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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 227631 times)
Glucose
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August 05, 2017, 10:48:49 AM
 #541

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

You are the only one who understood how to make profit with them. Congratulation Grin Grin Grin
(Maybe your could prove your profit, Mr. 1 post puppet of GM ?)

So I obtain the next graph of mining profitability vs steady price increase per period of difficulty. The conclusion is that the contract can make ROI if the price grows at least at 6.8% per period of difficulty. If price stays the same in mean and difficulty continues increasing at same rate, then you would lose 60% bitcoins.

You could be right (I didn't do the calculations) but If you are ready to bet price will increase 6.8% per period of difficulty (which is a lot), you better buy BTC and keep it in your own wallet ;-)

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August 05, 2017, 10:53:22 AM
 #542

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

You are the only one who understood how make profit with them. Congratulation Grin Grin Grin
(Maybe your could prove your profit, Mr. 1 post puppet of GM ?)

So I obtain the next graph of mining profitability vs steady price increase per period of difficulty. The conclusion is that the contract can make ROI if the price grows at least at 6.8% per period of difficulty. If price stays the same in mean and difficulty continues increasing at same rate, then you would lose 60% bitcoins.

If you are ready to bet price will increase 6.8% per period of difficulty (which is a lot), you better buy BTC and keep it in your own wallet ;-)
Just simple and short. I agree with you
Why you know all these and still invest knowing very well btc price will increase and not stable although it Sometimes drops.

wallflower!
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August 07, 2017, 09:15:35 AM
 #543

https://scontent.fskg1-1.fna.fbcdn.net/v/t31.0-8/20690081_102826047099792_1651471554239769143_o.jpg?oh=2b495f55524f05a1d599e57e3ba2a922&oe=59EB5A72

Because an image is better than a thousand words! Payments stopped on the 21st of July and no transactions have been conducted to my bitcoin wallet for 18 days in a row! No whining, nothing, just plain info for anyone thinking of investing in Genesis Mining - Avoid them like the plague!
Bitcoiner12
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August 07, 2017, 10:10:00 AM
 #544

i invested 2k euros. got one payout ether 8 weeks ago!! after that my tickets are with their ict team. i emailed them 20 times and never got any payment again after the first 20$. i highly advise everybody to not invest here.
Rogerdale
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August 07, 2017, 10:35:22 AM
 #545

i invested 2k euros. got one payout ether 8 weeks ago!! after that my tickets are with their ict team. i emailed them 20 times and never got any payment again after the first 20$. i highly advise everybody to not invest here.

I'm sorry, but I'm afraid this is a real scam. I got my last Dash payment from them a week ago.

Funny thing that everyone reads this thread and then goes to invest there, including me. Grin I can truly say that Genesis Mining is a scam. Even if you get some payouts, you won't get your ROI. Even if you are lucky to beat the difficulty and the market, Genesis Mining will just stop payouts as they did this month.
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August 07, 2017, 12:25:26 PM
 #546

They are numbers just on screen...empty numbers...sorry for the scam.

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August 08, 2017, 02:41:47 AM
 #547

history repeats itself. so do people. never listen Cheesy Cheesy

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CryptosapienZA
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August 10, 2017, 11:45:41 AM
 #548

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

Fools rush in.. I agree with you 100%. Unfortunately some people dont know how to do basic math. They hear others bragging about their cloud mining earnings and assume they will do the same. I am pretty sure most people complaining here are those who bought 20THs or less.

Glucose
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August 10, 2017, 11:55:09 AM
 #549

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

Fools rush in.. I agree with you 100%. Unfortunately some people dont know how to do basic math. They hear others bragging about their cloud mining earnings and assume they will do the same. I am pretty sure most people complaining here are those who bought 20THs or less.

Prove me wrong with your 430 th and I'll believe you.

LongwayUp
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August 10, 2017, 08:49:06 PM
 #550

Here you go sir.

https://imageshack.com/i/poXzEu8jp
prine
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August 10, 2017, 08:55:17 PM
 #551

I notice some people claim GM is a scam if you invest only a little while investing more can make a ROI. How is this possible?
Is it better to just buy your own rig then to try and cloud mine?

Just assume you do NOT upgrade your rig as difficulty increases, the same as buying 1 contract and riding out the term of the contract. All things being equal would you still come out ahead on both your own rig, or cloud mining? Also assume price of coins stays the same for easy calculations.
Glucose
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August 13, 2017, 06:05:21 PM
 #552


Prove me you made profit. Having a lot of hash doesn't mean it's profitable.

LongwayUp
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August 14, 2017, 04:00:53 AM
 #553

If you think I'm loosing money thats ok with me, I've only been doing this since January and am up 20 bitcoins, get back to me in 5 years as I look at this as a long term plan, not a get quick rich scheme.
kissmarx
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August 14, 2017, 04:05:21 AM
 #554

Vloggers Trevon, Nick, et al keep promoting this Genesis mining. It must be somewhat trustworthy, right? How come this be scam?

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Glucose
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August 15, 2017, 04:42:14 PM
 #555

Vloggers Trevon, Nick, et al keep promoting this Genesis mining. It must be somewhat trustworthy, right? How come this be scam?

It just isn't profitable. They are probably mining (even if there's no proof of it - they have no mining pool) but there's just too much fees in their contracts to make any profit.

If you think I'm loosing money thats ok with me, I've only been doing this since January and am up 20 bitcoins, get back to me in 5 years as I look at this as a long term plan, not a get quick rich scheme.

Yeah yeah. Up 20 BTC lol. Show me your coins then and your transactions coming from GM.

Antnoob
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August 15, 2017, 06:54:27 PM
 #556

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

From purely mathematical point the profit ration (income per TH) on each of their BTC contracts (for example) is the same, because the fees are constant. Only the ROI slightly varies, due to the difference in price per TH.

From 0.2 TH (30$) till 2.25Th (375$) - 187 days (theoretically with 0 difficulty increase, which is not happening)
2.5 - 10 TH (349$ / 1400) - 174 days
15 - 200 Th (1950$ - 26000$) - 162 days

Since the fee per TH is constant, if a contract for 30$ gets closed due to lack of profitability, same would happen on the same day with a 26 000 $ opened at the same time.

I should probably show that to their support and tell them that I'm putting my 2000$ for a test period of 2-3 years, and if everything is ok I will trust them with my 400 000 $. I guess scamming them is the only way not to get scammed - they will probably give me cash hoping to steal the bigger bite afterwards Cheesy ...
LongwayUp
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August 15, 2017, 08:12:58 PM
 #557

Glucose, what is in it for me to lie to you?  If GM lost me money I would be pissed as I have about $32000 invested in cash.
pixie85
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August 15, 2017, 09:01:31 PM
 #558

Glucose, what is in it for me to lie to you?  If GM lost me money I would be pissed as I have about $32000 invested in cash.
Allow me to explain Wink

He thinks you're lying because you're a newbie defending a company in a scam accusations thread. All of your 4 posts on the forum are in this thread!
Suspicious, isn't it?

If you really want to defend them do it with a solid proof. A statement from a newbie doesn't mean much here.

LongwayUp
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August 16, 2017, 01:14:08 AM
 #559

I may be a newbie to posting here, but I have been reading this log since I started with GM in January and finally posted about my experience.  as for proof I did post a pic of my hash with GM which now pays .18 BC every two days.
pivix
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August 16, 2017, 01:16:04 AM
 #560

504 Bad Gateway since 5 hours....
Let's hope they don't play hashocean with us :/
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