Those
MLM pimps desperately looking for new mugs passive income seekers willing to lock in $$$$ for at least eighteen months
to auto trade with Genesis Mining's (
sound of *crickets* from them when asked a simple question) super fantastic arbitrage money making machine are going to be pretty pissed right now.....
Delays with the launch of the Trading Pool
2016-09-01BitClub News
We have been testing and implementing our new trading platform for the past few months and the results have been great! The returns look very good and for one test account we started with 1,000 Bitcoin that is now at 1,178 as of this posting. (less than 30 days trading). Basically this was exactly what we were hoping for!
WOW, Great, here's my moneeez! Make me rich!
However there are some other factors that have caused us to delay the launch of this pool until further notice.
Oh.
We have been consulting with lawyers in different countries and getting many opinions from advisors on how we could structure everything and offer this pool to our members without crossing over any lines. Unfortunately, there are some really tough markets that we do not feel comfortable launching this product in.
Double Oh.
So rather than make a quick assessment and just go with it, we are going to need more time to sort out these details and package this product properly so that we do not jeopardize our future (your future).
What, you mean like not selling "mining contracts" to U.S. citizens? It's those G'damn fascists with their pesky rules and regulations again, I bet.
We are in unchartered waters here with this type of “product”. Is this pool considered a security even though we are trading only with other cryptos? Is it a commodity or other type or regulated investment that requires a license? Do we need to be licensed to hold Bitcoin on behalf of our members?
Isn't it a bit late in the day to be thinking of this? Maybe you should have thought about it before "dropping a few $million" on this super bot. Whose "few million" was it anyway?
The answers are not clear yet and they differ depending on who you ask. Basically NOBODY knows!
The SEC does.
Also, we believe that our network can easily raise $100 million worth of Bitcoin for these trading pools, and we know the trader works great. We have even identified a cap upwards of $3 Billion before the pools would be cut off and returns would suffer. This gives us plenty of room to launch and go for it!
But with $100 million dollars spread out across many exchanges what happens if an exchange gets hacked? In this latest case with Bitfinex they get hacked and gave everyone a 36% cut on their funds. Imagine we had 100 million in here and we lose $36 million dollars of YOUR Bitcoin? Who is liable for this? What happens if another exchange goes belly up or gets shut down with YOUR Bitcoin funds in them? Is BitClub responsible? Are we the custodians of your Bitcoin, are we liable?
Well you would be if you were legit, but seeing as you aren't what about Scammer Scenario #1 from the Play Book?
1) Get money from mugs
2) Everything's going great!
3) Everything's going greater!
4) OMG we got hacked. See ya!
There are many questions right now that we need further clarification on and we just feel like we are rushing this to market too soon without doing proper due diligence and we don’t want jeopardize our future by doing this the wrong way.
Very sensible.
Lucky you haven't got some pushy MLM pimp phoning and messaging you every minute asking where your deposit is.
But then of course, if people did proper due dilligence before giving you money in the first place, there wouldn't be a problem. Because y'all would still be selling energy drinks, pharmaceutical wellness, slimming coffee and other shit.
So, for right now we are putting this launch on hold and we will most likely launch the trader in a few friendly jurisdictions first and then expand into more as we get some clarity on everything.
Friendly jurisdiction = no extradition treaty with U.S.
We know this is not the news you were hoping for, and we are sorry that it comes at the last minute when the entire platform is coded and ready to launch. This is something our team went back and forth on for weeks and something in our gut collectively told us to hold off and be smart about this because it could be HUGE! and will be HUGE! We just need to make sure that we do it properly.
HUGE!
We are faced with tough decisions like this on a daily basis and we know that we can never make everyone happy
The only people you want to "make happy" are yourselves, the little inner cabal of MLM pimps. Everyone else is just collateral damage.
We want to thank you for believing in us and being a loyal member of BitClub Network. There are a lot of great things happening right now with many projects that we have been working on finally getting ready to launch. We couldn’t be more excited as we approach our 2 year anniversary this month!
Great things happening right now! We couldn’t be more excited!
tm..by the way, we are officially 2 years old on September 15th… When we first launched nobody expected us to make it 1 year, and we can’t wait to hear what these haters say when we hit 5 years
Sincerely,
-BCN Support
Totally classic MLM speak; "haterzzz" are people who ask questions.
Meanwhile the small pool in a big discus fish (see what I did there
) is grossing about 60
BTC a day to be shared (minus of course, the lifetime affiliate payments to the People that Matter) by up to 30,000 BCN claimed investors.
That's the ones left who didn't get shafted by having their contracts cancelled and their money stolen.
They seem to be a bit slow in paying out to third party miners tho...
STILL No payment from Bitclubpool. They still owe me 4.57240245 BTC for week 35- 2016 mining at the pool.
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in this case), are completely unreliable pointers to how long it will continue for. 
