Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds - page 131. (Read 277012 times)

So one think I could say is that they are actually paying the results on the non-legacy funds , I haven't requested a withdrawal to see if they are actually paying out and it seems so, they are insignificant amounts since I barely have anything in the non legacy funds but they are doing what they said. Unfortunately I also have a good amount of BTC stuck in the legacy account.... 

not necessarily ... when I arbitrage I use triangulation coz USD travels a heck of a lot slower than say dodge coin or ltc ... and inferrs much higher costs ...

There have been a LOT of arbitrage opportunities, especially in the past couple of days where the spread has reached $12-15 at times. Even as I post this, the spread is $9. I watch it, all day long...because I'm working on modeling an arbitrage strategy for myself to use. If you use a bot to auto-detect a spread that hits a percentage you are looking to trade at, you don't even have to pay that much attention AND it can trade faster than you can click buttons.

If you expand your attention to the smaller exchanges that offer trading to and from USD, you can get even LARGER spreads...just lower volume, so you can't buy and sell as much Bitcoin there without impacting the market in a bigger way than the "big two." But you can certainly supplement your income with them.

Haven't read any of the posts in the last.... week ?? We're not discussing what they claim to do, but the strong possibility of fraud.

That's .net not .com - the whois on the .com domain will just give you an identity-obscuring service's information.

You all are idiots if you think legal action will actually happen and end up successful. The model they are using is not substainable. Could you make 1% every couple days or so yeah you could. But 1+% arbitrage opportunities in BTC / USD conversion rate DO NOT occur daily. They are using the BTC-e and Bitstamp conversation as their main source supposedly, there has not been arb situation between these exchanges in 7+ days. You all are fools for investing in this and HYIP are exactly this: a huge risk.

You guys are the last ones in. The ones who lose. Sucks but gambling should always be what you can afford to lose.

I'd be keen to help out with any investigation.

Does anyone know much about forensic blockchain research? Just wondering what ability we have to try and track transfers for any clues. We could build up a collection of TXID's

Here's the whois on the domain
http://whois.domaintools.com/btc-arbs.net

..mentioned here:
http://www.reddit.com/r/BitcoinMarkets/comments/1zar2k/xpost_from_rbitcoin_btcarbsnet_is_a_scam_but/

No, sorry for the confusion. Haven't made a deposit since 4/1. So these are my drippings plus interest earned since easter.

This comment by Adam is total BS...the way arbitrage works, they would keep the MAJORITY of their balances in USD. The amount of Bitcoin in use would be fairly small, to limit their exposure to losses due to volatility.

Here's how it works. They keep a balance of cash on the "buy" exchange (say BTC-e). At the beginning of the trading day, they buy a small amount of bitcoin and send it to the "selling" exchange (say Bitstamp). It stays in BTC form, until they want to take advantage of an arbitrage spread. Then they buy on BTC-e using cash, sell immediately from the Bitcoin they sent earlier to Bitstamp, and initiate a transfer of the newly-bought Bitcoin from BTC-e to Bitstamp. Rinse, repeat. They may have also been keeping some cash on Bitstamp just to take advantage of reverse arbitrage opportunities, when they arose. They've been doing this with bots on the large exchanges, but in smaller amounts on the lesser exchanges, manually (at least, according to their results claims).

At the end of the trading day, they sell the small amount of Bitcoin. They then tally up the cash stacks on each exchange, compare it against the cash amount at the beginning of the day, and know what their profit was. Subtract any wire transfer fees to rebalance if needed, and that's your net profit. Take your percentage as the trader, and what's left is reported as the day's gain and split amongst the "investor pool." They may or may not have been running trade bots to ensure that they were in Bitcoin during upswings while they weren't actively trading.

But for this reason, it's a total lie that only .05% of the money is held in USD. In fact, the MAJORITY of the funds are held in USD. The numbers you see in your account login are not a web wallet...they're just numbers on a website. The reason they wanted up to 36 hours for Bitcoin withdrawals is, they had to BUY the Bitcoin in order to send it to you. They most likely want to find the most opportune buying time to do that (when it's low). If they are accepting deposits in USD they are opening themselves up to international wire fraud charges from the US Government if they're caught scamming. So they'd prefer to use Bitcoin and avoid the legal entanglements.

This is if, of course, they've actually been doing arbitrage trading. The reports led me to believe they were, but now I'm not sure what to believe.

What?  You were able to request a legacy withdrawal?

Get the legacy accounts all excited and maybe they will throw in some more BTC.   

Has anyone had a successful transfer in the past 2 days? Have a 'Bitcoin withdrawal request for .1816 bitcoins'. Obviously all legacy. I will keep everyone posted ((up to 36 hours later)).....

LOL...yay, more .25% transfers are on the way!  

This "major transfer" from the "previous owners" had better restore a whole hell of a lot more of my Bitcoin than they've been doing so far.

*****POSTED******

Thursday 24th April 2014

0.80%

More legacy fund transfers are on the way. One transfer was made last night and another transfer will be made in a few hours. The accounting process is going well with major transfers from the previous owners' trading accounts on the way. Today's arbitrage result is 0.8%.

right ... I got to ask this ...

Did anyone deposit cash via wire to their account ? any other type of cash transfers ?

Adam refused to gimme bank details the week before Easter on the grounds that they are phasing out the cash deposits as only 0.05% of the money are held in USD ...

if anyone has any bank details ... please share it would be interesting to find out the bank, location. acct no,  ...

Daily result claims larger transfers are on the way. We shall see...

The sad thing is, they could have made plenty of money through arbitrage, shared it fairly, and not needed to scam. They probably would have earned far more in the long run. And, if they had been running this honestly, they could withstand a run, as they claim our money was always there on exchanges. They would have had a smaller balance to work with. I think it is apparent the money is not there. Maybe they are paying us back as they earn it, maybe they are just stringing us along while bringing in new suckers. Only time will tell.

Meanwhile, I suspect we are talking 10s of thousands of dollars at a minimum are at stake. Anyone consider chipping in for some investigation and legal action? I'm pissed enough, I would much rather piss away the coin on lawyers and investigators than see them make a dime off of us.

I wonder if btc-arbs would be open to a real acquisition? I would be fine with leaving adam/whomever on the payroll for a few months. Even though I feel like he his a crook! Just to convince him to hand over the keys and get this company back up to some sort of working fashion and being able to withdraw our money.

Results posted no legacy post so far. But they say we will get another one later.

I consider the one for 24th actually on the 23rd delayed....but you are right, actually on 23rd no transfer...probably it is the last one...who knows...let's wait and see if we will get any results for today, and specially the comments, if any....maybe they will give some explanations, but the way I seen them acting, not a chance...well over and out...see ya l8r...hope I'll return and find better news than now