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Author Topic: StakeMiners: restricted withdrawals, falsified stats, insolvent. Do not invest!  (Read 11601 times)
Gleb Gamow
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January 08, 2016, 04:32:36 AM
 #161

Leroy Fodor now wants you to believe that some folks paid in and are paid out of StakeMiners with like HoboNickels, an altcoin that CAN'T easily turn thier profits into cash. HAHAHA

But he promised to create his own exchange!

https://bitcointalk.org/index.php?topic=989670.msg13307173#msg13307173

Quote
[...] we are in the early stages of the development of a Stakeminer client altcoin exchange. This would provide our clients the ability to buy or sell those altcoins which we currently stake.

He might as well go all the way in and create his own coin that would stake at any rate he wants. Unlimited profits.

The first altcoin would be named after his mother, Helen of Troy Coin (HTC). Soon to be seen on StakeMiners: We are proud to announce that we are currently staking Helen.

The next altcoin will be the Terrik Syndrome Coin (TSC): Shit!; Fuck!; Goddamn it!; Son of a bitch!; Tits!; Cunt!

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Hippie Tech
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January 08, 2016, 12:53:33 PM
 #162

Leroy Fodor now wants you to believe that some folks paid in and are paid out of StakeMiners with like HoboNickels, an altcoin that CAN'T easily turn thier profits into cash. HAHAHA

But he promised to create his own exchange!

https://bitcointalk.org/index.php?topic=989670.msg13307173#msg13307173

Quote
[...] we are in the early stages of the development of a Stakeminer client altcoin exchange. This would provide our clients the ability to buy or sell those altcoins which we currently stake.

He might as well go all the way in and create his own coin that would stake at any rate he wants. Unlimited profits.

He already has. Some, if not all of those coins are his and/or muddafudda/crestington/meee's coins.

Yes.. I know.. you don't want to go there..

https://bitcointalk.org/index.php?topic=937480.msg13298834#msg13298834
Quote
Sooo... IF you really are mee/NET's dev AND the dev behind every coin listed at Stakeminers, then it might explain the following screw ups .. LEROY. Shocked Grin

https://bitcointalk.org/index.php?topic=279601.msg4988802#msg4988802
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I did was door to door sales, Peddle Cabs (biking fat people around Melbourne)

If you were peddling fatty around Melboure.. then why are those signs written in what appears to be Thai or Phillipino ?


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January 11, 2016, 08:41:14 PM
 #163

And how does a situation like this effect your chart? What does the exchange rate going up do to the respective holding of that or other coins whose exchange rate increases by by any percent, and hjow would this show in your little chart suchmoon?

It is all properly accounted for in my spreadsheet. Netcoin value went up by ~2 BTC but other coins went down by more than that resulting in a ~8 BTC total loss for the month.

So we can safely see your charts are not correct in calling me a liar, since at any time those values can change and your attack is merely at the mercy of the coin markets.

That is all we needed to know.

Thank you now we better understand your point and your agenda.

I'm correctly calling you a liar because you claim that StakeMiners has 126 BTC invested. The real amount is nowhere near that. It was ~50 BTC last month and ~42 BTC this month and is steadily going down. Therefore your statement about 126 BTC is a lie.

If at any point the real value of your investments comes within 10% of your declared value I will put "NO" in the spreadsheet. You can achieve that in one of two ways:

1) start publishing the real investment value instead of your bogus 126 BTC

or

2) show wallet addresses containing 126 BTC (or at least 114 BTC to come within 10%)

Seems like cyberpinoy has chosen #1 because the market has refused to triple:

https://www.facebook.com/permalink.php?story_fbid=1726236740933640&id=1627849564105692



As promised I will change the spreadsheet to NOT say that cyberpinoy is lying if my next set of numbers is close to his numbers at that time. Next update ~ February 5, 2016, give or take a few days.

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pixelpowered
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January 11, 2016, 10:17:10 PM
 #164

"KYC Rules - At this time we are not implementing Know Your Customer (KYC) rules. When we are required to, we may outsource this to a third party company, in order to avoid handling your private information. Currently we are not facing a regulatory requirement to do so, but we understand that day may arrive."

Cyberpinoy were you thinking about committing identity theft as well?
You don't have a real company. Why are you making up stuff to do?

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January 11, 2016, 10:43:10 PM
 #165

Seems like cyberpinoy has chosen #1 because the market has refused to triple:

The same is posted here, too:

Quote
Currently we have have 184 clients who have invested 126 BTC with a current altcoin value equivalent to 42 BTC.  This a decline of 67%, which has been very noticeable on our earnings.  On the Stakeminers, members accounts, wallet addresses page you will find a chart and text covering this issue in more depth.

Any idea how to find the chart and text covering this issue in more depth? I've been unable to find it, even after logging in.

I see a chart labelled "1 BTC Investment Returns" which shows a positive return for every month. I don't see anything giving details of which months contributed to the 67% net loss.

Edit: maybe I should learn to read! It's clearly stated that it is on the "members accounts, wallet addresses page", https://stakeminers.com/account/wallets.php :



It looks like the price of the altcoins held by stakeminers fell relative to the price of Bitcoin in all but one month.

What would be interesting to see would be a chart showing how an investor's BTC value fared over time - whether the gains from staking ever outweigh the losses from holding a basket of alcoins.

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BobLawblaw
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January 11, 2016, 11:00:59 PM
 #166


It looks like the price of the altcoins held by stakeminers fell relative to the price of Bitcoin in all but one month.

This is both simultaneously pathetic and hilarious.

-65% !!!

Invest with confidence !
suchmoon
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January 12, 2016, 12:21:31 AM
 #167

What would be interesting to see would be a chart showing how an investor's BTC value fared over time - whether the gains from staking ever outweigh the losses from holding a basket of alcoins.

Not since I started looking into it (mid-September-ish). At that point the picture was like this:

However the site is probably "under water". If you don't double-count withdrawals it paid out 26 BTC, i.e. 112 - 26 = 86 BTC until "break even". But it only has 82.5 worth of assets and that's in ideal conditions, i.e. if it somehow could liquidate those positions without crashing the prices.

Withdrawal totals collected from the payouts page:

https://stakeminers.com/transactions.php

... and it's gotten far worse since then.

I wonder if the withdrawal policy will change now with this new revelation (i.e. paying out 100% of principal that depreciated by 67%).

GAWSOME class action
(Homero Garza throws Stuart Fraser under the bus)
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dooglus
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January 12, 2016, 12:54:45 AM
 #168

I wonder if the withdrawal policy will change now with this new revelation (i.e. paying out 100% of principal that depreciated by 67%).

It does seem odd that people have been withdrawing more BTC than they deposited when month on month the fund has been losing BTC value.

I tried lining up the stakeminers chart with the netcoin price chart (since stakeminers is mostly holding netcoin) to see how them compare:



Netcoin fell from 200 to 100 from April to December - a loss of 50%. So how did stakeminers assets lose even more than that? And why doesn't the netcoin peak (in July) line up with the stakeminers peak (in May)? Maybe the majority of stakeminers funds weren't in netcoin at the time?

Are there stats available which would answer these kinds of questions?

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suchmoon
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January 12, 2016, 01:28:12 AM
 #169

Are there stats available which would answer these kinds of questions?

I think the only way to do this prior to September would be to dig through cyberpinoy's posts to find his "declared" numbers and dig through blockchains to find the real value. I have numbers since September, click links to see balances of each coin:

September 11: 82 vs 107
https://bitcointalk.org/index.php?topic=1167201.msg12391086#msg12391086

October 19: 67 vs 117
https://bitcointalk.org/index.php?topic=1167201.msg12721192#msg12721192

November 7: 51 vs 122
https://bitcointalk.org/index.php?topic=1167201.msg12903420#msg12903420

December 5: 50 vs 128
https://bitcointalk.org/index.php?topic=1167201.msg13149294#msg13149294

January 5: 42 vs 126
https://bitcointalk.org/index.php?topic=1167201.msg13448270#msg13448270

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vancefox
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January 12, 2016, 01:32:46 AM
 #170

cyberpinoy seems to be making off topic posts lately in various threads on this forum so I asked him to come and address StakeMiners issues in this one... let's see what's more important for him - trolling or customer service.

trolling is way more fun.

Is he still claiming somewhere around 120 btc worth of deposits/investments?

"126.42169889 BTC Invested"

I'll update the spreadsheet soon-ish.

As long as you complete before Craptsy goes full GOX I guess.

Do you know a working block explorer for HBN? cyberpinoy's link doesn't work and Google doesn't know anything either.

I need a balance for this address: F5Vcy6RZxHz1JVtSLZzsRsx2iMKFY2VMRw

Balance: http://www.presstab.pw/phpexplorer/HBN/address.php?address=F5Vcy6RZxHz1JVtSLZzsRsx2iMKFY2VMRw

110,415.160647

This space not for rent...
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January 12, 2016, 01:40:12 AM
 #171

Here is NET wallet balance chart going back to May:



Edit: Most of the gains are from staking, so even though the exchange rate dropped he did gain some of that value back from the staking proceeds and I think this also gradually increased NET's weight in his portfolio.

That of course also raises the question where did he get the weekly payouts from if his largest altcoin wallet doesn't show weekly withdrawals.

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January 21, 2016, 03:29:21 PM
 #172

FYI to everyone.
Leroy will attempt to remove your review from the facebook page. The only remaining place he can attempt to lure people to scam them for his site.
Don't use the words such as "scam" or "ponzi" since its apparently abusive language, even though its true. Be more creative, much like Leroy has paid or convinced his associates to post reviews in his favor as of late.

Its somewhat funny that FB is only concerned with drugs and sexual content, yet if your looking to defraud or scam people then they simply retort with, 'just ignore it
'. Instead of removing it themselves.


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February 08, 2016, 06:30:26 PM
 #173

February update - looks like cyberpinoy is still lying. He's claiming that StakeMiners has 35 BTC worth of altcoins:



but I could only find ~24 BTC, a decline of ~40% from January:



A few caveats. I used the exchange rates and the wallet addresses displayed on StakeMiners website and only double-checked a few Bittrex rates (NET, OK, HYPER). For some of the coins I'm not even sure what exchange carries them after the demise of Cryptsy. XQN doesn't have a working block explorer so I kept the balance unchanged from last month. Most other coin balances (except BITB) declined so it would appear that cyberpinoy is selling them off.


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vancefox
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February 09, 2016, 02:53:11 AM
 #174

February update - looks like cyberpinoy is still lying. He's claiming that StakeMiners has 35 BTC worth of altcoins:



but I could only find ~24 BTC, a decline of ~40% from January:



A few caveats. I used the exchange rates and the wallet addresses displayed on StakeMiners website and only double-checked a few Bittrex rates (NET, OK, HYPER). For some of the coins I'm not even sure what exchange carries them after the demise of Cryptsy. XQN doesn't have a working block explorer so I kept the balance unchanged from last month. Most other coin balances (except BITB) declined so it would appear that cyberpinoy is selling them off.



Must be withdrawals...

This space not for rent...
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February 27, 2016, 01:53:08 PM
 #175

suchmoon
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February 27, 2016, 04:05:28 PM
 #176

He seems to have edited "Katrina's" comment and added another one from "Stakeminers". I guess the idea is that a "customer" suggested to get rid of principal withdrawals, like all other "cloud mining services", and "Stakeminers" will follow that great advice. Convoluted in some word salad ("remove from their weight" etc) but the end result is going to be this: next BOI meeting will turn this into full official ponzi with no withdrawals and a slowly drying trickle of weekly payouts.

By the way, "Katrina" - most "cloud mining services" are scams, and the ones "worth anything" actually allow a decent level of liquidity, e.g. Hashnest. It's not nice to lie.


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February 27, 2016, 04:47:15 PM
 #177

The reasons you are even "allowed" to withdraw "principal" from stake miners are all the reasons they gave at the beginning that they were better than cloud mining.

In cloud mining you can't withdraw your principal because the principal is spent* on miners. That doesn't apply to stake miners because the principal is just spent on other coins that could be given back at any time.

You can't withdraw the principal for cloud mining because you would take a loss by selling the machines, and impact others.

That shouldn't be an issue with stakeminers, unless of course the value of all those coins dropped significantly after they were purchased.

It's too bad no one had enough experience in the cryptocurrency world to foresee that problem when this thing started. Too bad nobody at the time questioned this plan or if Leroy had enough experience to choose the right coins to make sure this wouldn't happen.

O well, that's a shame.

*coins are actually spent on hookers and blow for the thieves, which ironically have more resale value than miners.

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February 29, 2016, 11:17:14 AM
 #178

http://digiconomist.net/fraud-risk-assessment-stakeminers
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February 29, 2016, 03:42:08 PM
 #179

What would be interesting to see would be a chart showing how an investor's BTC value fared over time - whether the gains from staking ever outweigh the losses from holding a basket of alcoins.

Not since I started looking into it (mid-September-ish). At that point the picture was like this:

However the site is probably "under water". If you don't double-count withdrawals it paid out 26 BTC, i.e. 112 - 26 = 86 BTC until "break even". But it only has 82.5 worth of assets and that's in ideal conditions, i.e. if it somehow could liquidate those positions without crashing the prices.

Withdrawal totals collected from the payouts page:

https://stakeminers.com/transactions.php

... and it's gotten far worse since then.

I wonder if the withdrawal policy will change now with this new revelation (i.e. paying out 100% of principal that depreciated by 67%).

You lil FUD spreading crypto-extremist!

Staking is much more profitable than actual mining. FUDor said so!
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March 07, 2016, 02:57:30 AM
 #180

It's that time of the month again. And I have some good news! StakeMiners assets increased by 3 BTC, mostly due to NET going up from 57 sat to 73 sat. CON and BITB wallets seem to have been liquidated. There is no functiong XQN explorer so I just used the balance shown on StakeMiners site.



GAWSOME class action
(Homero Garza throws Stuart Fraser under the bus)
ION: XPY successor
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