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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 384095 times)
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IanFoxley
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June 29, 2015, 12:44:24 PM
 #2861

I'm quite sure Zeta and Ian are co-working with Genesis mining (kidding  Grin )

I can't agree with you guys. Even if I'm an "old" GM customer, and I'm quite happy with them (I never bought Scrypt - maybe that's why..).


Here are my experiences with Scrypt.

1. GAW Miners.. Their supposed prized Zen Hashlets, the best paying etc, well they had a way of cheating to say their hashlets were profitable near the end. Paying everyone 1 satoshi a day, if nobody believes me I did a huge series of videos on Youtube about that for a few months, so they could say they were still profitable.. They did with with all their scrypt based hashlets .They suddenly without any notice, stopped their Scrypt contracts, no warning, just a box that appeared when you logged in. Fees were way too high, they never lowered them 8 us cents per MH/s from when their contracts started and they never changed even after promising that they would lower costs over time.

2. Zeushash..Stopped Scrypt contracts in the middle of December and offered everyone as far as i know no matter how much Scrypt hashpower they had with 5 GH/s as a gesture. Yes so if you had 100 MH/s you got 5GH/s if you had 1MH/s, well you did ok, 5 GH/s but those who had more got screwed the most.  Started at 8 US Cents per MH/s and then offered contracts down to 5 US Cents before they stoppped.

3. Hashnest..Stopped Scrypt contracts because they were not profitable. Not sure if anyone got any compensation for that.

4. LTC Gear...well they just stopped and that was that.

5. Genesis Mining.

First of all offered 1 year Scrypt, still going for lots of people so the Scrypt machines that Minimax refers to are being used for people, including myself (still have a few 1 year contracts going) that purchased hashpower from them from around May 2014 upto September 2014 which end from May 2015 to September 2015. Sometime in September 2014 mainly because people were complaining that the price of a contract with GM was so expensive when competitors like GAW Miners and Zeushash were offering MH/s that was cheaper and was lifetime, GM had to adapt so started offering lifetime as well at reduced costs. A fee was included 8 US Cents per MH/s just the same as the other companies out there. Then a month or so later, if you look back that far here, Marco Krohn wrote here on the forum that even though the contract was advertised having a fee of 8 US Cents per MH/s they were actually only charging a fee of 5 US Cents per MH/s instead.
https://bitcointalk.org/index.php?topic=602022.msg9199942#msg9199942

Then in November, stopped selling Scrypt for a while, reason they were sold out of miners and had to wait for more.  A few weeks later more arrived in stock and they were newer Asics with better power. Costs for those contracts were just 4 US Cents per MH/s, half the cost of the old...But still Scrypt market fell and then in January the first zero payout happened and GM offered everyone a solution.. You can either wait it out and risk your contract being cancelled and losing everything or you can convert now to SHA, yes, some people were not happy,  but there were also a few that seemed ok about it, but considering you had a choice. perhaps lose everything or at least have something. then lots of people took the SHA Option. I did not and i waited and hoped the payout would be above zero during the 20 days. It was not, so thinking I had lost it all was surprised when GM sent out an email to those that risked it all and waited and told them that instead of cancelling our contracts and us getting nothing, they gave us the same deal regarding the Scrypt to GH/s and converted everyone. So instead of losing everything I at least got something back. For GM this happened mainly in February so because they were offering lower fees, they managed to at least survive with Scrypt longer than others mentioned.

Just my thoughts and experiences and I had a few.

Ian






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June 29, 2015, 05:33:30 PM
 #2862

Thank you for the congratulations, Alejandro:

https://twitter.com/ikarudelabasto/status/615521453174341632

We are always happy to hear that we could help you! Smiley

Your Genesis Mining Team

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June 30, 2015, 06:05:33 AM
 #2863

Thank you for the congratulations, Alejandro:

https://twitter.com/ikarudelabasto/status/615521453174341632

We are always happy to hear that we could help you! Smiley

Your Genesis Mining Team

Half page full of criticism and they opt to ignore it and congratulate some user. I really wonder how did you survive in the market till now.

For security, your account has been locked. Email acctcomp15@theymos.e4ward.com
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June 30, 2015, 06:49:45 AM
 #2864

I'm quite sure Zeta and Ian are co-working with Genesis mining (kidding  Grin )

I can't agree with you guys. Even if I'm an "old" GM customer, and I'm quite happy with them (I never bought Scrypt - maybe that's why..).


Here are my experiences with Scrypt.

1. GAW Miners..
2. Zeushash..
3. Hashnest..
4. LTC Gear...

5. Genesis Mining.

First of all offered 1 year Scrypt, still going for lots of people so the Scrypt machines that Minimax refers to are being used for people, including myself (still have a few 1 year contracts going) that purchased hashpower from them from around May 2014 upto September 2014 which end from May 2015 to September 2015. Sometime in September 2014 mainly because people were complaining that the price of a contract with GM was so expensive when competitors like GAW Miners and Zeushash were offering MH/s that was cheaper and was lifetime, GM had to adapt so started offering lifetime as well at reduced costs. A fee was included 8 US Cents per MH/s just the same as the other companies out there. Then a month or so later, if you look back that far here, Marco Krohn wrote here on the forum that even though the contract was advertised having a fee of 8 US Cents per MH/s they were actually only charging a fee of 5 US Cents per MH/s instead.
https://bitcointalk.org/index.php?topic=602022.msg9199942#msg9199942

Then in November, stopped selling Scrypt for a while, reason they were sold out of miners and had to wait for more.  A few weeks later more arrived in stock and they were newer Asics with better power. Costs for those contracts were just 4 US Cents per MH/s, half the cost of the old...But still Scrypt market fell and then in January the first zero payout happened and GM offered everyone a solution.. You can either wait it out and risk your contract being cancelled and losing everything or you can convert now to SHA, yes, some people were not happy,  but there were also a few that seemed ok about it, but considering you had a choice. perhaps lose everything or at least have something. then lots of people took the SHA Option. I did not and i waited and hoped the payout would be above zero during the 20 days. It was not, so thinking I had lost it all was surprised when GM sent out an email to those that risked it all and waited and told them that instead of cancelling our contracts and us getting nothing, they gave us the same deal regarding the Scrypt to GH/s and converted everyone. So instead of losing everything I at least got something back. For GM this happened mainly in February so because they were offering lower fees, they managed to at least survive with Scrypt longer than others mentioned.

Just my thoughts and experiences and I had a few.

Ian

Thank you Jan for the overview.

I like also GM.

Kind regards,
Zorro

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June 30, 2015, 08:39:11 AM
 #2865

Thank you for the congratulations, Alejandro:

https://twitter.com/ikarudelabasto/status/615521453174341632

We are always happy to hear that we could help you! Smiley

Your Genesis Mining Team

Half page full of criticism and they opt to ignore it and congratulate some user. I really wonder how did you survive in the market till now.

Yeah..


==> They almost never answer in this thread
==> They are promising "a game changing stuff blabalbla" for monthes. No more news of it. Was it even true? I asked them several time some news.. no answers..
==> Their ROI is one of the worst on the market (right now) and we can't sell our contracts (why ? If they are really mining it shouldn't be a problem...)
==> They are putting so much money in advertising stuff I'm thinking it's more and more suspect... That's how ponzi work.
...
If they continue that way, their business will just collapse.


This is the part I'm interested in an answer Ian. You are doing the same as GM : Only answering the part you want to answer ;-)

(I agree with you with the scrypt part. It was the best they could offer in this situation)

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June 30, 2015, 09:11:12 AM
 #2866

Thank you for the congratulations, Alejandro:

https://twitter.com/ikarudelabasto/status/615521453174341632

We are always happy to hear that we could help you! Smiley

Your Genesis Mining Team

Half page full of criticism and they opt to ignore it and congratulate some user. I really wonder how did you survive in the market till now.

Yeah..


==> They almost never answer in this thread
==> They are promising "a game changing stuff blabalbla" for monthes. No more news of it. Was it even true? I asked them several time some news.. no answers..
==> Their ROI is one of the worst on the market (right now) and we can't sell our contracts (why ? If they are really mining it shouldn't be a problem...)
==> They are putting so much money in advertising stuff I'm thinking it's more and more suspect... That's how ponzi work.
...
If they continue that way, their business will just collapse.


This is the part I'm interested in an answer Ian. You are doing the same as GM : Only answering the part you want to answer ;-)

(I agree with you with the scrypt part. It was the best they could offer in this situation)

Well unlike lots of users on this forum, I am not here 24 hours a day 7 days a week, like some Smiley

I do not agree with your comment about advertising though, I thought ponzi schemes were more about giving their referrals huge 10 % bonuses or more or doing offers like 100GH/s free for a certain amount of time, some of the offers that zeushash have also emailed to me about have been crazy as well in the past, 25% or 35% discounts for example, but GM tend to offer small discounts compared to those. I mean companies have to advertise to get customers, especially with lots of competitors, legit or illegitimate out there at the moment.

I agree with you on the announcements, but then I was used to Josh at GAW doing crazy announcements, some came, some never and regarding selling hashpower have an account with hashnest for example and like the way I can trade with the hashpower and sell it further down the line.

Ian



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June 30, 2015, 12:52:53 PM
 #2867

GM tend to offer small discounts compared to those.


Yeah that's quite true. Maybe you're right :-)

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July 01, 2015, 03:15:55 AM
 #2868

Dear Genesis Mining Comunity

As some of you know we recently held a coin poll in which Zetacoin (ZET) was the most popular choice.

We are happy to announce that it has now been added in our interface.

Happy Mining!

Your Genesis Mining team.

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July 01, 2015, 05:46:15 AM
 #2869

I'm quite sure Zeta and Ian are co-working with Genesis mining (kidding  Grin )

I can't agree with you guys. Even if I'm an "old" GM customer, and I'm quite happy with them (I never bought Scrypt - maybe that's why..).

You have to admit Genesis Mining is less and less customer friendly :

==> They almost never answer in this thread
==> They are promising "a game changing stuff blabalbla" for monthes. No more news of it. Was it even true? I asked them several time some news.. no answers..
==> Their ROI is one of the worst on the market (right now) and we can't sell our contracts (why ? If they are really mining it shouldn't be a problem...)
==> They are putting so much money in advertising stuff I'm thinking it's more and more suspect... That's how ponzi work.

Instead of having new customers, they should keep their oldest one. I don't think anyone who bought a lot a scrypt with them will ever reinvest money.

You both have to admit there are a lot of problems. And GM should face it and give constructive answers and solutions to their customers instead of hiding.

If they continue that way, their business will just collapse.



Hello Glucose,

First of all I want to say that it is good to see some honest and critical views, that at least to my extent of knowledge, are not coming from or are influenced by competing companies or actors with bad intentions.

Please let me directly answer your questions here:

1) Yes, our activity in this thread is rather limited and could be more. Some reasons for this are the following:

a) Since customer support is one of our highest priorities we are putting a lot of effort in direct and individual support by email via our support center that you can reach on contact@genesis-mining.com. Our support team is doing a great job there and every question is answered individually. We get a lot of positive feedback on this and I am glad we could help everybody there so far although there is a huge load of tickets every day.

b) Unfortunately on bitcointalk there is a high degree of advertisement driven manipulation. In particular for this thread competitors are taking the chance to influence readers in an indirect way to purchase their products. This results sadly often in unjustified criticism and even worse people spending money in services they later repent. We are neither blocking comments alike nor are we going actively against such companies. It is not professional for us to talk bad about competitors even if there is high chance of illegal activity. The most efficient way against this our opinion is to educate as much as possible which we prefer to do. (one example: http://bankinnovation.net/2015/04/most-bitcoin-cloudmining-operations-are-ponzi-schemes/)
Also we are against censorship so we talerate in general all comments no matter how unjustified they are. (Only in extreme cases when for example people get offended we are forced to take action, but this only happened very few times. Maybe 3-5 comments on all thousands of comments here.)

Don't get me wrong: The community is essential to bitcoin and bitcointalk is the key platform for it. We also want to be as active as possible here, but please also respect the above points. 

2) The "game changing stuff" was and is indeed "game changing", but unfortunately we still did not come to this point to be able to disclose any information regarding this to the public. I am sorry about this and I have to admit that we had no intention and did not expect this to take so long, that is why we announced it already few months ago. We learned from this, but there is something to come everybody can be excited about.

3') Seeing it from the risk perspective I think we currently have the product with the most attractive return on the market. I don't want to go too much into details and this is also not meant to be a promotional post, but besides some few legit cloudmining companies the market is full of illegal actors and high risk operations. For illegal actors I am referring to ponzi schemes of which we see these days almost every week one of them blowing off and for high risk operations I am referring to generally cloudmining facilities that have higher operational risks due to for example political instabilities, operational risks due to dishonest business partners or uncertainties regarding electricity conditions. (just one quick example regarding dishonest business partners here: http://cryptomining-blog.com/4463-the-amhash-mining-operation-robbed-of-mining-hardware/)

Our farms are highly secured and are in politically stable regions. Also our electricity conditions are fixed contractually and we are more than cautious to guarantee our hashpower!
Minimizing risks and giving our customers confidence that we provide a sustainable business where they can rely on the conditions they get in their contracts was key for us from the beginning. This is the reason why we are basically the only cloudminer from the early birds that started operation 2013/ beginning 2014 that are still operating since a significant number of earlier competitors couldn't manage lower bitcoin price scenarios and went insolvent because they could not pay their DCs anymore.
We are operating flawlessly from the beginning having not missed a single payout for all the 400+ days of operation so far. We keep what we promise and all of our customers can be certain and can rely on the fact that we will deliver the mining returns as we promise.

3'') The question of why we are not offering hashpower trading is very good and we had long discussions about this already more than a year ago. The reason why we are not doing this is because we would need a licence for securities trading from the SEC. Most of the competitors who offered this service already received subpoenas and are not operating anymore. We have a lot of responsibilities towards our customers and doing anything that threatens our operation to that extent is not acceptable for us.

4) Our userbase is growing very fast and especially now due to the special situation of rising bitcoin price and still, since long time, flat difficulty, people quickly start seeing how much opportunity there is in mining. I don't think it is wrong to do advertisements now.

Thanks a lot for your good and legit criticism. I hope I could help you at least with some points.

Also I want to do a little announcement at the end: We are going to start a series of monthly webinars where all of you can ask questions to us and we will answer them live. We will start with the first already in July and I am really excited about this! You will hear more info regarding this in the new newsletter.

All the best and happy mining!
Marco Streng

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July 01, 2015, 07:49:49 AM
 #2870

+1

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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July 01, 2015, 01:45:37 PM
 #2871


Also I want to do a little announcement at the end: We are going to start a series of monthly webinars where all of you can ask questions to us and we will answer them live. We will start with the first already in July and I am really excited about this! You will hear more info regarding this in the new newsletter.

All the best and happy mining!
Marco Streng

Hi Marco,

regarding the webinars it is nice to participate live but please make an archive where it can be seen at a later time also.

Thank you,
Kind regards,
Zorro

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July 02, 2015, 06:34:41 AM
 #2872


Also I want to do a little announcement at the end: We are going to start a series of monthly webinars where all of you can ask questions to us and we will answer them live. We will start with the first already in July and I am really excited about this! You will hear more info regarding this in the new newsletter.

All the best and happy mining!
Marco Streng

Hi Marco,

regarding the webinars it is nice to participate live but please make an archive where it can be seen at a later time also.

Thank you,
Kind regards,
Zorro

Hey Zorro,

Sure! All live sessions will be uploaded to our Youtube channel so that you can view them any time afterwards. You will get all details soon by mail!

Greetings,
Marco

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July 02, 2015, 11:44:45 AM
 #2873

4) Our userbase is growing very fast and especially now due to the special situation of rising bitcoin price and still, since long time, flat difficulty, people quickly start seeing how much opportunity there is in mining. I don't think it is wrong to do advertisements now.

Mutually exclusive events... the more I read you the less I trust you.

Once again, I suppose you are using the Scrypt mining hardware we paid to mine for yourself now it is highly profitable again, assuming this hardware had ever existed...
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July 02, 2015, 11:54:31 AM
 #2874

I can't understand why people claiming to be legit and serious are not showing us their real hash power and mining address, it is so easy and a radical way to stop criticism.

You are not clear and we know why : at best you are doing fractional-reserve mining, at worst you are not mining at all, just scamming.
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July 02, 2015, 06:12:13 PM
 #2875

I can't understand why people claiming to be legit and serious are not showing us their real hash power and mining address, it is so easy and a radical way to stop criticism.

You are not clear and we know why : at best you are doing fractional-reserve mining, at worst you are not mining at all, just scamming.


I posted my payouts and wallet addresses, you can check the chain where the coins come from

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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July 03, 2015, 01:30:13 AM
 #2876

still trying to back read and get some info about genesis-mining
but all i can read are rants from different people
i guess that means go search for another mining site to your BTC
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July 03, 2015, 05:46:01 AM
 #2877

can someone explain to me is it fine for invest ?

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July 03, 2015, 08:23:09 PM
 #2878

40000 satoshi each day for 100 Gh/s (it was 50000 100 days ago), 100 Gh/s is 45$ or 20 000 000 satoshi, if you are lucky you will get back your coins in 500 days but in fact you won't because payout will be 30000 for 100 Gh/s in 100 days then 20000 in 200 days, so the ROI in more 1000+ days than 500. In the end you will never get your money back.

Anyway they claim to have more and more customers but global hashrate is just constant, conclusion Genesis Mining with their unreachable ROI are attracting customers from other miners, or this is likely a scam doing fractional-reserve mining... spot the mistake Wink

Finally they don't want to prove their hashrate : it's so easy, they have to show us the block they found yesterday. They act as an obscure service while cryptocurrencies allow them to be clear. Conclusion : Genesis Mining is a scam.

If you want to invest, just buy coins now then wait... Bitcoin and Litecoin are cheap nowadays. Don't give your money to these fake mining services.
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July 03, 2015, 09:36:33 PM
 #2879

can someone explain to me is it fine for invest ?

https://www.reddit.com/r/BitcoinMining/
https://www.reddit.com/r/BitcoinMining/comments/31ulhm/anyone_use_genesismining_or_cloudminrio_for_cloud/
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July 03, 2015, 11:02:01 PM
 #2880

I can't understand why people claiming to be legit and serious are not showing us their real hash power and mining address, it is so easy and a radical way to stop criticism.

You are not clear and we know why : at best you are doing fractional-reserve mining, at worst you are not mining at all, just scamming.


Hey creuz,
 
Thank you for your comments and your feedback. The question is a good one, unfortunately, there is no short and easy answer. Let me explain below why:
 
Just showing a couple of mining addresses (+ proof ownership) is not sufficient because:
(a) the amount of hashrate sold would be needed too, and
(b) the hashrate could be rented on a short term basis only.

The first point could be partially mitigated by using Merkle-trees etc., but there would still be (b). It makes little sense for us to spend considerable resources on setting up a complex system to "proof" hashrate ownership, which is not even bullet-proof in the end. Resources that we would miss on other ends, eg., for building an excellent tool for managing huge mining farms (Genesis Hive – see below).
 
Another point is that we would like to protect our business secrecies. Some competitors are very interested in getting to know how much hashpower we have and how much we sell every day. We are not publishing this kind of information for a reason.
 
A couple of things that we are doing to give everyone comfort that Genesis Mining is doing real mining:
 
* photos & videos:  we are showing videos and photos from our mining farms (often with people from the team / or GM logos on it)
* endorsements: several hardware manufacturers have endorsed us, because we purchased a lot of miners from them (inter-alia Zeus, Bitmain, Spondoolies)
* tours: we allow large investors to visit our farm and show it to them
* mining management software: we have created Genesis Hive ( http://genesis-hive.com/ ); this is a special software dedicated to manage huge mining farms: if you control 1000s of miners you want to use specialized software. (Sidenote: we are pretty proud of this product: it started as a couple of small scripts and after a year of development became a nice product on its own - and already in use by two competitors!)
* there are more things we are doing: being transparent about the people involved, presenting on conferences etc.

We know this is not a 100% proof, but unfortunately there is no such thing as 100% in this case. Please do not get me wrong: I think you are asking the right question, and I honestly wish more users would carefully analyse the companies they are dealing with. I was shocked when I saw how many users trusted the bitcoin cloud services scam.

Anyway, to come back to your original question: we have decided that we will publish one of our BTC mining addresses within the next week (about 2 PH/s). Hopefully, it will give you some more comfort that we are very real.

Cheers,
  Marco

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