Banx and how they mislead their customers, includes deceptive name, manipulation and PONZI ALERT

[crypto jerk]

This gets a new thread as it is a different point to the Banx Gaw thread.

As per the title Banx is misleading its customers through manipulation and incompetence. However +1 for their creativity.
 

I believe the crux of the matter here is the market-cap of Banx.

There is no market-cap of Banx

They should be immediately removed from coinmarketcap. Gliss you are doing us all a disservice by leaving it up.

I say there is no market-cap because there is no market. Their +1 creativity is in their extremely long and still going ico.

In order for a market there has to be price discovery. There is NO price discovery as you can't sell Banx.

Banx is only bought on their own centralized exchange. Now here is where the confusion lies, Banx at the beginning (a year ago) was on a few exchanges. This created a market and therefor a market-cap, however, The initial distribution was highly flawed (they fucked up) as they are only faking it till they make it.

Once the distribution got all fucked up and their manipulation got caught they retreated to their castle and only allowed buying on their exchange. This is all still during the ongoing forever ico.

Because Banx is listed on Coinmarketcap it gives the illusion (like a magician) that there is a market and therefor price discovery and therefore what you are seeing is real. This in and of itself is misleading, and IS a form of manipulation (the long slow con). (remember they have already been caught for manipulating)

[crypto jerk]

reserved

[KhalDrago]

Gliss seems pretty careless or he is inactive in this forum, 100% agree with op.

[crypto jerk]

Interesting. The banx team must have labled me a hater and put me on ignore. Lol as theyve been all over the gaw comparison thread like stink on shit.

[BitcoinNational]

agree with OP ...

BANX, YB, and the TRMB "Asset Backed Coin"

all "there is no REAL market-cap because there is no REAL market" kind of coins

very marine coin like

-----
I would guess Gliss just doesn't know how to list them.

He has
LevelA normal coins
LevelB low volume coins
LevelC slightly broken api feed coins

Gliss regulate BANX to LevelC to hang out with LEO coin

-----
or this

Coinmarketcap will soon list BANX among the other "cryptoassets" because that is exactly what it is.  Therefore, it is not a "scam" but a "listing error" that will be corrected.

I have spoken with Gliss at CMC about this and when Banx Shares move to the Bitshares blockchain they will be then classed as an asset.

list as asset
BANX on the BANX platform

[runpaint]

Banx is supposed to be transitioning to BitShares soon, and will then be listed as an asset. 

[DecentralizeEconomics]

There is no doubt that Banx is a Scam.

[MarkLyford]

Interesting. The banx team must have labled me a hater and put me on ignore. Lol as theyve been all over the gaw comparison thread like stink on shit.

Not put you on ignore, just not interested in arguing with you any more on points that have already been addressed on other threads that you have trolled on.

[MarkLyford]

Banx is supposed to be transitioning to BitShares soon, and will then be listed as an asset. 

^^ The first true thing you have posted in nearly two weeks ^^

[runpaint]

Banx is supposed to be transitioning to BitShares soon, and will then be listed as an asset.  

^^ The first true thing you have posted in nearly two weeks ^^

That's because I've been posting your direct quotes mate.  Don't blame me if everything I quote you on was a lie.



https://bitcointalk.org/index.php?topic=1181883.0

[MarkLyford]

@runpaint.

For someone who doesn't live in the UK you don't half use some British words and phrases......

[runpaint]

I think crypto jerk started this thread because the other topic got clogged up, somehow, by people changing the subject for some reason, as if they wanted to distract from the issues by creating useless arguments.

So please take it back to the other topic if you want to discuss your failed attempt to dox me, your insistence that I am in England, and my subsequent counter-trolling tactics which have continued to glean more information from you. 

So gie et a rest, this is the last time I'll comment orf-topic in this thread, mucca.  See yeh on the other one, hae a noice day innit.

[crypto jerk]

@ Mark

1. Will your ico end when you go to bitshares.


2. In the short term or if ico doesnt end once on bitshares, Would you be willing to ask gliss to remove it from coinmarketcap?


3. Did gliss get a "personal visit(silver or lead option?)", and did gliss then get a banx "gift"?

[MarkLyford]

@ Mark

1. Will your ico end when you go to bitshares.


2. In the short term or if ico doesnt end once on bitshares, Would you be willing to ask gliss to remove it from coinmarketcap?


3. Did gliss get a "personal visit(silver or lead option?)", and did gliss then get a banx "gift"?

1. No it wont, it will run until w sell all remaining Banx Shares

2. NO it will be moved to the assets section

3. NO Gliss got nothing from us.

[MarkLyford]

Please see my full post here: https://bitcointalk.org/index.php?topic=1181883.msg12548327#msg12548327



Video here >> https://vimeo.com/140684057

I won't be commented on any more of this thread. 50 minute video above, watch it don't watch it. Up to you, like i say I have made this video for everyone else reading these troll thread, not the trolls.

[runpaint]

[runpaint]

crypto jerk - I think I've realized a major facet of the marketcap data that we've been overlooking, which is the effects of the share split and the absence of the subsequent price decrease that should have happened.


If 1,000,000 shares were sold at $1.00, for example, that would be $1,000,000 worth held by actual people other than Banx.  If they are then given an additional 1,000,000 shares for free, they now have 2,000,000 shares for the same $1,000,000, which means the shares have a cost of $0.50 each.


But Coinmarketcap doesn't show that all early investors got their shares for $0.50, so Banx is publicly advertising a 245% "ROI" using Coinmarketcap as evidence.  Is that misleading data, or a lie?  Either way, it isn't good when this investment is marketed to the public using Search Engine Optimization.

(The above screencap showing public advertisement and general solicitation is from Banxplatinum.com, which is shared on Facebook, Linkedin, and can be found with a Google search)

http://www.seoevaluate.com/archive/banxplatinum-com/

Publicly advertising an investment round includes, but is not limited to, the following activities: 1. Revealing that the private company is actively seeking investments, 2. providing the details of the investment, such as the deal terms, and 3. revealing any additional information that is considered material for investors to know about the company in order to formulate an informed opinion.

http://www.forbes.com/sites/tanyaprive/2013/09/23/general-solicitation-ban-lifted-today-three-things-you-must-about-it/

[crypto jerk]

I'll ask C-CEX directly, see if they feel like sharing their side of the story.

And they did, here's the Skype log:

Code:

[30-9-2015 23:32:20] Dave Pearce: Guys. I have a quick question, which has nothing to do with NXT....
[30-9-2015 23:32:24] Dave Pearce: https://bitcointalk.org/index.php?topic=1181883.msg12566845#msg12566845
[30-9-2015 23:33:08] Dave Pearce: This thread is all about BanxShares, and you keep getting mentioned in a not very good way.
[30-9-2015 23:33:23] Dave Pearce: Would you like to share your side of the story ?
[30-9-2015 23:34:11] Dave Pearce: And, yeah, the nxt.org rebuild is taking way too long. Sorry.
[0:27:40] C-CEX.com: Hello!
[0:28:34] C-CEX.com: Well, banx guy started his "project" with ICO on c-cex. But he started to push us not to allow sells below certain price. I responded that it is against free market idea and refused to do that
[0:29:37] C-CEX.com: after that he wanted to fake marketcaps and pushed me to fake real price of banx - I refused. Then he requested to remove banx from c-cex. Which happened a bit later in the natural way we have it for our customres (we gave 2 weeks for withdrawals)
[0:29:57] C-CEX.com: I do not recommend to do any business with that guy
[0:34:50] Dave Pearce: Would you like to post that in the forum ?
[0:34:58] Dave Pearce: Hi, btw!
[0:35:12] C-CEX.com: Hi :)
[0:35:13] C-CEX.com: of course.
[0:35:17] C-CEX.com: Where do you want me to post it?
[0:35:37] Dave Pearce: I already think Banx is a s***......so:
[0:36:05] Dave Pearce: https://bitcointalk.org/index.php?topic=1181883.msg12566845#msg12566845
[0:36:25] Dave Pearce: Heres the end of the thread, with some stuff about C-CEX
[0:36:45] Dave Pearce: just check it out and see if you want to get involved
[0:37:42] C-CEX.com: Ah, more - he changed wallet and blockchain and some people left with old coins on c-cex which are not changable to new coins.
[0:37:51] C-CEX.com: I offered to make change for customers - but he refused.
[0:38:11] Dave Pearce: Yeah....we've heard stuff about that.
[0:38:55] C-CEX.com: It was about year ago
[0:39:00] Dave Pearce: Doesn't look good for any Banx investors
[0:40:23] C-CEX.com: "I'll ask C-CEX directly, see if they feel like sharing their side of the story."
[0:40:33] C-CEX.com: If You want to put exact questions - I will answer
[0:41:04] Dave Pearce: Ummm....can I just post this chat ?
[0:41:21] Dave Pearce: Then you can answer if there any doubts about it.....
[0:41:31] C-CEX.com: Yes you can.
[0:42:03] Dave Pearce: Good with me......I'll post it now, then head to bed.
[0:42:34] Dave Pearce: Catch you later, thanks for coming in on this.
[0:42:45] C-CEX.com: :) ok

So that's C-CEX side of the story.
Any comments..... ?

[crypto jerk]

Good catch, I was wondering that myself

crypto jerk - I think I've realized a major facet of the marketcap data that we've been overlooking, which is the effects of the share split and the absence of the subsequent price decrease that should have happened.


If 1,000,000 shares were sold at $1.00, for example, that would be $1,000,000 worth held by actual people other than Banx.  If they are then given an additional 1,000,000 shares for free, they now have 2,000,000 shares for the same $1,000,000, which means the shares have a cost of $0.50 each.


But Coinmarketcap doesn't show that all early investors got their shares for $0.50, so Banx is publicly advertising a 245% "ROI" using Coinmarketcap as evidence.  Is that misleading data, or a lie?  Either way, it isn't good when this investment is marketed to the public using Search Engine Optimization.

(The above screencap showing public advertisement and general solicitation is from Banxplatinum.com, which is shared on Facebook, Linkedin, and can be found with a Google search)

http://www.seoevaluate.com/archive/banxplatinum-com/

Publicly advertising an investment round includes, but is not limited to, the following activities: 1. Revealing that the private company is actively seeking investments, 2. providing the details of the investment, such as the deal terms, and 3. revealing any additional information that is considered material for investors to know about the company in order to formulate an informed opinion.

http://www.forbes.com/sites/tanyaprive/2013/09/23/general-solicitation-ban-lifted-today-three-things-you-must-about-it/

[crypto jerk]

If I am right in my nasty suspicions about Banx, and so far no-ones even tried to prove me wrong, then all of the BTC you originally put into Banx is gone.
Supporting a 245% ROI over the long term is tricky: It's almost impossible for a real business, and completely impossible for a Ponzi.
The higher the ROI, the faster the Ponzi scheme burns up all the investment money flowing into it.

Think about this: you put $1000 into BanxPlatinum, and over a year you get paid out $2450 in dividends. How the hell is that possible ?
Really, I'd love to know.