Who still mining using this site genesis-mining.com? is it scam?

BitHodler

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Quote from: carlfebz2 on February 08, 2019, 03:18:43 PM

I don't know why other people do consider gambling as a way of investment?

Because they are lazy and ignorant fools. There are people who legit believe that there are certain methods you can utilize to continue winning, regardless of what type of gambling it concerns, which is beyond insane.

Every method works till it doesn't. Luck can make you win 10 bets/rolls/sports games in a row, but also make you lose in a similar way. It really seems that people want to do everything to avoid thinking about working for their money....

tmfp

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Quote from: carlfebz2 on February 08, 2019, 03:18:43 PM

Quote from: St4yInTh3D4rk on February 08, 2019, 01:23:45 PM

Gambling is not an investment,its just an entertainment.

I don't know why other people do consider gambling as a way of investment?

Still off topic, to quote Ambrose Bierce

"The gambling known as business
looks with austere disfavor
upon the business known as gambling."

carlfebz2

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Quote from: St4yInTh3D4rk on February 08, 2019, 01:23:45 PM

Quote from: ?? on ??

Quote from: cissrawk on February 08, 2019, 01:04:28 AM

I login to my old genesis account, which still have some contract left. They still paying out but i as people said above its not profitable. If you want to invest there, i suggest you don't do it and better find other way to invest your money.

if you can earn even a little then i think we can use that for investment still cloud mining can turn not good like they can scam or hack us anytime so that's the risky thing about this so for me do trading and gambling than cloud mining

Gambling is not an investment,its just an entertainment.

If you are interested on investing on gambling sites then it may be useful investment and can give some decent returns as well.

I don't know why other people do consider gambling as a way of investment? Going back on topic, just like on other members saying above. Cloud mining is never been profitable, so using up your own common
sense will tell you on what you should gonna do. Its better to buy your own rig than on investing to somebody else but having your own doesn't mean you are making money though.

St4yInTh3D4rk

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Quote from: ?? on ??

Quote from: cissrawk on February 08, 2019, 01:04:28 AM

I login to my old genesis account, which still have some contract left. They still paying out but i as people said above its not profitable. If you want to invest there, i suggest you don't do it and better find other way to invest your money.

if you can earn even a little then i think we can use that for investment still cloud mining can turn not good like they can scam or hack us anytime so that's the risky thing about this so for me do trading and gambling than cloud mining

Gambling is not an investment,its just an entertainment.

If you are interested on investing on gambling sites then it may be useful investment and can give some decent returns as well.

cissrawk

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I login to my old genesis account, which still have some contract left. They still paying out but i as people said above its not profitable. If you want to invest there, i suggest you don't do it and better find other way to invest your money.

BitHodler

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Quote from: timerland on February 06, 2019, 04:39:16 PM

Even with the 2 and 5 year contracts that they have currently, I doubt that they will be profitable at all.

You need a massive bull run similar to the one we've gone through in 2017 to have these contracts pay out decently, and then still, the few months that you manage to scoop up these payouts won't be enough to break even.

I'm sure that people are more likely going to reinvest their payouts rather than withdrawing them. By doing that you basically give back the service all the money it paid out to you, which is the worst thing you can do.

They want you to reinvest because they know it means that you have to start earning money from scratch again. It's such an obvious trap, yet people continue to fall for it, and that even after years of people warning them....

Slow death

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Quote from: Doubletrade on February 04, 2019, 06:05:56 PM

Hi guys i just wanted to know for those who invested money in genesis mining if this is still work or not?

they are not profitable, check on twitter:

https://twitter.com/GenesisMining/status/1088041961792176129

https://twitter.com/GenesisMining/status/1080857427455692802

many people are complaining that they are having many losses

Quote from: Doubletrade on February 04, 2019, 06:05:56 PM

Im planning to invest my profit from other coins and mine some coin with cloud mining as my passive income. Do you think is it great idea to invest? is it scam?

it would be a disaster if you did that. do not invest in cloud mining sites

magneto

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Quote from: Doubletrade on February 04, 2019, 06:05:56 PM

Hi guys i just wanted to know for those who invested money in genesis mining if this is still work or not?
Im planning to invest my profit from other coins and mine some coin with cloud mining as my passive income. Do you think is it great idea to invest? is it scam?

I wouldn't actually call them as scam. Sure, you'd be stupid to invest in them given all the past experiences that people has had. But they are most likely mining (not sure if they are backing all contracts 1:1 with actual hashrate, though), and they do pay out withdrawals.

But that doesn't mean you should invest. Most people get influenced into investing because of youtube affiliates or social media crypto influencers that claim that this is profitable - but it really isn't. The maintenance fees they charge pretty much mean that the only way that you're going to consistently make a profit is if you become an affiliate and refer others yourself. I would suggest you look at the various threads made complaining about Genesis Mining in the past on bitcointalk.

This isn't some passive money making method that people tout it to be. Otherwise, why wouldn't they invest in themselves instead of asking for investments?

Quote from: tmfp on February 07, 2019, 01:10:06 PM

Looking at https://www.genesis-mining.com/pricing all of their cloud mining contracts are either "Sold Out" or "Out of Stock" in all coins.

Yep, and it seems like they got rid of life contracts as well.

tmfp

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"Common rogue from Russia with a bare ass."

Looking at https://www.genesis-mining.com/pricing all of their cloud mining contracts are either "Sold Out" or "Out of Stock" in all coins.

1Referee

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Quote from: TechComputer on February 07, 2019, 05:42:38 AM

If you are indicating if its a scam, you're false. If you are indicating if its not a scam, you're false too. It is a typical ponzis scheme where another user get paid if there is another user paid to the platform.

It is a scam by default if the terms don't indicate that when there is no longer fresh money flowing into the scheme, you'll lose your initial deposit. Considering that schemes in general aren't that transparent, neither are cloud mining services, they are scams all together. If they were transparent, their income would probably tank with +90% so they have all the incentive to deceive people with false promises.

Quote from: joniboini on February 05, 2019, 12:15:35 AM

Better buy some dPoS coins and stake on your own or lease it (like CHX or LTO, they're good, check them out) to produce passive income if you can't mine on your own or don't have enough money to do so.

History tells me that it doesn't end well for people investing in anything related to POS coins/tokens. In the long run, the price tanks and you are left holding an expensive bag of rubbish. 10 years worth of POS rewards won't be able to wipe out the losses you have suffered by holding this for one single year.

shield132

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Quote from: Doubletrade on February 04, 2019, 06:05:56 PM

Hi guys i just wanted to know for those who invested money in genesis mining if this is still work or not?
Im planning to invest my profit from other coins and mine some coin with cloud mining as my passive income. Do you think is it great idea to invest? is it scam?

And in time where miners are leaving mining because they can't handle loss, someone comes and posts about cloud mining, where company's owner and contract's owner want to make profit. When miners who have cheap electricity can't profit, then there is no way cloud mining contract owner will profit too. In any way business owner will profit from you and as it usually happens, they will cancel your contract. I don't trust to genesis mining, don't like them.

St4yInTh3D4rk

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Quote from: TechComputer on February 07, 2019, 05:42:38 AM

If you are indicating if its a scam, you're false. If you are indicating if its not a scam, you're false too. It is a typical ponzis scheme where another user get paid if there is another user paid to the platform.

Ponzi is also can be considered as scam.

Quote

A ponzi scheme is a form of fraud which lures investors and pays profits to earlier investors by using funds obtained from more recent investors

Already lot of people said cloud mining is really waste of your time and money,I'm just echoing that statement.
Scam alert : Do NOT INVEST in Genesis Mining

TechComputer

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If you are indicating if its a scam, you're false. If you are indicating if its not a scam, you're false too. It is a typical ponzis scheme where another user get paid if there is another user paid to the platform.

squatz1

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Quote from: joniboini on February 05, 2019, 12:15:35 AM

Quote from: Doubletrade on February 04, 2019, 06:05:56 PM

Do you think is it great idea to invest?

No, it is not. Better buy some dPoS coins and stake on your own or lease it (like CHX or LTO, they're good, check them out) to produce passive income if you can't mine on your own or don't have enough money to do so.

The one who profits the most from cloud mining is the host itself, not you.

This isn't actually good advice, I wouldn't go ahead and purchase any of the scammy masternode coins as a way to produce dividend type passive income. I'd rather just buy bitcoin, or one of the larger coins and wait for (hopefully) an appreciation of value. There's other things that I suppose you could do in the BTC community, such as casino bankroll investing, loans, etc.

Quote from: bL4nkcode on February 06, 2019, 08:02:09 PM

From the comments above which all of them oppose the idea of investing in any cloud mining sites, OP should be enlighten that it's not good idea to do so. I guess trading would work just a little work of research than risking in any cloud mining sites.

I see that a good deal of people usually state that there's no reason for a company to cloud mine and to make it profitable for the end user, and I do think that I may have a theory on why some of these companies will lease out the equipment that they've bought -- and the theory is cash flow. These companies are able to secure a mass amount of capital in the beginning, which can be used for further research and development and more mining (which means more cash flow and profits later on) by selling out their own mining to others.

While this may not always be the case, I wouldn't say that ALL CLOUD MINING IS SCAM AND NEVER MAKE YOU MONEY. Some companies may be in dire financial situations and may need the capital -- so this may be the smartest thing that they can do.

bL4nkcode

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From the comments above which all of them oppose the idea of investing in any cloud mining sites, OP should be enlighten that it's not good idea to do so. I guess trading would work just a little work of research than risking in any cloud mining sites.

timerland

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Quote from: Doubletrade on February 04, 2019, 06:05:56 PM

Hi guys i just wanted to know for those who invested money in genesis mining if this is still work or not?
Im planning to invest my profit from other coins and mine some coin with cloud mining as my passive income. Do you think is it great idea to invest? is it scam?

Unless bitcoin prices go up drastically over the time that your contract is active, I don't think that you should be expecting any net gains from cloud mining. And even if you do make a profit, you are better off just holding bitcoin itself.

I've invested in the past. What happens usually is that the ROI in the first few months are high, but gradually drops down to a level which is below even the amount of maintenance fee that you have to pay, which means that your "lifetime" contract will likely expire very likely within the first year.

The way that they structure their contracts mean that they are overpriced, and designed to bring more profits to the company themselves, not the investors. Even with the 2 and 5 year contracts that they have currently, I doubt that they will be profitable at all.

joniboini

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Quote from: Doubletrade on February 04, 2019, 06:05:56 PM

Do you think is it great idea to invest?

No, it is not. Better buy some dPoS coins and stake on your own or lease it (like CHX or LTO, they're good, check them out) to produce passive income if you can't mine on your own or don't have enough money to do so.

The one who profits the most from cloud mining is the host itself, not you.

mk4

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Cloud mining sites are just simply a scam, or not profitable. It's just either one of those; so there's really no point in putting money in one besides if you're like super rich and you just want to throw away money for fun. In the case of Genesis mining, it looks legitimate to me(legitimate meaning they just don't go missing), but it's definitely not profitable. You're just going to end up having your daily profit go lower and lower until they simply close your plan due to profitability going negative.

If you want to do mining, go buy some graphics cards or buy some ASICs. There's no other way around that if you want to be profitable.

leowonderful

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There's really no good reason anyone would offer their machines' hashpower to you if their machines are already making a profit. There's no guarantee you'll make a profit with cloudmining, and especially in this bear market we're in, many cloudmining contracts have expired or been cancelled for reasons like revenue falling below maintenance costs and such. I highly discourage you and anyone else reading this from buying cloudmining contracts; a good alternative is just simply buying coins straight from an exchange. Mining as a whole's pretty risky right now unless you have exceptionally cheap electrical rates.

harizen

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Scam or not, it will not be profitable in the long run.

Will not go into technical and "obvious" details. Just listen from us.

Or if you are still on doubt, do some wide research on the web and see for yourself.

BitMaxz

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That's not a good idea to invest in any cloud mining sites like genesis mining it won't give you a passive income.
I don't recommend you to invest there I don't know if they are scam or not but most of the cloud mining sites are scam.

If you really want to invest the best option is to build your own rig and mine coins with your self or buy ASIC miner which is more profitable nowadays.

Doubletrade

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Hi guys i just wanted to know for those who invested money in genesis mining if this is still work or not?
Im planning to invest my profit from other coins and mine some coin with cloud mining as my passive income. Do you think is it great idea to invest? is it scam?

Topic: Who still mining using this site genesis-mining.com? is it scam? (Read 338 times)