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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 381761 times)
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Glucose
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September 23, 2015, 09:53:30 AM
 #3361

You mean this guy Galdur ?

If I was him I would hunt them to try to get my money back..

Ready for a long term investment...upgrading to more in the next few days : )

-B-

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September 23, 2015, 09:57:45 AM
 #3362

Yeah, that´s the guy. I remember thinking what the hell, is this guy playing with a full deck and then I remembered that interview.

I must admit that I almost sent a couple bitcoins after reading that shit. But my spidey sense and fool´s luck saved me as so often  Grin

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September 23, 2015, 09:59:20 AM
 #3363

One thing is obvious, like many people have already posted, investing in even the newest contracts right now is not wise. Even if you think BTC would rise to 300$ in the near future and you would want to invest in cloudmining, the wisest would be to wait until BTC actually does reach 300 dollars, because you would get 25% more hashing power for the same amount of BTC then you would get now. Selling contracts with the price and difficulty being what they are now is not doing your new customers a favor.

=P
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September 23, 2015, 10:10:03 AM
 #3364

One thing is obvious, like many people have already posted, investing in even the newest contracts right now is not wise. Even if you think BTC would rise to 300$ in the near future and you would want to invest in cloudmining, the wisest would be to wait until BTC actually does reach 300 dollars, because you would get 25% more hashing power for the same amount of BTC then you would get now. Selling contracts with the price and difficulty being what they are now is not doing your new customers a favor.

Yes, a dollar now is like .00450000 but only .00333000 with BTC at $300 so in this case you sell low (unfortunately it can´t be sold though) and buy high.

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September 23, 2015, 10:23:16 AM
 #3365

It´s exactly this fact that adds to the woes of these cloud mining operations. Not only are they pretty close to the level at which it becomes unprofitable to mine at all but also the longer BTC stays depressed the more incentive for buyers to wait for a higher BTC and the resulting higher amount of hash for the same outlay.

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September 23, 2015, 10:45:58 AM
 #3366

It´s exactly this fact that adds to the woes of these cloud mining operations. Not only are they pretty close to the level at which it becomes unprofitable to mine at all but also the longer BTC stays depressed the more incentive for buyers to wait for a higher BTC and the resulting higher amount of hash for the same outlay.

You're slightly wrong about this, it become LESS profitable for them but they are paying in many cases quite a bit less than they are charging you for power. The contracts are a nifty way for them to get out of paying you.
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September 23, 2015, 11:01:21 AM
 #3367

It´s exactly this fact that adds to the woes of these cloud mining operations. Not only are they pretty close to the level at which it becomes unprofitable to mine at all but also the longer BTC stays depressed the more incentive for buyers to wait for a higher BTC and the resulting higher amount of hash for the same outlay.

You're slightly wrong about this, it become LESS profitable for them but they are paying in many cases quite a bit less than they are charging you for power. The contracts are a nifty way for them to get out of paying you.

No, my point is that a low and declining BTC means more incentive for prospective buyers of the hash to sit on their hands and wait for BTC to rise when they get cheaper hash, more bang for the buck. Which means slowing money flow into these operations at the same time their profits are falling due to the declining dollar price.

Heck, I´d probably be going bonkers now if I´d been telling bloody bankers for 18 months that a bitcoin bull market was just around the corner. And now this, it´s in the crapper with no end in sight. Tragic.

I can just imagine those bozos last July...ah this is finally it...the worst is over...Aug. 25 Bitcoin brakes its month long plunge...Sept. 20 nerves are mighty frayed...Oct. 31.

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September 23, 2015, 12:13:57 PM
 #3368

Instead of deleting my posts, why don't you show to the world how much I paid your company and how much I "mined" ?

Why can't you prove I'm wrong when I'm saying no body will ROI with you ? Face my posts instead of deleting it.

We have already explained to you why your payouts are what they are, because your contracts have reached a point where the daily fee is more than the payouts. A 2 USD per TH/s fee per day when mining Bitcoin at the moment brings under 2 USD a day.

We have mainly 3 different contracts out there with 3 different maintenance fees.

SHA 256 contracts started around September a year ago, these contracts were either 0.02 USD per 10GH/s and then later on 0.01 USD per 5GH/s but both these are equivalent to 0.002 USD per GH/s per day or 2 USD per TH/s. This maintenance fee lasted until late January 2015 when we introduced lower maintenance fees going forward of 0.0015 USD per GH/s or 1.50 USD per TH/s. Then last week we lowered the fees again and going forward fees are now 0.0012 USD per GH/s per day or 1.20 USD per TH/s.

As you know or should know, we deduct a daily maintenance fee from the generated coins that covers all ongoing costs like electricity costs, cooling, maintenance work and hosting services. If the ongoing costs exceed the mined coins, there is no point in mining anymore - since you as a customer would have to pay more for the mining than you actually get out of it. We don't charge you for this difference. Then as it is written in the terms which have to be agreed to before any hashpower is purchased, if this carries on for 20 preceeding days then the contracts are terminated.

We have many users who have many types of contracts in their accounts covering all the fees mentioned above so because of this they are still getting positive payouts.

Genesis Mining

@Genesis Mining
what do you think about getting your early customers from their 0,002$/GH/D fee contract to the new 0,0012$/GH/D fee contracts. In my opinion this would be advisable, feasible and fair towards your early adopters (besides that, good marketing).

Let us know your thoughts.

Kind regards,
elrippo

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lama-hunter
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September 23, 2015, 12:26:02 PM
 #3369

Todays Payout rising Again. maybe btc price value resonable but where there so much differnces?

No.. No... No... Its the hashrates rices and the difficulty guys..
Hopefully our Payouts will bes table for some time uppon this moment.
I guess some People jumped in the BTC Buisness and first have to learn Wink
Maybe the Hasrate derises again and evertything turns half to the beginning.. would be nice

so.. still no statement from gm ? hmm guys common - Give us maybe quality Info please.

reagards
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September 23, 2015, 12:40:11 PM
 #3370

GM answered on the previous page. It's simply a question of low price + slightly higer difficulty and relatively high maintenance fees.

=P
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September 23, 2015, 12:41:52 PM
 #3371

My payouts dropping consistently for the last 5 days..!!!
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September 23, 2015, 12:58:42 PM
 #3372

My payouts dropping consistently for the last 5 days..!!!

If you had an "old" contract (0.002 fee / ghs) he is worthless now. Your profit is 0 with the fee GM is taking and the actual BTC price / difficulty.

If you have a "new" contract (0.0015 or 0.0012) you still have a payout but you have to hope BTC price will rise & difficulty won't rise too much..

Maybe you have both of it, so you still get paid a little something..

@Genesis Mining
what do you think about getting your early customers from their 0,002$/GH/D fee contract to the new 0,0012$/GH/D fee contracts. In my opinion this would be advisable, feasible and fair towards your early adopters (besides that, good marketing).

Let us know your thoughts.

Kind regards,
elrippo

I agree.

Perhaps asking for 0.0012 is too much. But I think they could do a gest of goodwill. We "old" customers were the first to trust them, to give them capital, etc..

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September 23, 2015, 01:28:28 PM
 #3373

I believe that the statement of GM is okay. The payout of old contracts are lower than the new because the difficult to mine of btc is higher than as before and cost more fees. I have buy for few days 100 GH/s more hash power by GM and i earn today my biggest payout and i also buy GH/s on an other Cloud Mining Company.There is the same problem with the fees - since a few days ago the daily payout is low.

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September 23, 2015, 01:31:34 PM
 #3374

Today's payment was better then yesterdays, but still less than half I was getting a month ago.
Lets see how it goes...
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September 23, 2015, 01:51:43 PM
 #3375

My payouts dropping consistently for the last 5 days..!!!

If you had an "old" contract (0.002 fee / ghs) he is worthless now. Your profit is 0 with the fee GM is taking and the actual BTC price / difficulty.

If you have a "new" contract (0.0015 or 0.0012) you still have a payout but you have to hope BTC price will rise & difficulty won't rise too much..

Maybe you have both of it, so you still get paid a little something..

@Genesis Mining
what do you think about getting your early customers from their 0,002$/GH/D fee contract to the new 0,0012$/GH/D fee contracts. In my opinion this would be advisable, feasible and fair towards your early adopters (besides that, good marketing).

Let us know your thoughts.

Kind regards,
elrippo

I agree.

Perhaps asking for 0.0012 is too much. But I think they could do a gest of goodwill. We "old" customers were the first to trust them, to give them capital, etc..

Yeah i would agree with 0,0012 fees, because we -the early adopters, as you mentioned- layed the ground for others. Now miners are getting more efficient like the SP50 so i think it would be feasible to swap the the early accounts with 0,002 or 0,0019 fees to the new ones.
This would be a strategic master piece from Genesis-mining and get some new customers with this publicity.
Let´s wait what Genesis Mining considers towards the swap  Roll Eyes

.BitDice.               ▄▄███▄▄
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September 23, 2015, 01:52:48 PM
 #3376

My payouts dropping consistently for the last 5 days..!!!

If you had an "old" contract (0.002 fee / ghs) he is worthless now. Your profit is 0 with the fee GM is taking and the actual BTC price / difficulty.

If you have a "new" contract (0.0015 or 0.0012) you still have a payout but you have to hope BTC price will rise & difficulty won't rise too much..

Maybe you have both of it, so you still get paid a little something..

@Genesis Mining
what do you think about getting your early customers from their 0,002$/GH/D fee contract to the new 0,0012$/GH/D fee contracts. In my opinion this would be advisable, feasible and fair towards your early adopters (besides that, good marketing).

Let us know your thoughts.

Kind regards,
elrippo

I agree.

Perhaps asking for 0.0012 is too much. But I think they could do a gest of goodwill. We "old" customers were the first to trust them, to give them capital, etc..

Yeah i would agree with 0,0012 fees, because we -the early adopters, as you mentioned- layed the ground for others. Now miners are getting more efficient like the SP50 so i think it would be feasible to swap the the early accounts with 0,002 or 0,0019 fees to the new ones.
This would be a strategic master piece from Genesis-mining and get some new customers with this publicity.
Let´s wait what Genesis Mining considers towards the swap  Roll Eyes

Judging from the past Scrpyt bait and switch don't hold your breath.
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September 23, 2015, 02:38:23 PM
 #3377

I would not hold my breath either, but what you are saying about how they handled Scrypt becoming worthless is just wrong. They were under no obligation whatsoever to compensate users, but still they did. It wasn't much but still.

The bitching and moaning that followed that nice gesture will surely make them think twice about doing somehting like that again.

=P
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September 23, 2015, 02:47:34 PM
 #3378

I would not hold my breath either, but what you are saying about how they handled Scrypt becoming worthless is just wrong. They were under no obligation whatsoever to compensate users, but still they did. It wasn't much but still.

The bitching and moaning that followed that nice gesture will surely make them think twice about doing somehting like that again.

Yeah but their crappy payouts and dodging questions will make people think twice about giving them free loans in the future too.
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September 23, 2015, 03:43:27 PM
 #3379

I would not hold my breath either, but what you are saying about how they handled Scrypt becoming worthless is just wrong. They were under no obligation whatsoever to compensate users, but still they did. It wasn't much but still.

The bitching and moaning that followed that nice gesture will surely make them think twice about doing somehting like that again.

Yeah but their crappy payouts and dodging questions will make people think twice about giving them free loans in the future too.

Yes, and they better factor in 50%-100% diff increase per year. If Bitcoin rises to 300 and holds it that increase may very well be more, if it stays weak and declines the diff. may decrease but the payout will still be shitty. And then one day it´ll be zero. It´s a lose-lose situation. So, if you believe that Bitcoin will rise just buy and hold it. If you believe that it´ll be decline from here do nothing, wait for a buying opportunity.

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September 23, 2015, 06:33:37 PM
 #3380

A slight improvement for yesterdays operation.  Difficulty is the same, BTC is $2 lower yet there is an improvement in payout.  This is the kind of thing that makes you want to just scratch your head.


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