Topic: Genesis Mining experience!? - page 2. (Read 25574 times)

the payouts i get match the mining prediction. yes when i first bought them i was getting double the payout i get now, but the price has doubled.

i think people should use cloud mining, choose who you want. i bought a 3k usd rig myself, if i had invested in btc i would have doubled my money instead of making a small amount and not even paid it off. but i bought it because if the market went to nothing i still have a computer. now cloud mining is risky, could do a runner anytime, but that is life, we risk to make a bit of money when interest rates are peanuts.
 some people don't want to trade, don't want to buy coins, don't want to build a rig so buy cloudmining.

i have covered all bases, cloud mining, mining, trading a few coins.

you can use nicehash but i found the website a bit confusing that is why i used GM.

Maybe I use the same argument over and over again because it's the best argument there is and because it describes the situation actually like it is?
It's not an opinion, rather a fact, that Genesis Mining isn't profitable.

I'm not going to argue more on this thread. If you want a discussion with me, please PM me and I'll be happy to prove that you're wrong.





Yeah, it's certainly better to hold than to waste it on cloudmining. For low amounts, BTC is indeed not very useful currently, as you're throwing away large percentages of your money et every transaction.. The only thing you could do is hoping on a rise in the price of bitcoin.
Anyways, Blockchain.info is quite safe, yes. I story my bitcoins on it too. For bigger amounts of bitcoins, I'd suggest getting a paper wallet though.

Regards,
Trump

bla bla scam scam scam, the same argument over and over again.

i invested in edgeless if i had kept as eth i would have made more money that argument works for loads of coins investments. i bought GM and have been clear about the costs and returns. yes i made money on referrals all of 3 usd dollars yesterday, you and others have signatures for coins etc, most likewise never actually used them just looking for a freebie.
i actually use them and they work for me, people ask for advice so i post. it is the same type of people shouting the loudest going from thread to thread trying to force people to their viewpoint. i have never forced anyone, they can decide. maybe btc doesn't go up maybe it goes down, who knows, but to dictate what people should do because you don't want them to do something is bloody stupid.

 My understanding is GM has been going 3 years, why not spam polybious or proper ponzi schemes.

this is my payouts pretty consitant, roi in 4 months, then mining at 100 mh for 1.8 months. like i said i bought it becuase x11 miners had aold out.

|https://thumbsnap.com/VwE1mezm]|https://thumbsnap.com/VwE1mezm[/url][/img]

This is the mining caclulator just over 92 dollars profit a month which matches my payouts.

https://www.cryptocompare.com/mining/calculator/dash?HashingPower=100&HashingUnit=MH%2Fs&PowerConsumption=0&CostPerkWh=0

probably best return would be ethereum mining presently.

The problem with Genesis Mining is that it's basically nothing more than a scam, but a lot of people still made ROI with it, because bitcoin's price rose...

Take this example:

Person A buys a contract at Genesis Mining. As bitcoin price is $300, he pays BTC0.1 for a contract ($30 contract).
Person A then makes money with the contract. He got a whopping BTC0.07 with the contract! The price of BTC is now $3000.
Person A is happy, as he now got 0.07*3000 = $210 worth of bitcoins from an initial investment of $30!
Investment: $30
ROI: $180

But what if he just held BTC instead of buying a Genesis Mining contract? He would've had BTC0.1 instead of BTC0.07!
That means he would then have:
Investment: $30
ROI: $270

People make money from buying its contracts, ONLY because of the rising Bitcoin Price!

An awful thing about Genesis Mining too, is that it has a referal system... This referal system makes the people who refer people to the site earn money, which means that people love to advertise the site and create nonsense stories which attract newbies to the site.
Because of this opportunity to make money through refering you to Genesis Mining, they don't mind lying about it or creating bullshit stories. The only thing they want is making money!

Conclusion: Do not invest in Genesis Mining! It's COMPLETE CRAP!

for those who already using this service its really rising your money out from your pocket and let those scammers
to enjoy while newcomers are trying to find out if they will get some benefits using this mining investment.

It may be legit, but it is far from worth it. It's good maybe if you have like a Youtube channel whereas you can share your affiliate link. But definitely very not worth buying.

i think cloud mining still a waste of time.
about using Genesis Mining i give you a really long thread where you can find more info about this service
https://bitcointalksearch.org/topic/scam-alert-do-not-invest-in-genesis-mining-1185909
Judge yourself...
and then decice what to do.

The problem is that you will get more if you just buy the crypto instead of cloud mining, and you will have it immediately.

Yea I see that reason all over the internet. Reaching ROI can be very much possible if you invest with a credit card and not with a crypto currency because at the time you end your contract bitcoin might be 2 times what it was back when you initially bought the contract.

I'm 80% sure they aren't scammers. They actually do pay out.

The question is, is it worth it? Honestly you are better off just buying and holding bitcoins. Due to bitcoins volatility you can get profits in months, or even weeks. Whereas in genesis mining you'd have to wait like more than half a year to achieve ROI.

As far as i know and my experience with cloud mining is not very profitable the numbers that their displaying in their sites about the ROI is very wrong cause i wasn't able to take even back the total bitcoin that ive invested even more less from original amount of bitcoin that ive invested. Cloud mining and faucets s where i first started earning bitcoin and after a couple of months or i guess 1 and a half years i finally realize that this is not profitable. I suggest not investing in this ponzi scheme program to only steal your money, if you want to really earn bitcoin you join a sig campaign here, 15-30$ isn't so bad is it?

A 100 MH/s contract costs $2799, or about 7.5 ETH. 100 MH/s currently mines 1.73 ETH per month, but the ETH difficulty is doubling every month, and at that rate of increase the most that 100 MH/s can ever mine is about 3.75 ETC.

You are paying 7.5 ETH to mine at most 3.75 ETH.

So you paid 7 DASH in order to mine 2 DASH. That is typical with cloud mining, unfortunately.

i can't comment on lifetime contracts as i didn't have one, i don't want to mine btc, i prefer alts. i can only comment on my experience which has been good. i don't know if it is a ponzi etc, you could say that about loads of stuff really, coins etc. they seem to get a hard time, but zcash, dash, ltc contracts are all sold out. i looked at the eth one and for me to get 100 m/h rate cost me over 3k usd plus electricity. they offer a 2 year one for 2799 (plus discount) so on paper that is better than my rig.  some people don't want the hassle GM fills the gap.

 

It's definitely a legit cloud mining company if you really want to mess with cloud mining you should do it with genesis not hash flare or something. I think it can be profit already if you invest a significant investment to get started but I personally don't use it.

But it's their fault that they choose to mislead customers offering them lifetime contracts that are not meant to last a lifetime. If your contract starts making very little profit they'll terminate it. Their system is based on borrowing money from customers and paying them back over a period of 1-2 years and then terminating the contract.

Mhhh thanks a lot for the reply´s!
acutally im still really optimistic about the whole stuff and hopefully it will work well.
I mean i only invested around 50 bucks which is not that much and its a great way to earn some experience.
Honestly after i saw the Ethereum charts and the growth since 2015 i invested there aswell. Really looking forward for the upcoming month.

Any experience there?

it cost 0.39 btc, but there was so much volatility at the time i wanted a hedge. it is not GMs fault that profitability drops or btc went up. like i said they payout on time, respond to my email and fulfilled so far the service i wanted, and because i am not the at best trading i prefer mining.

Genesis is a legit cloudmining. But you'll lose your patience to this because it takes a lot of time to return your ROI. Also in my experience on cloudmining. They are not as stable as you think. They can just ran away with your money and never look back. Maybe if you are an early adopter. You can earn huge from them. But now, i don't think this is worth the money you invest.

But how many dash did the $475 contract cost? I bet it was more than 2. Three months ago dash was $50-$100, so did your 2 dash cost you 4.75 -9.5 dash?