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Author Topic: Notification: Coinsbit/BTCU project  (Read 765 times)
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September 07, 2020, 01:50:29 PM
Last edit: October 06, 2020, 04:06:14 AM by Trade Runner
Merited by nutildah (3), LFC_Bitcoin (1)
 #1

Recently a project team was created out of former and active heads from the Estonian crypto exchange Coinsbit, website coinsbit.io, announcing a fork called “Bitcoin Ultimatum / BTCU”, registered as “Profit Foundation LTD.” in Singapore, website btcu.io. They announced their project on all known social media platforms and at an investor’s conference on Monaco as well, including an inactive repository on GitHub. Here on Bitcointalk they maintained a thread that nobody was interested in. Therefore they created a whole armada of sock puppets which made here and there some alibi edits in other threads to draw attention and so suggest a public interest. The creator of this thread was called “BTCU_Ultimate”. It seems so that the project should be called “Bitcoin Ultimate” at first, but due to a lack of language skills they called it “Bitcoin Ultimatum”. Who shall issue whom an ultimatum? Already for the Coinsbit exchange they had taken a free vector graphic template from freepik.com, just modified a little bit with Adobe Illustrator. The same template has been used for the BTCU project, just with some modifications. The creator of the thread was then notified that there were inconsistencies in their announcement compared with their whitepaper from their website. One time the Quark algorithm should have been the basis, what is a mix out of six different encryption algorithms, another time Bitcoin’s SHA256 algorithm. The creator apologized that this might have been just a typo in the announcement and that the Quark would be implemented for sure. After he was made aware of the fact, that Bitcoin’s SHA256 algorithm was pronounced in their whitepaper to be the algorithm, he came up with the explanation that the whitepaper would be the correct version, where you find an undefined mix of the Quark and the SHA256 algorithm. When he came up with technological explanations nearly 100 % was revealed as plagiarism from different sources. Pronounced was further a Bitcoin hard fork, means, that there would be made a change in the Bitcoin consensus rules as it had been done e.g. when forking Bitcoin Cash:

The fork of Bitcoin Cash increased the blocksize from 1 MB to 8 MB so that more transactions could be written in one block, therefore an attempt to optimize the scalability of the blockchain. Further, as consequence, SegWit was removed again, a method of handling the signatures, introduced with a previous Bitcoin soft fork with the goal to increase the possible number of transactions per block, what was no longer necessary for Bitcoin Cash due to the increased blocksize. So Bitcoin Cash can be called a real Bitcoin fork, secured by the known proof of work consensus mechanism (PoW) the miners have to fulfill. The proof of work consensus mechanism was defined under the assumption, that the majority of the mining community would have the higher hashing power than potential fraudsters, verifying the transactions in an honest way without manipulating the transaction history. Further a blocktime of 10 minutes was defined by the creator of Bitcoin with the goal to avoid inflation, because else all 21 million Bitcoins would have been mined all at once. To keep the blocktime at the target of 10 minutes on average the difficulty of the cryptographic puzzle is adjusted automatically by the Bitcoin network according to the Bitcoin consensus rules. Bitcoin’s consensus rules define, that the blockhash calculated by the miners has to start with a defined number of leading zeros. Therefore the miners get a separate data field called the nonce, where a 4 Byte random string has to be added until the blockhash gets the demanded number of leading zeros. According to the available total hashing power the difficulty of the proof of work consensus mechanism is adjusted from time to time (each 2016 blocks) in demanding once another leading zero for the blockhash in case of an increasing difficulty (or one zero less in case of the decrease of the difficulty). At the moment a Bitcoin hash has 19 leading zeros.

Now we look back at the “BTCU”-project. Announced is here a Bitcoin hard fork, but the consensus mechanism would no longer be the proof of work consensus mechanism (PoW). Instead they announced the proof of authority consensus (PoA) originally designed for internal company blockchains, controlled by their own master nodes that decide which transactions are valid and which are not, further which community nodes would be accepted as trustworthy additional nodes, what could easily be just some sock puppets' nodes. Even the undefined mix of encryption algorithms has nothing to do any longer with Bitcoin. For the case they ever would get their controlled and thus in best manner centralized blockchain running it would be a complete new and different blockchain on top of the nearly 300 GB Bitcoin blockchain just for acquiring investors and marketing purposes, urging especially their exchange's members to buy Bitcoin for getting the promised legendary airdrop and thus creating an hype and manipulating the market! After the creator of the announcement was confronted with hundreds of claims of members coming from the Coinsbit exchange he repeatedly defamed them as mentally ill which would need psychiatric treatment. I started then a cyber war against Coinsbit and the BTCU project team over all social media platforms. Meanwhile iGO_Tech's case got resolved thanks to the outside consultant whose name appeared on the BTCU website and at the BTCU announcement on Bitcointalk as well. The consultant helped iGO_Tech to resolve his issue with Coinsbit and they paid him back his original fee of 1 BTC for getting his token listed, worth around 10,500 USD at the moment. Further cases evidently won't be resolved. For details see the quotations below:


What is the Hash Algo now? SHA-256 or Quark?
Because here are you mentioned SHA-256 but in the whitepaper Quark.
Thanks for your question. I will clarify in the technical department. Perhaps a typo in the thread.
A new blockchain of a creator who announces the project with the wrong encryption algorithm? Good joke, ähm, fake! BTW: Why forking the Bitcoin chain if you gonna change the algorithm/consensus rules? Why not simply create a new chain? Atomic trades, what is advertised here as the ultimate revolutionary change, also isn't something new. I'm really wondering what shall be advertized here. Is it a social experiment?


A “spelling mistake” between SHA-256 and Quark while creating an announcement on Bitcointalk for the crypto community! Nice explanation! With other words: The one who wrote the announcement has no idea what he's talking about! Including your whole fake department which is checking the announcement! You surely will come up with a similar explanation how you'll handle the deep hard fork in implementing a complete other algorithm in the blockchain as consensus rule, better to say: a mix of different encodings? There's absolutely no sense to build a complete new and different blockchain connected to a blockchain from a complete another encoding. Everyone who has a little knowledge in crypto related stuff knows that. Even implementing the last Bitcoin hash to the next blockheader would give a problem. You should finally reveal who's the author of this social experiment and how many potential victims you caught with this ridiculous campaign! Or is it a ridiculous attempt of crypto market manipulation in insisting the people to buy Bitcoins? PS: See my rating here!


Shall we ask Nataly Simson from Coinsbit if she got informed that you use her profile pic for your fake campaign? And why don't you try to create an Ethereum fork on top of the Bitcoin chain? I'm sure your "special department" would find a solution...  Grin Grin Grin Grin Grin Grin Grin


What I found is this posting on Telegram from an admin of the Coinsbit Telegram group. There a low quality video is linked in 240 p. I was falling several times asleep when Nataly Simson finally started to talk about “BTCU” at 16 min 28 sec. Indeed she seems to be part of the game (well, I stopped the video a few seconds later). So I summarize: You're notifying about the idea of your “coin”, which you haven't gotten to run practical ever. Therefore you want to make a “fork” of the SHA 256 encoded Bitcoin blockchain (for which reason ever) and building a new blockchain with the Quark algorithm (together with a mix of other algorithms) on top of the SHA 256 encoded part from the previous Bitcoin chain. For that announcement you present a video on YouTube in the quality of the last century, and here on Bitcointalk you're advertising your idea, not your running chain, with logos from Forbes etc, hosted on a Russian picture platform (normally used from individuals to post the usual Facebook crap as the daily lunch and so on). But Forbes shall be one of hundreds other international clients. Further your “developing department” hired a marketing manager who confuses the algorithm of Bitcoin with the algorithm you want to build on top of Bitcoin. The reason for the nonsense fork isn't explained (of course the only reason is catching the Bitcoin users attention).

I still have no idea about the real goal of the whole theater, but it's clear that you're selling unlaid eggs, dreaming from the reinvention of the wheel and therefore trying to plant a cactus on a sawn-off tree stump. It's simply ridiculous and the whole thing was for sure the worst advertisement for the Estonian trading platform Coinsbit. Most likely you just want to manipulate the market and stir up the Bitcoin trades on your trading platform in initiating an hype. This is exactly the way how the market is being manipulated. I stand by my assessment of a fake campaign! I really wish you all the luck in the world, but please not in the crypto area!


You forgot to mention in your announcement what shall be the benefit in leasing your stakes to mining nodes (LPoS) instead of just forging yourself. Further you forgot to mention that proof of authority (PoA), where the authority nodes get determined and so controlled in best centralized manner by yourself, is primarily a concept for internal blockchains within a company. And here it's irrelevant, if this “network is still under development”. In the end you still have forgotten to explain the sense of implementing a proof-of-stake-concept combined with a centralized concept of authority nodes of your choice building on top of the proof-of-work-concept of the most trusted Bitcoin blockchain, which will be cut off in the moment of the fork, while you still forgot to mention how this ever shall be technically possible. You’re just throwing around with already known, but never established terms, while you have not even a basic knowledge of what you're talking about. But go ahead, I'm waiting for the next amusement...  Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy


Please don't interpret too much! I just want to disillusion the community after you came up with a nice graphic containing some basic terms and bold underlined letters in red color spread over the whole screen size. It would have been your turn to “substantively explain your technology and methods of implementation” when you came up with it in a network of developers and end users. With the combination of PoS and PoA you're announcing a public permissioned blockchain, which is originally designed for internal business blockchains as provided e.g. by the Corda Network. So nothing new at all. If your goal is not just a market manipulation over the Telegram channel of your connected exchange you're trying to open this concept now for the common crypto community. What you didn't mention of course is the fact, that such concept is just a trap as everyone who invests in the project would get immediately dependent from the grace of your authority nodes. In other words: You're trying to create a giant company network without revealing the real nature of your concept, like the rat catcher from Hameln in the crypto community. As I said I was waiting for the next amusement - what comes next?  Grin Grin Grin


Ok, so here once again in clear words: Even if you would get it running from the technical side to create a complete different algorithm on top of the Bitcoin chain - it still would be a fake fork! You could also create a database with the balances of the BTC holders in the moment of creating your genesis block, and then giving all BTC holders their proportional airdrop. But what is the whole thing worth without any ICO? And just for getting the Bitcoin users attention creating a complete new blockchain on top of an existing, nearly 300 GB large chain what would have to be distributed as ballast for nothing within your new network? Who would be willing to participate in such nonsense? And the clear clarification of the implemented encryption method of SHA-256 on page 34 of your whitepaper was also just “a typo” of your marketing manager? Further at your website you're linking e.g. to Forbes with the note, they would write about your project. Looking at the linked site on Forbes Nikolai Udianskyi, mentioned as “CEO of BTCU and co-founder of Coinsbit Exchange”, is just talking about Bitcoin halfing. No word about “Bitcoin Ultimatum”. I call this a fake, as the whole whitepaper with website and (pre-) announcement is a fake, including the pretended Bitcoin fork. Hopefully this was now clear enough. EOD from my side.


Im sorry sir. Indeed, I should have read the first page of your announcement more carefully. It looks like you are about to release something really big: a Bitcoin fork with smart contracts, anonymity and atomic swap.
@BTCU_ULTIMATE: How many further sock puppets you'll let dance here to give the impression anyone would be interested in your fake campaign? Always just repeating your promotion slang in the end. Did your attempt of market manipulation (insisting to buy Bitcoins for getting the promised airdrop) still not reach the scheduled goal? What kind of software wallets you'll provide which would need to get the whole 300 GB Bitcoin blockchain downloaded for absolutely nothing? Why did you fork the original Bitcoin code on Github based on the SHA 256 algorithm (of course without declaration of the source) which you won't use any longer according to your pre-announcement here on the one hand, but what you'll use for sure according to your whitepaper on the other hand? Of course I won't get an answer again, just that I should wait for the unbelievable, revolutionary end result. But I'm just waiting until this thread get's finally flagged as scam! Readers who are wondering about this "revolutionary new coin" should start reading here! According to their website they're located in Hong Kong, so nothing more than a typical attempt of Chinese market manipulation. Perhaps the involved Estonian crypto exchange Coinsbit is in financial trouble and made a deal with a Chinese fake campaign creator. I'm getting sick of the whole fake thread here, kept alive just with a whole armada of sock puppets!


This would mean that you take a full operating Bitcoin code, at least keeping the functions to read out the whole previous chain, which will rise up to 300 GB shortly. This 300 GB data would have to be distributed within your network forever, just for sharing the proportional airdrop in the moment of the fork. This airdrop could also easily be done by just providing the airdrop to the Bitcoin holders on the most common crypto exchanges as it's done usually. Even if it was really just a communication error and the SHA256 algorithm would be used generally after all: Who would download and care a 300 GB data corpse for life time just for your initial promotion? When BCH was forked "just" the blocksize had been increased from 1 to 8 MB and SegWit has been removed, the algorithm remained the same. The goal to increase the number of transactions per block was never reached. Actual BCH blocks remain generally around 120 kB as can be seen at the comparison of the statistics , while Bitcoin blocks have a multiple of transactions per block compared with Bitcoin Cash. One couldn't call this a real breakout. Let's take a look at the most successful implementation of the Proof of Stake concept: NXT, created back in 2013 and called the Next Generation of Cryptocurrency, one of the most trusted and serious crypto currencies on the market based on the PoS algorithm. Three years later the Jelurida team came to the conclusion, that the size of their blockchain would be too large for a modern crypto technology and created the Ardor multichain platform, where the users can create child chains just for not being dependent from the main chain for keeping the blockchain size small. The NXT chain is around 4 GB today, the Ardor main chain around 2 GB. Both databases fit on a cheap USB stick. This is a real trendsetting concept. Now you really think a hard fork for promotional purpose only would have success ever, compelling the users to distribute the fake fork with 300 GB data ballast just for your initial advertisement? Even if you would get running a quasi-fork in cutting off all historic data and just creating a new chain on top of a snapshot of the BTC chain, what would generally be possible - it still would be a fake fork with a complete other concept what the community never would accept as real Bitcoin fork. Your project just abuses the name "Bitcoin" for promotional purpose, even if you ever would get a blockchain running.


@BTCU_ULTIMATE: Let’s hold on a moment. I still hadn’t the time to file my complaints to ACRA and the TLD registrar as I’m busy with coding per night and day. I want to take the opportunity a last time for seeing if a civilized discussion is possible here. We explained you several times that the BTCU project, if fake or not, is irrevocable associated with Coinsbit. Now some members got it that you are representing former and active heads of Coinsbit. You have no chance to deny the direct connection to Coinsbit as they are explicitly listed on your website as partners. The reason why I’m writing here the last time in a friendly matter is that we don’t know, if Nataly Simson is personally responsible for scams or if other staff members are responsible. Because I don’t want to be responsible for harming permanently the reputation of Nataly Simson without knowing the internal interdependencies and responsibilities, thus as I don’t want to judge prejudiced, I’m coming up with a simple question. You are in direct contact with Nataly. You got also confronted with evidently very angry members of Coinsbit. As you seem to be psychological trained you should know that it would now be time to change your role play and tactic. Therefore my question: Are you willing to talk with Nataly about the shown issues these two members posted repeatedly and are you willing to find a solution for them? I tell you now in a friendly manner that this would be the only option to save Nataly Simsons reputation as well as Coinsbits reputation, the reputation of your “BTCU-team” (if fake or not) and your own reputation as well. Do it now and most likely the two members (and perhaps others as well) will be calmed for now. I’ll hold on then as well with my official complaints until we’ll get a positive result.


I don't know who uses which graphics. It's just not interesting to me and I don't have time for it. Even if we hypothetically assume that Nataly Simson brought a designer with her (although I cannot assert this since I do not have this information), then what's wrong with that?
And what is the best - for the "BTCU" logo has just been taken a free template from freepik.com, modified a little bit with Adobe Illustrator, done in a few minutes. And therefore the victims' coins were abused?



@BTCU_ULTIMATE: I'm not happy the things are going here and I don't want that anyone could say afterwards I wouldn't have tried it, so I'm asking here once again: Would you please - as representative of the Coinsbit heads - so kind and take a look at iGO_Techs case at first please? He's not a little brat, he's a real inventor and engineer! At the moment the whole story here still hasn't left this forum from my side and I'm not interested to let it go viral. So please clarify it in the name of this community why his token has been delisted and why he hasn't gotten his investment back. When we found a solution then we'll head over to the members out of bitbottrader's list. This list is frightening and you won't tell us that all this members are just trolls. Please note that this is a recovery plan, a recovery plan of the victims' funds as well as of your personal reputation and the reputation of Coinsbit and their team, including Nataly Simson. It's now in your hand. Hold on a moment and think about it until it's too late! We are your community! We are not your enemy! Most likely all of us are willing to remove your flags when you start trying to resolve all the open issues. If all issues are resolved and there are no complaints left from your community, I offer to delete my scam alert and all negative postings here as well. I'll hold on as well until I got your response. @iGO_Tech and @bitbottrader: Please confirm if you could support this recovery plan as a constructive solution!


What are you doing here? Busy with posting when you actualy should talk with your the attending physician psychiatrist.
Until now I have been very diplomatic and this whole theater hasn't left this forum. But since you have opened your cheeky mouth again in attacking your victims personally it's now going to get attention in front of a broader audience, especially in front of all potential victims and investors you caught already in your channels and social media!

I'll be back!


Meanwhile iGO_Tech's case got resolved thanks to the outside consultant whose name appeared on the BTCU website and at the BTCU announcement on Bitcointalk as well. His appearance was misinterpreted as he would somehow be related to Coinsbit and their Bitcointalk account, but this is definitely not the case. Moreover, the consultant helped iGO_Tech to resolve his issue with Coinsbit and they paid him back his original fee of 1 BTC for getting his token listed, worth around 10,500 USD at the moment. Bitbottrader's case will be resolved as well and his list of other member's open issues will be submitted as well for getting a constructive solution. Therefore I don't see any need to keep any scam alert. I've not filed any complaints in front of the authorities or the domain registrars as I was waiting to get the accusations resolved. My technological considerations remain untouched from this and thus I'll keep them as notification together with one or another comment as an expression of freedom of speech. The flags for the thread creator BTCU_Ultimate will remain due to unacceptable attacks and serious insults against the community!


Meanwhile iGO_Tech's case got resolved thanks to the outside consultant whose name appeared on the BTCU website and at the BTCU announcement on Bitcointalk as well. His appearance was misinterpreted as he would somehow be related to Coinsbit and their Bitcointalk account, but this is definitely not the case. Moreover, the consultant helped iGO_Tech to resolve his issue with Coinsbit and they paid him back his original fee of 1 BTC for getting his token listed, worth around 10,500 USD at the moment. Bitbottrader's case will be resolved as well and his list of other member's open issues will be submitted as well for getting a constructive solution. Therefore I don't see any need to keep any scam alert. I've not filed any complaints in front of the authorities or the domain registrars as I was waiting to get the accusations resolved. My technological considerations remain untouched from this and thus I'll keep them as notification together with one or another comment as an expression of freedom of speech. The flags for the thread creator BTCU_Ultimate will remain due to unacceptable attacks and serious insults against the community!

Unacceptable attacks? Serious insults against the community!? Are you serious? What are you talking about, bro?
You agreed, unite and attacked the BTCU thread. You messed up the Bitcoin Ultimatum thread with your statements about Coinsbit, although I have nothing to do with Coinsbit. Marked my trust, raised the flag - although I am not a swindler or a thief. You are talking about freedom of speech ... So conduct the discussion with dignity, without using "heavy artillery" in the form of help from friends with high-ranking accounts.


Believe me bro, I'm not a conflict person. I propose to bury the ax of war and no longer spoil each other's mood with attacks on each other.
For my part, I propose to remove all posts and stop all accusations against you. I apologize if somewhere I was harsh or impudent. Believe me, it was nothing more than a defensive reaction.
That was good that you wrote this comment, because after your previous comment I wanted to recommend urgent again to keep silent, otherwise I would restore my previous scam alert:

Unacceptable attacks? Serious insults against the community!? Are you serious? What are you talking about, bro?

If you still ask about the why, just read this last examples for the case that you have already forgotten it:

You represent where the BTCU stands for. Your tone of voice is far from professional.
You have no idea how much effort I spend to restrain myself in words in relation to you. Your actions are iinadequate. You behave like negligent children: you are rude, grimace and say all kinds of nonsense. A normal parent in this situation would at best make a remark, at worst would spank him on a soft spot. but fortunately I am not your father and you are not my son.
I dont understand why not atmitting, instead of always defending when the things are obvious!
I see no need for either defense or attack.  I try to bypass mentally ill people and not pay attention to them.
What are you doing here? Busy with posting when you actualy should talk with your bosses.
What are you doing here? Busy with posting when you actualy should talk with your the attending physician psychiatrist.

The cyber war against Coinsbit/BTCU had just begun after your last quoted comment above and they were already frightened! As I told in the internal conversations:

      if ( they start a honest business and recover the member's funds ) {

            I'll let them go; }

      else {

            I'll destroy them; }

I'm wondering why they still didn't locked you out of this forum after the whole disaster you've caused on your own in always having the last word! What you've shown in this forum is the behavior of a teenage girl! I have no friends here despite some thanks and merits that I was fighting for some members here! The cyber war is over from my side. I have to resolve other cases with several ten thousands of lost Bitcoins. Do not force me to come back here!


Well, he/she made already two times a general, but not an individual apology. About the Al-Qaeda comparisons I didn't consider it intended as a personal attack but more as just trolling. Of course not the behavior of a company representative. @iGO_Tech, please note that the Al-Qaeda bullshit was made before your deal with Coinsbit. I wouldn't let it escalate further here. @BTCU_ULTIMATE: I really recommend that you delete all your postings and quotations done during that battle here after we did the same already. As you can see those postings are still active mines for the community!
You are absolutely right. You are a really wise and sensible person. I will follow your advice.
@BTCU_ULTIMATE: I'm really sorry for quoting another thread here, but what do you have say to all this?

Holy shit! I wasn't aware of such incredible dumb and continuous cyber harassment coming from Coinsbit resp. Dennicex alias BTCU_ULTIMATE! Exact same hate speech as of BTCU_ULTIMATE. Just the continuous insults against iGO_Tech would be enough for criminal charges! I'm really shocked and speechless:

Coinsbit doesnt care at all about international law you piece of thief, you are a bunch of scammers and providing here support to your other Fake account, what do you want to show to the outer world?Huh

You stole money, we are victims, you talking about registration issues here and ignore all the other issues???

Comon, stop acting the clown!

And the scamming continues
It seems to me that throwing such words into the wind you discredit yourself first of all. Your empty accusations look like petty cheap chatter on teenagers in the backyard of a school. The Coinsbit exchange has been working successfully for several years and will continue to work for many years.

So, when are you going to give the money back to your victims?
Coinsbit exchange is officially registered and works completely within the legal framework. I am sure that if in reality and not in your fantasies there are people who have real complaints about the exchange, then they will find ways to communicate with lawyers and will not write 100,500 meaningless posts on the forum.

Your attempts to slander the Coinsbit exchange are groundless and pointless.

After busted Orlova stays silence with her Orlova account and continue switching from her other accounts Cellerec and Dennicex and the other fake accounts. Part of Coinsbit part of Fake HYPE!
Usually I never read this nonsense that you nutildah write in this thread. The same meaningless messages every day. I think that is why you did not risk your main account (Legendary rank) and write from your bots: iGO_Tech and bitbottrader. Don't you have anything else to do?

Yes indeed you are full of bullshit, even if i not corner you you corner yourself with reversing statements and attitude. Your Coinsbit Hype tactic is already long lost.

Everyone looking forward to your next post what is meaningless and full of scamming and hiding words
ha ha ha! I can imagine how your ass burns up that you write several meaningless messages full of anger and bile in a row.
You are angry with your own powerlessness and realizing how meaningless and useless your life is.

In this thread (in other respects, most likely, as in life) you look like a toothless dog that barks at passing cars. She thinks she scares them, but in reality, no one pays attention to her.

It makes you angry that despite all your efforts, Coinsbit lives and develops and becomes more and more popular every day!

And one more little advice: stop using bold type.
Thus, you give out that subconsciously you want to seem that you are saying important and meaningful things, although in fact you understand that this is not so.

Every day a lot of new people find out that coinsbit exchange is stealing money.
The only thing people learn from your posts every day is that you are insane.

How much longer will you hate the Coinsbit exchange?

Anyway, people all over the world know that this is a promising and safe exchange and use it!


The only thing people learn from you is how Fake you are
Do you really think that someone believes in the nonsense that you and your bots write on this forum?

The only thing people learn from you is how Fake you are
People are not so stupid and understand perfectly well that everything that you write here is complete nonsense. Your posts are full of insane hatred and fake stories, but no one believes in them. Everyone sees your fanatical hatred and bias towards the Coinsbit exchange.


bitbottrader and iGO_Tech

Congratulations to both of you for putting these scammers in their place.

Their sock-puppets have tried but failed in their attempts to post propaganda in this thread.

I respect the way you have been on their case for so long without giving them a chance to even try to use this thread as a tool to scam more people.

Much respect to you both  Wink
I sometimes wonder what is your main JollyGood or nutildah account? The fact that you use bitbottrader and iGO_Tech in this thread is logical and understandable, since you publish your posts in violation of forum rules and therefore you do not want to risk your high-ranked accounts. After all, it is obvious that rank on this forum is all that you have managed to achieve in your life.

If you noticed, once Coinsbit is negotiating with new victims (projects) they start their Propaganda here, claiming that we are paid haters, that we give fake news and anything what those scammers get in mind. Once a PROJECT IS SO STUPID ENOUGH to pay Coinsbit they not responding anymore  besides posting their announcement! Its a common trent with this Scammers![ New Projects must be very desperate after long visible scam accusations to list there token at Coinsbit If I k ew what i know now I would never ever  paid and listed my token there, for Free I would consider, as if they have so much volume that means that they have enough income from the trades, as they need the fees of listing they have not other invome then this as there volume are Fake and users as well, only bounty hunters on that exchange! They take 10k and give you 200 usd
How pleasant it is to read your posts. Seeing you freak out in powerlessness is the best reward. Nobody perceives the nonsense written by you and you see how the Coinsbit exchange grows and develops. It makes you angry and you realize that your hate is meaningless.

Coinsbit is on the move again, hiding and denying! Thats what scammers do
Haters team (iGO_Tech, bitbottrader, JollyGood and nutildah) is on the move again, hiding and denying!
They continue to work for 30 silver coins received from a customer who paid them for allegedly negative messages about Coinsbit, in an attempt to damage the reputation of a promising exchange. But we, our dear users, know who is a liar in this situation and who needs to be brought to justice for libel ?!

Attention of the forum administration: a group of hater bots: iGO_Tech, bitbottrader, JollyGood and nutildah.
If you analyze their behavior on the forum, you will see that all these accounts belong to one person.
These accounts are always involved in attacks on projects together. Their tactics are as follows: they imitate condemnation from the community and in every possible way pose as fighters for cleanliness and order on the forum. But in fact, they are corrupt haters.


Coinsbit is a well-known and popular exchange. This exchange is used every day by tens of thousands of people from all over the world, and you are talking about a few cases that you have mentioned for over a year.
Should I keep posting lists of scammed victims which issues are still not resolved?
Publish complete lists with detailed evidence and descriptions of all circumstances. I will pass this information on to Coinsbit security and they will check everything thoroughly. If there is an opportunity to solve something, then I think that the exchange will solve the problems of your acquaintances whom you call victims for some reason. Unless, of course, these are real facts and not fiction.
@Dennicex: Thanks for starting the recovery of the open cases! The first case over 1 BTC has already been solved and the member got his investment back. Please head over to the second case now. The user is missing 0.19 BTC after all his balances has been reset from Coinsbit without reason or notification. Further please make a statement how Coinsbit is connected with P2PB2B. On the other hand I recommend all forum users to hold on with further scam accusations during the recovery process. This will take a time. Thx!
You are a new person in our thread. It is usually not crowded and new people are always pleasant. Plus you are saying the right and reasonable things.
We all expect a deep and heartfelt apology first for all those incredible insults quoted above. From my point of view they are even more serious than missing funds! You should have checked the open issues carefully at first before opening a psycho cyber war in your own thread like the forum here has never seen it before! This is really absolutely incredible and this will permanently go down in the history of the crypto world!


I am not making excuses for my actions. But if you approach the study of this issue critically, you will probably notice that the people who attacked my thread acted very rudely. What is the cost of posting cartoons of the employees of our exchange? Don't you think so? There is no proven evidence of exchange fraud. The Coinsbit exchange has been on the market for several years. has serious partners and a certain business image and reputation in the crypto community. And here in the thread, these people call the exchange itself and all the exchange employees scammers ... this is unethical on their part. My posts are nothing more than a defensive reaction.
As you can see the claims were justified, at least not asserted without an actual loss, without a legal claim or without a previous verifiable contractual relationship with Coinsbit. I got to know iGO_Tech as very indulgent, friendly and technically competent person during the recovery process and I didn't know about such a psycho war started from your side here! Your behavior here was harassment, it was cyber mobbing, it was psycho-war as we know it out of horror movies, against several members, and I got to know all of those members you accused to be sock puppets, in and outside this forum. Normally you would have to pay each member at least 10 BTC as compensation just for the incredible verbal and psychological attacks against them! I'm really sorry, but if you don't see any reason for apologizing then your exchange and all connected services will be finished very soon!

Believe me, it was nothing more than a defensive reaction.

My posts are nothing more than a defensive reaction.

q.e.d.


Your position is not clear to me. I don't know much, but you are clearly different from these guys. These people rudely violated the rules of communication on the forum and published for about a year completely identical posts with content discrediting the exchange of Coinsbit and damaging its image and business reputation. But for some reason you see the negative only from my side.
If this would be a criminal case in front of court, considering about a brutal street fight, the question would be: Who got injured at first, who was the initial trouble maker and who had the right of self-defense. If you resp. Coinsbit was the instigator in just delisting the token in the one case and just resetting all balances to zero in the other case and no support ticket was resolved then it was an act of self-defense to head over to this thread, even if those victims started to fight together against you! Coming back to the legal evaluation just of this thread you have committed the crime of continuous cyber-harassment, punishable e.g. under various US criminal law norms at federal and state level. As you are a representative of Coinsbit not willing to apologize Coinsbit as an association of legally responsible operators of a trading portal has committed this crime! Apart from the repeated accusations of commercial fraud. Meanwhile we're getting enough evidence even for an international warrant against the Coinsbit heads and you, @Dennicex alias @BTCU_ULTIMATE as well!


@BTCU_ULTIMATE: I'm really sorry for quoting another thread here, but what do you have say to all this?
I am very sorry that someone else is forced to participate in an unpleasant debate in order to protect their honor and dignity. I do not understand what does this have to do with me and Bitcoin Ultimatum?

Oh, really, someone else?

Believe me, it was nothing more than a defensive reaction.

My posts are nothing more than a defensive reaction.

Was it big and bold enough this time? I told you: Do not force me to come back here! Unfortunately now you are finished, BTCU_ULTIMATE, and your whole BTCU project together with Coinsbit as well!


.

.

Thanks for confirming! But please note that all pages here have been saved in the Internet archive regularly. So just replacing with dots doesn't help!  Grin Grin Grin Grin Grin Grin Grin


See also the most ridiculous marketing campaign on Telegram ever! Note: Don't click on any link advertised there! Especially opening the Telegram bot submits your IP and other personal data!













Note also again that estimated 99 % of the group members are automatically generated fake accounts, most of them already dead accounts, deleted automatically by Telegram!


Being able to steal millions of phone numbers [...] is just deplorable.
Well, this can be done with a simple and bloody trick: Every possible phone number is generated by a script. You can use an existing database or create a database for it. Then the so mined numbers are added to the phone and checked automatically, if they exist in Telegram. The same thing can be done in WhatsApp. Afterwards, if you've mined several millions of existing accounts, sorted by countries, you can do with them whatever you want, adding to groups in read only mode, writing automated messages and so on. This kind of data mining can be done with a simple laptop, just let it running a few days... Well, even knowing how to make this, I didn't do it ever... Wink Getting the number of a bot user is also simple: Just create a button with request_contact and request_location option and name it however, e.g. "Start" or "Get your airdrop" - and you got phone number and IP. Grin Grin Grin

And see here how the market manipulation is going on as well as the ridiculous monologues of their sock puppets:





Repeated violation of the forum rules

« Sent to: mprep, Welsh, nutildah, JollyGood, bitbottrader, iGO_Tech on: Today at 07:56:23 AM CET»


Dear moderators,

on this way I want to refer to this post with the request for deletion of the following two threads:

* An <COINSBIT.IO> Innovative Trading Cryptosystem

* 🔥[ANN][BTCU] Bitcoin Ultimatum - a new-generation Bitcoin fork 🚀🚀🚀

For the most relevant citations of the incredible attacks from the sock puppet operator please see this, this and this post. After I revealed the sock puppets as inter-thread-sock-puppets the operator replaced all his last postings in both threads just with dots and disappeared. The threads are more or less abandoned right now. The behavior of the whole armada of sock puppets has to be evaluated as continuous criminal cyber harassment. Keeping the two threads would mean that the victims' rights violations would be perpetuated. The OP violated the forum rules repeatedly over a period of one year in a particularly grave manner. Therefore I vote for their immediate deletion! After the deletion I'll delete the quotes in my notification was well.

Further I kindly request to confirm the receipt of this message, which I'll post also in the public threads. The concerned victims "JollyGood", "bitbottrader", "iGO_Tech" and "nutildah" are recipients of this message as well.

Thanks and best regards,
Trade Runner


Meanwhile the ridiculous sock puppet conversation on Telegram is going on:



These are always the same puppet accounts online there. This is what this thread looked like in the beginning as well...  Grin Grin Grin Grin Grin Grin Grin Grin


Very entertaining to watch, beside my lovely fake alert, is the sock puppet's show, they're performing per night and day. Identifying feature: All puppets' user names beginning with @kst.... And that's just the tip of the iceberg:





What is even more interesting are the repeated complaints about blocked/cancelled withdrawals and so on:









See also my last messages of our new Telegram channel The Scam Removers and the connected group:

Quote
At the moment Coinsbit makes false promises that each member mentioning their BTCU fake Bitcoin fork in social media would receive a reward of 100 USD, what is in fact just a contest. They stated nowhere what are the real condidtions, how the winners will be elected or how many winners it will have. For giving the impression there would be interested members they created a whole armada of sock puppets, the goal is of course creating an hype and thus a market manipulation in urging their members to buy Bitcoin for getting a "legendary" airdrop called "BTCU", what will be worth absolutely nothing! There has never been any Inicial Coin Offering and no investor has ever been interested in. For this fake fork they abuse the concept of an internal company's blockchain controlled by their own master nodes, trying to make a giant public permissioned blockchain. This has absolutely nothing to do anymore with Bitcoin and thus it's a fake fork! We highly recommend to see the details on Bitcointalk where we as the real coders and inventors came together, creating this channel and group of The Scam Removers. Stay tuned for the next updates!

As best example how crypto scams are going on we have OneCoin, which had been promoted through all social media to be the next generation Bitcoin: They only target people who are not very educated on cryptocurrency and technology in general. They used the terminology of real cryptocurrencies to appear genuine, recycling similar ideas. OneCoin grew in popularity quickly largely using social media to target the mass public internationally. Why can't I help feeling like I'm experiencing a Déjà-vu, comparing the public announcements of BTCU? Don’t claim afterwards you wouldn’t have been warned!

For me it seems so that Coinsbit has sitting at least one scammer in their office/home office. It got revealed that they are showing manipulated trading charts taken from Binance, masked with own fake trading bots. E.g. a Bitcointalk user accessed the platform with an own bot and got locked out then after his bot made too much win in the eyes of Coinsbit. His balances got reset to zero without reason. Now, as we trying to resolve the case, Coinsbit refuses the responsibility, arguing, the user itself would have withdrawn everything himself. But his withdrawal history shows failed attempts of withdrawals. Everyone knows that a withdrawal can't be initiated without existing funds, and if the withdrawals would have worked it wouldn't be possible for a member to withdraw all wallets complete to zero. A reset to zero happens only if a coin got delisted and the user didn't login for a long time, but this wasn't the case. Further his 2FA got deactivated from Coinsbit, see the whole case on Bitcointalk.

At least I can confirm that their BTCU project is gonna be a fake Bitcoin fork. Buying their coin, for the case they ever get it running, would be a high risk! They also could just give the impression of a running blockchain, check out the OneCoin case which is the biggest scam ever in the history of the crypto sector, faking a blockchain and scamming the whole world over incredible 4 billion USD!  Grin Grin Grin Grin Grin Grin Grin

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September 07, 2020, 02:26:30 PM
 #2

Most likely another exit scam will happen soon, the heads of the Estonian exchange Coinsbit created a fake campaign announcing a fake Bitcoin

I would like to note that their scam team is based in Kharkiv, Ukraine.

Team, responsible for exchanges like coinsbit.io, p2pb2b.io, exrates.me, whitebit.com, direBit, LiquidXBit, BitcoinexMarket, NetCurrencyIndex, xcrypt.pro
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September 07, 2020, 02:39:42 PM
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I took the publicly known infos. If you have another address please post it!

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September 07, 2020, 02:45:53 PM
 #4

I took the publicly known infos. If you have another address please post it!

I will send you in PM a lot of personal info about them, check your messages please.

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September 09, 2020, 07:45:26 PM
 #5

Don't worry, I secured everything offline in different formats. It's gonna go viral...

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September 16, 2020, 10:20:42 PM
 #6

Any News?
Isn't Veisman joining Buytex now? Which actually thrives with heaps of new members in their network. Exponentional growth to be expected. Maybe they succeed in creating a real exchange? Though the exchange only allows trading Bux <-> USD(T) and links are not clickable. i.e. no impressum. I hope they fix it soon. Sounds promising.
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September 17, 2020, 05:02:08 AM
Last edit: September 17, 2020, 05:46:44 AM by Trade Runner
 #7

Any News?
@OpenEcoClub alias Sinbad alias Jan F.: You got the "news" already.

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September 17, 2020, 11:05:10 AM
 #8

Trader_Runner: I have no problem with my identity getting disclosed (though I am not Sinbad I'm afraid, but I like the name). I have no involvement whatsoever (just customer if anything). I am coder and open, kind to people and try to mediate. If somehow innocent people get damaged then of course I am not so happy.


On the other hand it is not so that every statistic the Buytex Network gives is invented and I think it is not so much "unteachable sock puppets" but rather (at least some) real people who are longing for "Success they deserve".

In this world scamming is more lucrative than having a job as WireCard, low-ethics-Grenke, Steinhoff, black market and whatnot else clearly shows.

As long as governments do not change the fact that work does not pay off (enough, at least in Germany where you are a fool if you work due to up to 80% taxes in total), people will get poorer and more divided, stressed and frustrated. Opening doors for terrorism and making them more approachable by all kinds of business models - and not so well behaving. See all the crowds in the streets that police has to deal with. As well as ever growing cyber crime.

People, governments have to unite. A real world union. (no I am not an anarchist - I am a fan of the universe, and we are not alone, not the only civilization. But we are not so smart yet as Einstein might put it)

Difficult times for middle class citizens (entrepreneurs and workers alike) all across the globe. A pity. Everyone should have enough to buy the food and drinks they wish. As long as it doesn't harm others.


I wish you all the best. And I hope customer support cases are resolved! Have a good day
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September 17, 2020, 01:36:54 PM
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Hey guys, I can confirm that OpenEcoClub is not part of the Coinsbit Scammers, Sinbad for sure, but no scammer.

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September 22, 2020, 10:01:21 AM
 #10

This BTCU trash project looks just like another attempt at making money from thin air for the people behind the so-called project.

It would not surprise me if they will allegedly fork Bitcoin then give out BTCU on a 1:1 ratio and will probably try to convert their BTCU to Bitcoin as fast as they can in order to make as much money as possible for themselves during a pump they orchestrate... maybe they have other plans.


Recently a project team was created out of former and active heads from the Estonian crypto exchange Coinsbit, website coinsbit.io, announcing a fork called “Bitcoin Ultimatum / BTCU”, registered as “Profit Foundation LTD.” in Singapore, website btcu.io. They announced their project on all known social media platforms and at an investor’s conference on Monaco as well, including an inactive repository on GitHub. Here on Bitcointalk they maintained a thread that nobody was interested in. Therefore they created a whole armada of sock puppets which made here and there some alibi edits in other threads to draw attention and so suggest a public interest. The creator of this thread was called “BTCU_Ultimate”. It seems so that the project should be called “Bitcoin Ultimate” at first, but due to a lack of language skills they called it “Bitcoin Ultimatum”. Who shall issue whom an ultimatum? Already for the Coinsbit exchange they had taken a free vector graphic template from freepik.com, just modified a little bit with Adobe Illustrator. The same template has been used for the BTCU project, just with some modifications. The creator of the thread was then notified that there were inconsistencies in their announcement compared with their whitepaper from their website. One time the Quark algorithm should have been the basis, what is a mix out of six different encryption algorithms, another time Bitcoin’s SHA256 algorithm. The creator apologized that this might have been just a typo in the announcement and that the Quark would be implemented for sure. After he was made aware of the fact, that Bitcoin’s SHA256 algorithm was pronounced in their whitepaper to be the algorithm, he came up with the explanation that the whitepaper would be the correct version, where you find an undefined mix of the Quark and the SHA256 algorithm. When he came up with technological explanations nearly 100 % was revealed as plagiarism from different sources. Pronounced was further a Bitcoin hard fork, means, that there would be made a change in the Bitcoin consensus rules as it had been done e.g. when forking Bitcoin Cash:

The fork of Bitcoin Cash increased the blocksize from 1 MB to 8 MB so that more transactions could be written in one block, therefore an attempt to optimize the scalability of the blockchain. Further, as consequence, SegWit was removed again, a method of handling the signatures, introduced with a previous Bitcoin soft fork with the goal to increase the possible number of transactions per block, what was no longer necessary for Bitcoin Cash due to the increased blocksize. So Bitcoin Cash can be called a real Bitcoin fork, secured by the known proof of work consensus mechanism (PoW) the miners have to fulfill. The proof of work consensus mechanism was defined under the assumption, that the majority of the mining community would have the higher hashing power than potential fraudsters, verifying the transactions in an honest way without manipulating the transaction history. Further a blocktime of 10 minutes was defined by the creator of Bitcoin with the goal to avoid inflation, because else all 21 million Bitcoins would have been mined all at once. To keep the blocktime at the target of 10 minutes on average the difficulty of the cryptographic puzzle is adjusted automatically by the Bitcoin network according to the Bitcoin consensus rules. Bitcoin’s consensus rules define, that the blockhash calculated by the miners has to start with a defined number of leading zeros. Therefore the miners get a separate data field called the nonce, where a 4 Byte random string has to be added until the blockhash gets the demanded number of leading zeros. According to the available total hashing power the difficulty of the proof of work consensus mechanism is adjusted from time to time (each 2016 blocks) in demanding once another leading zero for the blockhash in case of an increasing difficulty (or one zero less in case of the decrease of the difficulty). At the moment a Bitcoin hash has 19 leading zeros.

Now we look back at the “BTCU”-project. Announced is here a Bitcoin hard fork, but the consensus mechanism would no longer be the proof of work consensus mechanism (PoW). Instead they announced the proof of authority consensus (PoA) originally designed for internal company blockchains, controlled by their own master nodes that decide which transactions are valid and which are not, further which community nodes would be accepted as trustworthy additional nodes, what could easily be just some sock puppets' nodes. Even the undefined mix of encryption algorithms has nothing to do any longer with Bitcoin. For the case they ever would get their controlled and thus in best manner centralized blockchain running it would be a complete new and different blockchain on top of the nearly 300 GB Bitcoin blockchain just for acquiring investors and marketing purposes, urging especially their exchange's members to buy Bitcoin for getting the promised legendary airdrop and thus creating an hype and manipulating the market! After the creator of the announcement was confronted with hundreds of claims of members coming from the Coinsbit exchange he repeatedly defamed them as mentally ill which would need psychiatric treatment. I started then a cyber war against Coinsbit and the BTCU project team over all social media platforms. Meanwhile iGO_Tech's case got resolved thanks to the outside consultant whose name appeared on the BTCU website and at the BTCU announcement on Bitcointalk as well. His appearance was misinterpreted as he would somehow be related to Coinsbit and their Bitcointalk account, but this is definitely not the case. Moreover, the consultant helped iGO_Tech to resolve his issue with Coinsbit and they paid him back his original fee of 1 BTC for getting his token listed, worth around 10,500 USD at the moment. Bitbottrader's case will be resolved as well and his list of other member's open issues will be submitted as well for getting a constructive solution. Therefore I don't see any need to keep any scam alert. I've not filed any complaints in front of the authorities or the domain registrars as I was waiting to get the accusations resolved. My technological considerations remain untouched from this and thus I'll keep them as this notification together with one or another comment as an expression of freedom of speech. For details see the quotations below:


What is the Hash Algo now? SHA-256 or Quark?
Because here are you mentioned SHA-256 but in the whitepaper Quark.
Thanks for your question. I will clarify in the technical department. Perhaps a typo in the thread.
A new blockchain of a creator who announces the project with the wrong encryption algorithm? Good joke, ähm, fake! BTW: Why forking the Bitcoin chain if you gonna change the algorithm/consensus rules? Why not simply create a new chain? Atomic trades, what is advertised here as the ultimate revolutionary change, also isn't something new. I'm really wondering what shall be advertized here. Is it a social experiment?


A “spelling mistake” between SHA-256 and Quark while creating an announcement on Bitcointalk for the crypto community! Nice explanation! With other words: The one who wrote the announcement has no idea what he's talking about! Including your whole fake department which is checking the announcement! You surely will come up with a similar explanation how you'll handle the deep hard fork in implementing a complete other algorithm in the blockchain as consensus rule, better to say: a mix of different encodings? There's absolutely no sense to build a complete new and different blockchain connected to a blockchain from a complete another encoding. Everyone who has a little knowledge in crypto related stuff knows that. Even implementing the last Bitcoin hash to the next blockheader would give a problem. You should finally reveal who's the author of this social experiment and how many potential victims you caught with this ridiculous campaign! Or is it a ridiculous attempt of crypto market manipulation in insisting the people to buy Bitcoins? PS: See my rating here!


Shall we ask Nataly Simson from Coinsbit if she got informed that you use her profile pic for your fake campaign? And why don't you try to create an Ethereum fork on top of the Bitcoin chain? I'm sure your "special department" would find a solution...  Grin Grin Grin Grin Grin Grin Grin


What I found is this posting on Telegram from an admin of the Coinsbit Telegram group. There a low quality video is linked in 240 p. I was falling several times asleep when Nataly Simson finally started to talk about “BTCU” at 16 min 28 sec. Indeed she seems to be part of the game (well, I stopped the video a few seconds later). So I summarize: You're notifying about the idea of your “coin”, which you haven't gotten to run practical ever. Therefore you want to make a “fork” of the SHA 256 encoded Bitcoin blockchain (for which reason ever) and building a new blockchain with the Quark algorithm (together with a mix of other algorithms) on top of the SHA 256 encoded part from the previous Bitcoin chain. For that announcement you present a video on YouTube in the quality of the last century, and here on Bitcointalk you're advertising your idea, not your running chain, with logos from Forbes etc, hosted on a Russian picture platform (normally used from individuals to post the usual Facebook crap as the daily lunch and so on). But Forbes shall be one of hundreds other international clients. Further your “developing department” hired a marketing manager who confuses the algorithm of Bitcoin with the algorithm you want to build on top of Bitcoin. The reason for the nonsense fork isn't explained (of course the only reason is catching the Bitcoin users attention).

I still have no idea about the real goal of the whole theater, but it's clear that you're selling unlaid eggs, dreaming from the reinvention of the wheel and therefore trying to plant a cactus on a sawn-off tree stump. It's simply ridiculous and the whole thing was for sure the worst advertisement for the Estonian trading platform Coinsbit. Most likely you just want to manipulate the market and stir up the Bitcoin trades on your trading platform in initiating an hype. This is exactly the way how the market is being manipulated. I stand by my assessment of a fake campaign! I really wish you all the luck in the world, but please not in the crypto area!


You forgot to mention in your announcement what shall be the benefit in leasing your stakes to mining nodes (LPoS) instead of just forging yourself. Further you forgot to mention that proof of authority (PoA), where the authority nodes get determined and so controlled in best centralized manner by yourself, is primarily a concept for internal blockchains within a company. And here it's irrelevant, if this “network is still under development”. In the end you still have forgotten to explain the sense of implementing a proof-of-stake-concept combined with a centralized concept of authority nodes of your choice building on top of the proof-of-work-concept of the most trusted Bitcoin blockchain, which will be cut off in the moment of the fork, while you still forgot to mention how this ever shall be technically possible. You’re just throwing around with already known, but never established terms, while you have not even a basic knowledge of what you're talking about. But go ahead, I'm waiting for the next amusement...  Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy Cheesy


Please don't interpret too much! I just want to disillusion the community after you came up with a nice graphic containing some basic terms and bold underlined letters in red color spread over the whole screen size. It would have been your turn to “substantively explain your technology and methods of implementation” when you came up with it in a network of developers and end users. With the combination of PoS and PoA you're announcing a public permissioned blockchain, which is originally designed for internal business blockchains as provided e.g. by the Corda Network. So nothing new at all. If your goal is not just a market manipulation over the Telegram channel of your connected exchange you're trying to open this concept now for the common crypto community. What you didn't mention of course is the fact, that such concept is just a trap as everyone who invests in the project would get immediately dependent from the grace of your authority nodes. In other words: You're trying to create a giant company network without revealing the real nature of your concept, like the rat catcher from Hameln in the crypto community. As I said I was waiting for the next amusement - what comes next?  Grin Grin Grin


Ok, so here once again in clear words: Even if you would get it running from the technical side to create a complete different algorithm on top of the Bitcoin chain - it still would be a fake fork! You could also create a database with the balances of the BTC holders in the moment of creating your genesis block, and then giving all BTC holders their proportional airdrop. But what is the whole thing worth without any ICO? And just for getting the Bitcoin users attention creating a complete new blockchain on top of an existing, nearly 300 GB large chain what would have to be distributed as ballast for nothing within your new network? Who would be willing to participate in such nonsense? And the clear clarification of the implemented encryption method of SHA-256 on page 34 of your whitepaper was also just “a typo” of your marketing manager? Further at your website you're linking e.g. to Forbes with the note, they would write about your project. Looking at the linked site on Forbes Nikolai Udianskyi, mentioned as “CEO of BTCU and co-founder of Coinsbit Exchange”, is just talking about Bitcoin halfing. No word about “Bitcoin Ultimatum”. I call this a fake, as the whole whitepaper with website and (pre-) announcement is a fake, including the pretended Bitcoin fork. Hopefully this was now clear enough. EOD from my side.


Im sorry sir. Indeed, I should have read the first page of your announcement more carefully. It looks like you are about to release something really big: a Bitcoin fork with smart contracts, anonymity and atomic swap.
@BTCU_ULTIMATE: How many further sock puppets you'll let dance here to give the impression anyone would be interested in your fake campaign? Always just repeating your promotion slang in the end. Did your attempt of market manipulation (insisting to buy Bitcoins for getting the promised airdrop) still not reach the scheduled goal? What kind of software wallets you'll provide which would need to get the whole 300 GB Bitcoin blockchain downloaded for absolutely nothing? Why did you fork the original Bitcoin code on Github based on the SHA 256 algorithm (of course without declaration of the source) which you won't use any longer according to your pre-announcement here on the one hand, but what you'll use for sure according to your whitepaper on the other hand? Of course I won't get an answer again, just that I should wait for the unbelievable, revolutionary end result. But I'm just waiting until this thread get's finally flagged as scam! Readers who are wondering about this "revolutionary new coin" should start reading here! According to their website they're located in Hong Kong, so nothing more than a typical attempt of Chinese market manipulation. Perhaps the involved Estonian crypto exchange Coinsbit is in financial trouble and made a deal with a Chinese fake campaign creator. I'm getting sick of the whole fake thread here, kept alive just with a whole armada of sock puppets!


This would mean that you take a full operating Bitcoin code, at least keeping the functions to read out the whole previous chain, which will rise up to 300 GB shortly. This 300 GB data would have to be distributed within your network forever, just for sharing the proportional airdrop in the moment of the fork. This airdrop could also easily be done by just providing the airdrop to the Bitcoin holders on the most common crypto exchanges as it's done usually. Even if it was really just a communication error and the SHA256 algorithm would be used generally after all: Who would download and care a 300 GB data corpse for life time just for your initial promotion? When BCH was forked "just" the blocksize had been increased from 1 to 8 MB and SegWit has been removed, the algorithm remained the same. The goal to increase the number of transactions per block was never reached. Actual BCH blocks remain generally around 120 kB as can be seen at the comparison of the statistics , while Bitcoin blocks have a multiple of transactions per block compared with Bitcoin Cash. One couldn't call this a real breakout. Let's take a look at the most successful implementation of the Proof of Stake concept: NXT, created back in 2013 and called the Next Generation of Cryptocurrency, one of the most trusted and serious crypto currencies on the market based on the PoS algorithm. Three years later the Jelurida team came to the conclusion, that the size of their blockchain would be too large for a modern crypto technology and created the Ardor multichain platform, where the users can create child chains just for not being dependent from the main chain for keeping the blockchain size small. The NXT chain is around 4 GB today, the Ardor main chain around 2 GB. Both databases fit on a cheap USB stick. This is a real trendsetting concept. Now you really think a hard fork for promotional purpose only would have success ever, compelling the users to distribute the fake fork with 300 GB data ballast just for your initial advertisement? Even if you would get running a quasi-fork in cutting off all historic data and just creating a new chain on top of a snapshot of the BTC chain, what would generally be possible - it still would be a fake fork with a complete other concept what the community never would accept as real Bitcoin fork. Your project just abuses the name "Bitcoin" for promotional purpose, even if you ever would get a blockchain running.


@BTCU_ULTIMATE: Let’s hold on a moment. I still hadn’t the time to file my complaints to ACRA and the TLD registrar as I’m busy with coding per night and day. I want to take the opportunity a last time for seeing if a civilized discussion is possible here. We explained you several times that the BTCU project, if fake or not, is irrevocable associated with Coinsbit. Now some members got it that you are representing former and active heads of Coinsbit. You have no chance to deny the direct connection to Coinsbit as they are explicitly listed on your website as partners. The reason why I’m writing here the last time in a friendly matter is that we don’t know, if Nataly Simson is personally responsible for scams or if other staff members are responsible. Because I don’t want to be responsible for harming permanently the reputation of Nataly Simson without knowing the internal interdependencies and responsibilities, thus as I don’t want to judge prejudiced, I’m coming up with a simple question. You are in direct contact with Nataly. You got also confronted with evidently very angry members of Coinsbit. As you seem to be psychological trained you should know that it would now be time to change your role play and tactic. Therefore my question: Are you willing to talk with Nataly about the shown issues these two members posted repeatedly and are you willing to find a solution for them? I tell you now in a friendly manner that this would be the only option to save Nataly Simsons reputation as well as Coinsbits reputation, the reputation of your “BTCU-team” (if fake or not) and your own reputation as well. Do it now and most likely the two members (and perhaps others as well) will be calmed for now. I’ll hold on then as well with my official complaints until we’ll get a positive result.


I don't know who uses which graphics. It's just not interesting to me and I don't have time for it. Even if we hypothetically assume that Nataly Simson brought a designer with her (although I cannot assert this since I do not have this information), then what's wrong with that?
And what is the best - for the "BTCU" logo has just been taken a free template from freepik.com, modified a little bit with Adobe Illustrator, done in a few minutes. And therefore the victims' coins were abused?



@BTCU_ULTIMATE: I'm not happy the things are going here and I don't want that anyone could say afterwards I wouldn't have tried it, so I'm asking here once again: Would you please - as representative of the Coinsbit heads - so kind and take a look at iGO_Techs case at first please? He's not a little brat, he's a real inventor and engineer! At the moment the whole story here still hasn't left this forum from my side and I'm not interested to let it go viral. So please clarify it in the name of this community why his token has been delisted and why he hasn't gotten his investment back. When we found a solution then we'll head over to the members out of bitbottrader's list. This list is frightening and you won't tell us that all this members are just trolls. Please note that this is a recovery plan, a recovery plan of the victims' funds as well as of your personal reputation and the reputation of Coinsbit and their team, including Nataly Simson. It's now in your hand. Hold on a moment and think about it until it's too late! We are your community! We are not your enemy! Most likely all of us are willing to remove your flags when you start trying to resolve all the open issues. If all issues are resolved and there are no complaints left from your community, I offer to delete my scam alert and all negative postings here as well. I'll hold on as well until I got your response. @iGO_Tech and @bitbottrader: Please confirm if you could support this recovery plan as a constructive solution!


What are you doing here? Busy with posting when you actualy should talk with your the attending physician psychiatrist.
Until now I have been very diplomatic and this whole theater hasn't left this forum. But since you have opened your cheeky mouth again in attacking your victims personally it's now going to get attention in front of a broader audience, especially in front of all potential victims and investors you caught already in your channels and social media!

I'll be back!

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October 02, 2020, 05:37:23 AM
Last edit: October 05, 2020, 04:18:32 PM by Trade Runner
 #11

From: Trade Runner
Sent: Friday, October 02, 2020 7:04 AM CET
To: ceo@coinsbit.io ; cto@coinsbit.io ; support@coinsbit.io
Subject: Recovery of stolen funds

To:
Coinsbit Inc.

ceo@coinsbit.io
cto@coinsbit.io
support@coinsbit.io



Dear Ladies and Gentlemen,

since it looks like it doesn’t come to a solution in the second open case we brought to you I want to repeat here my already publicly posted questions. The very first question I asked in front of your member is whether he used a bot or even a bot-net. He confirmed to have used a single bot over two alternately used IPs, for each of which he created an API token on your platform. The second IP was used for redundancy only. These two IPs can be found in the server logs. According to his own log files I could look at he traded with around two API calls per second, what is a very moderate data rate and thus clearly a fair use of your API services! Even if several users collaborated with their bots in a coordinated way, what was my very first question and what he denied: Bot trading is not forbidden, and even if they had made a good profit, it would not have been fraud or scam. His bot placed orders and participated with other traders, so it was a normal use of a trading market. He did not steal funds from anyone. Even if you had decided to block all accounts trading with bots on a specific market, you would not have had the right to set their balances to zero, because thus you were in fact stealing their profits they made! His recent withdrawal history shows failed withdrawal attempts, what means that there still existed balances to withdraw, otherwise it would not have been possible to initiate a withdrawal. Therefore, any claim on your part that the user withdrew everything on his own, what appeared to be your first version of the circumstances, is definitely false! Furthermore, it is clear that withdrawals initiated by a member would never completely reset all balances to zero. A reset to zero only happens when a coin is removed from the list and the user has not logged in for a long time, but this was not the case. Consequently, you cannot prove that the member would have withdrawn his funds from his known IPs. Furthermore, you have not answered why his 2FA was deactivated after the wallets were released. And why his login was unlocked again after the balances were set to zero? Compared to other fraud cases, it seems to me that you have at least one scammer sitting in your office/home office. It is the typical behavior of scam exchanges to bypass or disable the 2FA and block members from accessing their funds, see the following two cases Be aware of phishing site wex.mn and Scam-alert: Yobit and BTCsquare for comparison.

After investigating in this case I have no reason to assume that the member would be a scammer. But I have strong reasons to assume that the member got scammed by at least one of your staff members. Therefore I kindly ask you to transfer back his blocked and wiped out funds in the height of 0.19 BTC to a wallet to be defined. The member waives any claims for compensation for lost profits that he could have made by trading with the missing funds. Furthermore, he will most likely delete his scam alerts in case of a refund. Furthermore, the community expects a public apology for the repeated unbelievable personal attacks from your side against several members over the period of one year, defaming them as mentally ill haters, as documented on Notification: Coinsbit/BTCU project. I will publish this e-mail as well.

I kindly request to confirm the receipt of this e-mail!

Best regards,
Trade Runner from Bitcointalk


Latest message out of The Scam Removers' Channel:
Quote
According to the chats in the Telegram groups of Coinsbit/BTCU one can see, that even the creators of the fake fork don't know, what they really offer: If they were to create a fork, the holders of Bitcoin would hold automatically the newly created coin, even though it would not inherit any value from Bitcoin. To call free coins as airdrop, they would have to get it listed on exchanges at first for supplying the community with free coins. But no exchange will be interested - despite their own exchange. Anyway, as shown in the previous Channel News, they announced a fake Bitcoin fork, and for this fake fork even further a fake announcement about an airdrop never intended as such. Of course there will also exist not even a single blockchain explorer where you could ever controll any transaction of the fake chain. They might maintain a full centralized blockchain simulation such as OneCoin. And, as we've shown, even if they were to get their proof of authority (PoA) concept up and running, it would still be a centralized blockchain, originally intended for internal use within companies only. We strongly recommend not to invest and not to buy any Bitcoin for getting the "legendary" but in reality worthless fake airdrop! For those who have not yet had a look at Bitcointalk, the forum created by Satoshi Nakamoto together with Bitcoin back in 2009 for all crypto traders and developers - this is what Coinsbit/BTCU looks like without their whole armada of sock puppets, without their meaningless descriptions of technologically irrelevant terms and without their amateurishly manipulated graphics, which they have just adopted from freepik for their branding.
Until now of course no response from Coinsbit to my last e-mail. This have been now two complete working days, even without any confirmation of receipt. Seems so that they don't even think at it to response. Well, one can't say afterwards that they wouldn't have had their chance!

I'll be back!


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October 08, 2020, 10:16:40 PM
Last edit: October 16, 2020, 02:27:47 PM by Trade Runner
 #12

We remind everyone!!!
How often do you want to repeat your announcement? In the meantime all profile pictures on the Coinsbit and BTCU websites have been deleted. Seems so that suddenly nobody wants to be personally responsible anymore. Meanwhile you deleted also the fake members list at your initial posting. Focused on the two relevant guys we had Andriy Saranenko, listed as COO at BTCU, who wrote to be IT Project Manager at Prof-it Ltd/Coinsbit.io on LinkedIn. A few days ago he changed it to Head of Product and Project Managers at Prof-it Blockchain Technologies Ltd. Ukraine. Meanwhile I can't find his LinkedIn profile anymore, and his connected website shows only a server error. Nothing anyone would take serious. Then we had Dmytro Dehtiarenko, listed as CTO at BTCU, I found no public available info. The only Dmytro Dehtiarenko I found is a Junior Golang Developer from the Ukraine with 48 contacts on Linkedin as well, who graduated last year with a bachelor's degree from the National University of Kiev-Mohyla Academy in Information Technology, his main skills: Golang - but his profile pic at LinkedIn compared with the fake BTCU team (see e.g. the last participants of the Hackathon) shows that they are obviously not identical:



Dmytro Dehtiarenko, Junior Golang Developer

So who is this person presented as Dmytro Dehtiarenko really? Is it a fake identity, impersonating the real Dmytro Dehtiarenko? Anyway, after my last email is still unanswered, which I sent to all responsible persons at Coinsbit, it's clear at they have absolutely no interest to resolve or at least to clarify any of those scam accusations, therefore I will shortly inform each single participant of the Hackathon beginning on Friday about the upcoming BTCU scam and fake fork. Coming in this context a last time back to the technological considerations the guys mentioned above would have had a little, little and single chance to let it at least look like a Bitcoin fork. After all, Bitcoin has of course also implemented the PoS mode for the date on which all coins are mined. If they would have taken just that code as basis and said: “Hey guys, we make a fork in getting in the PoS mode already” then one could say: Ok, they tried it at least. But then all real stake holders would be forging and verifying the transactions, and not their own master nodes or any “authoritative advisers, blockchain companies and crypto exchanges” determined by themselves! They call it PoS consensus (Proof of Stake), but at the same time they rule out the real stake holders, means the holders of the most valuable wallets, at least always ready to start a 50 % attack in controlling their own master nodes. This is the point where it's getting a fake and potential future scam. What they're now announcing is nothing more than: “Hey guys, we're making a Bitcoin fork getting into the PoS mode already, but nobody will be allowed to forge, just our own master nodes and a few master nodes we will determine and which we can recall at any time at our own discretion.” A company's internal bockchain concept opened to the public, under the control of a few Ukrainian guys coming from the Coinsbit exchange, known for maintaining fake charts, fake trades and for systematically locking out members which made too much profit in their eyes, with the final goal of grabbing their funds, rejecting any attempt of a constructive solution. This is what I would call the next attempt of a mega scam. I would not invest a single penny into such project!


The concept of BTCU is similar to the concept of the second cryptocurrency by capitalization - Ethereum. Like Ethereum, the Bitcoin Ultimatum blockchain provides smart contracts in the blockchain protocol as one of the important functions for the implementation of transactions and DAPP applications. The BTCU team sets itself the task of developing the direction of smart contracts and implementing atomic swap technology natively to the blockchain protocol to allow carry out transactions not only within the framework of a single blockchain protocol, but also to conclude smart contracts interacting with other protocols, which will globally expand the possibilities of this technology.
@BTCU_ULTIMATE: I'm wondering that you still didn't learn it how ridiculous your staged sock puppet monologues are! BTW, also inter-blockchain-tokens or so called interchains are nothing new at all, just google for Internet of Blockchains and you'll find them all:


Do you really believe that one of these developers has maintained an entire armada of sock puppets on Telegram and Bitcointalk, abusing the Telegram community for a ridiculous marketing campaign with funny gifs, announcing a fake Bitcoin-to-Ethereum fork, or even coming from an exchange with countless open scam accusations? You should finally realize that your project has failed before it has even started, in which way ever. I’m already too bored to post my fake alert again. It seems that Anonymous has taken down the Ukrainian guys' website, including their LinkedIn accounts. We'll see what comes next...

Together with the famous and popular Coinsbit exchange, we are running a SPECIAL PARTNERSHIP PROMOTION !!!
Why are you shouting it around here? I thought the name of the BTCU coin has nothing to do with the Coinsbit exchange? Well, everyone can here enjoy the meanwhile deleted conversation with iGO_Tech from the beginning until the end! Grin Grin Grin

BTW: You forget to mention in your announcement quoted above that your fake BTCU coins as well as your newly promoted CBU token are worth absolutely nothing! This is a kind of fraud attempt as well in urging your victims to take over your promotion in making false promises and phantasy value data!



What I find even cooler is the fact, that your attempt of hijacking and corrupting our Scam Removers' Telegram group failed! I recently added the account @sabaiyingz out of your Coinsbit/BTCU group and see what happened:









Nice attempt! Grin Grin Grin


Got even better! As we can see compared with yesterday Coinsbit got 1300 new members within their group. The world is so incredible interested in their equally incredible fork, that every minute one additional member came into their group! Woooow! See now here the latest, incredible informational updates out of this group:



















Hy! Hello! Oi! Boa noite! Nice!  Grin Grin Grin Grin Grin


Just deleting everything doesn't work, BTCU_ULTIMATE, it's saved everything in all versions in the Wayback Archive! Grin Grin Grin

Well, and as the internal trust ratings/feedbacks/flags are only visible for logged in members I herewith proudly present the ratings of the sock puppets COINSBIT.EXCHANGE, Dennicex and BTCU_ULTIMATE:











https://youtu.be/zIjZMfANzTM - Introduction of BTCU at the World Blockchain Hackaton.
Andriy Saranenko was talking there that they are still looking for code reviewers and support. He linked to his GitHub Wiki where I can find the wallet start commands as well as the API-Calls-List. So please tell me how I ever should test the whole thing as there are still no releases published? If you really want to present something at least running on a test net it seems everything to be in a early stage development, nobody has ever been testing it. You are far away from getting it running to the public on October the 27th of 2020 as pronounced publically! Unfortunately nobody of the Bitcoin Core coders was willing to take even a look at it, so I thought why not just to test it. You don't want to say that I have to create the binaries myself for testing it on a x64 Windows platform? I won't do this! Most likely this was the reason you gave up your original posting where you announced a public operation for October the 27th? You have at least one master node running for getting connected to a real test chain? Please note that I seem to be the only one who would be willing to test the whole thing here, so please think well about your answer!

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February 09, 2021, 05:27:39 PM
Last edit: February 09, 2021, 09:23:27 PM by Trade Runner
Merited by JollyGood (1)
 #13

In the meantime, Nikolay Udianski has created a new BTCU fake team after the previous people there turned out to be fake members, as shown in the original posting. Furthermore, they deleted their original GitHub fake repository and created a new one called "Orion". On their website they offer a download for three platforms. I downloaded the Windows exe file over a virtual machine, connected to the internet over a VPN. Offered is only a 32 bit version. A virus scan gave no results, so I installed it on the VM, but it crashed. Given to their instructions on GitHub I wanted to download a blockchain snapshot, but the link was dead (502 server response). As further instructed I opened the btcu.config file and added the two master nodes given in the instructions, but the app still crashes. So no test possible.

So whatever they came up with here I can say that this is for sure not a professional application! On their website they offer a blockchain explorer showing actual blocks. Looking at the RAW data section provided it shows two transactions, marked both as coinbase, one as the miners reward with an output of 0 BTCU, the other one with an incredible (forwarded?) reward of around 3500 BTCU. Other coinbase transactions show arbitrary rewards between 2300 and 4200 BTCU. But all those rewards are for blocks with just this coinbase transactions, what means, that no other transaction was written to the block despite the miner's reward. So first of all it makes absolutely no sense to provide arbitrary rewards. Secondly there are shown new blocks between every 30 seconds and every minute, so imagine that every minute there will be mined several thousand coins. Promised was a "Bitcoin fork", what we explained already, never would be a Bitcoin fork. A Bitcoin fork would mean at least that 1 BTC would be 1 BTCU. When several thousand BTCU are mined per minute it means that the coin, and thus the previous Bitcoin, are worth more or less nothing. Note the fact that we have a reward of 6.25 Bitcoin around every 10 minutes on the Bitcoin chain at the moment. Also a normal blockchain has of course only one single coinbase transaction per block. Note, that "coinbase" is a cryptographic term and means the first transaction in a newly created block. So this is called the coinbase, as this transaction contains only a random string as input, also called as the coinbase message. Normally containing the block height and the name of the mining pool. Of course no such coinbase or coinbase string could be found in the raw data shown in their explorer. This has nothing to do with the Coinbase business.

They announced on Bitcointalk and in their Telegram group to have enabled the main net now, but on the website is still something written about a test net the community could take part in. So it's unclear what is offered here, but all I can say: it seems to be a complete useless application/project/blockchain or whatever. What I can confirm definitely that this isn't any kind of Bitcoin fork, so whatever it is it is a fake Bitcoin fork! That the whole thing has nothing to do with Bitcoin can be seen easily at their genesis block (see Wayback Archive). The timestamp is 06.03.2020, 10:41 AM. Block 1 had then the timestamp 06.02.2021, 12:31 AM and a block reward of 2002 BTCU (see Wayback Archive), the actual block 5521 the timestamp of 09.02.2021, 08:43 PM and - meanwhile - a block reward of just 0.002 BTCU (see Wayback Archive). By the way, this have been 5521 blocks within 4812 minutes (3 ½ days). They might explain why the genesis block had been mined already a year ago?

After I revealed even their blockchain explorer as a fake explorer, they had taken down the entire explorer. Most likely they were made aware of this through the spy sock puppet accounts in our Telegram group. Evidently they didn't expect that a real coder would take a deeper look at their fake explorer. Meanwhile their explorer is online again. Seems so that they "learned" something in the meantime and changed the block reward to 0.002 BTCU and the arbitrary values even of the blocks I checked hours before disappeared. q.e.d.

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