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Author Topic: Mybitcoin is a scam!  (Read 22782 times)
lettucebee
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July 05, 2011, 03:34:51 PM
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Alright, I'll make it official. Mybitcoin is not a company to do business with. Avoid them at all costs.

Over a week ago my login credentials didn't work. Only at that time did I realize that mybitcoin has no way to recover passwords.  I found previous threads where people had trouble with mybitcoin (duh) and tried the email under whois (abuse@mybitcoin.com) which didn't work. I created a second account to send a message about my first account, but now, days later, still no response.

Please also avoid their banner ad company, Link2voip, also. Nothing against them, but maybe if Link2voip feels a little shun they will pressure mybitcoin to come clean.

Mybitcoin's behavior is a little confusing because they apparently were, at one time, a good service.  They have put a considerable effort into their site, they seem to have ambitions to expand as a bitcoin business, and their proprietor, Mr Williams, came forth and acted all CEOish during the recent Mt Gox debacle.

Unfortunately, new users are often being steered into their clutches. Bitcoinme.com pretty much tells new users to put their coins into Mybitcoin:


Check out a better image at:

http://bitcoinme.com/index.php/buy/

I have asked Bruce Wagner of bitcoinme.com to stop promoting them and he said he would, but we'll see. I am on a campaign to get the truth out about mybitcoin.  If they come clean I will be the first to announce it.  If you have any helpful information or have a similar story to tell I hope you will include it here.

Thanks for your attention.
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dinzy
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July 05, 2011, 03:55:33 PM
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I lost 0.5 BTC to them during an autopay when they went down on the 3rd.  I emailed and received no response so far.  FFS it's only 0.5 BTC, but it's my 1/2 coin not theirs. 

I will be patient, but I will not send any more coins to them until this is cleared up and may just send directly to Gox in the future.
lettucebee
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July 05, 2011, 04:37:33 PM
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My loss is a bit more substantial.  Let me know if you hear anything.
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July 05, 2011, 04:49:12 PM
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Entrusting your money to a web site registered to a PO Box in the West Indies with numerous complaints of theft is a bad idea. It really looks like their business model is to steal accounts, just not all of them at once (since that would make it too obvious that they were a scam all along).

Using an "online wallet service" is a terrible idea. You're entrusting your money to an anonymous scammer.
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July 05, 2011, 05:16:17 PM
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Let us dispense financial advice on a forum for people who paid real money for fake internet money.  You need to take better care to protect your fake internet money.  Oh that real money you've lost?  Yeah, we're not going to talk about that...
lettucebee
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July 05, 2011, 05:20:22 PM
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I recognize the sarcastic tone, but I couldn't understand your point.  Surely you are not saying a federal reserve note is real money, are you?  Ultimately, the only real money is something I can eat.
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July 05, 2011, 05:34:29 PM
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I recognize the sarcastic tone, but I couldn't understand your point.  Surely you are not saying a federal reserve note is real money, are you?  Ultimately, the only real money is something I can eat.

A number at mybitcoin is not a real Bitcoin. The most important thing about a real Bitcoin is that nobody but you knows the private keys.

Misspelling protects against dictionary attacks NOT
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You are WRONG!


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July 05, 2011, 05:36:29 PM
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I recognize the sarcastic tone, but I couldn't understand your point.  Surely you are not saying a federal reserve note is real money, are you?  Ultimately, the only real money is something I can eat.

A number at mybitcoin is not a real Bitcoin. The most important thing about a real Bitcoin is that nobody but you knows the private keys.
+1

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
Bruce Wagner
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July 05, 2011, 05:51:46 PM
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We're in the process of revising the BitcoinMe.com page where we recommend how to Buy, Use, and Store your Bitcoins.

The new graphic being designed right now (as we speak) will look like this:

(1)   All the forms of money

(2)   Convert it into cash

(3a)   Option 1 is to use a Local Exchanger - like btcnearme.com etc., etc.

(3b)   Option 2 is to use an Automated Online Exchanger - like tradehill.com, mtgox.com, etc., etc.

(4)   Your Bitcoin "Checking Account" - generally smaller amounts - like less than one months income - for day-to-day transactions:  Run the Bitcoin app on your PC with your wallet stored in an encrypted volume, making certain you have no viruses.  Note that running the Bitcoin app all the time is also recommended because it helps strengthen the Bitcoin Network for everyone.   (see linked video tutorial)

(5)   Your Bitcoin "Savings Account" - for larger amounts - like long-term savings:  Follow the video tutorial to create a totally secure encrypted off-line and backed-up wallet for an easy-to-use bitcoin address for making frequent "deposits" and infrequent "withdrawals".    (see linked video tutorial)
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God creats math and math creats bitcoin.


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July 05, 2011, 05:55:53 PM
 #10

Well, another disaster and bad publicity for bitcoin.
That's why I always disagree the Anonymity in the import business of bitcoin like bank and exchanges. I always ask the service provider to declare who they are and where they run their business.

Dude, it's business, if you really think bitcoin is a currency. Be a real merchants who with an open attitude to the publicity and take responsibilities. Please don't hide behind the Tor net and start a weird business like mybitcoin.

We will see some other liars who will claim who they are and located in somewhere of USA, and lots of people will get robbed by those liars again.

Some trustworthy centralization is unavoidable. I just hope the competition and post on this forum will drive those liars out as soon as they show the first sign of cheating.

Again, Flexcoin.com is Ponzi game. You'd better not join the game unless you're sure that you're the earlist one or the owner of the flexcoin is your fucking boy and will share with his profit with you after he runs to Mexico from U.S. where he claimed be. Or he is in Mexico now, who knows?

If you see any of my suggestions useful, please donate me. http://btc.to/ec
Trader Steve
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July 05, 2011, 06:11:14 PM
 #11

Quote
(5)   Your Bitcoin "Savings Account" - for larger amounts - like long-term savings:  Follow the video tutorial to create a totally secure encrypted off-line and backed-up wallet for an easy-to-use bitcoin address for making frequent "deposits" and infrequent "withdrawals".    (see linked video tutorial)


Bruce, where is this tutorial? Thanks!
Cryptoman
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July 05, 2011, 06:20:31 PM
 #12

Lettucebee, I sympathize with your situation.  You may have found one of the threads I started when you did your forum history search for MyBitcoin-related threads.  I've had various problems with them over the last 8 months.  I don't really believe the owner/operator of the site is trying to scam people though.  He's probably just overwhelmed with the level of work required to maintain a free site.  I've suggested that there is a market opportunity for a fee-for-service version of MyBitcoin.  Maybe make it free to hold personal wallets but charge businesses for the API.  At any rate, I hope you recover your coins.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
Jalum
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July 05, 2011, 07:16:49 PM
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I recognize the sarcastic tone, but I couldn't understand your point.  Surely you are not saying a federal reserve note is real money, are you?  Ultimately, the only real money is something I can eat.

Well, obviously.  That's why when you work you're paid in hamburgers.  When I go to make a mortgage payment, I put forty quarts of milk in an envelope.  And I always make sure to bring a wheelbarrow full of corn into BestBuy, to make sure I can transact efficiently.

I know you have to be obtuse to buy into this whole charade, but come on.

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July 05, 2011, 07:20:12 PM
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Yea I got referred to mybitcoin by a reputable bitcoin website (dont recall which one) which suggested I could have confidence in them but in view of the recent shenanigans people have experienced with them I've cut my ties. Unfortunately they have lost my trust and I wont be using their service again.

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
Tip me BTC: 1FBmoYijXVizfYk25CpiN8Eds9J6YiRDaX
GeniuSxBoY
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July 05, 2011, 07:20:15 PM
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I recognize the sarcastic tone, but I couldn't understand your point.  Surely you are not saying a federal reserve note is real money, are you?  Ultimately, the only real money is something I can eat.

Well, obviously.  That's why when you work you're paid in hamburgers.  When I go to make a mortgage payment, I put forty quarts of milk in an envelope.  And I always make sure to bring a wheelbarrow full of corn into BestBuy, to make sure I can transact efficiently.

I know you have to be obtuse to buy into this whole charade, but come on.




His point is.. you can't eat paper money to survive. If paper money loses its value and you can't buy food, people will work for food.
rabit
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July 05, 2011, 07:26:12 PM
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I´m using mybitcoin since some months with different accounts and never had a problem with them (beside centralization which makes Bitcoins useless and some downtimes but i dont really care about them), so i dont think its a scam, the problem is more that its for free and they dont have the money to hire support monkeys.
 
the founder
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July 05, 2011, 07:30:38 PM
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Again, Flexcoin.com is Ponzi game. You'd better not join the game unless you're sure that you're the earlist one or the owner of the flexcoin is your fucking boy and will share with his profit with you after he runs to Mexico from U.S. where he claimed be. Or he is in Mexico now, who knows?

We're in Pennsylvania... not Mexico.....  you're saying we're a scam because we're paying the account holders interest from what we sell in Ads and Mining?   Last I heard that's not how a Ponzi scheme is run....  unless you have a creative definition of it..  We'd love to hear how someone that isn't educated enough on the  topic discuss it... we need good laughs....  the chances are you don't even have an invite (very few people do) for Flexcoin... so you are not educated enough on Flexcoin to make any assumptions.

Your statement at best is sophomoric...  and at worse it's just liable.   

Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me  Say thank you here:  1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
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July 05, 2011, 07:40:27 PM
 #18

I´m using mybitcoin since some months with different accounts and never had a problem with them (beside centralization which makes Bitcoins useless and some downtimes but i dont really care about them), so i dont think its a scam, the problem is more that its for free and they dont have the money to hire support monkeys.
 


So you want flexcoin to charge fees to label it legit?   We're still only 90% formulated on the business model,  so if that is what people want?


Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me  Say thank you here:  1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
rabit
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July 05, 2011, 07:43:04 PM
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I´m using mybitcoin since some months with different accounts and never had a problem with them (beside centralization which makes Bitcoins useless and some downtimes but i dont really care about them), so i dont think its a scam, the problem is more that its for free and they dont have the money to hire support monkeys.
 


So you want flexcoin to charge a transaction fee to label it legit?   We're still only 90% formulated on the business model,  so if that is what people want?



As i tried to say, i am happy with mybitcoin. But perhaps a paid for e-wallet with support would be nice for nervous people.
lettucebee
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July 05, 2011, 07:56:43 PM
 #20


We're in the process of revising the BitcoinMe.com page where we recommend how to Buy, Use, and Store your Bitcoins.

For the record, Bruce Wagner has always responded quickly and thoughtfully to my pleas. Thank you, Bruce. You seem like a swell fellow!
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