Is Genesis Mining using Deceptive Business Practices? (Monero NOT Mined) by voluntaryv

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monero · @voluntaryv · Sep 11 '16 (edited)

$0.18

Is Genesis Mining using Deceptive Business Practices? (Monero NOT Mined)

<html>
<p>Genesis Mining (or http://www.genesis-mining.com) has recently updated their website with this header.</p>
<p>https://steemimg.com/images/2016/09/10/Snap2016-09-10at09.14.076fd8d.png</p>
<p>So clearly you would be mining Monero coin (automatically), right. Wrong, what they really do is use a coin like DASH which has a very high difficulty level, low return and put all the processing power you purchase towards mining that, then converting that little bit of coin to Monero. This is a waste of your money. If the power was put towards mining Monero right now which has a fairly low difficulty level relative to older altcoins, you'd be making a fine profit.</p>
<p>To make this deception catch on even more, when you go to the mining calculators for Monero, Geneisis mining advertisements are all around advertising mining at MH/s, so of course when you click the link to their page and you see a header about Monero mining you might think they actually mined Monero, WRONG, they don't.</p>
<p>https://steemimg.com/images/2016/09/10/Snap2016-09-10at09.23.1200fa5.png</p>
<p>So, I made a mistake (or was fooled which is also a mistake) and signed up for a contract. I figured even if it was mining Monero at KHz, it would be profitable.&nbsp;</p>
<p>Once I got into the website, I quickly went to allocate the processing power (for the mining) to XMR as shown here.</p>
<p>https://steemimg.com/images/2016/09/10/Snap2016-09-10at10.19.114b27f.png</p>
<p>I allocated 100% of the mining allocation to XMR, so obviously it's mining Monero, right? &nbsp;Wrong, it's wasting all of its processing power mining DASH which has a significantly higher difficulty level guaranteeing I would not make a profit.</p>
<p>24 hours later I figured out that they couldn't be mining Monero once I viewed the pending payout. Comparing with my home PC results, I could mine Monero faster with stacks of i7 based laptops.</p>
<p>Less then 48 hours later and realizing that I was getting a seriously bad deal with little chance of making a profit, I contacted Genesis mining and they were quick to respond. In the response they did to tell me that x11 mines DASH and I should have paid attention. After some polite conversation between myself and Genesis, they have reluctantly agreed to resolve this by refund (even though they don't do refunds as part of the contract). If they don't stick to their word, I will dispute this charge on the basis of not getting what I purchased .</p>
<p>I'm glad I didn't pay in Bitcoin. When you don't have a 3rd party arbitrator involved in a transaction or are paying a company you aren't intimately familiar with, always pay with a Credit Card issued by a company that has a proven track record of helping you out.</p>
<p>In case someone is going to post below: "<em>You should have known about x11 and that it doesn't mine Monero and 'auto' means 'auto-convert</em>'". Targeted acronyms that lead to confusion later is not how you sell a legitimate service where it's a win/win exchange for both parties.</p>
<p>This is a bit long winded, but the conclusion here is if you want to mine Monero in the cloud, Genesis is not mining it, don't be fooled.</p>
</html>

👍 freeyourmind, thedashguy, edgeland, meesterboom, blocksurf, dailybitcoinnews, doesntmatter, z3r0d4yz, tundercat, voluntaryv, themightywab, dtubix, dannodigital, kevintootill, adesai21, mkaya, number5, pettmel

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@blocksurf · Sep 29 '16

good to know! thank you

👍 voluntaryv

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@dtubix · Feb 14 '18

Thanks for your good posts, I followed you!  I give you a vote!

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@hivebuzz · Oct 7 '20

Congratulations @voluntaryv! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://images.hive.blog/60x70/http://hivebuzz.me/@voluntaryv/replies.png?202010071202"></td><td>You got more than 10 replies. Your next target is to reach 50 replies.</td></tr>
</table>

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**Do not miss the last post from @hivebuzz:**
<table><tr><td><a href="/hivebuzz/@hivebuzz/feedback-from-the-october-1st-hive-power-up-day"><img src="https://images.hive.blog/64x128/https://i.imgur.com/lZQYVmN.png"></a></td><td><a href="/hivebuzz/@hivebuzz/feedback-from-the-october-1st-hive-power-up-day">Feedback from the October 1st Hive Power Up Day</a></td></tr></table>

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@kevintootill · Jul 27 '17

Very good article, and a painful lesson for me to check on steemit more often, and not sign up for silly Genesis Mining for 2 years like what I just did.

👍 voluntaryv

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@voluntaryv · Jul 31 '17

This article is from about a year ago so it may be dated. I don't know if anything has changed. Good luck with your coin collecting!

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@mkaya · Jun 16 '17

Their so called lifetime BTC contract is also sketchy. I've made a detailed analysis [in this post](https://steemit.com/mining/@mkaya/opinion-genesis-mining-lifetime-btc-cloud-mining-contracts) if you're interested.

👍 voluntaryv, mkaya

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@steemitboard · Aug 6 '19

Congratulations @voluntaryv! You received a personal award!

<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@voluntaryv/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>

<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@voluntaryv) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=voluntaryv)_</sub>


###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!

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@tedvernon · Sep 11 '16

I dont do this often but here you go: 
https://hashflare.io/r/44D462C2
Please take a look.

👎 z3r0d4yz

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@satoshipapi · May 20 '18

looking for a easy way to mine monero from any device go here > https://goo.gl/fgyUR7

want to know how to be massively successful in crypto go here > http://satoshipapi.io/freelance-services

👍 satoshipapi

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@z3r0d4yz · Sep 11 '16 (edited)

Realy?
i have buyed 20 mhash x11 today bei genesis for monero, shit thats sounds not good!
i thinked they change the moneros in bitcoin with the auto function.

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@voluntaryv · Sep 11 '16 (edited)

Please re-read the article. If you purchase X11, the coins will be mined in DASH and then using something like 'shapeshift.io',  they will be converted to Monero for you. 

Genesis, does not mine Monero.

20 MH/s will cost you about ~$150 which at ~$5 / month gain (assuming coins keep their value), you will be unlikely to make your money back. That gain will go down over time as difficulty increases so even if coin value increases you still might lose money. You would have been better off just to buy the coins directly and hold.

👍 z3r0d4yz

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@z3r0d4yz · Sep 13 '16

Yeah, i have  become from Genesis 0.02044039 XMR for 20 Mhash, thats shit!
@home with 150 h/s i become the same in 1 1/2 days!

👍 voluntaryv

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