Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 25. (Read 257815 times)

Hi Letsbehonest. Glad to see you made further research and changed your mind. You don't need to delete your posts :-)

I'm not a bitcoin mining specialist but I think Antpool is just the name of the mining pool used by Hashnest. So the company name is Hashnest and the mining pool name is Antpool (don't ask me why, I don't know!). It means you can verify how many blocks they are mining etc.

People give you the answer "buy and hold" because the only risk you are taking is to see the bitcoin price going down or crashing, and a lot of people believe bitcoin will be priced much more in a few years than it is today). If you invest in Hashnest, you will probably inscrease the number of bitcoins you have (5 BTC ==> 5.05 BTC ==> 5.1 BTC, etc...) but it takes a lot of time and you are also taking the risk of seeing your bitcoins disappear (1) if the network difficulty goes too high and if there is no more profitability your hashnest contract will be suspended, (2)if Hahsnest goes bankrupt.

What is quite sure from my point of view : I will NEVER invest 100% of what I have in bitcoin mining. I guess the wiser choice is to invest part of it (what you can lose), and buy and hold the rest of it (what you don't want to lose)

Yes, you are.

So how about some actual numbers to back up your shilling? You know, costs of contracts, fees, etc. Not some bullshit like 300 thousand clients - meaningless and likely false.

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Yeah, you're right I'm a jealous competitor   Let me laugh.

The main problem is not their lack of transparency but the fact they are not profitable.

If you want to prove me wrong you can buy a small contract and show me your profit. Reality is you will get back approximatively 30% of what you paid. It's not about investing when bitcoin is low or high or whatever. Genesis mining contracts are NOT profitable, NEVER. You are paying them, they won't pay you back half of what you paid because the fees they are taking are huge.

As I said In my first post, I firstly was a GM customer. When I asked for a refund, they refused. I said to their support team I would open a scam accusation thread and spread awareness about them.

Now, almost one and a half year later, I don't care to lose 10 minutes every week managing this thread. I'll keep doing it if it can save some people their money. I'll do my best to ruin this company but I don't need to be a jealous competitor to do so, trust me. If you really want you can buy a contract and then you will join me in the fight  
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Ok, ok.. I hope your quotes have been implemented the right way.

Your, Glucose´s, Suchmoon´s and dhampir-D´s advise, and further research, have convinced me of NOT INVESTING any buck IN GENESIS-MINING.COM.. Though im really a newbie, also common sense has told, that they certainly dont care about their reputation, but do care a lot about throwing out their fu cked up "live-lasting" - contracts, that are only profitabel for themselves, as they clame on their website.: "Why mining with us is profitabel?" They´ve forgot about to add the:"...is profitabel for us?", in that sentence.

So, im really thankful towards yours, that this warning thread exists, and that youre keeping it alive! It eally isnt easy, to chose a proper cloud-mining company, finding your way, through them well positioned paid google-listings, to some honest and objective reviews.. Lots of thanks!

If you think, it´ll be better for this forum and this thread, to delete my posts pro GM, id do so? Or, its better for the context, to keep them, so everyone can see my 180 degrees mind change? Whatever.

Until yet, i havent signed any cloud-mining contract with any company at all. Thats why i was pro GM at first glance, just out of ignorance, believing a "western" company couldnt be scamm, and the asian ones, would be scamm straight through. But now i guess, its completely vice versa;) But now ive got some general questions about them. Can i put them in here, or just into another thread? Some like, is Hashnest a part of, or integerated into Antpool? Sorry, to ask them right here.

I want to invest $ 5.000 for my mother, and im busy reading for the last 4 or 5 days. Is cloud-mining bitcoins, with automatically repurchase (like e.g. hashnest offers it), supposing a steady or rising bitcoin exchange-rate, the better choice for a time horizon of 3 - 10 years, instead of just buying and holding bitcoins?
The answer almost everyone gives is of course, just hold bitcoins. Its lets risky, and so on. But, for me it doesnt matter, if its lets risky. For me its just important to know, is bitcoin mining with a serious company, with the factors i mentioned above, more profitabel on a long timeframe, than holding bitcoins? Or, are $ 5.000 not worth mining at all?

If your not going to answer this whole lot of issues. No problem. And, once more, sorry for that then;) Im going to ask it in another thread.

The chances of getting ROI in this service are also very low, but this is probably the best option among the other cloud mining services.
The problem is that at one time or another the difficulty of mining will increase, in addition, the maintenance fee is high, making the situation of the user even more difficult.

Yes, you are.

So how about some actual numbers to back up your shilling? You know, costs of contracts, fees, etc. Not some bullshit like 300 thousand clients - meaningless and likely false.

Yeah, you're right I'm a jealous competitor   Let me laugh.

The main problem is not their lack of transparency but the fact they are not profitable.

If you want to prove me wrong you can buy a small contract and show me your profit. Reality is you will get back approximatively 30% of what you paid. It's not about investing when bitcoin is low or high or whatever. Genesis mining contracts are NOT profitable, NEVER. You are paying them, they won't pay you back half of what you paid because the fees they are taking are huge.

As I said In my first post, I firstly was a GM customer. When I asked for a refund, they refused. I said to their support team I would open a scam accusation thread and spread awareness about them.

Now, almost one and a half year later, I don't care to lose 10 minutes every week managing this thread. I'll keep doing it if it can save some people their money. I'll do my best to ruin this company but I don't need to be a jealous competitor to do so, trust me. If you really want you can buy a contract and then you will join me in the fight  

To all of you who have been scammed, to all of you who think they shouldn't be allowed to keep selling contracts : Put a neutral or negative trust on their profile here : https://bitcointalksearch.org/user/genesis-mining-247140. We have to spread awareness about this.


Alright. But as i looked up their profile, no one has put a neutral, nor a negative trust on them. How you explain that? And, if them would be scammers, why isnt there a whole lot  more of fraud accusations in this thread? By serving over 300.000 clients, there should be a "little" more voices of complain out there. As everyone can see, that many people have looked up this scam accusation thread, why that less ones have replied, or shared their bad business experiences?

If they would be scammers, then they should be rated as outstanding skilled craftmen. Lets be honest. Would Marco Streng be presented in the Forbes Magazine, if he would lead an empire built out of fraud?

Why im writing this in favour of GM? I want to invest in a serious mining company. And by questioning your accusitions, i try to find out if them are legit, or just being paid fraud accusitions, financed by GM´s competitors.

What are trusted miners then? Are there any objective reviews on any company? I mean, if anyone presents stats, are them reliable, though they can be manipulated, anyway?

What do you think of getting started with mining Bitcoins right now, behind the reward halving, and with the exchange rate at way another level than back in 2014 and 2015?

Isnt it as simple as that. If theres a strong price, mining should be profitabel in anyway. Its the same with gold mining and oil delivery, and so it is with the biggest digital currency. Or, am i fully misunderstanding the general concept of mining crypto currencies?

NOW you're disappointed by badbitcoin.org? 

Come on, they were shilling for GAW and scrypt.cc and pretty much anyone who paid for ads.


Sure, one post newbie, whatever you say

Feel free to present the long term stats for the contracts GM is selling.

Having read through the threads, from September 2015 till now, it seems to me as if there had and has been put a lot of energy and time, into "the fight against Genesis-Mining".

At first glance, i reasoned that dissatisfaction by the time. (the low Bitcoin exchange rate back in 2015)

At second glance, i recognized some kind of a systematic, used in the critizism of some contributors. It became quite obvious, that the company is crtizised for their lack of transparency. This made doubt about the authenticity of these posts.
Being transparent overall in this market, would be pretty naive, owning a mining company competing with competitors, letting them know, how big for example, your electricity bill is, to scale your business in detail. Wouldnt it?

Furthermore, you dont know who was and is contributing here in this thread. So much effort, that many posts, from one and the same member, lets me assume, that this could be some jealous competitors themselves, trying hardly to create a bad company reputation on Genesis-Mining.

In the Internet youll find all kinds of lobbyists, spreading their "thoughts". So, id be quite careful, with adopting to any kind of one-way picture on an issue.

Many customers complained about not having achieved their "promised goal of return". Cant that simply be, due to some unrealistically made calculations, and wrong "visions" about the future price development of Bitcoin? I guess many invested in mining at the wrong time, and got disapointed, when their expectations havent met their "personal price developments". Im also sure, that the nature of some folks is, to be in a permanent state of disapointment, wether they make profits, or not. And then blame everyone, if their calculations are not met exactly.

At least, not to forget about those, who dont understand that Bitcoin mining, or mining cryptocurrencies in general, isnt a short term business. These folks feel convinced, that their 1 to 2 years of mining, are a long term issue. A long term, in sense of cryptocurrencies, is 5 to 10 years, and further on.

Time will tell, who is right or wrong. Until then, my mines keep mining on.

My view. Many having had a short term horizon, will argue in the long term then.

Yeah that's a shame and I can't understand why they are doing this. They are probably being paid by GM for doing so. Btw don't forget to put a negative trust on Genesis Mining profile.

https://i.imgur.com/H7TeGuR.jpg

I am really disappointed by badbitcoin.org website.

Badbitcoin.org recommends Genesis Mining for mining bitcoins. As far as I am concerned, Genesis Mining is the biggest scammer in the bitcoin industry. So these guys have essentially sold their souls to make a quick buck or keep their website afloat.

The action of endorsing and promoting Genesis Mining defeats the purpose of the website, which is to save investors from bitcoin mining scams.

They are essentially saving investors from crocodiles, only to feed a big shark. Well, I guess the best we can do is to find a way to spread the word to the bitcoin community. Warn the community that the best bitcoin scams watchdog on the net is also promoting a scam, so they should watch out.

I guess Hashnest is still the better one and they are really mining. Give it a try if you want. But you won't become rich with cloud mining anyway. So instead you could buy bitcoin and hold them.

This is not a thread allowing you to sell anything. If you want to sell your contract, you can go in the right section of the forum.

+ I would not recommand anyone to buy your contract. If you read the 1st post, you know this contact won't pay anything worth it.

Is their any cloud mining that isn't a scam?

0.35btc

http://prntscr.com/dvoli8

for salle

3.5 btc

It wouldn't be a wise choice to continue to use them.

Not only because of the "accusations" but mostly because if you do use them you gonna lose your money !

I think I saw a high ranking member here selling an account with them.
Is it a good choice to make to continue to use them because of all these accusation going against them now?

That's a very wise decision. I'm happy my thread helped you. By doing so you are saving your money.

You can buy directly in bitcoin what you wanted to invest and hold it hoping price will rocket someday :-)

honestly today i plan to invest on genesis mining today, but i decide to do little research just for looking any news about genesis mining, and the last one is reading about it here in bitcointalk and finally i have a decision not to make investment in any cloud mining.
thank you

Dont use them they are a bunch of idiots my account got hacked and they are not helping me. They have locked my account and doing shit about it. I bought 25 Th/s For over 4000$ use their service at your own risk.