Topic: Genesis-mining.com || World's leading hashpower provider! - page 198. (Read 400228 times)

Most probably an email letter was sent to the genesis mining.

I know you didn't mike.   I was just saying even if it was how GM did it, as a speculation, that it would still be healthy for the coin economy of Megacoin.. (actually, doing it that way and buy and sending it, would likely be even more healthy for the coin)

Whoah! I did not say that's how GM does it! Let's be clear about that. But it is how some others out there are doing it so I keep options open. And I'm not against it even, as long as your open about it. And I'm also not against the idea of buying coins. I'd much rather see cloud mining providers buy coins en masse instead of selling them and push price down. Can you imagine what would happen to the value if that happened. But yes, elrugrim, you are right, thanks for reminding me

And hopefully soon Megacoin will bring out good news. Some projects are finished or nearly finished but no one knows what they are. Well, no one, except for those directly involved obviously. I hope

Mike-  Just a thought based on your observations.  Even if lets say, GM was mining btc, and buying the ammount of mega coins that your mining power would generate, that action still would create more demand for mega coins, and thus cause them to be slightly more profitable, thus enticing more direct miners to generate it.   So either way, directly or indirectly, the coin is bolstered by the mining of it.

Regardless of anything, I pledge 3 days of my genesis-mining to Megacoin,     just because I can =p

I think Marifre01 had sent a question to Genesis Mining Daniel and they were just replying to his question.

I haven't got any mail yet.

Actually, that's a a good question, and the answer is rather simple: support. I'm a Megacoin fan (have I mentioned that yet?!) and I do what I can to support the coin. I can buy Megacoin (and I do), and I can throw hashrate at the network to make it (a tiny bit) stronger. I have limited options at home, so this service is rather perfect for me.

I have a few question marks myself though...
The more I'm beginning to understand cloud mining, the more I see pro's and con's, and the more less obvious things I see. One of the things is, does GM really mine Megacoin, or do they mine Bitcoin through the most profitable course, calculate the appropriate amount of Megacoin anyone should receive and buy that, and keep whatever's left to themselves. Kinda like GAW does with their hashlet's. They have different names, for different pools, but in reality they all mine the most profitable pool and the equivalent of each pool is payed out to those who "mine" at those pools. If a hashlet would mine at Clever and make 1BTC per day, but in reality that hashlet is mining at GAW's Zenpool where it actually mines 1.5 BTC, then GAW pay's the 1 BTC to the customer and has .5 BTC profit. Same sort of thing might apply here at GM. If mining at a Megacoin pool would make 100 Megacoin, but by mining the most profitable coin you mine enough to buy let's say 150 Megacoin, then it's a smart thing to do so. But is that happening?

So you see, I think there is a market for pure coin mining where hashrate is aimed at the exact coin of choice, just for those who wish to invest in the strength and future of "their" coin. That market may be small as most people can't say two sentences about cloud mining without mentioning ROI at least once. But that market is there.  It's what I'm trying to realize actually.

Huh?  It is different because you don't get as many coins and it takes a lot longer!

Yes, received a mesage through yahoomail from GM that Paypal will not be possible.

Not all prices with GM, it  depends on the contract you choose. For example, a 100 megahash contract with GM costs the same as a 100 megahash prime hashlet. You can also get 3 to 5 percent off discount codes for GM. But GM is cheaper because you are not having to then pay 8 cents a megahash fee (at time of posting) as it is already included. So that is an 8 USD a day saving at the moment.

How is this different from simply using BTC to buy that particular coin at the first place?

I'm not sure it is possible to reach ROI at the prices they have paid.   Even the new prices are still higher than the GAW Prime Hashlet if you go through a reseller because you typically get 5% off.   That one will only ROI because GAW keeps adding features to it and changing the game.  (Maybe it won't make it either.)   But it is priced a nearly a 2x premium to everything else!

The only attraction to Genesis mining is that you can pick which coin you want and maybe if you are great at picking coins you could get a positive ROI.   

I agree with you. I  think may happen is GM start accepting Paypal. I don't understand why Paypal don't change some of their rules.

Still months to see if when ROI will be possible. Better to mine the coin with least difficulty as being stated.

Exactly, which is why I have now a stack of RDD, which if I had tried to mine on my 700KH/S Gpu, would have been a waste of time, electricity and noise.

I just had a look through my payment history for the time I got my contract up until the time I got my first free hashpower.

Results were quite interesting

From the period 16th May till 25th June my BTC payments in total were roughly 0.25 BTC

So that alone was more than a third of my ROI. I paid 0.8BTC
After that point, it is hard to work out as then I started getting free hashpower.

Ah, but what do you expect of Genesis Mining then?

Like Ian, when I bought my first contract, it was doing well. And then things went down all over the place. It still is. But is that GM's fault?! No, it's not. We're all in the same boat here.

Currently we're still on a rocky road and it's not clear when things are going to stop falling. In the past GM has already compensated people for the loss in returns, which was a generous gesture. But as long as things keep on falling, how many times can you expect them to do such a thing? Every time someone complains? Or perhaps it's wiser to wait until it's clear where this is headed and it's clear what you can and can't do without killing your entire business. Or clearer at least, as everybody guesses.

I'm sure GM will respond at some time. Currently the math is just bad, which will be seen in sales figures. Bad sales figures will demand a response sooner or later, there's no escaping from that. But it won't be easy. GM is depend on costs, and let's face it, hardware manufacturers are not doing the coin community any favor, and GM in this case is part of that community.

As for the future?! I said it before, I think we're headed towards a small coin apocalypse. Some coins will rise, most will fall. It's a matter of sticking with the right ones. Currently the only way to make a decent ROI is simply by abusing "the system" further, mine the newest coins and dump them to those who think the rise in value is a promise for the future. Which is fine for home users, but I'm not sure a business which has a far larger operation and and hell of a lot more responsibility towards their customers can even make such quick changes all the time.

Lastly, everyone is always complaining about ROI, but GM is just about the only company out there that gives people opportunity to mine a specific coin of their choice. Some people don't do that for profit and are glad for this opportunity and will pay what they think the service is worth instead of the value in return. I think this is one of the keys towards a better future if it's taken to the next step. But GM can't do that alone.

I'm supporting GM, and I will keep on supporting them, just because of that, and because I have faith that there aren't just here to suck the community dry. But all in good time.


Hope it's a bit clear, got a big head ache which clouds the mind a bit

Again, ROI s been steadily going down for everyone, starting the day we purchased contracts. I really do not see what do you expect to happen in the next couple of months which might improve your ROI cause difficulty s going to go up and your ROI s going to go down.
Genesis Mining delivered what I paid for, there is no issue there, however, I would never buy from them again cause having experienced this kind of ROI.

I never said anything about if things are going well for me or not, just saying that my contract is for a year, I am not even a third through it yet, but as I have another 9 or so months before my contract finishes then if you ask me then, I can tell you whether I reached it or not. I do have contracts with other providers too, My contracts with GM are small, I bought 0.8btc worth between May and June, daily payments when I started were around 0.003 BTC a day, that was with 1.8 Megahash, so not too bad, by June though it started falling fast, I had 3.8 Megahash by then. So if it makes ROI, so be it, still a load of months left yet.

Dude, there is NO WAY you can reach ROI from purchased hash. I understand you give your best to promote that discount code they gave you but this is not what I was talking about, I was talking about hash purchased directly from Genesis Mining. If things are going so well for you, show me your calculation, what ROI have you received so far, when did you buy your hash and at what price? If I am wrong, I will apologize but there is simply NO WAY anyone can make money of Genesis Mining cloud hashing service ATM.