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RE: Oh Genesis-Mining... Where Art Thou' Payouts!!!
Check their twitter page. They made a few announcements about having issues with their website and payment distribution. There doesn't seem to be a problem with the mining and they have the crypto payouts supposedly but will payout soon.
Thanks. That actually calms my fears a bit, although not completely.
But they are active on that twitter page. Seems that scheduled maintenance on the 19th screwed up there system.
Hopefully that's the case
I think it would be hard to "walk away" with all the money. I haven't looked too deeply into all the legalese of their contracts but they have physical locations that youtubers have been to and done videos at just to prove they are a legit company and do own miners (thousands of miners). The videos explain the setups, energy costs, maintenance, etc. to further legitmize them in the cloud mining space since there have been so many scams. The miners are actually there. Whether that location is owned and operated by genesis mining, that's hard to say but the miners are there and they have been seen by the public supposedly. It would be a lot harder to vanish with everyone's money if they actually do own miners and rent/lease/own a location because then they'd have to liquidate all those miners to cash. You don't sell millions of equipment without reporting it to the government on way or another. The other fake scam cloud mining companies just provided payouts for 1-2 months for your upfront investment then disappeared. They were just a digital platform and never showed proof of incorporating, owning and operating rigs, etc. That's a lot easier when there isn't a physical asset that you're being tied to when trying to run with money.
Just my 2 cents. Not saying that I trust them 100% but now that they've shown that they have physical miners, they are probably actually tied to some type of corporate structure and have to report earnings legally. People are tied to that corporation and outright theft would result in those people on record going to jail.
Very well said.
I watched the youtube videos of people inside the mining farm, and everything you just stated is actually why i decided to make an investment with genesis and felt confident in doing so.
Hopefully, this is just a minor hiccup.
If thats the case, it could actually provide added credibility for gm... people gain trust when they panic and then are reasured everything is ok.