Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 20. (Read 257821 times)

I'm happy it saved you some money. Just buying and keeping seems like the best plan. Good luck with your investment.


They will probably just tell you the fees are now higher than your payout. Sorry to say so but you shouldn't expect them to pay anything from now :-(


Sorry man. Keep us updated about your losses. At least it will warn others :-/

Genesis-mining has been refusing to payout my DASH and XMR balances for weeks now, all of my balance went to 0 and after numerous tickets and run arounds, It looks like they are simply not going to pay up.

a very good plan!

oh god.... I just gave in and put a few hundreds a genesis contract... from that dudes channel...... LOL

did I just F#$%!  my self ??

I'll up date how my money on the mining contract disappears ... .F#$%^&*&^%$

damn it ... i'm a n00b!

Do you have the BTC amount of your investment?

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
35         3/1/2017        0.54279177
36         3/2/2017        0.55270291
37         3/3/2017        0.53250906
38         3/4/2017        0.52866947
39         3/5/2017        0.52909098
40         3/6/2017        0.53316101
41         3/7/2017        0.52395721
42         3/8/2017        0.50926328
43         3/9/2017        0.50721262
44         3/10/2017      0.50151259
45         3/11/2017      0.50175142
46         3/12/2017      0.51465393
47         3/13/2017      0.52184827
48         3/14/2017      0.52617139


Total Mined BTC to date = 20.81224783


Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results

https://imageshack.com/i/plgcowz8j
https://imageshack.com/i/pogjz8cWj

I think they are running some fractional mining and not a full ponzi. But most of profit they get from the fact that their contracts are not profitable. Maybe if one coin goes to the moon they go bankrupt, but I think they get tons of money from people like BTCDream anyway. So they can survive some swings.

There is a word for that - ponzi.

Having said that, even though the contracts are unprofitable they could still be mining. Their maintenance fee is what kills it for the customer, but if GM has actual hardware and decent electric rate they could be mining with no risk for themselves because the hardware is paid for by said customer and they make guaranteed profit via those exorbitant fees.

For example:

1) Ponzi - GM takes 1 BTC and pays back pennies each day. BTC diff rises, contracts become unprofitable after they've paid out e.g. 0.7 BTC so they pocket the 0.3 BTC. But if a miracle happens and diff drops they would have to fold the tent or come up with some excuse to avoid paying out more than 1 BTC.

2) Mining - GM takes 1 BTC, buys hardware, and each day pays out ~50% or less of mining revenue, spends ~25% on their electric bill and other expenses, and pockets the remaining ~25%. BTC diff rises, contracts become unprofitable, they've made their profit regardless albeit likely less than a ponzi. They can even continue mining with the customer-sponsored hardware after customers have been relieved of their contracts. But if a miracle happens and diff drops they still keep making money unlike a ponzi.

It's obvious they don't give a shit about false advertising and other business ethics but running a blatant ponzi is not just unethical, it's a crime in most jurisdictions. They might be running at least some fractional mining. But it's still an awfully shitty "investment".

And for sure it is. It is a guaranteed loss unless a coin that you mine appreciates too much (but in this case it would be much more profitable to buy and hold that coin).

50 PH is my estimate seeing the number of times I have seen people put in large amounts of money with them. If they do not actually mine, it's worse than a casino - in a casino the user atleast has a chance to win, this is like a guaranteed loss.

How did you estimate their number of contracts?

Anyway most (if not all) of their mining contracts are not profitable, so they can afford not to mine at all and just work as a crypto-casino.

Does anyone know which pool GM uses? and their total hash rate?

Based on the number of people I have seen buying their contracts, they would easily save tens of thousands of $ a month by running their own pool (even assuming pool fee at 1%). I would estimate their total hashrate at 50 PH+ if they are actually mining equivalent to the amount of contracts that they sell.

fucken idiot its not a scam you just suck at this industry.
why mine a coin that yields no ROI...

Ahahah yeah someone probably did. Quite good. Thank you for noticing us about this.

means someone sued them over false advertisement? very good

I noticed that they changed it from "lifetime" mining to "Open-ended" btc Mining 

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
30         2/24/2017       0.53489131
31         2/25/2017       0.52901872
32         2/26/2017       0.53187416
33         2/27/2017       0.53799520
34         2/28/2017       0.53857020


Total Mined BTC to date = 13.48695192

Total Invested.

   Investments   Hashpower (Th) Total Hashpower = 1520Th  Total $$$ = $191,672.00

1   $25,250.00                  200
2   $25,250.00                  200
3   $12,610.00                  100
4   $2,522.00                    20
5   $25,220.00                  200
6   $25,220.00                  200
7   $25,220.00                  200
8   $25,220.00                  200
9   $25,220.00                  200

Any Questions please PM me or find me on twitter. Thank you

Will continue posting results

https://imageshack.com/i/pnuaPWAIj

Yeah. As I said, there's no way to make it profitable.

Estimated Next Difficulty:    467,137,566,550 (+5.98%)

BTCdream, if you want you can send me 191000$ and I'll pay you dust I probably need that money more than Marco does.

Btw BTCdream you should calculate how much you would have made just buying bitcoins and keeping it in your wallet. Price is going up quite fast these days...

Well... and here comes an obvious hashrate increase that will lead to a difficulty increase in just a week:

18 Feb - 151 block mined
19 Feb - 134 blocks mined
20 Feb - 148 blocks mined
21 Feb - 138 blocks mined
22 Feb - 138 blocks mined
23 Feb - 150 blocks mined
24 Feb - 163 blocks mined
25 Feb - 167 blocks mined
26 Feb - 178 blocks mined

We can face another 10-20% difficulty increase in the near future (1-3 weeks).

In case of 20% difficulty increase 0.52 BTC daily profit at GM will turn into 0.38 BTC (27% drop).

GM webpage opens up fine for me.