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Author Topic: BIT-X is not running a scam sig campaign  (Read 1451 times)
lolled
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November 29, 2014, 11:21:36 PM
Last edit: November 30, 2014, 09:02:01 PM by lolled
 #1



This is just a possible scam , that can happen . Just making members here aware of it.
This campaign was launched today
https://bitcointalk.org/index.php?topic=877765
There is an escrow involved, but there is no point of having him. The campaign pays out only into the wallets of your website account, and not to your own external wallets. I am assuming, all payments will be made together at the end of the month.

Reasons I think it could be a scam.
1. The campaign is paying out 20 BTC per month(atleast for the first month) . This amount is 3x other highest paying campaigns. They earn on trading commisions(0.22%), and this is too high to pay out for the campaign(almost equivalent to 10,000 BTC trading). But might happen in the long run.
2. They are getting all the payments back to their website, which basically could end up being a scam. Their current campaign offers 30 Senior spots and 20 hero and Legendary. Which could be an attempt, to Spam the forum, in order to get a Lot of attention. If it works, they MIGHT pay and process withdrawls after Jan 1st.  If not, then pssshhh....funds gone. Website gone. ..

I also don't understand the need for an escrow for this, if the funds are ultimately going to be sent back to wallets whose private keys are owned by the website.Again, I am not saying it is a certain scam, but I don't understand, why would funds need to be sent back to the website, if an escrow is involved?

UPDATE: Read my latest comment, on how this has been made clear by marco now.

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November 29, 2014, 11:56:05 PM
 #2

Yes, I brought this up on the sig campaign thread. They have spent 20+ BTC on forum advertising so that gives them some level of credibility (but not enough for me to want to participate).

The purpose of escrow is to give credibility to the campaign that participants will be paid. I think it would make much more sense for payments to be made directly to an address of a participants choice. If they want to force participants to have an account then they can post their username (or deposit address) that btc-x can verify actually belongs to them (but I would frown on even this being a requirement).

EDIT: you also are going to want to change the title to include the fact that participants are not going to be paid (add scam somewhere). It is already established that they are a signature campaign.

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No verificationsNon-Custodial
Built-in Escrow   ● External Wallet Integration
lolled
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November 30, 2014, 12:09:18 AM
 #3

Yes, I brought this up on the sig campaign thread. They have spent 20+ BTC on forum advertising so that gives them some level of credibility (but not enough for me to want to participate).

The purpose of escrow is to give credibility to the campaign that participants will be paid. I think it would make much more sense for payments to be made directly to an address of a participants choice. If they want to force participants to have an account then they can post their username (or deposit address) that btc-x can verify actually belongs to them (but I would frown on even this being a requirement).

EDIT: you also are going to want to change the title to include the fact that participants are not going to be paid (add scam somewhere). It is already established that they are a signature campaign.

Just did. Also, if they are really interested in people to try their site out, then they can payout 90% of the funds directly to the wallet of participants, and 10% or a fixed amount to the accounts of the participants at BIT-X

lolled
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November 30, 2014, 09:01:04 PM
 #4

Closing this accusation. marcotheminer just made it clear, that participants will have their accounts funded at the end of the campaign, by BIT-X. After that they are free to withdraw or use it on the site. marco will escrow the funds all this time. If participants are not able to withdraw their funds from their account , then he will use the escrowed funds to pay them.
This was pretty unclear in the campaign, thread and was just made clear: https://bitcointalk.org/index.php?topic=875272.msg9701637#msg9701637

Locking this thread now.

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