Scam alert : Do NOT INVEST in Genesis Mining - page 36.

erwin45hacked

legendary

Activity: 1064

Merit: 1000

Quote from: Tstar on November 29, 2015, 05:33:39 AM

We've always said it: cloud mining is a huge smelly business. Look at Puppet's chart and 3d most of them collapsed or were some kinf of ponzis.
Sorry for you, good you are taking this on. Hope they'll fix this or close down to prevent other people to be robbed.

DOnt compare those ponzi mining with genesis mining. Genesis mining is fishy and could be having fractional reserve mining risk but they are atleast mining even with their ridiculuous fee and payment is mostly dust. My 500 ghs give me around 0.001 at the current rate , I could get more with my own hardware

Tstar

legendary

Activity: 1176

Merit: 1005

Decentralized Asset Management Platform

We've always said it: cloud mining is a huge smelly business. Look at Puppet's chart and 3d most of them collapsed or were some kinf of ponzis.
Sorry for you, good you are taking this on. Hope they'll fix this or close down to prevent other people to be robbed.

notaek

legendary

Activity: 1268

Merit: 1009

Can someone email the link of this thread directly to Marco Streng? Maybe he has not seen this discussion yet!
Moreover, I also got dust payment for yesterday's mining! :/

Altynbekova

sr. member

Activity: 476

Merit: 250

Quote from: LuckyYOU on November 25, 2015, 04:38:00 PM

I was there when Genesis Mining forced us to convert scrypt to sha. My 180MH went to 180 GH/s SHA.

Since then I never logged in to that site again. Let them take that useless hash.

They got me too there.

What irritated me the most was there calculation not working. I mailed then over 4 times and not only did I not get a reply, they continueed ripping everybody off.

galdur

hero member

Activity: 616

Merit: 500

Quote from: notaek on November 25, 2015, 04:39:05 PM

Quote from: tmfp on November 25, 2015, 04:14:52 PM

Re: your point, obviously when a manufacturer says "X is a customer of ours", then X actually mining is likely, but you missed out this from your 101 quote:

Quote

(risk of fractional reserve mining)

and that's almost impossible to disprove for any cloudminer.

Yes I missed it out seeing the updated list there (updated by Indianacoin). But in accordance to the risk of fractional mining stated below;

4) Open ended IPO / fractional reverse mining risk.
Unless the cloud mining is operated by the asic vendor himself, you can not sell an unlimited amount of hashrate. Hardware takes (usually a long) time to order, arrive and deploy. Any company that doesn't limit sales or make public how much hashrate they sold vs what they have (provably) deployed should be considered suspicious.

_______________________________________________________________________________ ______________________________________________________

I think Genesis Mining did limit sales on 1 year SHA-256 mining contract and x11 mining contract some days earlier as I noticed a "Sold-Out" note while I tried to buy 5 MH/s of x11 contract. So, I think the risk of fractional reserve mining is being ruled out as per the updated list.

It´ll be ruled out when they prove that the hash they´ve sold corresponds to the hash they have mining. Since they can´t say which blocks they mine and are unlikely to do so any time soon well there you are.

notaek

legendary

Activity: 1268

Merit: 1009

Quote from: tmfp on November 25, 2015, 04:14:52 PM

Re: your point, obviously when a manufacturer says "X is a customer of ours", then X actually mining is likely, but you missed out this from your 101 quote:

Quote

(risk of fractional reserve mining)

and that's almost impossible to disprove for any cloudminer.

Yes I missed it out seeing the updated list there (updated by Indianacoin). But in accordance to the risk of fractional mining stated below;

4) Open ended IPO / fractional reverse mining risk.
Unless the cloud mining is operated by the asic vendor himself, you can not sell an unlimited amount of hashrate. Hardware takes (usually a long) time to order, arrive and deploy. Any company that doesn't limit sales or make public how much hashrate they sold vs what they have (provably) deployed should be considered suspicious.

_______________________________________________________________________________ ______________________________________________________

I think Genesis Mining did limit sales on 1 year SHA-256 mining contract and x11 mining contract some days earlier as I noticed a "Sold-Out" note while I tried to buy 5 MH/s of x11 contract. So, I think the risk of fractional reserve mining is being ruled out as per the updated list.

LuckyYOU

sr. member

Activity: 280

Merit: 250

I was there when Genesis Mining forced us to convert scrypt to sha. My 180MH went to 180 GH/s SHA.

Since then I never logged in to that site again. Let them take that useless hash.

tmfp

legendary

Activity: 1932

Merit: 1737

"Common rogue from Russia with a bare ass."

Yeah, things have moved on quite a bit in the year since that 101 thread started.
Spondoolies officially partnered up as Genesis' supplier soon after that was written and, of course, since then have been taken over by/merged with BTCS, AND announced the SP50.
How that will affect their relationship with Genesis is anyone's guess, especially as BTCS's CEO Charles Allan said, post merger
"The core focus post-merger will be to design, manufacture and deploy servers in BTCS’s data center(s)...We are still discussing the possibility of selling equipment to certain customers."
Doesn't sound too good for Genesis to me.

Re: your point, obviously when a manufacturer says "X is a customer of ours", then X actually mining is likely, but you missed out this from your 101 quote:

Quote

(risk of fractional reserve mining)

and that's almost impossible to disprove for any cloudminer.

notaek

legendary

Activity: 1268

Merit: 1009

According to Cloudmining 101 thread I found this information about Genesis Mining:

Code:

genesis-mining.com    1+2+7              => 3/7 = Probably legit.

1) No public mining address / no user selectable pool.
A cloud mining company that won't let you direct the hashrate to your pool of choosing and can't prove its actually mining bitcoins itself, is very likely a scam. There is no reason to hide mining address or not sign blocks. None!

2) No endorsement from any ASIC vendor.
ASIC vendors will gladly make a simple post to show the company in question is a significant customer of theirs. Its free advertisement for them and it helps their customer grow their business, so there is absolutely no reason they wouldn't. If a (cloud) mining company cant get any ASIC vendor to post such endorsement, you should assume they don't have any hardware to mine with.

7) No exit strategy.
If you can't sell your position, you can't get your money out. That's the ideal case for a ponzi and allows it to run for a long time.

_______________________________________________________________________________ ______________________________________________________

BTW, can anyone confirm the second factor? I think Spondoolies Tech provided them with the ASIC miners right?

lottery248

legendary

Activity: 1582

Merit: 1006

beware of your keys.

they won't tell where their pool are, as i can see.
if they hide their pool from us, then it is scam for sure.

Pro Gamers

hero member

Activity: 700

Merit: 500

morir es descansar

Quote from: anonymousx on November 24, 2015, 05:06:44 PM

That's natural for a cloud mining company to scam you, even if they are legit. when it's impossible for them to make profit for you + them, they will keep the profit for them selves and cut you off, because the greedy nature of human, I did the calculation and found that they keep 50% of what your miner is actually making over time, not only maintenance fees, they didn't refund me so I invested on hashnest which is better, but expect it to scam you also someday lol.

If your words are authectic theres no good for them coz one thing compared to hashnest they have much expensive investment plan. The fact that they only sharing some of there miners to spread the bitcoin to increase the value and at the same time mining themselves doubled of what they are sharing. At the end if they stop treating their customers at the first place as long as they dont stop working and go they can continue ignoring customers complain.

galdur

hero member

Activity: 616

Merit: 500

anonymousx

sr. member

Activity: 431

Merit: 250

That's natural for a cloud mining company to scam you, even if they are legit. when it's impossible for them to make profit for you + them, they will keep the profit for them selves and cut you off, because the greedy nature of human, I did the calculation and found that they keep 50% of what your miner is actually making over time, not only maintenance fees, they didn't refund me so I invested on hashnest which is better, but expect it to scam you also someday lol.

notaek

legendary

Activity: 1268

Merit: 1009

Glucose, you need to atleast wait for their next seminar before calling them scammer, in case Marco tries to consider discussing about your contract. Give them some air to breathe buddy! Tongue

galdur

hero member

Activity: 616

Merit: 500

Difficulty up over 10%, next diff increase heading for the similar magnitude. At this rate current contracts should be worthless as early as next March.

n3rvi0zz0

sr. member

Activity: 289

Merit: 250

Quote from: ?? on ??

Quote from: galdur on November 12, 2015, 06:42:30 AM

Quote from: lottery248 on November 12, 2015, 06:38:19 AM

genesis claims to have a main agent in HK, i am gonna try finding them if they are actually mining for us.
i am gonna figure out that if they are ponzi.

I don´t doubt that they´re running some mining, what I seriously doubt is that hash sold squares with what is actually mining. Of course it should be easy for them to prove me wrong but the fact that they´re unable to verify these things tells volumes I guess.

Damn. They are quite effective deleting posts lol Cheesy

Good. Let us know what you find Lottery. I'm curious about it.

I agree with your position Galdur. I have no doubt they are mining somehow. But their operation is too shady to be straight.

GM are a team really clever

For one side they do partnership with Spoondolies, they move to iceland and build their own datacenter

for other side they sell cloud mining ( with no profit at all for the fess) to costumers worldwide with the promises of get the money back.

For me look like that. couple of friends wanted to open a profitable mine so they opened a webpage the costumers pays the cost of the construction and electricty bill and they can mine with roi enough to made a big mine.

Pretty clever for me.

galdur

hero member

Activity: 616

Merit: 500

Wonder where the office is located. Something tells me that it´s safely out of European jurisdiction. Probably in some money laundering shithole down south in the seas.

galdur

hero member

Activity: 616

Merit: 500

Quote from: lottery248 on November 12, 2015, 06:38:19 AM

genesis claims to have a main agent in HK, i am gonna try finding them if they are actually mining for us.
i am gonna figure out that if they are ponzi.

I don´t doubt that they´re running some mining, what I seriously doubt is that hash sold squares with what is actually mining. Of course it should be easy for them to prove me wrong but the fact that they´re unable to verify these things tells volumes I guess. Any excuses have already been used by scams that are six feet under so they won´t do.

galdur

hero member

Activity: 616

Merit: 500

Heh, it took that screwball only five seconds to delete this one. When you´re right over the target you take flak Grin

------------------------------------------

Give it a rest Glucose.

The guy boasts about being a paragon of transparency yet can´t provide proof of mining, blocks found, mining addresses etc. Self-congratulatory, narcissistic types - don´t waste your time trying to reason with them.

lottery248

legendary

Activity: 1582

Merit: 1006

beware of your keys.

genesis claims to have a main agent in HK, i am gonna try finding them if they are actually mining for us.
i am gonna figure out that if they are ponzi.

Topic: Scam alert : Do NOT INVEST in Genesis Mining - page 36. (Read 257815 times)