Bitcoin Forum

plus, giving away 'free bonus' dividends out of his own pocket to entice new investors? biggest warning sign you can get

hes just using your money to pump his bots, he's either going to lose it all or run away with your money. i'd rather give my money to a homeless guy in the hopes he wins the lottery and tracks me down to pay me back

And older projects having a diffirent shareprice as they were started when btc was 4 times less worth.

this is most likely a scam or a ponzi scheme. please do no intrust this fool with your money, he is not mentally capable of making even the most basic of investment decisions

Good point, I had not thought of that. Thanks.


Why the bashing? Justify yourself or your words are worthless.

Oh this is going to good.

Let me give you a bit of history about myself and why I believe without a shade of a doubt this project is a scam.

Oh this is going to good.

Let me give you a bit of history about myself and why I believe without a shade of a doubt this project is a scam.

My name is Michael, I spent my entire career after graduating with a degree in business enterprise as an analyst and lead analyst working in the digital sector, my job as such was to critically analyse situations like we see on these forums. As at now, I am semi retired and a travel the world investing in different cryptocurrencys and securities, this is my life, not a hobby or a job.

BCMINE first came to the Petamine thread in the early days, Petamine is a project I believe heavily in, it has a solid team with an excellent record and established contracts. Agreed it has had it's problems, but problems well outside anyone's control, just like most of the other mining companies, they were experiencing huge production side delays. But as at now, we are beginning to produce our own units and the future is looking brighter than ever. Please check out our thread to make your own assumptions, infact, I would insist after you read what I'm going to post below.

Firstly, he came using forms of analysis that you would expect from a child. Posting extremely basic calculations then picking his result and writing conclusions that made absolutely no sense. At first I thought he was a child, fair enough, everyone is entitled to their own opinion, and there is no age requirement set for bitcoin. Then it became apparent he was trying to manipulate the price, he admitted he runs bots on Petamine, which would explain his rudimentary analysis, people who run bots need to create volatility so there orders can get filled. Lets just say this isn't really what you want when you have a group of serious investors, someone trolling and spreading FUD. Especially when he can only benefit himself a few mBTC by doing this.  Next he says he is buying shares for this project you are all investing on right before dividends day, so what does he do right before dividends day? He comes back to our thread to troll like he did last time, even though he admitted he was buying shares. So he's basically just spreading FUD so he can make a small small profit.

So there is my motive. We have someone who is clearly trolling and intentionally destroying a project just so he can make small gains, in my world, these are the scum, they pollute what is a valuable resource of information about one of the biggest emerging technologies this world has ever seen just so they can attempt to make a few dollars.

Anyways, here comes to why I am here and why I am letting you know this is a scam. Please look past the analysis bcmine has posted, it isn't credible, I mean, it looks good as he uses catchy phrases and long calculations but from someone who actually interprets what he is saying, it is what we used to call in my old job 'bullshit sprinkles'. For example, when he has tried to value a project he compares a security to a cloud mining contract, this is the basis for his calculations, and is completely wrong. I am not going to go into why just yet, because it detracts from the point, but he has clearly stated over and over again he sees no problem with this, and can't understand why it is a problem. This is just one of numerous flaws I find in his analysis. This ontop of his language, his basic understanding of math and moreso his complete inadequacy to get his head around even the most simple of topics. This is worrying when you are giving this person your money.

So there is my second point, I have absolutely no shade of a doubt this person has no idea what they are actually doing. It's easy to look at a venture and write a simple piece on how you think they would perform, I mean, I can ask a child to do it and it might look pretty, but it's most likely going to be wrong and misleading, which is the case time after time with bcmine. Look past his previous posts, the ones he hasn't deleted yet, and try and really pick apart what he is saying, and after time, you will realise you probably could have done a better job yourself.

So far we have come to two conclusions

1) this user is a troll. There is no question about it, he has made his motives clear. This shows his character.
2) he has no understanding of what he is actually doing.

Now, this doesn't necessarily make this project a scam. It just means chances are he's riding his luck and you will most likely lose your money.

So here comes the problems with this project and why I think it's a scam.

1) he has listed it on a securities exchange where it's extremely easy to walk away with people's money. you have no oversight, no middle-man responsible if someone runs away with your money, nothing.

But this isn't anywhere near enough reason for it to be a scam, lets keep going.

2) He has no verification. Absolutely none. Why is this? Think about it, is it that hard to just verify your information with your exchange??

3) his report on the securities page basically points to his website, saying check it out, it contains all the information you need. when infact it doesn't, it contains nothing but the same information. Also, why have all the Chinese writing? For one, the Chinese don't check out CRYPTOSTOCKS.com, and if they did, it's an English site, do you not think they can already speak English if they are going on an English site?  Huh Stuff like this is supposed to look pretty, it's to bait people in and sucker the less experienced investors into thinking this is a professional job, and these are the exact same tricks he uses in his analysis.

4) you can't sell your shares. I can't stress enough the problems with this. Let me say that again, you can't sell your shares, once you are invested you stuck. He has your money.

5) the freebie giveaway at the beginning. It's to dilute his figures and entice investors in. But people. This is a hedgefund not a gambling website! If he was serious about this project he would NEVER want to dilute his figures, as they would be the key indicator of performance and his success.

6) the increase in share vaue at each stage of the IPO. This is a psychological trick used by scammers to give the impression of a successful security. I'm not going to go into this too much as its a long topic but MPOE-PR wrote an excellent peice on this and I advise you check it up.

7) lack of transparency. Do you actually know where he is putting your money? How do you know he is no putting it into his bots??? Because if he is your all screwed. You have no idea where your money is actually going. Compare this to a successful hedgefund and you will realise this is not how business is done. In the real world no one would invest in a hedgefund if they didnt know where there money was going. Bcmine will argue this is because he doesn't want the competition copying him, but hedgefunds true value in there ability to spot future profits, not in competitive advantage.

8 ) The dividends are dying up pretty much at the same rate to investment. This is a huge warning sign. It means he's most likely either losing your money, or he's using new investments to put it back in to saying dividends. This is called a Ponzi scheme and they always collapse.

Look, I'm not here to babysit. I'm not going to reply back here and keep reminding you, but all the signs are on the walls. Not just one or two, but every sign. This person from my professional opinion is either a child or a scammer, and if you want to give them your money that is up to you. But please, think for yourselves. How he has already got a few people to invest really worries me about people's ability to think on their own.

And bcmine, if you ever aledge that I had criminal involvement with Danny Brewster again I will take you to court and sue you for whatever mBTC you have. I'm not joking with you. This might be a game to you but it's not to me.

People, open your eyes. I'm not your babysitter.

If you are going to give someone who knows nothing about what they are doing the please, just donate your money to Sean's outpost. Al you are doing is filling this child's/persons pockets in the easiest way he can. He has had to do no work and he's already acquired 30+ BTC, how much more money are you going to give him? And does he deserve it?? No.

Your giving your money either to someone too incompetent to run your money for you, or worse, someone who's just biding their time to then run away.

I'm not joking, you might aswell just give your money away.

Good luck people, and please make your own due diligence and analysis.

Ps: I have no losses on PETAMINE. Please go check it out, you'll thank me later.

Its o.k. again. You wrote your point of view. We are writting our points of view. We are not going to delete your messages, so we ask you to leave, because you are inpriopriate. O.k? There is no need for excuses from your side for your behaviour or for our to you. Yes, we will continue writting critical reports and numbers and warnings about highflying pumped shares of projects, even when members are calling us spammers, scammers, or i*****. You are believing in projects, thats good. We are analysing, because we handle with money and making profit out of it.

We try to solve this problem here with you like in OUR real world . We are not excepting YOUR real world imaginations and will not support them, because we know that what you represent is NOT GOOD at all.

Thank you for your time (in our world that means, that you have to go now, but i guess you heard it already in the past)