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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 227585 times)
gollumist
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February 11, 2016, 07:44:51 AM
 #61


It is a good deal, because you will just lose 10% Smiley

NOT!!! This is not a deal - this is pure SCAM!!!
To have good deal - both parties should be happy with their profit! genesis mining, from the very beginning, obviously knew that they will scam everybody who invest. Those people should go into the prison instead of Bitcoin Conferences explaining how "profitable" is their cloud mining and thus catching new customers .....
Actually, the organizer of those conferences becomes their accessories and also are guilty for this SCAM!!!
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February 11, 2016, 08:25:21 AM
 #62

As far as I can tell they seem to be a reputable company with decent ish service. That being said, chances are you will NEVER ROI. It's very simple logic behind this.

If you can mine for a good profit, why would you sell this to users at less than what you can make with it? They are out to make money, not give it to you for free to be good people.


They accept credit card payments, bank transfers etc. This is handy for people just getting involved with the currencies involved. Spending BTC thinking you're going to magically make more money is well... stupid really...


Worst I've heard about them (and seen with my own experience) is they don't ROI. Especially if you pay with BTC.

For people new to the market, it is a good way if you want to get involved with mining and get a feel for various coins and not outright buy them in an exchange. It helps add more subsitnance to the crypto market as a whole. This is FAR from a scam. Good business practices?(for them). Sure. Bad investment for your BTC? Sure. Scam? How? Have they stolen your money? Support gone AWOL? Not giving you a decent ROI is far from a scam, all this information on what happens on your account is stated in the agreements.. I like many people learned the hard way by not reading first before purchasing. Everything from their return policies and what happens when it's no longer profitable is easy to find on their site..

That said, I wouldn't ever purchase again, but wouldn't go as far as to say it's a scam just because I got burned by not doing my research and reading agreements I was signing with a legally licensed corporate entity.

Come on. Hardly a scam.
creuz
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February 11, 2016, 10:39:45 AM
 #63

Why is it a SCAM ? Easy : they sell hashrate they don't have. They always refused to provide blocks found stats, something every honest pool does :
https://www.antpool.com/poolStats.htm
https://btcdig.com/stats/blocks/
http://eligius.st/~gateway/stats/recent-blocks
etc

Every pool not aiming noobs do it. It is the first thing you must provide when you pretend to mine cryptocurrencies. It has no technical difficulty and it does not compromise the security. They always refused to do it because they are dishonnest.

I can sell hashrate too without providing proof, and best of all, I'm able to pay more than GM lol. I would steal you but not a lot, I promise 99% ROI (1% is ok I'm not greedy  Grin ).

It is a SCAM.
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February 11, 2016, 10:55:43 AM
 #64

Before I joined Genesis mining, I tried to read reviews and advice on how to spot a genuine cloud mining company. The reviews were very positive about Genesis mining and even some went ahead to state how Genesis have their own mining equipment. Genesis also posts pictures on social media showing how they have expanded their mining equipment. Unfortunately, all these seem to be fallacy. After depositing more than 2 btc six months ago, all am getting now is just 4000 satoshi as payouts. Sometimes they don't even come.
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February 11, 2016, 05:46:25 PM
 #65

As far as I can tell they seem to be a reputable company with decent ish service. That being said, chances are you will NEVER ROI. It's very simple logic behind this.

If you can mine for a good profit, why would you sell this to users at less than what you can make with it? They are out to make money, not give it to you for free to be good people.


They accept credit card payments, bank transfers etc. This is handy for people just getting involved with the currencies involved. Spending BTC thinking you're going to magically make more money is well... stupid really...


Worst I've heard about them (and seen with my own experience) is they don't ROI. Especially if you pay with BTC.

For people new to the market, it is a good way if you want to get involved with mining and get a feel for various coins and not outright buy them in an exchange. It helps add more subsitnance to the crypto market as a whole. This is FAR from a scam. Good business practices?(for them). Sure. Bad investment for your BTC? Sure. Scam? How? Have they stolen your money? Support gone AWOL? Not giving you a decent ROI is far from a scam, all this information on what happens on your account is stated in the agreements.. I like many people learned the hard way by not reading first before purchasing. Everything from their return policies and what happens when it's no longer profitable is easy to find on their site..

That said, I wouldn't ever purchase again, but wouldn't go as far as to say it's a scam just because I got burned by not doing my research and reading agreements I was signing with a legally licensed corporate entity.

Come on. Hardly a scam.

So what ? Because customers are newbie and don't read all the lines of the contracts they are the one to blame ? That's just bad faith.

You can't defend a company who just sell dream and scam their customers. You can't get back what you pay them : that's all we need to say it is a scam.

 It's like if I tell you "Send me 2 btc, I will send you back 1 BTC". That's exactly what they are doing except they are saying "Hey give us 2 BTC, we have webseminar, we are so cool, we will give you the best profit, we have a nice website, we have so much transparency (lie!), we mine in Iceland, etc.."

As I already said to their defenders on the thread : They are NOT selling a "get involved in crypto market and discover what bitcoin and mining is" contract. They are selling mining contract and they tell you you will ROI, which is just a huge lie !

Why wouldn't they do it for themself only ? Because when you pay them you capitalize in their company ; you allow them to build a mining facility with LOWER cost and buy A LOT of miners for LOWER prices (and put these mining farms in Iceland so they can reduce costs & negociate a huge contract with their electricity provider).

That's why they need customers and are selling this service. It is supposed to be a win-win situation.

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February 11, 2016, 06:54:39 PM
 #66

As far as I can tell they seem to be a reputable company with decent ish service. That being said, chances are you will NEVER ROI. It's very simple logic behind this.

If you can mine for a good profit, why would you sell this to users at less than what you can make with it? They are out to make money, not give it to you for free to be good people.


They accept credit card payments, bank transfers etc. This is handy for people just getting involved with the currencies involved. Spending BTC thinking you're going to magically make more money is well... stupid really...


Worst I've heard about them (and seen with my own experience) is they don't ROI. Especially if you pay with BTC.

For people new to the market, it is a good way if you want to get involved with mining and get a feel for various coins and not outright buy them in an exchange. It helps add more subsitnance to the crypto market as a whole. This is FAR from a scam. Good business practices?(for them). Sure. Bad investment for your BTC? Sure. Scam? How? Have they stolen your money? Support gone AWOL? Not giving you a decent ROI is far from a scam, all this information on what happens on your account is stated in the agreements.. I like many people learned the hard way by not reading first before purchasing. Everything from their return policies and what happens when it's no longer profitable is easy to find on their site..

That said, I wouldn't ever purchase again, but wouldn't go as far as to say it's a scam just because I got burned by not doing my research and reading agreements I was signing with a legally licensed corporate entity.

Come on. Hardly a scam.

So what ? Because customers are newbie and don't read all the lines of the contracts they are the one to blame ? That's just bad faith.

You can't defend a company who just sell dream and scam their customers. You can't get back what you pay them : that's all we need to say it is a scam.

 It's like if I tell you "Send me 2 btc, I will send you back 1 BTC". That's exactly what they are doing except they are saying "Hey give us 2 BTC, we have webseminar, we are so cool, we will give you the best profit, we have a nice website, we have so much transparency (lie!), we mine in Iceland, etc.."

As I already said to their defenders on the thread : They are NOT selling a "get involved in crypto market and discover what bitcoin and mining is" contract. They are selling mining contract and they tell you you will ROI, which is just a huge lie !

Why wouldn't they do it for themself only ? Because when you pay them you capitalize in their company ; you allow them to build a mining facility with LOWER cost and buy A LOT of miners for LOWER prices (and put these mining farms in Iceland so they can reduce costs & negociate a huge contract with their electricity provider).

That's why they need customers and are selling this service. It is supposed to be a win-win situation.


So I guess that means I can call antminers a scam company because after power cost, shipping, hardware costs I won't ever break even? Really.. Come on man.

I'm not defending them. I don't know how much of that post you decided to read before belittle me by calling me their white knight...

You show me where they tell you that you will ROI. They explain what the costs are, the refund policies. Between this basic information and the basic information you can get if you use something called a calculator you would easily come to these conclusions.

They sell it to you because they make more off it than they do at mining. Of course your paying for everything and at a hefty price.

If you don't like the service don't pay for it. Not pay for, not reading anything at all, doing zero research, maintaining not a shred of due diligence, then come crying scam when you realized it wasn't a magic piggy bank for you.

You wanna know what happens in most the world when you don't read a contract? People take stuff from your house... How is that bad faith... If you sign a contract, especially a legally binding one you should sure as hell know what is says. Don't give me some cop out excuse that some newbie with bitcoins isn't capable of reading a contract. Just because they don't know much about bitcoins makes them unable to read or write? Or think? If you told me to give you anything I'd laugh. Even if I considered something as ridiculous I would do my research. Wanna know why? Because I've been burned before. Big difference is I didn't come here and cry about it because I didn't do research and read contracts.

Final thought: No they are selling the service to make money, NOT to be your friend or care bear pal.
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February 11, 2016, 08:23:11 PM
 #67

So I guess that means I can call antminers a scam company because after power cost, shipping, hardware costs I won't ever break even? Really.. Come on man.

When you buy hardware to Antminers, you receive the hardware you paid.

Now you buy HASHRATE to Genesis Mining but do you really get it ? How do you know you really paid for a share on a real machine doing real hashing ? You can't because GM refuse to show their stats. I can sell you hashrate dude, I told you, if you don't ask me for proof I CAN BE THE WORLD BIGGEST HASHRATE PROVIDER with the best ROI. Gimme your BTC you will receive your payouts everyday as long as...
I can offer a certified 99% ROI, because I'm less greedy than Marco Streng Smiley
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February 11, 2016, 08:32:54 PM
 #68

Final thought: No they are selling the service to make money, NOT to be your friend or care bear pal.

You don't get it, once again. They are a SCAM not because they are not profitable but because they don't sell what you paid for. In fact they sell you nothing, wind, ghost... do you understand ? You pay for nothing, your contribution does not even increase the global hashrate, you contribution is nothing, the hashrate IS NOT. Do you understand or are you a cultist ?

If you satisfy to pay for a non service, I tell you once again, I can provide you as many TH/s even PH/s you want and can guarantee 99% ROI. If there are people like you then tell me, I will start my business tomorrow Smiley
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February 11, 2016, 08:38:41 PM
 #69

This is a SCAM Smiley

"This parrot is no more. It has ceased to be!"
https://www.youtube.com/watch?v=npjOSLCR2hE

Genesis Mining sells you dead hashrate...
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February 11, 2016, 09:35:45 PM
 #70

You really have to be careful when you encounter a website that takes your money and promise a big turn. These are 100% scams. Buying Bitcoin hardware is legitimate and can generate real Bitcoin if you access to cheap/free electricity. All of these "cloud miners" are scams.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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February 11, 2016, 11:24:57 PM
 #71

Tanks about your information

All we must disclose the information on the Internet for new members information. I will continue to disseminate the results of my shameful investment so far in Genesis Mining

This is my shameful investment:

https://docs.google.com/spreadsheets/d/1OJYGXuIUpFc7OeXxYGv5NNNfi_hjjQ4mLvYwN8OcNbc/edit?usp=sharing

https://docs.google.com/spreadsheets/d/1qjim7imD6CLBts66u_68prRKoGsoxN1kfMyL_apR_EM/edit?usp=sharing

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February 14, 2016, 01:46:07 PM
 #72

genesis claims to have a main agent in HK, i am gonna try finding them if they are actually mining for us.
i am gonna figure out that if they are ponzi.

Genesis Mining's Hong Kong address that can be found in their mailing list:

Genesis Mining Ltd., 3-7A Prat Avenue, Tsim Sha Tsui, Kowloon, Hong Kong

1Cr9iLWm2dSGH8259VQd2wDzpkR63jGVjW
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February 16, 2016, 08:12:11 AM
 #73

Genesis Mining now tries to attract new customers with Ethereum :

1) Price is way too high.
2) You will not ROI
3) It seems really convenient Ether mining, which was "sold out" for monthes, if for sell again now that price is skyrocketing.

Right now its not worth to buy Ethereum Cloud Mining from Genesis Mining as cost is quite high
 
1 MH/s cost USD 44 for one year

if you see this ether calculator

http://badmofo.github.io/ethereum-mining-calculator/

Month    0.991780    $5.14

you will generate this amount ..

so you need 9 month to get ROI ..so which is not worth to buy it right now as per the price rate ..

Once it lower you can decide ..




Wow, those prices have skyrocketed.  I know ether has gone up recently on the exchanges, but Genesis has really gotten greedy here in a SHORT time.  Just 2 weeks ago it was 1799.00 for 1 year of mining and now its 4400.00.  Thats pretty rough.  What makes it even less of a value is the difficulty has also gotten a bit harder, so that 100 MH at one year isnt even paying off like it was because everyone is jumping on the Ether bandwagon.  Buyer beware on this deal.


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February 20, 2016, 01:26:46 AM
 #74

This is my first time posting to a board but I figured after reading the thread I wanted to contribute my horrible experience with Genesis-Mining. I have several contracts with GM, to which I will post what they are with the daily fee: 6TH/s@.0015, 150TH/s@.00112, and 3TH/s@.00079.

When I purchased the 150TH/s I had several email conversations with Marco Streng and Jakov Dolic. Both were easily accessible as they had a pretty fast response time regarding my dealings with them. Even after some technical issues of payments not quite up to where they needed due to an error in input of daily fees on their part, the situation was corrected within 24 hours and payments were brought up to the proper balance. I have always received my daily payment at some point during the day, but I continually price checked with bitwisdom.com just to be on the safe side. I recently found my payments had gone to a daily payout of .03USD per day. After I checked the math with bitwisdom.com (to which Marco Streng and Jakov Dolic previously stated in an email was used to get an idea of my payments), I noticed my payments should have been closer to approximately 40.00USD (do to the difficulty level as it is).

After several attempts to contact Jakov and Marco by email as I had previously done, I was left to contact the customer service email on their site. After several emails of explaining why my fee schedule was wrong on their site and supporting my claim with my contracts I had stating otherwise, I am still left with my third day of non-payment. I was also informed that Jakov and Marco are just too busy to be able to have a conversation with me by email to clear up this problem.

The most recent IT email stated:

            "I have contacted Jakov regarind your orders as I see some of them are not profitable. 150+3TH (profitable)
           
            Best regards,
            Carlos
            Genesis-Mining

I'm at the point now that I'm pretty sure my payments will not be brought to the balance they should be at and can't get anyone to answer me why all contract fee structures are not adjusted to the new USD .00055 per GH/s, as stated on their new contracts. It was my understanding that the fee was to cover daily costs, maintenance, upgrades, etc. Genesis-Mining also has not told me if they are shutting down my rigs that have the above stated number of hash power, nor have they stated how much will be reimbursed to me after the 20 days of non payment as per Section 4 of the Mining Contracts.

I feel like this business that has gone out of it's way to be "transparent" and use its webinars to show how above they are of the scam nature Bitcoin cloud mining can be, is not doing a very good job of being ethical with their customers, let alone not breach the contracts they have with them. If anyone is interested I will post my updates with this company, good or bad, and if no one is interested then spend your money/BTC however you want. That being said, if there is nothing but positive that comes out of this interaction with GM I will be more than happy to sing their praises and recommend their services to anyone that will listen. Until then, HOLD YOUR MONEY/BTC and stay away from this company...thanks for the vent session everyone.
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February 20, 2016, 02:19:23 PM
 #75

I am a customer - i've only just purchased small amounts. This is because i had some bad experience with other cloud mining.

Genesis mining seemed like they were legit - but I believe that they have some kind of formula of the illusion of true payouts. When there is some kind of increase in difficulty i believe they dramatically reduce payouts which are arbitrary.

When i see the story about someone here that had many THash of contracts and they should have been paying 40 dollars or more a day but paid 0.3 cents - this is something very familiar. It shows how they make use of changes in the difficulty to end it and they just pay some random nominal amount.

Mining a pool has a "luck" factor. Which means payouts vary, and sure Genesis do vary payouts - but the variance is not like what you see when you really mine with your own hardware. Even the very large pools have very lucky and very unlucky days. I make sooooooo much more per day from my 50ghash tiny mining setup than from my 500+ghash with Gensis.

Now the price has gone up on the BTC market over the last days and this is in no way reflected in the payouts - this shows that they don't really use a formula. They have some kind of fake mode to pay customers they have decided to write off using changes in difficulty as an excuse to change their payouts.

Payouts should have maintenance cost vs mined blockrewards, number of blocks shown as a calculation. Even if its just shown as a generic thing we can all use to multiply by our hash-power to figure out what we should get. Their website is atrociously fake, even faker in many ways than zenminer/gawminers "systems" to make cloud mining look legitimate.

I've been very patient, over the last year, because i was mining more for the spirit of maintaining the network of Bitcoin. Now i'm happy to throw in my experience and agree that they have become greedy. Like a gambling site who calculates payouts based on the left-overs they feel like paying out to their gamblers - but they keep a big fat daily reward. Assuming they mine to anywhere close to the scale they should have invested in equipment based on their customers investments. I feel like they have convinced themselves - miners are fools and we just take their money because they wouldn't have ROI'd anyway, so why really buy the miners. Lets just run a simulation and keep their ROI failure as our bet.

There have been short times when difficulty stayed relatively flat, or when ETHer became very lucky as an investment. They capitalise on this to hype up and sell their products. Do yourself a favour, just buy BTC and use markets to buy Altcoins OR mine at home. Learn from all the burned customers that Genesis is a greedy consortium of scammers.
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February 20, 2016, 02:23:42 PM
 #76

Thank you both for posting here. We need this kind of testimonies to spread awareness about Genesis mining. 150TH/s is a lot of money, and I really feel sorry for you Acridian.

It's really a shame, with such a high amount of money invested, that they do not answer you correctly. Unfortunately, in my experience they won't reimburse you anything after the 20 days.

I would be interesed if you could post updates about your situation. Good luck.

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February 22, 2016, 10:01:08 AM
 #77

Question:

Hi, I would like to get my investment back for personal reasons. So I'm requesting my full refund. Thanks for now.

Answer:

Hi,

Unfortunately, it is not possible to carry on any contract cancellations as stated in your signed contract on clause 4.

Best regards,
Jordi
Genesis Mining
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February 22, 2016, 10:35:39 AM
 #78

Thanks for alerting the users in this forum. I almost prepared a plan to invest in genesis mining. I think there's someone who stops me from investing on their site.

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February 22, 2016, 10:50:12 AM
 #79

No solid proof you are actually buying hash rate, or any block discovery. Stay clear until they can provide solid proof about finding blocks or posting general stats.
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February 22, 2016, 11:21:04 AM
 #80

They used to be the only cloud mining company with enough transparency to convince investors.
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