Hi guys,
I'm new here to the forum. I read this thread from the first page to the last page. I, too, was wondering if I could invest on Genesis. I saw the old post there was something about the expiry of contract - 1 year, basically means there is a time limit. I am talking about BTC so I registered an account with Genesis and saw that there are no longer validity of contract anymore. It seems it will mine forever. What do you guys think of it now?
Kind of pissed I'm sure when it comes to a contract with expiry date especially if we don't reach the ROI - We're thinking what the hell are we investing for if we don't reach the ROI when the contract has ended. Should we re-invest? Hello no, of course not right? But now the feature is mining all the time without any validity, do you think it is fair now to invest? But I do wonder why Genesis all of the sudden change its policy from a validity contract to validity-free contract. Why didn't they start the non-validity contract in the first place? That can be very skeptical and raise some concerns, don't you think?
Another thing I want to point out is the BTC price. I read one page in the forum saying 8-9 months of ROI but I don't think this is the case. This is actually debatable. If you guys monitor the price of BTC since Day 1, you will able to see if the investment will be profitable or not. BTC as of last year 2015 lowest was around $200 per BTC and then trending was up as the year goes by till 2016, $300, $400, $500 per BTC. And now we are at January 2017, BTC price is at $900++, and then surpassed the level of $1000+. As I am writing this post at this date, the price is now at $800++ per BTC.
Do you guys see what I am getting at? Buy low then sell high for fast profit. Theoretically, if you guys started investing at $200 era, and sell your BTC this year at $1000, that will be profitable. But I don't think you will get that 8-9 months of ROI if the price is volatile up and down unless the price is exactly constant throughout the time OR the trending is always up.
Let say you started invested during the $1000 per BTC, this wouldn't be profitable as you expected because the price now is still below $1000. I don't think it's fair to see the profit as in dollars of ROI, you should instead see it as how much number BTC the account can produce for you. As for the BTC market price, there is nothing you can do because you are not able to control BTC market price. So the way I see is that you have to accumulate and collect your BTC as much as possible and decide when to sell your BTC at a higher price provided that the BTC market price increases overtime. Otherwise you have to collect more number of BTC to sell at lower price so that you can reach your ROI but I think that would be ages to wait.
People say Genesis is a scam or a Ponzi scheme but still there seems to be a benefit of a doubt because they started the business at a cheap price of BTC. Ponzi scheme usually works and will only benefit the people who started the earliest as long as there are people joining in, and those who joined at a later time will obviously suffer.
Guys, I'm not taking side on Genesis and I am also not against it either. However, there is still a benefit of the doubt to be given. Try open the past BTC charts, and calculate your investment if you were to start on 2015, or way months back of 2016 and see if you are profitable or not.
Plus, you're receiving the BTC via your e-wallet. This is not forex where you are trading against broker/the market or Genesis. At the end of the day, how much BTC you accumulate in your e-wallet is what you're selling later and again you're not selling this BTC to Genesis too - unless you want to reinvest, that would be a different story.
Another thing I want to share is this calculator and most of you may know this:
https://alloscomp.com/bitcoin/calculatorThe calculator is very straight forward, punch in your Hash Rate and see how much you get based on daily, weekly or monthly. If you guys know how to calculate the difficulty at a given period, even better or check
https://blockchain.info/ for past records but that would be tedious anyway.
If any of you guys have invested before, the coins calculated based on the calculator (daily/weekly/monthly), it is actually slightly higher than what Genesis is mined - yes I started with $30 as a capital shared with 3 friends $10 each - we just wanted to test the waters if my theory is right lol - if we are wrong, I am just going to imagine we lose those $10 each on a couple of beers. Can any of you guys who had invested on Genesis used this calculator and compared what you mined in Genesis, tell me was it lower or higher than the calculator produced? I bet it was lower if it's otherwise, let me know. I am guessing this difference goes to the maintenance fee claimed by Genesis. I know it's ridiculous, they took our initial money capital as profit and they still take a portion of our money based on per day transaction of BTC. Well I guess that's how a company usually works, they want to gain as much profit as they can.
When it comes to this, I think this is why they introduced the contract with validity in the first place because BTC trending back then was going up - they thought investors will be profitable before the contract was ended - I don't know, maybe Genesis screwed up there? But now maybe because of BTC is at a expensive price so Genesis is featuring a forever mining BTC contract, so what do you guys think?
