bitcoin-trader.biz

[moriartypants]

Also, I don't know if that means anything, but I noticed that bitcoin-trader.biz is friends with the Bitcoin Foundation: does this add credibility to the company or not?

Since I live in London, it would be good to meet the person responsible. moriartypants, did you get more info about the principal place of business in London?

Are they friends back? 


I did contact them again about visiting in London but you need to be on VIP list.
A little disappointing.  I wonder how much it takes to get on the VIP list?
I've sent another mail asking if there is any way to meet or otherwise talk to a person for a normal client.  Will update.

Also, they just announced they are switching from Mtgox rate to Coindesk. 

[Darxtar]

Ok thanks moriartypants,

I don't know if they are friends back, if you go to the results page - https://bitcoin-trader.biz/results.php - you see on the right that they have 2 "Friends": Bitcoin Foundation and KnCMiner.

It would indeed be great for Londoners to meet them in person. Trust is quite important with all those scammers out there, especially in the Bitcoin world.

Would also be good to have a quick presentation of the team, tried to Google Michael Brandenburg and John Carley and didn't find much there.

Yeah I've just received the following email:
*****************************   
Greetings All

Bitcoin Trader has removed Mt. Gox as reference exchange rate for BTC/USD deposits and withdrawals. We are very concerned about the current situation and have ceased trading on Mt. Gox as well.

As from today the CoinDesk Bitcoin Price Index will be used for all BTC/USD conversions.

Launched in September 2013, the CoinDesk Bitcoin Price Index represents an average of bitcoin prices across leading global exchanges that meet criteria specified by CoinDesk.

We advise our clients not to use Mt. Gox until the situation becomes clear.

Yours,
John Carley
Bitcoin Trader
*****************************   

Info on the CoinDesk Bitcoin Price Index:
http://www.coindesk.com/coindesk-removes-mt-gox-bitcoin-price-index-2/

Wise move.

Also it's worth mentioning there is an article on cryptocoinsnews.com - http://www.cryptocoinsnews.com/2014/02/12/bitcoin-trader-biz-let-bitcoin-trader-earn-money/ - giving a brief presentation of the concept and also redirecting to this thread.
It's good that they clearly made the difference between bitcoin-trade.biz (HYIP) and bitcoin-tradeR.biz (the site we're pleased with (so far)).

[moriartypants]

Whoa.  Hi Cryptocoinsnews readers!

My offer to buy a share for those using my referral is still open. (Had two takers so far.)
https://bitcoin-trader.biz/?ref= [ref removed]

[Aahzman]

been cashing my earnings out to bitcoin since btc/usd is a bit depressed right now.

[joele]

Well funded HYIP game disguise as an investment, old tricks, but still working.

[emmettoc]

I don't know if they are friends back, if you go to the results page - https://bitcoin-trader.biz/results.php - you see on the right that they have 2 "Friends": Bitcoin Foundation and KnCMiner.

Anyone tried to contact Bitcoin Foundation about the relationship to bitcoin-trader.biz?

[hypersire]

Well funded HYIP game disguise as an investment, old tricks, but still working.

That was certainly my first impression as well but I'm not so sure now - it seems the owners are known in the Bitcoin community.

Also, they aren't really promising anything unrealistic (like 3% daily returns of a HYIP). I mean, is it not feasible that they are simply really running a mining operation and doing arbitrage trades for around 1% daily return?

[sunny1]

That was certainly my first impression as well but I'm not so sure now - it seems the owners are known in the Bitcoin community.

Also, they aren't really promising anything unrealistic (like 3% daily returns of a HYIP). I mean, is it not feasible that they are simply really running a mining operation and doing arbitrage trades for around 1% daily return?

Of course it is feasible, but there are always naysayers and trolls around. How often did I read that btc-e is a scam, even on this fine forum - and that is just one example... Now after the demise of Gox, btc-e is all of a sudden the No. 2 [by volume] exchange in the Western World.

[Darxtar]

Thanks xephyr =)

I have also observed that you make more profit on days of high volatility, which is exactly when arbitrage trading is most efficient, because there can be a big price difference between markets when the Bitcoin/Altcoin are falling/rising quickly.

As an example yesterday (14th February) we had loads of ups and downs with a big amplitude which is why we had a relatively high profit (1.78%).

On the other hand, on the 12th the market was relatively calm, and I got a profit of 0.99%.

I can conclude from this that the profit variation seems to match the market conditions when doing arbitrage. So they really seem to be doing what they claim to do (not HIYP).

Still, let's be cautious about all that, never invest more than you can lose.

My referral link for new subscribers: https://bitcoin-trader.biz/?ref= [ref removed]

[Vitalogy]

My offer to buy a share for those using my referral is still open. (Had two takers so far.)
https://bitcoin-trader.biz/?ref= [ref removed]

Offer still open? Anyway I used your referral and I will send you a PM in 2 minutes with more details.

[moriartypants]

My offer to buy a share for those using my referral is still open. (Had two takers so far.)
https://bitcoin-trader.biz/?ref= [ref removed]

Offer still open? Anyway I used your referral and I will send you a PM in 2 minutes with more details.

Still open. =D
https://bitcoin-trader.biz/?ref= [ref removed]

That was certainly my first impression as well but I'm not so sure now - it seems the owners are known in the Bitcoin community.

Also, they aren't really promising anything unrealistic (like 3% daily returns of a HYIP). I mean, is it not feasible that they are simply really running a mining operation and doing arbitrage trades for around 1% daily return?

Do you have anymore information on this?  Who were they and what did they do in the bitcoin community previously?

[pleiotropik]

i deposited $120 that i had reserved for satoshidice. But in relation to the last post "Well, it's been about 4 trading days, and while it's not get-rich-quick, it's definitely paying out and producing steady earnings.   I had no problem at all cashing out my earnings to my BTC wallet."

It is in a classic sense, a hedge fund: hedge funds operate inside black boxes and only allow clients to look at results, not how they are getting them.
The interesting part of all this comes later, Madoff, Corzine, Blankfein, Dimon et alia in the bankster cartels operate similar schemes... and of those, only one is in jail and the other three have cost their corporations some 25 billion in fines. that said  the "not-get-rich-quick" my predecessing poster says...

Are you kidding me?  a 1% daily return seems paltry to you?  259 days*1% on $100 becomes 100+259=$359... if they can keep that clip they have basically captured the goose that lays golden eggs... And there's the rub. i could never trust more than the $120 i have with them because that's all i am willing to risk on surreal high yields... Even my blue unicorn stares out in disbelief...

I do like their webpage layout.

CAVEAT EMPTOR

[pleiotropik]

One more caveat: it is not easy to find the terms of the contract. In this, they resemble Cloudhashing...   

In general terms, BTC made a group of people not all that familiar with $ suddenly very solvent and liquid financially...

Old money is old money because it went through the discipline of very carefully disguising wealth and not dispensing coins around randomly.  The BTC community will learn eventually to distinguish profit from scam by hit and miss... the community is young and wet behind the ears. Hopefully the nouveau BTC rich will never risk more than they gamble at the casinos... that is, 5% of the stash; the rest, safely kept in cold storage or spent judiciously in goods and services.

[Darxtar]

For those (like me) wondering why their Monday's earnings haven't been credited yet, I just got this reply from support:

************************
Hello,

Thank you for being with Bitcoin Trader!

Our system is currently under maintenance. Earnings will be credited once this is done, in a few hours time from now.

Sorry for the inconvenience.

With best regards,
Bitcoin Trader Support
************************

Aff. link: https://bitcoin-trader.biz/?ref= [ref removed]

[trips3456]

Ya same thing happened to me but the site was back up and running.Any body wanna chime in on what they think about them.Im in the mining and trading pool they seem legit I have not cashed out yet just cause coin base hasn't verified my account and thats the easiest way to sell bitcoin and really there isn't a lot in there right now.Are you guys cashing out everyday

[heliboy]

Are you guys cashing out everyday

Ya I'm cashing out every day. Since the price of BTC is lower now than when I bought my trading shares (about 2 weeks ago) I cash out in BTC every day, it buys more BTC than the initial cash conversion was worth when the price is this low.

For the record I'm very pleased with the returns so far. I put in 0.95 BTC (bought me 880.00 worth of shares) and so far I've extracted a little over $100 worth of BTC in profits.

I'd also like to go on record as saying that; while arbitrage clearly has lots of capacity to turn a huge profit I'm pretty nervous. These profits are almost too good to be true. After so many "investments" have gone sour for me in Havelock and Bitfunder I won't be surprised if bitcoin-trader.biz goes "poof" one day. I'll feel less worried in a couple months after I've "recovered" my initial $900 worth of BTC. If I achieve that I'll divide further earnings (and initial capital) between cashing out and increasing my shares.

Anyway, if you want to throw the dice my affiliate code is: https://bitcoin-trader.biz/?ref= [ref removed]

As always it's not my fault if you loose money so don't invest more than you can afford to loose.

On another note. If you buy shares with BTC your shares are denominated in USD. When (if) the shares mature you get that much USD back in your account and you can cash that out in BTC. It's a 120 day term. So if the price of BTC doubles or triples while you are locked in you could get stung by only being able to "buy back" a fraction of the BTC you put in when the initial funds are available. My advice for folks thinking of buying shares is to buy in with USD and cash out profits in BTC. It's the best way to "buy" BTC, and then you get your (more stable) USD back at the end.

[moriartypants]

Are you guys cashing out everyday

. . .
On another note. If you buy shares with BTC your shares are denominated in USD. When (if) the shares mature you get that much USD back in your account and you can cash that out in BTC. It's a 120 day term. So if the price of BTC doubles or triples while you are locked in you could get stung by only being able to "buy back" a fraction of the BTC you put in when the initial funds are available. My advice for folks thinking of buying shares is to buy in with USD and cash out profits in BTC. It's the best way to "buy" BTC, and then you get your (more stable) USD back at the end.

This is good advice, but  bear in mind they charge a 1% commission for changing your currency type.

When the site launched you had 4 or 5 methods of funding your account, but you could only cash out to the same processor that you funded from.  (So if you funded with bitcoin you could only withdraw with bitcoin, if you funded with pexpay you could only withdraw to pexpay etc.) I thought this was weird and unnecessary but last month they introduced a currency changer which allows you to change your balance from one funder to another for a 1% charge.   I suspect this could actually make them quite a bit of money if the price of bitcoin increases in the mid term.

I am also cashing out everyday in bitcoin due it being much cheaper than when I funded my account. (December/January)
Share buy offer still open.
https://bitcoin-trader.biz/?ref= [ref removed]

[Darxtar]

Have you guys been credited today?
They mentioned they would do some tests and that it would delay the crediting for a "few hours"... but it's been more than 10hours now...

[moriartypants]

I received my credit past the time they usually process cashouts.  

[Aahzman]

Have you guys been credited today?
They mentioned they would do some tests and that it would delay the crediting for a "few hours"... but it's been more than 10hours now...

Yeah, the earnings were delayed because they were testing some new site features, but the earnings were posted, and i requested a cashout. Daily cashouts while BTC is down.