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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 210245 times)
xaxistech
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September 04, 2017, 07:19:43 PM
 #581

I dont know why people is still investing into cloudmining sites, dont you know that sooner or later they will run out with all your money?
i dont remember the name of one of those websites that was only until it went to scam, i think it closed on 2015-2016 but it was so popular.
It looks like people dont learn from the mistakes, i dont know but some people really like to lose their money... Everyday y login here i see people "suggesting" people to join cloudmining to earn profits..


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peter0425
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September 04, 2017, 07:31:13 PM
 #582

I dont know why people is still investing into cloudmining sites, dont you know that sooner or later they will run out with all your money?
i dont remember the name of one of those websites that was only until it went to scam, i think it closed on 2015-2016 but it was so popular.
It looks like people dont learn from the mistakes, i dont know but some people really like to lose their money... Everyday y login here i see people "suggesting" people to join cloudmining to earn profits..


Because people are stupid enough not to check on where should they put their money. From the very beginning, I suspected that cloudmining is really a scam and I've seen a lot of warnings from fellow members here. But lo and behold, people still fall for this trap and later on cry on the forum because they have been scam by this and that. If they just listen and make their own research before investing into cloudmining like Genesis, this place would be better. But, they only look at the future and counting how much they gonna profit but end up losing.

You referring to this? https://bitcointalk.org/index.php?topic=843417.0

bitch_coin
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September 28, 2017, 06:07:31 PM
 #583

I "invested" with Genesis and have started receiving payouts. It may or may not break even. But I did it with the right expectations.

It's unfair to call it a scam if you can't prove that there was any fraud. It will likely just be a poor investment. At least from what I see, this is the most transparent company out there, and is the "least worst" one in my opinion.

People buying these contracts should be aware that they are essentially gambling and not investing. Cryptos by nature are not true investments - they're not generating actual wealth or productivity, you're just relying on continued demand for the currency to outstrip supply. On top of that you are making a bet about getting paid more than par value on a unsecured loan.
phreeksta
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September 29, 2017, 07:18:27 AM
 #584

I "invested" with Genesis and have started receiving payouts. It may or may not break even. But I did it with the right expectations.

It's unfair to call it a scam if you can't prove that there was any fraud. It will likely just be a poor investment. At least from what I see, this is the most transparent company out there, and is the "least worst" one in my opinion.

People buying these contracts should be aware that they are essentially gambling and not investing. Cryptos by nature are not true investments - they're not generating actual wealth or productivity, you're just relying on continued demand for the currency to outstrip supply. On top of that you are making a bet about getting paid more than par value on a unsecured loan.

Selling a service that, only with a lot of luck, will give you eventually your invested money back after some years ... is scammy. Besides, I think they don't give you the whole actual mined coins. Of course I don't have any proof for that, but the payouts were always a good amount less, then I expected. The reason for that could be not an optimal configuration, or they just keep x % from the mined coins from themselves. Since it is a mining company that should have enough knowledge, how to get the best out of their hardware, I suppose it is the 2nd reason.

Yes, maybe it is not a scam. The subject title is still true - Do NOT INVEST in Genesis Mining. Like you said... it is just a poor investment.
Scallywag
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September 29, 2017, 04:28:10 PM
 #585

Is this still going on ? People don't remember ltc shares ?
I don't understand how you can't do your research and fall for scams like this.
legendbtc
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September 30, 2017, 06:35:31 AM
 #586

I don't know how people will react to my answer because I am getting paid daily from Genesis but of course they are paying very low. I have invested very little amount into Genesis mining but I am allocated my GHS to Dogecoin and they are paying to me on daily basis.

Glucose
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September 30, 2017, 09:19:43 PM
 #587

I "invested" with Genesis and have started receiving payouts. It may or may not break even. But I did it with the right expectations.

It's unfair to call it a scam if you can't prove that there was any fraud. It will likely just be a poor investment. At least from what I see, this is the most transparent company out there, and is the "least worst" one in my opinion.

People buying these contracts should be aware that they are essentially gambling and not investing. Cryptos by nature are not true investments - they're not generating actual wealth or productivity, you're just relying on continued demand for the currency to outstrip supply. On top of that you are making a bet about getting paid more than par value on a unsecured loan.

I can prove it's a fraud. Read first post. You are warned. Got to their thread, go to their facebook. There are hundred of people complaining.

Give your money to them if it pleases you.

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September 30, 2017, 09:21:04 PM
 #588

I don't know how people will react to my answer because I am getting paid daily from Genesis but of course they are paying very low. I have invested very little amount into Genesis mining but I am allocated my GHS to Dogecoin and they are paying to me on daily basis.

Sure they are. Until they aren't because the fee will be higher than your payment.

phreeksta
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October 01, 2017, 06:48:20 PM
 #589

I don't know how people will react to my answer because I am getting paid daily from Genesis but of course they are paying very low. I have invested very little amount into Genesis mining but I am allocated my GHS to Dogecoin and they are paying to me on daily basis.

Well, no one is saying, that he isn't. I also get paid regularly. The point is that the you never get your investment back :-) I would have been better of, just to buy the actual coin, I wanted to mine.
primera
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October 03, 2017, 04:10:35 PM
 #590

All mining offers are scams.
Glucose
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October 03, 2017, 05:05:51 PM
 #591

All mining offers are scams.

I made (little) profit with Hashnest. Don't know if it's still possible right now.

But they are for sure more profitable than GM.

BaD_AcId
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October 04, 2017, 07:16:18 AM
 #592

Hey buddie,you there a answer from the company?

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? 
mptak123
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October 05, 2017, 01:49:37 PM
 #593

I am Genesis Mining VIP customer. Currently there are issues with tickets. It is taking forever to sort them out.
From the bright side everything works just fine for me apart 5 missed payouts in the past.

Since I am with Genesis Mining I almost triple my money so I do recommend to be patient and after all you will get your hashpower plus all missing payouts.
I doubt that they will refund the initial investment.

Recently they posted on their blog that they sorted 100k out of 130k tickets but not my one.
http://blog.genesis-mining.com/september-2017-service-update

Next BTC contracts will avaiable in November most likely. Pre order activate from 31st of October as it states in contract and it was announced before the sale was live.

In my honest opinion this is the best cloud mining company out there and i sincerely advise people to jump in.

Once again it is my personal experience but if you will make up your mind please use my AFFILIATE code which will give You 3% discount from initial investment.

3% promo code: uQtLeP


Also as a VIP client i have 5% discount code but it is not affiliate code so i will give it away once you use my 3% code first.
From my experience it takes about 6 months to ROI(return of investment) but keep in mind that difficulty and price changes all the time.

To follow difficulty changes You can use that link: https://bitcoinwisdom.com/bitcoin/difficulty
Another usefull page is: https://coinmarketcap.com/

Kind regards, ptaq



Razor33
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October 05, 2017, 04:29:10 PM
 #594

I am Genesis Mining VIP customer. Currently there are issues with tickets. It is taking forever to sort them out.
From the bright side everything works just fine for me apart 5 missed payouts in the past.

Since I am with Genesis Mining I almost triple my money so I do recommend to be patient and after all you will get your hashpower plus all missing payouts.
I doubt that they will refund the initial investment.

Recently they posted on their blog that they sorted 100k out of 130k tickets but not my one.
http://blog.genesis-mining.com/september-2017-service-update

Next BTC contracts will avaiable in November most likely. Pre order activate from 31st of October as it states in contract and it was announced before the sale was live.

In my honest opinion this is the best cloud mining company out there and i sincerely advise people to jump in.

Once again it is my personal experience but if you will make up your mind please use my AFFILIATE code which will give You 3% discount from initial investment.

3% promo code: uQtLeP


Also as a VIP client i have 5% discount code but it is not affiliate code so i will give it away once you use my 3% code first.
From my experience it takes about 6 months to ROI(return of investment) but keep in mind that difficulty and price changes all the time.

To follow difficulty changes You can use that link: https://bitcoinwisdom.com/bitcoin/difficulty
Another usefull page is: https://coinmarketcap.com/

Kind regards, ptaq







Activity 1 , and your only post on these forums are with your promo code . And people at this point should trust your " advise to jump in and the 6 months ROI Smiley ?!

Anyways i just invested 24 h ago 104 USD in some ETH and ZCASH 2 years mining contracts 1 x 25 H/s equihash for USD 46.55 + 2 MH/s   dagger-hashimoto USD 58.20
Knowing this is a total gamble and without following none advice and i know may not see the money back !
Atm at payouts i can't see anything mined yet not even at " MY PENDING BALANCE OF PAYOUTS (PAID WITH CREDIT CARD) "
I hope after these two years i will get back at least half from what i invested to not loose all, and with some luck (since lets admit is a gamble) get 10-20 % more.

I will try to update you guys every month and tell you how is going so you can make an idea if is worth or not Wink
Best of luck with your cloud mining sites as well !
Raz
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October 05, 2017, 10:23:58 PM
 #595

If Mining were profitable then they would mine for their own benefit. That's why they don't.

Since new hardware is consistently making older hardware obsolete at a faster and faster rate and everyone is jumping on the mining band wagon increasing the coin's net hashrate thus increasing the difficulty thus decreasing the payout proffitability. This is why mining contracts are born.

Equihash is now the new victim of genesis mining. Zcash's net hash for instance used to average around 275-330 mh/s for the past 3 months or so, now in the last week it is closer to 475-550mh/s, almost doubling the nethash rate and effectively halving the profitability through increased difficulty, thanks to Nvidia pumping out sub par 1060 3gb mining cards to genesis mining.

Genesis mining would not be profitable mining at these hashrates as their ROI will probably be 1+ year with the current hardware/ hash rate/ and price of the coin, and as more people jump into mining that will most likely get worse if the price doesn't jump up, and the hype is dying down so it most likely will not. so what to do? Sell contracts. Make profit at someone else's risk.

Morons buy contracts. The world is full of morons.

Its far more profitable to just buy what coins you want when you want them with real cash. Even High Risk HYIP, pyramid scams are better than mining contracts. Especially when you start a Youtube channel promoting them with a link to your "team affiliate link".

proof of stake really looks like the future of coin feasibility and profitability.

Enter hate response below  Wink
Razor33
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October 05, 2017, 11:12:49 PM
 #596

If Mining were profitable then they would mine for their own benefit. That's why they don't.

Since new hardware is consistently making older hardware obsolete at a faster and faster rate and everyone is jumping on the mining band wagon increasing the coin's net hashrate thus increasing the difficulty thus decreasing the payout proffitability. This is why mining contracts are born.

Equihash is now the new victim of genesis mining. Zcash's net hash for instance used to average around 275-330 mh/s for the past 3 months or so, now in the last week it is closer to 475-550mh/s, almost doubling the nethash rate and effectively halving the profitability through increased difficulty, thanks to Nvidia pumping out sub par 1060 3gb mining cards to genesis mining.

Genesis mining would not be profitable mining at these hashrates as their ROI will probably be 1+ year with the current hardware/ hash rate/ and price of the coin, and as more people jump into mining that will most likely get worse if the price doesn't jump up, and the hype is dying down so it most likely will not. so what to do? Sell contracts. Make profit at someone else's risk.

Morons buy contracts. The world is full of morons.

Its far more profitable to just buy what coins you want when you want them with real cash. Even High Risk HYIP, pyramid scams are better than mining contracts. Especially when you start a Youtube channel promoting them with a link to your "team affiliate link".

proof of stake really looks like the future of coin feasibility and profitability.

Enter hate response below  Wink

I don't think is fair or polite to call people who invest in such contracts " morons " especially if they admit they know the risk they take same as i did.
I mostly did this as an experiment not only for me but also for the forum and for my friends and report the looses / winnings every month or so.

By the way , small update more than 36 hours passed now after i brought the 2 contracts and no payout yet !
matey1111
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October 06, 2017, 12:05:32 AM
 #597

its not impolite to call it as it is, if you take offense that's your fault.

Enter hate response below
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October 06, 2017, 06:17:13 AM
 #598

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.
phreeksta
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October 06, 2017, 07:44:13 AM
 #599

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.

It is just a terrible investment, because you never get your money back, not even in 3 years. The better way is just to buy the coins you want to mine. If someone is serious about mining, he should build / buy an own mining rig. Like I said, I don't trust Genesis sending me ALL mined coins. The amount of coins I got, looked a little bit small for the mining power I own.
matey1111
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October 06, 2017, 08:43:41 AM
 #600

I've been with Genesis starting January, the missing payouts have been made up and paid, from what I can tell they are up to date, my strategy has been to invest and take only a little payout and reinvest the rest.  I think some people on this site that complain invest just a little and then don't get payout everyday and i think that is a mistake Genesis makes when making contracts available for just a few hundred $, it takes tens of thousands to get started and then one must reinvest perhaps 80% to keep the income coming.

It is just a terrible investment, because you never get your money back, not even in 3 years. The better way is just to buy the coins you want to mine. If someone is serious about mining, he should build / buy an own mining rig. Like I said, I don't trust Genesis sending me ALL mined coins. The amount of coins I got, looked a little bit small for the mining power I own.

If you do build a mining rig, make sure you use gaming gpu's as they will have resale value after home mining becomes unprofitable.
Those mining cards may be a little cheaper but have a 30 day warranty vs gaming cards 2-3 years, it helps the resale.

Another good way to profit from coins are POS coins. Mining was fine for peer to peer decentralization, but now that its become a corporate centralized mining operation pushing out the at home mining peers that started it all, mining is going to die eventually.
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