Topic: BetKing.io is a blatant scam operated by Dean Nolan - page 43. (Read 31310 times)

For how much was the token sold during ICO and how much is it worth now?

The problem is that investors invested a year ago and have zero chance of getting their investment back. Betking Tokens are almost useless and virtually worthless.

I feel so sorry for those duped in to investing in this shambles of a project. The only person who struck gold from the ICO was Dean Nolan.

I think it means the increase in price since ICO.

I don't really have an opinion personally regarding the matter though. This whole thread seems like people repeating same things over and over.

Is the investment embezzled?

If Dean Nolan gave any money to charity it would have been from the ICO funds and not from his own pocket.

I doubt he donated millions of dollars to charity, he could not even apply a simple mathematics solution to be fair to investors for distributing a share of the income on Betking.

User iluvbitcoins was within his rights to ask a simple question:

"How is it possible that our total investment was worth 6.5 million and the token was worth 0.09286$
And now it's worth 14 million and the token is worth 0.0967$."

In September 2017 the ICO raised:

BTC - 1,046.60623396 ($4,811,039.536)
ETH - 4619.11055426 ($1,622,277.817)
LTC - 856.08369263 ($67,211.1307083813)

Just 1000 BTC at its peak in January 2018 of $18,000+ each would be worth around a staggering $18 Million+.

This Dean Nolan is the only one laughing while his investors have nothing. He never explained where the money went and at which dates the funds were taken. Until he clarifies where the funds went and how much he pocketed for himself and umtil he explains why the Betking token payout did not take the Bitcoin, Ethereum and Litecoin price increases in to consideration then we are right to view him and his website with total suspicion.

Investors got ripped off. I feel so sad for them. Dean Nolan thinks Betking users and investors are so beneath him he locked the thread to try to silence those questioning his conduct.

Shame on you Dean Nolan.

BetKing claims that players lost $12 million since its launch?

Or is the bankroll value $18,5 million because value of the invested crypto currencies increased?

I've been a skeptic of BK but have given Dean the benefit of the doubt; as he is known for his charity work and donations.

With that said, I would hate to think someone who donates millions of dollars to charity would then turn around and stiff his investors.

It just doesn't make sense and I would hate to think that people actually have it in them to do such a thing.

Unless Dean shows face and proves these allegations to be false, BK's reputation could take a turn for the worse.

 

Yes Dean Nolan locked the Betking thread because he claims most of his feedback and communication comes from elsewhere but his Reddit has 23 subscribers and his telegram 161. He locked it because people were annoyed at being brushed aside when they wanted to ask why they were not making returns on their ICO investment.

Truth is there was no need to have an ICO for Betking to pay to develop the website because it was already there but put in "test" mode and have screenshots to pull investors in. As for bankroll maybe an ICO was warranted but nobody is in the clear how much was pocketed by Dean Nolan and where the funds were spent!

Check these posts from the now locked thread: https://bitcointalksearch.org/topic/m.25690641

User iluvbitcoins asked "How is it possible that our total investment was worth 6.5 million and the token was worth 0.09286$. And now it's worth 14 million and the token is worth 0.0967$."

And this: https://bitcointalksearch.org/topic/m.25717485

User iluvbitcoins asked "We bought a share of the casino and the casino profited 12 million$ so far. If cryptocurrency prices went down to 1000$,so would the value of the bankroll. Would Dean cover the 5 million $ losses from his own pocket? I doubt so. We have invested in the casino and the casino made 12 million $ since the ICO."

then user iluvbitcoins wrote:
 
Bankroll value Sep 4th = 6.5 million
Bankroll value today = 18.5 million
Bankroll profit = 12 million

Dean Nolan replies by throwing his toys of his pram and spitting out his dummy again

https://betking.io/ico

The ICO audit has been completed. Final funds raised:

BTC - 1,046.60623396 ($4,811,039.536)
ETH - 4619.11055426 ($1,622,277.817)
LTC - 856.08369263 ($67,211.1307083813)
Total $ = 6,500,528.48
BKB Initial price = 0.09286

Distribution

    100,000,000 BetKing Bankroll Tokens will be created as Ethereum ERC23 tokens and issued after the crowdsale ends.
    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.
    BetKing Bankroll Tokens can be purchased with Bitcoin, Ethereum and Litecoin. All funds will be held in cold storage.


Use of funds raised

After the crowdsale at least 50% of the funds raised will be used for the house bankroll that players bet against and winnings are paid from.The remaining funds will be used for marketing, promos, seo, design, development, server costs and legal.


Profit Distribution

    A percentage of the profit made from bankrolled games will be used to buy back BetKing Bankroll tokens from holders.All profit made on bankrolled games will be audited and made available to token holders as was done in the past with the crowdfunded bankroll profits.
    Bankrolled games are games where a player plays against the house such as dice, blackjack and other casino games as well as 3rd party partner casino games.Player vs. player games such as poker are not.


Early Discounts

    1st week 15%
    2nd week 10%
    3rd week 5%
    4th week no discount

An extra 5% discount will be available for previous BetKing bankroll providers regardless of what week they buy.


Pre-sale

    You can purchase tokens with a 25% discount in our pre-sale up until the 17th of July 12am UTC.
    The pre-sale has a cap of 1000 Bitcoin. Email [email protected] if you would like to participate.
    Pre-sale participants are not eligible for the 5% extra discount for being a previous BetKing bankroll provider.


Token Price

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).

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).

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

Token holders may choose to sell offsite to 3rd parties or on any exchanges that may list BetKing Bankroll Tokens if they require more liquidity.


Terms

    The crowdsale will start on the 7th of August (00:00 UTC) and end on the 4th of September (00:00 UTC).
    There is no cap on the total funds that can be raised.
    There is no minimum amount needed to be raised for the crowdsale to be successful.
    BetKing Bankroll Tokens are intended to be used to invest in the bankroll on BetKing only.
    BetKing Bankroll Tokens are not a share in a company and have no voting rights.


Stakes

    Small UI or non security related bugs – 10 Stakes
    Major bugs in major features – 35 Stakes
    Security critical bugs (the type where you can access accounts or steal funds) – 100 Stakes
    Note that your bug report may not be awarded stakes if it has already been reported or it is very low quality to make any difference to player experience.


Going by the numbers it shows clearly that Dean Nolan made a lot of money just how much went in to his pocket and how much went to the "bankroll" and "development" is for anybody to guess !

In the now locked Betking thread, user iluvbitcoins asked:

"How is it possible that our total investment was worth 6.5 million and the token was worth 0.09286$
And now it's worth 14 million and the token is worth 0.0967$."

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

Shame on Dean Nolan for this very underhanded tactic to make money for investors who were not going to make a return

Its never a good sign when the owner of a company goes into hiding and ignores investors.
I would be nervous if I invested in this ICO.

I have that fool on IGNORE because his trolling is no longer a joke.

As for his immediate and regular defending of Dean Nolan and Betking, you ask a valid question.

You are always so quick and come to the defense of Betking. 
I wonder if there's any money motivation for you doing that 
You are a very strange individual, Mr. Protect, and still to this day I'm not sure what your motive is (other than extortion of course).
You must know by now that you aren't helping Betking by vouching for him- no one pays attention to what you post.

What were the promises during the ICO?

Why did investors not sell their tokens when they realised that promises were not fulfilled?

Did the investors regularly visit the website?  Have they seen that only Dice was running for months and the other things like poker, sports betting and casino should come soon while it did not?

Yes the more people see this Betking website and then understand what Dean Nolan stands for then they realise it was nothing more than an elaborate scam that uses tools to show an unsuccessful website was launched but there is no information on how the money was spent.

I feel sorry for the investors

Yeah, this is what I learned about ICO investing and which is why I was stung and I never dare to try again. When they're raising, all the beautiful promises and funny gifs, and loving all of us and telling us they hope to see us at the end of the marathon.

Then after the money is raised excuses like everyone is working hard. So much work so many problems. They are human too they are having so much stress and we should understand (of course we do we are human too but where is all the transparency promises).

Then they disappear, ban, mute, and just stay silent.

Investors fight among themselves. Some want to defend the project for fear their funds disappear. Can't blame them, they have no choice but to hope and believe in the truth. I hope everyone learns their lesson and accepts that this is the risk, and investing is extremely, extremely, EXTREMELY risky.

Good luck to you guys.

You are right. When these people want money in ICOs they are all loved up but as soon as they get the money post-ICO they ignore the investors. In the case of Betking there were so many bounty participants that they flooded the thread with positive posts but once they got their bounty (almost worthless and practically useless Betking Tokens) they stopped posting in the thread and left Dean Nolan alone to answer the questions that they shielded him from before. Problem is Dean Nolan never answered any questions about his money-grabbing tactics.

What else can anybody say about Betking now? We wait for Dean Nolan to publish the expenditure sheet to show exactly what was spent and where along with why....

Your assumptions about Dean Nolan being fishy and his behaviour being rude are correct. He cannot even be bothered to give a breakdown of where the funds were spent. The ICO was successful, it raised millions of US$ but he has never explained how much of the funding went on bankroll and how much went on bounty and how much went on marketing and how much went on development. If he explained how much went on development then the next question would have been "why?" because the games were licenced plugins and already available long before the ICO even started.

Dean Nolan seems to be the only one who made it rich from the ICO. Instead of those scammers that run off with fake websites and ICOs such as CrazyBet, there are other scams in which there is a website and a real "business" but the ICO is way of making money in order to use the "project" as an excuse to reap the ICO funds for personal gain. In those types of scams there are bounty programs and websites and many other things to entice investors. In the end the investors lose out and the Dean Nolan's get rich.

Technically you cannot call projects like Betking a "scam" because there is a website and bounty participants got paid and there is something tangible but just enough to show it was "genuine" even though the ICO was not needed and the ready made website with plugin software was already available. I still call something a scam when I see it looks like a scam.

I feel so bad for the investors.

i joined the ico bounty had your avatar and banner for weeks... sent you a message 2years ago and never got a single reply.


this doesn't make you a scammer ofc. but when you do shady shit like locking the thread "because you don't want to deal with the same questions already asked" it makes you look like one.

you may expect people to dig through old post or find it. but people are not like that, people are lazy and dumb. its called customer service if you don't want to this work hire someone.

but you allowed this doubt to build. i have given you bad reviews to 10+other people just because i was ripped of in the bounty. one message from you and it would have changed that. and you are ignoring hundreds of response because you dont want to deal with it.  so what do you expect their opinion of you is going to be.

your investors may be happy with roi. but they could have alot more earnings, you're harming your own brand, you don't project your self as a professional. and i don't see any future growth for your investors if you continue to act like this.

What on earth are you talking about Dean Nolan? Your 161 Telegram members cannot even post messages because you use it as an announcement to your "161" telegram members. Your Reddit has just 23 subscribers.

Shame on you for scamming investors. So pathetic, the July 14th 2017 Medium release states:
https://medium.com/betking-blog/betking-ico-pre-sale-769acd7d2731

" BetKing ICO Pre-sale raises $535,000 so far!

Earlier this week saw the launch of the ICO pre-sale.

The pre-sale allows participants to get 25% discount on tokens purchased before 17th July.

The total raised already is 203 Bitcoin plus 417 Ethereum.

That is over $535,000 at current exchange prices!

There’s still time to take part in this sale. Visit http://betking.io for details.

The regular ICO sale opens on August 7th and will continue until 4th September which is the date we also launch the new software.

Below you can see some first versions of our new roulette and blackjack games. "





If Dean already had plugin games ready that were costing a few hundred dollars then why have an ICO? He said it was for marketing and he said it was for "development" of games but nothing was custom coded instead they were betting games that were available online. He claimed it was for the bankroll but that seems hard to believe.

He never released any information about the breakdown of the ICO funds. How much went in to the "project" and how much went in to his pockets? When the ICO was live I questioned him but those getting bounty tokens for advertising Betking flooded the thread and tried to drown me out. When a project manager says he is a millionaire and still wanted to have an ICO to "raise funds" it seems highly suspect to me. I questioned him on it asking him to put his money where his mouth was and start his website without ICO but Dean never gave a proper answer and allowed his bounty associates to post pro-Dean messages.

I wonder how many people have lost out on their investment. I feel sorry for the investors.

Really sound like a scam and the fact that he has locked the thread only proves it now, too bad. I honestly wouldn't think that BetKing would cheat people like that. However, there's the investors' fault too. People either don't know what's the idea of ICO about, or just don't want to see it. It never seemed like they're about to start some large and powerful project, so yes, there was no need in the ICO at all.

That is no surprise because Dean Nolan is not showing much respect towards his website customers or those that invested in the ICO.