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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 226380 times)
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November 29, 2015, 10:33:39 AM
 #41

We've always said it: cloud mining is a huge smelly business. Look at Puppet's chart and 3d most of them collapsed or were some kinf of ponzis.
Sorry for you, good you are taking this on. Hope they'll fix this or close down to prevent other people to be robbed.
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November 29, 2015, 11:10:15 AM
 #42

We've always said it: cloud mining is a huge smelly business. Look at Puppet's chart and 3d most of them collapsed or were some kinf of ponzis.
Sorry for you, good you are taking this on. Hope they'll fix this or close down to prevent other people to be robbed.

DOnt compare those ponzi mining with genesis mining. Genesis mining is fishy and could be having fractional reserve mining risk but they are atleast mining even with their ridiculuous fee and payment is mostly dust. My 500 ghs give me around 0.001 at the current rate , I could get more with my own hardware

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November 30, 2015, 10:07:48 PM
 #43

Genesis Mining did well for me.
Two contracts got ROI already (September 2014 contracts)
X11 Already almost half way  Smiley

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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December 01, 2015, 07:14:40 PM
 #44

Well, they could swap old 0,0020 contracts to 0,0012 contracts for the sake of the early adopters but they probably will not do that, although it would be a good marketing strategy...
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December 01, 2015, 10:53:24 PM
 #45

I was there when Genesis Mining forced us to convert scrypt to sha. My  180MH went to 180 GH/s SHA.

Since then I never logged in to that site again. Let them take that useless hash.
I did not convert, mined scrypt for months i remember.

Can someone email the link of this thread directly to Marco Streng? Maybe he has not seen this discussion yet!
Moreover, I also got dust payment for yesterday's mining! :/

I already did. He has seen this thread and chosed not to answer.

Quite sad to see the X11 contract customers are already complaining..

It looks like their payout are already descreasing really fast...
Where are you talking about, X11 is going fantastic!
I got bit less whit my own X11 rig (same mining speed)

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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December 02, 2015, 07:38:48 AM
 #46

Genesis Mining did well for me.
Two contracts got ROI already (September 2014 contracts)
X11 Already almost half way  Smiley

Sorry Zeta, do not believe you so much about X11. Almost 50% ROI...Hmmm

Proof please, as according to my X11 results based on 1 MH/s X11 on Auto BTC I have got back  around 10-12% so far of the amount I paid upfront, and my contract started on first day of X11.

Ian


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December 02, 2015, 07:43:09 AM
 #47

Referral whores never mention their income from scamming others into this hole when reporting their supposed ROI. That´s one constant you can always rely on.

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December 03, 2015, 04:21:17 PM
 #48

What genisis mining is actually doing is sending me dust and ruining my paperwallet that I use for mining, I will need a new paper wallet now, I have 1 stuck transaction because of their dust, my TX is always non standard dust type, for 50 usd worth of BTC a contract that sends me 0.0001 dust per day and when combined together it all goes to the TX, not profitable even when bitcoin is high, it was the most idea ever I did buying a contract, you don't even have a choice to set a minimum payout, if they will just hookup an antminer and profit from my money and make me wait hardly to get ROI or never, I would better just use my physical antminer and fees of electricity will be much more lower.
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December 03, 2015, 09:16:33 PM
 #49

Genesis Mining did well for me.
Two contracts got ROI already (September 2014 contracts)
X11 Already almost half way  Smiley

Sorry Zeta, do not believe you so much about X11. Almost 50% ROI...Hmmm

Proof please, as according to my X11 results based on 1 MH/s X11 on Auto BTC I have got back  around 10-12% so far of the amount I paid upfront, and my contract started on first day of X11.

Ian



well, at first i thought i already close to halve way. Recalculating seems i took the numbers from my other GM accounts whit a higher amount of X11.  Embarrassed Lips sealed


Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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December 04, 2015, 05:42:41 AM
 #50

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December 05, 2015, 10:52:51 AM
 #51

@smoothie
There seems to be an awful lot of talk about alternate accounts on your trust rating Wink
oh and BOOOO !

scared ? LOL

Seems anyone here with a variation of the name "smooth" is mired in controversy with a bad rep..
such as "sm00th0perat0r" + dummy account "all_out_of_bubblegum"

He created a dummy account here playing dumb in main, then when i helped him he pm'd me telling me who he was.
at the same time he got his topic in main deleted.. he then ran off and created a new topic in Meta..
called User/MOD "mprep" is a WORTHLESS CUNT

Funny part is you can see his shilling here Re: [ANN] [BTI] Instant | PoW | SHA256 ASIC mining |*GENESIS.FOUNDATION[1]
He says..
Quote
this certainly looks like a good coin for me. i do not have a whole bitcoin (or any bitcoin for that matter) but i should qualify for the n00b kickstarter program.

PM sent so i can get more info about this genesis foundation and kick starter program

thanks!

He then quotes his other account via another account called "InstantBitcoin"

So.. he later on Poloniex chat offered to help me premine a coin he was making (which ended up on Bittrex Poloniex etc)
He said in front of everyone on chat him and some buddies were mining it for a while ahead of time.
and i was invited to join in.. i said NO.
You would think the people there would have taken notice but there was sooooo many people back then all yelling their shill bullshit at each other that nobody even noticed this guy admitting shady bs LOL
He had been banned from Cryptsy using the name Owsley before too
many of you know him via LOTS of names..

here is the PM's he sent me way back after the mprep is a cunt incident..

Quote
all_out_of_bubblegum
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yo yo
« Sent to: Spoetnik on: July 19, 2014, 07:23:02 PM »

what up playa

this is sm00th0perat0r Wink

i'm actually just trolling the alt boards seeing who is willing to help n00bs and who isn't. and i somehow knew you'd probably answer me post haha

you're a good man regardless what those dipshits at cryptsy say haha

so the owl (big baller, owsley beats, etc) ... we're gearing up for the new coin we've been working on and you automatically included in the Genesis Foundation which is where we're gonna tie in all the coins we release at.

if you're not too busy, head over to the IRC channel we have setup for Instantcoin so we can chat a little more about the project my friend Smiley

freenode - #instantcoin

take it easy bro!
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IRC
« Sent to: Spoetnik on: July 20, 2014, 12:27:43 AM »

here's a cool IRC client i use

https://kiwiirc.com/client/irc.freenode.net/#instantcoin

we also just got the pool up and working, so hit the channel when you can and i can get you the client and other info Smiley
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« Sent to: Spoetnik on: July 20, 2014, 05:16:36 AM »

dude, can you believe this BS??

https://bitcointalk.org/index.php?topic=702095.0

they deleted my post and it was really just a joke ... kinda pissed but too many other things going on to worry about it.

Google.. sm00th0perat0r and you will have his full name and a pic of him etc
and Google cache links to his scam coin etc.. and of course his PROOF OF DEVELOPER LOL

...............

You guys have no clue how bad the scammers here are.. or your one of them Wink

MOST of you swirl around this place using a pile of accounts playing dumb about it.
Staff here even posted that they ADVISE people create new accounts if "they have something controversial to say"
Staff don't just mind they actually encourage this behavior..

Most of you here are scammy fucking weazles and i will gladly spend YEARS collecting shit on your pathetic ass's to bury you later  Cool
Best way to do it is make the fuckers feel comfortable and cocky LOL

I will leave you here with a picture Wink
Extortion much ?
This was from Poloniex chat on 10/14/2014 by user "balance.ninja"


If the Genesis Foundation is affiliated with this, then BitJohn is involved. Read my last posts to get up to speed.

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December 10, 2015, 04:40:33 PM
 #52

Been using Genesis for quite a while now. No hiccups whatsoever.

I used Genesis for a few months but then fucked everybody else with the 1 MH scrypt to 1 GH sha.
The idiot CEO pretended he was doing us a favour and

If you look closely on this forum you will that many users bought SHA/SCRYPT/X11 without ever seeing the possibility to ROI.
Don't go with Genesis Mining.. it's a waste of time, energy and money..

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December 10, 2015, 04:46:39 PM
 #53

Been using Genesis for quite a while now. No hiccups whatsoever.


On what fees is your contracct based  Roll Eyes
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December 13, 2015, 03:31:28 PM
 #54

I used Genesis for a few months but then fucked everybody else with the 1 MH scrypt to 1 GH sha.
The idiot CEO pretended he was doing us a favour and

If you look closely on this forum you will that many users bought SHA/SCRYPT/X11 without ever seeing the possibility to ROI.
Don't go with Genesis Mining.. it's a waste of time, energy and money..
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December 13, 2015, 08:00:55 PM
 #55

it is very sad to see they caught another user. I hope people will understand eventually that the cloud mining operations are for fun. Not for big time profits.
Don't expect to be rich or even double your money with cloud mining. Expect some extra btc from the mining operation and then you will never be dissapointed.

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February 09, 2016, 08:41:44 AM
 #56

Genesis Mining deletes all my posts in their thread section so I'll post here again.

This is an old thread I did against Genesis Mining. I edited the first post today but the purpose is still the same it was when I first opened this thread : We have to warn people who are investing there, tell them they are going to lose their money, and do everything we can to shut down this scamming company.

I don't deny you could ROI with them it in the past (I did it with my first contract with them) but right know, with current difficulty, "low" bitcoin price & high fees they are taking on lifetime contracts it is only a waste of time and money for their "customers".

Genesis Mining has to shut down its service and stop scamming customers : They know no body can ROI with them and still offer contracts.

==> This is a post from another customers in their thread :

Up to 2/7/2016...I knew this day would come eventually!  I am 168 days into a lifetime 1.5THs contract and it's down to paying $0.02 per day.  It's not dead yet but it's gasping for air.  I paid 2.6310 BTC for this contract and I've collected 0.5438 in payouts from it and that's pretty much all I will ever see back.  I bought this contract as a test hoping to do more later on.  What a total waste of time and money.  If you are thinking of buying a cloud contract from Genesis because of their slick web site, do yourself a favor and just buy and hold BTC instead.



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February 09, 2016, 08:42:43 PM
 #57

They know no body can ROI with them and still offer contracts.

==> This is a post from another customers in their thread :

Up to 2/7/2016...I knew this day would come eventually!  I am 168 days into a lifetime 1.5THs contract and it's down to paying $0.02 per day.  It's not dead yet but it's gasping for air.  I paid 2.6310 BTC for this contract and I've collected 0.5438 in payouts from it and that's pretty much all I will ever see back.  I bought this contract as a test hoping to do more later on.  What a total waste of time and money.  If you are thinking of buying a cloud contract from Genesis because of their slick web site, do yourself a favor and just buy and hold BTC instead.

I am fully agree with above, but just curios about IF SOMEBODY GET'S ROI, or knows somebody who do this with genesis mining???
I, myself, can say that I did not succeed!!! They say (genesis mining send me a message) that maintenance fee exceed the mining profit for more than 20 days and this is why they terminate my contract, but after that I received a message that they decrease the maintenance fee 4 times (WTF)?!?!?! asking me to invest again ......
How genesis mining define their maintenance fee??? Do they calculate PR events of Mr. Markus, business class airplane tickets, some girls for entertainment or what?Huh
For everybody who thinks to invest in this cloud mining I can tell - it is the same playing card with somebody who looks at your hand and hoping to beat him Smiley NO CHANCE Smiley
I, personally, think THE END OF genesis mining IS VERY CLOSE and they just try - stop paying and at the same time to get some more orders - NO CHANCE Smiley
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February 10, 2016, 10:19:24 AM
 #58

The way it's developing right now I will end up with less than 1/4 of what i originally invested. Total scam, avoid!
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February 10, 2016, 07:05:21 PM
 #59

just curious about IF SOMEBODY GET'S ROI, or knows somebody who do this with genesis mining???

The only persons I know who ROI did it like 2 years ago when difficulty wasn't so high. Right know I believe it is mathematicaly impossible.

The fee is a fix amount per day per ghs (I can't remember how much and it depends of your contract - You can see it if you go into the details of the contract you have on their website). Which means you will be fucked with difficulty increasing what ever you do because your payout will decrease and proportionaly the fee will increase.


after that I received a message that they decrease the maintenance fee 4 times (WTF)?!?!?!

They probably need new money coming in so they try to attract new customers this way... That's a shame :-/

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February 10, 2016, 10:52:43 PM
 #60

Anyway why should they really mine ? It is cheaper for them to just pay dust for months than real mining. They don't have to buy expensive hardware with a low lifetime, pay electricity, maintenance... No, a clever company just sell ghost hashrate because it is more profitable. Customers don't ask them to prove their hashrate and they satisfy dust payouts for months. Once contract closed they realise they lost 75% what they paid but during these months Genesis Mining spam for news contracts with lower fees, new coins (X11...).

Whatever they pretend they know they will earn at least half what you pay. There is nothing behind this company, just a web site, some pictures for noobs that's all.

What you pay is a login and a password in their database and the certainty they will keep 50% to 75% what you paid forever.

It is a very profitable business.

If you don't mind losing money (some people say they don't care), so give me your bitcoins and I promise to pay you back 90%. It is a good deal, because you will just lose 10% Smiley
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