Genesis Mining Issues

in #mining7 years ago

I started with Genesis Mining as an experiment. I wanted to see if it would really turn out to be as profitable as the coinwarz calculator foretold. It wouldn't make much sense if it were that profitable, for why then would GM sell mining contracts instead of keeping it for themselves?

Genesis03.png

So I opened an account and bought 200 MH/s of Dash. At this time we are not receiving any payouts so let me just look at the time when I did get my payouts.
I have received 124 payouts now on these Dash contracts. The contracts cost me 9.33 dash and the total payout I got so far is 5.39 dash. So I got little over half my money back in 4 months. With still 20 months to go on this contract that looks very promising. But... the initial payout was 0.071 Dash and that has dropped to 0.019 Dash, a drop of about 73%!
Let's assume that this trend continues, then my payout over the next 4 months will be 1.44 Dash, then 0.38 Dash, 0.10 Dash, 0.028 and 0.0074 Dash. The total over 2 years will thus be about 7.35 Dash, a loss of about 2 Dash. Now some say you should re-invest, but logic dictates that you will also lose on that reinvestment, thus increasing your losses.

So it looks as if I will never get my initial investment back even though it appeared extremely good at first.

Further south
I used to be much more positive on GM but results and especially recent events have made me lose all confidence. These Dash contracts gave me little problems, I must admit, just a few small errors in the payouts. But then I opened a second account for my daughter and that was really nothing but trouble. In 30 mining days there were more than 10 errors, 7 of which were missing payouts that are still missing today. I wrote 'more than 10' because I am not counting the missing payouts since they say they have been hacked.

Hacked? Really?
I do not believe that hacking story. This story is, in my opinion, a cover up for a more serious issue. On ETH contracts you have an option to get your payout in STEEM, but that does not work. They know it doesn't work and we know that they know, because some of us tried and filed tickets at their help desk. Yet that payout option is still active.
Now they say they were hacked so they stopped paying us, but that doesn't make sense now does it?
If the were hacked they should not stop the payouts as our money is more safe with us than with them!
So, with the STEEM payouts they do not take action to contain the problem and when they are supposedly hacked they take actions that actually increase their vulnerability.

Promise???
On their blog I read this statement "We’ve been providing daily cryptocurrency payouts for more than three years now and treat these payouts as a promised service for our customers."
A promised service??? Really??? It is their F***ing end of the contract that we bought!

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Their prices are not very pleasant :)

The price is one of the least pleasant components in every deal. But with Genesis Lying, their service is bad, their helpdesk is bad and the product they sell will never return your investment.
There are people who do make money of Genesis Lying, (other then themselves of course) those are the ones who manage to get many referrals. But I think that is bad karma, if you know that you win at the expense of other peoples loss.
I think people should start telling the truth about them. Now you just hear people promoting them because they want your referral.

True to that

I second your beef about the steem mining payouts brotha, I switched my ether contract over for a few days and should have been paid 1.5 steem and never was. That was over a month ago and after multiple emails.

I have heard many more people about this. And still you can choose that option... That is not right.
Selling things that you know you can not deliver = SCAM!
(they still owe me about 7 STEEM, among various other coins)
Thanks for your comment, knowing that I (we) are not alone in this just feels better. ;)

Genesis Mining just sent out a payment.

Oh, wow a payment! Didn't they write they would send 2 payments per day, the new and a missed payment?
They really mean it when they say something, don't they? I already had 7 missing payments now they have added a whole week worth of missing payments.
But it is true, yesterday (28th) I got my payouts for the 21st.

This post made my day...!!!!!
Thanks for sharing it..!!!!
upvoted and followed...!!!!

I am so glad to have contributed to your happiness! :)

useful info to a newbie.. thanks

You're welcome!

This is absolutely correct. The total loss on your contract is around 34% on average per month. Not worth it. Just buy the dash and hold it;)