Genesis Mining denies USI-Tech partnership, Omnia Tech C&D
Desperate to provide evidence of an external source of revenue, about a week ago USI-Tech affiliates began circulating footage of “a new data center in Iceland”.
It didn’t take long for people to realize that USI-Tech’s “new data center” looked identical to that of Genesis Mining’s facility, also in Iceland.
This prompted speculation that USI-Tech was mining through Genesis Mining. Speculation Genesis Mining has been quick to shut down.
In the replies of a tweet regarding a cease and desist to Omnia Tech (more on that later), Twitter user “Rory” asked Genesis Mining about the footage:
Still waiting for you to comment on USI-Tech using your video and claiming its their facility.
Are you willingly entering a partnership with a known Ponzi scheme or is this another elaborate lie by USI.
Confirm or we will assume the former.
Genesis Mining replied;
We’re investigating if any of the footage is real and if, how it it happened.
In any case: None of the hardware belongs to them.
We have no business or any other relationship with them.
So unless USI-Tech has built a 1:1 clone facility in Iceland to match that of Genesis Mining, it’s a safe bet the footage has nothing to do with USI-Tech’s business operations.
Not that it matter, as footage of a mining rig isn’t a substitute for audited accounting verifying an external source of revenue for USI-Tech affiliate ROI payouts.
Despite launching its bitcoin pack Ponzi almost six months ago, to date USI-Tech has failed to provide evidence of external revenue being used to generate affiliate ROI payouts.
The other questionable business Genesis Mining is distancing itself from is Omnia Tech.
Omnia Tech launched back in September and offered affiliates a daily ROI, purportedly sourced from Genesis Mining partner contracts. Omnia Tech’s compensation plan combines the daily ROI with pyramid recruitment.
Despite marketing advertising the co-founder of Genesis Mining would be a keynote speaker at Omnia Tech’s launch event, today Genesis Mining denies any connection.
In a tweet dated November 24th, Genesis Mining wrote;
We received a few inquiries about Omnia recently.
We hear that they are still using our brand name in presentations, however, they have never purchased equipment from us after their launch.
Omnia has been asked to delete all references to GM. Thank you.
Contracts dated as late as September 6th between Genesis Mining and Omnia Tech for mining rigs are doing the rounds.
This suggests that mining equipment was purchased, however the status of the contract (which does appear to be ongoing) is unclear.
Beyond the initial sale of mining rigs, Genesis Mining for their part clearly want nothing further to do with Omnia Tech.
Pending any further clarifications, stay tuned…
Also have to point out: NVIDIA SERIES 104 makes no sense.
What would make sense is NVIDIA GTX 1040 series GPUs… Except 1040 series are NOT OUT YET! The lowest on the scale is 1050.
NOLINK://www.nvidia.com/en-us/geforce/products/
There were talks of making 1040’s, but it’s NOT OUT as of today.
So I don’t know what’s in those rigs. I suspect it’s merely vaporware.
So cancelled contract then?
whaaat. how dull!
i thought there would be a tangle of wires leading to the free energy magic magnet and a cloud of bitcoins floating out towards horst jicha’s yacht where he would just pluck them out of the air and …
Yes it does GP-104 are used in GTX 1070 and GTX 1080 products. (See en.wikipedia.org/wiki/GeForce_10_series)
Given a 1070 optmized can get about 30MH/s (I’ve read that somewhere for Etherium, probably not right for Bitcoin), then 8 * 30 = 240 is about right.
If you watch this legitimate tour of Genesis’s facility in Iceland you can see a lot of similarities to the USI video: youtube.com/watch?v=2Jqf_wZKFCc
In particular, this white cable tray stands out: imgur.com/a/L9bLX
You can see Mike Kiefer of USI Tech claiming that this is their facility in this video (starting at the 19:05 mark): youtu.be/RZFhv8iaT8o?t=1141
I wonder what the game plan was?
“Yo, we’ll just rip off one of the biggest mining pool’s promo videos and hope nobody notices…”
Sounds about right but pretty amusing after the BitFury lie. But not half as amusing as the gullible herd defending this nonsense.
kiefer also claims that usi tech owns 2.5 % of ‘ether mining’ in the whole world.
this is obviously a LIE as ralf gold had to sneak into genesis’ mining rig in iceland with a collapsible usi tech banner, and film for all of 4 secs and then claim they own the mining facility!
no mining rig or mining contract = 0 ethereum [or bitcoin]
as for these two-bit crypto ponzi scams that are sprouting up everywhere promising 1% ROI daily, here’s what the creator of ethereum, vitalik buterin, posted on twitter on nov 2, 2017:
it’s making me mad that people like buterin create fantastic ideas and value for the world, and then pricks like horst jicha and keifer use them for ponzi theft. it’s like shitting on a flower or something. ugly and evil.
This Roy
Mark, what is your take on the latest mining farm video from USI? We can clearly see that they used Genesis Mining footage and Genesis confirmed they don’t have a partnership with USI.
I am USI member and planned to invest more but now I hold till I hear how USI-Tech is going to explain a usage of that footage. Any intel you have on that? Thank you.
Ah, THAT made a lot more sense than GeForce 1040 series. Thanks. It’s really GP104 (no dash), no wonder I can’t find heads or tails of that thing if they can’t even name the prefix correctly.
According to prices I got from the GP104-100’s, those consume 180W each, cost $350 USD each, and mine at about 60 Mh/s for Ethereum. Add the backend and power supplies, I’d expect the rig for 240 Mh/s is 2000 USD or so.
The question is who gets the supplies of these mining only cards, as they will likely never reach retail, as they lack display plugs?
Very reminiscent of Sann Rodrigues, later international fugitive, walking around the office building where TelexFree rented an office pretending that TelexFree owned the whole thing. Nobody challenged them since they’re speaking Portuguese.
The collapsible banner trick was probably inspired by WorldVentures, whose reps are fond of flashing “wish you where here” sign when posing with celebrities to create impression that celebrities are in support of WV.
would be nice if you replied to my comments OZ as (Ozedit: Snip, they were marked as spam for being completely offtopic and having nothing to do with the article)
1. This is not how a legitimate MLM company operates.
2. USI very much needs to answer to the SEC, or any other securities regulator that investigates.
There’s no reason for a legitimate company to be so secretive. The amount of smoke and mirrors surrounding USI-Tech is typical of Ponzi shenanigans.
I mean, you don’t think it would take USI-Tech management all of two seconds to clear up with an announcement?
The scammers realize they don’t have to. Instead release some vague video footage and let their investors come up with legitimacy theories.
Car Registration number “S70 TAK”. That should be enough to track down residence of Tak Mano the founder member of USI tech in UK.
Check his profile on FB. He was showing off his private number plate ahead of the London USI show. Quite bold.
Any UK peeps losing investment with USI can file debt collection notice with Sheriff’s Office. Just a heads up.
For the record, USI never stated that they own any machines. Their email to affiliates said:
Saying that you have a mining contract is very common and a technically precise statement. (Their video says, “$70 million dollars worth of mining hardware”, without giving any more detail than that.)
If affiliates are saying USI bought that much equipment, they’re misinformed or lying. I agree that USI should make a very precise statement so as to dispel any confusion.
I just don’t get how any sane person can see all of these things pop up, and be explained away time after time, with no real proof and they still ignore the warnings and think that it’s a genuine investment. People are going to lose out a lot of money, it’s picking up crazy traction, surely they’re getting to the point of not being able to pay out “investors”. It’s like a train crash that I can’t look away from. It makes me wonder as well if they are part of the push behind the big price rise in BTC as well. I saw one of the top ones in Perth had something like 1200 people join last week. I think they have passed 500,000 affiliates and they had only half of that I think at the start of Oct (just from memory). That’s a lot of people buying BTC. And that’s a lot of BTC being sent somewhere to line the virtual pockets of those owners.
Thanks for the tip but there is no way to contact you otherwise as your contact link at top of the page does not work.
Curious if you can also report on the number of companies operating with facilities in Iceland. Also maybe an update on bitclub network as I can getting requests for their legitimacy. thaks
I just tested it and the contact form is working fine.
Unless they’re MLM opportunities, no.
AFAIK it’s the same business model. I don’t publish updates for the sake of it. And this article has nothing to do with BitClub Network.
There’s a search bar on the top right of every page. At least comment on a relevant article.
They can but (assuming we’re talking about thesheriffsoffice.com) they should be aware that despite the Texas-Ranger-esque name, the Sheriffs Office is a private firm of bailiffs, not any kind of official state organisation.
Before you can start to think about bailiffs you will need to win a judgement against USI Tech or whoever has caused you loss in court. A bailiff’s job is to enforce that judgement.
Note that “I invested in an unregulated investment and it went pop” is not a good case for damages. Nor is “I spent a load of money trying to scam people and failed so I want my seed money back”.
Furthermore, no matter how good your bailiffs are, they can’t recover money that isn’t there anymore.
this is what I get when I click on the contact form
Not Acceptable!
An appropriate representation of the requested resource could not be found on this server. This error was generated by Mod_Security.
I was trying to send you unrelated to this post in a messages there on the contact link so forgive my intrusion on this post as I had no where else to go. I also have something important as well i’d like to discuss with you. thanks
You might have a browser plugin messing with it. Works fine on my end (Chrome).
You screenshot usi tech you tube vids, however you don’t screenshot the Twitter conversations you state.
Where’s the validation of your claims? Without it, your comments are rumours, speculation and unvalidated.
Or you’re just a lazy dumbass looking for any excuse to deny you’ve invested in a Ponzi scheme.
You tell me how to quote an image screencap from YouTube in text then eh?
And the article clearly mentions Twitter. It takes all of two seconds to visit Genesis Mining’s Twitter profile.
Its just obvious that because they always refuse to clarify anything, that its all BS.
They could easily prove us all wrong with minimal effort if they actually had the proof we ask for which any legit company would have.
Let me ask you guys this … since when can you have a Ponzi Scheme with no money involved??? 1) USI does not offer a 1% ROI (return on investment).
They do offer a ROC ( return on capital). There is a difference. No one from my understanding and I’ve only been involved for 1 week has given USI not one single penny let alone $$$. NO MONEY is involved with a USI business!!!! HELLO!!!
Bitcoins are NOT MONEY according the US IRS. (Ozedit: So? The SEC regulate securities in the US not the IRS. Strawman derail attempts removed.)
I invest 50 EUR into USI-Tech and they pay me a 70 EUR ROI from subsequently invested funds. That’s money both ways.
Whether this is tracked with bitcoin, belly fluff or tacks, it’s still a passive ROI and therefore a securities offering. Y’all aren’t fooling anyone with your “it’s not money!” pseudo-compliance BS.
If you wish to discuss IRS regulations do it elsewhere, as they’re entirely irrelevant to USI-Tech offering unregistered securities to US residents.
You’re equivocating. Capital = investment. If you need to resort to doublespeak to defend your position, you’ve already lost and was trying to weasel out with word sophistry.
You’ve been brainwashed by bogosity. Had you looked up the real definition instead of relying on USI for the bogus definition you’d realize they are the SAME THING.
ROIC = (netOperationProfit – AdjustedTaxes)/InvestedCapital
So it **is** a ratio to evaluate an investment. You’re arguing over NOTHING! You say po-tay-to, I say po-tah-to, but it’s the same tuber.
NOLINK://en.wikipedia.org/wiki/Return_on_capital
In fact, I said the SAME THING 3 months ago, ALSO about USI, when you guys floated this argument first!
NOLINK://behindmlm.com/mlm-reviews/usi-tech-review-automated-forex-platform-recruitment/#comment-386582
Recycling the same bogosity, tsk, tsk.
USI have a $10 million a month mining contract with an unnamed party. Probably 4 blokes – Ralf, Mike, ………. Money for jam. Reel em in suckers.
NOT True!!!
What you did was take 50 Euro and purchase bitcoins from an exchange like Coinbase.com. Then you sent those bitcoins to USI to purchase a bitcoin package.
In turn you received back a certain amount of bitcoins. According to you they were worth 70 Euro. To get your Euro you cashed them out at an exchange but not USI.
Yup, I invested 50 EUR in USI-Tech.
Yup, USI-Tech paid me a 70 EUR ROI – paid out of subsequently invested funds.
Pseudo-compliance doesn’t work. But please, continue the communal *winkwinknudgenudge* communal compliance handjob.
Hasn’t worked for any MLM Ponzi scheme to date. But I’m sure this time you’ll fool the regulators…
@Kasey Chang I want to apologize I said ROC was return on capital actually ROC with USI is RETURN OF CAPITAL.
>>Return of capital (ROC) refers to principal payments back to “capital owners” (shareholders, partners, unitholders) that exceed the growth (net income/taxable income) of a business or investment.
It should not be confused with Rate of Return (ROR), which measures a gain or loss on an investment.<<
OZ, where did you purchase your bitcoins? Where did you convert them back to Euro’s?
Doesn’t matter. End result is 50 EUR goes into USI-Tech and they pay me a 70 EUR ROI.
No external revenue = Ponzi scheme.
NO!!! ONLY Bitcoins are accepted by USI. FACTS MATTER!!!
I’m not arguing with you, I agree.
50 EUR worth of bitcoin goes into USI-Tech and they pay me a 70 EUR ROI, again in bitcoin. Not really seeing a point here as far as US securities regulation goes.
With no external revenue source USI-Tech is a Ponzi scheme. They are also offering unregistered securities to US residents.
Feel free to provide a statement from the SEC stating bitcoin investment is exempt from federal securities laws. Otherwise we’re done here.
See that ???
for TAX purposes.
At least try and use analogies from the relevant field when you’re trying to justify fraud, please.
NOTE: as long as you pay your taxes, the IRS doesn’t give a damn how you got it.
So you admit there *is* money involved, contrary to what you asserted earlier about “no money involved”. AND you just proved it *is* an investment.
When you move the goalpost, you’re not supposed to disprove your own assertions. Tsk, tsk, tsk.
Why?
I mean we know why, I’m just curious as to why you think USI only accepts payment in a form that is predominantly used as a currency by drug dealers, child abusers and other organised criminals due to its anonymity and untraceability.
Paul!!!!! WHY WOULD USI-TECH keep stresing that they’re following SEC guidelines if they werent trying to pass this off as an investment. Secondly, most affiliates are using the “illegal” language as well.
I’ve been seeing in the videos that they take visa too. It might be a newer feature.
YOUR WRONG!!!!! You can sign up and get going with a credit card!!!!!
I spent half the day at the doctors today and the rest troubleshooting this issue when, while waiting to be seen, I discovered I couldn’t log into BehindMLM from my phone (same error message).
So no content today buuuuuuuuuuuut I do have an update for this issue. Turns out it was a problem on the host end and they’ve fixed it now. Should no longer be an issue.
Reg publishing schedule tommorow 🙂
Let me start by saying that I believe USI Tech is a pozni, BUT I do think Paul M has a VALID point.
Crypto currencies in general are not regarded as currencies (except Japan) and most countries don’t really have any regulations that apply to them and that IS important.
It may well explain why they’re flying under the SECs radar for now. USI take BTC and pay put BTC. No fiat exchange takes place with them. Only package denomination is in EUR.
USI do not take any fiat, BTC only, but therein lies the biggest problem of all. BTC is growing so fast relative to all other coins that even with super trading there is no way they can pay out 1% daily in BTC (it’s not really just 1% after 35% of investment is paid out in commissions, it’s actually a lot more).
I can see this ponzi collapsing as soon as their growth slows down a bit.
But if the claim of the free energy device doesn’t scare these people away then I don’t really think anything else will.
US Securities law is not specific to “currencies”. This is made up pseudo-compliance fiction USI-Tech has been spreading among its affiliates.
The SEC will eventually bust one of the scams doing the rounds and that’ll be the end of MLM crypto Ponzi niche.
It’s not “if” but “when”.
You’re assuming the SEC will use securities laws to crack down on pseudo cryptocurrencies.
IM(very)HO, it’s more likely criminal charges, such as fraud, wirefraud, money laundering and tax fraud will be used by agencies such as the FBI, DoJ and other members of the Financial Action Task Force to end the current proliferation of fake cryptocurrency fraud.
HYIPs are becoming an established “business model” these days (if they haven’t always been) and many people get very rich off the back of them plus there’s no shortage of naive greedy short sighted fools out there, so I fear they’re here to stay.
The Crypto currencies have simply added fuel to the fire and they’re really taking off like crazy.
you don’t withdraw all your earnings from usi, you compound half while withdrawing the other half. that is how 20 people have already became millionaires from usi tech
and usi tech is not in partnership with genesis. they stated they will grow bigger than genesis once they start mining with all the equipment they been buying.
if you were a member you would know that, if you are a member and you are telling people that you are telling a lie because usi never stated they were partners in any way but are going to crush genesis once they get up and running.
Oh dear, Kenny, Kenny, Kenny.
I’m guessing this is only your first foray into the world of ponzi fraud.
That’s one of the oldest tricks in the book.
For “compounding” read “when it collapses, the majority of your earnings are mere numbers on your screen”
If it’s not in your pocket, it doesn’t exist.
You’re clearly not keeping up with the news. SEC in the past two months already closed THREE purported ICOs.
20 people became millionaires from USI tech by scamming millions from the wannabe scammers who invested after them. That is assuming they aren’t making it up to recruit more suckers.
Withdrawing half and reinvesting half back in the scam is how they hedge their bets against the inevitable collapse.
If it’s making them into millionaires out of nothing, why aren’t they reinvesting all of it so they can become billionaires?
@ken
Of course not, Genesis Mining shut down that marketing bullshit quick smart.
Shame USI-Tech tried to pass off rigs in a Genesis Mining facility as their own though. Scammers through and through.
Oh and can you address the elephant in the room?
If USI-Tech is going to be this and that, what external revenue have they been using to generate a 1% daily ROI since at least July?
In the last 30 days BTC has gone up 146%. Let say USI only had 1 client that received 22% for the month while USI kept 78%!!!
Plus USI makes money when we purchase and on every daily payout there is a 3% mining fee. A little I think secret many haven’t figure out is USI on 1 package pays out .00004% to .00007% of the BTC package price at time of purchase.
well, if the client thinks bitcoin is going to maintain such a growth rate consistently, then the stupid client should keep his bitcoin and not give it to usi tech to get only a fraction of the return!
mining fee? where’s the mining?
so far, all usi tech has been able to show is around 9 million in ethereum mining while they have collected far over 300 million from affiliates via bitcoin packs.
that 3% fee is just them stealing some more from you.
If USI can prove their income stream via certified accounts, a million people would sign up in the next week. But when you don’t have any records, its pretty difficult to do.
USI, doesn’t have records??? (Ozedit: Nobody said USI-Tech doesn’t have records. Strawman derail attempts removed.)
when asking the general public for money, yes they are.
Bitcoin on Coinbase is now at $18,900 up $1300 from yesterday. I’m thinking sell … buy back on the drop!!! Oh, my funds are tied up!!! 🙂 🙂
I’m wondering is USI trading??? It’s the week end … no payouts for two days!!! USI what a smart company!!! 🙂 Dumb me!!!
SF 49'ers (Ozedit: are not an MLM company soliciting investment from the general public based on assertions of legitimacy they cannot prove. Offtopic derail attempts removed.)
@Paul
The issue is audited accounting proving USI has external revenue. What they’re internal records show or don’t show is irrelevant for the purpose of due-diligence.
Besides, every time a regulator shuts down a Ponzi scheme and a Receiver sifts through the mess, “the scammers maintained poor or no financial records” always comes up.
USI-Tech has had seven months to provide evidence of bitcoin trading tied to affiliate ROI payments. Despite stating it was “coming soon” in May, any such evidence has failed to materialize.
So I had a friend trying to get me to sign up for this and when I saw 1% promised and you get tokens when you buy packages and then higher commissions when you get people to join and then if those people get people to signup you get more commissions I realized from there it’s a Ponzi AND Pyramid Scheme.
What makes me laugh is people are all excited by getting these tokens thinking they will be on some exchange and tradeable but the kicker is there’s no white paper or if there is it came way after they started giving the tokens out.
I have genesis mining contracts so I was irked when I saw USI mining video claiming to be their facility.
I love in the other video where he says we wouldn’t bring in a banner and claim it’s ours but clearly you did.
The smoking gun though besides the math of it all is the wallet showing no funds leaving. Why?
I think the next phase for this scam is to claim they are preparing for Casper and will need all the ether in the wallet to give them an edge when it comes to Proof of Stake. Or so they can claim.
They will show the wallet value and say see we can compete with anyone or something like that.
To get these guys out will require a task force because they are all over the place getting everyone to join and then you have assholes making videos saying look at how much bitcoin I have inside their system.
What if everyone transferred their bitcoin out. I have a feeling you wouldn’t get it.
Anyway thanks for the analysis. I’m gonna show this to a friend. Hopefully he will stop putting more money into their system.
Oh and the IRS considers bitcoin an asset so yes it’s cash. So I don’t know why that was brought up.
I believe in cryptocurrency but I hate seeing people ripped off and these guys are doing an amazing job at it.
I’ve emailed OMNIA over 100 times to get them to fix my account.
THEY do not respond to fix anything. Buyer beware. SCAM is as SCAM does.
Proof of usi tech mining
(Ozedit: Proof my ass, see here – https://behindmlm.com/companies/usi-tech/analysis-of-usi-techs-ethereum-mining-pool-external-roi-revenue/ )