Hahahahha great post! I got the bitconnect reference at the start there, very clever. Also nice breakdown of the situation. I was largely unaware this was happening so thanks for the lengthier post about it. I have three contracts with genesis mining that I started last October. I didn't put much in cause well mainly it was probably a mirage, but you think they will come to the same fate at Hashflare?
Lol @diezeldiddy i'm glad bitconnect references were not lost. As much as it lost people money and cost the market it gave us something so much more valuable in its memes. I actually heard about it from a fellow steemian @techcoderx in this tech review and decided to dive down the rabbit hole and as i did some research I noticed no one put together a good summary so i thought might as well, glad you found it helpful and funny
From my research I think Genesis contracts are still fine they are still paying out regularly, I would also think that if they are smart they would use the news to drive a spike in contract sales and use that income to ensure they can grow and sustain their current user base. Perhaps cloud mining needed one to go down for the other to service the market need!
I don't see Genesis bellying up just yet but as difficulty continues to increase and rewards continue to half this business model at least for Bitcoin won't be sustainable for much longer
Nicely summed up. Sorry for all the people that lost money, its never pleasant no matter how glaringly obvious the mistakes are to others.
I bought a small Genesis contract in Jan last year and lucky for me it made me some decent money. I would never recommend cloud mining to anyone though for the same reason as you ..."if it is so profitable then why sell it off to others".
Thanks @gholsa! I do feel for the subset of people who were new did not make any money or were shilled into it without doing the proper research. I'm glad you got out in time and you can give your first hand experience on it! I never tried it out i simply opened up a excel sheet and did the math and it didn't make sense to me, i was better off buying XRP and ETH with my money at the time i looked at cloud mining.
The one issue is that no matter how much you tell people to DYOR on a project or even advise against something, people have to lose money in order to learn for themselves. All you can hope for is that people start with small amounts so that the losses are small too.
There are a lot of lessons to be learnt in Crypto which is why I am in favour of some form of regulation.
So true, I've been burned and lost plenty of money in the crypto game, all part of the learning curve! It's like paying for a course you spent money to learn and know better and now you can go out and apply what you've learned to make money.
As my mom would say "Hulle wat nie hoor nie, moet voel"
I'm all for regulation in the ICO market but I think regulation in general should come later, we're still all figuring out what to do with this tech and we don't want to pigoen hole it or limit its reach because some people lost money, thats the cost of innovation.
I hear you about the regulation and I agree. I don't want everything locked down, but some form of protection would prevent Crypto in general from getting a bad rep and losing investment.
Oh for sure, if we are going to get mass adoption from the man on the street putting his hard earned cash into crypto there will need to be safety nets in place this could be regulation or a trustless environment like ontology is proposing. Im for anything that helps push us forward and get us off suckling the teet of central banks. I'm gatvol of FNB already
Oh boi you expained it very well, well my outrage on hashflare is that they never tell us before they do anything if they had reminded us earlier we would have easily withdrawn our money but now the withdrawal button doesn't work lets hope all gets better in the future ;-)
Yeah, they've been pretty shady in their dealings. I remember a while back they also changed lifetime contracts to 1 year contracts without letting anyone know beforehand and hid behind some clause when the change happened.
I hope you and others in your situation are able to recover some of your investment! Keep us updated on things as they develop
Awesome man! Crazy how small the world is, Capetonian bonds are strong and yeah ill keep preaching Lol we stuck in our little corner of the internet for now, once they figure out we're not crazy I've got a whole bag of i told you so's ready.
Lol so true. Hopefully more Capetonians will look to blockchain to improve their lives. With everything going on in our country this is the space to be in, especially for those unemployed youth. Keep up the positive work buddy. Will definitely pop by every now and then. Cheers :)
I'm am glad I didn't fall prey to this scam. Wasn't so luck with Bitconnect though. Never spending a dime on crypto related investment programs. Rather invest in your favorite coins and HODL. Much safer in my opinion. Thanks for informing us! Resteemed ;)
I figured that’s the price we are paying for being early I’ve been burned too one of my exchange accounts here hacked a while back but It hasn’t stopped me from believing in crypto! We are still early adopters and will reap the benefits in years to come this is a long term hodl and I’m not about to miss all th ATHs along the way
True that buddy. We are definitely early adopters. Imagine in 20 years where those of us will be who embraced crypto-currencies at such an early stage.
With regards to the hack. Why don't you use 2fa on your exchange accounts. Its gives you an extra layer of security.
Oh we're going to be in the pound seat and well as much as we would love to gloat i think crypto peeps are some of the most generous around and we always want to help, share and donate so we will probably be busy helping others get in on the action
I do use 2FA on ALL my exchange accounts. There was an issue on their end and thats why my account was compromised - I posted about the hack here and a follow up here
Hahahahha great post! I got the bitconnect reference at the start there, very clever. Also nice breakdown of the situation. I was largely unaware this was happening so thanks for the lengthier post about it. I have three contracts with genesis mining that I started last October. I didn't put much in cause well mainly it was probably a mirage, but you think they will come to the same fate at Hashflare?
Lol @diezeldiddy i'm glad bitconnect references were not lost. As much as it lost people money and cost the market it gave us something so much more valuable in its memes. I actually heard about it from a fellow steemian @techcoderx in this tech review and decided to dive down the rabbit hole and as i did some research I noticed no one put together a good summary so i thought might as well, glad you found it helpful and funny
From my research I think Genesis contracts are still fine they are still paying out regularly, I would also think that if they are smart they would use the news to drive a spike in contract sales and use that income to ensure they can grow and sustain their current user base. Perhaps cloud mining needed one to go down for the other to service the market need!
I don't see Genesis bellying up just yet but as difficulty continues to increase and rewards continue to half this business model at least for Bitcoin won't be sustainable for much longer
Nicely summed up. Sorry for all the people that lost money, its never pleasant no matter how glaringly obvious the mistakes are to others.
I bought a small Genesis contract in Jan last year and lucky for me it made me some decent money. I would never recommend cloud mining to anyone though for the same reason as you ..."if it is so profitable then why sell it off to others".
Thanks @gholsa! I do feel for the subset of people who were new did not make any money or were shilled into it without doing the proper research. I'm glad you got out in time and you can give your first hand experience on it! I never tried it out i simply opened up a excel sheet and did the math and it didn't make sense to me, i was better off buying XRP and ETH with my money at the time i looked at cloud mining.
The one issue is that no matter how much you tell people to DYOR on a project or even advise against something, people have to lose money in order to learn for themselves. All you can hope for is that people start with small amounts so that the losses are small too.
There are a lot of lessons to be learnt in Crypto which is why I am in favour of some form of regulation.
So true, I've been burned and lost plenty of money in the crypto game, all part of the learning curve! It's like paying for a course you spent money to learn and know better and now you can go out and apply what you've learned to make money.
As my mom would say "Hulle wat nie hoor nie, moet voel"
I'm all for regulation in the ICO market but I think regulation in general should come later, we're still all figuring out what to do with this tech and we don't want to pigoen hole it or limit its reach because some people lost money, thats the cost of innovation.
I hear you about the regulation and I agree. I don't want everything locked down, but some form of protection would prevent Crypto in general from getting a bad rep and losing investment.
Oh for sure, if we are going to get mass adoption from the man on the street putting his hard earned cash into crypto there will need to be safety nets in place this could be regulation or a trustless environment like ontology is proposing. Im for anything that helps push us forward and get us off suckling the teet of central banks. I'm gatvol of FNB already
This post has received a 9.85 % upvote from @booster thanks to: @chekohler.
Oh boi you expained it very well, well my outrage on hashflare is that they never tell us before they do anything if they had reminded us earlier we would have easily withdrawn our money but now the withdrawal button doesn't work lets hope all gets better in the future ;-)
Yeah, they've been pretty shady in their dealings. I remember a while back they also changed lifetime contracts to 1 year contracts without letting anyone know beforehand and hid behind some clause when the change happened.
I hope you and others in your situation are able to recover some of your investment! Keep us updated on things as they develop
Hello buddy, I see you're from Cape Town. Its awesome to meet a fellow Capetonian preaching the Crypto gospel ;)
Awesome man! Crazy how small the world is, Capetonian bonds are strong and yeah ill keep preaching Lol we stuck in our little corner of the internet for now, once they figure out we're not crazy I've got a whole bag of i told you so's ready.
Keep in touch!
Lol so true. Hopefully more Capetonians will look to blockchain to improve their lives. With everything going on in our country this is the space to be in, especially for those unemployed youth. Keep up the positive work buddy. Will definitely pop by every now and then. Cheers :)
I'm am glad I didn't fall prey to this scam. Wasn't so luck with Bitconnect though. Never spending a dime on crypto related investment programs. Rather invest in your favorite coins and HODL. Much safer in my opinion. Thanks for informing us! Resteemed ;)
I figured that’s the price we are paying for being early I’ve been burned too one of my exchange accounts here hacked a while back but It hasn’t stopped me from believing in crypto! We are still early adopters and will reap the benefits in years to come this is a long term hodl and I’m not about to miss all th ATHs along the way
True that buddy. We are definitely early adopters. Imagine in 20 years where those of us will be who embraced crypto-currencies at such an early stage.
With regards to the hack. Why don't you use 2fa on your exchange accounts. Its gives you an extra layer of security.
Oh we're going to be in the pound seat and well as much as we would love to gloat i think crypto peeps are some of the most generous around and we always want to help, share and donate so we will probably be busy helping others get in on the action
I do use 2FA on ALL my exchange accounts. There was an issue on their end and thats why my account was compromised - I posted about the hack here and a follow up here
Lol @tts this bot voice going full carlos matos in the begining is too classic. I encourage everyone to listen to it!