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/9785d584b505448a92e2753c11b95f56030ae9e9b278b1df2a25f6056c11484bPayments 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/c2f494f05cf650999dff7cd814ee3ecd23e0f7c5eaa7777c0f5a3ac068ed2ad2Could 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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