Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 35. (Read 257762 times)

As far as I can tell they seem to be a reputable company with decent ish service. That being said, chances are you will NEVER ROI. It's very simple logic behind this.

If you can mine for a good profit, why would you sell this to users at less than what you can make with it? They are out to make money, not give it to you for free to be good people.


They accept credit card payments, bank transfers etc. This is handy for people just getting involved with the currencies involved. Spending BTC thinking you're going to magically make more money is well... stupid really...


Worst I've heard about them (and seen with my own experience) is they don't ROI. Especially if you pay with BTC.

For people new to the market, it is a good way if you want to get involved with mining and get a feel for various coins and not outright buy them in an exchange. It helps add more subsitnance to the crypto market as a whole. This is FAR from a scam. Good business practices?(for them). Sure. Bad investment for your BTC? Sure. Scam? How? Have they stolen your money? Support gone AWOL? Not giving you a decent ROI is far from a scam, all this information on what happens on your account is stated in the agreements.. I like many people learned the hard way by not reading first before purchasing. Everything from their return policies and what happens when it's no longer profitable is easy to find on their site..

That said, I wouldn't ever purchase again, but wouldn't go as far as to say it's a scam just because I got burned by not doing my research and reading agreements I was signing with a legally licensed corporate entity.

Come on. Hardly a scam.

NOT!!! This is not a deal - this is pure SCAM!!!
To have good deal - both parties should be happy with their profit! genesis mining, from the very beginning, obviously knew that they will scam everybody who invest. Those people should go into the prison instead of Bitcoin Conferences explaining how "profitable" is their cloud mining and thus catching new customers .....
Actually, the organizer of those conferences becomes their accessories and also are guilty for this SCAM!!!

Anyway why should they really mine ? It is cheaper for them to just pay dust for months than real mining. They don't have to buy expensive hardware with a low lifetime, pay electricity, maintenance... No, a clever company just sell ghost hashrate because it is more profitable. Customers don't ask them to prove their hashrate and they satisfy dust payouts for months. Once contract closed they realise they lost 75% what they paid but during these months Genesis Mining spam for news contracts with lower fees, new coins (X11...).

Whatever they pretend they know they will earn at least half what you pay. There is nothing behind this company, just a web site, some pictures for noobs that's all.

What you pay is a login and a password in their database and the certainty they will keep 50% to 75% what you paid forever.

It is a very profitable business.

If you don't mind losing money (some people say they don't care), so give me your bitcoins and I promise to pay you back 90%. It is a good deal, because you will just lose 10%

The only persons I know who ROI did it like 2 years ago when difficulty wasn't so high. Right know I believe it is mathematicaly impossible.

The fee is a fix amount per day per ghs (I can't remember how much and it depends of your contract - You can see it if you go into the details of the contract you have on their website). Which means you will be fucked with difficulty increasing what ever you do because your payout will decrease and proportionaly the fee will increase.



They probably need new money coming in so they try to attract new customers this way... That's a shame :-/

The way it's developing right now I will end up with less than 1/4 of what i originally invested. Total scam, avoid!

I am fully agree with above, but just curios about IF SOMEBODY GET'S ROI, or knows somebody who do this with genesis mining???
I, myself, can say that I did not succeed!!! They say (genesis mining send me a message) that maintenance fee exceed the mining profit for more than 20 days and this is why they terminate my contract, but after that I received a message that they decrease the maintenance fee 4 times (WTF)?!?!?! asking me to invest again ......
How genesis mining define their maintenance fee??? Do they calculate PR events of Mr. Markus, business class airplane tickets, some girls for entertainment or what?
For everybody who thinks to invest in this cloud mining I can tell - it is the same playing card with somebody who looks at your hand and hoping to beat him NO CHANCE
I, personally, think THE END OF genesis mining IS VERY CLOSE and they just try - stop paying and at the same time to get some more orders - NO CHANCE

Genesis Mining deletes all my posts in their thread section so I'll post here again.

This is an old thread I did against Genesis Mining. I edited the first post today but the purpose is still the same it was when I first opened this thread : We have to warn people who are investing there, tell them they are going to lose their money, and do everything we can to shut down this scamming company.

I don't deny you could ROI with them it in the past (I did it with my first contract with them) but right know, with current difficulty, "low" bitcoin price & high fees they are taking on lifetime contracts it is only a waste of time and money for their "customers".

Genesis Mining has to shut down its service and stop scamming customers : They know no body can ROI with them and still offer contracts.

==> This is a post from another customers in their thread :

it is very sad to see they caught another user. I hope people will understand eventually that the cloud mining operations are for fun. Not for big time profits.
Don't expect to be rich or even double your money with cloud mining. Expect some extra btc from the mining operation and then you will never be dissapointed.

I used Genesis for a few months but then fucked everybody else with the 1 MH scrypt to 1 GH sha.
The idiot CEO pretended he was doing us a favour and

If you look closely on this forum you will that many users bought SHA/SCRYPT/X11 without ever seeing the possibility to ROI.
Don't go with Genesis Mining.. it's a waste of time, energy and money..

On what fees is your contracct based 

Been using Genesis for quite a while now. No hiccups whatsoever.

I used Genesis for a few months but then fucked everybody else with the 1 MH scrypt to 1 GH sha.
The idiot CEO pretended he was doing us a favour and

If you look closely on this forum you will that many users bought SHA/SCRYPT/X11 without ever seeing the possibility to ROI.
Don't go with Genesis Mining.. it's a waste of time, energy and money..

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well, at first i thought i already close to halve way. Recalculating seems i took the numbers from my other GM accounts whit a higher amount of X11. 

What genisis mining is actually doing is sending me dust and ruining my paperwallet that I use for mining, I will need a new paper wallet now, I have 1 stuck transaction because of their dust, my TX is always non standard dust type, for 50 usd worth of BTC a contract that sends me 0.0001 dust per day and when combined together it all goes to the TX, not profitable even when bitcoin is high, it was the most idea ever I did buying a contract, you don't even have a choice to set a minimum payout, if they will just hookup an antminer and profit from my money and make me wait hardly to get ROI or never, I would better just use my physical antminer and fees of electricity will be much more lower.

Referral whores never mention their income from scamming others into this hole when reporting their supposed ROI. That´s one constant you can always rely on.

Sorry Zeta, do not believe you so much about X11. Almost 50% ROI...Hmmm

Proof please, as according to my X11 results based on 1 MH/s X11 on Auto BTC I have got back  around 10-12% so far of the amount I paid upfront, and my contract started on first day of X11.

Ian

I did not convert, mined scrypt for months i remember.

Where are you talking about, X11 is going fantastic!
I got bit less whit my own X11 rig (same mining speed)

Well, they could swap old 0,0020 contracts to 0,0012 contracts for the sake of the early adopters but they probably will not do that, although it would be a good marketing strategy...

Genesis Mining did well for me.
Two contracts got ROI already (September 2014 contracts)
X11 Already almost half way