Topic: BetKing.io is a blatant scam operated by Dean Nolan - page 40. (Read 31310 times)

So basically now you can see why investors are so upset that invested in a scheme that guaranteed Dean Nolan would receive millions of US$ in crypto via the ICO but the investors would be left with virtually useless and worthless Betking tokens.

There has no way for investors to cross reference, verify or ascertain how the funds were spent, who the funds went to and if they were spent in accordance with the ICO whitepaper.

I think investors should consider getting together and asking for their funds back and contemplate legal action agaist Betking and Dean Nolan if they are refused.

His 10% buy-back token scheme is pathetic because it forces investors to keep 90% against their wishes at all times! If an investor has 1000 Betking BKB tokens and wants to sell them all in the buy-back then the investor can only sell 10% per quarter:

Q1: Balance 1000 BKB - 10% = 100   tokens buy-back. Balance   900 BKB
Q2: Balance   900 BKB - 10% =  90   tokens buy-back. Balance    810 BKB
Q3: Balance   810 BKB - 10% =  81   tokens buy-back. Balance    729 BKB
Q4: Balance   729 BKB - 10% =  72.9 tokens buy-back. Balance 656.1 BKB

After 4 quarters which is 12 calendar months or 1 year of trying to sell of a relatively small number of 1000 BKB at the allowed 10% buy-back balance you are still left with over half of your unwanted Betking tokens. That is another reason why investors are calling Betking a scam.

This link only states bankroll total value = $ 6,500,528 and BKB Initial price = $ 0.09286

But no calculation and explanation why one BKB token is worth $ 0.09286

However the other points I read confirm this investment fraud scheme!

Token Price

Quote: "The total funds raised will determine the price per BetKing Bankroll token.We will take the total value of all funds at the current exchange rate at the end of the crowdsale to determine the total raised funds.E.g. If we raised $1,000,000 then the price per token would be $0.014 (1,000,000 / 70,000,000)."

This statement confirms the calculation I previously made, means value of total investment divided with the number of BKB tokens.

What I do not understand is why he divides the $ 6,5 million collected with only 70,000,000 while there are 100,000,000 BKB tokens?

If you divide $6,500,000 with 70,000,000 then you come indeed to the price of $ 0.09286 per token.

However, as there are in reality 100,000,000 tokens you should divide using this amount and then the value is only $ 0,065 per token.


Quote: "The buy back price offered by BetKing will be based on the current total bankroll profit.So for example if the price of the token at the end of the crowdsale was $0.014 and the bankroll profit was $1,000,000 then the buy back price would be $0.024 (1,000,000/100,000,000 + 0.014)."

Suddenly when the buy back price is calculated, the value of the total bankroll profit will be divided with 100,000,000 instead of only 70,000,000 like above, reducing the value of the bankroll profit for 30%!

Because the difference between dividing the bankroll profit with 70,000,000 or 100,000,000 is 30% less value of the tokens!

He speaks about the total bankroll profit and the total bankroll profit usually includes the increasement of its value, especially as he says you buy bankroll tokens, but the value increasement of the bankroll is not considered in the calculation example.


Quote: "Every quarter BetKing will offer to buy back up to 10% of a holders tokens at the current buy back price."

This statement makes the claim that the BKB token price is $ 0.09286 invalid, because if you can not sell your whole bankroll BKB tokens within a reasonable timeframe for the assured price, then this claim is baseless!

And 2,5 years until you probably could have sold your BKB tokens is definetely not a reasonable timeframe.

Apart from that the calculation of the value of the token is false.

Try this: https://betking.io/ico

None of the 2 links explain how BetKing calculated the BKB token price of $ 0.09286?

As I calculated above, if the bankroll total value is $6,5 million and you issue 100,000,000 BKB tokens, then the value per token is $ 0,065 and not $ 0.09286!

I am also not able to find the conditions of selling BKB tokens on the BetKing website?

The post in the now locked thread explain it: https://bitcointalksearch.org/topic/m.25690641

And this from the Betking website explains it: https://betking.io/invest

Betking has an accountability towards its shareholders!

Can we try to find out how the BKB token value calculation was done?

iluvbitcoins said the bankroll value Sep 2017 was $6.5 million.

If you divide the $6,5 million with the 100,000,000 BKB tokens = $ 0,065 value per token.

How it comes that BetKing said the value of the token is $ 0.09286 = 30% more?

Someone must have spent 30% of $6,5 million = $1,95 million to have the real value of $ 0.09286 per token!

Who did it?

Yes the information on the Betking website is nonsense. The token calculation is an absolutely pathetic attempt to display a way to monetise investments while ensuring the only person who will make money from the Betking website is Dean Nolan the owner and operator of Betking.

Your questions will remain unanswered because Dean Nolan has closed the Betking thread in an attempt to stop people showing their unhappiness at losing their money and he will avoid posting here with direct responses to direct questions.

The info at the betking.io website is nonsense!

He speaks about purchasing a part of the bankroll / casino / house, but in the example calculation excludes the participation in bankroll value increasements or decreasements.

Therefore my questions are mostly not answered on the BetKing website.

Meanwhile I understood that the bankroll profit is 12 million, but shareholders do not participate in the value increasement even though they bought a share of the bankroll!

I need to see the investment contract (if there is any) because the statement on the BetKing website is misleading?

Check out the betking.io website you will understand why investors are so angry with Dean Nolan.

Game Protect offered to play with consumer protection service at BetKing.

Is offering such a service a scam according to Tim' s dumb brain wash trainings?

If yes, please explain with content?

I know that the bitcasino and sportsbet influencers are mentally handicapped, but this thread is about BetKing investments and not players, right?

The user iluvbitcoins was saying that at the time of the ICO ending in September 2017 the raised funds were $6.5 million but at the time of him writing the post in the since locked Betking thread in December 2017, the price of the ICO funds was $14 million. Just a month later in January 2018 the ICO funds raised had a value of $18 million.

That user iluvbitcoins was asking why investors were not receiving any profit because they purchased a share of the casino (just like Dean Nolan stated) but the ambiguous text between buying a share in the casino vs buying a share of profits has fooled many people.

This loser cant make up his damn mind  LOL

1st, you were spamming advertisements for betking and trying to affiliate.
And then now you are calling it a fraud scheme.

So which one is it, you stupid spamming nitwit?

Making false promises to attract investments is called investment fraud!

His promises during the ICO are obviously and clearly totally contrary to what he finally did!

For months only Dice was offered. Half year later unsuccessful poker was added. Then later sportsbook was added. Almost one year later black jack is still not available for an online casino!

If you have $10 millions on hand, then usually withn 3 months everything should be offered.

From what I have seen and how the casino is managed, it does not need more than around $1 million to run it. Means $5,5 million collected are not used to run the casino.

If BetKing uses only a small fraction of the collected investments to run the casino, why does he still take "investments"?

This does not make any sense and confirms the investment fraud scheme!

Dean Nolan has gone quiet now because he locked the Betking thread hoping that would be the end of it but thankfully he cannot silence this thread. how can he defend himself? All the evidence points to him being a millionaire thanks to the ICO but same people who made him a millionaire lost their investment. If it looks like a scam and sounds like a scam then it usually is a scam.

The claim by Dean Nolan that he locked the Betking thread because he was tired of being questioned about his motives for the ICO are not accurate, they are a smokescreen to avoid the issue and him trying to silence his critics.

Nothing can change the fact that there was an ICO that raised $6.5 million in September 2017, which was worth $14 million in December 2017 and worth $18 million in January 2018.

Nothing can change the fact that the ICO was not needed because Dean Nolan stated he was already very rich and should have funded it himself. When I asked him why he was having an ICO he claimed it was because he wanted to cover development costs and marketing.

Nothing can change the fact that he already had screenshots of his Betking website in the thread during the ICO which clearly shows the "development" costs were not needed because he already had a working website with cheap plugin software.

Nothing can change the fact that the Betking tokens should never have been converted in US$ for payout.

Nothing can change the fact that Dean Nolan never stated where the 30 million tokens that remained unsold are. He never confirmed that there final was creation of 100 million Betking tokens along with 70 million to the ICO investors and 30 million for himself.

Nothing can change the fact that nobody has made any "profit" from the Betking tokens because they have virtually no value and are useless as they are worthless.

Nothing can change the fact that Dean Nolan has never shown any accountability for his actions by giving a step by step account of expenditure.

Nothing can change the fact that Dean Nolan is the only person that made money for his own pocket from the ICO was Dean Nolan who invested the ICO money in to the "project" and lost none of his own money.

Nothing can change the fact that the buy-back token scheme was doomed from the start because it forces investors to keep 90% of tokens against their wishes even if they want to sell all of them.

It seems that Dean Nolan has tried to justify the disgusting mathematics formula used to calculate Betking token value by saying: https://bitcointalksearch.org/topic/m.43325371

"But if you are a token holder you seem to have a misunderstanding of how the ico works.
The tokens were $0.0928 at time ico and are now $0.0993, a 7% roi.

This model of token price calculation was very clearly explained before the ICO started and over and over again in threads and the various discussion platforms.
This was never an ICO to list and flip on exchanges, again I stated that, it's a long term project."

That is how little value investors hold in the eyes of Dean Nolan. The same Dean Nolan that was bending over backwards when trying to get investors to buy Betking tokens.

Shame on you Dean Nolan for what you did to the investors with your pathetic buy-back token system and Betking token valuation. Everything was stacked in your favour to ensure you become a millionaire overnight whereas the ICO investors would not be able to sell their tokens for a decent fee on exchanges, or sell more than 10% in the buy-back and forced to keep 90% of their tokens at any given time.

Even now Dean Nolan is asking investors to buy his Betking tokens AFTER it has been proved the mathematics formula used to calculate the price of thise tokens in US$ is flawed. if he is so rich why is Dean Nolan still trying to sell a dead horse to gullible investors or crypto newbies?



Disgusting behaviour from Dean Nolan

Dean's only real reply to this whole situation has been that the ICO was priced in USD all along and that he was transparent in that. In USD, the price has gone up 7%. Fine, let's say that's fair.

Here's where I and others have an issue: The Bitcoin raised has quite obviously barely been put back into the site. So, essentially with the old investment model, users 1) kept their original bitcoin and 2) received money from their investment. What this ICO did was Dean basically said: Give me your Bitcoin, I'll spend it to make this site the #1 crypto casino by adding lots of games (slots/sportsbetting/poker/roulette/blackjack/dice/etc.), marketing it heavily, expanding staff, allowing other sites to white label us, and lots of other promises. 18 months later, what do we have? Basically a re-skinned site, a poker game that never took off and likely took a big loss, roulette, and sportsbetting. And, judging from the token price only going up 7%, the sportsbook and roulette receive essentially no action or have so far broken even. We've also got Dean supposedly building an exchange, because, why not? Guess Betking isn't his number 1 priority. Typically when you take ~$10 million from a group of people and promise them something you would expect some dedication and to see some progress - at the very least, 1 employee helping out. What do we see? Nada. The dice game is basically dead, and has been since relaunch (only 2029 Bitcoin wagered since relaunch - for comparison, Bustadice had over 5k wagered just this past week alone)

Does Dean care about screwing over the investors? Obviously not. He made out like a bandit. Hide behind your "investment is up 7% in USD, you should be happy!" argument all you want, but the gripe isn't even the investment returns... it's the fact you essentially took your investors money and kept it instead of putting it into the site. If the ICO was just about paying you, you should've made that clear. If you hadn't put the money in your pocket and wiped your hands clean of the site, the returns would likely have been exponentially higher than they are now.

Of course, it was obvious you were done giving a shit when you tried to sell the site twice with no takers BEFORE the ICO. You found your way to cash out and you've found a narrative that helps you sleep well at night. Hope you're happy.

So basically, they made a successful ICO and now they locked their ANN thread because they are tired of answering repeated questions all over again? The information that I have in this matter is just very basic but based on the points that I pointed out, it is clear as day that they did something wrong and that will definitely hurt their investors if not now, will be in the long run. Are they being quiet about it or are they even defending themselves?

I am happy to read your views and opinions regarding scammers. Unfortunately there are many out there and usually gullible investors or newbies fall in to scammers traps.

Instead of answering a public question to an investor Dean Nolan is asking to take this to a private forum via PMs.

7% ROI? Shame on you Dean Nolan. A 7% return on his investment of 1.5 BTC would have been 0.105 BTC profit + 1.5 BTC investment. You are referring to a 7% increase on Betking tokens and trying to fool users by conflating the "ROI" vs "Betking token increase". Long term investment? Shame on you.

He would have been much better not investing in your pathetic Betking website and ICO which served only one purpose in the end and that was to ensure you got rich directly from the ICO funds without a care for the investors.

The investment into the casino is not lost, it simply went into the hands of a private person instead of being part of the casino bankroll as promised!