Topic: Genesis-mining.com || World's leading hashpower provider! - page 107. (Read 400197 times)

Yeah..


This is the part I'm interested in an answer Ian. You are doing the same as GM : Only answering the part you want to answer ;-)

(I agree with you with the scrypt part. It was the best they could offer in this situation)

Thank you Jan for the overview.

I like also GM.

Kind regards,
Zorro

Half page full of criticism and they opt to ignore it and congratulate some user. I really wonder how did you survive in the market till now.

Thank you for the congratulations, Alejandro:

https://twitter.com/ikarudelabasto/status/615521453174341632

We are always happy to hear that we could help you!

Your Genesis Mining Team

Here are my experiences with Scrypt.

1. GAW Miners.. Their supposed prized Zen Hashlets, the best paying etc, well they had a way of cheating to say their hashlets were profitable near the end. Paying everyone 1 satoshi a day, if nobody believes me I did a huge series of videos on Youtube about that for a few months, so they could say they were still profitable.. They did with with all their scrypt based hashlets .They suddenly without any notice, stopped their Scrypt contracts, no warning, just a box that appeared when you logged in. Fees were way too high, they never lowered them 8 us cents per MH/s from when their contracts started and they never changed even after promising that they would lower costs over time.

2. Zeushash..Stopped Scrypt contracts in the middle of December and offered everyone as far as i know no matter how much Scrypt hashpower they had with 5 GH/s as a gesture. Yes so if you had 100 MH/s you got 5GH/s if you had 1MH/s, well you did ok, 5 GH/s but those who had more got screwed the most.  Started at 8 US Cents per MH/s and then offered contracts down to 5 US Cents before they stoppped.

3. Hashnest..Stopped Scrypt contracts because they were not profitable. Not sure if anyone got any compensation for that.

4. LTC Gear...well they just stopped and that was that.

5. Genesis Mining.

First of all offered 1 year Scrypt, still going for lots of people so the Scrypt machines that Minimax refers to are being used for people, including myself (still have a few 1 year contracts going) that purchased hashpower from them from around May 2014 upto September 2014 which end from May 2015 to September 2015. Sometime in September 2014 mainly because people were complaining that the price of a contract with GM was so expensive when competitors like GAW Miners and Zeushash were offering MH/s that was cheaper and was lifetime, GM had to adapt so started offering lifetime as well at reduced costs. A fee was included 8 US Cents per MH/s just the same as the other companies out there. Then a month or so later, if you look back that far here, Marco Krohn wrote here on the forum that even though the contract was advertised having a fee of 8 US Cents per MH/s they were actually only charging a fee of 5 US Cents per MH/s instead.
https://bitcointalksearch.org/topic/m.9199942

Then in November, stopped selling Scrypt for a while, reason they were sold out of miners and had to wait for more.  A few weeks later more arrived in stock and they were newer Asics with better power. Costs for those contracts were just 4 US Cents per MH/s, half the cost of the old...But still Scrypt market fell and then in January the first zero payout happened and GM offered everyone a solution.. You can either wait it out and risk your contract being cancelled and losing everything or you can convert now to SHA, yes, some people were not happy,  but there were also a few that seemed ok about it, but considering you had a choice. perhaps lose everything or at least have something. then lots of people took the SHA Option. I did not and i waited and hoped the payout would be above zero during the 20 days. It was not, so thinking I had lost it all was surprised when GM sent out an email to those that risked it all and waited and told them that instead of cancelling our contracts and us getting nothing, they gave us the same deal regarding the Scrypt to GH/s and converted everyone. So instead of losing everything I at least got something back. For GM this happened mainly in February so because they were offering lower fees, they managed to at least survive with Scrypt longer than others mentioned.

Just my thoughts and experiences and I had a few.

Ian

I'm quite sure Zeta and Ian are co-working with Genesis mining (kidding   )

I can't agree with you guys. Even if I'm an "old" GM customer, and I'm quite happy with them (I never bought Scrypt - maybe that's why..).

You have to admit Genesis Mining is less and less customer friendly :

==> They almost never answer in this thread
==> They are promising "a game changing stuff blabalbla" for monthes. No more news of it. Was it even true? I asked them several time some news.. no answers..
==> Their ROI is one of the worst on the market (right now) and we can't sell our contracts (why ? If they are really mining it shouldn't be a problem...)
==> They are putting so much money in advertising stuff I'm thinking it's more and more suspect... That's how ponzi work.

Instead of having new customers, they should keep their oldest one. I don't think anyone who bought a lot a scrypt with them will ever reinvest money.

You both have to admit there are a lot of problems. And GM should face it and give constructive answers and solutions to their customers instead of hiding.

If they continue that way, their business will just collapse.

I agree about the power, if i was mining SHA 256 at the prices I would have to pay for electricity, I would pay more for electricity than the bitcoin I mine.

So scrypt is definitely out of the question.

People really need to do research before buying things but with the blame culture, when something goes wrong people are always right and it is someone elses fault.

Minimaxa can not accept that he is wrong and GM is right....I guess..

What I do not understand is that just before you purchase you can view the contract and then you have to tick a box where you have agreed on the terms before purchasing. If you have agreed on the contract and the contract says that if payouts are less than the fee for 20 days in a row, then the contract is cancelled, how much brain power does it take to work out what it means.

Hashnest for example have it at 10 days on their accounts and already with their SHA 256 UMISOO contract in May, they went a few days without a payout because of the value of BTC hitting around 218 USD so if that had carried on then those contracts would have been cancelled as well.

Ian

I really hate the Genesis Mining bashing in this topic.

People try Mining here in Europe, buy a miner and pay your 0.24 euro cent @1kw.
Thank you Genesis Mining for make i possible to mine at lower cost 

Like everyone who purchased Scrypt lifetime hashpower, including myself , you never purchased equipment, you purchased hashpower, if you wanted to purchase equipment, why did you not buy your own Miner or go to someone like Hashnest where they have contracts where you can buy miners and then they can host them for you and then if the payouts go to zero you can pay them a fee to ship it to you??

Ian

Yes your company did say that I have the email trail.

If this sort of investment was regulated you would be investigated.

Investing in your company and a few months later 95% of the original funds evaporated into nothing and you kept the original equipement which we purchased and can never be re activated.

Where is the equipement, what are you doing with it?

It is just plain wrong and unethical and sounds completely suspicious.

Hi Minimaxa.

Having looked through the tickets you have sent to support myself, we have never sent you a ticket with a response where we have written specifically "what we decided to do with your equipment is our business."

We have already gone over this issue many times, infact you can see if you look back in this thread around January and read the posts that we have written about this.
This for example
https://bitcointalksearch.org/topic/m.10233980

Newsletters were sent out too in January and February explaining the situation.

Genesis Mining Support.

So what is Genesis mining doing about this??

I want my money back or equipment paid for or an accurate conversion to Th/z.

Stop hiding behind bs emails with the response "contract is finished what we decided to do with your equipment is our business."

If they were honest they would allow to redeem hardware like Hashnest. Not to mention that they are absolutely unprofitable when compared to sites way more legit like Hashnest or Bit-x. Sad story if you bought something here, not even talking about roi, but a huge loss if you had scrypt and only some money back if sha256

Ok, that's not fair. I didn't know.

No we didn't. They converted anyway.


What for ? To be fooled once again ? Unfair terms once again ?

I paid for part of hardware at full price, i.e. number of parts x part price = standard hardware price on retail, even a bit higher.
Honest cloud mining service should just earn on fees, at least this is what they are intended to do : group purchase then we manage it for you.
I choosed Genesis Mining, not because cheaper (they are both more expensive on hardware and more expensive on fees) but because I naively trusted them.

In the end they kept the hardware (resell or reuse for their own) and some of us lost 95% of their so-called investment.
So what sets you apart from scam ? What justify on industrial point of view your unfair terms ?

Well done guys, continue like this, I don't ask for money back but don't expect me to let you continue steal other customers without preventing.

Guys : you all chosed to convert from scrypt mining. There was no obligation. I don't think GM is responsible if you bet on the wrong horse and change your mind.


Still interested in an answer.

Looks like GM customers service is worse and worse. It doesn't take so long to answer forum questions...

People that look for roi don't care about genesis-mining, and genesis-mining doesn't care about people looking for roi, just some noobs wanting some cloudmining so badly that they don't do any calculations before sending money.
And many cloudmining companies that do fractional reserve mining terminate their contracts on first occasion like zoomhash, gaw, this one and some others...

Could not agree more

I call bullshit on genesis mining as we paid for the equipment which they then decided to use with other clients for their long term contracts which did not expire.

Scrypt mining is now profitable again, an honorable company would reinstate the original agreement which is very easy to action in their systems.

Their so called generous offer to convert from scrypt mining will take 30 + years to even recover the original investment!

[bit off-topic]
Some i China Still use old hardware to mine, check this epical topic, They started Mining whit 6000 Avalon 3 miners and 10.000 Antminer S3.
https://bitcointalk.org/index.php?topic=1072474.220
 

[/bit off-topic]

Yeah that would be nice but we won't see it.