Whenever you look at a shit sorry, altcoin, there's a number of check points that you can tick.
Is there a roadmap, a white paper, a pre-mine?
But in anonymous crypto, it's even more important to know the people behind the scheme and try and assess their character, find out about their track record.
They may be geek devs, honest but unworldly. They may be hustlers in search of the Big One, not necessarily liars but maybe a bit economical with the truth.
Or they may be serial scammers, deeply previously involved in one of the biggest Ponzi schemes ever, having done jail time for it and come back and reinvented themselves on the back of the Big New Thing, crypto.....

If you read a bit about E-Dinar, a strange organization keeps cropping up.
It's called "Change the World Together", CWT for short.

It's registered as a charity in Moscow, to an apartment address.



At the moment, CWT and E Dinar are on an Indonesian roadshow. The presentations are the usual type of glitzy hard sell, common to Onecoin and others. They even got a hand gesture to signify their allegiance, like Onecoin and Leocoin.
This promo tour is being led by the guy in the Moscow document, described as the "Chairman of E-Dinar", Alexei Muratov.



The last picture I saw of Muratov was back in 2013.



On the banner behind, you can see our old friend Sergei Mavrodi's face. For those of you who live under rocks, Mavrodi is up there among the great scammers of all time with his much imitated gifting scam called Mavrodi Mondial Moneybox, commonly known as MMM.
Mavrodi is big on the idea of "Change the World Together".
His version of it involves putting money into his pyramid in vast amounts and then having it frozen by the admin and stolen.
He "Changed the World" for many poor, desperate people, by driving them to suicide.

The reason Muratov is sitting in front of an MMM banner is because he was Mr. Big regionally for Indonesia, where he made "networking" relationships with the scum who are now conspiring with him to steal more of their countrymen's hard earned money thru E-Dinar.

 

Not only rep for Indonesia, but also India.
That didn't go well for our scammer friend Alexei....





Rs 2,000 crore was about $40 million at the time....




 

I haven't invested in them, and pardon my continual posts on your local forum, but I have written about them here.

My personal opinion is that they are crooks of the lowest order and should be avoided at all costs, and that Asiadigicoin truly merits the name "shitcoin".

Back in August after the halving, I mentioned that Gainbitcoin had slashed their Basic contract price to 1500 Gh/s for the price of 1 BTC.



The calculator showed that 1500 G/hs would mine 0.05604730 BTC gross per month, or a fraction over 1 BTC over the eighteen month life of the contract at that difficulty.
The disparity between that gross total of 1.0088514BTC mined and the projected Gainbitcoin return of 10% monthly, by supposedly somehow mining 1.8BTC net was difficult to explain.



 
Since then, both total hashrate and difficulty have nearly doubled, culminating in the biggest difficulty rise so far today to 392,963,262,344. (And look at what is projected to come in a couple of weeks....)



How does that affect the calculations of the mining power of 1500 Gh/s at current difficulty, for which Gainbitcoin will still charge 1BTC (and still promise to deliver 1.8BTC against after 18 months)?
Like this:



The mining return of 1500 Gh/s has very nearly halved, from 0.05604730 per month to 0.02879549 per month, or from 1.0088514 per eighteen months to 0.51831882.
But Gain still offer 1500 Gh/s for 1BTC and 10% monthly return.....

---

Before anyone goes off on a red herring along the lines of "Yes but look the price of bitcoin has nearly doubled too so...!", the answer is "So what?"
All it means is that $600 bitcoin you gave away to Gain is now worth over $900, a nice $330 profit if you had kept it.
Never mind, I'm sure the previous investors who have received slices of your "investment" re-named "mining profit" will be excitedly pointing at their wallets and telling everyone how great Mr. Bhardwaj is.......

It's just an advert, not a review.
A quick look at GTP's structure isn't very illuminating or confidence inspiring. Its website is vapid and uninformative.
Owned by Oasis Capital ltd, which is run out of a virtual address in London by what sound like West Africans, no other real information.

The combination of zero information about this company and the sleaze surrounding Binary option brokers, coupled with the fool's gold nature of trading them, I wouldn't touch GTP with a long stick.
Why did you go to the trouble of doing a press release for them anyway, did they pay you?

Yes, I think it does.
There's a big difference between customers investing in a poorly performing but real contract and being deliberately scammed by a fake mining set up.
I have no love for Genesis and have spent a lot of time telling people "don't do it" regarding cloudmining, but it would be quite a surprise if they turned out to be a complete fake.

This +1.


Or to put it another way, just because they don't disclose what pool(s) they use, altho hardly transparent, does that on its own prove that they are scammers, as in not mining at all and running a completely fictional set up?

So you reckon the original Mavrodi scammers will take them to court for unauthorized use of their scam Trademark?
 

The word I hear is that it's based in the Ukraine anyway, they're only launching in Nigeria because it's fertile ground for scamming with this sort of shit. (See MMM Nigeria).

You can't because you're a newbie.
Stick up a clean link and I'll have a look.

http://behindmlm.com/mlm-reviews/crypto-mafia-review-from-instagram-spam-to-bitcoin-cash-gifting/

Just another two bit scamming kid.

You are full of shit.
This is a classic pyramid scheme that will end in tears for the majority of players, whilst enriching the earlier entrants/admin i.e. yourself.

I think you missed the intended humor in that post.....


Hey Keith, Steve and Pete

It's all very well telling us this story but you really have to beef it up with some verifiable facts if you're going to be asking for investment.

To be honest, if I had a BTC for every time I've heard similar potted bio's, I'd be an honorary Winklevoss triplet.....
You claim to have a mining setup currently operating in BC.
What actual proof can you offer of that?
You claim to have developed your own "leading-edge mining equipment".
What actual proof can you offer of that?

You misuse the word "arbitrage".
Arbitrage involves simultaneous transactions in two different markets to exploit short term anomalous movements.
All you're doing in your proposal is offering to reward investors by discounting your product (bitcoin) for them at some time in the future.

They don't care, they have the sociopathic mentality of drug dealers, everything is acceptable if it means profit for #1.

The ones I use do.
If you don't do this, it's going to get messy, believe me.

Unfortunately, I doubt that that will be considered a valid reason for deletion.

Bob, whether you are pulling a long con and the proposed IPO was your running away money, or whether you're just a talented trader who made money on an informal basis for local friends, the situation is what it is.
You have to realize that no-one trusts anyone any more, and with good reason. Indeed, just asking to be trusted, not such an outrageous thing in real life, here in toxic cryptoland immediately brands people as scammers.
You must know this.
The only way out of this for you, if you're not a scammer, is to get your ass in gear and comply with the reasonable requests made by OgNasty and Acoin and provide clear proof of what you've been doing and with what money.


Calm down Cowboy, your stiffie is showing.
If you have been scammed by Bob, then provide proof, if you haven't then put your pitchfork away.

For what?

Complete, utter, 1000%, bullshit scam.

Money. They want money.

Ah, you're back.


A little detail about this wouldn't go amiss.
Credibility and all that, y'know..

What does your attempt at crowd funding have to do with "Bitcoin Arbitrage"? That's a bit of a toxic subject round here atm.