SCAM Alert - Genesis-mining : BEWARE if you're thinking to join - DON'T
My previous update (10 Aug) on Genesis-mining payout issue
READ here : https://steemit.com/cryptocurrency/@fundoing/genesis-mining-crypto-mining-payout-halts-updates-10-aug
GM payout issue has happened for a while since the last week of Jul (see my previous GM posts above) , they randomly release the payouts which were supposed to be daily, but it halted for a week, then resume it on bi-daily window. Now it's even worst the whole site was completely GONE. Yeah, I meant it, you can have a look yourself here - https://www.genesis-mining.com/.
I check on their twitter and Facebook feeds, no official announcements about their status. Their last update I received on their issue was a video from GM's CEO in Tai Lopez's touring style (kind of fishy and non-professional announcements on a serious concern to many customers.
I am prepared for total lost with my investment on GM.
Lesson learnt - Bet small if you're not sure what you're doing with a completely stranger. I am thinking - once bitcoin has reached over $4000 a coin, it's so tempted for not doing the right thing if they have absolute power to do so and no one can monitor what they're doing.
Good luck forks!
Kiss goodbye for my 2years mining contract and move on next project. : (
I just checked out genesis mining website. It's gone (just a little x near the middle of the screen). I think it might be a little early to panic. I did receive a payout on Aug 13th. Hopefully the site is just down for maintenance or something like that. It is very concerning because I have a decent amount invested in it. If genesis mining is gone I think all cloud mining is done for. But I am not panicking yet, it may still come back, but I won't be investing anymore into it even if it does come back. Good luck to you on your future projects!
@ashy-dogbong
Thanks for your updates. I am just very disappointed that GM can't keep their promises, and it's getting worst everyday. My last payout was 11th Aug, since then no updates at all. Lucky that I only have small bet on GM.
Genesis Mining is a legit company that's been around for years now. They're just down for maintenance but will be back up soon. I wouldn't worry about that.
Saying that though, cloud mining has never been profitable. Your contract won't last 2 years - it won't even last one year and you won't even break even in coin terms.
As mathematically proven in here, if you buy a 15Th/s contract and with a 5% difficulty increase each round, you would only receive 45% of the bitcoin from mining compared to just buying bitcoin directly. And that's just with a 5% difficulty increase per round. Over the last 3 months, the bitcoin difficulty increase has been around 11% on average so you would receive even less than 45%. Also, given the way the price of bitcoin is rising, you can expect even greater difficulty increases further reducing the amount you would mine.
So in the future, don't waste your money on cloud mining contracts and just buy coins directly.
@marcusorlyius
Thanks for your comments.
Hopefully the downtime is for service maintenance as you said.
However, if it's planned, it should be announced prior to the happening. If not, it's ever important to make it clear on their other communication channels e.g Reddit, twitter or even emails to their customers. I don't see that happening anyway. Long in the market has no real value in Crypto world. That's my 2cents.
Your mathematically proof is very interesting, and if that's the case, then we should stay away from GM too. Since it's a non-profitable act from Day1, so there is no point to believe in GM as it sounds like a pyramid scam.
its not a matter of panicing, genesis is the worst place you can put your money right now , i invested 18k usd in x11 and it will have lasted 5 months maybe, were at 3 and if it keep on going like this ill lose 40 % of my money and maybe more as i think bitmain new d3 batch in september ,october, november will stop any chance for me to make money . And i bought 3 months ago, some last month bought x11 ; with the number of mining machine they buy im sure to bitmain as there are no other giant like that ; what are the chances that genesis didnt know about those new machine coming even 3 months ago and deliberately fuck you in the ass buy seeling it to you at the price they did. This is the next big thing and you make money on your initial investment instead of losing it http://www.bit.ly/2vSX0xx
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