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Ðire
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Activity: 71
Merit: 10
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 25, 2017, 02:10:26 AM |
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All the code on their front page: <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!
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Rogerdale
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 25, 2017, 02:13:33 PM |
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GM webpage opens up fine for me.
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Rogerdale
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 26, 2017, 09:25:22 PM Last edit: February 27, 2017, 01:22:00 AM by Rogerdale |
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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).
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Glucose (OP)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 27, 2017, 05:55:26 PM Last edit: March 01, 2017, 06:46:20 PM by Glucose |
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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](https://bitcointalk.org/Smileys/default/cheesy.gif) 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...
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BTCDream
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Activity: 13
Merit: 0
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 04, 2017, 07:33:02 AM |
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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
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Goldman Enterprises
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Activity: 20
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 12, 2017, 04:35:26 AM |
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I noticed that they changed it from "lifetime" mining to "Open-ended" btc Mining ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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favdesu
Legendary
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Activity: 1764
Merit: 1000
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 12, 2017, 09:40:27 AM |
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I noticed that they changed it from "lifetime" mining to "Open-ended" btc Mining ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) means someone sued them over false advertisement? very good
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Glucose (OP)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 13, 2017, 09:30:02 PM |
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I noticed that they changed it from "lifetime" mining to "Open-ended" btc Mining ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) means someone sued them over false advertisement? very good Ahahah yeah someone probably did. Quite good. Thank you for noticing us about this.
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console
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Activity: 81
Merit: 0
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 15, 2017, 06:57:17 AM |
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fucken idiot its not a scam you just suck at this industry. why mine a coin that yields no ROI...
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wetsuit
Legendary
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Activity: 981
Merit: 1026
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March 15, 2017, 08:12:46 AM |
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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.
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Rogerdale
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 15, 2017, 10:05:43 AM |
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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.
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wetsuit
Legendary
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Activity: 981
Merit: 1026
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 15, 2017, 10:35:01 AM |
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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.
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Rogerdale
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 15, 2017, 03:11:10 PM |
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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).
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suchmoon
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Merit: 9007
https://bpip.org
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 15, 2017, 04:59:05 PM |
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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".
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Rogerdale
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 15, 2017, 06:14:09 PM |
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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.
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BTCDream
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March 16, 2017, 12:26:39 AM |
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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/plgcowz8jhttps://imageshack.com/i/pogjz8cWj
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wetsuit
Legendary
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Activity: 981
Merit: 1026
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March 16, 2017, 04:55:35 AM |
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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 $25,220.00 200 Any Questions please PM me or find me on twitter. Thank you Will continue posting results ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fimageshack.com%2Fi%2Fplgcowz8j&t=665&c=HoqCiEirD_8L5w) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fimageshack.com%2Fi%2Fpogjz8cWj&t=665&c=ok5bY0iS55P9Og) Do you have the BTC amount of your investment?
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serverleader
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March 16, 2017, 06:32:54 AM |
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oh god.... I just gave in and put a few hundreds a genesis contract... from that dudes channel...... LOL did I just F#$%! my self ?? I'll up date how my money on the mining contract disappears ... .F#$%^&*&^%$ damn it ... i'm a n00b!
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favdesu
Legendary
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Activity: 1764
Merit: 1000
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March 17, 2017, 08:53:32 AM |
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I think I will just exchange cash for Bitcoin for now. Or earn through affiliates.
a very good plan!
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