GENESIS-MINING Zcash is a fraud - look at the numbers!!!

toptek

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Quote from: mewhoyou on November 26, 2016, 11:11:24 AM

I would say not all cloud miners are fake..

I too are starting a cloud mining services... but unlike Genesis Mining, should any of my customer decide to pull out i would send them back the GPU they have invested on. Instead of buying HASH its investing in the amount of GPU with the Tariff of USD 0.08. But of course i get to keep 20% of the findings each month but with a twist. The mining goes to the customer's account then paid to me at the end of each month.

I am also thinking of starting a coin that is backed by these cards... the more people invest in the coins then the more cards and farm i would start and appreciation of the coin value when more ALT COin are farmed... it would mostly be ICO then lead to Proof of Stake, only problem is that it wouldnt be so decentralize anymore.

Sorry if this is in the wrong place admin ...

your way may work and i think your one the first one to do that beyond bitmian or bitmian used to do that or may still you actually get the gear if you want it but only after they start taking that contact off line but you offering it with no waiting if they pull out and want the gear, hope it works .

to me that's not really cloud mining like they do now, it's more a hosting service .

mewhoyou

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I would say not all cloud miners are fake..

I too are starting a cloud mining services... but unlike Genesis Mining, should any of my customer decide to pull out i would send them back the GPU they have invested on. Instead of buying HASH its investing in the amount of GPU with the Tariff of USD 0.08. But of course i get to keep 20% of the findings each month but with a twist. The mining goes to the customer's account then paid to me at the end of each month.

I am also thinking of starting a coin that is backed by these cards... the more people invest in the coins then the more cards and farm i would start and appreciation of the coin value when more ALT COin are farmed... it would mostly be ICO then lead to Proof of Stake, only problem is that it wouldnt be so decentralize anymore.

Sorry if this is in the wrong place admin ...

toptek

legendary

Activity: 1274

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nothing beats having your own gear, ever , if you host it or have in the your house, it's always yours.
you can resell it, it won't go out of business, it won't ripe you off. it won't miss lead you .

unlike cloud mining you don't know what there doing or using .

Ive always felt cloud mining was worth less form the first time i saw it till now, this confirms it even more.

Some did claim they made there cash back the first day , how true that was no idea.!!!!That said it was possible the first Day or first few hours if not the first full day of Zcash but any days beyond the first day, your are better off mining it with your own GPU farm .

Ive even seen complaints of others tiring to buy and trade zcash like BItcoins and how they lost a lot trying that.

d57heinz

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I always like to put it this way. Why would they sell the profit to you? If it was profitable they would just mine for themselves. They dumped the risk onto all the investors. They knew damn good and well that the coin would drop through the floor. Look at every alt since btc. All did the same. So yes I would say they scammed people. crypto is becoming a way to fleece those that aren't tech savvy. And it's looking more and more like this is its intended purpose. People nowadays don't know what's it likes to earn a buck nor do they know what's it like to have it all taken so easily. So disheartening to say the least.

Br

Amph

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cloud are known to be either a scam or unprofitable, there is no roi there ever, because if you can profit from them it mean that they are losing money

the other way around it mean that you are losing

Xitisang

newbie

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Quote from: adaseb on November 25, 2016, 09:33:00 PM

If you did some simple research you could of avoid all of this.

That is right. It is better to do some research to find the hash power you can get from the single graphics card.

eckmar

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Quote from: ether19 on November 26, 2016, 05:34:10 AM

Quote from: snowyNNN on November 26, 2016, 04:17:43 AM

GM sold mining contracts for 75h/s on Zcash for a year for 2500$!

I have an amd r9 290x that hashes over three times that. so I would have had to have paid 7500$ to achieve the equivalent hash power that I get from one gpu that is worth maybe couple hundred dollars.

They should be ashamed of themselves. Of course it might be hard or impossible to evaluate hashing efficiency of a coin prelaunch, but the correct answer is - NEVER pay for cloud mining!

Quote from: megadouble on November 25, 2016, 08:52:12 PM

So, I may have been a bit gullible to buy 2.23 BTC of Equihash from GENESIS-MINING. I bought in at the pre-sale and they have doubled and tripled my hash power and yesterday I got my highest payout so far and then today the payout was lower. So given that the mining has been going for about 1 month and we can only assume that hash power will increase etc. So look at the numbers:

Invested amount: 2.23 BTC
Hash power: 97.4 H/s
Highest payout so far: 0.01889618 ZEC per day
365 days of mining (as per contract): 0.01889618 * 365 = 6.8971057 ZEC
By todays exchange rate: 6.8971057 ZEC * 0.12300058 BTC/ZEC (Poloniex) = 0.848348001 BTC

So, a loss of: 0.848348001 BTC - 2.23 BTC = -1.381651999 BTC

And, ZEC price is bound to drop. So investing in GENESIS-MINING for Zcash is a VERY BAD idea!!!

Genesis Mining is the biggest rip off I have seen in my life! I did invest in bitcoin mining contract and the only hope for is that it is a life time mining contract. I don't get paid everyday. But I have invested just $50. You could have invested 2.23 btc in a decent mining rig which could have given you even better returns.
Stay away from this cloud mining sites and set your own rig, its fine if you are starting out and wish to go with 1 GPU.

Lifetime contract is pure bullshit. As time goes mining fees will increase and when their fee is greater than what they pay you they will just terminate your contact, and best of all they stated that in their TOS and you agreed to that when you created account

ether19

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Quote from: snowyNNN on November 26, 2016, 04:17:43 AM

GM sold mining contracts for 75h/s on Zcash for a year for 2500$!

I have an amd r9 290x that hashes over three times that. so I would have had to have paid 7500$ to achieve the equivalent hash power that I get from one gpu that is worth maybe couple hundred dollars.

They should be ashamed of themselves. Of course it might be hard or impossible to evaluate hashing efficiency of a coin prelaunch, but the correct answer is - NEVER pay for cloud mining!

Quote from: megadouble on November 25, 2016, 08:52:12 PM

So, I may have been a bit gullible to buy 2.23 BTC of Equihash from GENESIS-MINING. I bought in at the pre-sale and they have doubled and tripled my hash power and yesterday I got my highest payout so far and then today the payout was lower. So given that the mining has been going for about 1 month and we can only assume that hash power will increase etc. So look at the numbers:

Invested amount: 2.23 BTC
Hash power: 97.4 H/s
Highest payout so far: 0.01889618 ZEC per day
365 days of mining (as per contract): 0.01889618 * 365 = 6.8971057 ZEC
By todays exchange rate: 6.8971057 ZEC * 0.12300058 BTC/ZEC (Poloniex) = 0.848348001 BTC

So, a loss of: 0.848348001 BTC - 2.23 BTC = -1.381651999 BTC

And, ZEC price is bound to drop. So investing in GENESIS-MINING for Zcash is a VERY BAD idea!!!

Genesis Mining is the biggest rip off I have seen in my life! I did invest in bitcoin mining contract and the only hope for is that it is a life time mining contract. I don't get paid everyday. But I have invested just $50. You could have invested 2.23 btc in a decent mining rig which could have given you even better returns.
Stay away from this cloud mining sites and set your own rig, its fine if you are starting out and wish to go with 1 GPU.

buwaytress

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Very unfortunate to read this and I can offer my sympathies. It also doesn't help when people tell you to "do a little research" because this forum, for example, has many threads about investment and making bitcoin groz from cloud mining sites like GM.

If you were like me and am sure most people, simple research on GM and reading on these forums might mislead you into thinking it is profitable. Only when searching for "scam" or "roi" related information do you see many disappointed people.

Lesson learnt my friend. Stay away from cloud mining unless you're keen on investing huge against solid calculations and insider info.

snowyNNN

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GM sold mining contracts for 75h/s on Zcash for a year for 2500$!

I have an amd r9 290x that hashes over three times that. so I would have had to have paid 7500$ to achieve the equivalent hash power that I get from one gpu that is worth maybe couple hundred dollars.

They should be ashamed of themselves. Of course it might be hard or impossible to evaluate hashing efficiency of a coin prelaunch, but the correct answer is - NEVER pay for cloud mining!

Altcoining

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Honestly, you should've done the math.

Eyedol-X

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While I don't agree that GM is a fraud; I will say that their marketing and advertisements definitely prey on those who don't do simple math, trust they are offering a "good deal" when they sign up, or plain just don't read the fine print.

I almost made a large purchase of X11 hash power from GM but stopped myself after I read all the fine print of it.

No way in hell would I sign up for a significant amount of hash power for a brand new coin though, no matter how much hype it had.

Zcash's "slow start" approach was intended to create a low supply and high demand which would drive the price up initially.

Since there was a low supply and high demand for the coin on exchanges the price drove up to the sky and as Zcash's supply increased, the price dropped. It is for this reason I call the coin "ZCRASH" because I think it's what it really should have been called due to the irony of how fast it fell.

I expect you will see more new coins in the future try and take this approach, I doubt many will have the same success as Zcrash because many people lost their asses on this one.

Sorry to hear you are (and others) are one of them.

Zadicar

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Cashback 15%

Quote from: megadouble on November 25, 2016, 08:52:12 PM

So, I may have been a bit gullible to buy 2.23 BTC of Equihash from GENESIS-MINING. I bought in at the pre-sale and they have doubled and tripled my hash power and yesterday I got my highest payout so far and then today the payout was lower. So given that the mining has been going for about 1 month and we can only assume that hash power will increase etc. So look at the numbers:

Invested amount: 2.23 BTC
Hash power: 97.4 H/s
Highest payout so far: 0.01889618 ZEC per day
365 days of mining (as per contract): 0.01889618 * 365 = 6.8971057 ZEC
By todays exchange rate: 6.8971057 ZEC * 0.12300058 BTC/ZEC (Poloniex) = 0.848348001 BTC

So, a loss of: 0.848348001 BTC - 2.23 BTC = -1.381651999 BTC

And, ZEC price is bound to drop. So investing in GENESIS-MINING for Zcash is a VERY BAD idea!!!

Nice calculations there you have pal. You should do this when you are just tending to put up money on investing on genesis cloud mining.And also you should see the price of zcash and we can all say that zcash is not a good coin for me its just an another altcoin which pumps and dumps and seeing the investment you made on genesis i could say its not profitable infact you are just giving out free money to them

philipma1957

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Quote from: megadouble on November 25, 2016, 08:52:12 PM

So, I may have been a bit gullible to buy 2.23 BTC of Equihash from GENESIS-MINING. I bought in at the pre-sale and they have doubled and tripled my hash power and yesterday I got my highest payout so far and then today the payout was lower. So given that the mining has been going for about 1 month and we can only assume that hash power will increase etc. So look at the numbers:

Invested amount: 2.23 BTC
Hash power: 97.4 H/s
Highest payout so far: 0.01889618 ZEC per day
365 days of mining (as per contract): 0.01889618 * 365 = 6.8971057 ZEC
By todays exchange rate: 6.8971057 ZEC * 0.12300058 BTC/ZEC (Poloniex) = 0.848348001 BTC

So, a loss of: 0.848348001 BTC - 2.23 BTC = -1.381651999 BTC

And, ZEC price is bound to drop. So investing in GENESIS-MINING for Zcash is a VERY BAD idea!!!

Okay. Let's go back in time the first week of mining how many Zec did you get?

The first week Zec had serious value so how much coin did you get in week 1?

QuintLeo

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There is a difference between a "fraud" (where you don't get what is advertised) and a ripoff (where you get what is advertised but it is not worth what you paid for it and there never was a chance of it being so) and a "massively speculative venture" (where you get what is advertised but conditions beyond the control of the seller render the value of what you paid for quite a bit less than you anticipated it being worth).

IMO most cloud mining is a ripoff, though sometimes it might be countable as a msv.

It has been VERY VERY RARE for any cloud mining investment to be profitable, based on what I've seen to date.

Tmdz

hero member

Activity: 1008

Merit: 1000

Yup I told people not to invest, it was just a bad deal.

At least you know the truth in cloud services and how unfair the pricing gets when people hype something. Remember there really is no easy money but you can make profits in this business with the right research and a bit of luck.

adaseb

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If you did some simple research you could of avoid all of this.

Za1n

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Yes, story is the same with every new popular coin launch, we read about people losing their shirt by investing in cloud mining. Sorry to hear it happened to you, but look at it as an investment in a good life lesson, i.e. stay away from cloud mining and other too good to be true schemes.

ZEC is pretty volatile right now, but there may be opportunity for profit yet as it is still a young coin. Forget about mining it, unless you have your own hardware and fairly cheap electricity, but look for good dips in the exchange rate and buy the coins directly. Right now it is on a tear again so I wouldn't invest today, but I expect it to experience several more peaks and valleys in the next few months. With a bit of good timing and patience you may be able to offset some of your cloud mining losses.

reb0rn21

legendary

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I don`t get it, you got what you paid for... duno why ppl buy something no one ever promised ZCASH will have good price, now its that, tomorrow it can be 80% less or more

megadouble

jr. member

Activity: 51

Merit: 10

So, I may have been a bit gullible to buy 2.23 BTC of Equihash from GENESIS-MINING. I bought in at the pre-sale and they have doubled and tripled my hash power and yesterday I got my highest payout so far and then today the payout was lower. So given that the mining has been going for about 1 month and we can only assume that hash power will increase etc. So look at the numbers:

Invested amount: 2.23 BTC
Hash power: 97.4 H/s
Highest payout so far: 0.01889618 ZEC per day
365 days of mining (as per contract): 0.01889618 * 365 = 6.8971057 ZEC
By todays exchange rate: 6.8971057 ZEC * 0.12300058 BTC/ZEC (Poloniex) = 0.848348001 BTC

So, a loss of: 0.848348001 BTC - 2.23 BTC = -1.381651999 BTC

And, ZEC price is bound to drop. So investing in GENESIS-MINING for Zcash is a VERY BAD idea!!!

Topic: GENESIS-MINING Zcash is a fraud - look at the numbers!!! (Read 1805 times)