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?
