Post
Topic
Board Service Discussion
Re: Genesis mining vs hashnest
by
SebastianJu
on 27/08/2015, 15:23:22 UTC
It has now basically been a year and I am STILL trying to figure out GM's true business model. Let's see... I give them US$1750 for 100MH in early Sept. 2014... within 60 days, they drop the payout by over 70%, which did not map out to the rest of the industry... within another 40 days, they give us scrypt customers a choice... convert to SHA mining or risk having our [LIFETIME] contracts terminated. The icing on the cake is they insult us scrypt customers by only offering us 1GH per 1MH, which everyone knows should be at the very least 20GH per 1MH (circa Sept/Oct 2014). What does this equate to? Again, after (1) year of them playing with my $$ and systematically reducing their payouts to their early adopters, they have paid me back less than $330 of the $1750 I invested with them. Specifically, their daily payouts to me are less than US$0.07 per day at this stage so it can be concluded I will never reach anything near a ROI within my lifetime.

This industry is already full of enough scammers and GM's actions do nothing to promote them as a viable and HONEST service provider. Sooner or later, their unsustainable practices will be their undoing.

=================
Looks like another major (over 40%) reduction in payouts for August 2015 is on track (see below). Coincidence or intentional? You decide...

Scott-



Hm... i only tested them with the cheapest packages of each type and, of course, i'm far away from getting my "investment" back.

But i never heard of these artificial drops. Are they legal? I mean when the drops doesn't match the difficulty and power cost and so on then this sounds not correct.

I'm only wondering if they are legally liable. Though i did not really lose something, i would not take part. Only asking.