Genesis is probably not a ponzi scheme but i doubt that they are backed with 100% hashing power anyways. Also even if they were doing what i call "full reserve mining", their track record of producing profits is just not very good. I'm pretty sure though that their mining farm/operation has been confirmed by some guy on youtube that visited it, though i don't know if that many miners backs up the whole amount of contracts.
Many people get their mining contracts terminated before they even make a ROI.
So yeah, do your own diligence as always. And of course, avoid the obvious phishing sites like the site you got in OP.
Thanks, I'm learning every day
Also It is scaring to find more scams then legetime providers. Maybe I should make a list and update weekly?
Frank
It's indeed scary how many scammers are out there trying to scam money from you. Especially with bitcoin as a payment method since it is completely irreversible unlike traditional payment methods like credit cards or paypal which you can reverse in case something goes wrong.
As i said, genesis mining is not a scam, but rather just a really bad investment decision to make.
Cloud mining is a whole grey area anyways. Nobody knows if a company's fully legit. The people that actually make the most money is the people who use their affiliate link and their followers to their benefit, and earn from affiliate earnings(that usually leads to people investing losing btc).
