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RE: Genesis Mining- What is scam, what may or may not be scam.EDIT 26.07: They admit they have been hacked
Cloud mining is a scam anyway. It's not nearly as profitable as mining yourself with an AntMiner or GPU rig. And even that isn't as profitable as buying and holding or investing in a number of alts. Doing the math.. Why would they sell you something more valuable than running it themselves? It's a rip off, folks..
Genesis Mining argued that they already mine for themselves but they have cheap electricity and they wanted to extend beyond their capital..making it profitable for people to "invest" in extending their company by this contracts. And that seems ok. Buying a mining contract I understand and assume as a buyer the risk of becoming "not profitable" by the coin going down , by the difficulty going up....what is not to understand is them not giving you the mining power you buy. And also....if you put it this way.....then why are Nvidia and Amd selling the graphic cards instead of mining them? :)
There are 2 meanings of the word SCAM....1. scam by selling a bad contract....and here I consider that you can blame the BUYER not the SELLER....as I can start selling sand tomorrow for 10$/Kg .....stupid the ones that buy.....and 2. SCAM by violating the contractual terms and the things advertised for that service.....and this is what I am talking about here