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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 382047 times)
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matt4054
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June 15, 2016, 08:44:16 PM
 #4241

Besides the speculation going on here, do you have any clue about the basis used for the mining maintenance fees?

It's quite obscure to know if there is any chance of ROI after the halving...

Thanks!
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June 16, 2016, 05:08:29 AM
 #4242

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

AMBRO SCAM

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eestimees
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June 16, 2016, 07:27:53 AM
 #4243

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...


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June 16, 2016, 08:40:24 AM
 #4244

i want to invest in genesis, what is the future for new lifetime contracts?,

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June 16, 2016, 08:43:46 AM
 #4245

i want to invest in genesis, what is the future for new lifetime contracts?,

Which contracts are you talking about, and what kind of answer do you expect, seriously? Roll Eyes
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June 16, 2016, 11:00:21 AM
 #4246

i want to invest in genesis, what is the future for new lifetime contracts?,

Which contracts are you talking about, and what kind of answer do you expect, seriously? Roll Eyes

the lifetime btc

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June 16, 2016, 12:04:56 PM
 #4247

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...



Wow they fuct you good
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June 16, 2016, 01:58:16 PM
 #4248

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...



Wow they fuct you good

got reply from support, that they were deleted as they were not producing within last 20 days.. well.. If I remember correctly they stopped in the middle of Feb - that is more than 20 days ago. I also addressed support then.. Funny is that they were listed under my account orders until the day BTC price went up enough to start earning profit.. also I must say that I did not copy terms of 1y contract.. did it included that 20day term or  not... go figure...

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June 16, 2016, 02:22:16 PM
 #4249

Well my biggest grip i bought 1th and now its gone , no answer from support it was suppose.to be forever obviously there idea of forever is way different to mine , so basically they can go get fucked , there thieves and liers  and i do tell everyone that asks me about cloud mining to stay away , i have alot of cloud mining but genesis are frauds and have zero customer service ...

I have about 67TH gone.. welcome to the club, also no answer from support... so far.. all contracts that had 0.0015usd / GH maintenance fee were gone from the day they should have started to earn again (thanks to btc / usd rise)

I mean they are gone.. no history in account orders, as expired (as they were not expired) they just do not exist anymore...



You bought 67 TH/S worth of contract and it is gone from your account? Do you have proof of it? When you bought the contract, they should have sent an invoice.

Are you able to show us that email or invoice?

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June 16, 2016, 02:25:43 PM
 #4250

can  make a profit on btc mining now that the btc price has gone up?

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June 16, 2016, 02:26:34 PM
 #4251

can  make a profit on btc mining now that the btc price has gone up?

I can tell u, no. It's very unlikely. Unless you have many referrals. Smiley One of my GM contract has been terminated. Smiley

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June 16, 2016, 02:30:37 PM
 #4252

Can GM answer this? Smiley

https://bitcointalk.org/index.php?topic=1185909.msg15220479#msg15220479

Also, I find it strange that GM could sustain by mining with older hardware. Those old hardware should be inefficient and cost tons of electricity. Shouldn't they be using more efficient miners, 14nm tech, such as S9s?

And what happened to scrypt power they took away from their customers? I understand that scrypt has better longevity than other algos..

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June 16, 2016, 02:46:17 PM
 #4253

They are actually allowed to delete your contract if it has been unprofitable from a maintenance perspective for more than 20 days straight.

From their contracts, 4.b Terms:

Quote
"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."

This is a huge deal! A lot of people don't realize that with exponentially rising mining difficulty and a constant maintenance fee, your contract will sooner or later expire provided the BTC price doesn't go to the moon (lifetime contracts... yeah, right). And if it did, most of these cloud mining companies would probably go bust.

Think about it, all it takes is a 20 day exchange rate dive and your whole investment is gone. Doesn't matter if the price goes up again shortly after. *Poof*. Gone. Buh-bye. As it is right now, a dive below 300 EUR/BTC for 20 days would suffice for a lot of contracts to disappear. And that cut-off is rising every day due to the rising difficulty. It could be 600 EUR/BTC in a couple of months. Are you certain the bitcoin price will stay above 600 EUR consistently for the next few years? I'm not.



And Genesis Mining isn't the only company practicing this method. Here's a gem from Hashflare's ToS:

Quote
"5.5. The Mining process continues until said mining is profitable. This means the Mining process will stop if the Maintenance and Electricity Fees will become larger than the Payout. Permanent Service termination (Hashrate type specific) if mining remains unprofitable for 21 days."


Which begs the question: Why are those contracts terminated (so quickly)? The hardware is still there (provided it ever existed) - so why not give it at least a couple of months before throwing it out? Since that is the only explanation as to why those contracts are being terminated: The hardware is getting replaced because it's not profitable anymore. In such a case, why not offer customers a switch to newer hardware for a small fee?

These contract terminations are extremely suspicious to say the least. To me, it appears to be a built in "fail-safe" in favor of the companies selling the contracts - a fail-safe that makes the ponzi scheme obsolete because the customers never really have a chance of getting their money back. I don't want to say it's a scam because they're literally holding up their end of the contract - a contract you have to agree to before buying hashrate there. Is it a good business practice that invokes trust in them actually mining (all of the) coins they claim to mine? Certainly not.

Personally, I have come to the conclusion that services like GM or HF are nothing else but a gamble. You literally have to bet on the exchange rate going up enough (and due to the exponentially rising mining difficulty, those levels would have to be ridiculously high, almost impossible to achieve) until you can hit ROI - and it still could take years for you to get there. Why would you do that, though? Why would you bet on something if the best outcome is getting your money back after a year or so? You could literally invest in bitcoin instead, keep them for a year and you'll have so much more than just your initial investment back.



I am desperately looking for a legit cloud mining service, but neither HF nor GM are those - and those clauses in their contracts should make that abundantly clear to anyone still wondering about their profitability.

Please think twice before investing in those companies. No, GM and HF are (most likely) no ponzi-schemes - but that's because they don't have to be. They will do exactly what the contract you sign with them says - but it's a shitty contract and chances you will ever see ROI are minuscule. You literally have better odds in any given casino - and you know something isn't a good investment opportunity when "betting on black" isn't only a safer but also way more lucrative move.

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June 16, 2016, 04:26:47 PM
 #4254

OK thanks for your insights, I'm saddened, I thought mining in legit companies is OK.

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June 16, 2016, 04:58:16 PM
 #4255

OK thanks for your insights, I'm saddened, I thought mining in legit companies is OK.

I think mining in legit cloud mining services can still be profitable, especially considering that those will not simply terminate your contract but offer to send you the hardware you've practically bought instead. So you can at least sell that hardware on ebay later on and have a shot at making a profit in total. An example of a 99.9% legit cloud mining service would be Hashnest, I'm currently looking into investing there. I'm not certain as to whether it is profitable or not, though. I am still looking for more first hand experience by users that have been invested there for a longer period of time.

It's a shame about all those lost contracts though. I imagine 90%+ of their customers were not aware this clause existed in their contracts prior to their hashrate suddenly disappearing. I feel bad for those people, they have been tricked by shady referral programs and terms like "lifelong contract".

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June 16, 2016, 05:28:23 PM
 #4256

Miner rigs in Hashnest easily gets obsolete. I mean, if you don't trade then you won't ROI.

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June 16, 2016, 05:43:49 PM
 #4257

Miner rigs in Hashnest easily gets obsolete. I mean, if you don't trade then you won't ROI.

ya sure would be great to just buy hash and let it sit for months with no love into it, as a magic money machine hey? (sic)
only fucking idiots would "let their machine go obselete" at hashnest, straight up
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June 17, 2016, 05:02:36 AM
 #4258

support now wrote, that there was a glitch and I should get my contract back...

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June 17, 2016, 05:46:51 AM
 #4259

They are actually allowed to delete your contract if it has been unprofitable from a maintenance perspective for more than 20 days straight.

From their contracts, 4.b Terms:

Quote
"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."

This is a huge deal! A lot of people don't realize that with exponentially rising mining difficulty and a constant maintenance fee, your contract will sooner or later expire provided the BTC price doesn't go to the moon (lifetime contracts... yeah, right). And if it did, most of these cloud mining companies would probably go bust.

Think about it, all it takes is a 20 day exchange rate dive and your whole investment is gone. Doesn't matter if the price goes up again shortly after. *Poof*. Gone. Buh-bye. As it is right now, a dive below 300 EUR/BTC for 20 days would suffice for a lot of contracts to disappear. And that cut-off is rising every day due to the rising difficulty. It could be 600 EUR/BTC in a couple of months. Are you certain the bitcoin price will stay above 600 EUR consistently for the next few years? I'm not.


Apparently those 1y contracts didn't had that condition.. I got my hash back now waiting for payment that should include last few days also.

I must say that GM trust rating has gone up a bit in my eyes now after all...

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June 17, 2016, 05:58:44 AM
 #4260

They are actually allowed to delete your contract if it has been unprofitable from a maintenance perspective for more than 20 days straight.

From their contracts, 4.b Terms:

Quote
"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."

This is a huge deal! A lot of people don't realize that with exponentially rising mining difficulty and a constant maintenance fee, your contract will sooner or later expire provided the BTC price doesn't go to the moon (lifetime contracts... yeah, right). And if it did, most of these cloud mining companies would probably go bust.

Think about it, all it takes is a 20 day exchange rate dive and your whole investment is gone. Doesn't matter if the price goes up again shortly after. *Poof*. Gone. Buh-bye. As it is right now, a dive below 300 EUR/BTC for 20 days would suffice for a lot of contracts to disappear. And that cut-off is rising every day due to the rising difficulty. It could be 600 EUR/BTC in a couple of months. Are you certain the bitcoin price will stay above 600 EUR consistently for the next few years? I'm not.


Apparently those 1y contracts didn't had that condition.. I got my hash back now waiting for payment that should include last few days also.

I must say that GM trust rating has gone up a bit in my eyes now after all...

lol.  why because they have a broken system that tried to scam you then ONLY fixed it once YOU let them know?
o ya, awesome guys there. im sure it will work out great, might even get 50% of your money back! Grin
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