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RE: Why do people say Genesis Mining is a scam?
I have a 8x 1080Ti rig and I'm also using genesis, I should be able to answer your questions:
- Genesis is not a scam, but we are all getting tired about the fact payouts are not regular... I'm still waiting a transfer of ETC since 19th of Sept, and I got one for the 22nd... the service is lacking a lot...
- The return is actually a bit lower than mining yourself, but I'm ok with it as I do not have to check the mining every 3x2
- In June the company got hacked... when you sign up with them they tell you that if something happen they will not refund your money, so you hold 100% of the risk
At today, to be 100% honest, I'm putting my new investments into Bitconnect, even if there are more people saying it is a scam, so far they have NEVER missed a payout and you get your full ROI in 3 months, while with a Rig you have 10-11months and with Genesis 12-14 months.
Hope it helps!
Thanks @cryptomarketer! That's definitely useful insight.
Bitconnect ... hope it works out long term for you.
I would be a lot more interested if the claimed, "trading bot" has any evidence at all behind it. I can find none what-so-ever that it even exists. :-/ Have you?
To be fair, I'm once bitten, twice shy on this one ...
I was involved in a similar program some years ago, back when eGold was a thing, not long after PayPal launched, iirc. Same sort of claims, "automated trading algorithm". I lost about $1,000, being one of the last to join up. Everything was going great for about two months. But it turned out, just as some are predicting for Bitconnect, that all the, "trading profit" was actually just from the growth of new members investing. So long as more members invested more this month (or reinvested) than the previous, then, "profits" could be paid out. However, the instant that slowed down, everything stopped and the owner disappeared with all the cash. That program lasted less than six months in total, having been advertised heavily all of the show.
Please be careful. Withdraw most your profits as they come around and don't reinvest more than 10%, would be my advice. ;-) Of course, I hope to be wrong on this one. But in any case, I'm simply too long in the tooth to risk it, now.
Cheers!
I agree 100% with what you are saying, I do not think bitconnect will exist in 2-3 years.... Regarding the bot, to be honest, I think it can exist even without proof.
They do not always send return, and the system works quite simple to me.... when the market goes up you get returns, when the market goes down you normally get basically nothing (0.00%-0.05%).
Anyway my portfolio is currently divided in Buy-and-Hold for a solid 70% of my portfolio, Mining for a 20% and Bitconnect/trading for a 10%... As mining to be honest is giving so many troubles or missing opportunities I'm decreasing that part to increase the Bitconnect one. Maybe in 6 months from now I will just move to more buy-and-hold. As you know this market goes so fast that every month we are in a different scenario :)
Sounds good to me. Yes, every month a different scenario indeed!
Every month more study and complex shots in the dark, trying to decide the best choice going forward. By the time I figure it out sometimes, I'm already too late! LOL
Peace.