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Roquene
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September 21, 2015, 12:12:11 AM |
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So you get what. 60 cents a day right? That´s really great you can buy yourself a cup of coffee once a week. How much did you fork out for this great deal?
Holy Crap. So you saying that i don't reach ROI in 60 days? Omg! If I had only known before! Oh wait, I have. It's my business, in which hole I throw my money. And guess what. I'm going to invest even more. |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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kavellino
Newbie
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Activity: 8
Merit: 0
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September 21, 2015, 12:38:25 AM |
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I have two accounts with Genesis Mining. One account is with Genesis the second is Genesis Spondoolies account. Over the past 4 days my Genesis Spondoolies account reduced payouts by 50% for the first two days then over the last 2 days I've had 0 payout. This on an account with 31 Ths. The pure Genesis-Mining account has 15 Ths and payouts are what they should be. This is weird. I wonder if anyone else is seeing similar problems.
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Soros Shorts
Donator
Legendary
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Activity: 1616
Merit: 1003
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September 21, 2015, 12:40:29 AM |
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I have two accounts with Genesis Mining. One account is with Genesis the second is Genesis Spondoolies account. Over the past 4 days my Genesis Spondoolies account reduced payouts by 50% for the first two days then over the last 2 days I've had 0 payout. This on an account with 31 Ths. The pure Genesis-Mining account has 15 Ths and payouts are what they should be. This is weird. I wonder if anyone else is seeing similar problems.
Check your contracts. The Genesis Spondoolies account probably contains some earlier contracts with the $0.0019 maintenance fee which are in jeopardy of becoming worthless soon. Edt: I have a bunch of $0.0019 contracts from earlier this year. I'll be lucky if I got 20% back of what I'd put in. |
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galdur
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September 21, 2015, 12:52:24 AM |
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Genesis Mining is the largest and most trusted Bitcoin cloud mining provider in the world. We are dedicated to transparency, efficiency, and maximize your ...
The largest in the world? Really? Exactly where can one get that verified? Their transparency is zero, does not exist.
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BitcoinNewsMagazine
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Activity: 1806
Merit: 1164
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September 21, 2015, 01:03:29 AM
Last edit: September 21, 2015, 01:13:30 AM by BitcoinNewsMagazine |
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They scammed out scrypt hash and a few weeks later made it worthless. Now they´re writing down the payouts of old customers to bolster payouts to new customers. It´s a scam. In a few months I will be posting the same thing when their supply of new idiots has run out.
Apart from the operators the only people benefiting are referral whores that profit from scamming others into the scam. Of course you´ll see them promoting and defending the scam to the very end.
Genesis Mining does have an affiliate program but to be crystal it is not very lucrative for affiliates at all so not a strong reason to avoid GM. However there are a few other negatives when considering investing. 1) When you buy hash at GM you are stuck, there is no way to sell it. That alone is reason to run, not walk away. 2) Also consider there is a new kid in town with daily fees half what GM charges: Hashnest S7. Cost of S7 is same as Genesis Mining. Downside to S7 is the miners are new and if you want to buy right now you have to buy a full miner to hash with deployment on Oct 10. However once Oct 10 comes, not that far off S7 hash will be trading on the Hashnest internal market so you can buy and sell smaller amounts of hash at will. I would be surprised if Genesis Mining exists as it is now in a year. As demand for their product diminishes they will change their business model. |
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talks_cheep
Legendary
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Activity: 1036
Merit: 1000
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September 21, 2015, 02:14:44 AM
Last edit: September 21, 2015, 02:26:42 AM by talks_cheep |
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I paid 0.5 btc (actually $145 then) for 0.5 TH/s on August 8th. At first, they were paying out 0.00195 btc a day, and then slowly decreased to 0.00134 by end of August. Today, the payout from Genesis Mining was 0.000826 for my 0.5 TH/s. So far, I have recouped 0.0628 btc. At this rate, I will never get my 0.5 btc back before my 1-Year contract runs out next August. In fact, I AM worried that I may never even get 1/2 of what I paid. This is the worst "investment" in mining.
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crazyearner
Legendary
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Activity: 1820
Merit: 1001
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September 21, 2015, 03:25:17 AM |
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Genesis Mining is the largest and most trusted Bitcoin cloud mining provider in the world. We are dedicated to transparency, efficiency, and maximize your ...
The largest in the world? Really? Exactly where can one get that verified? Their transparency is zero, does not exist.
My thoughts exactly. I highly doubt their their biggest with Bitmain on the rise and other company's that are out their. Maybe admin will provide proof but I doubt very much their largest provider in the world fact. Maybe 1 of the biggest out of 20 or so company's but still mehh bigger and better places than Genesis. I was tempted to buy but reading more comments on payments and daily payments is a no go for me. |
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galdur
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September 21, 2015, 03:53:43 AM
Last edit: September 21, 2015, 04:09:43 AM by galdur |
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Genesis Mining is the largest and most trusted Bitcoin cloud mining provider in the world. We are dedicated to transparency, efficiency, and maximize your ...
The largest in the world? Really? Exactly where can one get that verified? Their transparency is zero, does not exist.
My thoughts exactly. I highly doubt their their biggest with Bitmain on the rise and other company's that are out their. Maybe admin will provide proof but I doubt very much their largest provider in the world fact. Maybe 1 of the biggest out of 20 or so company's but still mehh bigger and better places than Genesis. I was tempted to buy but reading more comments on payments and daily payments is a no go for me. It would probably be helpful for investors to have confirmed and proven that all the hash this operation sells is actually mining. Maybe it´s part ponzi. One thing is for sure, you have no regulation and absolutely no demand for transparency from the naive investors, that is clear incentive for fraud; in fact invitation. Face it; bitcoin´s middle name is scam which of course is the main reason why it´s chronically in the dumps with no volume or buying interest. So, never just take THEIR word for it, demand verification. I´m curious; approximately what kind of warehouse space would the world´s largest mining operation require? It would be rather massive, right? Maybe I should check it out, it´s only a 30 miles drive or so. |
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crazyearner
Legendary
Offline
Activity: 1820
Merit: 1001
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September 21, 2015, 04:22:27 AM |
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Genesis Mining is the largest and most trusted Bitcoin cloud mining provider in the world. We are dedicated to transparency, efficiency, and maximize your ...
The largest in the world? Really? Exactly where can one get that verified? Their transparency is zero, does not exist.
My thoughts exactly. I highly doubt their their biggest with Bitmain on the rise and other company's that are out their. Maybe admin will provide proof but I doubt very much their largest provider in the world fact. Maybe 1 of the biggest out of 20 or so company's but still mehh bigger and better places than Genesis. I was tempted to buy but reading more comments on payments and daily payments is a no go for me. It would probably be helpful for investors to have confirmed and proven that all the hash this operation sells is actually mining. Maybe it´s part ponzi. One thing is for sure, you have no regulation and absolutely no demand for transparency from the naive investors, that is clear incentive for fraud; in fact invitation. Face it; bitcoin´s middle name is scam which of course is the main reason why it´s chronically in the dumps with no volume or buying interest. So, never just take THEIR word for it, demand verification. I´m curious; approximately what kind of warehouse space would the world´s largest mining operation require? It would be rather massive, right? Maybe I should check it out, it´s only a 30 miles drive or so If its local to you then theirs no harm in having a drive down and asking questions. I been to a few locations in my area that have proven to be a scam and none checked out to even be legit. Theirs a few right now that are still claiming they are legit, yet their office is fake and address was sold on to another company a number of months back. I would first maybe make some calls or maybe book an interview with them, see what response you get from them. |
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crazyearner
Legendary
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Activity: 1820
Merit: 1001
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September 21, 2015, 04:57:05 AM |
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Well, the less personal communication with these scumbags the better for me. I would just check out the size of the warehouses of the world´s largest miner.
They brag about being one of Iceland´s largest purchasers of electricity. That one I might be able to find out with a few phone calls.
Well one of their pictures of their locattion.  Not sure how old this is but if that is all they have or say 4x units like it then their nowhere near the biggest going. and with their video on their website saying have 7 locations. Is far smaller than a lot of the other business out their and ones that are coming online. Would be nice to get some insights and documented proof of how genesis claims to be the worlds biggest when it is not. |
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galdur
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September 21, 2015, 05:33:00 AM |
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Anyway, they´re the biggest in the world, most trusted in the world, dedicated to transparency and maximizing profits for the customers. All according to themselves and all lies. So the obvious question is how much of the hash they´ve sold is actually mining?
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Rizla2345
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September 21, 2015, 06:06:06 AM |
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Those who still take this co. and its shills seriously deserve everything they´ll get thats all i´ll say.
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crazyivan
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Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
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September 21, 2015, 07:15:10 AM |
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Anyway, they´re the biggest in the world, most trusted in the world, dedicated to transparency and maximizing profits for the customers. All according to themselves and all lies. So the obvious question is how much of the hash they´ve sold is actually mining?
They are real, they mine and they deliver payouts. The problem is those payouts will NEVER EVER get you ROI. Even if they do, your profits after that will be so low, due to diff growth in the meantime, that all you achieved was lending money to GM at no interest at all so they can build their farms and make more money. For them, an excellent business model. For you, total disaster. |
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galdur
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September 21, 2015, 07:56:09 AM |
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Anyway, they´re the biggest in the world, most trusted in the world, dedicated to transparency and maximizing profits for the customers. All according to themselves and all lies. So the obvious question is how much of the hash they´ve sold is actually mining?
They are real, they mine and they deliver payouts. The problem is those payouts will NEVER EVER get you ROI. Even if they do, your profits after that will be so low, due to diff growth in the meantime, that all you achieved was lending money to GM at no interest at all so they can build their farms and make more money. For them, an excellent business model. For you, total disaster. Yeah well, I´ve actually mentioned this many times here this year. I don´t doubt that they have some mining going what I find interesting is that they can´t disclose the volume of that mining, the hashpower they control. The blocks they find are a closely guarded secret. So much for "dedication to transparency". It´s just we´re the biggest and best and everybody loves us because we´re so honest and transparent. Well, I call bullshit. It should be easy for them to prove me wrong if they can. Let´s see what we´ll see. |
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julian071
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September 21, 2015, 08:44:03 AM |
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I did receive payments yesterday and the day before, but they have decimated. Literally. That might explain why some people have not received anything, the amount due was to small to pay out at all.
Still no response on the ticket I logged.
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=P
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fairglu
Legendary
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Activity: 1100
Merit: 1030
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September 21, 2015, 10:48:30 AM |
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For those interested, here is the "guesstimated" balance and history of the Genesis Mining hot wallet (guesstimated through taint analysis), figures in BTC, aggregated by day. Keep in mind these are not accurate figures, but a "probable under-estimation", the taint analysis will miss some addresses, some change addresses, etc. What stayed a tranquil but slow growing operation apparently changed gears a few months ago. What this means -or not- is anybody's guess. Individual spikes are mostly movements to & from a large wallet with addresses all beginning with '3' (Bitfinex cold wallet/proof of reserve maybe? not sure, richest address of that wallet is 394p1k5wfY96hQXgppDFvmVUAJfhQaNHu8). Since the beginning  Since august  |
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julian071
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September 21, 2015, 11:04:01 AM |
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Looked into mining UNO as a workaround, but they switched to merge mining in May. I guess GM forgot to update because mining UNO directly is still an option....
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=P
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Glucose
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September 21, 2015, 11:16:01 AM
Last edit: September 21, 2015, 11:31:05 AM by Glucose |
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Exciting times ahead.
Be prepared for a major announcement coming up next week!
If your announcement could talk about our really terrible payouts these days, we would be glad. Yeah, it´s the same shit they pulled before they made the scrypt worthless. I wonder what scam they´ll force on old sha investors. Maybe half the hashpower in the "new" sha. Wouldn´t be surprised.
I wouldn't be so surprised yeah.. I hope we are wrong... My last mining day was 17th september. Didn't receive anything since it... Same for you guys ?? Today's screenshot : http://imgur.com/r7BZbYg |
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bittamak
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September 21, 2015, 11:36:19 AM |
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UNO is merge mined if so all those who are mining bitcoin should also receive part of UNO too if i am not wrong !!
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julian071
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September 21, 2015, 12:05:15 PM |
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*sigh* Still no word from GM..... If it really is a technical issue we should've heard from them by now. Maybe we should tip a BTC-news-site like Coindesk, maybe if they ask GM what's up there will be an answer. If GM is really ponzi-ing out on us we should get the news out ASAP to prevent new customers losing their money. Edit: Got a reply on my ticket, here it is: What you are seeing is the effect of the rise in difficulty in relationship to current Bitcoin value and the maintenance fee. You have quite a few contracts, with different fee's, and a lot are the old contracts with a fee of 0.002USD per GHs per day. Those contracts are barely returning anything, or are in fact negative. It should be easily checked by using online Bitcoin calculators (inaccurate as they are, they do give clues still). A quick look shows me you have like 6.25 THs of hashrate with the 0.002 fee. Coinwarz says that that amount could mine around $12.50 per day. See http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=6250&p=0&pc=0&pf=0.00&d=59335351233.86660000&r=25.00000000&er=236.10000000&hc=0.00Maintenance fee is 6250 GHs * 0.002 = $12.50 In short, that part of your hashrate is not providing earning anymore, if not negative in earnings. Difficulty still has a tendency to go up, and Bitcoin value does not seem to want to go up right now, so at this moment I see no improvement for those contracts. Wish I had better news for you, but unfortunately this is the way things are. Doesn't really explain why the payments suddenly fell so sharply while price rose (a little) in the same period. |
=P
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