Topic: BetKing.io is a blatant scam operated by Dean Nolan - page 42. (Read 31209 times)

Because, more exchanges is better, it's probably easy to list, it's not a bad option for whales, and I doubt HitBTC specifically stated that the withdraw fee for your token is X

Why would Dean Nolan want to list Betking there on HitBTC then? Another piece of classic mismanagment from him.

There still doesn't seem to be any actual token holders asking questions or worrying.
Just JollyGood posting false info and repeating nonsense over and over.

If there's any actual token holders with questions I'm happy to answer them. Just pm me your betking username that has token balance or proof of an eth address you own with tokens in it
.

This is the thing i dont like with HitBTC which they do have big altcoin fees even on bitcoin withdrawals too. On the current rate of BKB the fee is on $15 as of this moment which is ridiculous and would really put you up into hesitation and take note they do have deposit fee too.
Atleast we do see some things which can convince us on where dean is up to rather than keeping on speculating on where those funds go.

Well it seems Dean Nolan is busy building an exchange no doubt from funds he got in the Betking ICO 

Well he isn't hiding or anything
https://twitter.com/deannolan/status/1013008108078223360
Currently building a prototype for a decentralised #crypto exchange using atomic swaps with no extra token or coin involved.

Deal Nolan is still asking for investors to buy his Betking Tokens: https://betking.io/invest

Has he no shame? The following is from his Betking website:

The token value is calculated as:

I + (P /100,000,000)

Where I is the initial token price after the IC0, $0.09286 and P is the total site profit from all games and currencies at the current exchange rate in $.

For example, if the site profit was 100 Bitcoin and the current price of Bitcoin was $8000 then the BKB price would be:

$0.09286 + ((100*8000) / 100,000,000) = $0.10086

What a load of rubbish. Of the 100 million Betking tokens created how many did Dean Nolan keep for himself?

Of the 100 million Betking tokens, 70 million were supposed to be distributed for ICO investors and Dean Nolan has kept 30 million yet is selling more?

https://betking.io/ico:
"70 million will be available for sale to crowdsale participants.
30 million will be retained by BetKing for ICO bounties, testing bounties, advisors, hiring, future marketing and development."

Let us look at the example Dean Nolan has provided on his website and change the figures a little bit:

For example, as of today 31st July 2018 Betking Tokens are unsold and unwanted on HitBTC at 0.000007 BTC but let us continue with the example. If the site profit was 85 Bitcoin (which is correct as of today: https://betking.io/stats) and the current price of Bitcoin was $7577 (which is correct of today) then the BKB price would be:

$0.09286 + ((85*7577) / 70,000,000)  = $0.1021 -  not including the 30 million Betking Tokens that Dean Nolan did not release to the public
$0.09286 + ((85*7577) / 100,000,000) = $0.0993 - including the 30 million Betking Tokens that Dean Nolan did not release to the public

Why is Dean Nolan making a profit for himself on the 30 million Betking Tokens that were not released to the public? $0.0028 profit per token as per todays rates are going towards the 30 million tokens Dean Nolan has not released to the public. That shows $84,000 at the moment for the exact calculation is 30 million Betking Tokens x $0.0993 = $2,979,000 for his own pocket.

For investors it means 70 million Betking Tokens x $0.0993 = $6,951,000 for investors who can only sell back 10% of their holdings in the buy-back meaning anybody wanting to sell MUST keep hold of 90% their tokens at any given time because they cannot sell them on HitBTC because they are virtually useless and worthless. they have to wait for Dean Nolan to implement his buy-back. this ties investors in for many, many years.

Why did the ICO go ahead and why did he propose it going ahead with Betking Tokens as the currency in US$?

Payout in Bitcoin, Ethereum or Litecoin (the 3 crypto used in the ICO) would have been appropriate. At least if investors received in profit instead of US$ they might have a better chance to get some funds back.

The ICO investors got duped. I feel so sorry for them. Dean Nolan is the only winner in this pathetic charade called Betking

https://bitcointalksearch.org/topic/m.25690641

HitBTC charges a disgusting 331 BKB fee to withdraw from what I remember. I wanted to buy some a few months ago, but opted not to due to the fee.

Again, I must ask, why does this game-protect fella have such a keen interest in defending Dean Nolan?
You are beginning to sound like his lawyer, or someone who profits from his business.
The cards and facts remain stacked against Mr. Nolan; who is handling this situation so poorly by running and hiding.

Did investors buy shares of the casino operation / bankroll or did they only buy BetKing tokens?

If they bought only BetKing tokens, what are the terms and conditions of this token?

Is the value of the BetKing tokens connected to the value of the casino operation / bankroll or is it a separate asset?

As of today 31st July 2018, the value of the ICO crypto:

BTC - 1,046  @ $7,804 each =  $8,162,984  
ETH - 4619   @ $434   each =   $2,004,646  
LTC - 856     @ $78     each =   $66,768

Dean Nolan seems to have hit the jackpot himself at Betking.io by getting investors to "invest crypto for betking tokens" when the tokens are virtually worthless and useless.

I feel sorry for the investors who got duped in to putting money in to failed website such as Betking.io and falling for the pathetic dream selling techniques of Dean Nolan who made millions from this ICO.

A very clever man is that Dean Nolan

In what the invested crypto currency was priced is irrelevant! Relevant is in what did the investors invest?

If the investors invested in the bankroll of the casino, then usually they participate in increasements and decreasements of its value.


That depends on the investment contract? Usually the investors participate in the increasement or decreasement of the value of their investment.

Personal assumptions do not help to find out what is going on at BetKing!


That depends on the investment contract? Usually the investors participate in the increasement or decreasement of the value of their investment.

Personal assumptions do not help to find out what is going on at BetKing!

A user called ETTKS posted this in the now locked Betking thread:

"You guys are missing the incredibly obvious.

At the time of the ICO, the amount of crypto raised is priced in USD and the token is valued in USD. However by Dean's own admission he holds the crypto and never sold for USD. This means if the value of the crypto goes up (like it has) Dean personally gets free money. But if the value of the crypto went down, Dean can just fold betking up or even just say it can't afford to do buy backs. Which is true.


So the whole betking ICO was just a way for Dean to expose himself to profit if crypto went up, and expose himself to nothing if it went down. This is why he has no real reason to work on the site, it was never about it.

But being blunt, it's completely investors fault for buying into it. The terms were straight forward and obvious. They bought into the ICO mania, and will need to pay for it. "

The Betking thread was closed by Dean Nolan because he was being questioned about exactly how much money he made from the ICO and why he has never made it public how the funds were spent and how much remain. As the user ETTKS stated if the value of crypto goes up Dean Nolan gets free money. Just to be clear even if it goes down he will still have the ICO received crypto at his disposal.

https://bitcointalksearch.org/topic/m.42880775

Token price dropped from 0.09286$ to 0.05$ on hitbtc?

I would need to see the terms and conditions of the investment contract, but at the moment an investment scam or at least gross negligence that makes him liable is possible.

Because if you buy a share of a casino, the investors usually participate in the value increasement or decreasement of the bankroll.

In case of investors buying a share of the casino, BetKing of course needs to do accounting to determine the value of the bankroll.

But maybe investors did not buy a share of the casino and only bought this BKB token that is somehow connected to wins and losses of the casino operation?

Just 3 months after the September 2017 ICO ended, the value of crypto rockets:

BTC - 1,046  @ $17,100 each =  $17,886,600 January 2018
ETH - 4619   @ $1389 each =     $6,415,791  January 2018
LTC - 856     @ $298   each =    $255,088     January 2018

Dean Nolan seems to have hit the jackpot himself at Betking.io by getting investors to "invest crypto for betking tokens" when the tokens are virtually worthless and useless.

I feel sorry for the investors who got duped in to putting money in to failed website such as Betking.io and falling for the pathetic dream selling techniques of Dean Nolan who made millions from this ICO.

A very clever man is that Dean Nolan

Holy balls that's almost £8million. Didn't realise that much was being discussed, that's a lot for a simple casino plugin.

Nobody understood why Dean Nolan needed an ICO when he already had a ready-made website. It seems as though maybe he lined his own pockets from the ICO funds by showing that he paid a developer to make his site. That site with plugin software would cost no more than a couple of thousand US$ if using a US based devleoper, or just around $500 to $1000 if using an Indian, Chinese or Vietnamese developer.

Dean Nolan really has made sure he got filthy rich which his investors lost everything. He has all the funds in BTC to spend as he wishes while his investors have Betking Tokens which are in equal measure useless as they are worthless.

Thank you for the HitBTC wall screenshot it proves Dean Nolan and his failed website have fallen badly. I remember until maybe a week ago the header on the betking.io website showed how many concurrent visitors there were online but since the number was between 5 and maybe 11 at max Dean must have got rid of that code in order to avoid embarrassment.

At the time of the ICO I was warning everybody about this "project" being a scam because Dean Nolan claimed he was a millionaire who did not really need the money to launch the website but decided to have an ICO to contribute towards the marketing and development. I asked Dean Nolan why he needed an ICO when the whole marketing and development would cost several thousand dollars at most and since he was a millionaire he can fund it himself but he then said he would refuse to answer any more questions. He claimed wanted to help investors make money and his bounty participants were flooding the thread with pro-Dean slogans.

Now the investors have been ripped off while Dean Nolan is in possession of the September 2017 ICO funds:

BTC - 1,046
ETH - 4619
LTC - 856

  

Almost nothing as no one wants to buy it.  If people wanted it then there would be a value but as you can see the demand is so low that it's about as much use as a chocolate teapot.

How much is the BetKing Token worth?

What did you expect from Dean Nolan and his Betking project?

He offered bounty to anyone who added the Betking logo in their Bitcointalk avatar and added links to their signature. Those very same bounty participants flooded the thread with positive posts stating how wonderful Dean was and added pro-Betking messages but they were to be paid from the ICO. The hosting on googlecloud was to be paid from the ICO. The devs were to be paid from the ICO (which probably went straight to Dean because the website was already completed with plugin software).

He used the ICO funding to pay bounty therefore bounty participants quashed any questions that he found difficult to answer but once the bounty participants received their tokens they left the Betking website and Bitcointalk thread. I am surprised you did not receive your bounty. I think you are the only person who claims Dean Nolan did not pay the due bounty to but what did you expect with him?

He has millions of dollars US$ raised from the ICO but the bounty participants and investors have useless, worthless Betking Tokens. In your case he did not even send those to you. Sorry for the way Dean Nolan has treated you.