Fine,Lets look at Wikipedia:
http://en.wikipedia.org/wiki/GenocideGenocide is the systematic destruction of all or part of a racial, ethnic, religious or national group via the (a) Killing of members of the group; (b) Causing of serious bodily or mental harm to members of the group;
If you follow these two,you get a double genocide because both Hamas and Israel pass those criterias.
No proof the current operation is intended to to systematically exterminate the Palestinians whatsoever.
(c)Deliberate inflicting on the group's conditions of life calculated to bring about its physical destruction in whole or in part;
Palestininan population is steadily growing,at the current rate Genocide in this cirteria is impossible.
(d) Imposing of measures intended to prevent births within the group; or (e) Forcible transferring of children of the group to another group.
Not happening.
Don't get me wrong, I'm not defending Hamas' actions here - but you're equating two sides that aren't on equal footing. As I said before, Israel's actions are completely disproportionate. For more detail, and to address a), b) and c), see my reply to Starscream from the other thread (sorry for the copy/paste, but it gets tiring always reading and replying to the same things, especially when all this is public knowledge already):
About 80% of the Palestinian casualties are civilians - either the IDF is worryingly incompetent (so much so that it would probably be better not to allow them anywhere near a weapon, for fear they would hurt themselves), or they target/don't care about civilians and civilian infrastructure. Am I missing another possibility there? I've lost count at the amount of shelters they've hit after being repeatedly warned of the coordinates, and that there were refugees inside - at what point should people stop calling these attacks accidents and instead start calling them intentional? Because they just keep on happening, time and time again. And no, Israel doesn't automatically have the right to kill civilians because Hamas might or might not be nearby.
Are we supposed to believe this isn't just a continuation of the Dahiya doctrine? Quoting IDF Northern Command Chief Gadi Eisenkot, What happened in the Dahiya quarter of Beirut in 2006 will happen in every village from which Israel is fired on. We will apply disproportionate force on it and cause great damage and destruction there. From our standpoint, these are not civilian villages, they are military bases. [...] This is not a recommendation. This is a plan. And it has been approved. And quoting a Wikileaks release, "Eisenkot stated that Damascus fully understands what the Israelis did in Dahiya, and that the Israelis have the capability of doing the same to Syria. He suggested the possibility of harm to the population has been Hizballah leader Nasrallah's main constraint, and the reason for the quiet over the past two years".
Then we have the blockade imposed on Gaza, which according to official Israeli policy, is meant to keep the Palestinian population on a state just slightly above that consistent with a humanitarian crisis, and the economy there at the brink of collapse - again, we know this thanks to Wikileaks. Of course, with the recent escalation of the conflict, and the usual Israeli targeting of vital infrastructure, they are now in a humanitarian crisis.
I honestly don't think it's such a stretch to call this genocide anymore.
EDIT: Oh, and take a look also at the following part, in relation to Apartheid, which touches on b) and c) as well.