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pissing
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September 08, 2016, 04:41:17 PM
 #1

I found this site bitcoincryptobank[dot]com and had a read of it, everything about the site screamed scam to me, the terms used to describe the setup. The fact it was "certified" etc, take a look around the site, you will see what I mean in no time.

Double the above up with the remarkable returns offered and loads of alarm bells should be going off. I also had a question about something I later worked out for myself, however, I initially contacted support and did not get any reply.

Looking past the fact that it sells itself as a bank as I know someone will get really hung up on that term I figured I would try this out with a really small amount of coin and see what happened. I went in with 0.03 and set the investment to be paid daily and waited a couple of days, checked the account again and I had been paid as promised. I then decided to add a few more investments and made the total invested up to just over 2 btc most of it set to compounded.

Everything above seems to be going well for me, the compounded investments appear to be growing and the non-compounding ones are paying, I have made several withdrawals so I start to think this is a really great thing.

I know a few people who use bitcoin but I am not really active in the community and its really just a hobby for me, I am not going to be devastated if I lose 2 btc and I like high risk stuff. I could have used 0.01 and tested it out over 70 days but I wouldnt even have any interested in that level.

I recommended the site to a couple of people who are using btc and they also made investments, 3 different people, however, they made deposits of 1 btc, 0.5 btc and 2 btc. The guy who did 1 btc is happy with everything but the other 2 are not able to see their deposits and they cannot contact anyone for help as the support does not answer.

I also have an affiliate link which I gave to the 3 people who signed up, I can see i my affiliate panel that there were only 2 people who signed up on my link and only 1 of them deposited anything.

Has anyone used this site? Im really interested to get some educated thoughts on it as it seems to be working really well for me but not for others. I am confident I will get back at least what I put in.
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September 08, 2016, 04:57:13 PM
 #2

SCAM


I don't believe you. If you think it is a scam, then why are you recommending it to your friends?

Because you are obviously part of the scam and you don't really have any friends.


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September 08, 2016, 04:59:58 PM
 #3

I don't believe you. If you think it might be a scam, then why are you recommending it to your friends?
Maybe OP is the owner of the website and trying to promote it ? The website is scam indeed.Look the bottom logos,all ripped,all fake.

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September 08, 2016, 05:21:01 PM
 #4

The thing with ponzi schemes like this most definitely is, is that they pay earlier investors (you) with later investors (your friends) money.
The compounding carrot is there to tempt earlier investors not to withdraw, so the scam lasts longer.

The actual reasons why one account will be paid and not another are internal, where the admin try to juggle payments to extend the scam's life. They tend to keep paying people who refer others because they know that they are a source of further new victims.
How does it feel to be a 4% pimp?

Quote
I am confident I will get back at least what I put in.

That's nice. What about your "friends"?


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September 08, 2016, 05:35:51 PM
 #5

No reason to trust them, they are just another ponzi that can shutdown overnight.
You seem to be here to promote this scam rather than to know community experience over site.



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September 08, 2016, 05:39:17 PM
 #6

I found this site bitcoincryptobank[dot]com and had a read of it, everything about the site screamed scam to me, the terms used to describe the setup. The fact it was "certified" etc, take a look around the site, you will see what I mean in no time.

Double the above up with the remarkable returns offered and loads of alarm bells should be going off. I also had a question about something I later worked out for myself, however, I initially contacted support and did not get any reply.

Looking past the fact that it sells itself as a bank as I know someone will get really hung up on that term I figured I would try this out with a really small amount of coin and see what happened. I went in with 0.03 and set the investment to be paid daily and waited a couple of days, checked the account again and I had been paid as promised. I then decided to add a few more investments and made the total invested up to just over 2 btc most of it set to compounded.

Everything above seems to be going well for me, the compounded investments appear to be growing and the non-compounding ones are paying, I have made several withdrawals so I start to think this is a really great thing.

I know a few people who use bitcoin but I am not really active in the community and its really just a hobby for me, I am not going to be devastated if I lose 2 btc and I like high risk stuff. I could have used 0.01 and tested it out over 70 days but I wouldnt even have any interested in that level.

I recommended the site to a couple of people who are using btc and they also made investments, 3 different people, however, they made deposits of 1 btc, 0.5 btc and 2 btc. The guy who did 1 btc is happy with everything but the other 2 are not able to see their deposits and they cannot contact anyone for help as the support does not answer.

I also have an affiliate link which I gave to the 3 people who signed up, I can see i my affiliate panel that there were only 2 people who signed up on my link and only 1 of them deposited anything.

Has anyone used this site? Im really interested to get some educated thoughts on it as it seems to be working really well for me but not for others. I am confident I will get back at least what I put in.
Just stop promoting scam, keep your karma clean )
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September 08, 2016, 07:18:30 PM
 #7

I havent been on bitcointalk for ages as I forgot what a hostile enviroment it is. After one of my last threads here: https://bitcointalk.org/index.php?topic=401614.0 this thread seems to have almost gone the same way where I was accused of been a scammer by someone who seems to have now left the forum because I offered a SEO service....


SCAM


I don't believe you. If you think it is a scam, then why are you recommending it to your friends?

Because you are obviously part of the scam and you don't really have any friends.



The main thing wrong here for me is your literacy skills. I was going to type long answer but I suggest you just reread my above post. I agree that it looks like a scam in every sense, well done for not picking up on that, but I thought I would try it out and I did, it worked for me and has worked for others I know but has also taken peoples coins and I stressed this in my post above.

I suspected it was a scam but when it worked for me I recommended it to friends to try with caution, for some it worked and for some it didn’t.

Either way your post is not really helpful because I wanted to discuss this site in more detail and not just have a load of people shouting "burn the witch" who didnt take in my original post.

Additionally you are calling me a scammer when I have made several good trades on this forum in the last few years….. your profile states:

   -1: -1 / +1
Warning: Trade with extreme caution!

So it looks like you are far more of a scammer than I am, given the above profile feedback you wouldnt even seem to be a good scammer.......

I don't believe you. If you think it might be a scam, then why are you recommending it to your friends?
Maybe OP is the owner of the website and trying to promote it ? The website is scam indeed.Look the bottom logos,all ripped,all fake.

Yep and as I pointed out in my original post there is a lot more wrong with the site than the logos at the bottom, it states things like "Bitcoin Crypto Bank is legally certified to provide global Bitcoin investment platform." which is impossible, it also calls itself a bank which we know is not possible in a pure perspecitve.

I didnt really want to talk about the web design more about if it was a scam/how the scam worked/the science behind it and why some people were getting paid and others not.

As I am not pumping my affiliate link here the only way I could profit from this site would be if I was the owner of the site which seems a bit far fetched and if I was do you think I would write in my post that friends has lost money using it and support didnt exist?

Please think before you type as your flippent posts/comments can actually prevent intelligent discussion.


The thing with ponzi schemes like this most definitely is, is that they pay earlier investors (you) with later investors (your friends) money.
The compounding carrot is there to tempt earlier investors not to withdraw, so the scam lasts longer.

The actual reasons why one account will be paid and not another are internal, where the admin try to juggle payments to extend the scam's life. They tend to keep paying people who refer others because they know that they are a source of further new victims.
How does it feel to be a 4% pimp?

Quote
I am confident I will get back at least what I put in.

That's nice. What about your "friends"?



This is actually really interesting and something I hadnt thought about in this level of detail. I did take out some payments before recommending anyone else try it out so initially my account paid me prior to been flagged an "account to pay" or "high value account which might recommend others". The compounding incentive is also interesting as it makes sense.

The site had been online since Sept 2015 according to waybackmachine and a year in terms of this type of scam does seem like a long time to me unless they are really doing a good job with the creation of an illusion Id have thought there would be a lot more negative talk online if it was an outright scam. Maybe some people get paid, maybe some people deposit 0.01 and just laugh to themselves when they lose it because they cant get it back and they knew they were had but dont actually post anything online about it. I would have thought it would have been attacked by now if it was ripping people off.

The thing is, I can see how you could turn a 2.2% profit selling bitcoin overprice quite easily. Again Im not defending or attacking things here just discussing.

If it were a scam I would be really interested in how an account could be flagged as "one to pay" and perhaps trying to turn a profit myself via a few low value accounts all recommended to myself via myself perhaps using proxies or something...... but I am going to sit out the 70 days and see how I do this time around. This is exactly the kind of discussion I hoped would take place when I posted this thread.


No reason to trust them, they are just another ponzi that can shutdown overnight.
You seem to be here to promote this scam rather than to know community experience over site.


I know there is no reason to trust them, cloudflare and a few other things that they have done make it even harder to track them down and the biggest worry I have here is that they could just be gone tomorrow. I did try to log in one night to check on things and I was only able to get the cached page, at that point I thought my money was gone but the site did come back.

Im not promoting it at all - consider I didnt even link to them in the post at the top of the thread, I am not even giving them a backlink.

If I lose all I invested tomorrow and they got me then fair play to them, I sent them the money after realising how much was wrong with the site. I will be a little disappointed but Im not going to starve.


I found this site bitcoincryptobank[dot]com and had a read of it, everything about the site screamed scam to me, the terms used to describe the setup. The fact it was "certified" etc, take a look around the site, you will see what I mean in no time.

Double the above up with the remarkable returns offered and loads of alarm bells should be going off. I also had a question about something I later worked out for myself, however, I initially contacted support and did not get any reply.

Looking past the fact that it sells itself as a bank as I know someone will get really hung up on that term I figured I would try this out with a really small amount of coin and see what happened. I went in with 0.03 and set the investment to be paid daily and waited a couple of days, checked the account again and I had been paid as promised. I then decided to add a few more investments and made the total invested up to just over 2 btc most of it set to compounded.

Everything above seems to be going well for me, the compounded investments appear to be growing and the non-compounding ones are paying, I have made several withdrawals so I start to think this is a really great thing.

I know a few people who use bitcoin but I am not really active in the community and its really just a hobby for me, I am not going to be devastated if I lose 2 btc and I like high risk stuff. I could have used 0.01 and tested it out over 70 days but I wouldnt even have any interested in that level.

I recommended the site to a couple of people who are using btc and they also made investments, 3 different people, however, they made deposits of 1 btc, 0.5 btc and 2 btc. The guy who did 1 btc is happy with everything but the other 2 are not able to see their deposits and they cannot contact anyone for help as the support does not answer.

I also have an affiliate link which I gave to the 3 people who signed up, I can see i my affiliate panel that there were only 2 people who signed up on my link and only 1 of them deposited anything.

Has anyone used this site? Im really interested to get some educated thoughts on it as it seems to be working really well for me but not for others. I am confident I will get back at least what I put in.
Just stop promoting scam, keep your karma clean )


Im more interested in the ponzi analogy earlier and understanding how this works than promoting it. I guess I need to wait and see what happens when the compounded investments are supposed to mature, then I will know.
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September 09, 2016, 02:31:38 AM
 #8

Already scam in the first place. Scam is a scam so please stop it.

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September 09, 2016, 07:24:44 AM
 #9

Quote
Im more interested in the ponzi analogy earlier and understanding how this works than promoting it.

There's not a lot more to understand really. I know more detail about how these schemes work, but I've no intention of giving out tips on how to run a ponzi on a public forum.
But I will state the obvious in that the age of the website, length of existence of the scheme and, of course, their own bogus stats (64,635 users  Roll Eyes in this case), are completely unreliable pointers to how long it will continue for.
These people are working to a pretty standard template, with seed money to be repaid and simple algos running to determine who to pay, who not to, and when to close it down and move on to the next one.

You appear to approach this as if you're existing in a bubble and that your actions have no consequences for others.
By actively supporting something which you know very well to be a ponzi you are enabling scammers and encouraging passively, or actively if you're referring "friends" to them, the continuation of their profitability thru lying and cheating people.
Whether you're OK with that is down to quaint things like personal morality and whether you feel that the concept of community has any meaning. That's deeply unfashionable and easy to justify ignoring by cherry picking Libertarian concepts and invoking Caveat Emptor.
But I'm sure a pious lecture isn't what you want.

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September 09, 2016, 01:21:10 PM
 #10

Quote
Im more interested in the ponzi analogy earlier and understanding how this works than promoting it.

There's not a lot more to understand really. I know more detail about how these schemes work, but I've no intention of giving out tips on how to run a ponzi on a public forum.
But I will state the obvious in that the age of the website, length of existence of the scheme and, of course, their own bogus stats (64,635 users  Roll Eyes in this case), are completely unreliable pointers to how long it will continue for.
These people are working to a pretty standard template, with seed money to be repaid and simple algos running to determine who to pay, who not to, and when to close it down and move on to the next one.

You appear to approach this as if you're existing in a bubble and that your actions have no consequences for others.
By actively supporting something which you know very well to be a ponzi you are enabling scammers and encouraging passively, or actively if you're referring "friends" to them, the continuation of their profitability thru lying and cheating people.
Whether you're OK with that is down to quaint things like personal morality and whether you feel that the concept of community has any meaning. That's deeply unfashionable and easy to justify ignoring by cherry picking Libertarian concepts and invoking Caveat Emptor.
But I'm sure a pious lecture isn't what you want.

Ive been reading up on this sort of thing since I last posted and its pretty fascinating, I bought a few scripts to have a play around with and understand how they work which could work together to power this sort of thing.

The amount invested and the way the numbers change on that site are really bogus but the site has existed since september last year..... but it could well be gone tomorrow.

One thing I am sure of is that it is automated.

Im not recommending this site to anyone else but I am looking into what might flag accounts as ones to pay, most people will not have a clue where to start with this and will likely screw it up. Ive spent the last few years working with spyware and trying to beat various algorithms so this kind of thing fascinates me. They have an affiliate program and common sense tells me that an account that is driving them more business will be a valued one. It is how they define value and what trips the “value flag” what if you host the banner on a page of a site you own that gets no legit traffic and drive 100 bots a day to their program, what if you sign up 10-20 accounts in the time your investment is maturing and credit half of them with 0.01 etc.
I don’t want to give away too much of what I am thinking as I have some complex ideas I want to try out but the above gives you an insight into my thinking.
Its playing with fire but Im happy to get burned.
So… as you can se…. I am not actively supporting anything, what I am doing it actually reducing the profitability of the scam (or maybe losing a little of my own money).
Agreed, I dont have the highest morals in the world and I am all for calling people who were conned stupid (Caveat Emptor MOST of the time), I admire the long con and how it all works but Ive never knowingly been involved in conning anyone out of any cash. If I lost my btc when I put them into this "bank" straight away I would have smiled and moved on as I put a very small amount in and I was 90% sure I would lose it.

Now I know there is potential to trip an algorithm the concept interests me but that seems to go beyond the comprehension of many people here.

Ive genuinely enjoyed reading your posts even if I detect a degree of a moral judgement over what Im doing for even bringing it up for discussion,

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September 09, 2016, 02:31:44 PM
 #11

@pissing

Where did you find this site?

 hyip Sites, make selective payments

http://hothyipsmonitor.com/Forum/archive/index.php?thread-19444.html

I do not see comments about this site. very suspicious

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September 09, 2016, 03:24:19 PM
 #12

Ive genuinely enjoyed reading your posts even if I detect a degree of a moral judgement over what Im doing for even bringing it up for discussion,

Not particularly, not in the sense of morality for morality's sake.
The concept of trust interests me greatly and Satoshi's invention gives it a new dimension, with the theory of trustable trustlessness.
To see its practical application overrun by the same old same old crap irritates me, especially with so much time spent by reasonably intelligent people working out how to use it for boringly short sighted purposes.

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September 09, 2016, 03:45:24 PM
 #13

@pissing

Where did you find this site?

 hyip Sites, make selective payments

http://hothyipsmonitor.com/Forum/archive/index.php?thread-19444.html

I do not see comments about this site. very suspicious


Yep I have found very little about this site anywhere, good or bad. I found it in google, whoever is behind it has put a considerable effort into getting some decent google rankings on quite a few investment related terms.

The fact that re-investing 1 btc today at the published rates on the site will have you a millionare many times over by the same time next year should set a few alarms off but if youve money to burn dabble around and let me know how you get on, Im interested.
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