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Author Topic: btc-arbs.com - anybody tried this? Daily interest on BTC deposits  (Read 3681 times)
techemy
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February 27, 2014, 11:15:05 PM
 #1

Hey guys

I signed up for btc-arbs.com a few days ago:

Here's the link to my account to check out: https://btc-arbs.com/referral/techemy

The idea is that you deposit BTC in - they (supposed professional traders) slush BTC around different exchanges for a profit.

Here's what Arbitrage Trading is about:
"Arbitrage is the act of profiting from inefficiencies on any sort of exchange or economic situation. This is possible when the price of a particular commodity is one value in a particular marketplace and a different value is another marketplace. In the context of Bitcoin arbitrage, the situation occurs when Bitcoins are being sold at one price on one exchange, and a completely different price on another exchange. This allows to purchase Bitcoins the exchange with the lower price, and re-sell those same coins on another exchange, and profit through the difference."


MY EXPERIENCE:

I still dont know what to think but here is my experience

I deposited 5 BTC on the 23rd.
I received interest of 0.1019 BTC that night.

I deposited 15 more BTC the next day.
I immediatly withdrew all 20 BTC (+ the interest I earned)

I received 20.1019 BTC back within 24 hours as stated on the website.

So... deposits & withdrawals working fine within stated time-frames.
Interest is daily (between 0.01 and 5% daily) and I can withdraw interest too.

I put 5 BTC back into my btc-arbs.com account and will prob bulk up to 50 btc and leave for the month of March.

Anybody have any insights into this service or would like to add any useful info?


Thanks

~ T
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February 28, 2014, 02:10:14 AM
 #2

I clicked on your link and my WOT extension for chrome gave a red warning, stating potentially illegal and a scam. So not good.... Same thing for Leancy and the likes apparently. Shame, I wish there was a legit thing like this, that would suit me xD.

Topazan
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February 28, 2014, 03:18:12 AM
 #3

Just hearing you describe it, it sounds like a ponzi.

Save the last bitcoin for me!
techemy
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February 28, 2014, 04:19:12 AM
 #4

hmmmm

doesnt sound too healthy. Anyway to get some further info on the chrome warning - like if its pulled from a data base or searches for something?
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February 28, 2014, 05:36:46 AM
Last edit: February 28, 2014, 10:45:10 AM by odolvlobo
 #5

The fact that they didn't run off with your 20 BTC might be evidence of their legitimacy. But if they are running a ponzi and they are smart they would have happily returned your 20 BTC because they anticipated you doing this:

I put 5 BTC back into my btc-arbs.com account and will prob bulk up to 50 btc and leave for the month of March.

Keep in mind that Trendon Shavers ran a Ponzi scheme for months and collected millions of dollars worth of bitcoins, and Bernie Madoff's Ponzi scheme ran for years and collected billions of dollars.

Also, keep in mind that there are hundreds of people looking at Bitcoin exchange arbitrage. If there is any profit from arbitrage, it is going to be small.

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Sindelar1938
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February 28, 2014, 09:45:04 AM
 #6

I wouldn't touch these schemes with a bargepole

Almost certainly a ponzi scheme

But good luck to you!

shaobao88
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February 28, 2014, 10:01:54 AM
 #7

How did you get it is a scheme? As I was looking through the site and it doesn't seem to be a ponzi. I want to know how did you mentioned that as I am trying to learn such things to be more safe from any schemes

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February 28, 2014, 11:39:26 AM
 #8

hmmmm

doesnt sound too healthy. Anyway to get some further info on the chrome warning - like if its pulled from a data base or searches for something?

WOT is a project, an extension where users rate websites. It pulls user info when ever you go to a website, and the extension notified me that this website had a low level of trust.

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February 28, 2014, 11:43:16 AM
 #9

if they were able to collect 0.1 to 5% interest everyday, they would just start with 1,000 USD of their own money and retire to their own tropical island in one year. think about it.

Night gathers, and now my bitcoinwisdom watch begins.
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February 28, 2014, 11:51:40 AM
 #10

bitscalper?? is that you!?

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February 28, 2014, 12:29:31 PM
 #11

How did you get it is a scheme? As I was looking through the site and it doesn't seem to be a ponzi. I want to know how did you mentioned that as I am trying to learn such things to be more safe from any schemes

Number one method of recognising scams: calculate the yearly profit percentage from the daily figures they use to confuse. If it sounds too good to be true, then it's too good to be true.

In this case, they advertise 0.1% to 10% daily profits (this should already be a massive warning sign: if you can make an insane 10% daily profit, then you are taking extreme risks and must have days of bad losses as well. These guys claim to only have profitable days). But let's estimate based on their reported profits for the month: they claim to have made about 1.8% profit per day on average. Maybe that sounds like it's possible, but calculate a yearly profit from that first: 100* (1.018^365 - 1) = 67287%

67287% -> SCAM
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March 10, 2014, 06:38:50 AM
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How did you get it is a scheme? As I was looking through the site and it doesn't seem to be a ponzi. I want to know how did you mentioned that as I am trying to learn such things to be more safe from any schemes

Number one method of recognising scams: calculate the yearly profit percentage from the daily figures they use to confuse. If it sounds too good to be true, then it's too good to be true.

In this case, they advertise 0.1% to 10% daily profits (this should already be a massive warning sign: if you can make an insane 10% daily profit, then you are taking extreme risks and must have days of bad losses as well. These guys claim to only have profitable days). But let's estimate based on their reported profits for the month: they claim to have made about 1.8% profit per day on average. Maybe that sounds like it's possible, but calculate a yearly profit from that first: 100* (1.018^365 - 1) = 67287%

67287% -> SCAM


By the same reasoning BTC is a doomed bubble because it went up 7000% last year. 

Seriously there are problems with your reasoning.   
1) If they are real and successful the yields will drop.  Probably even .1% will become very high at some point.
2) Arbitrage is a real trading method used by very big money in many different markets to get safe high yields.  Clearly high is something less than 67287%.   Still arbitrage can work if you have the resources to pull it off. 

However just because your reasoning is flawed doesn't mean it isn't a scam.   Clearly caution is warranted.   There are many scams in the BTC world.   
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March 10, 2014, 07:16:55 AM
 #13

There are thousands of sites like that.

The website always looks good
Excellent believable description
Daily returns always

They usually operate for a few months
then suddenly whoosh
"we are very sorry to say that our funds were hijacked by some payment processors or were hacked"
Withdrawals temporarily disbled
and within a month no one will know such a website existed.

Nothing anywhere

this is actually the 7th one i am seeing now

pokerbyproxy  and many more i forgot their names
pletharoe
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March 10, 2014, 12:39:45 PM
 #14

I've just deposited 1BTC, let's see what happens.

I'm not surprised at the potential rate of return.  I arb traded AUR for a few days and made profits exceeding 10% each day.  In a system with lots of exchanges and relatively few exchange transactions there will inevitably be arb opportunities.

My only concern is trust.  I don't think that systems like WOT are reliable in instances such as this.  The web site hasn't been around long enough to build any trust.  Conversely it hasn't been around long enough to lose any either!  So far there is no real data on the trustworthiness of the site.
pletharoe
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March 10, 2014, 03:15:18 PM
Last edit: March 10, 2014, 03:53:20 PM by pletharoe
 #15

It took 4 hours, but the 1 BTC has appeared in my account.  Wait 24 hours and see what the return is.
Alley
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March 10, 2014, 04:36:14 PM
 #16

What the hell.  I deposited .5 btc and will see what happens.
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March 10, 2014, 04:55:27 PM
 #17

Obvious ponzi is obvious.

See this topic: btc-arbs.com - Daily ROI (0.01-10%) Update: personal opinion + ponzi proof

pletharoe
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March 10, 2014, 11:18:20 PM
 #18

I made 0.69% overnight.  Now trying to withdraw, let's see how long that takes.  It says up to 36 hours (WTF?)

Do we have any concrete proof of who owns this site.  Information like this would increase my confidence - I'd know who to go after if I lost my btc!
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March 11, 2014, 01:01:57 AM
 #19

I made .0034 and I just deposited my .5 BTC about 7 hours ago.  Just requested a withdrawl and will see how it goes. 
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March 11, 2014, 03:42:51 AM
 #20

seemslegit.

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