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Author Topic: Scam alert : Do NOT INVEST in Genesis Mining  (Read 254897 times)
tmfp
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July 24, 2018, 04:44:30 PM
Merited by suchmoon (7), BitcoinNewsMagazine (2)
 #721

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.

Extraordinary Claims require Extraordinary Evidence
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July 24, 2018, 04:55:45 PM
 #722

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.
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July 24, 2018, 04:57:11 PM
 #723

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.

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August 17, 2018, 07:37:02 PM
 #724

bump. still a scam.
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August 17, 2018, 08:51:22 PM
 #725

I wonder what happened to this moron:

Total Hashpower = 5920Th  Total $$$ = $711,672.00

That was ~300 BTC at the time.

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August 30, 2018, 02:03:10 PM
 #726

How come the SHA-256 hashpower was active and paid out on the 6th & 7th of August when the price of bitcoin was lower than it was on the 28th & 29th of August?

I asked GM to justify not restarting the hashpower on the 28th & 29th of August.

They arbitrarily decided to start the 60 day countdown from the 8th of August, it seems.

I believe that GM have no intention of restarting the hashpower because they actually intend to defraud me & others.

They do not adequately explain or justify how decisions to cease hashpower are actually made, anywhere on the GM site.

The maintenance fee can be anything GM say it is... this constitutes an unfair contract.

GM have consistently evaded answering my justified & reasonable enquiries.

If my costly contract is cancelled by GM after just a few months I am going to complain to the criminal justice systems in Hong Kong, the UK & I will instruct my solicitor to initiate proceedings against Genesis Mining.

Evasive, generic replies from Genesis Mining representatives will simply not do...

Anyone know of current or intended class actions against GM?
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August 30, 2018, 03:29:46 PM
 #727

I wonder what happened to this moron:

Total Hashpower = 5920Th  Total $$$ = $711,672.00

That was ~300 BTC at the time.

Probably getting on for ~500 in total spend, as he started buying Genesis contracts in January? 17.
I see his Twitter stopped in August 17, not long after his posting here ceased, with an indication that he was bullish about PIVX.

I hope he found time to waste some of his Genesis riches on hookers and blow, PIVX has had a pretty shit year since.





GM have consistently evaded answering my justified & reasonable enquiries.

If my costly contract is cancelled by GM after just a few months I am going to complain to the criminal justice systems in Hong Kong, the UK & I will instruct my solicitor to initiate proceedings against Genesis Mining.

Evasive, generic replies from Genesis Mining representatives will simply not do...

Anyone know of current or intended class actions against GM?

Good luck, it would be interesting to read a barrister's estimation of your chances of success.

Extraordinary Claims require Extraordinary Evidence
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August 31, 2018, 12:26:03 PM
 #728

@tmfp thanks for reading & replying:
Quote
Good luck, it would be interesting to read a barrister's estimation of your chances of success.


Is that pessimism or encouragement? Are you legally savvy? What do you know, if I might ask? GM are untouchable? Is that your view?

NB I already know that I am foolish to have trusted GM, before you remind me.

However, mis-selling to fools is much worse than simply being the fool so blaming the victim doesn't add much...

There have other examples where gullible/careless/morons have eventually received compensation such as after payment protection insurance mis-selling.




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September 24, 2018, 03:48:33 PM
 #729

This is a strong accusation.Many of my friends are invested in that mining company and they don't have any complaints. Maybe there are miscommunication. As far as I know too,  the CEO of Genesis is active in every blockchain conferences.

Yeah. And it's a shame he is still active and accepted there

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November 01, 2018, 02:13:50 PM
 #730

I will not give them one more penny.  They cancelled my 2 year contracts only 1 year into them.  They then insult me by asking me to give them more money to upgrade to then newest technology.   I would have to pay almost the same amount of my original contracts.

I guess I'm lucky where it was only $1,500 but others have lost a lot more than that.

Go to their twitter feed and read through all of the comments on some of their tweets.  You'll get an idea of how upset a lot of their customers are...
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December 05, 2018, 07:43:44 PM
 #731

I will not give them one more penny.  They cancelled my 2 year contracts only 1 year into them.  They then insult me by asking me to give them more money to upgrade to then newest technology.   I would have to pay almost the same amount of my original contracts.

I guess I'm lucky where it was only $1,500 but others have lost a lot more than that.

Go to their twitter feed and read through all of the comments on some of their tweets.  You'll get an idea of how upset a lot of their customers are...

bump. Still a scam.

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December 05, 2018, 09:53:25 PM
Last edit: December 05, 2018, 10:11:11 PM by xtraelv
 #732

Unless you get into mining at the right time with the right equipment, cheap power and know what you are doing it is a really hard game.

Often I've made more crypto selling my miners for bitcoin than from mining itself.

The same applies to mining contracts. Unless you buy at the right time for the right price you won't amke any money and you are better to buy the crypto on an exchange and HODL.

I've done OK in the past with BTC and ETH mining contracts but I would have been better off if I had just bought crypto at the time. The main reason I had a positive return on investment is because I paid with fiat and the value of bitcoin and ethereum increased. I could have bought the same amount of bitcoin or ethereum at the start and kept it in a wallet with roughly the same results and less risk.

There was quite some time that Genesis stopped payments and also they increased the minimum amount they would send. At the end when the contract became unsustainable I lost several months worth of dust that they hadn't sent because of their increased minimum transactions. Overall it was a poor investment.


But there are other reasons than just profit to buy mining contracts or mining equipment.

1) You can easily buy mining contracts or equipment with a credit card from countries where you cannot buy bitcoin easily.
2) You can buy mining contracts with crypto when it is at its peak hoping that it will hedge against a bear market.
e.g. if you had bought mining contracts with bitcoin at $20K before it plummeted in price  it may have resulted in more bitcoins in return over time.
3) You contribute towards the hashrate to keep the coin network secure.
4) Mining contracts are a cheaper way to mine if your power is too expensive to mine at home / work.


In hindsight I would not have bought mining contracts but just bought more crypto on an exchange.

There are a number of things that work against you when buying mining contracts.
1) Mining hashrate tends to increase so your crypto returns are ever decreasing.
2) When prices increase  - hashrate tends to increase which decreases your return in crypto.
3) When prices decrease - hashrate does not decrease proportionally so your fiat return decreases.
4) You don't own any equipment so you don't have anything to sell at the end (even if it is just scrap value).


Regardless of whether it is a scam or not - I would not recommend mining contracts as an investment (unless you want to contribute towards network hashrate or use it as a hedge).  It is extremely rare that you will do well as an investment from a mining contract.



We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
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December 08, 2018, 11:27:38 PM
 #733

The problem today is that the rate is very low. So it's not worth mining at any mining company. I have doubts that only begin to cause harm.
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December 08, 2018, 11:29:39 PM
 #734

I will not give them one more penny.  They cancelled my 2 year contracts only 1 year into them.  They then insult me by asking me to give them more money to upgrade to then newest technology.   I would have to pay almost the same amount of my original contracts.

I guess I'm lucky where it was only $1,500 but others have lost a lot more than that.

Go to their twitter feed and read through all of the comments on some of their tweets.  You'll get an idea of how upset a lot of their customers are...

The same thing happens to me at CCGMINER, they sure are thieves
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December 10, 2018, 12:27:42 AM
 #735

Hmmmm. I purchased a contract in August 2017 and it paid off very nicely and brought some profit, but I must have been lucky to have catched the tide.
I later thought of buying more contracts but was literally shocked with their price and invested in a few GPUs instead.
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December 10, 2018, 08:05:26 AM
 #736

I will not give them one more penny.  They cancelled my 2 year contracts only 1 year into them.  They then insult me by asking me to give them more money to upgrade to then newest technology.   I would have to pay almost the same amount of my original contracts.

I guess I'm lucky where it was only $1,500 but others have lost a lot more than that.

Go to their twitter feed and read through all of the comments on some of their tweets.  You'll get an idea of how upset a lot of their customers are...

The same thing happens to me at CCGMINER, they sure are thieves
CCGMINER is not a real mining company.

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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December 12, 2018, 12:04:02 PM
Last edit: December 12, 2018, 12:16:00 PM by xtraelv
 #737









This was my experience with Genesis mining. It was just a small experiment.

On the positive side:

I was contributing towards mining the coin network.
It made a "profit" in $.

$42 became $120
$100 became $305

Bitcoin price May–June 2016   $450–$750
Ethereum price May–June 2016 $12–$19

On the negative side:

If I had bought crypto at the time with the money I would have had more than double the return. (Even more if I had sold it in January / February)

$42 of ethereum and $100 in BTC bought in 2016  would have been worth a lot more by Feb 2018.

Overall it was a pleasant experience. Even though it was not a great investment.

We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
Thank you to madnessteat for my custom avatar hat.
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December 12, 2018, 01:40:13 PM
Last edit: December 12, 2018, 01:53:22 PM by mr.relax
 #738

Your experience was not sooo bad, because it was during the cryptohype.

An investment in a real Ponzi like Bitclub would have had teh same result during the hype.
Made profits but not as much as if kept the coins...You see there are similarities....

Anyone investing since January has lost almost all-and can only dream about profits.
But my experience was that it is not only a bad investment but totally intransparent,
very poor support,
cheating with tons of missing payouts, no relation between the hashpower and the miningresult.
This makes me think they dont mine at all but only write something in your account.
Probably a simulation of mining only. At least they buy hashpower by themselves and dont mine at all.
If I would ever invest again in cryptomining,  not in cloudmining, and 100% sure not in GM

Before I see a proof of real mining, I dont believe GM mines at all.
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December 12, 2018, 10:30:03 PM
 #739


Before I see a proof of real mining, I dont believe GM mines at all.


A devious ponzi is hard to detect.GM have at least some mining but it would be interesting to know if all the contracts are covered by actual mining. I agree that there have been missing payments and changes in how the contract was executed that altered part way through the contract resulting in reduced value for the customer. My only comment in their defense would be that their business model works without having to resort to being a ponzi. It would make a profit for GM without having to be a ponzi. With current market conditions it is a poor investment for their customers. Im not sure what market conditions exist that would make it a good investment. Businesses are run to make a profit for themselves. I think Genesis themselves do quite well from the contracts.

We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
Thank you to madnessteat for my custom avatar hat.
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December 21, 2018, 01:03:38 AM
 #740


Before I see a proof of real mining, I dont believe GM mines at all.


A devious ponzi is hard to detect.GM have at least some mining but it would be interesting to know if all the contracts are covered by actual mining. I agree that there have been missing payments and changes in how the contract was executed that altered part way through the contract resulting in reduced value for the customer. My only comment in their defense would be that their business model works without having to resort to being a ponzi. It would make a profit for GM without having to be a ponzi. With current market conditions it is a poor investment for their customers. Im not sure what market conditions exist that would make it a good investment. Businesses are run to make a profit for themselves. I think Genesis themselves do quite well from the contracts.
I have seen there miners in 2017, they where there, thousands and thousands of them.
It`s just the Diff and the coin prices now days that such. Hope some better contracts in the future, whit full control so I can mine some underdog coins.


Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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