Hi Hive account@moondii,
You bring up an interesting point. This is something I too looked at before signing up with with genesis.

Credibility

I started out with Genesis and HashFlare on May 22. Before I get into profitability and what not, I have received payments from both and it is well understood that both are legitimate.

Profitability

You are correct in stating that a 30MH/s ETH mining contract will amount to nothing in some time. Infact, it will be bringing in peanuts in a very short time.

Getting ROI with Cloud Mining on Genesis

With that said, it is still possible to make money with the Genesis ETH contract - hopefully for 2yrs (if Genesis honours its promise to shift to other coins once ETH switches to Proof of Stake)

How? You ask.
Genesis allows you to "auto" mine coins. As you can see, I am currently using my ETH contract to mine STEEM
![] )

What this means is that genesis will auto mine the most profitable coin and I will receive payment in STEEM.

The same is available for BTC, ZEC and REP within the ETH contract.

Feel free to use my referral code if you decide to sign up: txYrEM