When Genesis Mining is revealed to be a Scam, how will shareholders of Hive react?

in #bitcoin6 years ago (edited)

As someone who has a small mining contract with Genesis, until proven otherwise, I can safely say it is now clearly a ponzi scheme/scam.

It doesnt take much research to see that in the last few months, Genesis is missing tons and tons of payments. Multiple people on the Reddit complain each day that they are missing payouts, while very very few people have commented saying they are still receiving payments. I would speculate that Genesis is giving Hive a lot of its users payouts, as Hive is reporting incredibly good returns on their mining investments with Genesis. How can this be possible when it takes around 12 months just to break even on most hardware/contracts, and they are claiming to be almost half way break even in roughly 3 months. That would mean they are breaking even around twice as fast as the average miner/contract.

Where are all the missing payments? For a company with millions of users and income, it is taking ages and ages to solve a simple problem of missing ether and monero payments.

I have basically forgotten about that money, given that I most likely will never see my mining contract payout, even with mining difficulties changing. I'm worried that when people start to catch on to them being a scam, it will really hurt the bitcoin and mining space just like all the other negative news. Hive, valued at around 300 million in market cap, will surely be hit with a massive sell-off if Genesis is in-fact scamming users.

They claim they have been looking into missing payments for months now, and I think its time someone calls bullshit on Genesis. There were two cease and desists sent to Genesis, but this didnt seem to cause the commotion that the subpoena sent to Bitconnect caused.

In my opinion, Genesis seems like a ponzi scheme, as multiple users complain about missing payments, but Hive boasts about great returns.

Something seems fishy to me. I assume that no one will even read this post, but if you do, I would love a comment or opinion. Has anyone else been screwed over by Genesis? Or any other mining scams or websites?

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Followed and Upvoted, Keep up the good work and looking forward to more from you.

im curious what type of contract did you purchase and how much hashpower?

I personally have a measly 20m/h from a contract a few months back. My calculations seem to show that I should still be getting small mining payments. I have had payments that have come in smaller than what I was getting lately too, as I had originally been mining other coins with the contract as well, so I dont think the hashrate is too low to generate a minimum payment. I might be wrong, but people mentioned that they are missing payments on almost the exact same days that I am, and some of those people have more hashrate. I could be victim to the mining difficulty raising too high, but from using mining calculators, it seems I should still be getting small payments. Its not enough for a payout each day, but it was originally paying out roughly every two weeks.

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