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
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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
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.
