Topic: Genesis-mining.com || World's leading hashpower provider! - page 130. (Read 400197 times)

Thank you for your insights.

Please poste also some good money management techniques.

Thank you,  
Zorro

I have recently got an email saying that if you have missed the transfer offer then do not worry as it will be coming again soon, if not already, unfortunately I can not check but if not, should be coming soon.

One should remember every new sector of economic in history has had a period were "buyer and seller ignorance" has led to huge pumps or investments in production that were followed by subsequent brutal corrections e.g. Radio, Television, Internet, IT, and so on.

The main ways the masses achieve "buyer and seller wisdom"

a) trial and error downwards: do it until you suffer horrific losses, then reduce activity by 20%, do it until you suffer horrific losses, then reduce activity by 20% again, do it until you suffer horrific losses - at some point you will find the long term balance profitability ratio
b) trial and error upwards: do it if you get ridiculous profits, then increase activity by 20%, do it if you get ridiculous profits, then increase activity by 20%, do it if you get ridiculous profits, then increase activity by 20%, - at some point you will find profits stop occurring over the long term.

Literally, that is how most people will achieve "buyer and seller wisdom"

Obviously, people like "original philosophers" (from Thomas Paine's "Age of Reason) - can develop "buyer and seller wisdom" from 1st principles "Original philosophers" are pretty thin on the ground and I'm afraid it is either a) or b) trial and error for the masses

So, guys don't feel bad about what has happened, just use the more accurate experiences to make profits in the future  

Dear sir, the option to convert IS for free. Please do read your contract. Pro-tip: always read the contract when you pay for a service! You might also notice that you did not pay for any scrypt hardware, but for a service.

You just seem to not understand what you paid for, and therefore not understand that this option to convert is (was) free. If someone is the moron it is certainly not me.

Dude, you are not the only miner who has lost money in this new sector of the economy

I bought 200ghs at pbmining, which went bust 2 weeks later. Hashie when bust in Janurary as well, but because I had AMhash GHs, the manufacturer rescued it's investor. Everyone, who had Gen 1 Hashie hashpower lost out. Genesis mining got 40% electricity reduction for it's customers, which is why you still have Scrypt cloud mining.  

Zeus mining: all its cloud-mining customers lost everything this Janurary (10 day electricity rule). CEX.IO, all it's BTC cloudmining customers lost everything in January (10 day electricity rule).  

People who bought KCnminer Titans were looking at $2,500 losses (with LTC price rise, they may breakeven). Everyone who bought 750TI's and R9 290 have been mining at a "TECHNICAL LOSS" over this Winter

This is what happens, when to many people think they can mine and convert into Fiat Currency e.g. they have no interest in saving their crypto currency coins.

Because, you are with a well managed company (Genesis mining), you still have cloudming hash

It is not for free you fucking moron I have already paid them in full and they kept the scrypt hardware.

If you guys wondering the payout, here is mine with 0.1 TH/s.

https://blockchain.info/address/1BRRXqpUthxZoY5fZnxoqEd1t73eEZ7ihh

I can't really say much with my small 100 ghs, understand well the current BTC price situation. I was about to buy more power with GM, but watching the payout I'll have to skip.

I did convert my 5mhs scrypt contract for ghs recently.

I still remember mining this way, after i got the block erupter the diff got to high in 8 weeks, i had to sell the erupters true eBay.
 

Well i got a suggestion, seeing we just sold the house for some green seeds .. How about 0 maintenance fees on the converted mh/s to gh/s seems only fair as you made 1000% over what we just did converting it.. (and yes i am a convert too )

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I am just letting mine die, the worst $75 I spent, oh well easy come easy go as they say.

A late reply, but I made the conversion of my 4 MH to GH last week. So far I've gotten a little more of a payout than before, nothing to write home about but I'll take it.

I'd really like to see some of those previous promises/service improvements come to fruition soon.

Are the Bitcoin payouts late tonight, still have not got my payment

Incidentally, I would not be selling Litecoins at the moment or giving up scrypt cloud mining when there is a block halving in just 7 months.

August to December will see Litecoin go above $2.60

I explain a lot about the maths and macro economics in a post on this LTC thread

https://bitcointalk.org/index.php?topic=47417.2620

I converted my (massive) 1 Mh/s into 1 Gh/s. Sadly, daily payouts will never really be high enough for me to see the generated satoshis, due to payouts being dependent on daily payout amount, rather than accumulated balance amount (mentioned a few pages earlier). My only current option to see that money is to buy more Gh/s...but with the state that mining is in right now, I don't think that's a financially wise decision.

Regarding the aforementioned situation, I did contact Support with a ticket about it. Their response:


So for anyone else stuck in the same boat, maybe there is still hope for us!

I accept that the conversion sucks and is pretty much a rip off but it is a choice between something and nothing. I have already been warned by them that the Scrypt is going away so I would rather take a little than nothing at all. 

+1. If there is somehing sincere about that post, it's that it's sincerely stupid. Sorry to be using such words but accusing a company of thievery when you are actually being offered something for free is just plain wrong.

i Just convert my 60 mh to 60 GH... good luck everyone here... better do something than gone to ass..

lol, your so right!
 

This is plain thievery.

At this rate of 10 to 1 conversion it will take 30 years to recover the amount of the initial investment.

If BTC was regulated and a legitimate finance company did this they would be closed down.

Stay very far away from this company this is a sincere warning, this is a scam.

I have not had a Scrypt payout in 6 days so I took the conversion option. Converted my 8MH to 8 GH. Seems like the only chance to get any return so really not much choice IMO.  

Lol they didn't even bother putting 0.000000 for scrypt payout  today, think they are trying to tell us something?

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PS


Think i will leave my 20 mh/s as scrypt make it a pain in the ass for them, better to loose the scrypt then sell it for dirt.