Genesis-mining.com || World's leading hashpower provider!

[fairglu]

Isn't Genesis Mining affected by BitLicense? (different from FinCEN)

The final version refers to virtual currencies as a whole, and the New York DFS lists "service contract providers" in its "who we supervise" list (http://www.dfs.ny.gov/about/whowesupervise.htm), doesn't a mining contract fall under that?

[Zeta0S]

If you are going to buy cloud mining you are safer using a company that has their own exchange so you can sell hash if your plans change.

Well this is exactly the reason GM does not want to introduce their own exchange. Cause everyone would sell, dump the price down and leave.

This has already been addressed before:

...

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.
...

All the best and happy mining!
Marco Streng

According to FinCEN ruling cloud mining companies that simply pay out mined coins to the customer are not labeled money transmitters, see http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R007.pdf Others that offer markets and exchanges (where the company transfers coins on behalf of customers to other customers) can be labeled as money transmitters.

And this following article is interesting as it tells us that getting proper licenses is (too) costly, and therefor you can assume failing to defend your business in US court as not being a money transmitter is even more costly/deadly: http://www.coindesk.com/bitcoin-law-money-transmission-compliance-avoidance

So... What is safer? Investing using a company that's making sure it's still operational next year and beyond, or investing using a company that may not have the required licensing to service US customers or to operate inside the US?

Good quality post +1

[Genesis-Mining]

Dear Genesis Mining community.

Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be purchase hashpower contracts with us from this point onwards.

We stand by the cryptocurrency community and believe this particular piece of legislation is unnecessary and is an obstacle to free market innovation. We also believe that is exactly what it set it out to do. Companies across the world today posted similar announcements about leaving New York, and while it may seem like a victory to those who passed it, it is important to understand the difference between winning a battle and winning a war. Those who passed this bill have only succeeded in winning a small battle, and as a result have set their state further behind.

More information here
http://blog.genesis-mining.com/bitlicense-red-flag-acts-of-our-era

Coindesk have also written about it here.
http://www.coindesk.com/genesis-mining-leaves-new-york-following-bitlicense-deadline/

[alienesb]

Dear Genesis Mining community.

Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be purchase hashpower contracts with us from this point onwards.

We stand by the cryptocurrency community and believe this particular piece of legislation is unnecessary and is an obstacle to free market innovation. We also believe that is exactly what it set it out to do. Companies across the world today posted similar announcements about leaving New York, and while it may seem like a victory to those who passed it, it is important to understand the difference between winning a battle and winning a war. Those who passed this bill have only succeeded in winning a small battle, and as a result have set their state further behind.

More information here
http://blog.genesis-mining.com/bitlicense-red-flag-acts-of-our-era

Coindesk have also written about it here.
http://www.coindesk.com/genesis-mining-leaves-new-york-following-bitlicense-deadline/

Well that blows. I find it odd that the dude that pushed this crap BitLicense schlock through quit soon after. What a dick.

[ashfaq]

Dear Genesis Mining community.

Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be purchase hashpower contracts with us from this point onwards.

We stand by the cryptocurrency community and believe this particular piece of legislation is unnecessary and is an obstacle to free market innovation. We also believe that is exactly what it set it out to do. Companies across the world today posted similar announcements about leaving New York, and while it may seem like a victory to those who passed it, it is important to understand the difference between winning a battle and winning a war. Those who passed this bill have only succeeded in winning a small battle, and as a result have set their state further behind.

More information here
http://blog.genesis-mining.com/bitlicense-red-flag-acts-of-our-era

Coindesk have also written about it here.
http://www.coindesk.com/genesis-mining-leaves-new-york-following-bitlicense-deadline/

Well that blows. I find it odd that the dude that pushed this crap BitLicense schlock through quit soon after. What a dick.

LMAO.. he never wanted to invest but he did made sure that no one else invests loll...

[ashfaq]

Dear Genesis Mining community.

Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be purchase hashpower contracts with us from this point onwards.

We stand by the cryptocurrency community and believe this particular piece of legislation is unnecessary and is an obstacle to free market innovation. We also believe that is exactly what it set it out to do. Companies across the world today posted similar announcements about leaving New York, and while it may seem like a victory to those who passed it, it is important to understand the difference between winning a battle and winning a war. Those who passed this bill have only succeeded in winning a small battle, and as a result have set their state further behind.

More information here
http://blog.genesis-mining.com/bitlicense-red-flag-acts-of-our-era

Coindesk have also written about it here.
http://www.coindesk.com/genesis-mining-leaves-new-york-following-bitlicense-deadline/

THE one thing that u should add and which could increase your business very much . "Add the reselling option" that is the only option where a user can profit and plus it dosent effects the company, because there will be always new users to buy .There should be a market for GH.

[Genesis-Mining]

Dear Genesis Mining community.

Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be purchase hashpower contracts with us from this point onwards.

We stand by the cryptocurrency community and believe this particular piece of legislation is unnecessary and is an obstacle to free market innovation. We also believe that is exactly what it set it out to do. Companies across the world today posted similar announcements about leaving New York, and while it may seem like a victory to those who passed it, it is important to understand the difference between winning a battle and winning a war. Those who passed this bill have only succeeded in winning a small battle, and as a result have set their state further behind.

More information here
http://blog.genesis-mining.com/bitlicense-red-flag-acts-of-our-era

Coindesk have also written about it here.
http://www.coindesk.com/genesis-mining-leaves-new-york-following-bitlicense-deadline/

THE one thing that u should add and which could increase your business very much . "Add the reselling option" that is the only option where a user can profit and plus it dosent effects the company, because there will be always new users to buy .There should be a market for GH.

Please read a few posts up. It has already been discussed why we will not do a resell option.
https://bitcointalk.org/index.php?topic=602022.msg12111969#msg12111969

[Borgminer]

If you are going to buy cloud mining you are safer using a company that has their own exchange so you can sell hash if your plans change.

the is complete and utter BS


Well this is exactly the reason GM does not want to introduce their own exchange. Cause everyone would sell, dump the price down and leave.

This has already been addressed before:

...

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.
...

All the best and happy mining!
Marco Streng

According to FinCEN ruling cloud mining companies that simply pay out mined coins to the customer are not labeled money transmitters, see http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R007.pdf Others that offer markets and exchanges (where the company transfers coins on behalf of customers to other customers) can be labeled as money transmitters.

And this following article is interesting as it tells us that getting proper licenses is (too) costly, and therefor you can assume failing to defend your business in US court as not being a money transmitter is even more costly/deadly: http://www.coindesk.com/bitcoin-law-money-transmission-compliance-avoidance

So... What is safer? Investing using a company that's making sure it's still operational next year and beyond, or investing using a company that may not have the required licensing to service US customers or to operate inside the US?

Good points new guy

[Borgminer]

this makes no sense at all . why just new york ?

Dear Genesis Mining community.

Genesis Mining will not be able to comply with the regulations set forth by the proposed BitLicense and as such, we will no longer be able to accept customers from the state of New York. All current customers will be able to continue their services, but going forward, no one with an IP address from the state of New York will be purchase hashpower contracts with us from this point onwards.

We stand by the cryptocurrency community and believe this particular piece of legislation is unnecessary and is an obstacle to free market innovation. We also believe that is exactly what it set it out to do. Companies across the world today posted similar announcements about leaving New York, and while it may seem like a victory to those who passed it, it is important to understand the difference between winning a battle and winning a war. Those who passed this bill have only succeeded in winning a small battle, and as a result have set their state further behind.

More information here
http://blog.genesis-mining.com/bitlicense-red-flag-acts-of-our-era

Coindesk have also written about it here.
http://www.coindesk.com/genesis-mining-leaves-new-york-following-bitlicense-deadline/

[Borgminer]

just a stupid move for genesis mining. they believe in a free market but yet they cut off about 8m people .

[Zeta0S]

just a stupid move for genesis mining. they believe in a free market but yet they cut off about 8m people .

The problem is not Genesis Mining, the problem is the BitLicense.

[ashfaq]

just a stupid move for genesis mining. they believe in a free market but yet they cut off about 8m people .

The problem is not Genesis Mining, the problem is the BitLicense.

i guess this problem is because of that new guy who was criticizing 'genesis ' which eventually ended this way,maybe he never wanted to invest either but he spoiled others mining too.

[Icon]

so got a question, just upgraded my lifetime hashrate using btc  then turned around and bought an 1 year contract with my cc.

Problem is genesis had a nice little notice they have not posted on forms about using a cc after i already paid for the contract.

and i quote:

"Thank you for your order! We wish to point out that your credit card order is still under review and all your payouts (for contracts paid with credit card) will be held for 30 days. You can still use the mining allocation to allocate your coins and review your payouts. After period of 30 days ends, you will receive your payouts at once! Happy Mining!"

Now my question is will my life time contract be put on hold for a month too or just the 1 year contract?

Cause i paid in btc for my lifetime contract i should get paid daily and not have to wait a month..

Icon

[rogelio11]

so got a question, just upgraded my lifetime hashrate using btc  then turned around and bought an 1 year contract with my cc.

Problem is genesis had a nice little notice they have not posted on forms about using a cc after i already paid for the contract.

and i quote:

"Thank you for your order! We wish to point out that your credit card order is still under review and all your payouts (for contracts paid with credit card) will be held for 30 days. You can still use the mining allocation to allocate your coins and review your payouts. After period of 30 days ends, you will receive your payouts at once! Happy Mining!"

Now my question is will my life time contract be put on hold for a month too or just the 1 year contract?

Cause i paid in btc for my lifetime contract i should get paid daily and not have to wait a month..

Icon

its gonna be on hold for just for 30 days/ month. that is a normal condition of theirs. to make sure the card owner is you. also any chargeback issues.  

but while it is on hold. your contract is activated during the first 30-day hold.

part of their term agreement text-

By using the Credit Card Services the Customer hereby agrees and accepts that he will not be allowed and shall be prohibited from withdrawing any amounts that the Customer has deposited and/or is entitled to as a result of the Services rendered by the Service Provider for a period of 30 days. In case the payment by the Customer results in a charge-back or other material issues occur, the Service Provider is entitled to keep all existing, current and future Mining Output.

you can view their terms as well. so you know too its in the " View Agreement" box text before you pay your mining contracts. just scroll down and read in 8. Credit Card Services through Credit Card Service Provider Section.

hope this helps

[Borgminer]

bitcoin isnt regulated anywhere in the US.  genesis is making stuff up. 

[Icon]

I understand that, my question was i have 2 contracts under one account with them will they both be in locked down for 30 days and 0 daily payouts or just the 1 order with cc?

Icon

[Genesis-Mining]

bitcoin isnt regulated anywhere in the US.  genesis is making stuff up.  

Hi Borgminer.

Perhaps this article will interest you. As you can see there were many companies and not just us.

http://fortune.com/2015/08/14/bitcoin-startups-leave-new-york-bitlicense/

Regards

Genesis Mining.

[Genesis-Mining]

I understand that, my question was i have 2 contracts under one account with them will they both be in locked down for 30 days and 0 daily payouts or just the 1 order with cc?

Icon

Icon, We have sent you a PM about this.

Regards

Genesis Mining

[ashfaq]

I understand that, my question was i have 2 contracts under one account with them will they both be in locked down for 30 days and 0 daily payouts or just the 1 order with cc?

Icon

Icon, We have sent you a PM about this.

Regards

Genesis Mining

Hey by the way what is the ROI for the 'Special' offer i mean that is 1 bitcoin investment so what is the average coins a user can make in that total period ?i know it based on bitcoin price but still there has to be an average.

[Icon]

Humm where is today's payout?

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