btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds

[sev09]

emm, Yes?

And if it's not an Obvious yes to you then you probably lost touch with reality.

Try to run a ponzi in real life and see how fast you land in jail, that is because the people in charge of printing the money will hang you from from the nuts

You just discovered the downside of a decrentralized currency.... no-one to cover your backside if you lose your money through a bad investment.

It's been said numerous times, this is high risk stuff --- don't Ever bet more than you can afford to lose on it.

This about covers it.  Everyone "investing" should have been well aware of the admin's intentions at the end of this thing.  You can still make money from HYIPs, thus the high-risk gambling of it.  Only invest monopoly money in this type of thing.

[1713946050]

1713946050

[FreeJack2k2]

I have to facepalm at the poster abandoning Bitcoin and blaming its developers for him being scammed. This is like blaming the US Dollar because you stuffed your wallet full of cash and went for a walk in Times Square, and had it pickpocketed. I've got news for you...you'd never get THAT money back, either. Doesn't matter if it's minted by the Fed.

Personal responsibility. It's becoming a lost concept as more and more people depend on the nanny state to hold their hand on everything.

I officially lost 35 Bitcoin in my legacy fund - that includes interest. I would say that I managed to withdraw about 10 of it over the duration of the scam. So realistically, I lost about 17 Bitcoin of my own money. I suspect that's a significant amount more than the person blaming everyone but himself for his loss.

I have nobody to blame for this but myself. I knew I was taking on a risk. I didn't risk more than I could afford to lose, but I did risk a lot and I am bummed out that I lost it...but there were people who lost their asses in the Mt. Gox collapse and I'm nowhere near that level, here.

I had no idea about the entire HYIP "underground" before this and was duped. They got me...lesson learned.

The positive is, it educated me about how you can do arbitrage trading efficiently in Bitcoin and so it's another tool in my trading arsenal now. I expect that I will recoup my BTC-arbs losses through normal trading before the end of the year. It's just a setback.

[RedGolpe]

This is like blaming the US Dollar because you stuffed your wallet full of cash and went for a walk in Times Square, and handed it to a guy asking for money.

Fixed

[tom14cat14]

Well it has been down for I think 2 days. Pack up guys it was a nice support group here.  Good luck on all future investments/gambles. A little over 1.5 lost for me locked in legacy.

[chris45215]

I was not a btc-arbs customer, but I do have my own private arbitrage system. I hope everyone here is able to get their money back, but I have severe doubts.

I want to let you all know that you shouldn't be angry at yourself if you lost money. Feeling sad about the loss is a sensible reaction, and it will help enforce a lesson learned, but you should keep a positive image of yourself. There is no use feeling miserable in this world. There is enough destruction and entropy in the universe already; humans are the only entity in the entire known universe that can create something better than what we started with.

The only bad person involved is the person running the arbitrage and who lost his investor's money. Lying to investors, claiming profits when the system actually had losses, is a criminal offense in most jurisdictions, and the person in charge should be arrested accordingly. I am sad to see it disappear, and especially to see that investors lost out. I had used btc-arb's claimed results as a barometer that I could compare to my own, and considered them a competitor in what should be the somewhat-fair competition of arbitrage

[christophorus]

Sad to see it go as there was something wonderful about the final few weeks.

[benjamin07]

emm, Yes?

And if it's not an Obvious yes to you then you probably lost touch with reality.

Try to run a ponzi in real life and see how fast you land in jail, that is because the people in charge of printing the money will hang you from from the nuts

So if you find a ponzi in USD (or Euro, etc) that hasn't been taken down yet, will you join it and "invest" your life saving in it?

If your answer is yes, then the problem is clearly not about bitcoin but also USD, Euro, GBP, CNY, JPY, etc.
If your answer is no, then why did you join a ponzi in BTC?

I answer yes and the problem IS in Bitcoin as it stands.

After 911, you cannot send a dime to anyone without being traced, call it what you want, that arrangement is good for me.
If I get ponzied in USD, then yes I lose my money but the monkey at the other end will very soon end up in a cage and eat the bananas in his ass cheeks.
I just got ponzied in BTC and the system does not tell me who the son of a bitch is?

On another place in these forums, there is a guy who accidentally sent 25 BTC to someone for a one month service instead of 2.5 BTC. The jerk who received it is saying yes so I'll give you 10 months service, the sender says no it was a mistake please send me back 22.5 BTC, the jerk says no. In USD, 5 minutes in court and he will spit damages and legal fees as well.

If you don't see all the flaws in this experiment then good luck. I'm not coming back with any form of use until capital + interest are returned. Boycott BTC.

[lesnod11]

emm, Yes?

And if it's not an Obvious yes to you then you probably lost touch with reality.

Try to run a ponzi in real life and see how fast you land in jail, that is because the people in charge of printing the money will hang you from from the nuts

So if you find a ponzi in USD (or Euro, etc) that hasn't been taken down yet, will you join it and "invest" your life saving in it?

If your answer is yes, then the problem is clearly not about bitcoin but also USD, Euro, GBP, CNY, JPY, etc.
If your answer is no, then why did you join a ponzi in BTC?

I answer yes and the problem IS in Bitcoin as it stands.

After 911, you cannot send a dime to anyone without being traced, call it what you want, that arrangement is good for me.
If I get ponzied in USD, then yes I lose my money but the monkey at the other end will very soon end up in a cage and eat the bananas in his ass cheeks.
I just got ponzied in BTC and the system does not tell me who the son of a bitch is?

On another place in these forums, there is a guy who accidentally sent 25 BTC to someone for a one month service instead of 2.5 BTC. The jerk who received it is saying yes so I'll give you 10 months service, the sender says no it was a mistake please send me back 22.5 BTC, the jerk says no. In USD, 5 minutes in court and he will spit damages and legal fees as well.

If you don't see all the flaws in this experiment then good luck. I'm not coming back with any form of use until capital + interest are returned. Boycott BTC.

5 minutes in court? Due to the fact that I run a small vehicle loaning operation I can tell you that getting your money back is no easy feat. Even though we know full well who the other party is. The costs to get the money back are not always worth the effort it requires and it's never easy, the only time we go through the process is when the sum is large enough. It takes months and sometimes years to get it all ironed out. You're are naive in your thinking.

[benjamin07]

lesnod i am naive in my thinking and either you or your lawyers don't have balls. Money cases are the easiest and quickest and there is a very specific reason for that: the powers that be want to make it clear that when it comes to money owed there is no playing up.

In my case on two occasions I managed to get my clients their money back before initiating proceedings, and the way I did it is by showing them what we will do to them if they do not pay up and we go ahead. It is not a threat, it is a clear presentation to them of 1+1=2.

I'm happy for it to take 10 years, as long as I know who I am up against, unlike the BTC crap going on now. You are accusing the prey of being guilty for falling to the scum bag, man you take such terrible positions it's not funny. The prey is not guilty for falling into the traps, putting traps is illegal. What I'm guilty of is using a faulty system like BTC, it is like a very beautiful woman walking scantily clothed on a ship with 40 sailors none of them gay who have been at large for weeks and hoping not to get mugged, to put it politely on a public forum. If you didn't get that one, try: using BTC is like using Windows 95 and hoping not to catch a virus. Enjoy your BTCs and the one who takes them from you in exchange for anything, good on them finding the next idiot.

[Cronos7]

Im only here to say that I got my money back since the sold of the web, they ask my BTC address and send my money back (when the page still working, 5 or 6 days ago) and I put it inside again. I think this should be some credit to this guys. Is true: the web still down and we haver zero notice, that is some irresponsible from them. I hope come back, I still think they do. Remember the last time it goes down, everyone in panic, etc etc; and now something similar is happening. This HYP site is the only one I saw goes down and up again.

[NLNico]

benjamin07, I think you misunderstand the concept of bitcoins.

Bitcoin is a decentralized and trustless currency. This means you don't have to trust your bank or government to take care of your money. You can keep your money all by yourself. Obviously in this situation you do have to trust yourself to make wise decisions with it.

"Trusting" your money with a pretty obvious ponzi is 100% the opposite of what you are supposed to do with bitcoins. YOUR mistake, not a mistake in the protocol.



But I agree we might need to educate users more. I tried my best in this topic since the beginning, but people seem to be very ignorant when greedy and blind of the possibility of making money.

I also agree that bitcoins, at least in the current form, are not for everyone. I would not recommend my mother, who barely can use computers, to use (large sums of) bitcoins, indeed also for security reasons. Would be great to think about solutions for that. Blacklisting, reversing payments, etc are not the solution though. And I am pretty sure that my mother wouldn't "invest" money in a pretty obvious ponzi like this, so that's even a different issue compared to hackers/viruses/etc. (or IMO not a very big issue at all, many ponzi sites accept usd too, not related to bitcoin)

[RedGolpe]

But I agree we might need to educate users more.

And that means to educate people to use their money wisely, not to use a specific currency in place of another one.

[sev09]

Im only here to say that I got my money back since the sold of the web, they ask my BTC address and send my money back (when the page still working, 5 or 6 days ago) and I put it inside again. I think this should be some credit to this guys. Is true: the web still down and we haver zero notice, that is some irresponsible from them. I hope come back, I still think they do. Remember the last time it goes down, everyone in panic, etc etc; and now something similar is happening. This HYP site is the only one I saw goes down and up again.

Dude, it's done.  Stop trying to put a halo on the scammers.

[tom14cat14]

I blame myself for losing the money. I knew it was a risk. I was hoping to pull out before they folded. I guessed wrong. I do think it is a serious drawback of BTC for being adopted on a wider scale. Most people are going to say what problem does this solve? I have a credit card(digital money) which buys everything I want and protects me from a lot of things. BTC the only thing I can buy that I cant buy with my credit card are illegal things. Until there are more protections BTC will not be adopted by the masses. It still may grow in value because people will still come it just will not be as big as it could be.

[Rulishix]

I blame myself for losing the money. I knew it was a risk. I was hoping to pull out before they folded. I guessed wrong. I do think it is a serious drawback of BTC for being adopted on a wider scale. Most people are going to say what problem does this solve? I have a credit card(digital money) which buys everything I want and protects me from a lot of things. BTC the only thing I can buy that I cant buy with my credit card are illegal things. Until there are more protections BTC will not be adopted by the masses. It still may grow in value because people will still come it just will not be as big as it could be.

Your credit card is regulated by a central authority. Bitcoin is not. This is the difference. Bitcoin will continue to grow. Just not as fast.

[tom14cat14]

I blame myself for losing the money. I knew it was a risk. I was hoping to pull out before they folded. I guessed wrong. I do think it is a serious drawback of BTC for being adopted on a wider scale. Most people are going to say what problem does this solve? I have a credit card(digital money) which buys everything I want and protects me from a lot of things. BTC the only thing I can buy that I cant buy with my credit card are illegal things. Until there are more protections BTC will not be adopted by the masses. It still may grow in value because people will still come it just will not be as big as it could be.

Your credit card is regulated by a central authority. Bitcoin is not. This is the difference. Bitcoin will continue to grow. Just not as fast.

I dont not think this is as big of an issue for the majority of people. If centralized means safer they will take it. That is normally why things become centralized. People feel safer with big brother watching over them. Currently anarchist and libertarians are a small portion of the population. Therefore BTC will be limited in growth until it becomes more appealing as a tech innovation that is safe. I am not saying that I think BTC will go away just stating that I think there is a limited audience that will accept it.

[y80]

It's down for good this time it seems.

[FreeJack2k2]

People feel safer with big brother watching over them.

Then they're fools with blinders on. But I know you're in favor of a nanny state who holds your hand through everything and absolves you of any personal responsibility for the outcome of your decisions.

[tom14cat14]

People feel safer with big brother watching over them.

Then they're fools with blinders on. But I know you're in favor of a nanny state who holds your hand through everything and absolves you of any personal responsibility for the outcome of your decisions.

Dont say me. I am saying the masses. I am saying the issue with being adopted by the majority of people.

[wanna4fun]

seems down for now, lost 0.05 btc... anyway, that was fun the time it last...