2014 – Where it all went wrong.

2014 should have been a great year for Cryptocurrency – instead, it has been a disaster. There will be many other people giving their opinion, but for what it's worth, here's my own personal take on what went wrong in 2014, and why 2015 will be much better.


2014 saw the rise and rise of altcoins, and the rise of alternative markets and exchanges to accompany them. New coins were produced on a daily basis. These 'scamcoins' were born to die. All bar a few were designed to be pumped to the highest value possible against bitcoin, and then dumped in exchange for bitcoin.
The pump and dump mentality is that of a parasite, and just like true Darwinism, this parasite has killed it's host, and it's lifeblood.
The pump and dump era is now over – and I hope it never reappears. Altcoins started out as worthy project, with Litecoin for example, but soon flooded the whole arena with pointless creations.
In order for any Cryptocoin to be sustainable, it has to have the infrastructure behind it. It needs a full network of nodes to process the blockchain, and to continue to process that data. Without this support, the coin only exists in a few places and has no means of expansion or survival.
Most of these altcoins were created for the sole purpose of gaining nominal value against the real prize – bitcoin, and then simply unceremoniously dumped on that market for whatever bitcoin could be gained. Then the next day, produce another scamcoin to do the same.

This false market has driven down the price of bitcoin, stolen bitcoin and money from everybody, and led to derision from onlookers. The whole concept and momentum of bitcoin has been diluted by this idiocy, and I am relieved that this altcoin bubble is now imploding.

The onus is on all of us to concentrate our effort on worthy projects. If we all pull together, bitcoin litecoin, and a couple of other worthy coins can then gain acceptance and adoption. Their is only room for a few right now, although at some time in the future this may change, for now perhaps 4-5 coins will cover all options.
If we do this, then the price of these few worthy coins will rise fairly quickly, and the rewards will be more than just short term – they will change the world around us. That was the original intention of bitcoin, and so many of you have lost sight of those societal aims for your own personal greed.

In my own case, I have foregone personal income for the last year in order to help bitcoin gain traction. I have put in thousands of hours – for no return whatsoever, and I have watched thousands of you getting fleeced for your bitcoin from these pump and dump thieves. The individual stories have revealed personal tragedy and loss at the hands of these scavengers, and despite my best efforts to warn people, greed has driven people to take huge risks – and live to regret those gambles.

Lets make 2015 a lot better. Stop playing the markets and stop supporting these scamcoins.

ViK.
Project Lead
The Badbitcoin Project.

That video proves nothing apart from an office that is probably handling the promotion and graphics of this scam.

We WILL get to the bottom of this cointellect scam, and we are in no doubt whatsoever that it is a scam.
There is absolutely ZERO evidence of any real mining, and no mfrs or farms are aware of supplying this outfit.

We strongly suspect that this may be laundering a lot of the missing dogecoin, this would be a good cover, and a big pile of doge has been hacked in recent months. How would you set about laundering a pile a doge? Perhaps with a fake doge mining site. There certainly wasn't a large enough surge in hashpower to account for all this extra dogecoin.

Prove this theory wrong Cointellect.

To the community.
Please let us know anything you can about the name(s) or anything else behind this scam - we'll do the rest
Thanks.

report@badbitcoin.org

The Euro is where I'd keep it in Fiat.


The Pound and the USD are just so tied into each other, so dependent on the City, and not industry and are so phuqed when it all goes Pete Tong.

The US prints dollars,
sends them to China,
and then China buys England with them.

It will all end in tears.

We have reached the same conclusions and have now listed this fake mining operation at badbitcoin.org

Regards _ ViK
Project Lead

Just so you know.

Why we have listed, or intend to list your Website / Scheme.

Your site has been reported to us by users. We are investigating the complaint(s) and our initial investigations support one or more points in these reports. Our experienced investigators may also encounter other issues above and beyond any reported problems, and in circumstances where we feel users risk losing their investment unneccessarily, or that you pose any threat to Bitcoin or it’s infrastructure, we will issue an immediate alert to The Bitcoin Industry and Community. We will also publish that alert to the website www.badbitcoin.org
Please contact us directly if you feel our decision is unjustified and that your site should not be listed.
In most circumstances we will require some level of proof in order to do this.
We only list sites and schemes involved in the Bitcoin and Cryptocurrency Industry.
Contact us directly.
report@badbitcoin.org

The Badbitcoin Project.

There. That feels much better.

Thats good to hear.

So the Bitcoin Libor Rate must be good right now.... errr.
Interest offered on Btc invariably = Ponzi

Just saying.

The problem with this gunstore site is not that it is a business, it is that it is a scam, it has no connection to that registrant.

To be fair, all those pro gun psychotic rednecks that think this is fun - please please you halfwits, send your bitcoin.
At least you won't have any bitcoin left to spend on real stuff.

I may have identified a niche bitcoin business - Vasectomies and DNA correction for Bitcoin. A free School Lunchbox sized grenade with every order.

Sigh.

Really -as if we didn't already have that. Is that the best you can do.

The world outside Disneyland is actually quite offended by the open sale of guns.
I need to just stay away from this forum, i'd get better and wittier answers from Lobotomised Drunks.

So advertising guns for sale for bitcoin seems a good idea to you.

Is it me?

Urgent

A new site has appeared Bitguns.co - It's either a Scam, a Joke, or intended to give Btc a bad name.
Help us to try and find who's behind this

ViK
Badbitcoin.org

Anybody who has ever worked as a server engineer will recognise that this is a typical repair workshop and has nothing to do with mining. It looks like they've hijacked somebody elses video and are using it to promote a scam.
If it was located in Dublin, it would be spoken in english, with a nice Irish Accent and wouldn't have to be overdubbed.

The equipment shown in the promotion video is nearly all HP-DL servers and Tape libraries, in various states of repair. No evidence of mining equipment, and mining on DL-360's is pointless. None of the other info checks out. They may have even hijacked the name of a defunct, or never launched company.
As if this isn't bad enough, you'll find this on all the Hyip sites.
Cryptory.com is without doubt a HYIP scam site.

Invest at your peril.

ViK - The Badbitcoin Project
www.badbitcoin.org

Your research has been excellent. We were also looking into all these sites, but for other reasons.
All the sites you mention interconnect and can be found on one page.
The design is all too familiar and follow the 'Hyip' designs that are plaguing bitcoin right now.

These sites were taking a lot of our time to delve into.
Following your report, we've cut short our investigations, erred on the side of protecting Bitcoin, and listed them at www.badbitcoin.org

The Hyip's all seem to come from Ukraine and Russia. As do a disproportionate number of other Btc Scams and Ponzi's
No surprise to see a couple of russian names in your findings.

Keep up the great detective work - we all need to do our bit.

ViK
Badbitcoin.org

We use CEX.io / Ghash.io
Not a great amount, 46GH/s managed, and 4.5GH/s in 2x Antminer U2's on Stratum.

It gives us a steady return to spend on our advertising. Not much, but with Btc price rising as well, it seems fair.

We have no issues with site trust, or the costs of maintaining Gh/s, these seem realistic enough to maintain this as a going concern, in fact it's the sites that offer unrealistic returns that are most likely to fail.

If a mining business doesn't cover it's running costs, and make a reasonable profit, it will fail.
If a mining business gives unrealistic returns - It probably has a bad business model and will fail.
If a mining business offers ridiculous rates of return - It probably has no mining kit, so Just don't go near it.

CEX.io and Ghash.io are realistic in their maintenance prices, and that gives us confidence.
Theres an old adage -
If you spend too much, you can often lose a little money. If you spend too little, you can often lose everything.

ViK - Project Lead, Badbitcoin.org

Don't do it.
These chinese sites are all scams - they are run by a serial African Scammer.

Stick with CEX for mining shares.

ViK
Editor - Badbitcoin.org

And you are right - History on the web does come back to bite you in the arse
http://bitcoin-betting-guide.com/beast-options-bitcoin-binary-options-review/

This was written as a review independent of our own - but the Licensed and Registered in Gibraltar claim was there while you ran these adverts. There is no trace of this supposed registration, and as at 14th May 2014, you now appear to be completely insecure
We are filling up our storage with screenshots of this coin-tosser scheme.

Either follow through on you hollow threats to sue or better still,
Can you just go away?

Well - We were right.
Mr Beast options, or Umbopo, Vlad or whatever your name is.

Binary Options is bullshit. It is not a product, it is not legitimate. It is a way to steal money from gullible victims.

A FANTASTIC idea for a serious Developer.

If you are an established Bitcoin Developer, we have an incredible idea for a Bitcoin Project that will certainly make you rich (and us)
and will be a massive benefit to every Cryptocurrency user.

Email us directly and we'll take it from there. support@badbitcoin.org

We only want to hear from ESTABLISHED and trusted Developers who can get this moving quickly, who have the resources and skills.
We'll select  from the responses later and contact you in preferential order.

Don't miss this - It's a serious proposal, the idea is fresh this morning. Only one Dev' gets it.
Vik - Project Lead. badbitcoin.org

At badbitcoin.org we hear nothing BUT bad bitcoin news. But it's starting to improve. We don't give the scammers breathing space, and they aren't making much of a living nowadays.
The emergence of new scams is slowing.

When people have learned the pitfalls, and begin to follow best practice, then we can close our site. Until then, we're going to try and catch these schemes as they start, and by spreading the warnings, along with the rest of the Bitcoin Community we can starve them of a living.

We aren't just bad news, we are currently running a 'Get Sticky' Campaign to promote Bitcoin. You can download an A4 sheet of predesigned Bitcoin Stickers to annoy the institutions with.
Stick 'em on Cashpoints, Banks, Bus Stops etc - or design your own, but let's PROMOTE Bitcoin and get that logo known to everybody.

Vik
The Badbitcoin Project

THE LAST WORD.

Ok here goes - it emerges, Beastoptions is one of the brands of Affmarkets (a pyramid selling model which pays massive commissions on clients deposits to the scheme/brand host) and who are then owned by Margin International. Registered in the British Virgin Islands and who also own Binaryscams.com (no doubt to stop a warning site) and Sexess.com amongst others. All facts.
Google some of the names on the affmarket site for a fun evenings reading.
We are closing the file here. We've seen more than enough.

We will provide a helpful permalink on our site to this discussion.

We are pretty confident we have this one right. You say you have offices in Gibraltar and elsewhere.
If you are converting Bitcoin to Financial Options, you should be Licensed by a Financial Authority.
If you have worldwide offices - why are you so secretive about who you are, what your company name is, bankers, underwriters

So anyway.
If you are failing to declare your company name for tax evasion reasons, then you are a tax fraudster and should not be trusted.
If you are failing to declare your company name for reasons of being able to hide from creditors if it fails, then you are a fraudster and should not be trusted.
If you are failing to declare your company name and you actually are a company, then you are probably intent on fraud and should not be trusted.
What other reason to not disclose your company to your clients ?

Or are you one man and a fax machine and a bit embarrassed about it.

You have nothing but bluff and a flashy website so far. Until there are any facts produced to substantiate your claims, then we are performing a public duty by pointing out this anonymity to users.

We have seen petty threats, bluff, blag, changes to your site to cover glaring flaws but no names and no pack drill.
We don't trust you at this time.