Bitcoin Forum
January 21, 2019, 08:33:36 AM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 [37] 38 »
  Print  
Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 240674 times)
BitcoinNewsMagazine
Legendary
*
Offline Offline

Activity: 1400
Merit: 1050



View Profile WWW
July 23, 2018, 09:00:40 PM
Last edit: July 23, 2018, 10:28:37 PM by BitcoinNewsMagazine
 #721

I used to never consider Genesis Mining a scam; just a very bad investment that would never ROI. Reading the latest posts gives me pause.

Consider that Genesis Mining is selling one TH/s of bitcoin cloud mining for $285! Only someone who just fell off the banana boat would pay that much.

Right now pool.viabtc.com is selling one TH/s of hosted S9 bitcoin mining for $79. Mining starts this August 1. Big difference eh? They also have an internal market where you can sell your TH/s to buyers if you choose. Once you buy at Genesis Mining there is no option to sell.


1548059616
Hero Member
*
Offline Offline

Posts: 1548059616

View Profile Personal Message (Offline)

Ignore
1548059616
Reply with quote  #2

1548059616
Report to moderator
1548059616
Hero Member
*
Offline Offline

Posts: 1548059616

View Profile Personal Message (Offline)

Ignore
1548059616
Reply with quote  #2

1548059616
Report to moderator
1548059616
Hero Member
*
Offline Offline

Posts: 1548059616

View Profile Personal Message (Offline)

Ignore
1548059616
Reply with quote  #2

1548059616
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1548059616
Hero Member
*
Offline Offline

Posts: 1548059616

View Profile Personal Message (Offline)

Ignore
1548059616
Reply with quote  #2

1548059616
Report to moderator
Rindertiger
Newbie
*
Offline Offline

Activity: 14
Merit: 1


View Profile
July 24, 2018, 04:22:23 PM
Last edit: December 05, 2018, 11:05:53 PM by Rindertiger
 #722

Finally Genesis still exists while Hashflare, wich claimed to be a competitor, exit-scammed. Genesis seems to have a much better basis of operation like costs and strategies. Hard to imagine it's a scam, running for so many years and I also saw videos of the miners.
Genesis is a reputated company, the CEO has met many mining conferences repeatedly and showed trust. It's always important to know the people behind a project, if they hide it's most likely a scam. In Genesis a transparent team is public and this only shows about Genesis are no scammers, because if they are scammers, law will catch them and bring to jail. There is no safer cloudminer because Genesis is market leader.
BitcoinNewsMagazine
Legendary
*
Offline Offline

Activity: 1400
Merit: 1050



View Profile WWW
July 24, 2018, 04:41:07 PM
 #723

Finally Genesis still exists while Hashflare, wich claimed to be a competitor, exit-scamed. Genesis seems to have a much better basis of operation like costs and strategies. Hard to imagine it's a scam, running for so many years and I also saw videos of the miners.

Are you shilling for GM? They are proven to be a poor investment all that matters. If you have to scratch an itch for mining buy some GPUs and mine at home. This guide might help.

tmfp
Legendary
*
Offline Offline

Activity: 1330
Merit: 1213


MLM: Many Layers of Misery


View Profile
July 24, 2018, 04:44:30 PM
Merited by suchmoon (7), BitcoinNewsMagazine (2)
 #724

Hard to imagine it's a scam, running for so many years and I also saw videos of the miners.

Not at all. It's a perfect example of how a successful slow burn Ponzi would operate, the crypto version of Bernie Madoff.

1) There is "proof" of real activity, i.e. the vids to which you refer but it is impossible to know, and you bet Genesis would never allow it to be known, how much hash they have sold against how much hash they actually have.

2) Non refundable cash purchases of contracts, with repayments/ROI at the complete discretion of Genesis and the demon "void if unprofitable" clause in the contract. "Unprofitable" according to Genesis solely.

3) A "good reputation" and trust because everyone knows who Marco Streng is, means premium+ prices are paid for hash. Why should they bother to buy their own equipment? Just sub contract it.

Extraordinary Claims require Extraordinary Evidence
Rogerdale
Sr. Member
****
Offline Offline

Activity: 700
Merit: 330


View Profile
July 24, 2018, 04:55:45 PM
 #725

Finally Genesis still exists while Hashflare, wich claimed to be a competitor, exit-scamed. Genesis seems to have a much better basis of operation like costs and strategies. Hard to imagine it's a scam, running for so many years and I also saw videos of the miners.

Have you seen prices for GM SHA256 contracts? They are joke, not profitable at all. It is a pure loss of money.

Hashflare has not really exit-scammed but rather was kicked out of the market because of poor business model and inability to decrease maintenance costs.
suchmoon
Legendary
*
Offline Offline

Activity: 1834
Merit: 2394


takav mrak


View Profile
July 24, 2018, 04:57:11 PM
 #726

Finally Genesis still exists while Hashflare, wich claimed to be a competitor, exit-scamed. Genesis seems to have a much better basis of operation like costs and strategies. Hard to imagine it's a scam, running for so many years and I also saw videos of the miners.

If they pay out less than you paid for the "miners" then they can continue indefinitely. Doesn't make them not a scam though.

ronnieb
Newbie
*
Offline Offline

Activity: 72
Merit: 0


View Profile
August 17, 2018, 07:37:02 PM
 #727

bump. still a scam.
suchmoon
Legendary
*
Offline Offline

Activity: 1834
Merit: 2394


takav mrak


View Profile
August 17, 2018, 08:51:22 PM
 #728

I wonder what happened to this moron:

Total Hashpower = 5920Th  Total $$$ = $711,672.00

That was ~300 BTC at the time.

paddy10tellys
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile
August 30, 2018, 02:03:10 PM
 #729

How come the SHA-256 hashpower was active and paid out on the 6th & 7th of August when the price of bitcoin was lower than it was on the 28th & 29th of August?

I asked GM to justify not restarting the hashpower on the 28th & 29th of August.

They arbitrarily decided to start the 60 day countdown from the 8th of August, it seems.

I believe that GM have no intention of restarting the hashpower because they actually intend to defraud me & others.

They do not adequately explain or justify how decisions to cease hashpower are actually made, anywhere on the GM site.

The maintenance fee can be anything GM say it is... this constitutes an unfair contract.

GM have consistently evaded answering my justified & reasonable enquiries.

If my costly contract is cancelled by GM after just a few months I am going to complain to the criminal justice systems in Hong Kong, the UK & I will instruct my solicitor to initiate proceedings against Genesis Mining.

Evasive, generic replies from Genesis Mining representatives will simply not do...

Anyone know of current or intended class actions against GM?
tmfp
Legendary
*
Offline Offline

Activity: 1330
Merit: 1213


MLM: Many Layers of Misery


View Profile
August 30, 2018, 03:29:46 PM
 #730

I wonder what happened to this moron:

Total Hashpower = 5920Th  Total $$$ = $711,672.00

That was ~300 BTC at the time.

Probably getting on for ~500 in total spend, as he started buying Genesis contracts in January? 17.
I see his Twitter stopped in August 17, not long after his posting here ceased, with an indication that he was bullish about PIVX.

I hope he found time to waste some of his Genesis riches on hookers and blow, PIVX has had a pretty shit year since.





GM have consistently evaded answering my justified & reasonable enquiries.

If my costly contract is cancelled by GM after just a few months I am going to complain to the criminal justice systems in Hong Kong, the UK & I will instruct my solicitor to initiate proceedings against Genesis Mining.

Evasive, generic replies from Genesis Mining representatives will simply not do...

Anyone know of current or intended class actions against GM?

Good luck, it would be interesting to read a barrister's estimation of your chances of success.

Extraordinary Claims require Extraordinary Evidence
paddy10tellys
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile
August 31, 2018, 12:26:03 PM
 #731

@tmfp thanks for reading & replying:
Quote
Good luck, it would be interesting to read a barrister's estimation of your chances of success.


Is that pessimism or encouragement? Are you legally savvy? What do you know, if I might ask? GM are untouchable? Is that your view?

NB I already know that I am foolish to have trusted GM, before you remind me.

However, mis-selling to fools is much worse than simply being the fool so blaming the victim doesn't add much...

There have other examples where gullible/careless/morons have eventually received compensation such as after payment protection insurance mis-selling.




maceraci1981
Newbie
*
Offline Offline

Activity: 109
Merit: 0


View Profile WWW
September 21, 2018, 09:07:07 PM
 #732

After months of torture, they partly paid me missing ETH (50% "maybe" not for sure!)... I converted my all contracts into DOGE 20 days ago. They paid me regularly 424 doge everyday. Then again classical Genesis Mining move. Now my payout is 182 DOGE without any explanation...
GymClassHeroes
Jr. Member
*
Offline Offline

Activity: 140
Merit: 1

quarkchain.io


View Profile
September 21, 2018, 09:17:39 PM
 #733

I personally got frustrated with Genesis mining when they sent me a mail that I will need to upgrade my contract with the new Radiant 5 year contract (285$) for a little discount, I wonder what the happens to the hard wares that were purchased for the contracts, maybe it is a ponzi scheme afterall
Glucose
Hero Member
*****
Offline Offline

Activity: 859
Merit: 1001



View Profile
September 24, 2018, 03:48:33 PM
 #734

This is a strong accusation.Many of my friends are invested in that mining company and they don't have any complaints. Maybe there are miscommunication. As far as I know too,  the CEO of Genesis is active in every blockchain conferences.

Yeah. And it's a shame he is still active and accepted there

ZenDawgg
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile
November 01, 2018, 02:13:50 PM
 #735

I will not give them one more penny.  They cancelled my 2 year contracts only 1 year into them.  They then insult me by asking me to give them more money to upgrade to then newest technology.   I would have to pay almost the same amount of my original contracts.

I guess I'm lucky where it was only $1,500 but others have lost a lot more than that.

Go to their twitter feed and read through all of the comments on some of their tweets.  You'll get an idea of how upset a lot of their customers are...
Glucose
Hero Member
*****
Offline Offline

Activity: 859
Merit: 1001



View Profile
December 05, 2018, 07:43:44 PM
 #736

I will not give them one more penny.  They cancelled my 2 year contracts only 1 year into them.  They then insult me by asking me to give them more money to upgrade to then newest technology.   I would have to pay almost the same amount of my original contracts.

I guess I'm lucky where it was only $1,500 but others have lost a lot more than that.

Go to their twitter feed and read through all of the comments on some of their tweets.  You'll get an idea of how upset a lot of their customers are...

bump. Still a scam.

xtraelv
Hero Member
*****
Offline Offline

Activity: 588
Merit: 1036


฿ear ride on the rainbow slide


View Profile
December 05, 2018, 09:53:25 PM
Last edit: December 05, 2018, 10:11:11 PM by xtraelv
 #737

Unless you get into mining at the right time with the right equipment, cheap power and know what you are doing it is a really hard game.

Often I've made more crypto selling my miners for bitcoin than from mining itself.

The same applies to mining contracts. Unless you buy at the right time for the right price you won't amke any money and you are better to buy the crypto on an exchange and HODL.

I've done OK in the past with BTC and ETH mining contracts but I would have been better off if I had just bought crypto at the time. The main reason I had a positive return on investment is because I paid with fiat and the value of bitcoin and ethereum increased. I could have bought the same amount of bitcoin or ethereum at the start and kept it in a wallet with roughly the same results and less risk.

There was quite some time that Genesis stopped payments and also they increased the minimum amount they would send. At the end when the contract became unsustainable I lost several months worth of dust that they hadn't sent because of their increased minimum transactions. Overall it was a poor investment.


But there are other reasons than just profit to buy mining contracts or mining equipment.

1) You can easily buy mining contracts or equipment with a credit card from countries where you cannot buy bitcoin easily.
2) You can buy mining contracts with crypto when it is at its peak hoping that it will hedge against a bear market.
e.g. if you had bought mining contracts with bitcoin at $20K before it plummeted in price  it may have resulted in more bitcoins in return over time.
3) You contribute towards the hashrate to keep the coin network secure.
4) Mining contracts are a cheaper way to mine if your power is too expensive to mine at home / work.


In hindsight I would not have bought mining contracts but just bought more crypto on an exchange.

There are a number of things that work against you when buying mining contracts.
1) Mining hashrate tends to increase so your crypto returns are ever decreasing.
2) When prices increase  - hashrate tends to increase which decreases your return in crypto.
3) When prices decrease - hashrate does not decrease proportionally so your fiat return decreases.
4) You don't own any equipment so you don't have anything to sell at the end (even if it is just scrap value).


Regardless of whether it is a scam or not - I would not recommend mining contracts as an investment (unless you want to contribute towards network hashrate or use it as a hedge).  It is extremely rare that you will do well as an investment from a mining contract.



We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
scanderpot
Newbie
*
Offline Offline

Activity: 49
Merit: 0


View Profile
December 08, 2018, 11:27:38 PM
 #738

The problem today is that the rate is very low. So it's not worth mining at any mining company. I have doubts that only begin to cause harm.
scanderpot
Newbie
*
Offline Offline

Activity: 49
Merit: 0


View Profile
December 08, 2018, 11:29:39 PM
 #739

I will not give them one more penny.  They cancelled my 2 year contracts only 1 year into them.  They then insult me by asking me to give them more money to upgrade to then newest technology.   I would have to pay almost the same amount of my original contracts.

I guess I'm lucky where it was only $1,500 but others have lost a lot more than that.

Go to their twitter feed and read through all of the comments on some of their tweets.  You'll get an idea of how upset a lot of their customers are...

The same thing happens to me at CCGMINER, they sure are thieves
Alabama Therapist
Newbie
*
Offline Offline

Activity: 8
Merit: 0


View Profile
December 10, 2018, 12:27:42 AM
 #740

Hmmmm. I purchased a contract in August 2017 and it paid off very nicely and brought some profit, but I must have been lucky to have catched the tide.
I later thought of buying more contracts but was literally shocked with their price and invested in a few GPUs instead.
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 [37] 38 »
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!