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Author Topic: As new member of genisis-mining.com is it scam or legit ?. idk.  (Read 219 times)
mistereudk
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September 05, 2018, 04:04:57 PM
 #1

Ive recenty became a member and bought 3000 mhash x11 , i had some btc in one of my wallets.

Now i am not able to add any wallet , ive been a memeber for 6 days,

just to show a snapshot of my profit ?.

0.00749082 that my total dash ammount in given balance.

Now i want to buy more hashpower from that balance, and i am not able to withdraw my money to my wallet, cause that function is out of order.

Also their 2fa security is not working you cant add your code to enable 2fa so i am basicly screwed as a new member.


I made a ticket, which they closed, i then made a reply on the closed ticket, and then i got answer.

I am only satisfied as a member to get my mining growing, and a good balance to what i am mining.

as u see i also had on payment with xmr, but that was just me playing around to see which gave the most, for the hashes i bought.

sorry i dont know how to add a picture here peeps.

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AdolfinWolf
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September 05, 2018, 04:14:45 PM
 #2

Genesis mining is a cloud mining company. I have never seen any proof that they actually own any mining equipment. - Investing in them would be extremely stupid in my eyes.

I guess a lot of other people think differently, causing these kind of situations.

Now i want to buy more hashpower from that balance, and i am not able to withdraw my money to my wallet, cause that function is out of order

So what exactly is the problem? You're not able to withdraw your "coins"? It might be better to contact them directly, although i doubt you'll get a reply. There's several other unanswered scam accusations against them.
- https://bitcointalk.org/index.php?topic=602022.0

See this as a lesson, and please, for the love of god, refrain from "investing" in these sites in the future. As i said above, not only are they EXTREMELY sketchy, they're also barely profitable even if they would pay.

(Which most cloud mining sites stop doing anyway. Either they lower your contract, add some stupid maintenance fee, or outright run with your funds.)

They're barely short from being a ponzi scheme.

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September 05, 2018, 04:54:02 PM
 #3

Genesis mining is a cloud mining company. I have never seen any proof that they actually own any mining equipment. - Investing in them would be extremely stupid in my eyes.

I guess a lot of other people think differently, causing these kind of situations.

Now i want to buy more hashpower from that balance, and i am not able to withdraw my money to my wallet, cause that function is out of order

So what exactly is the problem? You're not able to withdraw your "coins"? It might be better to contact them directly, although i doubt you'll get a reply. There's several other unanswered scam accusations against them.
- https://bitcointalk.org/index.php?topic=602022.0

See this as a lesson, and please, for the love of god, refrain from "investing" in these sites in the future. As i said above, not only are they EXTREMELY sketchy, they're also barely profitable even if they would pay.

(Which most cloud mining sites stop doing anyway. Either they lower your contract, add some stupid maintenance fee, or outright run with your funds.)

They're barely short from being a ponzi scheme.

i already contacted them and they have put my ticket to their it department, i am just making a debate here, as i wanted to know if other had experinced issues adding their wallet as well.

I am just frustrated about thins like this as an investor, even though i started small since i couldent afford more atm.

Thanks for your inquries.





 
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September 05, 2018, 05:10:06 PM
 #4

i already contacted them and they have put my ticket to their it department, i am just making a debate here, as i wanted to know if other had experinced issues adding their wallet as well.

I am just frustrated about thins like this as an investor, even though i started small since i couldent afford more atm.

Thanks for your inquries.
Well a simple google search already turns up 100's of scam accusations against them. I'm not sure how comparable they are to your specific situation, but it does really show something.

Some notable threads;

https://bitcointalk.org/index.php?topic=1185909.0
Quote
they are selling contracts knowing their customers won't get any return on their investment. They are selling "lifetime contracts" but they will only last 2-3 months and will be cancelled when the fees are higher than your payout.

https://bitcointalk.org/index.php?topic=2083611.0
Thread has some good comments as to why Genesis mining will probably never be worth it. Definitely worth a read though.


https://bitcointalk.org/index.php?topic=1856660.0
User not receiving pay-out.

https://bitcointalk.org/index.php?topic=2139003.0
Another user not receiving his pay out. There's dozens of these threads.

Heck, there's even posts on reddit about them.


mistereudk
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September 05, 2018, 06:17:12 PM
 #5

i already contacted them and they have put my ticket to their it department, i am just making a debate here, as i wanted to know if other had experinced issues adding their wallet as well.

I am just frustrated about thins like this as an investor, even though i started small since i couldent afford more atm.

Thanks for your inquries.
Well a simple google search already turns up 100's of scam accusations against them. I'm not sure how comparable they are to your specific situation, but it does really show something.

Some notable threads;

https://bitcointalk.org/index.php?topic=1185909.0
Quote
they are selling contracts knowing their customers won't get any return on their investment. They are selling "lifetime contracts" but they will only last 2-3 months and will be cancelled when the fees are higher than your payout.

https://bitcointalk.org/index.php?topic=2083611.0
Thread has some good comments as to why Genesis mining will probably never be worth it. Definitely worth a read though.


https://bitcointalk.org/index.php?topic=1856660.0
User not receiving pay-out.

https://bitcointalk.org/index.php?topic=2139003.0
Another user not receiving his pay out. There's dozens of these threads.

Heck, there's even posts on reddit about them.




I just had a talk with some one that i know they always get their pay out . so i guess there is issues for some people where others dont have.

Why this is happening i dont know, i guess we just cant trust cloud mining at all anymore.

I did read some of the posts of genesis mining, thats why i though i would make this post as a new customer.

Maybe the more that make our posts, might actually can make genesis mining operators understand our frustrations , since we pay alot of bitocins or how we pay for our packages.

I think this is annoying, but ofcurse we are our self to blame, when we want to try some thing new.

Funny thing is i created my account a really long time ago at genesis mining, i just never had any money i could pay for it at that time.

i dont know how we can get around these issues on the internet, this is a big concern for me, but i also hope that more people dont get scammed.


i will report back as soon as i hear from them, and what they have to say to me.


One thing that cross my mind where, the email that i sended them about buying hasing power was they didnt even answered on the question i asked them.

i had to ask them twice before they could understand me, that is a really big issue as well, when you think about. I would though there where pro people working there, and i not had to waiste my time to explain things more thance one time. Im smarter than them on that concept xD ^^
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September 07, 2018, 03:51:56 AM
 #6

I wouldn't call them a scam. However, they are not legitimate either.

All cloud mining are shady in one way or another. Genesis mining are one of the better ones that you know they are actually mining. However, that doesn't mean that they are necessarily always guaranteed to be mining at full scale to contracts. Also, there is still no means of verifying that they are paying out what they are actually making, either.

Seems like your main issue is that a lot of their functions like withdrawal and 2fa, however. You will need to consult with their customer support, which doesn't have the best track record (and you're experiencing it right now). Just keep sending them emails/adding new tickets, that's all you can do.

Quote
Maybe the more that make our posts, might actually can make genesis mining operators understand our frustrations , since we pay alot of bitocins or how we pay for our packages.

Not really. Genesis Mining already knows all of these complaints and they know exactly where they are wrong. It does not matter how many posts you make. As long as there are investors into their scheme, they will continue to operate.

If you want them to stop indirectly ripping people off, then just don't use them.

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September 07, 2018, 12:54:38 PM
Merited by Slow death (1)
 #7

Genesis mining are one of the better ones that you know they are actually mining.

Also, there is still no means of verifying that they are paying out what they are actually making, either.
That pretty much contradicts what you said above. If you know they are actually mining, you should be able to track how many coins they manage to mint, and since no one in years has been able to spot any of their minted coins, there is no solid evidence that they are actually mining. A few videos vaguely showing a mining operation on youtube doesn't count.

Bitmain's hashnest cloud mining platform doesn't pay its users from their actual mining rewards, which you can just look up since everything is open for everyone to see because they are actually mining. In the same way, other cloud mining platforms don't pay out users from their mining rewards. Cloud mining in general is a scheme that pays the next investors with funds coming from the previous investors.

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September 07, 2018, 02:51:38 PM
 #8

other cloud mining platforms don't pay out users from their mining rewards. Cloud mining in general is a scheme that pays the next investors with funds coming from the previous investors.

we can add hashflare as a great example of this.



 if anyone reads this:

HashFlare mining suspension: reasons, aftermath and answers to questions

the person is shocked, so we ask another question, what is the business model of genesis mining? why they are not transparent and do not show their profits, losses, hashrate, how many workers do they have and how many equipment do they have?




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September 08, 2018, 05:30:36 PM
 #9

I’d rather spend thousands of dollars on boards, GPU's and rigs that can be recycled, assembled into a gaming pc afterward than sending it to “clouds”.

Threads with a topic like this one are so popular in a negative way ever since a continuous proliferation of sites offering passive mining income that turned scam.

The crypto community has already spoken about any related cloud mining sites and the majority knows that it’s a waste of time and money.

.
IDAP.IO.
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September 09, 2018, 07:40:06 AM
Merited by Bitcoinsummoner (1)
 #10

I’d rather spend thousands of dollars on boards, GPU's and rigs that can be recycled, assembled into a gaming pc afterward than sending it to “clouds”.

Threads with a topic like this one are so popular in a negative way ever since a continuous proliferation of sites offering passive mining income that turned scam.

The crypto community has already spoken about any related cloud mining sites and the majority knows that it’s a waste of time and money.

Majority knows that, but there are still people who don`t know how to do a simple research! All they do is come here and ask stupid questions for million and first time. You are right when you say that this topics are popular in a negative way, here on forum there aren`t so many of them, but social networks are full with ads about cloud mining sites, and promises about very big and fast profit, I can`t believe that people still buy this shit. It`s more than a waste of money and time, you risk your mind and nerves, most of this people who get into cloud mining come here later and cry how they lost their money and how crypto is a scam. As long as people fall on cloud mining promises and doublers there will be people who will exploit their stupidity. Numerous warnings about this services, but still people bite it and regret later.


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September 09, 2018, 10:54:18 AM
Merited by Bitcoinsummoner (1)
 #11

I’d rather spend thousands of dollars on boards, GPU's and rigs that can be recycled, assembled into a gaming pc afterward than sending it to “clouds”.

Threads with a topic like this one are so popular in a negative way ever since a continuous proliferation of sites offering passive mining income that turned scam.

The crypto community has already spoken about any related cloud mining sites and the majority knows that it’s a waste of time and money.

Majority knows that, but there are still people who don`t know how to do a simple research! All they do is come here and ask stupid questions for million and first time. You are right when you say that this topics are popular in a negative way, here on forum there aren`t so many of them, but social networks are full with ads about cloud mining sites, and promises about very big and fast profit, I can`t believe that people still buy this shit. It`s more than a waste of money and time, you risk your mind and nerves, most of this people who get into cloud mining come here later and cry how they lost their money and how crypto is a scam. As long as people fall on cloud mining promises and doublers there will be people who will exploit their stupidity. Numerous warnings about this services, but still people bite it and regret later.
Exposure would still continue yet those people who do invest on cloud mining sites would definitely post out their referral for them to have an add up of their hashpower thats why the cycle do really continue and these infos do mostly can be seen on social medias which we have known that most people doesnt have much idea with Crypto and when they do saw out the easy returns or profits on daily basis they do tend out to invest and later on when they experience issues or problems then thats the time they do try out to make some research on what is the thing he set into but its already late and would end up on charging it to experience.

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September 10, 2018, 04:06:18 AM
 #12


The stupidity of one and greediness for others. The cycle of evil doers for self-interest and gain. A reality that crypto coin like bitcoin been dragged into.

I pity those who've been victimized on early days those having no research information available years ago, but this day as ”google” is more than willing to give you answers and yet not doing something then that is laziness xxxx.

In a meantime as always we those who have knowledge about this scammy sites must do what is right. Educate the new ones.

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September 10, 2018, 02:14:51 PM
 #13

Investing in mining contracts is stupid now. Most of these cloud mining companies are scam. The ones that are genuine are also finding it extremely difficult to make any profits, especially in Bitcoin mining. Some are even binding contracts for 5 years. Not worth it I guess.

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September 10, 2018, 07:52:47 PM
 #14

as know Genesis mining is still legit they now have 5 year contracts .....but still paying.
But my Bitcoin contracts i have to buy again it was "open-End" when i got it but now i have to pay again !!
I get some ZEC mining earnings from referrals there XD



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September 12, 2018, 09:11:35 PM
 #15

Genenis Mining is a legit one, they have proof of their farms and a good reputation. So, it's legit, but I don't know if their business model is profitable anymore. It depends heavily on electricity price and the last payouts from what I heard were not very good for Genesis Mining.
I'm looking for some legit alternatives and came to Scavo.Farm from Argentina, they are legit too, you can see all the team members and the CEO is very well known in IT industry. It's a very trustworthy one and it can be a great opportunity to gove them a try.

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September 13, 2018, 02:13:45 PM
 #16

Genenis Mining is a legit one, they have proof of their farms and a good reputation. So, it's legit, but I don't know if their business model is profitable anymore. It depends heavily on electricity price and the last payouts from what I heard were not very good for Genesis Mining.
I'm looking for some legit alternatives and came to Scavo.Farm from Argentina, they are legit too, you can see all the team members and the CEO is very well known in IT industry. It's a very trustworthy one and it can be a great opportunity to gove them a try.

Have you just skipped all the previous replies in this thread? Show me proof of their mining operation, then we can talk.
You will not make a profit by investing in Genesis Mining, once you start coming close to profit, your mining contract will be suspended.

You'd be better off just buying crypto and wait till the price rises. They have no obligation to pay you any profit and the costs they charge you will prevent you from getting any sort of return on your investment.


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September 13, 2018, 03:32:18 PM
 #17

Even if a cloud mining operation were to physically own mining hardware, that’s still not a guarantee that the site will pay out your earnings. Bitclub Network’s a good example of a site owning hardware that’s essentially a scam, where the break even time was over five years if they stay up that long (and also assuming you don’t reel others in to the MLM). It’s simply extremely unlikely that you’ll ever earn anything from cloud mining most of the time, and you’ll likely be scammed or your money will be taken well before you even get close to breaking even.

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September 13, 2018, 07:27:25 PM
 #18

Even if a cloud mining operation were to physically own mining hardware, that’s still not a guarantee that the site will pay out your earnings. Bitclub Network’s a good example of a site owning hardware that’s essentially a scam, where the break even time was over five years if they stay up that long (and also assuming you don’t reel others in to the MLM). It’s simply extremely unlikely that you’ll ever earn anything from cloud mining most of the time, and you’ll likely be scammed or your money will be taken well before you even get close to breaking even.
Just simply reading up on the problem of op which he do deal up too much on those delays and issues about genesis-mining.I cant blame him since he do make investment but the belief on making good returns is already impossible.This is why its always been important to make some research first before investing because even mining on your own rigs wont even give you any sure profits.How much more if you do invest into these cloud minings where you dont even have the full control.You might receive less anytime and end up on no profit at all at the end of the contract.


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September 13, 2018, 08:15:29 PM
 #19

other cloud mining platforms don't pay out users from their mining rewards. Cloud mining in general is a scheme that pays the next investors with funds coming from the previous investors.

we can add hashflare as a great example of this.



 if anyone reads this:

HashFlare mining suspension: reasons, aftermath and answers to questions

the person is shocked, so we ask another question, what is the business model of genesis mining? why they are not transparent and do not show their profits, losses, hashrate, how many workers do they have and how many equipment do they have?




The reason why they don't show their profits? Because if it would be available publicly, then no one would invest in them. Their scheme is like this: For example they take 1 btc from you but return you 0.75 (75%) but since everyone knows how they act, less people invest in them but to make their scheme more varied and promising, they offer contract upgrade. This way they return you higher than 0.75, for example 0.83 but in overall, they don't let you to ROI.

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September 14, 2018, 04:24:07 AM
 #20

I have a friend of mine who puts large amount of btc in genesis cloud mining before and he even advise it in his facebook friends that he gains good profit I dont know if some people lured into this but for now I cant see any post from him  about his earnings in genesis the public shall be informed that investing in cloudmining companies does not guarantee earnings and may lead to loose all your money this is very risky methods dont fall into it. 


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