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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 239031 times)
Vashek
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August 16, 2017, 03:16:11 AM
 #561

genesis-mining.com is offline.
Blank screen... Sad
Only this page is available -- http://blog.genesis-mining.com/
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August 16, 2017, 03:23:49 AM
 #562

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.
Maybe now it's easier for you because the Bitcoin price has gone up a lot in recent days... but be aware that mining diff will rise too.
I personally don't recommend any cloud mining website.

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kissmarx
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August 16, 2017, 03:46:02 AM
 #563

Yes I also see genesis website displays blank. No content. Another hacking happened? We better check their twitter updates.

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Vashek
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August 16, 2017, 05:37:01 AM
 #564

Nothing on Twitter or on Facebook
Vashek
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August 16, 2017, 08:11:30 AM
 #565

On Twitter 1 hour ago: Due to technical difficulties our website front-end is still in maintenance mode. We'll be back shortly.

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August 16, 2017, 10:11:28 AM
 #566

Genesis Mining is back online
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August 16, 2017, 12:32:23 PM
 #567

come on, cloud mining is noting but sh*t.
if anyone will find a way to make more money than the renting cost he will do it alone.
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August 25, 2017, 05:31:06 AM
 #568

Last month, August 15, I bought 100 TH's Bitcoin Hashpower for $13,000.  The contract time for purchase expired with only 3 conformations.  I've logged in and emailed Genesis-Mining twice since the 15th concerning the expired purchase but have not received a reply or acknowledgement of my purchase or refund in my account with them.

I did receive acknowledgement from the person I used to get a 3% discount that said:

"We received your (my) form and the information match with a recent order that went through.  However since this was an order of more than 50 TH/s we will need to get the invoice issued by Genesis Mining."

I noticed today that Genesis-Mining no longer offers Bitcoin Hashpower for sale.  It appears to me that they've pocketed my funds and left me out in the cold. 

Any suggestions on how I can get a response and refund from Genesis-Mining? 
perico2
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August 27, 2017, 07:38:54 PM
 #569

Currently it's profitable for 1 TH/s you pay 0.28$/day in fees but you mine at current prices and difficulty 1.26$/day. This is equivalent to a 22% pool fee.

Revenue in one year you would make about 0.08 BTC at current difficulty and price, if difficulty doubles, wich will do and price too you would make about 0.04-0.06 BTC.

To buy 1 TH/s from GM you would invest like 150$ (small contracts) or more like 130$ (big contracts) so at current prices: 0,035 BTC/TH/s

Return (supose contract discontinued after 1 year):

- Scenary cataclistic: You generate only half bitcions that invested because mining is discontinued before end of year: (0,017BTC/0,035BTC) -1 = -61% in bitcoins

- Scenary pesimist (high diff/price): return = (0,04BTC/0,035BTC) -1 = 14% in bitcoins.

- Scenary optimist (low increase in diff/price):  return = (0,06BTC/0,035BTC) -1 = 71% in bitcoins.

Assume equal probability of 3 scenarios the spected return in bitcoins: 8% in bitcoins.

Not bad you are buying bitcoins at 8% discount.

Reinvesting can change everithing because you go reducing your mean adquisition cost...
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August 27, 2017, 07:44:18 PM
 #570

Cloud mining is always a risky business.

Keeping currencies in offline wallet is better. Buy and forget if you want to join cloud mining.

Do not expect a magic band from GM or another brand...
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August 27, 2017, 08:23:34 PM
 #571

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

speaking of hashocean , genesis mining won't close like hashocean cause hashocean was a pure ponzi and you were able to ROI in like 7 months as I remember
but in genesis you will never ROI , so they are making tons of money from their customers and the only losers are customers that have no referrals at genesis mining

they won't close cause they are making a lot of money , but that doesn't make them a good site to invest in

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August 27, 2017, 09:31:09 PM
 #572

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

speaking of hashocean , genesis mining won't close like hashocean cause hashocean was a pure ponzi and you were able to ROI in like 7 months as I remember
but in genesis you will never ROI , so they are making tons of money from their customers and the only losers are customers that have no referrals at genesis mining

they won't close cause they are making a lot of money , but that doesn't make them a good site to invest in

So if the business runs on referrals, isn't it a kinda ponzi?

No referrals, no earning.
LongwayUp
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August 28, 2017, 05:30:09 PM
 #573

I'm hoping we will get another update from BTCDream
gobi77
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August 28, 2017, 08:03:50 PM
 #574

It has nearly been a month and still no payment from them.
LongwayUp
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August 29, 2017, 05:40:37 AM
 #575

@gobi77 how much did you invest and what did you expect in return?
phreeksta
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August 30, 2017, 11:42:59 AM
 #576

I invested in this one also in the past. I wouldn't call it necessarily a scam ... I get my regularly payouts ...but it seems less, then expected (so maybe a "half scam"). One thing is for sure... it is a horrible investment .. if you invest, you will loose money, that is for sure.
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August 30, 2017, 04:49:49 PM
 #577

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

speaking of hashocean , genesis mining won't close like hashocean cause hashocean was a pure ponzi and you were able to ROI in like 7 months as I remember
but in genesis you will never ROI , so they are making tons of money from their customers and the only losers are customers that have no referrals at genesis mining

they won't close cause they are making a lot of money , but that doesn't make them a good site to invest in

So if the business runs on referrals, isn't it a kinda ponzi?

No referrals, no earning.

not sure if we can call it a ponzi , it's not like that their whole system depends on new sales
the catch is that their contracts and fees aren't good , so it's almost impossible to even break even in genesis-mining ( speaking for crypto rates not USD )
so people who promote the site have a huge benefit since they are getting free hashes without investing money , that's why you don't see affiliate complain

but for normal users I wouldn't recommend investing a penny in GM

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September 02, 2017, 05:32:33 PM
 #578

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

speaking of hashocean , genesis mining won't close like hashocean cause hashocean was a pure ponzi and you were able to ROI in like 7 months as I remember
but in genesis you will never ROI , so they are making tons of money from their customers and the only losers are customers that have no referrals at genesis mining

they won't close cause they are making a lot of money , but that doesn't make them a good site to invest in

So if the business runs on referrals, isn't it a kinda ponzi?

No referrals, no earning.

that's the prime definition of ponzi. a product that can't stay alive without more money/people flowing in

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September 03, 2017, 03:55:43 AM
 #579

Cloud mining is there for a reason - only to make profit. Genesis isn't that stupid to 'lease' their equipment and mining hash rates to you for a cheaper price than they would be able to make. The money they make off you will forever be more than you will ever make through any profit. If they want to make a change, they will do just that through their terms and conditions. If you want to mine bitcoins, do it yourself - don't ever count or invest in an online cloud mining service.

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September 04, 2017, 07:12:25 PM
 #580

A good reddit post about Genesis Mining's scam :

https://www.reddit.com/r/Bitcoin/comments/5tz011/guys_please_read_this_before_investing_your_money/

Just a reminder : Feel free to give them a negative feedback

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