Damn. This just put shit into perspective for me. Kind of wish I would have read something like this before I bought my hashrate from hashflare...
@GeorgeAurea, how do you feel about Genesis Mining?
yes but if you can see there have many video and conference attended and also gone in many bitcoin con ..in live ..then how can be genesis is ponzy ..not sure still but they have quite huge many users ..
hope not they are in the list of ponzy
Having many users does not equal making something legit.
Regarding Genesis Mining, I doubt they being legit as well. Just ask yourself:
1) Why a company full of mining experts, doesn't have their own simple (verifiable) pool.
2) Regarding their multipool, which "requires deep knowledge about the mining process, switching costs and makes use of advanced portfolio theory" and "...while the algorithms are doing all the number crunching to
maximize your profit" (according to their FAQ). Why, when having so much alleged equipment, use
other pools; and thus missing out on all the mining fees.
3) Quote from GM, regarding their alleged datacenters: "The others are not shown because
customer protection and security are a high priority for us". So, instead of using their own controllable pool, they're relying on a bunch of third party pools. Which they do not control. Nor will they disclose.
A good thread regarding cloud services:
https://bitcointalk.org/index.php?topic=878387.0So if you can see then there are all cloud mining company are ponzy ..they one day collapse ..some soon and some late ..but all will do stop ..so there are not reliable company right now ..is that correct