Topic: BitKingdom - Empowering Communities & Ending Poverty (Read 21620 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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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.

There's a bit of a change of tack here. You are now selling the scheme on the basis of a 365% annual interest payment. This is at a time when NIRP is a very real possibility. The flaw in your concept is that the people with the money don't need the help (unless they give it to you), and the people that need the help don't have the money.

i don't know why,but this smells very fishy...

these 1%'s a day have to come from somewhere.. and it seems bad to charge 30% to a poor person just for a month..

they are more likely to build up trust to get the highest allowable loan amount they can... and then leg it

BTCJam.com already tried this, and yes they had ID verification and phone authentication too.. yet people still ran off.

i see the moral benefits (helping those in need) i dont see the ethical benefits(charging them 1% interest a day) and dont see the security benefit..

well unless the site owner wants to get on a plane and travel to courthouses of thieves to try getting them to pay back legally.. but i just dont see that happening so not much chance of repercussions a thief would get.. apart from some snotty emails

edit:

the way i could possibly see it, although not explained well is
the amount you input 0.1 is your collateral.. that way you can ask for any amount under 0.1 (0.09999999) and if you dont pay it back. you cant get your colateral back.

however if you give help. you receive interest from the repayment. and this increases your collateral to then allow you to request larger amounts.

EG
day01: you input 0.1
loan out 0.1 for 30 days
day30: you get 0.13 return
loan out 0.13 for 30 days
day60: you get 0.169
loan out 0.169 for 30 days
day 90: you get 0.1197

you can then ask for a loan for 0.1196... and leg it with 0.0196 profit

The idea sounds good for me, but it still not very trustworthy. Besides, you have to put 0.1 to start with, which is fairly a high amount to do a test.

Perhaps with a smaller amount more people will risk trying. If it is a crowd bank, there is really no reason for such I high amount in my view, although I may be overlooking something.

Good Question. It does'nt have to be 30 days. Its induvidual's wish, he/she can Get Help any time after 15 days.

Suppose a member PH/provided help of 1 BTC,(1% profit/day)
If he Get help on 20th Day - He will get  1+0.2 = 1.2 BTC
If he Get help on 100th Day - He will get 1+1 = 2 BTC

Now coming back to your question, 1 BTC is slightly Less than 1.3 BTC, why should PH in BitKingdom.
If he dont put PH in BitKingdom, then assume he will put that in Bank, can any of the Banks can provide 1% daily profit/Interest??

Also thats what the Ideology of this BitKingdom Community is, today you help someone with your spare amount, Tomorrow someone will help you when u need the help.

Again coming back to your question, this was just an example of 1 BTC. Ok. Lets take 20 BTC.
Suppose a member PH/provided help of 20 BTC,(1% profit/day)
If he Get help on 20th Day - He will get  20+4 =24 BTC
If he Get help on 30th Day - He will get  20+6 =26 BTC
If he Get help on 100th Day - He will get 20+20 = 40 BTC

So why would somebody donating money need help 30 days later. They would be better off if they just kept their money.

btw 1 coin plus 1% is slightly less than 1.3 coins.

No. John has to provide help  first, before he Gets help.
If John provides help for 1 BTC on 1st Dec 2015, Then he is eligible to get help of 1.3 BTC on 30th Dec 2015.
Based on the 1% profit, which John deserves for the help he has provided.

This is a straight-up ponzi based on the old gifting club scam. Also you posted this in the wrong section.

This is not a referral program/MLM, you just provide help once, since then your 1% profit BTC daily starts for the provided amount of help.
No extra work.

There is no membership fee. Its free registration. Only thing is you have to buy Tokens use tokens for providing help/Getting Help. The token value is very minimal, when you compare the profit you are getting.  1% daily on your BTC which you provided help.

Token needed for PH and GH:
0.1 BTC – 4 BTC = 1token
4.1 BTC – 8 BTC = 2token
8.1 BTC – 12 BTC = 3token
12.1 BTC – 16 BTC = 4token
16.1 BTC– 20 BTC = 5token

@Jeremycoin, Exactly you will like this, and you will thank me for this

That makes sense, but the OP refers that there's a "crowd guarantee".

This looks like a snowball. John asks Lucy for help. Lucy doesn't have what she borrowed from John, so she asks for help, and so on until there's no more lending money on this economy. Not everyone is honest, unfortunately...

If the referer becomes the guarantor, that's one referrer I don't want to be

entrance requires referal.. im guessing the referer becomes the guarantor

seems more of a kickstarter / donator for people with a genuine pitty story (loans require payback afterall) where the entrance fee is to donate alteast once.
yes people 'meant' to pay back but i can see it being abused easily

This is a bit like regular banking lending: you have to have someone guaranteeing the payments if the person taking the loan defaults.

Imagine John goes away with the money he asked as a loan... Why would other participants (who have nothing to do with John or Lucy) have to pay for John?

So you lend money without charging interest, and with no requirement to give it baack? That sound like the UK overseas aid programme.

(or quantitative easing for bankers)

Help to get help, this is a cool idea.
I think I will try it now

So it's a lending system, without the worry of payback, where the membership fee is to be a lender at least one time?

BitKingdom.org is a trusted global community centre, where everyone will be able to provide help and get help within the BitKingdom community.

You just have to provide help/invest once and you can get 30% profit/GH every 30 days for lifetime. No extra work. No MLM.
You can take out your principle anytime.
Minimum PH: 0.1 BTC
&
Maximum PH: 20 BTC
Earn 1% profit on your Bitcon daily by providing help only once.
BitKingdom is a Decentralized Community Banking
https://www.youtube.com/watch?v=L2eWSE4vfQ4

https://www.bitkingdom.org/

Username: SAB3390MY

Banks are supposed to be a source of financial help for their depositors, but in today's world that rarely happens. Without perfect credit and a large income, banks don't want anything to do with you.

BitKingdom is a membership website where participants can exchange financial aid.

We're a decentralised community for financial assistance that uses the decentralised currency of Bitcoin to provide that assistance.

The idea is "Today you help someone, and tomorrow someone will help you".

In the conventional banking system, a person can only withdraw the amount of money in their own bank account. Say John has $500 in the bank. He can't simply take out $650 from the bank, even though the bank has Lucy's $3,000 and Brandon's $5,000 which would cover John's withdrawal amount.

But he can take out a loan. The bank can loan out up to nine times all the funds deposited there to anyone, and the bank profits from the interest.

If the bank can take Lucy's, Brandon's, and more of its clients' money and give it to John as a loan, why can't John simply ask Lucy or Brandon for financial aid?

Yes, John can ask... but Lucy and Brandon will likely say no, even if they know him. And John probably doesn't know who has extra money that could accommodate his needs anyway.

Even if Lucy has $3,000 that she won't use for the next couple of months she's unlikely to give it to John, because John can't guarantee that he'll pay the money back when Lucy needs it.

That's what BitKingdom is for.

With BitKingdom, if Lucy helps John with $150 John doesn't have to promise to pay Lucy back.

Because on BitKingdom, whenever you provide help to someone today you have the CROWD GUARANTEE that you can rely on them whenever you need financial help in the future.

So anytime Lucy needs financial help after she's helped John, she can request it and the system will assign a financial helper to Lucy.

It could be John, or Brandon, or any of the millions of BitKingdom community members.

BitKingdom is not a bank or a company that take deposits. BitKingdom is simply a platform where participants can exchange financial help directly.

So if you provide help to someone else, whenever you need financial help millions of BitKingdom community members will offer you the help you need, with no requirement for you to pay it back.