Is Biblepay a scam?! Ponzi scheme of Biblical proportions using orphans as its cover?Do your research very carefully before investing.this is unacceptable behavior for a 'christian' ministry to the poorI was warning the community at large about them until I got banned. I will put forth my findings again here.
This appears to be a scam. The story so far:
Part 1- The setup1- 'Rob' (anonymous figure who refuses to reveal) forks Dash codebase
2- Novelty feature of 'biblehash' developed and marketed as way to defeat unfair mining by GPU
3- 'Rob' designs coin to be VERY VERY HIGHLY inflated. 20,000 block rewards every 7 minutes
4- 'Rob' markets coin as a 'bible'/'christian' currency to help orpahs
5- 'Rob' works with 5 devs and partners to execute plans fast
Part 2 - The instamine - how to get millions of coins before anyone else!
(done before with Dash see:
https://bitcointalk.org/index.php?topic=999886.0)
6- 'Rob' announces coin on bitcointalk. Claims no pre-mine or ICO
7- 'Rob' along with devs/partners mine coin with very large hashrates before anyone else. This can be verified on blockchain (
http://biblepay.inspect.network/ - note: the blockchain only goes back last 100 entries!!).
8- 'Rob' appears to delay allowing others to mine. Other devs post on forum of their success with mining. Likely they are the dev team, partners, or just fake information
9- Early minors report difficulty mining, getting software to work.
10- Pool shows very high hashing power from select users. Suspecting 'Rob' and his merry men have dominated the initial coins
Part 3- The dump on the exchanges10- On same day of launch, 'Rob' announces a deal that coin will be listed on an exchange due to its charity function.
11- In aug the coin becomes listed. immediately MILLIONS of coins are dumped.
Part 4- Selling the masternodes <-- present 12- 'Rob' announces masternodes will go on sale on thanksgiving. 1.5 million biblepay units ($1200) per node.
13- At this point regular miners with simple hardware would never be able to mine those amounts. Though that was the intention of the coin in the first place!
14- 'Rob' is now cashing in with everyone buying units from him to buy into this masternode scheme
Part 5- Exposing the scam, banning critics, locking up thread from criticism15- Once pieces were put together, 'Rob' was challenged. No specific response other than 'this person is trolling',etc.
16- 'Rob' closes down the thread and deletes any critical posts
I call on all people of integrity regardless of religion, to investigate this project. Those that are Christian must find it highly offensive that their Holy Bible is used as a vehicle for a ponzi scheme. Others should find it tiresome that the crypto world is polluted by yet another pump-dump coin.How can you help?IMMEDIATE ACTION STEP:
Ask 'Rob' to have his blockchain explorer show all mined blocks since the beginning so an accounting can be done. Transparency is a fundamental principle of blockchain. Why limit it to 100 recent entries 'Rob'?
https://bitcointalk.org/index.php?topic=2388064.new#new1- Do an accounting of coins mined in first 24-48 hours. Someone with technical expertise should install 'inspect blockchain explorer'
https://github.com/iquidus/explorer and run a report on amount of coins mined on first day/hours. (this feature on bibleplay block explorer has been limited to 100 recent only)
3- Ask 'Rob' for accountability. challenge him on the new moderated thread. Do not stand for censorship or shaming. You will quickly find out he will censor you or delete posts that bring to light these issues. Why so much censorship?
4- Spread the warning that biblepay may be a scam / ponzi scheme. 'Rob' can not censor organic SEO discussion online. Post this thread on
-
http://www.reddit.com/r/biblepay- tweet it #biblepayscam
- write blog articles and facebook posts
- make youtube videos exposing this
Further readingSimilar scam setup in Dash launch
https://medium.com/@omiros23/evans-and-dash-s-scam-story-add1f16528ae