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Author Topic: Genesis-mining.com || World's leading hashpower provider!  (Read 381345 times)
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Eric Mu
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July 12, 2016, 02:27:32 PM
 #4301

Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.
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July 12, 2016, 02:35:32 PM
 #4302

Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.

Apart from the greed of impossible ROI's at the scam end of the "cloud mining" spectrum, I think it's the dream of "being involved" in mining, being part of the process that is attractive, especially to newbies.
Your model is eminently more realistic and logical, but lacks that aspect.

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July 12, 2016, 02:52:49 PM
 #4303

Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.

Hello Eric,


To start, some people want to mine coins even when profits are negligible, for fun or other reasons, keep that in mind
For example Start Mining at home in some country is to expensive due to huge power cost (like here it cost like 26 collars cent a kilowatt).

His is what i think,
Mining btc at this moment at current difficulty and currency BTC rate is maybe not the right choice.
However i highly believe in Dash and Ethereum, so mining that and anticipate on grow in time, i think i benefit well by cloudmining (remember increasingly mining at home is not a real option for me)
That`s why i choice (beside of buying the coins directly) for Genesis Mining. Its a nice replenishment on my current portfolio  Smiley

For you (Haobtc) as a mining company advantages can be release funds form you capital.
Combining that whit your wallet you will have a lot more wallet users as well.
Downside is managing the whole crowd of customers. Managing the miners on a divert way, i think http://genesis-hive.com/ can help other mining farms whit that.

Eric what are you guys planning to do?






Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
netpeak
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July 14, 2016, 03:31:24 PM
 #4304

Hi, I like to add my experience to those who posted theirs before me, and I hope a lot of newbies / wanna-be-investors read this:

I knew it was risky when I bought my first contract with GM. During the first year I bought 4 upgrades. And because I like risk, and nobody knew what would happen after the halving, I spent another 0.03 btc on 0.1 THash/s BTC mining exactly 4 weeks ago.

All that money got burned, I did not arrive at ROI, my daily payouts dropped to 7000 Satoshis, according to GM support that's from 2 remaining contracts with 0.255 TH.

So if price and difficulty would stay the same, I would ROI those last spent 0.03 Bitcoin in 428 days ... lol  Smiley Shocked  I will post again in 428 days if this stupid thing is still running, but I wouldn't bet a penny on it.

It has all been said before me, so I like to repeat and encourage every newcomer: buy Bitcoins directly, even if it's just for 5 or 10 Dollar every month, and you will make A HELL LOT MORE money than investing in Genesis Mining. Investing $10 every month in Bitcoin for the last year would have made you about $240 if you sold now.


Protect and hodl your Bitcoins!

Best wishes
netpeak
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July 14, 2016, 03:47:48 PM
 #4305

sorry for the double post. For the record, I paste GM's answer that I received after I asked them why my payouts dropped by 85 % after the halving:

Quote
On Saturday, July 9th 2016 the so called halving took place on bitcoin, meaning, the reward that bitcoin miners will receive was cut in half.

The details about the halving can be read here for example:
http://finance.yahoo.com/news/bitcoin-halving-blockchain-mining-000000868.html
https://en.bitcoin.it/wiki/Controlled_supply
It lies within the algorithm of Bitcoin, so unfortunately nothing can be done from Genesis Mining side to help you.

Discussions about the halving where online month ago as can be seen here on these links on well known forums and chats like reddit and bitcointalk:
https://bitcointalk.org/index.php?topic=1216445.0
https://bitcointalk.org/index.php?topic=1428863.0
https://www.reddit.com/r/Bitcoin/comments/3q59uu/9_months_until_block_reward_halving/

With signing your contract, you agreed also you know the nature, and this includes also the halving, of Bitcoin.
"THE CUSTOMER REPRESENTS AND WARRANTS TO THE SERVICE PROVIDER THAT HE IS FAMILIAR WITH MINING, CRYPTOCURRENCIES AND BITCOIN IN PARTICULAR AND THAT HE UNDERSTANDS THE NATURE AND USES OF MINING CRYPTOCURRENCIES AND BITCOIN. " as stated in chapter 7. Representations and Warranties of your agreement.

This means also, the the hashpower you purchased with us is mining more than 50% less than on friday.
Why more than 50%?. Because we, as usual have to deduct the maintenance fee from the original earning and this means more than 50% less payouts.

Due to that fact, your earnings per day became less than the maintenance fee (USD 0.00099 per GHs/day) your contracts became unprofitable. Those were a lifetime contracts, but they run for as long as payouts are profitable. 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. However it is economically reasonable to stop the mining if it is clear that this difference does not become positive again. This is why according to the contract you agreed on chapter 4 we have the right to terminate the contracts after 20 consecutive days of negative payouts.

All the payouts and the deduction of fees can be recalculated at the independent site coinwarz.com:
Please set as usual the Watts to 0 as well the $/kWh.
We are just providing the hashpower you ordered and do not provide any estimates, expectations and calculations on ROI.

Thank you for your understanding.




Best regards,
Genesis Mining
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July 14, 2016, 04:11:03 PM
 #4306

Stop posting with misleading title everyone knows and aware that all this cloudming are a ponzi scheme even they have pictures/images about their mining materials, but who knows? Hashocean did that. So be careful guys of this kind of mining.

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July 15, 2016, 04:03:57 AM
 #4307

How to complain against GM, to which country ..  Hong Kong , or Iceland.

Their bank account in HK but they claim they are an Iceland company .. 

we need to collect all information about them from now .. we should not allow them to hide.

I am not taking about the real business and the impact happen to all users because of halving .. that impact is uncontrolable .

but There is a case that GM did not providing some user their coins ..

even the phone they remove from their website ! ! !
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July 15, 2016, 04:27:31 AM
 #4308

How to complain against GM, to which country ..  Hong Kong , or Iceland.

Their bank account in HK but they claim they are an Iceland company .. 

we need to collect all information about them from now .. we should not allow them to hide.

I am not taking about the real business and the impact happen to all users because of halving .. that impact is uncontrolable .

but There is a case that GM did not providing some user their coins ..

even the phone they remove from their website ! ! !

They are from Germany. That is no secret. All information (including german address and phone number) are public available.
The office in Hong Kong is to my knowledge only because of the taxes.

Never heard that some users do not get their coins. Did you have examples or evidence?
Eric Mu
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July 15, 2016, 06:18:03 AM
 #4309

Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.

Hello Eric,


To start, some people want to mine coins even when profits are negligible, for fun or other reasons, keep that in mind
For example Start Mining at home in some country is to expensive due to huge power cost (like here it cost like 26 collars cent a kilowatt).

His is what i think,
Mining btc at this moment at current difficulty and currency BTC rate is maybe not the right choice.
However i highly believe in Dash and Ethereum, so mining that and anticipate on grow in time, i think i benefit well by cloudmining (remember increasingly mining at home is not a real option for me)
That`s why i choice (beside of buying the coins directly) for Genesis Mining. Its a nice replenishment on my current portfolio  Smiley

For you (Haobtc) as a mining company advantages can be release funds form you capital.
Combining that whit your wallet you will have a lot more wallet users as well.
Downside is managing the whole crowd of customers. Managing the miners on a divert way, i think http://genesis-hive.com/ can help other mining farms whit that.

Eric what are you guys planning to do?


Thanks.

We have been contemplating introducing a contract product to our existing lineup, that is the reason why I got curious what the other companies in this area in the first place.
But mining is not our strategic direction - I talked with someone from BitFury, and they felt the same way, which is that while there is money to be made in mining, it should not be our focus in the long run.
Right now we are planning to make our mining pool public - can't say much about it except that our rates will be very competitive compared with other services in the market.
One reason we hesitate to sell contracts is the potential risk to our reputation. If some users can't ROI on their HaoBTC mining contracts, then our reputation, so far has been stellar in China and abroad, may take a hit. So we are sure it is worthwhile.
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July 15, 2016, 03:02:39 PM
 #4310

Stop posting with misleading title everyone knows and aware that all this cloudming are a ponzi scheme even they have pictures/images about their mining materials, but who knows? Hashocean did that. So be careful guys of this kind of mining.

Everyone knows that genesis mining is a legit cloudmining and it is very different than the other cloudmining so far however the only problem with genesis mining is that it is the most unprofitable cloud mining that exist so unless you have gather tons of referall and so on then you will never get your ROI

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Seems I deinvested all my btc :(


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July 15, 2016, 09:54:43 PM
 #4311

@  eric@haobtc

Don't, it's not even worth trying, the pros vs the cons don't even come close, its like having  2 wives at the same time. Your just asking for a ton of complaints and people second guessing your reputation.  If you are profitable now then don't waste your time in cloud mining contracts.. 

Definitely not worth the effort..


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July 15, 2016, 10:34:38 PM
 #4312

I guess they gone scam as I haven't received my payment for more than 2 days, wtf?
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July 15, 2016, 10:38:46 PM
 #4313

I guess they gone scam as I haven't received my payment for more than 2 days, wtf?

I think i know what`s happening, you are below the payment threshold, after a couple of days you are over the threshold and you receive payment.

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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July 16, 2016, 04:58:39 AM
 #4314

I guess they gone scam as I haven't received my payment for more than 2 days, wtf?

Read the complaints in this discussion. Genesis mining are binding you with their contracts with fine prints. It is your fault if you did not read them. I am not a Genesis mining user but G M will terminate your contract after 20 days if your payouts are less than the maintenance fees.

I guess they gone scam as I haven't received my payment for more than 2 days, wtf?

I think i know what`s happening, you are below the payment threshold, after a couple of days you are over the threshold and you receive payment.


Zeta0S, you should be telling the truth or the complete picture. Stop hoodwinking newcomers.

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July 16, 2016, 09:06:59 AM
 #4315

I am a little bit dissapionted until now that GM hasnt provided miners with bitcoin contracts the opportunity to switch.
There must be a lot of people, almost everybody i think that are unable to make profit on bitcoin right now.
A good cloud mining company cares about it's own long-term goals and offers something in return.
OR most people already left the contract.

My opioning of GM at the moment is that they are focused on short term profits and eventuelly they do the same with X11 and Etherium.
With attracting less and less people because they are setting up investment plans where they already know for 80% there own investment is a bad one.
And GM is correct i that didnt pay attention when signing(i didnt know of the halving, last year), but i have enough profits earned with trading, so its no problem. I also have enough opportunities with x11 to made a big profit, if i just saved it. But still my opioning if GM wants to offer services they must see everyone with bitcoin contracts is affected now? And action must be taken to preserve?

In the past GM treated me well( more or less) to offer me a small free bitcoin contract to compensate for the losses somewhere in March of the low bitcoin price, without ever asking for it.
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July 18, 2016, 07:33:31 AM
 #4316

before halving:0.00012599 BTC (256 GH/s).
now:0.00000048 BTC

50% reduction? well, FU Genesis.

Hashflare on the same time reduced by exact 50% and announced they will lower fee by 25%
so it stay profitabel.

i repeat: FU Genesis.
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Seems I deinvested all my btc :(


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July 18, 2016, 08:32:54 AM
 #4317

 So what is genesis response to the hard fork of etherum?  When will the miners get paid?

 Seeing that the exchanges are on hold ...

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July 18, 2016, 08:50:18 AM
 #4318

before halving:0.00012599 BTC (256 GH/s).
now:0.00000048 BTC

50% reduction? well,
Hashflare on the same time reduced by exact 50% and announced they will lower fee by 25%
so it stay profitabel.



My sha payout changed indeed more then 50%

09.07.2016      BTC      0.01459642 (sha) before halving
10.07.2016      BTC      0.00398043 (sha) after halving

Note: X11 and Ethereum Payouts were still the same, and that`s where i have the largest payouts.

Get a HUGE 3% discount with promo code: MOON @ Genesis Mining
https://www.genesis-mining.com
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July 22, 2016, 10:40:03 PM
 #4319

my payout was literally /3

from
09.07.2016     BTC     0.00024546
to
10.07.2016     BTC     0.00007588

genesis-mining needs to do something for payouts or no one will buy more GH/s Undecided
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July 23, 2016, 12:28:57 AM
 #4320

All my SHA256 contracts have stopped paying. Once it hits 20 days, it's good bye.

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