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Author Topic: BitClub Network: MLM promises, false testimonials and PoS coin - AVOID  (Read 57894 times)
elokk
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November 12, 2017, 02:11:36 AM
 #181

I've been mining with Bitclub Network since 2016.... so far so good.

Of course you have Mr Noob account with 6 posts...... Shocked Shocked

....after he was warned by others not to invest

t.me/bitcoinasic

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1568684065
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November 13, 2017, 10:23:22 PM
 #182

Classic scam scheme, avoid.
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November 20, 2017, 03:59:46 AM
Last edit: November 23, 2017, 08:22:22 AM by cwarloe
 #183

Thanks everyone for all of this good information. I went to a meetup about Bitcoin this afternoon and it turned into a BitClub Network pitch.

Most everything sounded very plausible (except the slide which claimed that the power cooling costs would be $0 because "hydro and geothermal" and "It's in Iceland", which I made a point of to the meeting organizer). In fact, the organizer was very low key overall and didn't even hard sell the MLM side of things - we actually had to ask her to explain it to us.

Bottom line.. I was really sold and had her create an account for me, with a plan to go home and do some research on this before I invested. However, she then told everyone we had to download the Opera browser for it to work. That seemed very odd. I've never used Opera on a PC before. But, okay. When I asked why, she told us it that Bitcoin Club was being "smart" - since "everything you do is watched by the US government, even your internet activity", Bitcoin Club is blocking IP addresses in the US and Opera has a built-in VPN. Ah, sure, whatever... but then were told not only did we have to use a VPN, but we also had to set it to Canada or Europe, that way we could join, otherwise, we'd get a "warning" about no longer accepting U.S. investors because of SEC regulations, etc. HUGE RED FLAG!

However, I actually went through all of these "warnings" on the website (one "warning" was that they would refund ALL of my money if they found out I was in the US - not really that scary) and was still able to log in to the site. But doing a quick Google search lead me to this forum and several other websites which have confirmed my suspicions that the reason they stopped wanting U.S. investors is because they are selling unregistered securities, and, more importantly, they aren't able to sustain payouts to investors without money from new investors, which makes it a classic MLM pyramid scheme.

So, thanks for the all of the warnings about giving away my precious Bitcoin to something like this, and even more importantly, keeping me from roping my friends and coworkers into something that won't last. Unless I get some additional information and clarification on the math that show it's more than a total scam  - I'll update everyone here if it does and ask for feedback - I will be sitting this one out!
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November 20, 2017, 06:21:01 AM
 #184


Excellent inside report!

Many of us here have been scammed --multiple times.  We come here from time to time to warn others.

Those were all huge red flags!

If you had BTC & simply held it for the past 90 days, you doubled your value!

No MLM or any other kind of scheme can do that.

Just "HODL!"
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November 23, 2017, 08:24:42 AM
 #185


Excellent inside report!

Many of us here have been scammed --multiple times.  We come here from time to time to warn others.

Those were all huge red flags!

If you had BTC & simply held it for the past 90 days, you doubled your value!

No MLM or any other kind of scheme can do that.

Just "HODL!"

Haha. So true. I'm at a point that even if Bitcoin was accepted everywhere that Visa was, there is no way I would spend Bitcoin on anything. HODL! (If my employer wanted to PAY me in BTC though... that would be an interesting decision...)
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November 23, 2017, 09:25:14 AM
 #186

The number of scams among ICO projects is just off scale! Maybe it's time to put into practice the publication of audit reports? This will undoubtedly increase the transparency of all ICO projects. Wink
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November 24, 2017, 12:42:50 AM
 #187

The number of scams among ICO projects is just off scale! Maybe it's time to put into practice the publication of audit reports? This will undoubtedly increase the transparency of all ICO projects. Wink

Um... heard of blockchains?   Roll Eyes
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November 24, 2017, 12:49:03 AM
 #188

Thanks everyone for all of this good information. I went to a meetup about Bitcoin this afternoon and it turned into a BitClub Network pitch.

Most everything sounded very plausible (except the slide which claimed that the power cooling costs would be $0 because "hydro and geothermal" and "It's in Iceland", which I made a point of to the meeting organizer). In fact, the organizer was very low key overall and didn't even hard sell the MLM side of things - we actually had to ask her to explain it to us.

Bottom line.. I was really sold and had her create an account for me, with a plan to go home and do some research on this before I invested. However, she then told everyone we had to download the Opera browser for it to work. That seemed very odd. I've never used Opera on a PC before. But, okay. When I asked why, she told us it that Bitcoin Club was being "smart" - since "everything you do is watched by the US government, even your internet activity", Bitcoin Club is blocking IP addresses in the US and Opera has a built-in VPN. Ah, sure, whatever... but then were told not only did we have to use a VPN, but we also had to set it to Canada or Europe, that way we could join, otherwise, we'd get a "warning" about no longer accepting U.S. investors because of SEC regulations, etc. HUGE RED FLAG!

However, I actually went through all of these "warnings" on the website (one "warning" was that they would refund ALL of my money if they found out I was in the US - not really that scary) and was still able to log in to the site. But doing a quick Google search lead me to this forum and several other websites which have confirmed my suspicions that the reason they stopped wanting U.S. investors is because they are selling unregistered securities, and, more importantly, they aren't able to sustain payouts to investors without money from new investors, which makes it a classic MLM pyramid scheme.

So, thanks for the all of the warnings about giving away my precious Bitcoin to something like this, and even more importantly, keeping me from roping my friends and coworkers into something that won't last. Unless I get some additional information and clarification on the math that show it's more than a total scam  - I'll update everyone here if it does and ask for feedback - I will be sitting this one out!


Quoting for our latest fanboy, Devonbuy.... Grin
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November 24, 2017, 01:07:25 PM
 #189

Quite a long time I did not look at this thread. Has anyone proven to this scammers that they don't have enough power to cover the cost of maintaining this pyramid?
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December 02, 2017, 01:52:13 PM
 #190

oh  since  there is a topic about BitClubNetwork I will post my 5c here !!!
My mom  deposited with them 500USD ( +99UDS membership fee)  in the end of march, now they promissed  she can withdraw anytime and in will be in her wallet in 48 hours,  no fee...
not true.
We have asked for a withdraw and gave it some time, after 3 days there were nothing in her wallet,  we have opened a ticket
after 2 days of opening the ticket she got paid, all in all it's about half of what she had deposited. SO really cant talk about  profit here yet.

There were also some bitcoincash  credited during the fork to her wallet to make it look legit we requested the withdraw of that too.... it never came to her wallet. and I mean NEVER and the ticket in still pending.
I will be happy if she can at least get back what she deposited, her upline told her not to withdraw but to reinvest " to get more profit" yeah right.

so.
the payments are SLOW ( 5 days and a support ticket is not fast at all )   the support is not replying, foolish members are asked to keep reinvesting and all withdrawals under 2 Bitcoin will be charged an automatic fee of 0.002 Bitcoin ( probably just to make sure you will not withdraw too soon )

I will update if I have any improvements but  this is  not a legit project  to me



Just to be totally fair this is my update.  I finally received my payouts on November  6 and 13 !  since then I have almost x2 these money on poloniex
this has not yet cover  the invested money  and I have calculated to my mom that if she would  just go ahead and invest these dollars into bitcoin straight on she would have had x14 to her investment right now....
I do not recomend this project to anyone and I hope that at least we can get what was invested/
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December 03, 2017, 06:38:44 AM
 #191

oh  since  there is a topic about BitClubNetwork I will post my 5c here !!!
My mom  deposited with them 500USD ( +99UDS membership fee)  in the end of march, now they promissed  she can withdraw anytime and in will be in her wallet in 48 hours,  no fee...
not true.
We have asked for a withdraw and gave it some time, after 3 days there were nothing in her wallet,  we have opened a ticket
after 2 days of opening the ticket she got paid, all in all it's about half of what she had deposited. SO really cant talk about  profit here yet.

There were also some bitcoincash  credited during the fork to her wallet to make it look legit we requested the withdraw of that too.... it never came to her wallet. and I mean NEVER and the ticket in still pending.
I will be happy if she can at least get back what she deposited, her upline told her not to withdraw but to reinvest " to get more profit" yeah right.

so.
the payments are SLOW ( 5 days and a support ticket is not fast at all )   the support is not replying, foolish members are asked to keep reinvesting and all withdrawals under 2 Bitcoin will be charged an automatic fee of 0.002 Bitcoin ( probably just to make sure you will not withdraw too soon )

I will update if I have any improvements but  this is  not a legit project  to me



Just to be totally fair this is my update.  I finally received my payouts on November  6 and 13 !  since then I have almost x2 these money on poloniex
this has not yet cover  the invested money  and I have calculated to my mom that if she would  just go ahead and invest these dollars into bitcoin straight on she would have had x14 to her investment right now....
I do not recomend this project to anyone and I hope that at least we can get what was invested/

You
Quote
have calculated to my mom
Is that even legal in your country?

Odaiski
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December 10, 2017, 03:35:24 AM
 #192

It’s a typical MLM scam. Nothing new. Most of investors must write good reviews to find new refs.
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January 14, 2018, 03:10:49 AM
 #193

I read about all the negative things related to Bitclub, but decided to invest because I had a friend that visited the Iceland mining facility and she said it seemed impressive. She also proved to me that they were mining on the Blockchain. So far, I have no complaints and they have been paying my mining profits. If you have a question about Bitclub just ask and I will try to answer.
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January 14, 2018, 10:36:54 AM
 #194

If you have a question about Bitclub just ask and I will try to answer.

I have a question:

How many more fake/shill accounts are you going to use to promote this scam?

Name:    hemasaram
Posts:    4
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Date Registered:    January 13, 2018, 04:05:22 AM
Last Active:    Today at 04:35:06 AM

4 posts since registering yesterday - all 4 posts defending this BitClub scam..... Roll Eyes

Give it a rest.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0    Do not trust Yobit/HitBTC/BiteBTC/coinsbit/p2pb2b/Mercatox/C-cex/Poloniex/WEX/KuCoin/LiveCoin/TheRockTrading/Bitfinex/ADAB/Okex/TradeSatoshi/Gate.io/Changelly/Freewallet.org scam exchanges or ICO's by known scammers like HashCoins/Ambisafe/Bountyhive - they WILL scam you! Use diligence & research. Buy coins, sell coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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January 14, 2018, 11:20:00 PM
 #195

I read about all the negative things related to Bitclub, but decided to invest because I had a friend that visited the Iceland mining facility and she said it seemed impressive. She also proved to me that they were mining on the Blockchain. So far, I have no complaints and they have been paying my mining profits. If you have a question about Bitclub just ask and I will try to answer.

I did the same Wink
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January 14, 2018, 11:36:55 PM
 #196

I read about all the negative things related to Bitclub, but decided to invest because I had a friend that visited the Iceland mining facility and she said it seemed impressive. She also proved to me that they were mining on the Blockchain. So far, I have no complaints and they have been paying my mining profits. If you have a question about Bitclub just ask and I will try to answer.

I did the same Wink

So, it's not a scam to you?
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January 15, 2018, 06:27:20 PM
 #197

These BitClub noob shill accounts just don't stop coming...... Roll Eyes

Warning: Beaxy exchange is lying & refusing to answer questions - BEWARE!!  https://bitcointalk.org/index.php?topic=2912122.msg50692375#msg50692375   Funniest/stupidest shit list thread ever:  https://bitcointalk.org/index.php?topic=1064824.msg20344174#msg20344174   The ultimate example of trust abuse by exposed scammer craslovell...
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February 07, 2018, 08:48:00 PM
Merited by owlcatz (1), kotwica666 (1), CjMapope (1)
 #198

Bitclub Network profits materialize excruciatingly slow (unless you recruit others MLM-style). Basic retail recruits like me "invest" dollars, and they dribble pennies back at you over an incredibly long period of time. Here's my story: In June 2017, I invested the basic $603 — i.e., $99 plus the basic mining package — in the form of 0.24 Bitcoin (the price of BTC was $2,470.10 at the time). After more than 200 days, so far I've pulled back 0.023 Bitcoin. In other words, the rate of payback is about 9.6% of my investment after about 7 months. At this rate it will take about 2,062 days, or 5.6 more years, to recoup my investment. Hope this helps someone.
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February 07, 2018, 09:44:49 PM
 #199

Bitclub Network profits materialize excruciatingly slow (unless you recruit others MLM-style). Basic retail recruits like me "invest" dollars, and they dribble pennies back at you over an incredibly long period of time. Here's my story: In June 2017, I invested the basic $603 — i.e., $99 plus the basic mining package — in the form of 0.24 Bitcoin (the price of BTC was $2,470.10 at the time). After more than 200 days, so far I've pulled back 0.023 Bitcoin. In other words, the rate of payback is about 9.6% of my investment after about 7 months. At this rate it will take about 2,062 days, or 5.6 more years, to recoup my investment. Hope this helps someone.

Thank you for your valuable input on this ongoing scam. At first glance, I assumed you were defending it, but I see you are not. Gave you a merit for helping people learn the truth. Wink

Cheers!
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February 07, 2018, 09:51:22 PM
 #200

In other words, the rate of payback is about 9.6% of my investment after about 7 months. At this rate it will take about 2,062 days, or 5.6 more years, to recoup my investment. Hope this helps someone.

Thank you for your valuable input on this ongoing scam. At first glance, I assumed you were defending it, but I see you are not. Gave you a merit for helping people learn the truth. Wink

Cheers!

If the difficulty stays the same, which it wont. Expect about 75 years......

In other words, never.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0    Do not trust Yobit/HitBTC/BiteBTC/coinsbit/p2pb2b/Mercatox/C-cex/Poloniex/WEX/KuCoin/LiveCoin/TheRockTrading/Bitfinex/ADAB/Okex/TradeSatoshi/Gate.io/Changelly/Freewallet.org scam exchanges or ICO's by known scammers like HashCoins/Ambisafe/Bountyhive - they WILL scam you! Use diligence & research. Buy coins, sell coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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