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Author Topic: Is icbit a scam?  (Read 2630 times)
akwfleaspirit
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September 03, 2013, 04:31:39 PM
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Some observations were made by me and a few others to the effect that icbit seemed to be engaging in some dishonest practices. I made a point to Fireball that I would make this issue public until he refunded at least some of the money he scammed from me, as he has done with some others.

On the last revision he made to https://en.bitcoin.it/wiki/ICBIT he says "FleaSpirit - you were told on the forum by many traders that you mistake. Stop spamming. You won't get refund for money lost due to your own actions."

So I ask on this post for anyone familiar with icbit to publicly and clearly either state that they believe it is an honest site run ethically, or that they think it operates in a dishonest way.

Some of the issues I raised in the first complaint were
1) Clearing is done in a way that is patently dishonest. Many people have pointed this out.
2) The owners of the site use their knowledge of client accounts to make trades against those clients.
3) A small group on the site tries to use various types of trickery, including the funny but improper use of real trading terminology like contango and backwardation. If you search this forum for the word contango you will find a bunch of the scammers who try to cover for icbit.

I'd be grateful for anyone who would simply respond to this post stating that they fairly believe icbit to be an honest outfit or a dishonest one.

As I've said before, I think icbit could become an honest site. It is possible that Fireball is just a teenager who doesn't understand the rules necessary for a financial site. I don't know. As things are now I want my money back before he disappears.
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FreedomCoin
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September 11, 2013, 12:10:58 PM
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Ive noticed their price is always the highest

akwfleaspirit
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September 15, 2013, 10:08:31 PM
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Ive noticed their price is always the highest

I think you're confusing icbit with another site.

icbit is a scam site trying to con people who are not familiar with futures trading. I'm just trying to reduce the number of people they scam until they either clean up or go out of business.
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