Topic: Genesis-mining.com || World's leading hashpower provider! - page 9. (Read 400219 times)

Ok here's what I did, I transferred my Hashing Rate to ZEC (Auto).  I think what it does is mine Monero and then trade it to ZCash. I started getting paid in Zcash. They still owe me a couple of Moneros though.

This whole cloud mining contracts business is a huge fraud; these businesses conduct deceptive business practices, and are in violation with the SEC Section 2(a)(1) [15 U.S.C. §77b(1)] of the Securities Act in the US and the european securities and markets authority. They do not disclose the financial risk to their clients and are in violation with countless regulations.
I am confident an audit would show a ponzi scheme business model. These companies are going to cope with huge law suits. It is just a matter of time before the crack down

Realize that by purchasing mining contracts, you are actually not renting miners but purchasing unregulated securities in an offshore dividends generating company, without the rights attached to regular stock. In short, you own nothing
Think about it, why would a mining company rent their existing rigs if mining is such a profitable investment?
They dont. Your money allows them to expand, market their securities and increase their operational margins. Their profit is therefore the spread between the company mining profits and the investors dividends. Genesis mining sells stocks out of thin air

These mining companies are highly opaque entities; they do not deliver audited quartely and annual returns, there are no meeting of shareholders with the board of directors, they are not regulated by any financial authorities, which is a huge risk for investors as they can easily rig the market in total impunity and take inconsiderate risks with your money. There is therefore no empirical evidence that this whole cloud mining contracts isn’t a ponzi scheme only supported  by a continuous growing flow of investors money and skyrocketing cryptoccurencies prices.
You should ask yourself what would happen to these companies if the cryptocurrencies prices crash; they will likely disappear with your money.

On top of that extreme risk, your securities are highly illiquid and would be worthless in case of a market crash. This combination of undesirable factors must command a very high return to compensate the risk; I am not a probabilistic risk assessment expert, but huge profits would be required to make any sense to an investment professional

I also see a lot of confusion among the comments about how to calculate the actual profitability of the mining contracts
My understanding is that to determine if mining is a sound investment, you should only calculate your ROI based on the inflation adjusted crypto currency return, and certainly not based on the exchange rate.
Think about it, today, bitcoin inflation rate is about 4%, which means that about $14,918,220 worth of bitcoin is created per day by ALL miners around the world; that's $179,018,640 per year which is nothing given the ever increasing pool of miners.

The question should be, if i invest 1BTC in mining operation today, how many BTC will i have in one year (minus the 4% inflation)?
Now, i would be highly interested in seeing the real world numbers;  what is the actual difference bewteen holding bitcoin for 1 year vs 1 year of bitcoin mining contract regardless of the exchange rate, and all fees included from end to end

I invested over $2K on a 3000 H/s Monero contract.

They have not been paying my monero and their mining is not consistent.

I raised two tickets already they said i will get it on the next payout which hasn't happened yet. As you can see the last payment was 25th October. They should have paid by now as my balance is above the payout threshold of 0.4.

https://image.ibb.co/b6Qw8R/Screen_Shot_2017_11_23_at_20_51_30.png

I don't like to call them "ponzi-scheme" but that's what they are beginning to look like. They let as much people in as they can instead of taking care of the existing customers.

There is stil some SHA256 Bitcoin Mining :-)

Your explanations do not abolish their machinations.

Hi again

I am done explaining here.
I said to you already few times what is going on with your account and you said couple of times that you understand.

Maybe this is why you have negative reputation after all?


Best Regards, Marcin

Why these dirty cattle from GM touch my BTC account/wallet on GM?
If for two years I could get back $ 25 (80%) now I'm risking to regain no more than 50% or 0 at all.

I have an account. (from which the gm staff stole all satoshi)
I have my own personal BTC address added. (to which the gm staff did not transfer a cent)

Hi

You can also switch allocation without adding new wallet address so your profits will be accumulated on your account.
Once they will fix your issue then you can add walllet address and switch to different crypto if you want.

I wanted to tell about this deception.
I can not switch the currency.

Except when you aren't able to change the wallet addresses, so all your earnings goes to .... not your wallet. And - absolutely no answer to the tickets send.

Then once you reach minimum payout threshold switch your allocation to different coin with lower minimum payout threshold and problem solved.

You did not read what I wrote at all.
Enough to bear delirium.

You just bashing here, there is nothing stolen by Genesis Mining. My old Bitcoin Mining contracts are still paying great.
Some smaller contracts they pay ones a week.

Now GM does not allow you to accumulate money in your internal account.
Thus, when I have accumulated the minimally available winthdaft amount:

For example: eny 2 years contract will look like this:

1 monts mining, 2 mining, 3 mining, 4 mining, 5mining... 15 mining, 16mining, 17 (minimal winthdaft achieved)[auto-winthdaft] The remaining months are stolen by GM for the reason that without new contracts you will not reach a minimum.

My oldest BTC contracts run from July 2016 and still pay great.

Contract Term: Open-end contract: the contract has no fixed and predetermined end date.

2. Remuneration

As a consideration for the Services the Customer agrees to pay to the Service Provider an amount of:

 a. 0.129943 USD per GH/s one-off upfront payment
 b. USD 0.00028 per GH/s and day deducted on a daily basis from the generated Coins, called the “Maintenance Fee”

if, on any day, Coins generated on that day do not suffice to pay the Maintenance Fee, the Service Provider may use Coins generated on any day thereafter for such payment.
 The provision of section 2b only applies to the extent that the Contract Term is an “open-ended” contract.


4. Term

This Agreement is entered into for the term as described in Services and cannot be terminated early or canceled otherwise. If the Contract Term is an “open-ended contract”, the Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 60 days do not suffice to pay the Maintenance Fee accumulated during such period.

oh so if btc price falls down will my mining stop

Its runs until the cost per gh/s is higher than the profits.
Basicly it can run a year or 10 yeas, depending on the  Bitcoin Price and Mining Difficulty.

Zeta!

what does open ended bitcoin mining mean

Automatic payment, so no withdrawal fee.
Period of contract: see website, depending on the contract itself.