Scam alert : Do NOT INVEST in Genesis Mining

[suchmoon]

I wonder what happened to this moron:

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

That was ~300 BTC at the time.

[1714104874]

1714104874

[1714104874]

1714104874

[paddy10tellys]

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?

[tmfp]

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.

[paddy10tellys]

@tmfp thanks for reading & replying:

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.

[Glucose]

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

[ZenDawgg]

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...

[Glucose]

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.

[xtraelv]

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.

[scanderpot]

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.

[scanderpot]

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

[Alabama Therapist]

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.

[Zeta0S]

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.

[xtraelv]

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.

[mr.relax]

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.

[xtraelv]

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.

[Zeta0S]

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.

[favdesu]

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.

and that's the whole point. even if you managed to ROI (thanks to rising crypto value) you took double the risk and ended up losing too.

[mr.relax]

my 2000USD XMR-contract(2Years) gives me now ~0.4XMR per month, thats ~4.8XMR per year thats a total of less than 10 XMR in total.
Value 10XMR today=600USD.
That means I loose more than 2/3 of the invested capital and have access to only a part of it while waiting.

Never again mining, never ever again Cloudmining and for shure not Genesis.(Well most other cloudminers are even worse...)

[Zeta0S]

A little reminder because those guys are still in the bitcoin game and are still being invited to BTC events.

Its not there fault the Diff went crazy high and Crypto winter started....
Good news is They are still here and did survive the Winter

[shitcoinoffering]

Don't invest even in mining projects, they are all scam