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RE: Genesis Mining Update 06/16/2017

in #ethereum7 years ago (edited)

Please actually take the time to read my response. I am not even sure you actually took the time to read the original blog to understand it. Why do I say that. Because I even addressed the some of the very points you made. For example, I said in the original blog:

"But that is unlikely to be the case as over time because it gets more difficult to mine as time progresses and in two years, we have no idea what the US dollar price will be per bitcoin or ethereum." Clearly that comment already acknowledged that I would not see the high figures.

I respect you and I am taking the time to address each point you bring up. Please have the courtesy to do that with the ones you converse with. You aren't rude. But you have to understand that because you don't seem to be reading what is actually said. You keep on repeating yourself and I am forced to repeat my response as I try to address each of the specific points you bring up.

You said "But i really think you wont get your 300% return. Mining the big players (btc, eth) is becoming harder and harder with the increase of difficulty, so with the same hashing power, your income is going to decrease, and with the PoS ethereum mining is going to be dead soon. "

My response was (unchanged quote) "So you are telling me that a $65 investment that may yield me hundreds of dollars is a bad? Now I am assuming that the above figures won't hold up and I won't actually get the number I cited, But even at $200, that is over a 300% return."

"Also, I can change my mining allocation at any time. If I like, I can have Genesis Mining do 100% bitcoin, no additional cost. What is mined gets sent directly to my wallet, no conversion needed or any extra procedures. "

Additionally, I just noticed that I can have Genesis mine steem. And I might just choose that option. Below is a screen shot of my choices.

gm1.jpg

You said "I really think it's more profitable to invest directly in cryptos rather than mining. Yesterday i bought some litecoins when i knew they got on Bitstamp at 34.6 and they are nearly at 40 already. But hey, maybe you're going to prove me wrong ;) I hope so !"

My response (unchanged quote) "But neither you nor I know exactly what will happen. I invest in all sorts of crypto directly by buying it off of coinbase. That is my main source of crypto. Coinbase does not trade in steem. Genesis doesn't do steem either. I think that addresses all the points you brought up. Thanks for reading."

So I hope you can see how I have answered your points and it seems you are either ignoring them or simply didn't really read my response to see that your point was addressed, even when it agreed with you.

Finally, my last comment. The point of this blog was to shows others the actual experience of someone trying out contract mining and also to test Genesis Mining itself. Thus the value I am trying to give readers is information so that they may decide for themselves whether it is for them. It's not about me being right and making all this money off of this mining contract. The point is to test it out and get the information, the results. That means it is just as valuable information if I LOSE money because then this experience can be passed on to others for them to use.

This is not a right or wrong issue or my way is better then your way. I hope you have a better understanding of this blog.

Cheers and thanks for reading

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