Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 21. (Read 257821 times)

All the code on their front page:


Possibly!

is GM gone?  lol

404 Not Found

www.genesis-mining.com

Thanks for sharing 

Review and Update.

Latest payouts. 

Payouts   Date               Amount   
21         2/15/2017       0.45082604
22         2/16/2017       0.45805296
23         2/17/2017       0.43639374

At this point I  upgraded another 200 TH/s.

Total hashrate is at 1520 TH/s

24        2/18/2017      0.50472102
25a       2/19/2017     0.43671164  (Full Disclosure: There was a discrepancy with this payout. I was missing the upgraded amount. GM corrected the issue, hence the other small payout.)
25b       2/19/2017      0.06478569
26        2/20/2017      0.50478069
27        2/21/2017      0.51339808
28        2/22/2017      0.52059900
29        2/23/2017      0.52836683

Total Mined BTC to date = 10.81460241


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

Will continue posting results

https://imageshack.com/i/plhI3oQhj
https://imageshack.com/i/pn7BmuPyj

I think it's scammers I had with them such a situation
that first blocked me for a week referring,
I do think that anyone who does not offer a free making it a scammer,
'advance have such an assumption

It is a verb, nice catch 
You and Gleb must be mathematicians to notice all the details 
I'll try to come up with some other good parody ads.

You and others will not be able to find a nice margin between Marco's math to punt it out.
Any partners Marco makes is to capture more hardware and setup the same service.
Part it out under a 'service' when its really a bad loan, then they slowly give you back your bits.
After fees of course.

True, it's more complicated than just "if Bitcoin price is X then difficulty is Y" but in this context (Genesis Mining) it's very likely that their contracts will become unprofitable much sooner than many (probably most) other mining operations, all other things being equal. Their fee is equivalent to 0.116 USD per kWh if applied to Antminer S9, or ~45% of mining revenue at current difficulty, which is quite bad compared to pretty much anything else, from Hashnest to running miners in one's basement unless the basement is in California or some such place.

In other words, barring a catastrophic drop in Bitcoin price I think it's extremely unlikely that any other factors would cause massive (sufficient to slow or reverse difficulty growth) numbers of miners to stop mining BEFORE Genesis fees exceed earnings, which would likely happen - again, all other things being equal - within the next 6-12 months.

And of course if anyone anticipates any such catastrophe there are much better ways to profit from that, no need to give money to Genesis.

Maybe "schemes" in Genesis Schemes" is a verb, not a noun.
Anyway, they should scheme, they're a business and that's what businesses do. The trick for us punters is to try and negotiate a way thru their scheming to our advantage and, if we can't do that, stay the fuck away from them.

I like how it says "schemes" with genesis mining.
They are the masters of the cloud mining schemes it seems.
 

At Genesis they cannot cancel the contract forever if price drops - when price goes up and the contract becomes profitable, they will have turn it on, won't they?

The relationship between difficulty, total hashrate and price is not a simple subject (for me, anyway) about which to make definitive predictions.
There are many unquantifiable factors which would only become obvious if/when bitcoin turned into a bear market.
Things like sunk costs, electricity prices, capital tax breaks, the ratio of already mined to newly mined coins and internal Chinese politics are just a few of the variables that would affect decisions by miners as to when to stop mining or even when to attempt 51%.
One thing is for sure, the long term interests of the industrial mining complexes and the short term cloudmining investor will not necessarily coincide, and there will only be one winner in that game.
Also, with maintenance costs priced in fiat and gross returns in btc, the "unprofitable" contract cancellation clause gets to be a target for a cloudmining operation on its investors, similar to stop hunting in derivative markets.
Should the BTC price/difficulty/fee ratio become such that big cloudminers like Genesis were daily cancelling contracts and repo'ing large amounts of hashrate from investors, then there would be an obvious longer term incentive for them to conspire in affecting the one ingredient of that nexus that they could, the short term price. 

That still doesn't prevent Bitmain and others from producing untold millions of those miners. Difficulty will rise UNLESS Bitcoin price drops to the level that makes investment in new mining hardware as risky as it was in 2015, when difficulty stagnated. Basically "investing" in GM would mean shorting BTC in a convoluted way. You might as well just hold USD if you expect BTC to get cheaper.

What can really save you after buying GM hashpower is that ASICs already reached 16nm chips (AntMiner S9). It's not far away of 14nm point that even Intel cannot go beyond so far. It pretty much means that difficulty won't rise that fast in the future (just guess, however).

You forgot to highlight the most telling part, thus cementing the truism that only mathematicians see patterns.

Because Genesis Mining is a parasitic scam.
Zeta0S has been bonded to it for a long time.


His latest posts lead to his Youtube channel.
https://www.youtube.com/channel/UC-YY2DsZVEvsNNRSFkprxLQ/videos

Checkout out all those GM videos. Being a referral whore and hooking new users to GM using his subscriber userbase.
Then there's also this place - http://www.bitcoinupdate.nl/
The beginning posts looked genuinely helpful in showing off hardware reviews.
Greed possibly took over, only Vic can tell us.

GM is just one of the many HYIP and blatantly bad cloud-mining sites he promotes through his channels.

Zeta0S/Vic's most recent GM promo has some nice hidden gems.
Also take a look at those dashboard readouts and at the of the checkout.
Review Genesis Mining income and settings February 2017
What's that I hear about contracts at around 2:50-3:10?

Then there's the comments already within hours asking for help to understand the bait and bewilderment...
Followed by the stock answer from him and others.
Its like an incantation spell uttered on all the social media when pressed for details on how to get diminishing payouts.

"The specific duration of an Open-Ended contract is variable and determined by three factors: The mining difficulty, the Bitcoin vs USD exchange rates and the maintenance fee (This includes all electricity, cooling, development and servicing costs). We cannot control the first two factors which are unpredictable, but we do always deploy the latest mining technology, and do our best to keep it running at their maximum capability for you.

In the event of a contract becoming unprofitable (i.e. the payout can’t cover the maintenance fee), the resulting daily payout will be zero. After that, the contract will continue to mine for 60 days. This means that we will take care of the maintenance fee in the hope that your contract becomes profitable again. This may happen if the mining network difficulty decreases and/or Bitcoin price increases. If the contract does not return to profitability in this period it will be terminated because the mining machines are consuming resources (electricity, cooling, hosting, servicing, etc.) which cannot be paid with their generated payouts.

You will receive a notification if your contract is affected, and a number of options will be offered on how to proceed."

Genesis Mining is a parasitic scam.
The promoters carry the disease.
I hope BCT starts to reject them out the forum and see that the math and management style doesn't work.

Lol there is a lunatic on steemit who scams more ppl, on behalve on genesis minnig.
As long as these idiots exist they will earn more money

@craig-grant
https://steemit.com/cryptocurrency/@craig-grant/upgrading-genesis-mining-bitcoin-contract-with-usd30

Judge for yourself...

So this has been proven these people will not even get their initial investment back let alone roi from this company?
That is what I think will happen too.
maintenance fees would more than likely eat up anything you'd think you would be making from these type of sites.
That is how the bank gets you with the interest said they give you if you hold money in a high interest savings account. You are paying fees just to withdraw the amount you have in there and that goes back into their pockets for the fees you are paying straight back to them.

Not true. You also said that payouts are great. What's great about them? Payouts seem very shitty to me. Please explain.

The truth is forbidden!
GM/Marco has been removing all that type of of annoying details and data from all social media/forums since 2015.
If you missed it, I made a picture that was topical at time to warn as a parody.
I think you would like it Glucose.


The unfortunate part is people don't read any of the stuff they agree to with GM. Let alone understand that its written in a way where they can stop the service a lot of the times with no risk to them.
Another way to control the narrative on social media is if you see a call out on ROI or someone detailing how it won't profit.
The GM PR or "support" will reply with a stock reply on how, 'Therefore, we recommend all our clients to do their own research and do their own profitability calculation. We are confident having the most cost efficient mining infrastructure possible.' Oh and usually link coinwarz (where they advertise) so you can convince yourself to lose money with their service.

Another clever thing Marco did over time while securing mining gear is pasting the GM brand in the crypto space.
Go look on the FB page photos. When people talk about cryptocurrency or is a prominent public figure.
They'll quote them and use their brand over them, without consent. Hence the reason why I made the picture of Garza and Marco. Both play the same game but Garza was too dumb and greedy, getting him caught quickly.