Topic: BetKing.io is a blatant scam operated by Dean Nolan - page 21. (Read 31064 times)

There was never a USD peg, nor an intention for one, just a scam of 2/3 of the investments.
The renegging of the tokens is proof for the above.


The so-called USD peg was just a denomination for the Token price.

This part was completely clear, and you're the only person to blame for not reading about the USD pegged token. Out of all the things you might be able to complain about, this is not one of them.

This was a scam from the beginning, people just sided with Dean because he was reputable and cut him some slack (they assumed he was right, because he was a proven trustworthy person).

I have never seen on the ICO website anywhere listed that the investment is going to be USD pegged, until during the spike and that Dean made the claims.
How can  USD peg in a cryptocurrency casino where profits are made in CRYPTO, not in USD, make any sense at all?

Our investment was the bankroll of a cryptocurrency casino, yet for some reason after BTC spiked our tokens were valued in USD.

Bankroll value spiked 3 times but our token (which is a share of the bankroll) remained the same.
It was pretty obvious it's going to be a scam.

Day 1 - Bankroll 7 million$, BKB 0.011$
Day N - Bankroll 20 million $, BKB 0.012$

One would assume, maybe, BKB is going to be good if BTC drops.
It did drop.
But surprise surprise, Dean renegged the tokens.
So, in a day, all your investor lost 2/3 of their investment and later on you reneg the token again to suite your own needs and scam the investors.

Even after all of that, it's like you don't want your investors to make their investments back?
You literally give away a 100 BKT for every 1$ wagered on the website, you give thousands per reply and involvement in your threads.


If I wagered 0.3BTC right now, I would get the same BKT amount that I got when I invested 0.5BTC in ICO time!
It's like you don't want us to earn anything.

And you still have the balls to keep writing on this forum and say things like no one has lost money on this?
Man, if I lost a dozen bitcoins in your project, I'd literally face jail time because I'd be really upset.

What are the real reasons for this serial scammer Dean Nolan to resurface again only to spout the same old lies and nonsense?

Second table.

At what price Dean bought tokens back?

Or, 2,179$ (I took $7,869.94 as btc price)

That is ~$9,373.






46,000 BKT @13 sats?


Correct me if I am wrong.

If your question was in regards to table #2, I calculated the price of bitcoin at each quarter date (i.e. the 4th during the outlined months).

If your question was in regards to table #1, everything was based on the minimum price of $3200 across the past two years. Table #1 was more for estimation and at-a-glance stats.

At what price have you calculated buyback? Was price the same?

Dean, how about you directly address this?


I think his strategy is to just argue semantics and nonsense to the point people either give up, or assume he might have a point. It's getting pretty hard to interpret his stuff charitably.

There was a post a couple months ago where that BillyBurns guy (some moderator and investor) said that Dean lost all his money altcoin trading. I have no idea if it's true, but say it was and Dean just came out and said: "Hey guys, I'm sorry but I got stupid and lost all the money on altcoin speculation. As such, I am am bankrupt and not in the position to payback investor. However, I really don't want to totally screw investors so I'll be working as hard as I can on the site to make more money to try make investors whole".


If that was the case (not implying it is...) it'd be easy to cut him some slack and say "ok, he fucked up badly but at least he's trying his best to right this situation".

But honestly I suspect he had good intentions at the start. He made a lot of money and was really happy. But when the price moved against him realized that he was going to lose some of that unrealized profit, and wasn't ok with it -- so just changed the terms of BKB with some pretty half-thought-out excuse for screwing investors.

What constitutes your buy price, then? I did add the note that an investor could only expect to sell at what the highest buy price is. The liquidity of such a coin is up for grabs.

While this is technically true, I'm not going to base anything on the increased price of a token that started at the minimum price. Objectively-speaking, coins with lower market caps and volume are easier to raise the price of.

I have not stated my opinion. Nor does it matter. I have presented the facts and it is up to the reader to engage and create their own opinion using the facts thereof.

Do bear in mind the potential errors of the calculations from the various remarks I've made (no bonus, roundings, etc.)

We actually have been buying at the lowest sell order for what it's worth which is currently 13 sats. It was 1 sat soon after launch of token so as anyone can see the price has been increasing very quickly all based on the fact that the new site has been bringing new traffic and players. Much more than the old platform did.


Your post, whatever your intention was, will get buried anyway or be used to try and make it as if BetKing is a scam or paint it in a negative light.

The trust for serial scammer Dean Nolan and his betking user is showing -2045

Here is the math, in case anyone is interested.

We are using token stats and the BTC exchange price from this post: ICO audit complete. Final funds raised

Without factoring in any price differences and without factoring in ICO bonuses:
One investment of 3 BTC (13790.4 USD) would yield you 148507.43 BKB tokens^_*

The following don't factor in any profits/losses:

Buyback Stats (lowest price of $3200)
-------------------------------------
2 quarters: 19.00% sold  ->  $1824.00
4 quarters: 34.39% sold  ->  $3301.44
8 quarters: 56.95% sold  ->  $5467.20
-------------------------------------

Buyback Stats (true prices @ quarter)
-------------------------------------
Q1 (Dec 17): $1379.04 @ $11271.20/BTC = 0.12235077BTC
Q2 (Mar 18): $1241.14 @ $11471.20/BTC = 0.10819618BTC
Q3 (Jun 18): $1117.02 @ $7622.00 /BTC = 0.14655208BTC
Q4 (Sep 18): $1005.32 @ $7230.36 /BTC = 0.13899722BTC
Q5 (Dec 18):  $904.79 @ $4001.27 /BTC = 0.22612570BTC
Q6 (Mar 19):  $814.31 @ $3747.36 /BTC = 0.21730231BTC
Q7 (Jun 19):  $732.88 @ $7910.92 /BTC = 0.09264156BTC

TOTAL: 1.05216582 BTC + 71,030.64 BKB
EQUIVALENT PRICE: $8,206.90 (@7800) + $6,595.90 (@0.09286)
FINAL PRICE: $14,802.80
FINAL PROFIT: $1012.4 (7.34%)

* buyback dates are on 4th of March, June, September, December


On the flipside, if you held the 148507.43 BKB, a conversion of 30 BKT = 1 BKB nets 4,455,222.9 BKT.
This is 0.40097006 BTC (we can only guarantee a sale at the highest buy order)‬ which is roughly $3207.76 (at 8000 USD/BTC)

In order to recoup the losses, one would need BKT to rise to the price of .00000039 BTC/BKT. This is a 333.33% price increase.

---

I'm being very generous, rounding in the direction of BK's favor.

Have you seen your Trust rating (Trust: -254: -8 / +2) lately? It's quite obvious many people know I'm not wrong. If you claim I am the only victim here, I just want to know: was stealing $700 from me really worth it?

I brought this up almost 2 years ago. This is what BetKing.io answered:
(archived)


I now wonder if Dean really believes his own lies, or he just made so many lies he can't keep them consistent anymore?

True!

But everyone with a functioning brain can put "betking scam" into google and avoid!

He scammed ICO investors when he did not fulfil a whole list of the 2017 ICO promises
He scammed ICO investors when he siphoned-off ICO funds for his own pockets
He scammed the winners of the 2018 Christmas wager
He scammed ICO investors when he created 10 billion EOS BKT tokens and kept 1 billion for himself
He scammed ICO investors and all token holders when he announced BKB token holders need to swap over to BKT otherwise lose their tokens/investment
He scammed ICO investors and all token holders when he claimed betking would buy back 10% of all tokens every quarter

I can add more but that list should suffice to show serial activity rather than a one-off scam. In my book that makes Dean Nolan a serial scammer

 

Nice post. It clearly reputes Dean's point a few posts back about the token being a business loan. It's pretty clear the pricing is such that it's structured as a personal loan to Dean, fixed in USD with betking *revenue* offered instead of an interest rate.



lol, nice attempt to weasel out of the deal. The "up to 10%" referred to if a user had X tokens, they could use "<= X/10" for buybacks.

Funny that, since the launch of the new BKT token in Feb we have increased traffic, bet volume, new investment and profit for investors every week since. All while the token price is increasing and original ICO investors discuss the next moves for us to take and support the changes.

I don't think your civic duty is really having much effect.

I don't think you know what a scam is either. My lawyers certainly don't see any scam going on.

Your memory doesn't agree with my chat logs

You were the one asking for, several times, and each time I told you that I would only do it collateralized. And each time you kept trying to weasel your way out of the collateral requirement (even once agreeing and then last minute pulling out).

And then, no surprise, a couple weeks later you reneg on your agreement and which had you collateralized would have protected me against. So I'll lead it up to the reader to add 1 and 1.



Ok, you're right that I have invested in the bankroll of both bustabit and bustadice (among other sites/services). But if my motives were in attacking "competitors" to increase volume for my invesment (lol..) I would be attacking sites like primedice or stake. But instead I am frequently recommend them (and have zero financial stake in) because they're businesses that have been built upon being fair and honest with players.

Also for perspective, if you summed up the entire volume of wagers from betking since it's ICO I bet it's less than a good day from bustabit. Your "business" is not a real competitor, but even if it was, it would not have any bearing on my opinion.


I like to relive my former glory. Besides, it's also a bit of a civic service to try minimize the amount of people you can scam in the future.

1) I've not scammed anyone and you have zero proof of that. There's not even investors on this forum that can provide any proof of that (yeah post, Loyce or whatever, but he is wrong and everyone knows it)
2) I didn't try to scam you of anything. You offered a loan, before I asked, then I said I would be happy to sell you BKB if you wanted. This is in no way a scam and if we did agree to that then I'm sure the site would have been doing far better by now. But that's irrelevant.
3) You are not out the business. You still have a stake in Bustabit and you have a large part of the bankroll in there and bustadice. It is in your interest for other sites to do poorly and those to do well.

So yet again, after 6 months? You still can't provide proof of me scamming and you can't find anyone I have stolen money off and you can't find any investor who has lost any money.
And you still just flat out refuse to believe anything I've said, or even the players and investors who have posted how it's not a scam in the past few months.

What is it that is the basis of your claim again? I'm confused where any of you are even coming from now. You all contradict each other and yourselves and repeat nonsense with no facts over and over again.

If you were out the business why are you still in these threads?

I was a competitor, and even when I was running bustabit I had no problem helping you out with some stuff and maths. I've always had good relations with other casinos. You'll notice I've never said a bad word about the big and serious competitors I had over the years, because they got big and serious by doing a good job and running honest shops.

But nice try at deflection.

And anyway, I've long since got out of the business. The reason I have a problem with you, is that you turned into a scammer and tried pretty hard to scam me for a large sum of money.



Hard to argue too much there. I definitely did get lucky, and not a business person at all. But to be honest, I don't think I've leveled much criticism on how you run your "business". My complaints have more been around your character (or lack of).  But if you consider scamming people a "business" decision, then maybe it's your skills that should be questioned, not mine?