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Question: Is SatoshiHype.com a scam?
Absolutely!
Its too soon to tell
No
Not sure

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Author Topic: SCAM: Satoshi Hype (satoshihype.com) personal experience  (Read 1055 times)
dmatthewstewart
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May 02, 2014, 06:53:13 PM
 #1

Hey folks,

Just a quick post on my recent experience with the heavily promoted Satoshi Hype (satoshihype.com).

We have seen these types of sites before; sites that offer an exuberant return if you just send them BTC. None actually disclose how they grow their BTC and Satoshi Hype is no different. As a matter of fact, they go as far as guaranteeing funds by means of "Bitcoin magic". If you saw the page and read the bullet points, you shouldve immediately decided against sending them any money at all. But I always get newbies asking questions about these type of sites.

My "Investment" and the return the 50% ripoff:

Satoshi Hype says that the minimum investment must be 0.01 or higher. Anything less is considered a donation. So I sent them 0.011 just to trigger a valid investment.

https://blockchain.info/tx/9785d584b505448a92e2753c11b95f56030ae9e9b278b1df2a25f6056c11484b

Payments are supposed to be automatic, every hour, for 48 hours, until your initial investment is returned along with upwards of 44% interest. This makes for the stated claim of 144% on their page, satoshihype.com. Just in case they take the page down, or change any of the info, I have provided a Freeze Page of the site as it exists as of today here --> http://www.freezepage.com/1399055166SNWHFYGRRV

*Out of the 0.011 sent to Satoshi Hype, only 0.0066 was returned. Or, roughly 65% of my initial investment.

*20 Automatic payments were made hourly of 0.00033 BTC instead of the promised 48

The last payment received can be viewed here: https://blockchain.info/tx/c2f494f05cf650999dff7cd814ee3ecd23e0f7c5eaa7777c0f5a3ac068ed2ad2

Could the site just be having problems with their payments?

Sure. But if I was running the operation I would put an update on the front page and be asking the forum moderators on all the popular sites to make my post regarding payment problems sticky so that everyone sees it. They havent done that.

Do any of these sites ever "work"

These sites have been popping up ever since BTC went to $5 USD per coin. I have lost track of all of the ones I have come across. The short answer is "no". The reason why the answer is "no" is because these sites can never perform for an extended amount of time. Nor do the owners intend to operate them for any significant length of time. These are severly unsophisticated Ponzi schemes that take advantage of the ease of anonymity as well as the ease of appearing transparent. Newer BTC users will see Satoshi Hype's attempt at transparency by showing you their address and transactions via Blockchain and Block Explorer. Newcomers think that that is a sign of trust. Its not. No matter how many transactions they conducted there is no site that can tell anyone how many transactions they are going to make good on in the future.

The site dedicates a couple of bullet points - at the very end of the page - trying to ensure any investors that they will always have BTC to pay their investors. But just like every other similar site, they wont tell you how they do that. Do you know why? Because they do not have a method for guaranteeing your funds. Satoshi Hype didnt even try to come up with a good excuse but rather says [sic] "just call it 'Bitcoin magic'". I find that to extremely lame. If you are already planning on running a dishonest operation, why add insult to injury? At least continue the fraud and say that you have backup btc in separate wallet, as well as maybe some mining being done along with this site. But they dont. It shows just how inexperienced they are with BTC as well. Other operations that claimed to be able to pay large returns made the mistake of making those claims and real miners punched holes in their bad stories. And that is why Satoshi Hype did not make those claims. They are so poorly versed in  how BTC works that they couldnt even make up a simple lie that would cover their asses

Bottom line: If it sounds too good to be true, then it is. These operations pop-up and they only pay long enough to get some trust and the start of a reputation. Once that happens, and word gets out that they "actually pay" or may "be legit", more $ will flood in and then they close up shop, take the $, and disappear.

If you want to grow your BTC with as little risk as possible, try lending at a place like BTC Jam. Returns of 5-10% dont sound as sexy as 144% but at least you have a much better chance at getting your money back with the stated interest.

Peace

-D


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May 02, 2014, 07:18:35 PM
 #2

Thank you for your insight, great read!

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May 02, 2014, 07:36:59 PM
 #3

Very helpful. Added to my knowledge of scams.
dmatthewstewart
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May 02, 2014, 08:09:29 PM
 #4

Youre welcome. Ive jsut noticed that they also have a thread in this category that is at the top of the list (aka, being bumped to the top). It would be interesting to see just how many people have lost out on this. But like I said, I dont ever take these type of operations seriously. And I only did this because I had two newbies to BTC asking me about it. I hadnt even heard of Satoshi Hype before that. It turns out that both had seen the site promoted through Bitvisitor.com (an established site with a flawless history, that I love and recommend to any BTC user). In between posting the original entry and this reply, I hopped onto Bitvisitor and it is being promoted there. I dont blame Bitvisitor though. Users need to do their due diligence with any "investment". Bitvisitor is a site that charges for promotion. I dont expect them to vet the companies that purchase advert time. Nor would I want them to. If they had to do that then the payouts might drop.

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May 02, 2014, 08:42:18 PM
 #5

Another ponzi/pyramid scheme. They are hyper aggressive with their advertising and having it displayed on a reputable site as you say only increases their profit so that they can advertise more.

Really insane how many people fall for it.
dmatthewstewart
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May 02, 2014, 09:06:31 PM
 #6

I know...it really is insane. I fell for a few in the beginning as well. Its easy to do. Especially if you are new to BTC. When youre new, there is so much that doesnt seem to make sense (or at least for me). And since I didnt understand how mining actually worked, or what others had figured out before me in regards to growing BTC, I just figured that there were other ways to do it that I hadnt thought of yet. Alas that was not the situation. Just like regular money, it does not come easy or free.

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May 02, 2014, 09:24:44 PM
 #7

HYIP always scam doesnt matter when they will start scamming but at the end they scam its sure.


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muralidharn2004
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May 04, 2014, 03:45:42 AM
 #8

Hi,

I paid from coinbase address -> 1KesfFctrhK8mb9RoTcLYk8TH5GQMiRssG
and never got payouts. Can you refund the same. It is very hard earned bitcoins. Amount was -> 0.02000006 BTC

Regards,
Muralidhar N
muralidharn2004
muralidharn2004@yahoo.co.in
Bitcoin Address :-> 1KesfFctrhK8mb9RoTcLYk8TH5GQMiRssG

Gyfts
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May 04, 2014, 07:14:25 PM
 #9

The site is a hack. When I bet no Bitcoins I win twice in a row but then when I bet some Bitcoin all of a sudden I have a 5 loosing streak in a row. So rigged it's ridiculous.
dmatthewstewart
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May 05, 2014, 10:40:35 AM
 #10

Update: Within 24 hours of posting this the remaining balance, with interest, was paid to my account from Satoshi Hype in a single transaction. If the payments were not interrupted, and had resumed as normal, the remainder of what was owed to me shouldve came in to my wallet in multiple transactions and not the single transaction they made to my wallet.

**Later I will post the link to that transaction when I return to my home computer. I do not have access to my wallet on my laptop right now but I did want to let the forum know of the update ASAP

UPDATE @ 2:35 pm EST

As promised, here is the finalk transaction from Satoshi Dice made +24 hours after this post and more than 2 days of non-payment, even though the repayment had been originally initiated.

https://blockchain.info/tx/ebad90ca2f5503290a44e2f28aa571e2332b845665b63dc4ef301afef17160a7

What is odd is that it looks as if I incurred the transaction fee (a fairly high transaction fee). So, in the end, it means I still DID NOT receive all of what I sent them nor did I "earn" any return % (they quote additional 44%)

So, either its a scam. Or if it was set up to auto-pay and absolutely return the percentages tehy quoted, then that is broken/non-working. My advice is to stay away. And like I said in my initial post if you want to grow your BTC then you may want to look at loaning them at sites like btcjam

Peace

-D

Qwiner
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May 05, 2014, 11:14:33 AM
 #11

Hi,

I paid from coinbase address -> 1KesfFctrhK8mb9RoTcLYk8TH5GQMiRssG
and never got payouts. Can you refund the same. It is very hard earned bitcoins. Amount was -> 0.02000006 BTC

Regards,
Muralidhar N
muralidharn2004
muralidharn2004@yahoo.co.in
Bitcoin Address :-> 1KesfFctrhK8mb9RoTcLYk8TH5GQMiRssG



Although these types of scams sites specifically ask U to use blockchain or btc apps wallet. >> as they say their btc address do not change, but i don't get it, many exchanges website also do not change the user's deposit address eg. coinbase.

Anyway,
Have U tried contacting the admin. of the site about the issue?

elephantas1
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May 05, 2014, 05:44:01 PM
 #12

Of course its scam what do you think when you read this
Quote
5. What if you do not have money to pay?
This is impossible.
6. Why is this impossible?
Consider it to be Bitcoin magic.
dmatthewstewart
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May 05, 2014, 06:33:26 PM
 #13

Of course its scam what do you think when you read this
Quote
5. What if you do not have money to pay?
This is impossible.
6. Why is this impossible?
Consider it to be Bitcoin magic.

Well, that is what I specifically cited in my initial post. A lot of similar sites tried to be "transparent" by claiming they had certain investments or were mining as well so that they could cover any possible losses. But real miners were able to point out that the numbers the site owners eventually quoted (when pushed) didnt even add up. So, rather than get into that situation, the Satoshi Hype owners didnt even try to get creative with a lie and instead just went totally ridiculous.

The argument that one of the newcomers made to me is that it would be plausible that the site owners, in an attempt to make a site and name popular in a fast growing community, would actually pay for that type of reputation. Since there are very few ways to run a mainstream advert campaign that is related to cryptos, this could be an option; it would be a stretch but it could still be a viable option or plan for an aggressive ad campaign.

muralidharn2004
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May 07, 2014, 01:12:40 AM
 #14

Hi,

I paid from coinbase address -> 1KesfFctrhK8mb9RoTcLYk8TH5GQMiRssG
and never got payouts. Can you refund the same. It is very hard earned bitcoins. Amount was -> 0.02000006 BTC

Regards,
Muralidhar N
muralidharn2004
muralidharn2004@yahoo.co.in
Bitcoin Address :-> 1KesfFctrhK8mb9RoTcLYk8TH5GQMiRssG
monbux
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May 07, 2014, 01:53:22 AM
 #15

All users who invested in this silly scam:  Too bad.  Many users (including me) warned you on that topic multiple times that it was impossible for the person to provide 44% interest in a matter of days.  Your decision not to listen to us, be more careful next time.  Do not expect a refund.

ON THE SITE:

Quote
5. What if you do not have money to pay?
This is impossible.
6. Why is this impossible?
Consider it to be Bitcoin magic.

AND YOU STILL INVESTED???!?!?!?!?!?!?!?!?!?!?  Huh Huh Huh Roll Eyes Roll Eyes

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