Topic: Genesis-mining Legit ? (Read 1842 times)

There are as many negative reviews and warnings as the positive ones. The problem with this is that positive ones can be paid articles or made by people involved in the operation, while negative ones are usually written by burned users who lost money. Which one would you trust more? A warning by a former client or an interview with GM owners who claim everything is great and bloggers saying they aren't a scam because they aren't taking your money and giving nothing in return.

https://www.reddit.com/r/Bitcoin/comments/5tz011/guys_please_read_this_before_investing_your_money/
https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/

At the moment I have 1.19 TH/s with Genesis mining which would cost a new customer around $170 (0.139BTC at today’s exchange rate). This mining capacity generates around 0.00035BTC a day after maintenances are is removed. So at the current BTC price it will take me around 400 days to break even.

I have read this question a lot of times in the forum with different approaches of asking it. So I started teaching over the internet and found that there are almost 7-8 top reviewing websites who state that mining with genesis is completely legit and they have very transparent ratings. The thorough study about the genesis site looks very perfect and it is one more proof for us to believe in the genesis. I know cloud mining could be tough decision but we can't just ignore the reviews by these sites.


https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/

https://www.buybitcoinworldwide.com/mining/genesis-mining-review/

http://bitcoincloudmining.org/en/genesis-mining/

https://www.trustpilot.com/review/genesis-mining.com


and many more are there.

Note: Im not involved with any of the service links provided above and neither they ref links. They are just review about the genesis mining.

I have read this question a lot of times in the forum with different approaches of asking it. So I started teaching over the internet and found that there are almost 7-8 top reviewing websites who state that mining with genesis is completely legit and they have very transparent ratings. The thorough study about the genesis site looks very perfect and it is one more proof for us to believe in the genesis. I know cloud mining could be tough decision but we can't just ignore the reviews by these sites.


https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/

https://www.buybitcoinworldwide.com/mining/genesis-mining-review/

http://bitcoincloudmining.org/en/genesis-mining/

https://www.trustpilot.com/review/genesis-mining.com


and many more are there.

Note: Im not involved with any of the service links provided above and neither they ref links. They are just review about the genesis mining.

I have heard that "genesis-mining" is profitable and I think it's worth investing in their plan but I want to be sure if they won't scam.


I would be happy to hear your thoughts on this website.

Fortune? You're too funny.
The only ones that made a fortune on Genesis mining are the owners. Marco is driving his Ferrari right about now at your expense suckers and it's a very fuel hungry machine. Quickly wire some more money so he doesn't run dry.

I've tried the site but not sure how it is possible. I've got confused.

Cloud mining = virtual mining
Virtual mining power those cloud mining sites sell might not be equal to real mining power those sites actually own.

Genesis mining is registered entity but this doesn't mean you will make profit before they close their site.

Profitability of this site is very hard to give an answer on. It's a fact that your risk is greater than your reward, but how big is that risk?
Let me give you some of my thoughts about it...

Profitability
Till now, Genesis Mining has been profitable for a lot of people... IN FIAT! That's an important detail people often forget..
In Genesis Mining, you pay basically with the currency you want to mine. So if the price of the currency you're mining rises, you will most likely make money. If the price of the currency you're mining drops, you will lose money. The thing is though, that if Genesis Mining would pay you back less than you invested, it would mean that you could still make money if the worth of the cryptocurrency increases. And that is exactly what happens at Genesis Mining!

Let me give you an example. This example contains a situation that has probably never happened in reality, but similar things have happened.

Person A is a smart, but definitely not a nice person.
Person B is a... Well, let's say he is simply not a too intelligent specimen..

Person A looks at GM. He understands that it's probably too good to be true, but notices its referal program. He decides to advertise GM, to make money for himself. He makes up a sweet story about "invest $5, get $500" and S
Person B sees Person A's awesome story and decides to click his referal link.
Person B looks at the site and thinks he can make tons of profit on it, so he buys a plan.
The Plan costs 10 Dashes. At the current Dash price, this costs $5/Dash, so $50 for The Plan.
The Plan then makes Person B $100 before the end of The Plan.
Person B is so happy... But he then realises that the price of Dash became $20/Dash, so he actually got only 5 Dashes back..
Person A is ofcourse happy, as he made money with The Plan Person B bought.

As you see, Person B now made money, as he turnt his $50 into $100... But if he just bought 10 Dashes and held tem, he would've had $200 by now! GM has earnt $100 through this, by just having him get the contract and paying him his own money back.

Now there are 3 possible outcomes leading to more advertisement of GM, making GM look more trustworthy, whilst it's actually a scam.
1. Person B realises he lost money, which means he wants to earn it back and take revenge... So he decides to make up a story and get referals to GM... Revenge + making money... eZ!
2. Person B doesn't realise he lost money, so he decides to give Genesis Mining positive feedback and recommend it to others...
3. Person A earns money, so he decides to advertise his referal link more, getting more people to be scammed by GM..

All these outcomes lead to GM seem more trustworthy, whilst it could just aswell be a scam.

Now I've seen a lot of stories of people who tried to prove that GM was legit and then realised it was actually a scam..
Others claim that it's legit, but I've not seen any proof of that... Till I see any proof of it, I consider it as a scam.

So maybe it's legit... But it's a fact that A LOT of people have lost money to it and I wouldn't recommend buying a plan from GM.
Even if it isn't meant to be a scam, in any case I've seen it would have been better to have bought the coin straight and just hold it.
 
And it doesn't even offer that much profit for the amount of risk it offers.
If you want more reward and, if you're skilled at it, less risk... Just invest in altcoins!

Regards,
Trump

I have heard that "genesis-mining" is profitable and I think it's worth investing in their plan but I want to be sure if they won't scam.

I would be happy to hear your thoughts on this website.

They became more suspicious nowadays since they had been secretive for that matter and I can't even imagine on how they can provide those payouts to their investors while their mining business is becoming more heavier for these years. And maybe its better that we should avoid them since maybe one of these days the glory month of genisis-minings will be gone and they will perform the exit scam show .

Yes there are such people who are investing with this cloud mining. They may be 2 comments here in this thread but we may not know on how many are them in total.

It's about the early investors and the next investors will be expecting that the same fortune will to their investment.

Are there really such people? I'm only reading 2 types of comments about them.
Negative stuff from people who invested and were getting paid with their own money and newly made accounts praising them and saying they're a good investment.

I have heard that "genesis-mining" is profitable and I think it's worth investing in their plan but I want to be sure if they won't scam.

I would be happy to hear your thoughts on this website.

Are there really such people? I'm only reading 2 types of comments about them.
Negative stuff from people who invested and were getting paid with their own money and newly made accounts praising them and saying they're a good investment.