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Author Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds  (Read 254178 times)
dhsc19
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May 09, 2014, 07:30:28 PM
 #1681

You know, I wonder if btc-arbs started out as a legit arbitrage but their wire transfers got blocked and delayed so they made up bullshit to cover for it. I've read that often scams start off legit, but then there are problems and they go rogue.
No, they were never legit. The results they claimed were way too high to be realistic arbitrage-results for the simple reason that during the arbitrage-process, you need to have the vast majority of funds as fiat (since that transfers so slowly) and on a given day most of your funds will be in transit from one place to the other. Every day, only a small fraction of the total funds is used for actual trading, yet the profits are spread over the entire balance.

In addition, it is extremely likely that they collected far more in BTC deposits than in USD, which means that if they would actually do arbitrage they either had almost all the BTC sitting idle or they had to sell deposited BTC for USD, in which case the results should have strongly reflected the BTC/USD exchange rate fluctuations. After the "acquisition", USD deposits aren't even possible anymore.

Then there's the additional bullshit about having an office in Geneva with 10 employees and such.

It's a decent coverstory. I've certainly seen Ponzis with a weaker coverstory, but the signs were obvious from the start and I've pointed them out repeatedly in this thread, with my first post already on page 1.

I believe the idea was to actually do arbitrage, they did pay for drawn pictures of both "profits" and "loss's", but I believe that was on paper before they started. Probably not far into the planning stages did they realize they couldn't give out the increase they were thinking of and by then too much money had been spent on the site and pictures and what not..... by the time they opened it was just a scam and stayed that way.

PEOPLE!!  It's a SCRIPT!  Look at goldcoders dot com.  It's automated BS.  Do we really need to analyse this?

Unfortunately you are wrong! Its not the 'famous' goldcoders script, its a custom one.

Does the fact that it is a custom script make it any less of a typical HYIP operation?  It's a script!  It's still automated BS no matter how you look at it.  It's cool.  I'm just being a cynic.  It's just funny that people are getting all analytic about trying to legitimize the inconsistencies.
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FreeJack2k2
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May 09, 2014, 08:47:23 PM
 #1682

Ugh...this slow trickle of Bitcoin out of my legacy account is killin' me...it's like watching grass grow. Maybe they're hoping I'll just get bored and go away? lol...
dyask
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May 09, 2014, 10:02:44 PM
 #1683

Ugh...this slow trickle of Bitcoin out of my legacy account is killin' me...it's like watching grass grow. Maybe they're hoping I'll just get bored and go away? lol...
I agree ... they are trying to kill us with boredom.   
dszuecs
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May 10, 2014, 03:18:59 AM
 #1684

Got this message today after about 129043781468 million support cases:

Your patience is appreciated. We have made multiple legacy transfers today and more are coming soon.
It has become clear that the BTC-Arbs system was hacked at the beginning of April, and a portion of the funds were stolen.
Account balances were also manipulated, and incoming Bitcoin deposit addresses were changed.

The plan at this time is to continue making Legacy payments, while recuperating any losses.
Our staff is manually reviewing accounts to ensure accuracy, at which point many accounts are having their full legacy balance transferred at once.
Your ongoing cooperation is important if we are to continue with this process.

Ron James & The Global Capital Alliance


vipgelsi
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May 10, 2014, 03:42:59 AM
 #1685

Really sad here. Hope they are brought to justice.

lesnod11
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May 10, 2014, 04:30:00 AM
 #1686

Ugh...this slow trickle of Bitcoin out of my legacy account is killin' me...it's like watching grass grow. Maybe they're hoping I'll just get bored and go away? lol...

I didn't realize watching grass grow was this boring.
mkc
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May 10, 2014, 05:31:14 AM
 #1687

This is sad story. I will never see my money.
I found a interesting btc-arbs.com review,  http://beggarblogger.com/btc-arbs-com-took-an-unexpected-turn-my-experience-with-them/, another person lost some his moey.
dyask
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May 10, 2014, 06:12:37 AM
 #1688

This is sad story. I will never see my money.

I should have my money back in 933 days at the current rate of transfers.   
maxvall
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May 10, 2014, 06:20:44 AM
 #1689

I successfully got my initial investment back (2 BTC) but it takes 10 days.
lesnod11
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May 10, 2014, 06:24:19 AM
 #1690

I successfully got my initial investment back (2 BTC) but it takes 10 days.

Wow, that's the largest I have heard of yet. Maybe I have some hope.
Weekend06
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May 10, 2014, 11:06:34 AM
 #1691

I´ve requested 2 days ago a refund of 0.22, i got it in 40 hours in my wallet.
Hope all you can get your funds too.
Best regards
rahulgarg12342
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May 10, 2014, 01:31:10 PM
 #1692

Its funny, I have not got a single response from the support tickets and my funds are stuck in the legacy fund. I hope this is legit!
cesmak
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May 10, 2014, 01:50:44 PM
 #1693

I asked a few days ago (with a support ticket), (as someone else has done before and reported here in the forum) to give me back 50% of my legacy funds and let btc-arb keep the remaining funds (the 50% ammount is basically what i invested in), and to send to an address i've specified in the ticket, they acceppted the deal and refund me 50% of the legacy funds, so i had back my capital, pratically without interests...

Better than nothing, looking at the situation in witch we fall in the last month !!!

lesnod11
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May 10, 2014, 03:14:08 PM
 #1694

Its funny, I have not got a single response from the support tickets and my funds are stuck in the legacy fund. I hope this is legit!

Are you kidding? This isn't legit, it's a total scam.
yonce
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May 10, 2014, 05:51:58 PM
 #1695

Definitely interesting to see this admin who we already knew was an idiot and a newbie for a long time still paying some people back. Not sure why at all…

STAY AWAY: rockwell,btc-arbs,bitcoin-trader - I've been playing HYIP's and have a near flawless record over the last year. Made over 1000% return last year. Play HYIP's safely and smart! Stay away from the referral whores on this forum, especially from those putting out their referral links in their signatures. They have no other interest but to profit from you.
jean92
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May 10, 2014, 06:14:30 PM
 #1696

i have lost with this program, he are not serious

now i use oilrig it's serious and connication is very good https://oilrigcontractors.com/index.php?ref=jean92

jean92
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May 10, 2014, 08:15:42 PM
 #1697

if you want ear 1btc rapidly http://MyBitcoinJob.com/?id=jean92
no investissment needed just signup and referal Smiley good plan

zimmah
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May 10, 2014, 09:08:36 PM
 #1698

if you want ear 1btc rapidly http://MyBitcoinJob.com/?id=jean92
no investissment needed just signup and referal Smiley good plan

lol

Quote
Your Job:
Referring and Inviting the Friends/Users.
Income: 0.02 Bitcoin per refer Signup | 0.01 Bitcoin per Referral Link Hit or Visit.

seems legit.
dyask
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May 10, 2014, 11:32:24 PM
 #1699

i have lost with this program, he are not serious

now i use oilrig it's serious and connication is very good https://oilrigcontractors.com/index.php?ref=jean92

Oilrigcontractors is clearly another Ponzi.   However it is interesting that you say the communication is good, that was never the case with btc-arbs. 
lesnod11
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May 11, 2014, 05:53:28 AM
 #1700

Is there anyone that has been paid more than the 2 btc that was reported earlier?
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