Genesis Mining still not paying? Follow up.
Last week we wrote about Genesis Mining, and the problems they were having. You can read about it here:
https://steemit.com/bitcoin/@coinmonkey.com/is-genesis-mining-going-bankrupt
This week, the drama continues. Even more people are complaining, and it seems their newest customers are leading the effort. Why wouldn't they? If you just signed up at Genesis, and you paid with a credit card for your hashpower, Genesis holds your payment for 30 days. This is clear in their TOS. Some buyers don't realize this, and are adding to the list of frustrated customers.
But, if you paid with bitcoin you should be getting payouts every 24 hours. People in this category are complaining by the hundreds.
We still can't be sure if Genesis is in trouble, but looking again at their main wallet it has balance of 1700 bitcoins as of this morning:
https://blockchain.info/address/12cgpFdJViXbwHbhrA3TuW1EGnL25Zqc3P
And, we're almost certain you will see that all paid out to customers in the next few hours.
If that's the case, it would seem Genesis has less of a business model problem, and more of a PR problem. They need to respond to all trouble tickets in a timely manner, keep their twitter account update daily, and keep customers posted on their flow of bitcoin.
Why should customers have to come to Steemit, and read an article on where/how to monitor Genesis's wallet?
Cloud mining skeptic here. It's that implausible loop of "we have equipment to mine a lucrative object yet we're offering you our equipment to assist you in mining these lucrative objects -- and conundrum of why won't you mine and keep those lucrative objects yourself in the first place question?"
Of course (again very matter of fact), is we want to increase capacity to scale and getting better economies of scale. Yes all true again. You get paid. True. You get a referral code. True.
But then it's literally building on clouds cos we as the user will never actually know when they are not mining anymore yet due to their network effect, users getting users via referrals and thus cash or bitcoin flowed in (the irony) - and yes you can still get paid. But one day, those level 20 persons will not get paid.
Just skeptic. Not negative. Have fun in bitcoins, though be safe.
(And safest is simply to buy bitcoins quietly and keep them quietly and safely.) Cos this (fiction) could happen:
https://steemit.com/bitcoin/@tuventure/fiction-how-usa-will-be-taking-down-bitcoin-during-next-financial-crisis
Nah, I agree completely. I would like to add more hashpower to my account, but will not .
2 Things that are in miners favor are 1) Several customers have visited their facilities. They do have tons of Antminers. 2) Today for example, they have paid almost 2000 bitcoin to customer wallets. The blockchain doesn't lie. That in itself doesn't support Genesis, like you say, it could be an 'implausible loop', using bitcoin from the newest customers, but I don't think they have a lot of new business with all the bad press, so coming up with 2000 BTC, which is over $8 million USD would be a problem. If they were simply a complex HYIP, Marco Streng wold have just taken the $8 million and disappeared.
I just read your linked article and what's scary is that is definitely plausible.
I've been on the fence about Genesis mining, but after them being out of bitcoin contracts as of a few days ago and your valuable link, I really don't know about them. Great post by the way.