Thank you! for this thread, you just saved me from purchasing a Contract from them. I was going to purchase one of
their Plans (ETH Mining) but I couldn't understand the 10000 GH/s Mining - so I PMed them here on Bitcointalk to get more
details and information on how their Contracts work. But i have no response from them.
With all these warnings, I will not invest in ETH mining instead will wait for the dump. LOL!
Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 33. (Read 257762 times)
The amount of dust they are sending me is insane! I got my wallet stuck twice one of them coins took a week, they claim they cannot implement a minimum payout option, I am moving the hash I have to any shitcoin and thats it.
I've already given up.
GM could possible over-promise to new comers to BTC. How many new comers who are tech savvy visit Bitcointalk to understand the situation?
I feel sorry for investors who invested in thousands of dollars with GM.
GM could possible over-promise to new comers to BTC. How many new comers who are tech savvy visit Bitcointalk to understand the situation?
I feel sorry for investors who invested in thousands of dollars with GM.
If you would have bought bitcoin on Dec 1, you could have turned your 719 USD into 1.90508996 bitcoins, which you could have used to buy 818.418469178656 ETH, which is worth at current prices over 8000 USD, so I would say that they have been pretty shitty to you.
Thank you Phildo. Reading his post I wanted to make the calculation but you already did it
(+ yeah newbie account reacting here looks quite suspicious to me...)
Thanks for all the calculations. It's pretty clear to me now what a shitty investment cloud mining is...
shame on them.
If you would have bought bitcoin on Dec 1, you could have turned your 719 USD into 1.90508996 bitcoins, which you could have used to buy 818.418469178656 ETH, which is worth at current prices over 8000 USD, so I would say that they have been pretty shitty to you.
Thank you Phildo. Reading his post I wanted to make the calculation but you already did it
(+ yeah newbie account reacting here looks quite suspicious to me...)
I think they are getting burned big time by the ETH rise they have to payout on.
I do not agree and I feel you are bitter about your experiences but for me, not so.
I purchased with my Credit Card, 40 MH/s of ETH in December 2015 and already I have been paid almost 104 ETH coins.
My contract cost me 719 USD and already that ETH is worth at current prices, over 1000 USD, so Genesis Mining and their ETH contracts have been good to me.
A scam, I do not think so although I can understand if you are complaining about SHA 256 as what with the recent difficulty rises etc, then payouts would have gone down but for ETH contracts, GM have given me a chance to make some money.
Where I live i can not buy Bitcoin directly so Credit Card was the only option for me or else I could have bought ETH directly using Bitcoin, but I did not have that option.
Anyway good luck with your thread although personally I do not think they are a scam, just Bitcoin mining has led you to make this thread up because Bitcoin and SHA 256 mining went down the pan which I think is not really Genesis Minings fault.
If i look around at other providers doing SHA 256 I can see their payouts have also gone down too which tells me that this is not a GM problem.
If you would have bought bitcoin on Dec 1, you could have turned your 719 USD into 1.90508996 bitcoins, which you could have used to buy 818.418469178656 ETH, which is worth at current prices over 8000 USD, so I would say that they have been pretty shitty to you.
Hello Phil.
You can not really say that Genesis Mining has been shitty to me written in your own words as it was I that decided to purchase a contract with them. I was not forced or made. It was my own choice. I had no other option but to purchase with a Card and I had explained that in my post here if you look up and read it again.
If you read what I wrote originally, I did not have any means to purchase Bitcoin directly so could not then use that Bitcoin to purchase ETH, so purchasing a contracts through Genesis Mining with Credit Card, for me was the only way for me to get payouts in ETH coins or the other thing i was thinking about was to spend similar money on having to build a ETH mining rig.
After working out the costs of having to purchase an SLI system for 2 x GPUs that would mine at around 20 MH/s each plus the cost of the motherboard, PSU, memory, hard drive etc it was getting close to the price I had to pay upfront anyway before any electrical bill costs had to be taken into consideration as well.
I felt this option of purchasing through Genesis Mining as the only company to offer ETH mining that I could find, for me was the better way to go. Of course I could have made more money purchasing ETH directly as you have said, but I could not, but I have already made a nice profit already. I purchased at the end of December so not sure if the price of BTC would have gone up or down since your estimate. Also ETH price might have changed too so it could have been possible that i would have ended up with less than you have written.
So yes, not being able to purchase ETH direct was Shitty for me, but I have still made a nice profit from it and as this thread is about GM being a Scam, to me they have not been, far from it and I am sorry if that some of you reading this can not accept that they are not a Scam from my point of view, but that is your own choice and I respect that just like you should respect my view and opinion. For ETH mining it has been ok and from reading on the forums I can see that SHA 256 mining has not been so good but that seems to affect everyone who mines with other companies too who offer SHA 256.
Not sure where you are that you have no way of purchasing BTC, but I'm not sure how many others are in that same situation, so your situation is unique, and therefore unhelpful.
I still think you got screwed and are an idiot for thinking you didn't. You could have found a way to pay up to 4x a premium for eth in december and would be in a better situation today than you are currently via "mining," you aren't in "profit" because of genesis mining, you are up in dollars because someone is pumping eth, and if you were smart enough to find a way to get them elsewhere you would be in a much better situation than you are in now (assuming of course you get out before the dump, which is surely on the way).
I think they are getting burned big time by the ETH rise they have to payout on.
I do not agree and I feel you are bitter about your experiences but for me, not so.
I purchased with my Credit Card, 40 MH/s of ETH in December 2015 and already I have been paid almost 104 ETH coins.
My contract cost me 719 USD and already that ETH is worth at current prices, over 1000 USD, so Genesis Mining and their ETH contracts have been good to me.
A scam, I do not think so although I can understand if you are complaining about SHA 256 as what with the recent difficulty rises etc, then payouts would have gone down but for ETH contracts, GM have given me a chance to make some money.
Where I live i can not buy Bitcoin directly so Credit Card was the only option for me or else I could have bought ETH directly using Bitcoin, but I did not have that option.
Anyway good luck with your thread although personally I do not think they are a scam, just Bitcoin mining has led you to make this thread up because Bitcoin and SHA 256 mining went down the pan which I think is not really Genesis Minings fault.
If i look around at other providers doing SHA 256 I can see their payouts have also gone down too which tells me that this is not a GM problem.
If you would have bought bitcoin on Dec 1, you could have turned your 719 USD into 1.90508996 bitcoins, which you could have used to buy 818.418469178656 ETH, which is worth at current prices over 8000 USD, so I would say that they have been pretty shitty to you.
Hello Phil.
You can not really say that Genesis Mining has been shitty to me written in your own words as it was I that decided to purchase a contract with them. I was not forced or made. It was my own choice. I had no other option but to purchase with a Card and I had explained that in my post here if you look up and read it again.
If you read what I wrote originally, I did not have any means to purchase Bitcoin directly so could not then use that Bitcoin to purchase ETH, so purchasing a contracts through Genesis Mining with Credit Card, for me was the only way for me to get payouts in ETH coins or the other thing i was thinking about was to spend similar money on having to build a ETH mining rig.
After working out the costs of having to purchase an SLI system for 2 x GPUs that would mine at around 20 MH/s each plus the cost of the motherboard, PSU, memory, hard drive etc it was getting close to the price I had to pay upfront anyway before any electrical bill costs had to be taken into consideration as well.
I felt this option of purchasing through Genesis Mining as the only company to offer ETH mining that I could find, for me was the better way to go. Of course I could have made more money purchasing ETH directly as you have said, but I could not, but I have already made a nice profit already. I purchased at the end of December so not sure if the price of BTC would have gone up or down since your estimate. Also ETH price might have changed too so it could have been possible that i would have ended up with less than you have written.
So yes, not being able to purchase ETH direct was Shitty for me, but I have still made a nice profit from it and as this thread is about GM being a Scam, to me they have not been, far from it and I am sorry if that some of you reading this can not accept that they are not a Scam from my point of view, but that is your own choice and I respect that just like you should respect my view and opinion. For ETH mining it has been ok and from reading on the forums I can see that SHA 256 mining has not been so good but that seems to affect everyone who mines with other companies too who offer SHA 256.
I think they are getting burned big time by the ETH rise they have to payout on.
I do not agree and I feel you are bitter about your experiences but for me, not so.
I purchased with my Credit Card, 40 MH/s of ETH in December 2015 and already I have been paid almost 104 ETH coins.
My contract cost me 719 USD and already that ETH is worth at current prices, over 1000 USD, so Genesis Mining and their ETH contracts have been good to me.
A scam, I do not think so although I can understand if you are complaining about SHA 256 as what with the recent difficulty rises etc, then payouts would have gone down but for ETH contracts, GM have given me a chance to make some money.
Where I live i can not buy Bitcoin directly so Credit Card was the only option for me or else I could have bought ETH directly using Bitcoin, but I did not have that option.
Anyway good luck with your thread although personally I do not think they are a scam, just Bitcoin mining has led you to make this thread up because Bitcoin and SHA 256 mining went down the pan which I think is not really Genesis Minings fault.
If i look around at other providers doing SHA 256 I can see their payouts have also gone down too which tells me that this is not a GM problem.
If you would have bought bitcoin on Dec 1, you could have turned your 719 USD into 1.90508996 bitcoins, which you could have used to buy 818.418469178656 ETH, which is worth at current prices over 8000 USD, so I would say that they have been pretty shitty to you.
~snip~
Wow a newbie with 0 posts offering his opinion on a scam accusation. He must not be biased shill for GM after all . That was sarcasm for you I think they are getting burned big time by the ETH rise they have to payout on.
I do not agree and I feel you are bitter about your experiences but for me, not so.
I purchased with my Credit Card, 40 MH/s of ETH in December 2015 and already I have been paid almost 104 ETH coins.
My contract cost me 719 USD and already that ETH is worth at current prices, over 1000 USD, so Genesis Mining and their ETH contracts have been good to me.
A scam, I do not think so although I can understand if you are complaining about SHA 256 as what with the recent difficulty rises etc, then payouts would have gone down but for ETH contracts, GM have given me a chance to make some money.
Where I live i can not buy Bitcoin directly so Credit Card was the only option for me or else I could have bought ETH directly using Bitcoin, but I did not have that option.
Anyway good luck with your thread although personally I do not think they are a scam, just Bitcoin mining has led you to make this thread up because Bitcoin and SHA 256 mining went down the pan which I think is not really Genesis Minings fault.
If i look around at other providers doing SHA 256 I can see their payouts have also gone down too which tells me that this is not a GM problem.
With the ever rising number of mining sites turning into scam sites, the only option that we have to keep off from any form of mining and seek to find alternative means of investment.
I think they are getting burned big time by the ETH rise they have to payout on.
Guess who need new money coming in because he is losing his customers ?
http://www.crowdfundinsider.com/2016/03/82497-genesis-mining-to-offer-bitcoin-mining-fund-to-investors/
When you can't sell cloudmining anymore to your customers, try to offer a "fund to investors" instead. What a scam. They probably need money to do so. I hope they go bankrupt.
http://www.crowdfundinsider.com/2016/03/82497-genesis-mining-to-offer-bitcoin-mining-fund-to-investors/
When you can't sell cloudmining anymore to your customers, try to offer a "fund to investors" instead. What a scam. They probably need money to do so. I hope they go bankrupt.
That latest email... Shady
Again if I am off base here, or if someone has a law degree that would like to weigh in, don't hesitate to educate me. I have a feeling though that if I am right, and contractual obligations are not me by the Provider, being out thousands of dollars will not make me hesitate to contact agencies that cover fraud (Mt. Gox didn't get away with it, the blessing and curse of our government regulating Bitcoin). Very unfortunate that such a promising technology has to go through hurdles like this, it only hurts the system and everyone involved. Keep you guys posted as I said I would.
Unfortunately I don't have a law degree but you might be right.
If it can give you one more weapon against them : I believe their lifetime contracts could be assimilited with what we call in french a "dol" ("wilful misrepresentation" in english?).
It means : The seller who sells something knowing there is a hidden problem but not telling the buyer about it, "trapping" him with a misleading contract, is guilty of wilful misrepresentation and the contract can easily be cancelled in court.
In my opinion 1) calling these contracts "lifetime" is already misleading for the buyers 2) Knowning customers won't ROI is definitely a wilful representation lol. They are selling it knowning it will be almost impossible for their customers to ROI.
It will be interesting to see how they react against you because the amount of money involved in your case it quite high and they could be affraid you decide to sue them & contact fraude agencies. Good luck and keep us updated about what happens.
An update from my previous post (not too far back if anyone is interested in the status update), I have yet to receive a resolution to my lack of proper payments from Genesis-Mining.
Today I sent an email to the customer service representative that stated the following:
"The lack of correct payments for my contracts has me increasingly concerned that there will be no action from Genesis-Mining. Since there is no definitive answer coming from Genesis-Mining regarding proper payment, I would like the calculations done for how much USD will be returned for my implementation of Section 4.c. and 4.d. of the 150TH/s contract and the most recent 3TH/s contract. The lack of payments owed on the part of Genesis-Mining after repeated contact from me (breach of contract) covers the "termination for good cause" described under Section 4 of the contract.
If the payment fee cannot be fixed before Monday February 29, 2016, or, if Genesis-Mining is unwilling to agree to adjust all contracts belonging to my accounts to the contract fee offered to new customers (.00055USD per day), I will have no choice but to demand the remaining funds left on the contracts. I had hoped that it would not come to this as I was very happy with the service Genesis-Mining had provided in the past. Thank you in advance for providing the calculations I requested on the remainder of my contracts, I'll be looking forward to your response."
Now for those of you who do not know, all Genesis-Mining contracts to date have listed, in Section 4. Term the following:
a. This Agreement is entered into for the term indicated above.
b. The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above.
c. Otherwise, this Agreement may only be terminated by either party for good cause (auswichtigem Grund).
d. In the event of a termination for good cause by the Customer, and, for the avoidance of doubt in any such event, the Customer shall be entitled to a repayment of item 2.a above in the proportion of the time lapsed since the beginning of the Term divided by the Term.
e. In case the Service Provider voluntarily agrees to refund the Customer, a processing fee of USD 10 will be deducted.
This is verbatim from the contract folks, you can verify on their site yourself by attempting to make a purchase and seeing the contract before you purchase. Now, legally speaking, and correct me if I'm wrong, but insufficient payment per the contract is a violation of the contract. If one party does not abide by the contract, that would be "good cause" for termination of the contract by a party member, in this case, the Customer. I saw that a poster claiming to be a representative of Genesis-Mining responded about refunds of contracts when the 20 day non-payment happened (covering 4.b. of the contract), I'm interested to see what happens when 4.d. of the contract is enacted.
Again if I am off base here, or if someone has a law degree that would like to weigh in, don't hesitate to educate me. I have a feeling though that if I am right, and contractual obligations are not me by the Provider, being out thousands of dollars will not make me hesitate to contact agencies that cover fraud (Mt. Gox didn't get away with it, the blessing and curse of our government regulating Bitcoin). Very unfortunate that such a promising technology has to go through hurdles like this, it only hurts the system and everyone involved. Keep you guys posted as I said I would.
Today I sent an email to the customer service representative that stated the following:
"The lack of correct payments for my contracts has me increasingly concerned that there will be no action from Genesis-Mining. Since there is no definitive answer coming from Genesis-Mining regarding proper payment, I would like the calculations done for how much USD will be returned for my implementation of Section 4.c. and 4.d. of the 150TH/s contract and the most recent 3TH/s contract. The lack of payments owed on the part of Genesis-Mining after repeated contact from me (breach of contract) covers the "termination for good cause" described under Section 4 of the contract.
If the payment fee cannot be fixed before Monday February 29, 2016, or, if Genesis-Mining is unwilling to agree to adjust all contracts belonging to my accounts to the contract fee offered to new customers (.00055USD per day), I will have no choice but to demand the remaining funds left on the contracts. I had hoped that it would not come to this as I was very happy with the service Genesis-Mining had provided in the past. Thank you in advance for providing the calculations I requested on the remainder of my contracts, I'll be looking forward to your response."
Now for those of you who do not know, all Genesis-Mining contracts to date have listed, in Section 4. Term the following:
a. This Agreement is entered into for the term indicated above.
b. The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above.
c. Otherwise, this Agreement may only be terminated by either party for good cause (auswichtigem Grund).
d. In the event of a termination for good cause by the Customer, and, for the avoidance of doubt in any such event, the Customer shall be entitled to a repayment of item 2.a above in the proportion of the time lapsed since the beginning of the Term divided by the Term.
e. In case the Service Provider voluntarily agrees to refund the Customer, a processing fee of USD 10 will be deducted.
This is verbatim from the contract folks, you can verify on their site yourself by attempting to make a purchase and seeing the contract before you purchase. Now, legally speaking, and correct me if I'm wrong, but insufficient payment per the contract is a violation of the contract. If one party does not abide by the contract, that would be "good cause" for termination of the contract by a party member, in this case, the Customer. I saw that a poster claiming to be a representative of Genesis-Mining responded about refunds of contracts when the 20 day non-payment happened (covering 4.b. of the contract), I'm interested to see what happens when 4.d. of the contract is enacted.
Again if I am off base here, or if someone has a law degree that would like to weigh in, don't hesitate to educate me. I have a feeling though that if I am right, and contractual obligations are not me by the Provider, being out thousands of dollars will not make me hesitate to contact agencies that cover fraud (Mt. Gox didn't get away with it, the blessing and curse of our government regulating Bitcoin). Very unfortunate that such a promising technology has to go through hurdles like this, it only hurts the system and everyone involved. Keep you guys posted as I said I would.
I bought a 50 GH/s contract like 3 months back and i barely made anything. Now that I get around 4k satoshis a day i'm going to ROI in 1250 days not counting any difficulty rises and termination of contract... I wouldn't recommend anyone investing there.
Sorry to hear so. And thank you for your testimony here. We need more of them.
At the end, Genesis Mining will be forced to answer something..
I bought a 50 GH/s contract like 3 months back and i barely made anything. Now that I get around 4k satoshis a day i'm going to ROI in 1250 days not counting any difficulty rises and termination of contract... I wouldn't recommend anyone investing there.
Up to 2/23/2016...it's paying $0.02 per day now. Please make it stop! I did open a different wallet when it looked like it was going to tank, thank goodness. I'll never be able to get that BTC out because it's a bunch of tiny tranactions. I tried to delete my addy from my account but it would not allow me to do that.
You can try to change your address to an online wallet you are not using...
It's true that these very small transactions everyday can cause trouble when you want to move your bitcoins somewhere else...
Up to 2/23/2016...it's paying $0.02 per day now. Please make it stop! I did open a different wallet when it looked like it was going to tank, thank goodness. I'll never be able to get that BTC out because it's a bunch of tiny tranactions. I tried to delete my addy from my account but it would not allow me to do that.
Jump to: