Topic: btc-arbs.com - anybody tried this? Daily interest on BTC deposits (Read 3757 times)
Ahh that makes sense. I understand.
March 17, 2014, 06:25:32 PM
Haha lol. How are they making money if you set in a set amount and collect the interests? Im aware of the scam, but how are they making money if you only invest lets say $500, take the interest, and reinvest $500?
Simple. They keep your $500. You might collect a few dollars in interest, but they have your $500.
March 17, 2014, 01:37:58 PM
I thought you meant the thread starter.... I do understand, slightly confused. Sorry about that mate.
March 17, 2014, 01:36:46 PM
Lol im no the OP, I just chimining in my .02 USD
No, you're definitely the poster I responded to:
Haha lol. How are they making money if you set in a set amount and collect the interests? Im aware of the scam, but how are they making money if you only invest lets say $500, take the interest, and reinvest $500?
March 17, 2014, 01:34:05 PM
Lol im no the OP, I just chimining in my .02 USD
March 17, 2014, 01:24:49 PM
I understand what I'm risking, thanks for your concern. I still want to try it, but im not going to put in more than i can put into a unencrypted wallet or the likes.
Well you asked how they were making their money, and I based my response on that. Not sure what the point of your question was if it wasn't how they make money? Unless... no, that's far too cynical.
March 17, 2014, 01:22:06 PM
I understand what I'm risking, thanks for your concern. I still want to try it, but im not going to put in more than i can put into a unencrypted wallet or the likes.
March 17, 2014, 01:18:18 PM
Haha lol. How are they making money if you set in a set amount and collect the interests? Im aware of the scam, but how are they making money if you only invest lets say $500, take the interest, and reinvest $500?
Scenario A:
I "invest" 1BTC.
Sufficient
I keep my 1BTC "invested".
Sufficient investors sign up, allowing them to keep paying me a "dividend".
I post on bitcointalk that they are great, everyone should invest, and this is, like, totally not a ponzi, dude.
Scenario B:
I "invest" 1BTC.
Sufficient investors sign up, allowing them to pay me a "dividend".
I keep my 1BTC "invested".
Not enough "investors" are signing up, I kiss my 1BTC goodbye.
Scenario C:
I "invest" 1BTC.
Insufficient "investors" sign up, I don't receive a dividend, and when I try to withdraw my 1BTC - I can't
In scenarios B and C they obviously profit. The "gamble" (because that - bizarrely - is how people justify these "investments" to themselves and others) is that scenario A applies, but we have no way of knowing at what point scenario B or C will kick in.
Disclaimer: this is a comment on Ponzi scams in general, not a specific comment on btc-arbs (potential investors/speculators/gamblers will need to do their own due diligence).
March 17, 2014, 12:17:52 PM
Haha lol. How are they making money if you set in a set amount and collect the interests? Im aware of the scam, but how are they making money if you only invest lets say $500, take the interest, and reinvest $500?
March 17, 2014, 11:56:49 AM
What do you mean by bridges?
He thinks you are gullible because you are giving your money to a scammer. http://en.wikipedia.org/wiki/George_C._Parker
Testing a ponzi scheme is stupid because the scammer just sits back and watches his scam grow as everyone tests and tests with bigger and bigger amounts. Also, keep in mind that half the people that say they are testing are probably the scammer himself.
March 17, 2014, 10:11:28 AM
What do you mean by bridges?
March 17, 2014, 10:07:40 AM
Number one method of recognising scams: calculate the yearly profit percentage from the daily figures they use to confuse. If it sounds too good to be true, then it's too good to be true.
In this case, they advertise 0.1% to 10% daily profits (this should already be a massive warning sign: if you can make an insane 10% daily profit, then you are taking extreme risks and must have days of bad losses as well. These guys claim to only have profitable days). But let's estimate based on their reported profits for the month: they claim to have made about 1.8% profit per day on average. Maybe that sounds like it's possible, but calculate a yearly profit from that first: 100* (1.018^365 - 1) = 67287%
67287% -> SCAM
By the same reasoning BTC is a doomed bubble because it went up 7000% last year. In this case, they advertise 0.1% to 10% daily profits (this should already be a massive warning sign: if you can make an insane 10% daily profit, then you are taking extreme risks and must have days of bad losses as well. These guys claim to only have profitable days). But let's estimate based on their reported profits for the month: they claim to have made about 1.8% profit per day on average. Maybe that sounds like it's possible, but calculate a yearly profit from that first: 100* (1.018^365 - 1) = 67287%
67287% -> SCAM
Seriously there are problems with your reasoning.
1) If they are real and successful the yields will drop. Probably even .1% will become very high at some point.
2) Arbitrage is a real trading method used by very big money in many different markets to get safe high yields. Clearly high is something less than 67287%. Still arbitrage can work if you have the resources to pull it off.
However just because your reasoning is flawed doesn't mean it isn't a scam. Clearly caution is warranted. There are many scams in the BTC world.
Didn't see this reply before... better reply late than never I guess.
My logic isn't faulty: No-one promised you a 7000% profit from bitcoins -- or if they did, they were scammers. The point isn't that massive profits are impossible or that arbitrage does not work, the point is that massive potential profits mean equally big risks. These guys claim no risk, zero. They seriously claim that every day is not only profitable, but very profitable.
As an addition to the original rule about recognising scams: Even if you start to believe these guys have found the holy grail (a risk-free high-profit investment), you should ask yourself the second question: Why on earth would they give the profits away to some small time internet investors? They could just invest their own money -- even taking a mortgage is no problem since it's totally risk-free
btc-arbs is a scam, there's no other explanation that passes Occams razor.
I'll try it out, as I'm not a Newby (fairly recent, just hit 24 hours on forums xD) and see what happens.
Do you happen to need any bridges? I have several really good ones on sale.
March 17, 2014, 09:57:51 AM
I'll try it out, as I'm not a Newby (fairly recent, just hit 24 hours on forums xD) and see what happens.
March 17, 2014, 09:47:41 AM
Sounds dodgy as fuck just from what you've described, I'm not touching that link, there are also newbie members posting about how great it is which just increases my suspicions. If you want more passive Bitcoin income to invest in, find an exchange that does interest payments from the trades they make or invest in some kind of trustworthy dividend stock, always be sure to do your research before hand.
March 17, 2014, 06:09:26 AM
Looks intresting, do u know whem this program started
From their site seems they started from 1st Feb of this year (watching on the "result" page on the calendar)...
March 17, 2014, 03:17:32 AM
Looks intresting, do u know whem this program started
March 17, 2014, 12:38:34 AM
Le ponzi for sure. I bet these guys are baiting their trap with stolen coins to begin with. There is no arbitrage taking place.
March 12, 2014, 09:36:49 PM
Withdrawls are 24 or 36 hours. They state this on their website.
I re-invested 5btc 10 days ago. Still cautious. But now sitting at 6.1 btc. Might leave till end of april and see if I can withdawl then.
Thanks for all the imput guys
I re-invested 5btc 10 days ago. Still cautious. But now sitting at 6.1 btc. Might leave till end of april and see if I can withdawl then.
Thanks for all the imput guys
March 10, 2014, 11:45:50 PM
Already got my withdrawl. Took a hour.
March 10, 2014, 11:42:51 PM
seemslegit.
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