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