Topic: Genesis-mining.com || World's leading hashpower provider! - page 82. (Read 400197 times)

@Genesis Mining
what do you think about getting your early customers from their 0,002$/GH/D fee contract to the new 0,0012$/GH/D fee contracts. In my opinion this would be advisable, feasible and fair towards your early adopters (besides that, good marketing).

Let us know your thoughts.

Kind regards,
elrippo

No, my point is that a low and declining BTC means more incentive for prospective buyers of the hash to sit on their hands and wait for BTC to rise when they get cheaper hash, more bang for the buck. Which means slowing money flow into these operations at the same time their profits are falling due to the declining dollar price.

Heck, I´d probably be going bonkers now if I´d been telling bloody bankers for 18 months that a bitcoin bull market was just around the corner. And now this, it´s in the crapper with no end in sight. Tragic.

I can just imagine those bozos last July...ah this is finally it...the worst is over...Aug. 25 Bitcoin brakes its month long plunge...Sept. 20 nerves are mighty frayed...Oct. 31.

You're slightly wrong about this, it become LESS profitable for them but they are paying in many cases quite a bit less than they are charging you for power. The contracts are a nifty way for them to get out of paying you.

It´s exactly this fact that adds to the woes of these cloud mining operations. Not only are they pretty close to the level at which it becomes unprofitable to mine at all but also the longer BTC stays depressed the more incentive for buyers to wait for a higher BTC and the resulting higher amount of hash for the same outlay.

Yes, a dollar now is like .00450000 but only .00333000 with BTC at $300 so in this case you sell low (unfortunately it can´t be sold though) and buy high.

One thing is obvious, like many people have already posted, investing in even the newest contracts right now is not wise. Even if you think BTC would rise to 300$ in the near future and you would want to invest in cloudmining, the wisest would be to wait until BTC actually does reach 300 dollars, because you would get 25% more hashing power for the same amount of BTC then you would get now. Selling contracts with the price and difficulty being what they are now is not doing your new customers a favor.

Yeah, that´s the guy. I remember thinking what the hell, is this guy playing with a full deck and then I remembered that interview.

I must admit that I almost sent a couple bitcoins after reading that shit. But my spidey sense and fool´s luck saved me as so often  

You mean this guy Galdur ?

If I was him I would hunt them to try to get my money back..

Enjoy.

Is it freakin rude and aggressive to lie and hype and have hot air coming out of all your ####### orifices??

Not you Glucose of course.

How many people do you think read this crap in january 2015 with bitcoin in freefall and thought what a relief I can go with this guy. 100 bucks now thats safe. And then they sunk money into this hole. Remember the guy with tens of thousands of dollars? That was in January or early Feb.

Thank you. This archive is quite an epic one

Bear in mind that bitcoin had just cratered 250 dollars in two months when this incredible hype and hot air appeared at that site. And this guy has the gall to talk big about people being rude and aggressive.

Looking forward in January they could keep operating at $100 but now at $229 contracts are becoming worthless?

Maybe his highness could get off his high horse and elaborate on this.

January 2015:

Striking a positive note on the future of an industry which has been in turmoil over recent months, Streng claims that his company is currently in a “favourable position”. They could keep operating even if the price of btc were to fall as low as $100 USD.

https://www.cryptocoinsnews.com/cloud-mining-will-profit-bitcoin-price-rise-says-genesis-ceo/

This still doesn't answer the real question regarding greater transparency. Why won't GM publish blocks found? 

We have already explained to you why your payouts are what they are, because your contracts have reached a point where the daily fee is more than the payouts. A 2 USD per TH/s fee per day when mining Bitcoin at the moment brings under 2 USD a day.

We have mainly 3 different contracts out there with 3 different maintenance fees.

SHA 256 contracts started around September a year ago, these contracts were either 0.02 USD per 10GH/s and then later on 0.01 USD per 5GH/s but both these are equivalent to 0.002 USD per GH/s per day or 2 USD per TH/s. This maintenance fee lasted until late January 2015 when we introduced lower maintenance fees going forward of 0.0015 USD per GH/s or 1.50 USD per TH/s. Then last week we lowered the fees again and going forward fees are now 0.0012 USD per GH/s per day or 1.20 USD per TH/s.

As you know or should know, we deduct a daily maintenance fee from the generated coins that covers all ongoing costs like electricity costs, cooling, maintenance work and hosting services. If the ongoing costs exceed the mined coins, there is no point in mining anymore - since you as a customer would have to pay more for the mining than you actually get out of it. We don't charge you for this difference. Then as it is written in the terms which have to be agreed to before any hashpower is purchased, if this carries on for 20 preceeding days then the contracts are terminated.

We have many users who have many types of contracts in their accounts covering all the fees mentioned above so because of this they are still getting positive payouts.

Genesis Mining

Dear Marco

Instead of deleting my posts, why don't you show to the world how much I paid your company and how much I "mined" ?
Why can't you prove I'm wrong when I'm saying no body will ROI with you ? Face my posts instead of deleting it.


My post has been deleted 3 times. I'm saying you have to find a solution for your old customers and, yes, I have opened a scam accusation thread against GM because I think the risk is way too high and no body should invest in it.

Your own exemple shows it Marco : what if BTC doesn't go to 300 but goes to 170 instead ? You don't even say that difficulty will keep rising (which means your new customers will be f**** in a few months anyway). You're are the one taking the money right now, buying asics, taking fees, you are even able to resell the asics after that.

You don't provide any valuable informations (total hash, pools, blocks found).

No one is gonna make a nice profit here. Only you will. People have to know it before investing.

GM has to be more transparent (blocks found with our hash for exemple), they also have to give a solution to the majority of customers having 0.002 BTC fee/ ghs in their contracts (= 0 profit and no ROI).

(and you can't blame us for posting here : your support doesn't answer very quickly..)

Dear Marco,

While it is most certainly true that reactions here are sometimes quite rude and aggressive, I must say you're not helping by delaying your explanation for so long. In fact, in your place I would pro-actively inform all users with contracts that turn unprofitable at the moment that happens, out of politeness and also to not have to explain to everybody post hoc. As you can see by the discussion here it took everybody quite a while to figure out that it's the 4,17% rise of difficulty in combination with the already low BTC-price that made the contracts turn unprofitable. What are people supposed to think when their contract turn unprofitable, and no explanation is offered? A little more sensitivity to the fact that people have invested real money hoping (in vein, perhaps, but still) to make a real profit and that they (we) are quite disappointed would certainly be appropriate.

Here the same one - a ticket for few days and no reply.

so long,
Runlevel
 

Hello Genesis Mining
#13877 tickets
4 days ago no reply back. I am still waiting for these delays.
Why not do or say anything? Over 9 days without any progress.
I check this ticket in everyday, almost every hour But still unanswered
I do not know how many millions Ticket cause these delays?

Yeah, that´s how people behave when there´s no regulation. Maybe bitcoin is constantly in the dumps because it´s in the process of trying to shed some annoying fleas or other parasites. In the real world markets do that actually. Bitcoin isn´t THAT far away from funeral arrangements for all these mining wonderdogs.

How´s that for a thought virus. Maybe I should start spreading it around.