Scam alert : Do NOT INVEST in Genesis Mining

[TiT Monkey]

To Genesis Mining...


you don't give me daily payout figures for XMR for 2 months now, you paid me 0.4 XMR 12 days ago that still hasn't arrived, 6 tickets and all you reply it IT is checking it, refund my bloody money or pay me my XMR, you could check the blockchain in 2 mins and pay me but still you don't, you are not a honest organisation!!!!

https://chainradar.com/xmr/transaction/0000000000000000000000000000000000000000000000000000000000000000 <---- the transaction joke!

[xenomorphe1]

Genesis Mining didn't pay me since 1 month and a half. I sent them an email since 2 week, because i couldn't send them a message in the dashboard.
They said that they were investigating the missing payments of ETH. They also put this on their Twitter account.
I don't know what is happening. Payments also stopped to be written on the dashboard. (It stopped since the 10th march). But the payments they wrote before didn't get paid.
Did they got their hardware stolen? Their was an article last month about millions of mining rigs being stolen. They still didn't close my ticket.
I hope they will give us a response.

[xenomorphe1]

I also thought that Genesis Mining was a scam after buying a contract with a credit card. They paid me the ETH (for the first month) only after 5 months. I wrote them maybe 3 times.
They did send payment every week after the first month. Now the payment is only every 2.5 weeks. But we need to understand that the mining difficulty also got bigger. And the transaction fees is also more expensive.
That's why they are sending the payment less often. If you mine with your computer, you may understand them.

They also sometimes have problems with their transactions. When the Cryptokitties were released on the Ethereum blockchain, every transactions were stucks. So, they couldn't send us the mining rewards. After writing to them (or maybe they have seen it?), they send the rewards after some days.

I think that the new mining contracts are too expensive. But who know the real price of ETH or Bitcoin? It is a risk like when you are doing trading or participating in an ICO.

If you want to be certain to receive your coins/tokens, it is faster to buy them directly than buying a mining contract. But a mining contract is maybe cheaper. But you have to wait longer and you also have to know when to sell/trade your coins. Also you don't know what the coin will be worth in the future.

My next try will be EuroPol... Genesis Mining is a scam, a ponzi. Throughout my contract, they've never ever paid me regularly. Every time, I sent at least 10 e-mails and they paid me something (we can't be sure how much we should get since they don't SHOW unpaid balances, their dashboard NEVER EVER SHOWED the exact amounts, always some erratic numbers, missing payouts... REAL TORTURE!!!...)

This is NOT a broken system, or as they say, a TECHNICAL GLITCH. This is a criminal act. I'll do whatever I can do to get my money back. OR expose Genesis Mining.

I got paid today. But i don't know if everything is setup right now at Genesis Mining. I hope everyone are going to be paid. It seems that the mining of Ethereum is getting more and more difficult.
https://www.cryptocompare.com/mining/calculator/eth?HashingPower=100&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12&MiningPoolFee=1
Now with 100 MH, they can only mine 0.007 ETH.  And the minimum payment is 0.075. The price of ETH did decrease, but not the mining difficulty.
I think they didn't paid me the complete reward. I am just going to wait. That's the problem of cloud mining. We never know when we are going to be paid. Just be patient.

[zybk70btc]

Hi,
You call scams for Genesis Mining, but all contracts are sold!

[TiT Monkey]

21 days after a non-existant monero transfer was sent to my wallet they still tell me IT is looking into it! Anyone dumb enough to buy any new contracts with these muppets should contact me, I will sign them up to some Bitconnect contracts, cheapest rate around I guarantee....

First of all, we apologize for a delayed response.

We are receiving a significant number of tickets at the moment.

We are doing our best to get back to our customers in the shortest time possible and your patience and understanding are highly appreciated!

This ticket has been closed and merged into ticket number 471014. Even though the ticket has been closed, the information is not lost. It has simply been added to the mentioned ticket, which remains open. You will receive an answer as soon as possible.

Once a ticket is assigned to IT and goes through the process of resolving, it is handled by another department. Certain procedures have to be executed from the technical side but the issue will be resolved as soon as possible. We are really doing our best.   

We sincerely apologize for the inconvenience and thank you for your patience and understanding.



Best regards,
Maya
Genesis Mining Customer Service

[TiT Monkey]

21 days after a non-existant monero transfer was sent to my wallet they still tell me IT is looking into it! Anyone dumb enough to buy any new contracts with these muppets should contact me, I will sign them up to some Bitconnect contracts, cheapest rate around I guarantee....

First of all, we apologize for a delayed response.

We are receiving a significant number of tickets at the moment.

We are doing our best to get back to our customers in the shortest time possible and your patience and understanding are highly appreciated!

This ticket has been closed and merged into ticket number 471014. Even though the ticket has been closed, the information is not lost. It has simply been added to the mentioned ticket, which remains open. You will receive an answer as soon as possible.

Once a ticket is assigned to IT and goes through the process of resolving, it is handled by another department. Certain procedures have to be executed from the technical side but the issue will be resolved as soon as possible. We are really doing our best.   

We sincerely apologize for the inconvenience and thank you for your patience and understanding.



Best regards,
Maya
Genesis Mining Customer Service

[coinnoob_za]

Please guys stay away from Genesis Mining!

I have had multiple missing payments and it's been like 6 months. Their IT Dept is always apparently looking at it. Have logged multiple tickets that is just closed after I was told IT is looking into it. Now i see that they are missing multiple days where no mining is accumulated under the payout section of the account, and for the last 2 and a half weeks nothing is appearing there. Let's not forget who held back all the BTC just before the BCash fork as to get their hands on that Bcash and also lying to the public back then.

Cloud mining in general is now a bad idea. I mean think about it, why do they offer it to you? Why not just mine and keep all the $$ to themselves. No because they want your hard earned $$$ and by missing payments all the time they make profit.

[AndreyEf]

GUYS!
Who knows where Genesis mining is located? I'm filing to the police.

Anyone wants to join and write them their future sentece? At least we must write to the police at all the locations they have.

If you know more company details than there are out there publicly  - PM me.

Also, I want to start a joint law suite. Who's inn?

50 of us can easily afford a good lawyer, and maybe just maybe if it's 50 of us some lawyer will take our case for %%.

I'm writing this because of this (my post): https://bitcointalk.org/index.php?topic=3224728

If you feel like they steal your money and the payouts are bad - you can join.
Obviously, it's best if you never took any payouts, because if you did, you kinda agreed to the terms.
I didn't take payouts, because those are not payout, but leftovers after the steal.

[altugozturk]

Always thought genesis was legit until seeing this post. Thanks!

[Glucose]

Always thought genesis was legit until seeing this post. Thanks!

You are welcome.

GUYS!
Who knows where Genesis mining is located? I'm filing to the police.

Genesis Mining Ltd.
Chinachem Century Tower, 31/F,
178 Gloucester Road, Wanchai
Hong Kong

Sjonarholl 16
235 Reykjanesbaer
Iceland

Genesis Mining Iceland ehf.
Borgartuni 27
105 Reykjavik
Iceland

[HitbtcSCAM]

Arlington Virgina!! The headquarters of the CIA.When will you people ever learn , satan and his people are going to have their way with all those who dont understand
BTC was made by CIA read about it.

Genesis Mining was associated with Spondoolies. I wonder if it has anything to do with their recent merger.

http://www.spondoolies-tech.com/blogs/news/53576453-btcs-and-spondoolies-tech-sign-definitive-merger-agreement


BTCS AND SPONDOOLIES-TECH SIGN DEFINITIVE MERGER AGREEMENT
Arlington, VA – (Marketwired – September 21, 2015) – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”) and Spondoolies-Tech Ltd. (“Spondoolies”) have entered into a definitive merger agreement. Closing of the merger is subject to, among other things, receipt of regulatory approvals and other customary closing conditions.

The agreement has been unanimously approved and adopted by the Boards of Directors of both BTCS and Spondoolies.  Under its terms BTCS shareholders will own a 55.4 to 54.4% stake in the combined company and Spondoolies shareholders will own a 44.6 to 45.6% of the combined company, based on the number of common and preferred securities outstanding immediately following the merger. The ownership range is a function of BTCS’ liquidation preference associated with its existing $1.5 million investment in Spondoolies. The final ownership percentages will be determined prior to closing.

BTCS, which produced year-over-year growth of 1,155% in earned bitcoins for the first six months of 2015, is a blockchain technology focused company which secures the blockchain through its transaction verification services business. Spondoolies is a transaction verification server manufacturer which announced un-audited revenue of more than $28 million for the 12-months ending December 31, 2014. The merger combines the operational expertise of BTCS’ transaction verification services with Spondoolies’ industry leading technology.

Charles Allen, Chief Executive Officer of BTCS, commented, “This merger marks a major milestone for us and sets the stage for rapid revenue acceleration in the years ahead. Together we will leverage the respective expertise of both of our companies to create a new global leader in the blockchain sector.”

“The blockchain is set to radically change the future of transaction-based industries,” stated Guy Corem, Chief Executive Officer of Spondoolies. “BTCS has positioned itself at the core of this disruptive transformation, and we are excited to combine forces to capitalize on the immense opportunities that lie ahead.”

Following the merger, Charles Allen will remain the CEO and chairman of the board of the combined company and Yuval Rosen will join the board and be appointed as BTCS’ CFO. Guy Corem, Kobi Levin, and Gadi Glikberg, current executives of Spondoolies, will also be appointed officers of the combined company.

About BTCS:

BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com

About Spondoolies-Tech:

Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building digital currency transaction verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products. For more information visit: www.spondoolies-tech.com

Forward-Looking Statements:

Certain statements in this press release, including those related to an anticipated merger, constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

BTCS Investor Relations:

Michal Handerhan
BTCS Inc.
(202) 430-6576
IR@btcs.com

Michael Sullivan
RedChip Companies, Inc.
(407) 644-4256, ext. 115
michael@redchip.com

Spondoolies Media Relations:

Stefanie Guzikowski
E & G Public Relations, LLC
(603) 501-0052
sguzik@egpublicrelations.com

[mr.relax]

Genesis dont mine in Georgia.
At least not in Their name.
And Georgia is Number two on the worldmap, after China, in Mining. I dont think GENESIS mine at all.
From my 2000$ contract, I got only 40$ payout, that was almost 3 months ago.
Now they calculate my 3000Hs XMR with only 0.00048689XMR a day, thats 8cent per day what means after two years I will maybe(if at all) get 58$.
I know mining is not very profitable, but with Genesis you are full  f***cked.
These bastards are liers, ignorant, scammers.
NEVER EVER TRUST GENESIS MINING

[Miner2525]

It's not GM that is the "scam", its n000bs that don't understand the business of mining.  As the mining difficulty rises from n00bs and their mothers getting onboard and/or the price of the coin corrects from a mini-bubble, everyone earns less and less until the point where earnings drop below the GM maintenance fee (if any) and hence, no further payouts.  This isn't an investment done for you, it's a business and you have to treat it as such.  If you can't crunch the numbers properly before going in, stay out so you don't get burned.

95% of the time, buying the underlying coin is far more profitable than mining.  There's only a few situations where mining is superior to buying but that's not the business that GM is in.

[BitcoinNewsMagazine]

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.

[Rindertiger]

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]

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]

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.

[Rogerdale]

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]

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]

bump. still a scam.