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Author Topic: Genesis-mining.com || World's first large scale multi-algo cloudmining company  (Read 8102 times)
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elrugrim
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September 12, 2014, 02:47:00 AM
 #61

I believe that is the line that provides the rational for them chargining you maintaince fee's on the cloud hosted mhash/ghash.   You are responsible for maintaince of the equipment, which they in turn provide for the fee they charge for it.



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1527172562
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miaviator
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September 12, 2014, 04:37:41 PM
 #62

Genesis-Mining Could you explain why your customers are fully liable for hardware and software management when purchasing a fractional lifetime mining contract?

From your TOS: "The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service."

What about customers who are not familiar with maintaining websites, miners, mining hardware, fractional mining software or calculators etc.?

I had everything ready to go until I read that I would have to maintain my purchased hardware.

I believe that is the line that provides the rational for them chargining you maintaince fee's on the cloud hosted mhash/ghash.   You are responsible for maintaince of the equipment, which they in turn provide for the fee they charge for it.

No, the maintenance fee is covered under paragraph 2:
Quote
2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"): 
a. 0.01802 USD per kH/s upfront
b. 0.08 USD per MH/s and day, deducted on a daily basis* from the generated Coins

As well as the footnote:
Quote
*if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may use Coins generated on any day thereafter for such payment.

Daniel007
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September 13, 2014, 06:29:13 AM
 #63

Due to the extreme demand for our new lifetime contracts you currently might experience some delays in our payment approval system.

Please be patient, we are doing our best to approve all orders as fast as our system can and we are confident to clear the delay soon. Current delay time: Maximum few hours.

Thanks for your understanding!

Your Genesis Mining Team

I think few hours delay is not a big fact.

Mike18feb
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September 13, 2014, 10:02:56 AM
 #64

Big enough to mention, Daniel. A lot of people expect things now, immediate, pronto, not a second to waste! So, any delay should be mentioned so people don't start worrying for no reason other then success Smiley

--

miaviator, the TOS may not be clear, but whatever liability you have, no one will ask you to keep up the website literally or any such thing. I'm sure you can't even change a single character on their web pages, or enter any datacenter. And if you can, please notify GM asap Cheesy
I think elrugrim is right and the fee covers any liability you may have. If you still worry, I've been with GM for like half a year now, and they've never requested me to reboot the webserver or flip the powerswitch of some miner. The only thing you have to do is buy hashrate, and in the case of SHA hashrate sit back and wait for returns, or in the case of Scrypt hashrate allocate the hashrate to the coin or coins of your choice and then sit back and wait for returns (oh, and enter a wallet where the mined coins must be send to)

<||=||>  Rule #1a: Never invest more then you can afford to lose. <||=||>  Rule #1b: Never invest all you can afford to lose. <||=||> 
............. Whenever someone idly claims a scam, a Bitcoin somewhere dies .............
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September 13, 2014, 04:11:13 PM
 #65

Due to the extreme demand for our new lifetime contracts you currently might experience some delays in our payment approval system.

Please be patient, we are doing our best to approve all orders as fast as our system can and we are confident to clear the delay soon. Current delay time: Maximum few hours.

Thanks for your understanding!

Your Genesis Mining Team

I think few hours delay is not a big fact.

I've been waiting for 2 days now, to get mine contract approved.

Promo code 3% discount Genesis-Mining : Q7xXAH
Genesis-Mining
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September 14, 2014, 12:12:52 PM
 #66

Due to the extreme demand for our new lifetime contracts you currently might experience some delays in our payment approval system.

Please be patient, we are doing our best to approve all orders as fast as our system can and we are confident to clear the delay soon. Current delay time: Maximum few hours.

Thanks for your understanding!

Your Genesis Mining Team

I think few hours delay is not a big fact.

I've been waiting for 2 days now, to get mine contract approved.

Hey yuckotheclown80,

Your payments should be approved by now.

If not, please don't hesitate to contact support and we will immediately take care of this.

Your Genesis Mining Team

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September 14, 2014, 12:23:49 PM
 #67

Big enough to mention, Daniel. A lot of people expect things now, immediate, pronto, not a second to waste! So, any delay should be mentioned so people don't start worrying for no reason other then success Smiley

--

miaviator, the TOS may not be clear, but whatever liability you have, no one will ask you to keep up the website literally or any such thing. I'm sure you can't even change a single character on their web pages, or enter any datacenter. And if you can, please notify GM asap Cheesy
I think elrugrim is right and the fee covers any liability you may have. If you still worry, I've been with GM for like half a year now, and they've never requested me to reboot the webserver or flip the powerswitch of some miner. The only thing you have to do is buy hashrate, and in the case of SHA hashrate sit back and wait for returns, or in the case of Scrypt hashrate allocate the hashrate to the coin or coins of your choice and then sit back and wait for returns (oh, and enter a wallet where the mined coins must be send to)


Yes, exactly. We provide all the services for our clients and you can sit back and receive your daily payouts without any effort.

For more advanced miners you can mine your own customized cryptocurrency porftolio by distributing scrypt hashpower over all integrated altcoins in a way you prefer. We think this is a great opportunity for everyone!

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September 15, 2014, 02:26:49 PM
 #68

Due to the extreme demand for our new lifetime contracts you currently might experience some delays in our payment approval system.

Please be patient, we are doing our best to approve all orders as fast as our system can and we are confident to clear the delay soon. Current delay time: Maximum few hours.

Thanks for your understanding!

Your Genesis Mining Team

I think few hours delay is not a big fact.

I've been waiting for 2 days now, to get mine contract approved.
What is your current status? I hope Genesis-mining has been already solved your problem.

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September 15, 2014, 07:12:30 PM
 #69

Due to the extreme demand for our new lifetime contracts you currently might experience some delays in our payment approval system.

Please be patient, we are doing our best to approve all orders as fast as our system can and we are confident to clear the delay soon. Current delay time: Maximum few hours.

Thanks for your understanding!

Your Genesis Mining Team

I think few hours delay is not a big fact.

I've been waiting for 2 days now, to get mine contract approved.
What is your current status? I hope Genesis-mining has been already solved your problem.

This morning, my last contract was approved.
So at this moment, my problem is solved.

Promo code 3% discount Genesis-Mining : Q7xXAH
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September 21, 2014, 11:19:04 AM
 #70

An article you might be interested in:

http://cryptomining-blog.com/3493-what-you-can-currently-earn-with-genesis-mining-cloud-mining/

miaviator
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September 21, 2014, 02:17:17 PM
 #71

I'd like to point out again that LEGALLY AND BY CONTRACT genesis mining may at any point take all of your money and stop payouts in accordance to the TERMS which YOU must agree to in order to purchase.   

What that users posts to this thread DOES NOT change the BINDING agreement which you agree to when purchasing a financial instrument from them.

You as the customer are LIABLE for maintenance of all miners and all systems to run the website!  GO Read the ToS.

Genesis-Mining Could you explain why your customers are fully liable for hardware and software management when purchasing a fractional lifetime mining contract?

From your TOS: "The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service."

What about customers who are not familiar with maintaining websites, miners, mining hardware, fractional mining software or calculators etc.?

I had everything ready to go until I read that I would have to maintain my purchased hardware.

I believe that is the line that provides the rational for them chargining you maintaince fee's on the cloud hosted mhash/ghash.   You are responsible for maintaince of the equipment, which they in turn provide for the fee they charge for it.

No, the maintenance fee is covered under paragraph 2:
Quote
2. Remuneration
As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of (the "Fee"): 
a. 0.01802 USD per kH/s upfront
b. 0.08 USD per MH/s and day, deducted on a daily basis* from the generated Coins

As well as the footnote:
Quote
*if, on any day, Coins generated on one day do not suffice to pay item 2 of the Fee above, the Service Provider may use Coins generated on any day thereafter for such payment.

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September 21, 2014, 05:17:45 PM
 #72

Hi Miavator,

I think Mike18feb already covered this a few comments above.

It's really nice to see that you are reading the agreement in detail, but please don't misinterpret them. If you have any more questions, feel free to let us know any time.

Thank you!

Big enough to mention, Daniel. A lot of people expect things now, immediate, pronto, not a second to waste! So, any delay should be mentioned so people don't start worrying for no reason other then success Smiley

--

miaviator, the TOS may not be clear, but whatever liability you have, no one will ask you to keep up the website literally or any such thing. I'm sure you can't even change a single character on their web pages, or enter any datacenter. And if you can, please notify GM asap Cheesy
I think elrugrim is right and the fee covers any liability you may have. If you still worry, I've been with GM for like half a year now, and they've never requested me to reboot the webserver or flip the powerswitch of some miner. The only thing you have to do is buy hashrate, and in the case of SHA hashrate sit back and wait for returns, or in the case of Scrypt hashrate allocate the hashrate to the coin or coins of your choice and then sit back and wait for returns (oh, and enter a wallet where the mined coins must be send to)

There seems to be confusion and uncertainty about the fees.

Currently a fixed fee will be deducted from the mined coins with the Lifetime Contracts. Okay, but as we all know difficulty is not a nice thing, so sooner or later the amount of coins may not be sufficient to pay the fee. According to the contract, in such a case Genesis Mining may deduct a missed fee from later earnings. If that happens once then it's not quite a disaster, but what happens if the fee is structurally higher then the mined coins? Will the fees be lowered? Will the hashrate be set higher? Will GM keep on demanding fee money until the customer is in debt for life? Will the "life time" contract end? Anything else perhaps?

Can Genesis Mining make this subject a bit more clear, please?

Okay, I got a message from someone who couldn't post telling me (thank you!) the Terms have been changed a bit. An addition was made to make sure you don't dry up completely on an endless amount of fees:
"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."
If that makes you want to complain about Lifetime Contracts not being Lifetime, two things: 1, there's only thing in the entire universe that lasts a lifetime, and that's you. 2, Don't underestimate Genesis Mining, they have proven to be able to adapt to changing conditions, and they've proven to listen to their customers, so expect them to listen when things get rough

Thank you Mike for pointing this out! We have added this passage explicitly to the terms to make clear that we will of course not charge the user in case the mined coins do not cover the fees anymore.

Users will mine as they always did and the contract ends in the most natural way - and that is, after there are no payouts coming anymore. Running the contract longer from then on obviously would not make any difference. Please don't get us wrong on this, but we only want the best for our clients and it's good to see that people know this.

Our legal team is working hard, but it is often not that easy to put everything in legally correct terms.

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September 21, 2014, 11:30:36 PM
 #73

Genesis-Mining Could you explain why your customers are fully liable for hardware and software management when purchasing a fractional lifetime mining contract?

From your TOS: "The Customer will be solely liable for the maintenance of the relevant technical equipment (software/hardware) that is required to receive the above service."

What about customers who are not familiar with maintaining websites, miners, mining hardware, fractional mining software or calculators etc.?

This part of the contract means that the customer has to provide all relevant technical equipment to receive the payment. Most importantly he has to have a wallet address for each coin, in order to allow us sending him the coins. For example, we will not send a paper wallet to a physical address. It is the customers obligation to have a wallet.

Our users do not have to maintain mining hardware or any technical equipment / software in our locations (this would not be a reasonable requirement).

Hope this clarifies the above point.

Best regards,
  Marco (mk)


Please post new questions / comments to the main thread   https://bitcointalk.org/index.php?topic=602022.0

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June 16, 2017, 10:39:51 AM
 #74

GM is a great Company and worlwide leader!   I'm proud to be a Genesis investor.
If you want to join us and become a crypto miner here is a 3% exclusive discout code  ALQ3jY and the link for subscription  https://www.genesis-mining.com/a/916434
Have a nice day!
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August 08, 2017, 03:01:16 PM
 #75

Hi,
It's already been 72+ hours but my contract has not been activated yet.
I bought a monero contract on 5th of August.
My invoice ID is 5985dd6a-8038-4f97-b4de-4c2bc0a85928

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SWISS
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October 08, 2017, 12:03:53 AM
 #76

Genesis Mining has tanked

https://imagebin.ca/v/3d10DlKFv0fs

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October 08, 2017, 08:02:31 PM
 #77

i really love genesis mining since iam owning some ghs there !
but iam waiting now since moths untill i can buy more Bitcoin mining power its allways sold out XD
if the bitcoin hashpower comes back in shop i will buy more and more !
hope you installing new miners for me to rent soon Tongue


kidn regards

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December 16, 2017, 01:48:09 AM
 #78

All i can see is that i can buy only 2 Years Monero Mining contract... why? Where is BTC or ETH??
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December 16, 2017, 05:21:45 AM
 #79

All i can see is that i can buy only 2 Years Monero Mining contract... why? Where is BTC or ETH??

Support will be here and your quries will be addressed by them but right nothing the ETH and BTC are in big fluctuations in terms of price. So may be they need to take some time in order to get sales for both of them.

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December 17, 2017, 05:47:02 PM
 #80

All i can see is that i can buy only 2 Years Monero Mining contract... why? Where is BTC or ETH??

Support will be here and your quries will be addressed by them but right nothing the ETH and BTC are in big fluctuations in terms of price. So may be they need to take some time in order to get sales for both of them.
thx!
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