BitSafe.io - Bitcoin bank and payment processor - by Dean from BetKing.io

[someone111]

I got this by e-mail since I participated in betking.io ICO.

Hi
It's Dean from BetKing. I hope you don't mind me emailing you from my personal account but this isn't just BetKing related.

You may have seen in some groups or on BetKing chat that I am launching a new business venture.
It is a Bitcoin bank and payment processor named BitSafe.io
The premise is that we are making Bitcoin easier to use as a currency and have users not worry about the difficult task of storing funds securely.

Here's a video demo of how we allow contactless payments from the app to point of sale devices and phones. You can imagine paying for things in store like this.
https://www.youtube.com/watch?v=BQhV5NQ9qgM

Here's a link to a pdf file that describes the project in much more detail and also contains details of an ICO fundraising program, https://bitsafe.io/assets/img/BitSafe-Ico.pdf.
The ICO starts on the 27th of November to the public but I have started a private pre-sale now where participants can get tokens at a 30% discount.

I know you have already put funds in to an ICO project of mine.
I have been disappointed that BetKing hasn't had the success we had in the past and that the token price isn't higher than it currently is.
Things are looking a bit better now but it has been slow and the market is really tough.

For this reason I'm allowing BKB token holders to take part in this ICO with their BKB tokens.

In the pdf you will see that the last week of the public sale buyers would get 1020 BitSafe tokens for 1 Ethereum.
In the pre-sale I'm selling 1450 BitSafe tokens for 1 Ethereum.
The current price of BKB is $0.099 which means at the current Ethereum price you would get 1450 BitSafe tokens for 2212 of your BKB tokens.

I wondered if you would be interested in trading your BKB, or some of them, for the new BitSafe tokens?
I think this has the potential to be far more profitable than BetKing mainly because we have a much larger audience to target and no restrictions on marketing, unlike Bitcoin gambling.
I don't mind if you don't want to and would rather keep your BKB tokens.

If you like the look of the project and would like to buy more BitSafe tokens than what your BKB balance would get I'm also accepting Bitcoin, Litecoin and Ethereum at the equivalent exchange price.

The pre-sale will run for another few weeks so no rush and you can take all the time you need to read over the pdf and ask any questions which may not be answered in there.

Finally, if you would rather I didn't email again please say. I think some BK emails go to spam so I don't always know who receives them or not.

Thanks

Dean

Sent with [ProtonMail](https://protonmail.com) Secure Email.

[someone111]

I am skeptical but still haven't fully given up on Dean.

http://bitsafe.io

http://bitsafe.io/assets/img/BitSafe-Ico.pdf

I have been disappointed that BetKing hasn't had the success we had in the past and that the token price isn't higher than it currently is.

No shit, Sherlock! Why the fuck the token still isn't listed on coinmarketcap or any other crypto market cap website or any other exchange? What do you expect? Looks like zero effort of promoting the token. It's even hard to google a market for BKB token. Most hard to google toke that I know and I've seen 100s of them.

The problem is if Dean wants to buy-back the token, how would he be interested to pump the token price? No logic.

The BKB token price oh well.... I was forgetting about this investment. Have a tendency to not sell at loss. Hold until zero. Because why get a few % back if I can just wait for years and then maybe be surprised by holding something worthwhile.

[someone111]

http://bitsafe.io/assets/img/BitSafe-Ico.pdf

White paper looks cheap.

We will look to partner with card providers so users can withdraw funds from ATM’s or use their card to pay for goods and services.

We will be looking to have a partnership with banks for this.

Does not sound convincing.

Uh. Utility token. Boring. Give me equity / dividends!

If you ask me, go back to the drawing board. This ICO does not look well prepared.

I'll invest a small part of my BKB anyhow. Gamble.

[BayAreaCoins]

Absolute scam.  If you invest in this, you deserve to lose your money.

[buwaytress]

This is a Service Discussion thread so shouldn't we be discussing the service in question, which is BitSafe?

I don't know the owner, nor did I invest in the Betking ICO, but I do know of Betking's reputation, and it's a decent one, according to my estimation. Sure, you get the odd complaints (sort of a hallmark of a well-used service in my opinion!) and I think there were some unhappy campers but it's really quite a tough market right now for those in the gaming industry, and hard decisions will have their detractors.

Getting back on track, read the pdf briefly and it seems like it's just a banking service, Bitcoin-enabled. Be very interesting to see if a gambling operator will have more success than those projects with teams from financial/banking backgrounds who have yet to launch proper products despite raising huge amounts last year. Merchant networks, and bank account integration, in particular, a stumbling point.

[Lanatsa]

First question,

Did you make some good returns on Betking ICO? If yes then its your choice if you would follow again with Dean's business venture.
If not, then why would try again to invest if you do already know the possible outcome? If I were you,i wont really put a penny on this one.

[ralle14]

Getting back on track, read the pdf briefly and it seems like it's just a banking service, Bitcoin-enabled. Be very interesting to see if a gambling operator will have more success than those projects with teams from financial/banking backgrounds who have yet to launch proper products despite raising huge amounts last year. Merchant networks, and bank account integration, in particular, a stumbling point.

It's hard to see Dean succeed after he ruined his reputation with (the new) BetKing. He was reputable and gaining a lot of success when BetKing didn't had an ICO. Now it's slowly going the other way around which is kind of disappointing to see. He should've fixed all the problems he had on BetKing first, before moving to another project.  

This project could end up being worse than Betking tbh.

Did you make some good returns on Betking ICO? If yes then its your choice if you would follow again with Dean's business venture.
If not, then why would try again to invest if you do already know the possible outcome? If I were you,i wont really put a penny on this one.

It's his money let him do what he wants with it.

Can anyone here confirm first that it is Dean Nolan that is behind this bitsafe.io project? It can be someone that is only using Dean Nolan's name to get some money from potential investors and run away with the money.

I didn't invest in their ICO but I did received an email about them transitioning to Bitsafe and others are discussing it here.

[zupdawg]

Can anyone here confirm first that it is Dean Nolan that is behind this bitsafe.io project? It can be someone that is only using Dean Nolan's name to get some money from potential investors and run away with the money.

[RHavar]

It's worth noting that Dean renegged on the terms of his previous ICO majorly screwing investors. I can't for the life of me imagine why anyone would want in on his next venture.


Not to mention, once again -- the terms of the ICO are kind of bizarre and doesn't seem like anyone spent any time reviewing it. For instance, it appears the value of the token is derived because bitsafe.io promises to use 40% of future profits to do token buy backs. Ok, fair enough. But that program only continues until 60% of the tokens are bought-back. So then what? The remaining 40%'s token's only utility is to get the 50% discount? How can such an important thing be so massively underspecified.


And I suspect the business model in the "whitepaper" is fundamentally doomed: a rational fee-payer would buy X/2 btc worth of tokens instead of paying X btc worth of fees, and save (more than) 50%. Which not only leads to price instability, but as people do this, bitsafe.io doesn't make any money -- unless they get into the business of selling/creating tokens to sell on the market. And if they do that, it's a pretty convoluted way of just having lower fees. But if history is any indication -- the terms will just be arbitrarily changed in ways that are unfair to investors.

[buwaytress]

Not to mention, once again -- the terms of the ICO are kind of bizarre and doesn't seem like anyone spent any time reviewing it. For instance, it appears the value of the token is derived because bitsafe.io promises to use 40% of future profits to do token buy backs. Ok, fair enough. But that program only continues until 60% of the tokens are bought-back. So then what? The remaining 40%'s token's only utility is to get the 50% discount? How can such an important thing be so massively underspecified.

And I suspect the business model in the "whitepaper" is fundamentally doomed: a rational fee-payer would buy X/2 btc worth of tokens instead of paying X btc worth of fees, and save (more than) 50%. Which not only leads to price instability, but as people do this, bitsafe.io doesn't make any money -- unless they get into the business of selling/creating tokens to sell on the market. And if they do that, it's a pretty convoluted way of just having lower fees. But if history is any indication -- the terms will just be arbitrarily changed in ways that are unfair to investors.

The way I see it - and I don't understand "tokenomics" very much at all - all the incentivation models of tokens have not worked, not without a pre-existing need for the utility, as in the case with Binance and BNB, which it had to work very hard to build up first. Even so, I can't see that model as being sustainable long term, as you point out, the price instability already means people are looking for better, new options, and ever-increasing rates of attrition for users. Something a service like Binance can ride out because it's a market maker.

Buy backs don't seem to have worked very well either, exactly because of the inability to determine price floors.

[marlboroza]

If Dean is really part of the team you should stay away from this. If he is not part of the team, it only means they have fake team - stay away.

[Patatas]

I wonder how much money would this dude scam from the poor investors until he thinks it's finally done? I thought the thing going on with betking ICO investment was just a one-sided scam but this one surely is a full-fledged one! Thanks for sharing this with us. At this point, I'd avoid using the services operated by this guy.

[Moonmanmun]

You would have to be missing a bunch of brain cells to ever trust Dean Nolam again wuith your money.