Scam alert : Do NOT INVEST in Genesis Mining

[dsampaolo]

My 2 satoshis :

I bought a XMR contract a few months ago on Genesis. It's still doing "good". Nothing incredible, but the ROI is here (I transfer my earnings to exchange sites).
It's a 2 year contract, without maintenance fees (so they can't discard it). I paid $80 and earn about $15 a month.

(and I don't even post an affiliate link )

[Bitcollector]

My 2 satoshis :

I bought a XMR contract a few months ago on Genesis. It's still doing "good". Nothing incredible, but the ROI is here (I transfer my earnings to exchange sites).
It's a 2 year contract, without maintenance fees (so they can't discard it). I paid $80 and earn about $15 a month.

(and I don't even post an affiliate link )

Their is a difference between lucky and smart, but you buying contracts at that time is luck. I'm not saying that your not smart too, but I think it was more luck. Wait 6 months and put all your earnings back in again. I would love to hear about this success in 365 days.

[pixie85]

My 2 satoshis :

I bought a XMR contract a few months ago on Genesis. It's still doing "good". Nothing incredible, but the ROI is here (I transfer my earnings to exchange sites).
It's a 2 year contract, without maintenance fees (so they can't discard it). I paid $80 and earn about $15 a month.

(and I don't even post an affiliate link )

Are you counting your profits by the value of XMR or by the sole percentage of the price you paid for the contract?
Monero went up by $20 this month, so it's obvious your returns will be good, but had the price fallen I'm quite sure the contract would turn to shit pretty fast. GM are known for closing unprofitable contracts before their expiration dates. It's a gamble.

[mk4]

To be honest I think Genesis Mining would be dead/bankrupt right now if it wasn't for those YouTube affiliate advertisers. They just show on video their profits and they give the watchers their affiliate codes. Basically making false promises to their inexperienced audience just for them to profit more.

[fistfullofbtc]

To be honest I think Genesis Mining would be dead/bankrupt right now if it wasn't for those YouTube affiliate advertisers. They just show on video their profits and they give the watchers their affiliate codes. Basically making false promises to their inexperienced audience just for them to profit more.

ok yes i have an affiliate code and have made 50 usd not a lot but it is a discount code so works for both the buyer and me.

my roi on dash contract is about 6 months est and that is a 2 year contract. Does gm give advice on investing not really, the youtube accounts make money, but that happens all over youtube in different areas of products.

i invest my money i get a payout, yes I would have made more by just hodling btc, but a scam takes your money, offers nothing in return and you lose your money, which i can only comment on my case, hasn't happened. When ive had issues there customer service have got back very quickly, and very good.

 the thing is some people make bad investments and scream scam, it is easy to blame other people for your failings.  i paid 3000 usd for my own rig which goes down and costs electricity, something i don't have to worry about with GM, as they guarantee no downtime.

What GM does with affiliates is no difference to signature campaigns in my eyes..
 When my contract runs out i will buy again. If you don't want to use then don't, they wont make you rich overnight, but if you want a steady steam of coins then do, it is nice to see my dash wallet go up daily, something my investments don't always do. Not a massive amount but do your research, i used this
https://www.cryptocompare.com/mining/calculator/dash?HashingPower=100&HashingUnit=MH%2Fs&PowerConsumption=0&CostPerkWh=0

to work out potential return, factor in difficulty will rise, but no electricity costs.  

[FallingKnife]

They stole .5 ths on a lifetime contract from me. That was back when that was a lot of hash.
They said it wasn't profitable.  No warning. I just logged in and it was gone and the support people said I should have read their contract.

From where I sit, this is a big ponzi. I regret my investment in Genesis Mining hash.

[salomonp]

we shall not forget that genesis send you money daly so every day yu touch a part of yu roi its not as if yu would have to wait a long time to see yur money coming back
i think i'm going to reinvest severals K$ prety soon on bitcoin cause im pretty satisfayed i earn almost a K$ every month its not bad at all (and it actualy curently grow because these day i earn more bitcoin every day plus the valu of the bitcoin keep geting up)
i don't say that its imposible to loss money with genesis im aware of that ( espacialy with small amount invested their maybe more risk ) but i bielive genesis is going to grow and make their customer more and more lucky in the mining place
if genesis was a scamer then that would maen they are tampering the earning numbers of their customers for now 3-4 years and seems crazy that things like this wouldnt have leak in a big society/company like them 
thanks to some nice video learn a lot from the one who got the business , home minig good for the one who have fun having this at home but we'd better trust genesis yu go you rent for yur investement without having to care about the unhealthy computing. Mining with patient let you earn  #techrevolution lets make Genesis mining stronger and earn more together here my link ->> https://www.genesis-mining.com/a/859230 
her My Promo Code to get your 3% Off  LSfs3q
Lets make genesis bIGGER and earn more together 
love you
By the way i made some TUTO for those who whant to get started with coinbase and genesis mining

Wich yu all a good learning and a good earning

[Glucose]

we shall not forget that genesis send you money daly so every day yu touch a part of yu roi its not as if yu would have to wait a long time to see yur money coming back
i think i'm going to reinvest severals K$ prety soon on bitcoin cause im pretty satisfayed i earn almost a K$ every month its not bad at all (and it actualy curently grow because these day i earn more bitcoin every day plus the valu of the bitcoin keep geting up)
i don't say that its imposible to loss money with genesis im aware of that ( espacialy with small amount invested their maybe more risk ) but i bielive genesis is going to grow and make their customer more and more lucky in the mining place
if genesis was a scamer then that would maen they are tampering the earning numbers of their customers for now 3-4 years and seems crazy that things like this wouldnt have leak in a big society/company like them 
thanks to some nice video learn a lot from the one who got the business , home minig good for the one who have fun having this at home but we'd better trust genesis yu go you rent for yur investement without having to care about the unhealthy computing. Mining with patient let you earn  #techrevolution lets make Genesis mining stronger and earn more together here my link ->> https://www.genesis-mining.com/a/859230 
her My Promo Code to get your 3% Off  LSfs3q
Lets make genesis bIGGER and earn more together 
love you
By the way i made some TUTO for those who whant to get started with coinbase and genesis mining

Wich yu all a good learning and a good earning

You are really bad at mathematics.
Difficulty is increasing faster than what you get back. You will lose at least 50% of what you invested.

[fistfullofbtc]

we shall not forget that genesis send you money daly so every day yu touch a part of yu roi its not as if yu would have to wait a long time to see yur money coming back
i think i'm going to reinvest severals K$ prety soon on bitcoin cause im pretty satisfayed i earn almost a K$ every month its not bad at all (and it actualy curently grow because these day i earn more bitcoin every day plus the valu of the bitcoin keep geting up)
i don't say that its imposible to loss money with genesis im aware of that ( espacialy with small amount invested their maybe more risk ) but i bielive genesis is going to grow and make their customer more and more lucky in the mining place
if genesis was a scamer then that would maen they are tampering the earning numbers of their customers for now 3-4 years and seems crazy that things like this wouldnt have leak in a big society/company like them 
thanks to some nice video learn a lot from the one who got the business , home minig good for the one who have fun having this at home but we'd better trust genesis yu go you rent for yur investement without having to care about the unhealthy computing. Mining with patient let you earn  #techrevolution lets make Genesis mining stronger and earn more together here my link ->> https://www.genesis-mining.com/a/859230 
her My Promo Code to get your 3% Off  LSfs3q
Lets make genesis bIGGER and earn more together 
love you
By the way i made some TUTO for those who whant to get started with coinbase and genesis mining

Wich yu all a good learning and a good earning

You are really bad at mathematics.
Difficulty is increasing faster than what you get back. You will lose at least 50% of what you invested.

please explain what you lose 50% of?

[Lanza]

Genesis mining Ethereum contract is not profitable at the current hash rate growth.
Cost of 100 M/Hs $2716 ~$2800
If the Hash rate continues to grow at the same rate you will get about 4.3 ETH coins (If you started in early June 2017). That is it!!!!
ETH must be $800 to break even and get a tiny profit.
Much more profitable is to buy the coins. At $330 You get about 8.3 coins.

[fistfullofbtc]

Genesis mining Ethereum contract is not profitable at the current hash rate growth.
Cost of 100 M/Hs $2716 ~$2800
If the Hash rate continues to grow at the same rate you will get about 4.3 ETH coins (If you started in early June 2017). That is it!!!!
ETH must be $800 to break even and get a tiny profit.
Much more profitable is to buy the coins. At $330 You get about 8.3 coins.

but that isn't gm's fault. that is because a shit load of miners are mining ethereum. this is cloud mining an alternative to buying a rig. my rig had a burn out only 3 months old, this doesn't happen with gm. you mine hoping the price goes up that is why a lot do it. this is where the shouty people start getting confused, gm offers a service, if the profitability decreases that is fall to do with GM. yes there is some  shit with btc contracts but 2 years mining ethereum, monereo seems straight forward. it is an investment and they go up as much as down, or just hold btc, no one knows the future, but if you want to mine without a rig cloud mining is the way.

if you want to trade trade but they are separate things.

[suchmoon]

Genesis mining Ethereum contract is not profitable at the current hash rate growth.
Cost of 100 M/Hs $2716 ~$2800
If the Hash rate continues to grow at the same rate you will get about 4.3 ETH coins (If you started in early June 2017). That is it!!!!
ETH must be $800 to break even and get a tiny profit.
Much more profitable is to buy the coins. At $330 You get about 8.3 coins.

but that isn't gm's fault. that is because a shit load of miners are mining ethereum. this is cloud mining an alternative to buying a rig. my rig had a burn out only 3 months old, this doesn't happen with gm. you mine hoping the price goes up that is why a lot do it. this is where the shouty people start getting confused, gm offers a service, if the profitability decreases that is fall to do with GM. yes there is some  shit with btc contracts but 2 years mining ethereum, monereo seems straight forward. it is an investment and they go up as much as down, or just hold btc, no one knows the future, but if you want to mine without a rig cloud mining is the way.

if you want to trade trade but they are separate things.

Oh FFS, will you tone down your shilling. Most people here aren't total idiots.

$2800 is about 3 times as much as my 100-110 MH/s GPU rigs cost me, not to mention I can resell or repurpose them if needed. And yes, I can host them elsewhere (i.e. use a service offered by someone else) if I choose to, so spare me the cloud mining bullshit.

What GM offers is not a service, it's a ripoff with a very strong scammy smell. The fact that a lot of people fall for it doesn't make it right.

It's funny though how you completely failed to address the fact brought up in the post you quoted: to "mine hoping the price goes up" is pointless, compared to buying the coins "hoping the price goes up". It's not about trading or anything. Buy X coins now and retain full control, or spend X coins and maybe mine X/2 eventually...

[Elikhoshtariya]

Ye I know

[Panda Trump]

why so many people talking like that about genesis ROI i calculated and found out that my ROI  would take up to 6 months (5 in the best cases) it depend on a lot of thing actualy it doesnt depend on genesis
I invested aproximate 2.5k in ether and bitcoin $ and currently make Aproximate more than 20 $ a day

Having a number of mining farms with unknown precise locations in Europe, America and Asia, Genesis Mining started around 2013. Exact whereabouts are privately hidden for safety and security reasons.

Genesis mining is deniably the most famous as well as substantially huge cloud mining company for coins like Ethereum, Bitcoins and others. Enlisted with the SEC for a Bitcoin mining fund, it is considered crystal-clear with it comes to transparency and legitimacy, therefore concluding not a scam.

But we cannot conclude that Genesis Mining is profitable, we are only implying that it is legit since it gives us the true service they promised us.

We are safe to say that the until the moment the contracts gains profit, you’ll still be able to mine and take in payouts, since these mining contracts last a lifetime bearing no maturity date.

I think yu can earn with genesis a lot of people do , the more people come to genesis and invest the more it get stronger aginst concurencie and the more all the genesis mining customer earn together Smiley
if yu want a try genesis yu can do with small amount and see what happen but don't listen what people say when they just hating for whatever the reason
Invest a bet and just watch lol Smiley
By the way to get yur 3% off on Genesis contracts here my promo code  LSfs3q

Nasty referal link advertiser! The only reason you're advertising this referal link is because you want to earn money through referals and you don't care about it being a scam.
It's awful people like you advertising Genesis Mining Referal Links which leads to a lot of beginners getting scammed.

Please stop advertising, using and even going to Genesis Mining. It's all helping them and that is NOT good, as it's making others get scammed.

Regards,
Trump

[tbonetony]

we shall not forget that genesis send you money daly so every day yu touch a part of yu roi its not as if yu would have to wait a long time to see yur money coming back
i think i'm going to reinvest severals K$ prety soon on bitcoin cause im pretty satisfayed i earn almost a K$ every month its not bad at all (and it actualy curently grow because these day i earn more bitcoin every day plus the valu of the bitcoin keep geting up)
i don't say that its imposible to loss money with genesis im aware of that ( espacialy with small amount invested their maybe more risk ) but i bielive genesis is going to grow and make their customer more and more lucky in the mining place
if genesis was a scamer then that would maen they are tampering the earning numbers of their customers for now 3-4 years and seems crazy that things like this wouldnt have leak in a big society/company like them 
thanks to some nice video learn a lot from the one who got the business , home minig good for the one who have fun having this at home but we'd better trust genesis yu go you rent for yur investement without having to care about the unhealthy computing. Mining with patient let you earn  #techrevolution lets make Genesis mining stronger and earn more together here my link ->> https://www.genesis-mining.com/a/859230 
her My Promo Code to get your 3% Off  [cover-your-shit-code]
Lets make genesis bIGGER and earn more together 
love you
By the way i made some TUTO for those who whant to get started with coinbase and genesis mining

Wich yu all a good learning and a good earning

you think it's hard to hide for 3-4 years? Do you know Bernard Madoff? Can you google how long had he played his game before getting caught?

[Panda Trump]

we shall not forget that genesis send you money daly so every day yu touch a part of yu roi its not as if yu would have to wait a long time to see yur money coming back
i think i'm going to reinvest severals K$ prety soon on bitcoin cause im pretty satisfayed i earn almost a K$ every month its not bad at all (and it actualy curently grow because these day i earn more bitcoin every day plus the valu of the bitcoin keep geting up)
i don't say that its imposible to loss money with genesis im aware of that ( espacialy with small amount invested their maybe more risk ) but i bielive genesis is going to grow and make their customer more and more lucky in the mining place
if genesis was a scamer then that would maen they are tampering the earning numbers of their customers for now 3-4 years and seems crazy that things like this wouldnt have leak in a big society/company like them 
thanks to some nice video learn a lot from the one who got the business , home minig good for the one who have fun having this at home but we'd better trust genesis yu go you rent for yur investement without having to care about the unhealthy computing. Mining with patient let you earn  #techrevolution lets make Genesis mining stronger and earn more together here my link ->> https://www.genesis-mining.com/a/859230 
her My Promo Code to get your 3% Off  [cover-your-shit-code]
Lets make genesis bIGGER and earn more together 
love you
By the way i made some TUTO for those who whant to get started with coinbase and genesis mining

Wich yu all a good learning and a good earning

you think it's hard to hide for 3-4 years? Do you know Bernard Madoff? Can you google how long had he played his game before getting caught?

Yup and Genesis Mining would've been recognised as obvious scam long ago by everyone already if the CryptoCurrencies didn't rise this much...

[fistfullofbtc]

say foR example this month ripple has 400 million coins, it averages 300 million a month, is that a scam. the people investing don't really understand it but get caught up in the hype. but you wouldn't call that a scam (ripple labs are making 10-20 million USD a MONTH) because like a lot of people with low intelligence you would rather find something easy to shout about. but it is boring, and you have weak arguments but because you right in red and bold you probably convince some people, but what are you trying to achieve. stop people buying GM? you say it is because btc is going up, so only the failure of btc proves you are right. why not have some fresh air and find another crusade?

i invested 475 dollars worth of mining in dash 3 months ago, i have 460 worth mined to date. i don't care about anything else accept usd, as that is what i work from, like a lot on here.

[suchmoon]

say foR example this month ripple has 400 million coins, it averages 300 million a month, is that a scam. the people investing don't really understand it but get caught up in the hype. but you wouldn't call that a scam (ripple labs are making 10-20 million USD a MONTH) because like a lot of people with low intelligence you would rather find something easy to shout about. but it is boring, and you have weak arguments but because you right in red and bold you probably convince some people, but what are you trying to achieve. stop people buying GM? you say it is because btc is going up, so only the failure of btc proves you are right. why not have some fresh air and find another crusade?

i invested 475 dollars worth of mining in dash 3 months ago, i have 460 worth mined to date. i don't care about anything else accept usd, as that is what i work from, like a lot on here.

What does GM have to do with Ripple? Could you at least make an attempt to address the legitimate criticism, such as exorbitant pricing and maintenance fees? Or do you only know how to repeat talking points parroted from someone else?

If you had invested $475 into Dash three months ago you would have ~$900 worth of Dash today... and you could get rid of it at any time. Can you sell your Genesis megahashes?

There is no doubt that GM business got a boost from this crypto-bubble we're in right now. But that doesn't make their business practices any less shitty. Clueless shills like you don't make it look good either.

[Panda Trump]

say foR example this month ripple has 400 million coins, it averages 300 million a month, is that a scam. the people investing don't really understand it but get caught up in the hype. but you wouldn't call that a scam (ripple labs are making 10-20 million USD a MONTH) because like a lot of people with low intelligence you would rather find something easy to shout about. but it is boring, and you have weak arguments but because you right in red and bold you probably convince some people, but what are you trying to achieve. stop people buying GM? you say it is because btc is going up, so only the failure of btc proves you are right. why not have some fresh air and find another crusade?

i invested 475 dollars worth of mining in dash 3 months ago, i have 460 worth mined to date. i don't care about anything else accept usd, as that is what i work from, like a lot on here.

Jezus you are truly to stupid to even discuss a simple matter with.. As the guy above me pointed out, you would've had $900 by now if you invested it in Dash instead of Genesis Mining...

This thread also shows that the intelligent people wouldn't put their money on Genesis Mining: https://bitcointalk.org/index.php?topic=1978151.0

My request is that you just stop advertising that crap. I don't care if you want to lose your own money, but don't steal money from others.

Regards,
Trump

[Isaaq.Almaguer]

This is an absolute scam I fell for.

The way they do it is that they're in bed with this calculator (which is the top result if you search for cryptocurrency mining in google):

https://www.cryptocompare.com/mining/calculator/eth?HashingPower=80&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12

This calculator does not adjust for the block difficulty increase, which is almost constant and can be easily predicted, instead, their calculation is correct for the first day only. And they just multiply that by 7, 30 and 365 to calculate the returns for weekly, monthly and yearly mining respectively. That's absolutely not correct, and would not happen.

My payouts decrease by 20% in 10 days. if it goes like this I will end up with less than half the either I would've been able to buy on day one for the same price as the mining power I purchased. You might be able to make profit in dollar terms, but your profit would be far larger if you just buy the currency you're mining and just sit on it.

I emailed them about a refund. and I got this reply:


<quote>"We are sorry to tell you that we do not accept refunds as stated in the clause 4 of your signed agreement. We do not issue refunds also because we have invested your payment in mining infrastructure. Investing in cloud mining is not without risk and we expect our customers to be aware of that and do their own research before purchase.

Thanks for your understanding. "</quote>

I guess that's some money down the drain.