Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 24. (Read 257762 times)

Hello All. I've been reading this post for months now. 

I invest in many things including Crypto-Currencies.

I have the utmost respect for everyone involved here. I am not posting to prove anyone right or wrong.

I just have been reading a lot of different opinions. Some of them make sense and some are just trolling in my opinion.

I am not here to promote, recruit or prove anything. I have invested heavily in Genesis Mining and want to honestly show my results.

I am sincerely hoping to help all that participate and want to see whats really is going to happen to someone who invests in GM.

Win or lose. We can watch my bitcoins add up or watch my money burn! Either way I look forward to honestly interacting with all that are here.

Forgive my posts etiquette BTW. I am new to this.

Thanks

Glad you didn't. Yeah. They are using new crypto currencies : they always sell "new" cloudmining contracts when there is "hype" around a currency. They already did it for ether, they did it as you said for Zcash. What's next I don't know but they will do it again and again unfortunately.

I almost made the mistake of investing in zcash mining contracts last year. They were pre-sale mining contracts, and there was a lot of hype, even before the cryptocurrency was launched. It seems that at the moment, the time to get roi is much higher than expected.

I can guess you made no ROI but it would be good to know how much you invested at the beginning.

beneficios
Inicio  -   16.03.2016     BTC     0.00009093 i   
              09.07.2016     BTC     0.00007408 i
              10.07.2016     BTC     0.00001753 i
              24.09.2016     BTC     0.00001075 i
              25.09.2016     BTC     0.00000752 i
              21.01.2017     BTC     0.00000820 i
              22.01.2017     BTC     0.00000295 i
              29.01.2017     BTC     0.00000289 i

ser o no ser  SCAM ?   

What's up guys?

Just a follow up from my previous post, I took the privilege of taking 10 friends including me to sign up for Genesis at the lowest price package.

We really wanted to see how the calculation works but oh boy we were really disappointed by it. We took this calculator as a reference: https://alloscomp.com/bitcoin/calculator

We sign up at random times because at out first account we notice Genesis was paying but as soon as after a period of time the value of BTC is decreasing every day and value was so far off from the bitcoin calculator. The first few days signed up, the values seem to be ok, not so far off from the value calculated by the calculator. We were happy at the time.

Genesis claims that the decreasing value is due to the difficulties but it doesn't seem they are honest, how is it possible that the difficulty can be so far off from the calculator above? It seems ridiculous and not logical at all.

Another concern logical to point out is that, while we signed up the 7th - 10th account, the value paid was actually much higher than the 1st-6th account (still at the same price package) we signed up earlier! LOL

This simply tells us that Genesis is doing this on purpose to give you a peace of mind at the first-second week while doing you the payouts. Soon after you will notice that the value paid is decreasing everyday - this is where subscribers would start yelling. So I guess that's done since we have 10 accounts to prove how dishonest Genesis is.

1) A legally valid contract does not exist and everyone can demand the money sent back.

2) Genesis Mining is a very obvious scam, it took 5 minutes for me. They have the same scam style like the Betcoin.ag scam! and state 3 different jurisdictions that would be applicable, while in reality likely none of them is:

a) Genesis Mining Ltd., Chinachem Century Tower, 31/F, 178 Gloucester Road, Wanchai, Hong Kong

b) Genesis Mining LTD, 3rd Floor, Par La Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda

c) 9. Governing Law, Language and Miscellaneous

"This Agreement is governed by German law. To the extent permitted by applicable law the parties agree that the competent courts of Munich shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement"
    

For a company that produce their own electricity - according to their website. Wy is there even a maintenance fee needed?


They operate themselves I think, check their website.
The contract will be found under pricing→bitcoin and hen scroll down.



It's much more profitable to use hashnest for that purpose yes, as long as you don't have enough to beclassed as manipulating the market.
Normally, there is a 24 hour fluctuation in the price that you can benefit from (though sinceI last stated this they put the price on buying to 0.2% - may have been my fault for saying it here).
Holding coins is not as profitible compared with other methods...

Can you please quote the contract investors are signing?

What is the name of the company who operates Genesis Mining?

Where are the terms and conditions stated?

Hashnest is the only (or almost only) cloudmining company you can make profit with (by selling your hashpower). But it's not so easy, and you won't get rich using it so I don't say it's a safe bet investing here. I'm more a "buy and hold your bitcoins" guy.

Yes, and I've sold all my S7 hashpower today at Hashnest. That's the point of Hashnest and that's how you can make profit: buy hashpower -> let it work and earn 0.3-0.5% daily for you -> sell hashpower.

The mining difficulty made a huge leap on the last day, so I would avoid any cloud mining service. Hashnest has an interesting mining system, since the user can buy hashpower and sell at any time in the market, not at the same price, of course.

I was considering this investment possibility, but then I realized that the maintenance fee is relatively high, and this will cause an even greater impact on the gains after the recent increase in the difficulty of mining.

Yes, but I believe bitcoin mining at Hashnest will pay back, however. And, of course, better buy litecoins and other forks than mine them in cloud (or mine them at home).

If you look here https://www.cryptocompare.com/mining/#/contracts you will notice that most of the contracts never pay back. The best contract have almost three year payback time at current conditions. It will probably never pay back as well.
Better to buy some bitcoins or other tokens.

Do you think that cloud mining at all is not worth it? I think Hashnest mining may be profitable, because you can mine, and you can sell your mining power at some point. It's like a stock market - getting dividends and trading your shares. But in mining your dividends may be higher than 100% annual.

Yes, I think it does.
There's a big difference between customers investing in a poorly performing but real contract and being deliberately scammed by a fake mining set up.
I have no love for Genesis and have spent a lot of time telling people "don't do it" regarding cloudmining, but it would be quite a surprise if they turned out to be a complete fake.

Well, if they know that the ROI from their mining contracts is negative, does it really matter if they are mining or not? If investors always lose money.

This +1.


Or to put it another way, just because they don't disclose what pool(s) they use, altho hardly transparent, does that on its own prove that they are scammers, as in not mining at all and running a completely fictional set up?

If they are not scamming, can you say what hardware they are using and what pool they mine for? They do not declare anything on their site. On the contrary, Hashflare and Hashnest explicitly say that.

I just logged on after a while and noticed a PM asking me to remove an unrelated positive trust I left them. But I'm not going to do so, because they aren't scamming to the best of my knowledge.

Even without cloud mining, a lot of last-gen mining rigs that are still being sold would not break even. Does that mean that their sellers are scamming too?

Saying that they are scamming/committing fraud would imply that they are misrepresenting what they are providing the user. But to the best of my knowledge, they are giving users exactly what they sign on for.

Is investing with them a bad idea? Probably, but then so would be almost any other form of mining.
Mining, cloud or otherwise, has been a bad idea for all but the tiniest minority of people for quite a while.
Telling people to not mine is one thing, but telling them that they are being scammed by choosing something that has had a negative ROI for a long long time, is just shifting the blame away from the users who jump on the hype train.