
35         3/1/2017        0.54279177
36         3/2/2017        0.55270291
37         3/3/2017        0.53250906
38         3/4/2017        0.52866947
39         3/5/2017        0.52909098
40         3/6/2017        0.53316101
41         3/7/2017        0.52395721
42         3/8/2017        0.50926328
43         3/9/2017        0.50721262
44         3/10/2017      0.50151259
45         3/11/2017      0.50175142
46         3/12/2017      0.51465393
47         3/13/2017      0.52184827
48         3/14/2017      0.52617139


Total Mined BTC to date = 20.81224783


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results

https://imageshack.com/i/plgcowz8j
https://imageshack.com/i/pogjz8cWj
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 »
  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!