[SCAM] iBid Ponzi Scheme

[Bthd]

What happened: Ponzi scheme (guaranteeing revenue, no team info, user levels ...)

Bounty: https://bitcointalk.org/index.php?topic=5259948.0 (it is also self moderate)

Website: https://www.ibidtowin.co/ (Expires On 2021-06-14 https://who.is/whois/ibidtowin.co)
Archived: http://archive.is/7rwNk

Proofs:

[1713480509]

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[1713480509]

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[1713480509]

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[Princejebs]

I don't know much but I was going through their website where a link shows to get their App on Google play store but I was redirect to download the App directly on clicked Link, this may be harm to Device.
Link below==>
http://imgur.com/gallery/AgxxUZh
https://android.ibidtowin.com/
I also searched for the App on playstore / Google play store but its not available.

[TalkStar]

I don't know much but I was going through their website where a link shows to get their App on Google play store but I was redirect to download the App directly on clicked Link, this may be harm to Device.
Link below==>
http://imgur.com/gallery/AgxxUZh
https://android.ibidtowin.com/
I also searched for the App on playstore / Google play store but its not available.

Its always risky to download apps from untrusted sources. Usually this kinda websites use playstore and IOS app icons on their frontend but actually it will not redirect you there. Its just a common trick by which they want to make their visitors believe that their app is listed on google playstore.

Don't click on something like this before searching the name on playstore.      

[cheezcarls]

What happened: Ponzi scheme (guaranteeing revenue, no team info, user levels ...)

Bounty: https://bitcointalk.org/index.php?topic=5259948.0 (it is also self moderate)

Website: https://www.ibidtowin.co/ (Expires On 2021-06-14 https://who.is/whois/ibidtowin.co)
Archived: http://archive.is/7rwNk

Proofs:

It is purely scam because of guaranteed revenues due to the "packages" offered and no team behind this scheme. Plus, it's an MLM scheme using crypto as "front". Definitely not worth participating in their bounty program.

Sad to say that bounty hunters are attracted to the reward pool of $30,000 USDT without even knowing what they promote is purely scammish. I would highly suggest to stay away from their project, as well as participating in their bounty program. To the bounty hunters who have participated, I'm sorry to say that you have wasted your time and effort in promoting this scam opportunity.

[examplens]

It is purely scam because of guaranteed revenues due to the "packages" offered and no team behind this scheme. Plus, it's an MLM scheme using crypto as "front". Definitely not worth participating in their bounty program.

Sad to say that bounty hunters are attracted to the reward pool of $30,000 USDT without even knowing what they promote is purely scammish. I would highly suggest to stay away from their project, as well as participating in their bounty program. To the bounty hunters who have participated, I'm sorry to say that you have wasted your time and effort in promoting this scam opportunity.

I'm not sure you understood well what this is about.
Guaranteed revenue is for the referral program. there is nothing strange here because almost all (high trusted) services use this method to motivate people to spread the story and find new users.
if I understood correctly, this is an auction website, I don't see a direct connection with any suspicious investment activity.
From some unknown reason, the website creator/owner predominantly stressed affiliate program, so the basic idea of business is unclear.

It's just mu opinion, and how I saw it.

User Exidous opened this bounty thread, anyone pointed them to this accusation? maybe he can give us some explanations.

[Bthd]

Guaranteed revenue is for the referral program.

Referral programs and ponzi schemes has some similar properties. If you have to pay big budgets for a "referral" program and system pays backs with small percentages in a pyramid, it means this is not a referral program.

there is nothing strange here because almost all (high trusted) services use this method to motivate people to spread the story and find new users.

I'm not sure you understood the differences. (Referral campaigns / Ponzi systems)



Money machine with referral ? What is the connection with their job (auction) ?

[sujonali1819]

I can not understand actually the business plan according to Op screenshots. Than means if anybody join the platform under me then I will get 40% (bronze pack) then how I get the bonus if my referral does not make any investment? 

Again it seems to me that I will buy the pack, then refer someone and when the user will buy any pack I will get the bonus? It looks like pyramid schemes, does not it? That means they take money from me, then they take money from my referral and pay me. One day they will away with all the money from the investors. Very risky investment plan Imo. We should aware of it.

[aioc]

I can not understand actually the business plan according to Op screenshots. Than means if anybody join the platform under me then I will get 40% (bronze pack) then how I get the bonus if my referral does not make any investment? 

Again it seems to me that I will buy the pack, then refer someone and when the user will buy any pack I will get the bonus? It looks like pyramid schemes, does not it? That means they take money from me, then they take money from my referral and pay me. One day they will away with all the money from the investors. Very risky investment plan Imo. We should aware of it.

You cannot get referral rewards for just referring, your referrals should invest because that's how a Ponzi scheme works, there should be money coming in so those who are in the upper level can cash out if no money is coming in, then it's the end of the road for the program, everyone is obliged to refer and invest.

[sujonali1819]

You cannot get referral rewards for just referring, your referrals should invest because that's how a Ponzi scheme works, there should be money coming in so those who are in the upper level can cash out if no money is coming in, then it's the end of the road for the program, everyone is obliged to refer and invest.

I got it. It actually not a Ponzi scheme directly but it works indirectly like a ponzi scheme. My money will be sent other and others money they will send me. So personally I don't like this business pattern where investor are in high risked. Waiting for others opinions.

[examplens]

Guaranteed revenue is for the referral program.

Referral programs and ponzi schemes has some similar properties. If you have to pay big budgets for a "referral" program and system pays backs with small percentages in a pyramid, it means this is not a referral program.

there is nothing strange here because almost all (high trusted) services use this method to motivate people to spread the story and find new users.

I'm not sure you understood the differences. (Referral campaigns / Ponzi systems)



Money machine with referral ? What is the connection with their job (auction) ?

I have some referrals on Binance, Cex.io... and on some other trusted exchange. We can't say that they are Ponzi, right?
Also, can you post ss where exactly they offering investment possibility? I agree that is more than suspicious how it looks, but I did not find anything related to Ponzi when I know how affiliate system works.

[nutildah]

Looks pretty scammy, like the whole bidding thing is a loose cover for a Ponzi / MLM scheme.

I have some referrals on Binance, Cex.io... and on some other trusted exchange. We can't say that they are Ponzi, right?
Also, can you post ss where exactly they offering investment possibility? I agree that is more than suspicious how it looks, but I did not find anything related to Ponzi when I know how affiliate system works.

I see what you're saying here but the difference is Binance and cex.io have working products and their business isn't heavily focused on their referral program. I have tagged the bounty thread creator and encouraged them to post in this thread.

[Bthd]

I have some referrals on Binance, Cex.io... and on some other trusted exchange. We can't say that they are Ponzi, right?

You dont have to pay money for joining referral campaigns on binance, cex.io etc.. Or you dont have to paid for packs.

Also, can you post ss where exactly they offering investment possibility? I agree that is more than suspicious how it looks, but I did not find anything related to Ponzi when I know how affiliate system works.

You have to pay money for joining this ponzi shit. And you have to pay 25 - 54000 dolars for making more money with referral. (like a pyramid)



Site is not active atm. So pack links not working atm. But here you can see their packs start from 25 dolars .





https://support.ibidtowin.com/hc/en-us/articles/900001023466-Introducing-our-Referral-Program
http://archive.is/gvYdU

You should learn differences of referral systems and ponzi schemes.





There is no app on google play. Here is their fake google play link: https://android.ibidtowin.com/ (Do not click, it includes an unknown apk)

[examplens]

Looks pretty scammy, like the whole bidding thing is a loose cover for a Ponzi / MLM scheme.

I have some referrals on Binance, Cex.io... and on some other trusted exchange. We can't say that they are Ponzi, right?
Also, can you post ss where exactly they offering investment possibility? I agree that is more than suspicious how it looks, but I did not find anything related to Ponzi when I know how affiliate system works.

I see what you're saying here but the difference is Binance and cex.io have working products and their business isn't heavily focused on their referral program. I have tagged the bounty thread creator and encouraged them to post in this thread.

I sent PM to Exidous with link referred to this topic. I would like to hear what they have to say before I tag them.

[Raja Singa]

I have downloaded the apk application on their site. However, this application cannot be opened.
But I didn't try the App Store version.







I tried opening with the Root method. But the results remain the same.

[Bthd]

I have downloaded the apk application on their site. However, this application cannot be opened.
But I didn't try the App Store version.

I tried opening with the Root method. But the results remain the same.

Dont try this fake apps. They are not listed on anywhere. Google play and ios images are only fake images. You should clear your device. It is a big risk for your datas.

[TalkStar]

I sent PM to Exidous with link referred to this topic. I would like to hear what they have to say before I tag them.

I just made a short visit to their forum account and it was active today. Their business plan is pretty much similar with old revenue share projects who usually attract investors with high referral bonus. Although i don't think they have got proper explanation for us but lets give them some extra time to make their own reply here.

I have downloaded the apk application on their site. However, this application cannot be opened.
But I didn't try the App Store version.

I tried opening with the Root method. But the results remain the same.

Its always risky to download apps from unknown sources and you should remove that from your device. I don't know why they put a app link on their frontend which actually is not opening. By the way, remove the app and scan your device. 

[Rikafip]

I was curious to see what's going on there so I registered on their website. And these are kind of auctions that you can find there



So IPhone11 has being sold for a fraction of the market price. Looks like just another way to attract people into this, by selling popular stuff like Iphones (most likely that phone was won by someone on their team).

As @nutildah said, seems like they are just using auction part  as a bullshit cover to hide that they are just another ponzi scheme.

@Bthd have you contacted their bounty manager, what does he say about this?

[sujonali1819]

I have downloaded the apk application on their site. However, this application cannot be opened.
But I didn't try the App Store version.

I am not sure the wallet is secured or not. But since it unknown source then should be avoided. So you have downloaded the app from their website, but the risky thing that I have noticed, the wallet download links are promoted through their bounty/signature code. So it could be very harmful if there is any vulnerability remains in the wallets. (Virus total show clean though)   

[Exidous]

Hi everybody

I see people talking about this project, and I would like to explain what is happening.

First, on our application. Currently, we have the approval of AppStore and all applications here are censored safely and have the highest quality to be able to operate. However, we are experiencing some technical issues and have not yet been able to include this application in PlayStore so current users can only use the APK to download. We have scanned APK at Virustotal and Metadefender so you can feel secure when downloading:
https://www.virustotal.com/gui/file/62e587e705cc7486c409d5e604b6f512f3f2fac9782080e4eb4c9120641d8958/detection

https://metadefender.opswat.com/results/file/bzIwMDcyMk5TMjBtNG9nNEw3OGJKLU9QQ2FY/regular/multiscan?lang=en

The second thing our core team has been operating for over 4 years now and has had thousands of customers receive great gifts from our program. We are a company with a great reputation and reputation, you can check all the information of our company at:
https://www.dealdash.com/
https://www.dealdash.com/careers#our-mission
https://www.dealdash.com/careers#open-positions
https://www.dealdash.com/careers#company-culture
https://www.dealdash.com/careers#employees-best-memories
https://www.dealdash.com/careers#benefits
https://www.dealdash.com/careers#our-team



Of course, we target crypto users to attract more users in the near future, and https://www.ibidtowin.co/ will be the 2nd official website for easier access to customers. There will be many people who think our project is MLM or Ponzi, but we do not work that way because our policy does not require participants to pay a lot of money to the auction.

For bounty campaigns. We don't escrow because we will certainly pay all participants. Our previous campaigns are going well and there are over 9000 participants, whoever wins will get paid. You can view information about our previous campaigns here.

https://t.me/ibidtowin_com/5
https://t.me/ibidtowin_com/21

Besides, we are hiring some iBid community managers in several countries and paying them to work more effectively.

https://t.me/ibidtowin_com/16

I cannot meet all of your wishes because this is how iBid works and we are always available to answer any questions. You can ask at Telegram Group or directly contact me at https://t.me/iBidBountyManager if you have questions. I hope you understand.

Sincerely.

[nutildah]

We are a company with a great reputation and reputation, you can check all the information of our company at:
https://www.dealdash.com/

I appreciate you posting here but now that I know you are associated with this company, there's no way I'm removing my tag. Your company does not enjoy a "great reputation" and has been called a scam by hundreds of users across the web.

https://www.truthinadvertising.org/dealdash-com/
https://www.courthousenews.com/class-calls-penny-auction-site-dealdash-scam/
https://www.nbcnews.com/business/consumer/dealdash-auction-site-accused-running-perverse-lotteries-n771166
https://www.forbes.com/sites/nextavenue/2014/05/13/are-penny-auction-sites-seen-on-tv-for-real/#75443b1e5d8b
https://www.complaintsboard.com/dealdashcom-be-aware-you-will-lose-your-money-c723707
https://www.bbb.org/us/mn/minneapolis/profile/penny-auctions/dealdash-inc-0704-96551808/complaints
https://www.sitejabber.com/reviews/dealdash.com


Here's from the fine print of an older version of their terms of service:

By registering and using DealDash you understand that you are likely to spend more money than you may receive in merchandise value. Most customers using the site gain less in merchandise value measured in monetary value compared to the amount of money spent bidding to win auctions. Do not buy bids or spend money on the site if you cannot afford to lose the money...

DealDash is convinced that the entertainment value of participating in its auctions is valued and that paying a premium price for this entertainment value compared to shopping at the lowest priced retailer is fair. We do however strive to give as much merchandise value back to our users as we possibly can while maintaining healthy gross margins. Most customers will not win auctions and you are on average unlikely to save money using the Site.

They recently removed this language but nothing about their business model has changed.

Whats worse about iBid is the overbearing emphasis they place on the referral program which apparently costs inordinate amounts of money to even join. At best, this is a very shady MLM scheme and nobody in their right mind should sign up. All its participants are doing is hoping to profit by suckering in others below them. There is nothing of substance being created here.

Here's a good metaphorical summary of how the penny auction scam works from a site that is ironically pro-MLM:

As you leave your car and head for the barn, you’re greeted at the gate by the bid seller. He tells you that in order to bid at today’s auction, you have to buy a ‘bid pack’, a stack of cards at 50 cents each. You had planned to spend no more than $50 today, so you buy a stack of 100 cards and move toward the auctioneer and the bidding action.

The first thing that catches your eye is a collector plate. You know it’s worth at least $50, so you start bidding. What a surprise that every time you raise your hand, a bid collector beside you in the crowd takes one of your 50 cent bid cards! You realize that each bid is costing you money, but you really want that plate and it’s getting exciting now so you keep on bidding. At $45, you decide to drop out and let the plate go to the highest bidder at $50.

Let’s slow down here for a minute and figure out what just happened.

You raised your hand ten times to bid on the plate, and each time you had to give up one of your bid cards. At fifty cents each, that cost you $5 to bid, and you didn’t get the plate! There were five other people bidding, so it cost them $5 or so each to bid, so let’s see …

The winner paid $50 (100 fifty cent bid cards), you and the five other losers gave up $5 each in bid cards, so that’s 6 x $5 or $30 for a grand total of $80 for a $50 plate. Not a bad deal for the seller and the auctioneer!

You feel cheated, decide to leave and cash in your unused bid cards for the $45 you don’t want to spend here. At the gate, the bid seller shows you the fine print that the bids are non-refundable and you’ll just have to go back and bid on something.

Frustrated, you head back to the barn and bid on some more stuff. You don’t get the antique milk bottles or the hand made quilt. You can’t afford them, so you miss the coin collection and that ox yoke you’ve always wanted.

At the end of the day, you’ve come away with nothing, but the bidding has cost you $50. You look around the barnyard to see a hundred others like yourself and calculate that if each bidder bought $100 in bidcards, the auctioneer has collected $10000 before the bidding even started.

And where did that money come from? Out of the pockets of losers like you.

You are walking away from the day with nothing to show for it but a $50 hole in your wallet. Not much different from the casino, is it?

It gets worse …

You notice your friend Sheila standing by her car counting a wad of money. When you ask how she made money while you lost, she explains that she got a cut of your spendings just for inviting you. She invited a dozen people and made a couple hundred dollars. Out of your pocket!

You mutter into your car and grumble home, vowing never to attend a ripoff auction again, or ever go bowling with Sheila The Shill.

Basically, this website should be avoided at all costs.

I have added a flag on this user as well.