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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
I wouldn't say it's exactly a scam. But it is very hard to be profitable through them. Just a poor business model.
Poor business models come from "nobody regulating this exchanges and mining companies" and therefore nobody holding them responsible for what they advertise. Cripto is guaranteed by distributed trust...exchanges and mining companies are not. They should be regulated and checked and hold responsible.Let's hope the public opinion will hurt them enough to change their behavior.
Well mining itself is pretty hard to be profitable. Usually miners buy a rig, mine, difficulty goes up, have to buy another rig so they sell their old one. That's essentially the model genesis mining has minus the selling part. If people sat down and did the math they'd figure out that it isn't worth it unless they sign many people onto the platform and use their codes. But too many people just want to a quick way to get rich.