beginners be very carefull

[davide72]

Hi Guys ,
 i just sign up with genesis mining  5 DAYS AGO  65 dollars for 2.5 hashrate x11  1 years contract
after 5 days i made my calculation and this is the conversation i had with genesis support today!
So just be carefull when you sign with genesis mining they will rip off your money!


#21538 Hashrate
D
Davide
reported a day ago
Hi, just i am wondering why i do earn so little! if i make this little coin i will never get my money back!
H
Helmut
said 4 hours ago
Hi Davide,

your payout seem to be ok.
you can get a rough estimate on www.coinwarz.com
insert there your x11 hashrate, scroll down to START or DASH coin -> there you will see the rough estimate from mining. due you are converting this in other cryptocurrencies, you have to make the conversion as well.

Best regards,
Helmut
Genesis Mining

Ticket: http://genesismining.freshdesk.com/helpdesk/tickets/21538




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Davide
said 4 hours ago
Hi Helmut,

So i did pay 65 dollar 1 years contract to earn 2 or 3 dollar every month, do you think this is right for you?
this is my earning this 3 days please have a look...
x11 NMC balance of 0.1019889 successfully added to your account on 2015-12-23T12:00:00+00:00
x11 DRK balance of 0.01618999 successfully added to your account on 2015-12-23T12:00:00+00:00
x11 DOGE balance of 156.90991667 successfully added to your account on 2015-12-23T12:00:00+00:00
x11 NMC balance of 0.09533103 successfully added to your account on 2015-12-22T12:00:00+00:00
x11 DRK balance of 0.01419602 successfully added to your account on 2015-12-22T12:00:00+00:00
x11 DOGE balance of 145.43214024 successfully added to your account on 2015-12-22T12:00:00+00:00
x11 NMC balance of 0.10861577 successfully added to your account on 2015-12-21T12:00:00+00:00
x11 DRK balance of 0.01901324 successfully added to your account on 2015-12-21T12:00:00+00:00
x11 DOGE balance of 61.82204681 successfully added to your account on 2015-12-21T12:00:00+00:00
H
Helmut
said 4 hours ago
Hi Davide,
well, we do not make any calculations, we just provide hashpower.
and with 2.5mhs you will earn currently and this is close to your payouts you got first when you had your settings on BTC


Best regards,
Helmut
Genesis Mining

Ticket: http://genesismining.freshdesk.com/helpdesk/tickets/21538




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Davide
said 4 hours ago
  I did change  configuration to all my 2.5 MH to  Dash coin ,than i will earn 5.9 dash every month? is this correct?  sorry to bother you again!
H
Helmut
said an hour ago
Hi Davide,
no, when you check out the site a gave you, you will see that you need currently 5900 days to earn one BTC.
or will earn per day currently
0.00015638 BTC / day
then you need to backcalculate the BTC to the DASH exchange rate, currently 0.00574 BTC/DASH. then you get your DASH
I know this is complicated, but this in the nature of cryptocurrency.
We try to be transparent as much as possible to our customers.
Best regards,
Helmut
Genesis Mining

Ticket: http://genesismining.freshdesk.com/helpdesk/tickets/21538




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Davide
said an hour ago
Ok than i m really stupid ....i have paid 65 dollars to make in one years 30 dollars or less, this  dasnt make any sens for me! this is not transparent ...in my house is called ripp off people around
H
Helmut
said 22 minutes ago
Hi Davide,

like I already told you, we do not make the calculations of ROI, we just provide hashpower.

Best regards,
Helmut
Genesis Mining

Ticket: http://genesismining.freshdesk.com/helpdesk/tickets/21538




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Davide
said 10 minutes ago
Yes you make calculation for your profit! And this is called Ripp off!
And you will have on the major website ours nice conversation! so people should start to think about you!

I will start from bitcointalk!

Thanks




Merry Crysthmas to everyone!

[DannyHamilton]

Cloud mining is almost always a rip off.

I expect that most of the could mining sites are just fronts for Ponzi schemes.

The few that aren't are counting on newbies not understanding the economics of mining so that they can take their money and give them very little in return.

[GermanGiant]

Genesis Mining was a never a good cloud mining choice indeed.

[notlist3d]

Do research before you invest in cloud mining. Never trust a site that cannot prove hardware.  Never trust one with a calculator that does not include difficulty.   And never trust one with wording like "forever". Those are 3 rules I think are important.

Also never let anyone push you into investment.  Research and sadly you will find there is a lot of ones out there that are just ponzi's. 

[bctmke]

While you may be mad at Genesis this one falls on you and not doing enough research.

It is very rare that cloud mining can work out for you.  The numbers generally dont work (unless you hit a real good luck streak).

But you need to do the math yourself, don't just assume the provider is helping you make money out of the goodness of their heart.  They're in business to make a profit.

[a7mos]

So these new contracts that they made will not be able to ROI before the year ends !
Most of cloud mining sites are scam and when they are trust, they pay very low income. So one should make his calculations before paying his money

[btcdevil]

Their are so many thread where it is clearly mentioned that dont invest in cloud minning, that is why it is told that first read all the sections in this column , then try to invest in any scheme,

cloud minning was strictly mentioned as scam and it is clearly told that it is useless and investing in them is like throwing your bitcoins in dustbin. you will never earn from them, they will give lot of sugar coated schemes before you join , after joining you wil get the real fact of that site.

[LFC_Bitcoin]

Becoming a noob miner at this stage isn't a good idea & I'd always advise against it unless you live somewhere that you can get free or very cheap electricity.

[angryswamp]

thank you for all the information i will read it carefully

[helloeverybody]

You would be better just renting hash power to mine any new coins that come out and then sell those.  Any other way and mining with rentals is a waste.  If it was profitable they would just use the miners themselves.

[The Sceptical Chymist]

Lol, they don't provide the calculations, just the hash power.  That's like a bank that just takes your money and doesn't calculate the APY.  I think it's been pretty much proven that every cloud mining scheme is a scam, so I'm not sure why anyone in their right mind would still be looking to buy into one. 

Don't let greed get the best of you.

[Superhitech]

You should open/move this thread to scam accusations; it'll get more attention there.

For newbies interested in investing in cloud mining, I'd advise you to read this thread first to know which cloud mining sites are the most reliable: https://bitcointalk.org/index.php?topic=878387.0

[TastyChillySauce00]

this is why mining isn't profitable nowaday,the cloud mining provider will cut off your profit for a maintenance reason,but they'd actually won't let you got ROI

[notlist3d]

this is why mining isn't profitable nowaday,the cloud mining provider will cut off your profit for a maintenance reason,but they'd actually won't let you got ROI

This is why you should do a LOT of research before a investment.  Especially one where your trusting someone with something as important as cloud mining.

There are very few good ones.  But there are a few, but one OP did I personally would not touch.  I like tinkering with miners so I tend to buy and mine with hardware.  But look at one such as hashnest instead of the one OP went for he would have had much better results.

[odolvlobo]

I don't see anywhere in the conversation where Genesis/Helmut is lying or being deceptive. The worst thing he did was suggest using the Coinwarz calculator, which will give absurdly optimistic results.

Sorry davide72, you need to show me why investing in a money-loser was a good idea before I can consider taking your side.

[enhu]

People had been warned every now and then here in the forum to avoid such as cloudmining is clearly just a ponzi to which they always get away. I can't believe no one ever get even to these companies.
Never have I seen a legit one really.

Genesis Mining was a never a good cloud mining choice indeed.

your signature is linked to a mining company as well so how much would davide get if he invested $65 to them?

[Pk880058]

Lol, they don't provide the calculations, just the hash power.  That's like a bank that just takes your money and doesn't calculate the APY.  I think it's been pretty much proven that every cloud mining scheme is a scam, so I'm not sure why anyone in their right mind would still be looking to buy into one. 

Don't let greed get the best of you.

Totally agree with you that they are selling Hash Power only, but they are selling with calculation of how much you will earn if you purchase this much hash power. so this is cheating because after you take their scheme then they tell you the real fact. so then this is scam or not.

This is why it is clearly mentioned that investing in cloud mining is clear ponzi and scam scheme and mostly newbie are getting afected.

[Amph]

i've always dismissed them, i rpefer to go straight away with hashnest, they have the best deal, and they are legit as fuck, no need to worry there

but besides that, with the current diff increase i would simply avoid mining, try your luck in altcoin mining

[pedrog]

That's the nature of the business, the guy is right, you did pay for hash power, not for "guaranteed profit".

If it was profitable they would not rent their hardware, they would mine for themselves...

[btc-facebook]

They give some "profit" illusion to drag you down into their fake mine.
That's why you should more carefull or you will regret forever