Topic: BitKingdom - Empowering Communities & Ending Poverty (Read 21601 times)

This is what ponzi mean I think .

I want to laugh ! You help people in the world ? How ? So if  poor you help me ? Lol very good. You can make make me laugh still.
I send you 0.001btc for making me laugh.

Not that I particularly care, but I can't work out whether you are

a scammer
naive in the extreme
stupid

or a hybrid of the three.
Whichever, any scheme which relies on a continual supply of new punters and their money for survival is doomed, the only question is when.

https://i.imgur.com/IXnS3jO.jpg?1

9+ months successfully completed by BitKingdom.
Still Unshakable..

Long Live BitKingdom

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https://bitcointalksearch.org/topic/m.13665221

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Looks like you guys live in another world where you think 'i wash your ass, you wash mine' works. Back to reality, its a world where the rich get richer and the poor and naive get duped. This is the real world mate. The only person who profits from this scam is the creator of the site aka the tip of the pyramid. So, why dont you get a real job instead of promoting all these nonsense? There's no short cut to riches

p/s

Public Service Announcement -
This is just another Ponzi/Pyramid Scam
Do Not Invest!

Those who choose to post of their participation
support or encouragement for this scam will
be tagged with negative trust for proving
they wish to help the scammers operate this
Ponzi in return for a share of the funds stolen
from other users. Thereby proving they are not
trustworthy forum members.

YOU HAVE BEEN WARNED!

In its initial post says people will have 30% profit at the end of 30 days

I think it's more of a ponzi scheme that attempts to copy the conventional banking system

this hyip is so popular in my country
but i am still not interet to join
i believe hyip not long life

Hello,

Know what is BitKingdom and it's ideology then watch the second video on "How it works?"
We are living in a world of nothing is too good to be true, so does Bitcoin. So, I am not asking you to join, but to understand what it is and how it works. This might works or not, but we (the operator and the community) is trying our best to make it works. Till date we already existed for 8 months.

What's BitKingdom?
https://www.youtube.com/embed/gYaOSTy74vw

How it can possibly works?
https://www.youtube.com/embed/rquS0e_51o0

You must understand that 1% daily is not "a profit" but rather you RIGHT to ask for help from the community. BitKingdom's transactions binded to the account's Bitcoin Blockchain so it's a transparent system. There's no single operator in BitKingdom. The power in managing BitKingdom is shared among the group leaders. At the end TRUST is what can ensure BitKingdom to work. Trust on the platform and the ideology.

hey bitkingdom..i think your group mostly from malaysia right?

This concept has been used by many wealth distribution network which equalize profit distirbution using matching algorithms. This will become one sided as time goes by because of the developing countries traffics, it might ended up becoming a charity platform.

I became curious on this program and like to see how it would it would be compared to mmm find out that that is not really a peer to peer transaction you will have to deposit to their system and the system is the one that will match the pairing it's still a ponzi scheme because an admin or groups operate the whole monetary system where as on MMM it's a pure peer to peer..

Yes, I guess there's bound to be "a few flaws" running huge pyramid schemes which inevitably collapse and ruin the lives of hundreds of gullible people.

First time I have ever heard non adherence to basic mathematical principles described as a "flaw".
 

Yes yes, another MMM. 

The original one MMM is very successful employing this kind of system there a re a few flaws in the system but can be resolve immediately this kind of system is very popular here in our country and so are in the other chapter in other country so far this is one successful lending community MMM already has million of members maybe because of the success of their system 

You are totally overthinking this.
Ignore the "provide help" and "get help" phraseology stolen from Mavrodi, and the idea that it's a loan and borrow operation.
The attraction is that you send money, say 1 btc, and after the cycle completes (if it ever does), in ~30 days, then you qualify to withdraw the initial payment amount + 1% per day (~30%) minus the token cost i.e. you make a profit of 0.299 btc.
It's a pure 'decentralized' pyramid, with the admin's profit coming from the fees and the ability to allocate 'help' to accounts controlled by themselves.
"Gifting" scams seem to be increasing in popularity again, with the 'people's bank' angle being pushed to capitalize on the anti fiat establishment sentiment prevalent in bitcoin. They have mutated a bit in the last 20 years, but they are still what they always were: scams.

though i do think the website can be abused, not only by users but by the service operator putting in his own fake profiles to gather funds from others.

but if it is legit.. then i see that you will need to deposit some collateral. i think i remember that even silkroad had a collateral deposit for the sellers. so that they couldnt just run off taking customers funds without delivery.(forgive ignorance if wrong, it was just research i read a couple years ago)

so the collateral thing is a positive motivation to reduce the grab and run scammers.. but as you say those wanting 0.99999999 are not gonna deposit 0.1 just to be able to ask for 0.99999999 and knowing they have to repay 0.13 within a month.

the interest rates are too high.

its good in theory.. incentivising and rewarding lending in a crowdfunding way.. but not in practice,

lending to strangers across the world wont work out as the legal costs to sue them would not make it worth sueing them.. and having collateral deposited more than you want to request as a loan wont work either..

and thirdly
lets say someone did deposit 0.1 to then ask for a 0.99999999 loan.. if not repaying.. the loan giver will only get 0.1 not 0.13.. meaning not every lender will get their 1% a day.

this would only work if the person needing a loan after depositing his 0.1 collateral and wanted a 30day loan.. would only be allowed to request under 0.077 so that anyone giving out 0.077 is guaranteed 0.1(30% profit for 30 days)
which would be good for the lender.. but not for the person in need for funds as thats going to be even less likely that they would have 0.1 to use as collateral just to ask for 0.0769

but thats just me theorising something, even if it doesnt become successful, and gets abused, its still worth theorising potentials.. just for fun

If I don't have say 0.1btc, maybe I will deposit later for I can have my 0.1 when I get my fee.  Can I join for now?


Make sense but surely, you'd be very cautious  when referring someone, you'll never know what the guy would do later lol.
But don't you think people will just join just to get a loan?

Millions? are you serious? where is the evidence?

Agreed. The only "Poverty" that might get ended here is OP's ... those that choose to whizz away their BTC on this scam deserve to lose it.

Trusted by whom?


The website was set up (under WiG naturally) in August 2015, barely four months ago.
You get less than 1,000 visits a day and the majority of them come from Vietnam and Malaysia.


BitKingdom has nothing to do with helping the community, only helping itself at the community's expense, by dangling an absurd carrot of 1% per day for doing nothing. Apart from sending your money to a random BTC address and then waiting for a 'cycle' to complete.
The only cash/profit generation of this scheme is the charge of 0.01BTC that you have to pay for the privilege of giving your money away. 

A pale imitation of Mavrodi's ongoing MMM shit, BitKingdom will probably scam a large number of naive/greedy/stupid people who will then complain very loudly.