[FLAGGED] [scam] BetKing.io broke ICO promise and dropped token value 99%

[PrimeNumber7]

If someone had sold at a low price, their claim would have transferred to whoever purchased their tokens.

Lol, that would be Dean himself! He told people that BKB tokens would expire, and should be exchanged for the BKT tokens he created. Not having them expire (and possibly buying them back from himself) is just shady.

That also means buying back BKB tokens doesn't make me whole: he broke his buy-back promise, which is what forced me to exchange the BKB tokens for other tokens.

I have to disagree with you on this one. If Dean unilaterally changed the terms of the BKB tokens, you would have a breach of contract claim against him.

If someone owes you money as evidenced by a bond, you cannot sell the said bond for a discount and expect the creditor to pay you the difference between the sale price of the bond and 100 cents on the dollar of the face value of the said bond. The buyer of the said bond can negotiate with the creditor to settle the debt, which may or may not involve the creditor receiving less than the face value of the bond.

[LoyceV]

That also means buying back BKB tokens doesn't make me whole: he broke his buy-back promise, which is what forced me to exchange the BKB tokens for other tokens.

I have to disagree with you on this one. If Dean unilaterally changed the terms of the BKB tokens, you would have a breach of contract claim against him.

I don't get why you disagree on this. Dean ended the quarterly buybacks, which broke the terms of the BKB tokens, which is a clear breach of contract, which is (the main reason) why I Flagged him.

If someone owes you money as evidenced by a bond, you cannot sell the said bond for a discount and expect the creditor to pay you the difference

No worries, I have no expectations left.

[PrimeNumber7]

That also means buying back BKB tokens doesn't make me whole: he broke his buy-back promise, which is what forced me to exchange the BKB tokens for other tokens.

I have to disagree with you on this one. If Dean unilaterally changed the terms of the BKB tokens, you would have a breach of contract claim against him.

I don't get why you disagree on this. Dean ended the quarterly buybacks, which broke the terms of the BKB tokens, which is a clear breach of contract, which is (the main reason) why I Flagged him.

If someone owes you money as evidenced by a bond, you cannot sell the said bond for a discount and expect the creditor to pay you the difference

No worries, I have no expectations left.

As a holder of a debt obligation, you have an expectation of repayment obligations, and/or repurchase obligations as outlined with the agreement between you and the creditor (in this case Dean/BetKing).

If the creditor fails to honor any repayment or repurchase obligations, as a holder of a debt obligation, you have a cause of action against the creditor. A holder of a debt obligation can be made whole by the creditor honoring their repayment or repurchase obligations. A holder of a debt obligation can also choose to settle their claims by accepting less than the total amount owed in exchange for a quick resolution and/or certainty they will receive a recovery. If you sell your debt obligation you are selling the right to receive a repayment (and to sell your debt obligation via repurchase) to the buyer, who can choose to settle if he so chooses.

The title of this thread appears to imply that you "lost" 99% of your "investment" due to Dean's/BetKing's default in their obligations. A key part of the type of flag you opened is that there needs to be a way in which you can be made whole, and have the flag rescinded. Presumably, you want to receive the 99% of your initial investment that you lost. If this happens, what happens to the buyer of your BKB? They presumably bought a token with a face value of $1.00 for a price of $0.01. If they bought at a discount, the face value remains the same, and they presumably bought with the expectation of either being able to receive the full face value of the token or being able to settle for less than face value, but at an amount greater than their purchase price.

This is an important part of contract law, and should be considered prior to supporting a flag involving a contract violation.

[LoyceV]

If the creditor fails to honor any repayment or repurchase obligations, as a holder of a debt obligation, you have a cause of action against the creditor.

You know as well as I do that I can't pursue legal action against some anonymous guy on the internet for $700. All I have to fight scammers is this platform (Bitcointalk).

A holder of a debt obligation can be made whole by the creditor honoring their repayment or repurchase obligations. A holder of a debt obligation can also choose to settle their claims by accepting less than the total amount owed in exchange for a quick resolution and/or certainty they will receive a recovery. If you sell your debt obligation you are selling the right to receive a repayment (and to sell your debt obligation via repurchase) to the buyer, who can choose to settle if he so chooses.

It's not as if I had much of a choice: BKB's only value was based on Dean's buyback promise, and after he cancelled that, he decided BKB would become worthless. He also came up with several different stories:

On November 30, 2018, I received a "Latest news" email from BetKing:

Future of BKB and BetKing
 
BetKing will be moving away from gambling and rebranding to become a Bitcoin bank, exchange and payment processor.
 
We have already began work on this and we will launch in q1 of 2019. See https://bitsafe.io for more details and a working demo of the app.
 
Once the new site is live BKB will be converted to BTSC (BitSafe Coin) automatically using the exchange rate of both tokens at the time.

On January 28, 2019, I received another email from BetKing:

Existing BKB holders will be able to convert BKB for the new token.

Either way, BKB would have been "converted" one way or another, so I did the only sensible thing left: cut my losses. But that doesn't mean Dean made me whole.
If you disagree, you're free to withdraw Support for the Flags and Oppose them instead.

A key part of the type of flag you opened is that there needs to be a way in which you can be made whole, and have the flag rescinded. Presumably, you want to receive the 99% of your initial investment that you lost.

Dean is free to contact me to work something out. I'm not unreasonable

If this happens, what happens to the buyer of your BKB?

As I pointed out earlier, the "buyer" is Dean himself. He's also the one who decided BKB token holders had no other choice than to sell them, or he'd make them completely worthless.
Besides:

At the ICO, Dean said the BKB tokens wouldn't be sold again.

This is an important part of contract law, and should be considered prior to supporting a flag involving a contract violation.

I'm not sure why you're trying to find a loophole for scammer Dean. Fact is he broke so many of his previous promises and now created his fifth Bitcointalk account to post this:

Latest BKB/Bankroll Refunds: $10,000
15% of the sites monthly profit goes to refunding bankroll losses and buying back BKB.
If you had BKB tokens or bankroll losses you can view your latest refund stats at https://betking.io/refunds

Note that this can't be verified at all, and since he's a proven liar and scammer, I don't believe a word he says.

[TwitchySeal]

He's baaaaackk



From betking tg channel:

BetKing.io Relaunched
https://betking.io

Currently only the classic dice game is live and can be played with BTC, ETH, LTC etc as well as BKB.

We are waiting on game providers re-activating our account so we can offer slots and casino games.

Information for token holders can be found here https://betking.io/token
Old token holders will see BKB in their balance.
BKB Pool payouts will start once the game providers are activated.

We are in the process of finding  a new person or team to manage and run the day to day operations. Get in touch if interested.

Any questions can be emailed to support@betking.io

[JollyGood]

How much longer will this scammer try to rinse the Betking name?

I thought it was a matter of time before he returned but did not expect it this late. If anything, I would have expected him to have returned with (yet another) re-launch a long time ago.

At least for him there is one member that is already playing even with miniscule amounts of BTC if those figures are even correct. I wonder how long this will go on for before he tried to fund it with another round of tokens and investments. In the end, he will run off again that is inevitable.

He's baaaaackk



From betking tg channel:

BetKing.io Relaunched
https://betking.io

Currently only the classic dice game is live and can be played with BTC, ETH, LTC etc as well as BKB.

We are waiting on game providers re-activating our account so we can offer slots and casino games.

Information for token holders can be found here https://betking.io/token
Old token holders will see BKB in their balance.
BKB Pool payouts will start once the game providers are activated.

We are in the process of finding  a new person or team to manage and run the day to day operations. Get in touch if interested.

Any questions can be emailed to support@betking.io

[LoyceV]

In the end, he will run off again that is inevitable.

It's typical for broke casino's: trying to fake it till they make it. If it's profitable, he'll be "good and honest" again. But if it's not profitable, he has no money to pay anyone. So as a player, you can only lose.

[JollyGood]

Where would he have received investment from? There has to be a bankroll in order for a casino to operate as a viable business. Granted he stole the previous bankroll and blamed it on an imaginary hack but this time he claims BetKing is now privately bankrolled and "The pool has been funded with $100,000 from other unrelated projects and the site owners personal funds to kick start the relaunch of the site."

If he really has managed to fool investors then eventually through lack of any real interest from gamblers in the betking.io website, it will definitely close. Whether he closes the website as an exit-scam would be determined when that stage comes but it definitely will. Other casinos are too far ahead therefore betking.io can only dream of getting a slice of those customers but like previous occasions it will fail, again.

In the end, he will run off again that is inevitable.

It's typical for broke casino's: trying to fake it till they make it. If it's profitable, he'll be "good and honest" again. But if it's not profitable, he has no money to pay anyone. So as a player, you can only lose.

[JollyGood]

If you had an account in 2017 but didn't have a balance in your account in 2019 your old account will not work. You would need to make a new one and then prove ownership of tokens.

The rate is $0.09128 yes, that was the price of the token after the ICO ended. Most investors bought the tokens cheaper in the earlier stages of the ICO.

He is back posting in the forum again after yet another re-launch: BetKing.io Token Refunds - $44k refunded since going live again

If you still have your 7278 BKB from the 2017 Betking scam you should be able to get $664.34 compared to the approximate $700+ you were originally owed (according to the rates given above in the post). The question is, will he pay his debt to you?

I have 7278 BKB left, which (at $0.099 per BKB) was supposed to be worth just over $700. The last time BKB was traded for Bitcoin on betking.io's own exchange, it would have been worth around $2 in total.
Currently, the only option is to exchange 1 BKB for 20 BKT. BetKing claims hourly buy backs, but that's only with a part of the profit, at the rate on their own exchange. It doesn't do justice to the dollar value it was supposed to have.

https://betking.io/exchange doesn't have any buy orders at BTC-BKT. There are buy orders at LTC-BKT, with the last price being 0.000001 LTC per BKT.
That means my 7278 BKB are worth 145563 BKT which is worth 0.145 LTC which equals $8.21. That's close to a 99% drop from the fixed pegged in dollar price BetKing guaranteed at it's ICO.
I should have been able to sell back 10% quarterly at a rate pegged in dollar, meaning around $70 for the first quarter, $63 the next quarter and so on.

[LoyceV]

He is back posting in the forum again after yet another re-launch: BetKing.io Token Refunds - $44k refunded since going live again

Hey, I've seen this one before:

The goal of this relaunch is to refund old ICO token holders.
15% of the site profit each month will go towards buying back old BKB tokens.

And 2 years earlier, he did the same:

Bump: the scammer is back with a self-moderated thread: BetKing.io is Closed. Balance recovery + BKT/BKB buyback plan..
It looks like he's planning his next scam, including Newbie sockpuppets vouching for him.

The scam and misleading only gets worse. Those "BKB tokens" he claims to be refunding expired years ago:

Dean said BKB tokens would expire 2 years ago, leaving the only option to exchange them for his (much more abundant) BKT tokens. And now Dean is saying he's buying back BKB tokens again. Let's just add it to the long list of shady actions.

I've seen the new topic. He's trying the same every 2 years, somehow using his previous scam to convince gullible people he's the good guy now. Lol.
If people still fall for his scam, despite a big red Flag banner, -11 and a self-moderated thread, they can't be helped.

If you still have your 7278 BKB from the 2017 Betking scam you should be able to get $664.34 compared to the approximate $700+ you were originally owed (according to the rates given above in the post).

See:

@marlboroza I think Loyce sold his BKB or swapped them for BKT before selling them. I am sure he can confirm but he made a fraction of what he should have had before serial scammer Dean Nolan decided to destroy betking post-ICO

Correct. I got out of this debacle. BKB tokens would expire soon if I wouldn't swap them, so I swapped and sold them.
When I opened this topic, my BKB tokens would have been worth close to 0.2 BTC based on the ICO promises. I got about 0.0045 BTC for them.

The question is, will he pay his debt to you?

Of course not, he's a scammer.

He's still using one post Newbie sockpuppets:

Hi, I was one of the investors in the Betking ICO in 2017, possibly even one of the largest investors at the time. There have been many years of discussion about how things went wrong and what happened to the site.

I, like many people, have never known for sure what happened but I can confirm that I've started to see refunds for my tokens and this is the first time since the casino failure years ago that I had any refund. In about 3 months I've gotten back about 2% of my investment, but it's real money successfully withdrawn from the site. It's a hopeful sign because if I was made whole it would be absolutely life changing.

Why is he advertising his "token refund" on the Gambling board anyway? The rules are One thread per site ONLY. I've reported his topic:

Code:

The Gambling board rules say: "One thread per site ONLY". This guy has 8 topics for the same website by now, including more than one on "buying back tokens".

Update: a Mod locked the topic.

[Jawhead999]

Of course not, he's a scammer.

I was in doubt because they've promoted their scam project and claiming to make a refund, without any proof. But there's an user claimed he already get the refund, I don't think he's an alt of Betking. I guess you have nothing to lose to try it by contacting their email address.

Update: I just got my full refund!  

Why is he advertising his "token refund" on the Gambling board anyway? The rules are One thread per site ONLY. I've reported his topic:

To gain attention, the topic should be moved to service discussion (altcoins) board.

[LoyceV]

I was in doubt

There you go, he's getting better as his scam and people start doubting he's a scammer.

But there's an user claimed he already get the refund

His screenshot shows he received 0.02331972 Bitcoin. BetKing gained millions of dollars in their scam ICO, at the time worth a couple of thousand Bitcoins. Giving back a fraction of a fraction (assuming it's true) doesn't mean squat.

To gain attention, the topic should be moved to service discussion (altcoins) board.

He's basically saying: "gamblers lost $44k on my site already, come play with me so you'll lose more and I can pretend to be Robin Hood".

[BetKing.io]

To gain attention, the topic should be moved to service discussion (altcoins) board.

He's basically saying: "gamblers lost $44k on my site already, come play with me so you'll lose more and I can pretend to be Robin Hood".
[/quote]

On a site that you can't deposit on?