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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 385551 times)
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Glucose
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September 21, 2015, 08:30:45 PM
 #3301

If you use these numbers you can calculate your profit. You can also fill in your investment costs to calculate ROI. Just replace the 0.15 for the fee your contract has. This one is for 1,50 per TH per day. For the new 1,,20 contract fill in 0.12. Most of my mining has a fee of 0.20, the profitability of that is 0.

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=1000.00&p=416.67&pc=0.15&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00

To explain, I used a fictional number of Watts to end up with an electricity bill with the same pricetag as the fee. Outcome is per TH unless you specify otherwise.

Fact is every contracts with 0.2 fees are useless now.

With such fees no body can achieve ROI. My 3TH have 0.2 fee, so they are useless and making 0 profit because GM is taking 6$ fees everyday.

They are the one making profit with our contracts. Shame on them.

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September 21, 2015, 08:51:29 PM
 #3302

Not sure how much math you need for that.  Say we take the ~230 sat/Gh/s as the basis just before the 17th and before the drop.  If the difficulty rose by 4.17% to a level of 104.17%, then the expected revenue would be inversely proportional to that.  230 multiplied by (1/1.0417) is 220 sat/Gh/s, not 165.

Moreover, the difficulty jumped by 4.98% on September 4th.  While there was a drop around that time from 270 down to 230 (for whatever reason), that later stabilized just below 260.  Doing the same math, that seems more reasonable; 270 * 1/(1.0498) = 257.

Most legit as in according to scam experts on these here threads.
I don't know if anybody's a scam expert, but it's not like they didn't have marks against them in that cloud mining 101 thread.  Their acquisition of SP hardware (back in February) lent them some credibility.

I'd wait for GM to come in and give an official explanation, as right now it's just guesswork. (disclaimer: I don't use GM, if you do and you feel something hinky is going on, act accordingly).

It smells like a scam to me and has all this year. What has given me this impression is their scammy behavior and business practices. But if they´ll somehow be able to prove that the hash they´ve sold matches that they have mining (first they need to prove that they´re mining at all, of course) then that´s just great.

As for explanations well I´m not sure how seriously they can be taken. It remains to be seen. Faith based isn´t worth jackshit in the crypto marketplace. If the world´s largest cloud miner (with a dedication to transparency according to itself) can´t be transparent about its mining that seems to be a very big red flag. Maybe about the size of Rhode Island even. Only hard evidence will do.

I doubt Genesis Mining is a scam, they will live up to the fine print in the contract you agreed to when you bought hashing from them. They just have never been a very good deal. I have no idea why people bought one year contracts, or contracts they knew could not be resold, when the option of Hashnest or Bit-X was always there. People at Hashnest who traded the riskier contracts like UMISOO, or have held onto S5 hoping price of bitcoin will recover are bitching also, but they have no excuse.

Prices of all contracts at Hashnest have declined since August with the decrease in bitcoin price. Traders who watch the charts moved into cash end of August latest while waiting for the new S7 to start trading next month. 

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September 21, 2015, 09:30:43 PM
 #3303

I doubt Genesis Mining is a scam, they will live up to the fine print in the contract you agreed to when you bought hashing from them. They just have never been a very good deal. I have no idea why people bought one year contracts, or contracts they knew could not be resold, when the option of Hashnest or Bit-X was always there.

Because, "To Err is Human" !! Grin Now, we have realized our BIG mistakes! Sad
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September 22, 2015, 12:41:28 AM
 #3304

I got paid today 21-9. Kind of late. But better late than never.
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September 22, 2015, 02:03:00 AM
 #3305

It seems that the period of panic begins ...
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September 22, 2015, 04:24:53 AM
 #3306

No Payout since 18.09 and i cannot log into their site . I hope they fix the issues . I dont know if i dont receive payouts because of the high fees or technical problems.

I hope it goes on but if not i dont have a terrible loss i made 98,77 % back.

greetings dead

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September 22, 2015, 04:26:25 AM
 #3307

We really need a response from GM

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September 22, 2015, 04:54:24 AM
 #3308

We really need a response from GM

Everyone who know something about cloud mining know that GM is/was one from two/three most trustworthy services in the world. So answer is YES - there MUST be Constructive Response!
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September 22, 2015, 06:14:31 AM
 #3309

...and you cant sell you hash. I dont want to play smart here but I ve been pointing out to people to invest into something else for months.

The GM story ll be, what do u complain about, diff up, solar flares, martians attack, etc.

All in all, you cannot make money with GM, you just throw your money away.

For security, your account has been locked. Email acctcomp15@theymos.e4ward.com
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September 22, 2015, 06:50:02 AM
 #3310

GM, I NEED AN EXPLANATION TO THIS !!  Angry  Angry  Angry

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September 22, 2015, 07:27:21 AM
 #3311

If it is the worst scenario.. it is THE END of cloud mining.. everywhere..!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
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September 22, 2015, 09:35:23 AM
 #3312

If it is the worst scenario.. it is THE END of cloud mining.. everywhere..!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

Hashnest is the last hope!! Wink

"Why S5 negative today?"
http://forum.bitmain.com/bbs/topics/2152

As to GM, well they posted an article yesterday on http://blog.genesis-mining.com/ about their Social Media Manager. Anyone seen him around these parts? Maybe he could shed some light.

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September 22, 2015, 11:10:40 AM
 #3313

...and you cant sell you hash. I dont want to play smart here but I ve been pointing out to people to invest into something else for months.

The GM story ll be, what do u complain about, diff up, solar flares, martians attack, etc.

All in all, you cannot make money with GM, you just throw your money away.

I guess it's time for me to say you where absolutely right.

=P
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September 22, 2015, 12:57:27 PM
 #3314

This was taken at some sleazy scamsters conference in Florida last January. I posted it here at the time but it was quickly removed of course.



Who the hell is that ?!
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September 22, 2015, 01:05:18 PM
 #3315

Everybody's favoritest buddy of buddies, Homero Joshua Garza.  Google the name, be prepared to sink a few hours into reading.  tl:dr? GAW -> PayCoin.

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September 22, 2015, 01:38:18 PM
 #3316

Well, difficulty is up 100% from a year ago and bitcoin is down 40%.

Contracts from 2014 seem dead, right? Then the question is when will more recent contracts give up the ghost? Bitcoin is still weak, although it hasn´t really seemed to be on the verge of a collapse this year, it has been in a range. Difficulty could take a breather at least temporarily. It´s all pretty uncertain.




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September 22, 2015, 01:51:56 PM
 #3317

...and you cant sell you hash. I dont want to play smart here but I ve been pointing out to people to invest into something else for months.

The GM story ll be, what do u complain about, diff up, solar flares, martians attack, etc.

All in all, you cannot make money with GM, you just throw your money away.

Time to say you were right yeah. That's a fucked up situation.

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September 22, 2015, 02:04:42 PM
 #3318

1 TH/s costs what 1.8 BTC? (0.0018/GH/s) It´s ridiculous, nobody in their right mind is going to put in any meaningful amounts at that price given the risk. I think they need to cut that by 50% at least.


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September 22, 2015, 02:24:29 PM
 #3319

1 TH/s costs what 1.8 BTC? (0.0018/GH/s) It´s ridiculous, nobody in their right mind is going to put in any meaningful amounts at that price given the risk. I think they need to cut that by 50% at least.



Furthermore, if you believe that the BTC price may recover during the time your contract runs, why not just keep the BTC and watch those rise in value?

=P
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September 22, 2015, 02:27:07 PM
 #3320

1 TH/s costs what 1.8 BTC? (0.0018/GH/s) It´s ridiculous, nobody in their right mind is going to put in any meaningful amounts at that price given the risk. I think they need to cut that by 50% at least.



Furthermore, if you believe that the BTC price may recover during the time your contract runs, why not just keep the BTC and watch those rise in value?

Absolutely. It´s a win-win for you.

Could someone update this thread

https://bitcointalk.org/index.php?topic=768931.360

about the latest happenings in this mess?

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