Scam alert : Do NOT INVEST in Genesis Mining

[Gleb Gamow]

Funny how GM went down the same time that Vinnik got arrested, eh?

[1715465425]

1715465425

[Zeta0S]

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

Genesis would not do that. Speaking of payments, I received just my payments :-)

[viralalert]

After reading this review of Genesis Mining http://www.viral-alert.com/genesis-mining-com-review/  I did some of my own research into cloud mining. It may take a little while to get a point of breaking even with the investment cost, but I feel it's going in the right direction. Obviously you need be educated about mining difficulty and block reward rather than just the price on the bitcoin against your currency, as there are several factors to consider including timing. No get rich quick scheme here, just another investment opportunity that you take with the same care and diligence as any other investment.

[wallflower!]

My payouts while now are INDEED all shown in the webpage of the account I hold at Genesis Mining, they still have not been credited to my wallet BECAUSE NO TRANSACTION FOR THEM TO BE PAID INTO MY ACCOUNT HAS BEEN ISSUED YET.... Another indication that GENESIS MINING are still trashing their clients maybe not in the previous way but in a new one.

For anyone's information:
I had bought 1TH/s on the 31st of August last year:
Its cost was 190$ or 330 mbtc, I paid by bitcoin.
Now, the system says it has paid me so far a total of 270 USD, which currently amounts to 98mbtc.
BUT! (and here the disastrous detail is to be found), when I was receiving daily payouts each as low as 0.2mbtc and while fees for bitcoin transactions were much higher (some months ago) I needed to pay (some times) up to 0.2mbtc as transaction fee for each payout to be consolidated in order to NOT have too many DUST transactions and mess up my wallet along with the other more substantial transactions of mine.

THE RESULT IS, I paid 330 mbtc to get like 75 mbtc (net) in eleven months exactly... considering the fact that the difficulty will become higher with time and payouts will decrease further, I THINK I AM RIPPED OFF IN ANY POSSIBLE WAY BY GENESIS MINING AND STRONGLY SUGGEST TO EVERYONE TO STAY AWAY AS FAR AS POSSIBLE FROM THIS COMPANY!

JUST BUY BITCOINS AND KEEP THEM, NO OTHER INVESTMENT CAN BEAT THIS SIMPLE ACTION THAT IS POSSIBLE TO EVERYONE, NOT TO MENTION THAT IT ALSO HAPPENS TO BE THE LEAST RISKY OPTION ONE CAN ASSUME!

BEST OF LUCK TO EVERYONE!

[Miner2525]

THE RESULT IS, I paid 330 mbtc to get like 75 mbtc (net) in eleven months exactly... considering the fact that the difficulty will become higher with time and payouts will decrease further, I THINK I AM RIPPED OFF IN ANY POSSIBLE WAY BY GENESIS MINING AND STRONGLY SUGGEST TO EVERYONE TO STAY AWAY AS FAR AS POSSIBLE FROM THIS COMPANY!

Correction.  You made a bad investment decision and it has nothing at all to do with Genesis Mining "ripping you off".  The exact same thing would have happened if you had bought an ASIC miner.

[wallflower!]

Correction to correction: Genesis Mining is INDEED scamming me because they currently continue to keep my payouts and not transfering them from their site to my wallet, stop twisting the truth, please!

In addition to that, a scam is to offer a product having full knowledge that it will never return its invested value. Under the best possible conditions along with the staggering bitcoin price soar, in my own case, the product BLATANTLY FAILED TO HOLD ITS PROMISED TITLE (AS LIFETIME MINING CONTRACT)... which, in itself alone, is a clear indication of scamming, since, sooner or later it will be paused with the excuse of not covering the transactions fees of its payouts. Indeed, while this hasn't happened to me yet, many people know very well what I am talking about.

I am willing to remain here for as long as it is needed (or for as long as bitcointalk will allow me) in order to debunk any praises and excitements coming from Genesis Mining's "uncontrollable enthusiasts" and/or 3% commission paid trolls, so that no other people fall into their trap like I did.

They very much pissed me off this time, they do not reply to my inquiries about why they do not credit my payouts to my wallet, something that happened again a couple of weeks ago and people need to learn what a scamming company they really are!

PS I would call scamming also the fact that they NEVER inform you of any development/problem of their mining platform and they use as an excuse the fact that their clients prefer to be notified about anything regarding Genesis only through their site and the social media (of course THEY NEVER EVER INFORMED ANYONE THROUGH THEIR SITE AND ALL ANNOUNCEMENTS UPLOADED AT THEIR SOCIAL MEDIA,  ARE ONLY HALF TRUE AND MANIFEST ONLY AFTER MUCH PRESSURE BY THEIR ANGUISHED CLIENTS EACH TIME SOME DISASTER HAPPENS)! Such a miserable situation!

[Miner2525]

PS I would call scamming also the fact that they NEVER inform you of any development/problem of their mining platform and they use as an excuse the fact that their clients prefer to be notified about anything regarding Genesis only through their site and the social media (of course THEY NEVER EVER INFORMED ANYONE THROUGH THEIR SITE AND ALL ANNOUNCEMENTS UPLOADED AT THEIR SOCIAL MEDIA,  ARE ONLY HALF TRUE AND MANIFEST ONLY AFTER MUCH PRESSURE BY THEIR ANGUISHED CLIENTS EACH TIME SOME DISASTER HAPPENS)! Such a miserable situation!

Quit whining and accept self-responsibility.  The below is why you're at a loss, not because Genesis Mining is a scam:



P.S. BTC payments are currently being held because of the hard fork.  It was posted on their blog and twitter feed -- same as with the hack.  Pay attention and RTFM.

I'm not totally unsympathetic since I'm in a similar boat, but you'r engaging in cognitive dissonance by shifting blame to Genesis and hyperboling over other minor issues.  It is 100% your fault that you didn't properly calculate your future returns with expected difficulty increases factored in before you bought the contract.  Genesis makes no claim about future returns.

[wallflower!]

PS I would call scamming also the fact that they NEVER inform you of any development/problem of their mining platform and they use as an excuse the fact that their clients prefer to be notified about anything regarding Genesis only through their site and the social media (of course THEY NEVER EVER INFORMED ANYONE THROUGH THEIR SITE AND ALL ANNOUNCEMENTS UPLOADED AT THEIR SOCIAL MEDIA,  ARE ONLY HALF TRUE AND MANIFEST ONLY AFTER MUCH PRESSURE BY THEIR ANGUISHED CLIENTS EACH TIME SOME DISASTER HAPPENS)! Such a miserable situation!

Quit whining and accept self-responsibility.  The below is why you're at a loss, not because Genesis Mining is a scam:

http://s19.postimg.org/timhcwbxv/screenshot_2017_08_01_at_20_32_21.png

P.S. BTC payments are currently being held because of the hard fork.  It was posted on their blog and twitter feed -- same as with the hack.  Pay attention and RTFM.

I'm not totally unsympathetic since I'm in a similar boat, but you'r engaging in cognitive dissonance by shifting blame to Genesis and hyperboling over other minor issues.  It is 100% your fault that you didn't properly calculate your future returns with expected difficulty increases factored in before you bought the contract.  Genesis makes no claim about future returns.

YOU DON'T SEEM TO READ ENGLISH (MAYBE I REWRITE THIS IN MY NATIVE LANGUAGE?), IN MY LAST MESSAGE I COMPLAINED ABOUT EVERYTHING ELSE EXCEPT THE RISING DIFFICULTY (AND THE INEVITABLE DECREASING OF PAYOUTS), FIRST OF ALL, T H E Y   A R E   N O T   P A Y I N G   M E   (the last payout recorded in the Genesis Mining webpage of my account took place on the 29th of July - the last REAL payout transaction to enter my wallet took place on the 20th of July - is this really because of the rising difficulty???) AND YOU ARE ON THEIR SIDE! PEOPLE NEED TO KNOW ABOUT HOW GENESIS AND ITS PAID TROLLS WORK FOR EACH OTHER! IF THE CONTRACT OF 1TH/S IS NOT PROFITABLE ANYMORE, THEY SHOULDN'T KEEP OFFERING CONTRACTS OF 200GH/S!!! AND IF THEY KEEP THE PAYOUTS (for two weeks now) BECAUSE OF THE FORK, THIS IS STILL ANOTHER SCAM BECAUSE THEY WANT TO BENEFIT FROM THE CREATION OF THE BITCOIN CASH COINS AND KEEP THEM FOR THEMSELVES AND WORST OF ALL, THEY SHOULD MAKE ANNOUNCEMENTS AT THE START OF A PROBLEM (EVERY TIME SOMETHING HAPPENS, (GENESIS MINING's CLIENTS ARE A L W A Y S KEPT IN THE DARK), AND NOT ISSUE EACH TIME A CONSTANTLY CHANGING EXPLANATION ABOUT IT (AND THIS OCCURS ONLY AFTER THE CLASSIC OVERWHELMING PUBLIC DEMAND FOR AN EXPLANATION). ALL THESE PROBLEMS, WHAT THE HELL DO THEY HAVE TO DO WITH THE RISING DIFFICULTY OF BITCOIN MINING CHART, THAT YOU PLACED ABOVE? AS IF YOU ARE THEY ONLY ONE WHO KNOWS ABOUT IT (last time I checked everyone can enter the bitcoinwisdom.com/bitcoin/difficulty webpage), WHAT CAN YOU SAY ABOUT THE TOTAL LACK OF CUSTOMER SERVICE FOR MOST PEOPLE (THAT IS WHY PEOPLE SCREAM ABOUT THEIR PROBLEMS IN THEIR FACEBOOK PAGE) AND YOU ACCUSE ME OF WHINING WHILE COVERING THEIR DARK TACTICS (such a classic double standard mentality - do you think I am paid by someone to discourage people from joining Genesis Mining or I do this because I only care about Truth to be told)? I HAD BEEN WAITING FOR ELEVEN MONTHS TO WRITE AND COMPLAIN ABOUT GENESIS MINING! OBVIOUSLY, THE MAIN REASON I WROTE WAS NOT THE FACT OF INEVITABLE DECREASING PAYMENTS DUE TO DIFFICULTY RISING.....

THEN AGAIN, WHY WOULD ANYONE CALL (AND SELL) A CONTRACT AS "LIFETIME" LONG, IF IN LIKE EIGHTEEN MONTHS IT WOULD BE INEVITABLY PAUSED BECAUSE OF UNPROFITABILITY, SOMETHING THEY KNEW THEMSELVES IN ADVANCE BETTER THAN ANYONE ELSE.... THIS ALONE, STANDING ON ITS VERY OWNSELF, ARE YOU SURE THIS IS NOT A SCAM?

SHAME ON YOU All SCAMMERS!

PS To avoid tiring everyone else and keep repeating myself, the text above is my last message on this thread, however, whatever happens, ALWAYS remember: GENESIS MINING ARE SCAMMERS!

[creuz]

You should ask yourself the right questions :

- Why don't Genesis Mining mine for itself if this is profitable ? My answer : it is not profitable, and it cannot be.
- Why do they sell overpriced contract to noob "investors  " ?  My answer : because it makes this ponzi scam scheme profitable.

For each dollar you put in this shit, you basically give 0.2 to 0.8 dollar to Marco Streng.

You didn't lose 1000$ if you "invested" 18 months ago, you lost 4000$ because if you bought Bitcoin at this moment this is what you would have just now, and Marco Streng earned 600$ (I think far more than that because this clever guy should have hold Bitcoin, ha ha).

Now for your case, I want to congratulate Marco Streng for scaming so many dumbs : these people have nothing to do in this business, let clever people like Marco become millionary, this guy know how to use money.

More than two years we advertise people to avoid this SCAM, and every days dumbs are crying here for being robbed. Two years ago this made me angry, now I'm just laughing.

[bizzargin]

Can anyone confirm they have had payouts added since July 31?  Has your balance even increased since at all in Aug?

[pivix]

https://i.gyazo.com/c156b4e2a89c34f5daf3254c1a965c87.png

The last transaction i received was on: 29.07.2017   BTC  0.00354664
Everything else has no txid till now..
I'm waiting for 2 months now to get my steem paid out. (around 5-7 steem)
Ethereum mining for bitcoin works pretty well, so i don't understand where the problem with steem is...
As they claim, the "IT-team" is still working on it... (they sound angry in the replies, since i asked multiple times)
The support is still pretty fast to approve new contracts instead of paying out our missing steem.(i suppose i'm not the only one waiting for it)

[Rogerdale]

Can anyone confirm they have had payouts added since July 31?  Has your balance even increased since at all in Aug?

They haven't paid me anything in August. Looks like they are in a real trouble after the hack.

[fistfullofbtc]

Can anyone confirm they have had payouts added since July 31?  Has your balance even increased since at all in Aug?

i had payouts, stopped for a few days, i emailed and got back straight away. Last payout for x11 dash on the 01/08/2017.
 My roi in dollars has passed and i have made my money back plus a bit more. in btc yes less I would have made more, but that is why i bought mining. \
Difficulty has gone up a lot though so less payouts than expected. Was it a good investment not really, ive lost on alt coins as well. would i do it again if coin contract became available. yes good customer service and they give what i asked.

[Rogerdale]

Can anyone confirm they have had payouts added since July 31?  Has your balance even increased since at all in Aug?

i had payouts, stopped for a few days, i emailed and got back straight away. Last payout for x11 dash on the 01/08/2017.
 My roi in dollars has passed and i have made my money back plus a bit more. in btc yes less I would have made more, but that is why i bought mining. \
Difficulty has gone up a lot though so less payouts than expected. Was it a good investment not really, ive lost on alt coins as well. would i do it again if coin contract became available. yes good customer service and they give what i asked.

I can sell you my current X11 contract if you want (and if it's possible to change the e-mail for the account), ending March 2019.

[perico2]

In the following I will make all calculations for 1 TH/s of bitcoin contract, every contract should be proportional to this and the conclusions aplicable to any hashrate.

The ROI nominated in bitcoins in Genesis mining depends on the following factors;
1. Company should continue paying.
2. Price of adquisition of the contract (price varies per hashrate because a discount in high hashrates, 3% discount codes and referral programs). I assume a contract price of 135.8 $ for 1 TH/s.
3. Fee size nominated in dollars. I assume 0.28$ for 1 TH/s
4. Difficulty grow rate. I assume 5.7% every 2 weeks (1 dif period).
5. Bitcoin price increase per difficulty period. This is my variable.
6. Initial mining factor (bitcoins mined before cost) I assume 0.8$/day in bitcoins at the current bitcoin price.

If you have the bad luck of early bitcoin decrease in price or big increase in difficulty you face big lose in Bitcoins because the contract stops, but if the increase in difficulty and price is steady you can lose little or maybe have some ROI.

I have made a simulation with these parameters with a horizon of 100 periods of difficulty, I assume that the bitcoins are put in account and never touched until end of period regardless of the contract stops or is going.

So I obtain the next graph of mining profitability vs steady price increase per period of difficulty. The conclusion is that the contract can make ROI if the price grows at least at 6.8% per period of difficulty.

In the following I will make all calculations for 1 TH/s of bitcoin contract, every contract should be proportional to this and the conclusions aplicable to any hashrate.

The ROI nominated in bitcoins in Genesis mining depends on the following factors;
1. Company should continue paying.
2. Price of adquisition of the contract (price varies per hashrate because a discount in high hashrates, 3% discount codes and referral programs). I assume a contract price of 135.8 $ for 1 TH/s.
3. Fee size nominated in dollars. I assume 0.28$ for 1 TH/s
4. Difficulty grow rate. I assume 5.7% every 2 weeks (1 dif period).
5. Bitcoin price increase per difficulty period. This is my variable.

If you have the bad luck of early bitcoin decrease in price or big increase in difficulty you face big lose in Bitcoins because the contract stops, but if the increase in difficulty and price is steady you can lose little or maybe have some ROI (very little)

I have made a simulation with these parameters with a horizon of 100 periods of difficulty, I assume that the bitcoins are put in account and never touched until end of period regardless of the contract stops or is going.

So I obtain the next graph of mining profitability vs steady price increase per period of difficulty. The conclusion is that the contract can make ROI if the price grows at least at 6.8% per period of difficulty. If price stays the same in mean and difficulty continues increasing at same rate, then you would lose 60% bitcoins.

https://i.imgur.com/RkOA4Bl.png

[LongwayUp]

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

[Glucose]

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

You are the only one who understood how to make profit with them. Congratulation
(Maybe your could prove your profit, Mr. 1 post puppet of GM ?)

So I obtain the next graph of mining profitability vs steady price increase per period of difficulty. The conclusion is that the contract can make ROI if the price grows at least at 6.8% per period of difficulty. If price stays the same in mean and difficulty continues increasing at same rate, then you would lose 60% bitcoins.

You could be right (I didn't do the calculations) but If you are ready to bet price will increase 6.8% per period of difficulty (which is a lot), you better buy BTC and keep it in your own wallet ;-)

[sieemma]

Genesis Mining in my opinion made a mistake by making less of 20THs available for purchase, anything less that 20THs should be only for add on from your earnings.  GM is getting a bad rep from small time investors expecting large returns.  Crypto is in my opinion highly risky but even more so with small investments where purchasing 1 or 2THs at a premium compared to the cost of purchasing 20THs and then building it up by reinvesting 80%+ of your earnings,  can't wait for the neg on my first post, Im now up to 430THs BC mining and still adding on monthly from my profit from GM and will continue to do so. Cheers..

You are the only one who understood how make profit with them. Congratulation
(Maybe your could prove your profit, Mr. 1 post puppet of GM ?)

So I obtain the next graph of mining profitability vs steady price increase per period of difficulty. The conclusion is that the contract can make ROI if the price grows at least at 6.8% per period of difficulty. If price stays the same in mean and difficulty continues increasing at same rate, then you would lose 60% bitcoins.

If you are ready to bet price will increase 6.8% per period of difficulty (which is a lot), you better buy BTC and keep it in your own wallet ;-)

Just simple and short. I agree with you
Why you know all these and still invest knowing very well btc price will increase and not stable although it Sometimes drops.

[wallflower!]

https://scontent.fskg1-1.fna.fbcdn.net/v/t31.0-8/20690081_102826047099792_1651471554239769143_o.jpg?oh=2b495f55524f05a1d599e57e3ba2a922&oe=59EB5A72

Because an image is better than a thousand words! Payments stopped on the 21st of July and no transactions have been conducted to my bitcoin wallet for 18 days in a row! No whining, nothing, just plain info for anyone thinking of investing in Genesis Mining - Avoid them like the plague!

[Bitcoiner12]

i invested 2k euros. got one payout ether 8 weeks ago!! after that my tickets are with their ict team. i emailed them 20 times and never got any payment again after the first 20$. i highly advise everybody to not invest here.