Re: Genesis-mining.com || World's leading hashpower provider!
They are actually allowed to delete your contract if it has been unprofitable from a maintenance perspective for more than 20 days straight.
From their contracts, 4.b Terms:
This is a huge deal! A lot of people don't realize that with exponentially rising mining difficulty and a constant maintenance fee, your contract will sooner or later expire provided the BTC price doesn't go to the moon (lifetime contracts... yeah, right). And if it did, most of these cloud mining companies would probably go bust.
Think about it, all it takes is a 20 day exchange rate dive and your whole investment is gone. Doesn't matter if the price goes up again shortly after. *Poof*. Gone. Buh-bye. As it is right now, a dive below 300 EUR/BTC for 20 days would suffice for a lot of contracts to disappear. And that cut-off is rising every day due to the rising difficulty. It could be 600 EUR/BTC in a couple of months. Are you certain the bitcoin price will stay above 600 EUR consistently for the next few years? I'm not.
From their contracts, 4.b Terms:
Quote
"The Service Provider may terminate this Agreement with immediate effect if the Coins generated in the preceding 20 days do not suffice to pay the Fee under 2.b above."
This is a huge deal! A lot of people don't realize that with exponentially rising mining difficulty and a constant maintenance fee, your contract will sooner or later expire provided the BTC price doesn't go to the moon (lifetime contracts... yeah, right). And if it did, most of these cloud mining companies would probably go bust.
Think about it, all it takes is a 20 day exchange rate dive and your whole investment is gone. Doesn't matter if the price goes up again shortly after. *Poof*. Gone. Buh-bye. As it is right now, a dive below 300 EUR/BTC for 20 days would suffice for a lot of contracts to disappear. And that cut-off is rising every day due to the rising difficulty. It could be 600 EUR/BTC in a couple of months. Are you certain the bitcoin price will stay above 600 EUR consistently for the next few years? I'm not.
Apparently those 1y contracts didn't had that condition.. I got my hash back now waiting for payment that should include last few days also.
I must say that GM trust rating has gone up a bit in my eyes now after all...
lol. why because they have a broken system that tried to scam you then ONLY fixed it once YOU let them know?
o ya, awesome guys there. im sure it will work out great, might even get 50% of your money back!
let me explain:
trustlevel on 100% scale:
was: 10%
went: -100%
is now: 0% - meaning I have what I have there and wont buy more