Scam alert : Do NOT INVEST in Genesis Mining

[wallflower!]

Yesterday I saw an article from coindesk saying that GM ran out of ethereum cause they haven't mined a block in 6 weeks.... ahhhhh..... if it's true, that's trouble, if it's an attempt at an excuse, that's trouble.

Link?

Disregard. I searched the web, and looked through my history and found nothing... guess I dreamed it?!??!

No you did not dream about it! Here it is!
http://www.livebitcoinnews.com/genesis-mining-customers-complain-lack-payments/

[Rogerdale]

Yesterday I saw an article from coindesk saying that GM ran out of ethereum cause they haven't mined a block in 6 weeks.... ahhhhh..... if it's true, that's trouble, if it's an attempt at an excuse, that's trouble.

Link?

Disregard. I searched the web, and looked through my history and found nothing... guess I dreamed it?!??!

No you did not dream about it! Here it is!
http://www.livebitcoinnews.com/genesis-mining-customers-complain-lack-payments/

Did GM respond something? They become more and more scammy...

[pivix]

I got paid my scrypt and dagger payout like 4 hours ago.. sha-256 and x11 are missing for now.
My last payout before the hacking attack was on the 20th july (21th july in real cause genesis is a day behind)
My payout on genesis:
https://i.gyazo.com/8e1f36ca42acb56fee88fe381de6af39.png
the receiving of my payout today on bittrex:
https://i.gyazo.com/d7b2c522585d206c29811c060cb096d5.png

[coinnoob_za]

Got this answer from them this morning:

Hi,

thank you for contacting us.

We have been experiencing some technical difficulties in the past few days. As a result, user balances were not shown correctly and the functionality of the website has been reduced.

This is representing a bigger challenge than expected, but our IT Team is currently working on solving the issues. This situation has also forced us to hold payouts since the last 20th of July, but they will be released to your wallets as soon as the situation is stabilized. We expect to have everything solved (payouts included) during this week.

But i thought they posted on twitter that they have been hacked and stopped payments for this reason. Now their ticket support is saying something else which is something i noticed on the payments logged on my account.
So GM, which is it? Were you hacked or are you having Website issues with false Balances due to your ponzi scheme collapsing?

I am pretty sure they use the constant buy in money and upgrading to pay out consumers (basically a ponzi scheme)
http://www.livebitcoinnews.com/genesis-mining-customers-complain-lack-payments/
This indicates that they havent found a block for a while? very strange....
Will definately negatively downvote the trust on their profile.
Something doesnt add up with this company!

[bizzargin]

I've typically defended them because I've revived my funds, but this recent exploit and payment stoppage is an obvious attempt to collect btcABC and Btc cash.  They build the wallets, collect the forked coins, then give us the crap were entitled to while they keep the forked coins.

I bet no payouts before Aug 1

Is like to see the hot wallet transaction id's.   Bet they don't exist


 http://blog.genesis-mining.com/genesis-mining-service-update

[Easteregg69]

Did I just get gox'ed or what? My zcash payouts are flat lining.

All good here. So i switched to 100% doge mining on my lifetime contract which I am really happy about.

Have a ball you all.

[srhanna]

They stopped paying me completely after 1.5 years. I had actually just upped my investment by $160.00, then after about 2 weeks they stopped paying. When I asked them why they said they were having "technical difficulties." SCAMMERS!!!

[gphx]

The initial reports they weren't able to pay ongoing claims due to not hitting an ethereum block demonstrates they are severely underfunded and relying upon incoming deposits and luck. The fact they suddenly run into problems the moment the market turns down seems like no coincidence. Many people predicted these same things years ago. How they would ever be able to handle users stopping 'reinvestment' and then withdrawing en masse remains shrouded in mystery.

Watching the mental denial process of people participating in a true Ponzi is mind boggling. Like drowning swimmers they'll lash out and try to drag down the people trying to save them.

[flipper55]

The initial reports they weren't able to pay ongoing claims due to not hitting an ethereum block demonstrates they are severely underfunded and relying upon incoming deposits and luck. The fact they suddenly run into problems the moment the market turns down seems like no coincidence. Many people predicted these same things years ago. How they would ever be able to handle users stopping 'reinvestment' and then withdrawing en masse remains shrouded in mystery.

Watching the mental denial process of people participating in a true Ponzi is mind boggling. Like drowning swimmers they'll lash out and try to drag down the people trying to save them.

This is the truly obsurdly enormous red flag, at the very least, they sold more hashrate then they have mining... for the sake of the arguement, assume they have the mining facility they have claimed to have.

They claim to have the largest ethereum mine, they claim to have 200,000 customers... if each customer only put in the $30 minimum for 1 MH, then the facility is producing at least 200 GH... does it make sense that a 200 GH mining facility hasn't hit a block in a month... 2 months... 6 months (the article I think said since Feb.)

Either the report is full of it, or GM.

Regardless, having issues paying customers/contrators/suppliers is never a good sign for a company.

[Easteregg69]

Bong. 567 doge coins was delivered to my wallet right now.

Switching to pure bitcoin mining for the time being.

Thank You Genesis

PS: 1.75 TH/S lifetime contract here. You can put the lifesaver away for now.

>And you above me. Put away those dots if you don't know how to connect them.

[Rogerdale]

Ok, the real reason of stopping payouts is that Genesis Mining has been hacked.

http://blog.genesis-mining.com/genesis-mining-service-update

Fortunately I won't loose much even if they shut down. My X11 contract will be killed anyway by Bitmain D3 miners going live this September.

[Easteregg69]

Wow and that is before or after the segwit kicked in ?

I'll bet they will find out who did it. Unless. Somebody send the money to a bitcoinmixer.

[Pro Gamers]

is the site down? I'm trying to log in 2 days now, but I'm stuck on their log in page.

[btcdiggingmaster]

I only recently bought in GM at 2.7TH, got one $5 payout.

Also have not received anything on my small Dash operation in the last week. I used to get a payout every 2nd day.

Pending balances all show 0. Are they locking down the hatches for the fork?

I have requested my payout for Doge coins. I am not getting those on daily basis, I think they are paying Doge coin on weekly basis. What happened to GM is there any problem with them because I suggested many people to invest here.

[Miner2525]

The initial reports they weren't able to pay ongoing claims due to not hitting an ethereum block demonstrates they are severely underfunded and relying upon incoming deposits and luck. The fact they suddenly run into problems the moment the market turns down seems like no coincidence. Many people predicted these same things years ago. How they would ever be able to handle users stopping 'reinvestment' and then withdrawing en masse remains shrouded in mystery.

Watching the mental denial process of people participating in a true Ponzi is mind boggling. Like drowning swimmers they'll lash out and try to drag down the people trying to save them.

Fake news from some amateur "journalist" isn't real news.  The paranoia of y'all Chicken Littles is off the scale.

[Miner2525]

This is the truly obsurdly enormous red flag, at the very least, they sold more hashrate then they have mining... for the sake of the arguement, assume they have the mining facility they have claimed to have.

They claim to have the largest ethereum mine, they claim to have 200,000 customers... if each customer only put in the $30 minimum for 1 MH, then the facility is producing at least 200 GH... does it make sense that a 200 GH mining facility hasn't hit a block in a month... 2 months... 6 months (the article I think said since Feb.)

Either the report is full of it, or GM.

Regardless, having issues paying customers/contrators/suppliers is never a good sign for a company.

They're not ALL mining Ethereum given that that contract is a terrible value.  The majority of their customers are mining Bitcoin where the continual difficulty increases is more predictable.

Are y'all aware that payouts are not made daily unless it meets a minimum payment threshold, hence the delay?  Or terminates completely if the daily management fees cost more than your daily earnings, sans a grace period?  RTFM.

[viralalert]

Genesis-mining.com is not a SCAM. They are the no. 1 bitcoin mining company in the world.

[wallflower!]

Now that Genesis Mining have kindly set their webpage to "Maintenance" Mode, in order to distance us from them and therefore help us think more clearly and calmly, it is time for me now to ask if Genesis EVEN MINES anything at all!!!!
Please have a look at this chart (portrayed in the link below) and tell me, anyone, how could you explain that Genesis Mining, THE 'NO.1 BITCOIN MINING IN THE WHOLE WORLD" IS NOWHERE TO BE MENTIONED THERE!

Thanks in advance!

https://blockchain.info/pools

PS It is surprising how Genesis Mining skins alive financially its users and most of them in return, say "thank you for informing us", "keep up the great work", "the best and most responsible company ever" blah blah and blah, what the hell is wrong with them anyway?

[Zeta0S]

Please have a look at this chart (portrayed in the link below) and tell me, anyone, how could you explain that Genesis Mining, THE 'NO.1 BITCOIN MINING IN THE WHOLE WORLD" IS NOWHERE TO BE MENTIONED THERE!

Thanks in advance!

https://blockchain.info/pools

They do not have there own bitcoin mining pool like Antminer has. There hashpower is in one or more of the pools of your chart 

[bizzargin]

Genesis-mining.com is not a SCAM. They are the no. 1 bitcoin mining company in the world.

Then maybe they should continue giving me my payouts and not holding them to claim the BCC