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

[mptak123]

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I must say you wrote a lot :-)

Unfortunately you don't understand how mining works which is a big gap when it comes to BTC.
Moreover you definately did not see contracts becuase if you did you would wrote it completely different.


Do you homework and come back with full knowledge.


Best Regards, Marcin

We all did our homework. It's just not profitable anymore.

This is something new. You are not calling me a shill?

Do you feel ok?

Mr. Glucose is the biggest Genesis Mining hater who used to have few houndred bucks worth of contract years ago when mt gox happened.

Do yourself a favor and just ignore him or find his topic to check out what he is writing.
Topic is called "Scam alert : Do NOT INVEST in Genesis Mining" and he locked it today so probably now he will spam over here.


Best Regards, Marcin

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[gopnik]

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I must say you wrote a lot :-)

Unfortunately you don't understand how mining works which is a big gap when it comes to BTC.
Moreover you definately did not see contracts becuase if you did you would wrote it completely different.


Do you homework and come back with full knowledge.


Best Regards, Marcin

with all due respect, your post is worthless without proper counter argument

I read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts



FYI Just one story in an ocean of similar affairs;
These ones got busted because they were based i the US; but companies like Genesis are offshore and can do what the fuck they want with your money


The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors.

According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.

The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation.  In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed.  Returns paid to some investors came from proceeds generated from sales to other investors.

“As alleged in our complaint, Garza and his companies cloaked their scheme in technological sophistication and jargon, but the fraud was simple at its core: they sold what they did not own, misrepresented what they were selling, and robbed one investor to pay another,” said Paul G. Levenson

[Zeta0S]

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I must say you wrote a lot :-)

Unfortunately you don't understand how mining works which is a big gap when it comes to BTC.
Moreover you definately did not see contracts becuase if you did you would wrote it completely different.


Do you homework and come back with full knowledge.


Best Regards, Marcin

with all due respect, your post is worthless without proper counter argument

I read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts



FYI Just one story in an ocean of similar affairs;
These ones got busted because they were based i the US; but companies like Genesis are offshore and can do what the fuck they want with your money


The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors.

According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.

The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation.  In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed.  Returns paid to some investors came from proceeds generated from sales to other investors.

“As alleged in our complaint, Garza and his companies cloaked their scheme in technological sophistication and jargon, but the fraud was simple at its core: they sold what they did not own, misrepresented what they were selling, and robbed one investor to pay another,” said Paul G. Levenson

Joshua Garza did not have a real mining farm.
Genesis Mining has real miners I have seen them whit my own eyes and touch our miners mining fresh new coins.

[brobbel]

Joshua Garza did not have a real mining farm.
Genesis Mining has real miners I have seen them whit my own eyes and touch our miners mining fresh new coins.

Unfortunately they don't have a technical support staff because otherwise my tickets were solved. Their customer service is non-existent when it comes to handling problems.

[mptak123]

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I must say you wrote a lot :-)

Unfortunately you don't understand how mining works which is a big gap when it comes to BTC.
Moreover you definately did not see contracts becuase if you did you would wrote it completely different.


Do you homework and come back with full knowledge.


Best Regards, Marcin

with all due respect, your post is worthless without proper counter argument

I read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts



FYI Just one story in an ocean of similar affairs;
These ones got busted because they were based i the US; but companies like Genesis are offshore and can do what the fuck they want with your money


The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors.

According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.

The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation.  In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed.  Returns paid to some investors came from proceeds generated from sales to other investors.

“As alleged in our complaint, Garza and his companies cloaked their scheme in technological sophistication and jargon, but the fraud was simple at its core: they sold what they did not own, misrepresented what they were selling, and robbed one investor to pay another,” said Paul G. Levenson

Hi again


All due respect I will not waste my time explaining to you how mining works because it is not the topic here and there is a lot of info over the network.
As I said do your research because Uncle Sam is not good example. I don't want to go into polictics but US is not a role model for sure.

"According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency. "

Equal comparison would be:
Milk is coming from a cow which is true but it is a tip of iceberg.


Talking about some tiny companies which almost no one knows is pointless.
By the way is Nvidia responsible for other unsuccesful startups in same segment? Of course not so don't make Genesis Mining a scapegoat.


"In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct"
Again equal comparison would be that Nvidia is a ponzi scheme because they charge money for products they don't have in stock yet.
Also all presales would be ponzi schemes.


Please stop spreading a FUD unless you actually have somethig to say about Genesis Mining because this is the topic here.


Best Regards, Marcin

[mptak123]

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I must say you wrote a lot :-)

Unfortunately you don't understand how mining works which is a big gap when it comes to BTC.
Moreover you definately did not see contracts becuase if you did you would wrote it completely different.


Do you homework and come back with full knowledge.


Best Regards, Marcin

with all due respect, your post is worthless without proper counter argument

I read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts



FYI Just one story in an ocean of similar affairs;
These ones got busted because they were based i the US; but companies like Genesis are offshore and can do what the fuck they want with your money


The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors.

According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.

The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation.  In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed.  Returns paid to some investors came from proceeds generated from sales to other investors.

“As alleged in our complaint, Garza and his companies cloaked their scheme in technological sophistication and jargon, but the fraud was simple at its core: they sold what they did not own, misrepresented what they were selling, and robbed one investor to pay another,” said Paul G. Levenson

Hi again


All due respect I will not waste my time explaining to you how mining works because it is not the topic here and there is a lot of info over the network.
As I said do your research because Uncle Sam is not good example. I don't want to go into polictics but US is not a role model for sure.

"According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency. "

Equal comparison would be:
Milk is coming from a cow which is true but it is a tip of iceberg.


Talking about some tiny companies which almost no one knows is pointless.
By the way is Nvidia responsible for other unsuccesful startups in same segment? Of course not so don't make Genesis Mining a scapegoat.


"In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct"
Again equal comparison would be that Nvidia is a ponzi scheme because they charge money for products they don't have in stock yet.
Also all presales would be ponzi schemes.


Please stop spreading a FUD unless you actually have somethig to say about Genesis Mining because this is the topic here.


Best Regards, Marcin

I forgot about one thing.

If you "read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts" then you should know what is the cost of upkeep per 1 GH/s in SHA-256 and how long it will take before GM will shut down the contract if mining won't be profitable anymore.

Please enlighten us :-)

[Zeta0S]

Joshua Garza did not have a real mining farm.
Genesis Mining has real miners I have seen them whit my own eyes and touch our miners mining fresh new coins.

Unfortunately they don't have a technical support staff because otherwise my tickets were solved. Their customer service is non-existent when it comes to handling problems.

Delay in your service ticket That`s a other discussion. You just suggest Genesis Mining being a ponzi scam.

[gopnik]

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I must say you wrote a lot :-)

Unfortunately you don't understand how mining works which is a big gap when it comes to BTC.
Moreover you definately did not see contracts becuase if you did you would wrote it completely different.


Do you homework and come back with full knowledge.


Best Regards, Marcin

with all due respect, your post is worthless without proper counter argument

I read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts



FYI Just one story in an ocean of similar affairs;
These ones got busted because they were based i the US; but companies like Genesis are offshore and can do what the fuck they want with your money


The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors.

According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.

The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation.  In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed.  Returns paid to some investors came from proceeds generated from sales to other investors.

“As alleged in our complaint, Garza and his companies cloaked their scheme in technological sophistication and jargon, but the fraud was simple at its core: they sold what they did not own, misrepresented what they were selling, and robbed one investor to pay another,” said Paul G. Levenson

Hi again


All due respect I will not waste my time explaining to you how mining works because it is not the topic here and there is a lot of info over the network.
As I said do your research because Uncle Sam is not good example. I don't want to go into polictics but US is not a role model for sure.

"According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency. "

Equal comparison would be:
Milk is coming from a cow which is true but it is a tip of iceberg.


Talking about some tiny companies which almost no one knows is pointless.
By the way is Nvidia responsible for other unsuccesful startups in same segment? Of course not so don't make Genesis Mining a scapegoat.


"In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct"
Again equal comparison would be that Nvidia is a ponzi scheme because they charge money for products they don't have in stock yet.
Also all presales would be ponzi schemes.


Please stop spreading a FUD unless you actually have somethig to say about Genesis Mining because this is the topic here.


Best Regards, Marcin

I forgot about one thing.

If you "read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts" then you should know what is the cost of upkeep per 1 GH/s in SHA-256 and how long it will take before GM will shut down the contract if mining won't be profitable anymore.

Please enlighten us :-)

The problem with naive people like you that are happy to be taken advantage of is that they indirectly sponsor the scams and encourage other people into taking the same inconsiderate risks

Again beside being arrogant, you do not prove shit about the legitimacy of this industry

On the other hand, i didn't say that Genesis and the other mining companies are necessarily scammers; i said there is no way to tell they aren't

So as long as they won't be able to demonstrate they are legit, by providing audited annual accounts and regulatory compliance; i'll assume they are indeed shady companies not worth my money

That they have warehouses with computers doesn't mean anything; their business could be 30% legit and 70% of their contracts could be based on nothing. Or maybe not
They could file bankrupcy tomorrow and disappear with your money without any recourse

Anyway, nobody gives about what you do with your money but don't pretend it is ok and cheerlead for this type of stupid investment





 

[mptak123]

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I must say you wrote a lot :-)

Unfortunately you don't understand how mining works which is a big gap when it comes to BTC.
Moreover you definately did not see contracts becuase if you did you would wrote it completely different.


Do you homework and come back with full knowledge.


Best Regards, Marcin

with all due respect, your post is worthless without proper counter argument

I read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts



FYI Just one story in an ocean of similar affairs;
These ones got busted because they were based i the US; but companies like Genesis are offshore and can do what the fuck they want with your money


The Securities and Exchange Commission today charged two Bitcoin mining companies and their founder with conducting a Ponzi scheme that used the lure of quick riches from virtual currency to defraud investors.

According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency.

The SEC alleges that Homero Joshua Garza perpetrated the fraud through his Connecticut-based companies GAW Miners and ZenMiner by purporting to offer shares of a digital Bitcoin mining operation.  In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct, so most investors paid for a share of computing power that never existed.  Returns paid to some investors came from proceeds generated from sales to other investors.

“As alleged in our complaint, Garza and his companies cloaked their scheme in technological sophistication and jargon, but the fraud was simple at its core: they sold what they did not own, misrepresented what they were selling, and robbed one investor to pay another,” said Paul G. Levenson

Hi again


All due respect I will not waste my time explaining to you how mining works because it is not the topic here and there is a lot of info over the network.
As I said do your research because Uncle Sam is not good example. I don't want to go into polictics but US is not a role model for sure.

"According to the SEC’s complaint filed in federal court in Connecticut, “mining” for Bitcoin or other virtual currencies means applying computer power to try to solve complex equations that verify a group of transactions in that virtual currency.  The first computer or collection of computers to solve an equation is awarded new units of that virtual currency. "

Equal comparison would be:
Milk is coming from a cow which is true but it is a tip of iceberg.


Talking about some tiny companies which almost no one knows is pointless.
By the way is Nvidia responsible for other unsuccesful startups in same segment? Of course not so don't make Genesis Mining a scapegoat.


"In reality, GAW Miners and ZenMiner did not own enough computing power for the mining it promised to conduct"
Again equal comparison would be that Nvidia is a ponzi scheme because they charge money for products they don't have in stock yet.
Also all presales would be ponzi schemes.


Please stop spreading a FUD unless you actually have somethig to say about Genesis Mining because this is the topic here.


Best Regards, Marcin

I forgot about one thing.

If you "read the technicalities and legal details and these are fraudulous securities disguised as cloud computing lease contracts" then you should know what is the cost of upkeep per 1 GH/s in SHA-256 and how long it will take before GM will shut down the contract if mining won't be profitable anymore.

Please enlighten us :-)

The problem with naive people like you that are happy to be taken advantage of is that they indirectly sponsor the scams and encourage other people into taking the same inconsiderate risks

Again beside being arrogant, you do not prove shit about the legitimacy of this industry

On the other hand, i didn't say that Genesis and the other mining companies are necessarily scammers; i said there is no way to tell they aren't

So as long as they won't be able to demonstrate they are legit, by providing audited annual accounts and regulatory compliance; i'll assume they are indeed shady companies not worth my money

That they have warehouses with computers doesn't mean anything; their business could be 30% legit and 70% of their contracts could be based on nothing. Or maybe not
They could file bankrupcy tomorrow and disappear with your money without any recourse

Anyway, nobody gives about what you do with your money but don't pretend it is ok and cheerlead for this type of stupid investment

Maybe I am arrogant but at least I know what i talk about and I am not a hypocrite.
I am naive enough to notice that you say at the very beginning "This whole cloud mining contracts business is a huge fraud"
Now you say "On the other hand, i didn't say that Genesis and the other mining companies are necessarily scammers"

Seriously you need to make up your mind because you cannot even stick to your own point of view.


By calling out "Anyway, nobody gives about what you do with your money but don't pretend it is ok and cheerlead for this type of stupid investment " you call 1mln people who already invested in this company stupid.
This is what i would call arrogant and rude at least.

I was asking for a prove that you actually saw GM contract but you did not provide it so I assume that after all you did not see it at all.


"you do not prove shit about the legitimacy of this industry" so when it comes to that I will provide a screenshots:

overall income so far: https://ibb.co/kf68sm
recent payouts: https://ibb.co/gnPdsm
overall hashpower(88 TH/s active now 20 TH/s will start 28th of February): https://ibb.co/dn4BCm
oldest contracts(still active): https://ibb.co/ckiSk6


By the way if you were not so ignorant you could go through the topic and find previous posts with evidence yourself.

Maybe now you will find some  counter argument here.


Best Regards, Marcin

[Leeke]

Thanks Genesis Mining. I've found your service to be easy and hassle free and just wanted to add some positivity to the thread as there is clearly a few who have found the experience less than appealing.

I receive daily payouts to my wallet, had no trouble changing wallets or reallocating hashing power and was politely answered to my help desk query.

Did I notice some missing transaction details on my dashboard. Yes. Did I immediately assume you were stealing from me. No. All I did once I noticed that there was an issue was switch my hashing power around a little. I chose a coin with a lower reward rate to see if I could confirm the mining was still happening and continued my day. And it is so thank you.

GM  you've been upfront regarding missing payouts, missing dashboard hashes and less than ideal help desk response time. So you're not hiding anything. I hope you can iron out the dashboard bugs and return to regular payout times etc. And hopefully work towards implementing a more stable system overall.

So thanks again! And I look forward to working with you for awhile to come.

[Sarastiche]

Nice concept,what are the thecnicalities involve and what is the ROI at the long run?

[Zeta0S]

Today another great payout!

[nvrskozzy]

i buy TH for bitcoin by VISA 8 days ago! in my account still no have any order in any status, no have any info about i send u money!  no have hashpower ofcourse.. ticket open 1 week already, nobody answer!
No money, No power, No answer. Nice servise..

DONT PAY FOR THEM! ALL YOUR PAYMENTS LOOSE! SUPPORT IGNORE YOU! NEVER ANSWER!

[mptak123]

Nice concept,what are the thecnicalities involve and what is the ROI at the long run?

It all depends on difficulty of mining and price of the coin.
Best option is BTC mining but it is sold out for long now.

Altcoins are doing great now too. I made video with calculations few days ago:
https://www.youtube.com/watch?v=zlL-5xmvlQg


I recommend cryptocompare calculator. In the video you can find out how to calculate it easily.
Calculations in video are not up to date anyomore because altcoin prices are going up like crazy.


Best Regards, Marcin

[Zeta0S]

i buy TH for bitcoin by VISA 8 days ago! in my account still no have any order in any status, no have any info about i send u money!  no have hashpower ofcourse.. ticket open 1 week already, nobody answer!
No money, No power, No answer. Nice servise..

You probably did it wrong.

[Icon]

Hey genesis , what's with the slow ass payouts? Been 4 days and nothing got 1,333 h/s on monero and have it to set to pay out in ltc ~ $3.29 a day. And nothing since 3 days ago.. What happened to your daily payouts?

Icon

PS

already checked the daily payouts chart.. showing nothing not even a daily amount..

[mptak123]

Hey genesis , what's with the slow ass payouts? Been 4 days and nothing got 1,333 h/s on monero and have it to set to pay out in ltc ~ $3.29 a day. And nothing since 3 days ago.. What happened to your daily payouts?

Icon

PS

already checked the daily payouts chart.. showing nothing not even a daily amount..

Hi

I must say you picked the worst contract when it comes to daily payouts.
A lot of people is unhappy about XMR payouts and you are not the only one.

Hopefully they will sort it out sooner then later but for now I would avoid this contract unless you have really good patience :-)

[Icon]

well i didn't know it was .4 xmr min payout that's why i changed it to pay out in ltc, lol would take a month to get to .4 @ 1,333 h/s

Icon

[miningguru]

Hey genesis , what's with the slow ass payouts? Been 4 days and nothing got 1,333 h/s on monero and have it to set to pay out in ltc ~ $3.29 a day. And nothing since 3 days ago.. What happened to your daily payouts?

Icon

PS

already checked the daily payouts chart.. showing nothing not even a daily amount..

With the increasing price of Bitcoin, they keep changing the payout because every time they need recalculate for sending the payout. I think definitely they will pay to the members without any delays but it requires some time.

[Fibonacci21]

Genesis-Mining hasn't paid me for the monero contracts since august, 4 months no proper response.
I have invested 52,000$ in Genesis-mining, approximately 30 BTC.


Monero payments missing since: 21.07.2017, see the screenshots:
https://prnt.sc/hh2hes

August? No Monero payments yet:
http://prntscr.com/hh2icd

August & September, just one XMR payment:
http://prntscr.com/hh2imb

September, a lot of missing Monero payments:
http://prntscr.com/hh2j2b

October, unfair payments:
http://prntscr.com/hh2jkn

November, a lot of missing Monero payments:
http://prntscr.com/hh2k7g


I'm one of their best clients with 5 contracts (2 ethereum & 3 monero contracts, Monero total hashpower: 30,000 H/s screenshot: http://prntscr.com/hh2mws).

Contracts screenshot: http://prntscr.com/hh2l5b
Sample of the contract: http://prntscr.com/hh2lx8


Contacted them on August, it took 10 days for them to respond and all they wrote is this:
http://prntscr.com/hh2wxk
Shortest time? It's been a long time genesis, a very very looooong time!

Waited for about a month and then contacted them again on September, and again... 6 days to respond:
http://prntscr.com/hh2xi2
One month and no fix? Come on... I don't believe this can be a technical problem

I thought that waiting would solve the problem, here we are again in October, now it took 2 weeks for them to respond, and all I got was this:
http://prntscr.com/hh2xz6

Contacted them again on November:
https://prnt.sc/hh2yrm
Yes it's just a matter of time, thank You for this word, I'm waiting for 4 months now.

Now it's almost DECEMBER, I haven't got my payments yet.
I'm waiting for the Genesis-Mining's response...

And I have one message for all of You who want to invest large amounts on genesis mining: BE CAREFUL!