Genesis-Mining Review

[favdesu]

With the increasing interest in scrypt power these days, I remember they converted every scrypt MH to 100 G/H of power. That's a rip off or maybe its planned from the start..

Conversion was worse if I remember correctly. Lost a good chunk of money in this scam

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[biggbox]

With the increasing interest in scrypt power these days, I remember they converted every scrypt MH to 100 G/H of power. That's a rip off or maybe its planned from the start..

Conversion was worse if I remember correctly. Lost a good chunk of money in this scam

Perhaps they kept all the scrypt power for themselves. I understand that LTC is hot in China these days and GM has a Hong Kong office. I wonder.

[deeneendo]

With the increasing interest in scrypt power these days, I remember they converted every scrypt MH to 100 G/H of power. That's a rip off or maybe its planned from the start..

make that 10 actually. Damn bastards were laughing all the way to the datacenter.

[biggbox]

With the increasing interest in scrypt power these days, I remember they converted every scrypt MH to 100 G/H of power. That's a rip off or maybe its planned from the start..

make that 10 actually. Damn bastards were laughing all the way to the datacenter.

If that is a planned move from the start it shows how scheming GM is.

If that is not a planned move, that means GM is very short sighted.

[lorylore]

With the increasing interest in scrypt power these days, I remember they converted every scrypt MH to 100 G/H of power. That's a rip off or maybe its planned from the start..

Conversion was worse if I remember correctly. Lost a good chunk of money in this scam

Perhaps they kept all the scrypt power for themselves. I understand that LTC is hot in China these days and GM has a Hong Kong office. I wonder.

I wont be surprise to find out if this is the true. So far, out of all the investors i have heard, almost all of them did not even manage to get their ROI back. This is a very terrible investment!

[Visbay]

With the increasing interest in scrypt power these days, I remember they converted every scrypt MH to 100 G/H of power. That's a rip off or maybe its planned from the start..

Conversion was worse if I remember correctly. Lost a good chunk of money in this scam

Perhaps they kept all the scrypt power for themselves. I understand that LTC is hot in China these days and GM has a Hong Kong office. I wonder.

I wont be surprise to find out if this is the true. So far, out of all the investors i have heard, almost all of them did not even manage to get their ROI back. This is a very terrible investment!

I do not know about bitcoin. At least for the Ethereum, there is no way for the people paid $4400/100MH to get money back.

[Borgminer]

you think thats bad look at their x11 contracts .   way over priced .  100 MH its self will only get you 3 dash a year if lucky but hey pay 900$ lol

[IanFoxley]

you think thats bad look at their x11 contracts .   way over priced .  100 MH its self will only get you 3 dash a year if lucky but hey pay 900$ lol

3 dash a year, really?

Funny that, my dash payout today for 1 MH/s was just over 0.002 Dash

So if i multiply that by 100, that would mean with 100 MH/s i would have got 0.2 Dash today.

So I think you need to go and recalculate, but you still make a good point regarding the amount you might get over a year vs the 900 USD, which is for 2 years btw, not one.

Personally i do not think X11 is very profitable now, the Asics will just make a repeat of what happened with Scrypt, difficulty will go up and if people are trying to make ROI with those Asics, then they will want to get rid of Dash Asap so the Dash price might fall. It already has fallen over the last few months. Around August I believe 500 MH/s X11 Asics will be starting to be sold, so difficulty is just going to go up and up.

So like most cloud mining contracts, it is risky.

[Bitcoin_Mafia_Me]

I bought 350 GHs of SHA256 and 5 MHs of X11 last week. Not a huge investment, so if I don't eventually reach ROI, it won't
be a huge loss. If I *do*, it will be a pleasant surprise.

[Zeta0S]

I bought 350 GHs of SHA256 and 5 MHs of X11 last week. Not a huge investment, so if I don't eventually reach ROI, it won't
be a huge loss. If I *do*, it will be a pleasant surprise.

The X11 is you best change, Dash (Darkcoin) is really popular.

[Pastonia]

I bought 350 GHs of SHA256 and 5 MHs of X11 last week. Not a huge investment, so if I don't eventually reach ROI, it won't
be a huge loss. If I *do*, it will be a pleasant surprise.

Can you get back your investment if the SHA256 difficulty increases 2% every 14 days after the halving?

[DashTron]

I'm just a newbie.
But if I use my head and think about cloud mining, there clearly is no other option than all sites that offer that are scam.
So why so many people out there join those and complain afterwards when they lose money?

[Bitcoinbro]

I'm just a newbie.
But if I use my head and think about cloud mining, there clearly is no other option than all sites that offer that are scam.
So why so many people out there join those and complain afterwards when they lose money?

They are either newbies trying to earn quick money or people who hope they will still be able to get payment before it collapsed.
That's why I don't feel bad for cloud mining victims anymore.

[bapparabi]

just crossed your finger because tomorrow there is will big change in payout

[samcoin]

just crossed your finger because tomorrow there is will big change in payout

They can't run with their actual payout rates any more , the cloud mining won't be profitable after the halving , but I heard about new devices to mine Bitcoin faster and harder than before , this devices will be available after the halving , but I don't know if this company will use them .

[Zeta0S]

just crossed your finger because tomorrow there is will big change in payout

but I heard about new devices to mine Bitcoin faster and harder than before , this devices will be available after the halving , but I don't know if this company will use them .

They called Asic miners mate  

[rampagejackson]

The biggest issue is that they don't let you pick the pool, so you have no idea what you would mine and no ability to forecast a return at all.  At the end of the day, you can't really trust any of the cloud mining companies.

How do you mean you cannot trust any cloud mining companies? Whilst I do agree there is alot of stuff out there that is nothing short of a scam or ponzi, I do personally think IMHO that there is a place for cloud mining.  As CTO of FinalHash (although i just created a bitcointalk account today, <-- straight newb i know) i get the gamut of customers. While we do have plenty of folks who want to be more in control of their units, there are also others who simply don't care. Generally I classify customers into 5 groups.

1. The "I love crypto but my wife hates the heat and the noise" customers. Me personally, I fall into this category so all of my stuff is offsite. Better than sleeping on the couch if you ask me.
2. The "I am new and just wanted to play around with the idea of mining for a quick set up" customer.
3. Enthusiast customers who know alot about the crypto space but simply do not have the space or power or low enough electrical costs to warrant getting physical hardware at their locale.

Those points are all reasons why a buyer might want to buy; but they make no sense for the seller to sell.

If you can mine profitably its ridiculous to rent that power out to anyone else - Altcoins can quickly be converted to BTC via markets,  BTC can quickly & easily be turned into Fiat in a number of ways.

The only time it makes sense to rent out your mining power is if its part of a ponzi or there is an exit scam  on the horizon or you already know your mining is not actually profitable. There is no 4th option.

[AleScamHole]

The biggest issue is that they don't let you pick the pool, so you have no idea what you would mine and no ability to forecast a return at all.  At the end of the day, you can't really trust any of the cloud mining companies.

How do you mean you cannot trust any cloud mining companies? Whilst I do agree there is alot of stuff out there that is nothing short of a scam or ponzi, I do personally think IMHO that there is a place for cloud mining.  As CTO of FinalHash (although i just created a bitcointalk account today, <-- straight newb i know) i get the gamut of customers. While we do have plenty of folks who want to be more in control of their units, there are also others who simply don't care. Generally I classify customers into 5 groups.

1. The "I love crypto but my wife hates the heat and the noise" customers. Me personally, I fall into this category so all of my stuff is offsite. Better than sleeping on the couch if you ask me.
2. The "I am new and just wanted to play around with the idea of mining for a quick set up" customer.
3. Enthusiast customers who know alot about the crypto space but simply do not have the space or power or low enough electrical costs to warrant getting physical hardware at their locale.

Those points are all reasons why a buyer might want to buy; but they make no sense for the seller to sell.

If you can mine profitably its ridiculous to rent that power out to anyone else - Altcoins can quickly be converted to BTC via markets,  BTC can quickly & easily be turned into Fiat in a number of ways.

The only time it makes sense to rent out your mining power is if its part of a ponzi or there is an exit scam  on the horizon or you already know your mining is not actually profitable. There is no 4th option.

whoa that reminds me.   with spoondolies going down FINALHASH AKA MARSHALL LONG is now 5/5 in destroying each company listed on his site in 2014.
2 years , not bad
http://finalhash.com/#portfolio

[bapparabi]

my goodness after halving i get now just penny form genesis ..so i advice don't invest with then until they get new hardware and maintenance is decrease

[Zeta0S]

my goodness after halving i get now just penny form genesis ..so i advice don't invest with then until they get new hardware and maintenance is decrease

I do only see a (huge) expected decrease in my SHA payments. I hope the will start selling btc mining contracts whiteout maintenance fee.
My X11 and Ethereum Payments are still the same