Oh Genesis...
It's been pretty painful watching this mining service operate in the past few weeks.
Out of all of the cloud miner services, it seems like they have done the worst job before and since the hard fork of bitcoin.
What a shame!
I am not certain our money is gone...but...
If we never see it again, I would not be surprised.
With that said, there are some lessons to be learned from the whole concept of cloud mining.
1. Never invest more than you are willing to lose.
Seems obvious enough, but from the various angry posts on Steemit about Genesis users, it's clear that some of you guys put way more money than you should have in the company.
2. Never place too much trust in the company.
This goes hand in hand with the first lesson...if you placed too much money in the company, you've probably also placed too much trust in the company.
Yes, we did see picture and video proof of them really existing, but this lesson is more or less about how the company is being operated as well as it existing. A company you can prove exists, does not mean it's operated well.
- Photo proof is not enough
- Video proof is not enough
- A decent looking website is not enough
- WORD OF MOUTH not enough! (aka. Referrals from popular personalities!)
3. Using a middleman never beats doing the work yourself.
The main issue with using a #cloudmining service, is the fact that we are basically asking a middleman to do the work for us. That's perfectly fine...and normal...but not when the middleman has more power than you.
If you are not computer savvy to build a rig, outsource the construction and maintenance.
There are a lot of people who poured money into this service, who could have honestly opted to have their own rig setup at their location so you would be in control. I know a lot of factors go into creating a mining rig at your place (such as electricity cost, maintenance, etc.), but it would give you power over your money...and a potential asset (graphics cards, asics and other hardware) to sell back to the market (via eBay or Amazon) whenever you decided you didn't want to mine anymore.
The point being, by investing in a cloud miner, you have opted to take the lazy route along with the added risk...and there's nothing wrong with that, but really understand the risk.
4. Invest only when you know how the product ACTUALLY works.
Another complaint I've seen on Steemit is not understanding how mining actually works. If you look at some of these posts, there are people that wonder why their payments continue to drop every week or so not fully understanding how mining really works.
All this tells me is that you've blindly invested in something you know nothing about.
Before you make your next investment, in whatever you decide, make sure you know the ins-and-outs of the business.
WARNING!! THIS INCLUDES BITCONNECT...which I see a lot of people running to now!! I'm a full time trader and the whole concept of "volatility trading bot" is probably the most ambiguous, nonsensical idea ever.
Now...
I know this is probably the worst time to even recommend a cloud miner considering all that I've mentioned...but...if you still are looking at the cloud miner route...I recommend you read a post about a better service than all of the cloud miners out there.
And I am only mentioning that it's a better service because it's probably the most transparent and they are also the creators of the most powerful ASIC machines on the market.
As a full time investor, I am way more comfortable with this service than any other service available as your coins are always liquid.
Also, there is no affiliate offers, so I get nothing from mentioning their service...I just genuinely like them over any other cloud miners out there.
This is not a blog saying Genesis is a scam...
...but this is a blog more or less about personal responsibility on the way you invest.
Don't blame the company...even though we certainly could 😂.
Don't blame affiliates/promoters...because we didn't do enough due diligence ourselves.
Don't blame anyone if you've over invested...and a clear way to know if you've over invested is if you're too emotionally attached to your investment.
Take it all as a learning lesson!
If you enjoyed and learned something...you know what to do!
Feel free to give me a follow as well!