btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds - page 55.

gise87

member

Activity: 102

Merit: 10

Quote from: dhsc19 on June 17, 2014, 03:29:57 PM

I really doubt this BTC-Arbs guy picked up a second job cleaning toilets or flipping burgers so that he can LEGITIMATELY pay everyone back. The reality is, he's probably set up another scam site and using that to pay you guys off. So, in the end, you will have a new set of victims that those here, who have been "fighting for justice", will gladly turn their backs on when they get paid in full. "No our problem anymore". When I think about all this, I really don't know who is scummier.

Why would any scammer ever set up another scam to pay back users from the first scam instead of running off with the money from both the scams?
Don't get me wrong, we have been lied to over and over again but I do truly believe he is indeed arb trading and paying us back with the profits made.

dhsc19

member

Activity: 96

Merit: 10

I really doubt this BTC-Arbs guy picked up a second job cleaning toilets or flipping burgers so that he can LEGITIMATELY pay everyone back. The reality is, he's probably set up another scam site and using that to pay you guys off. So, in the end, you will have a new set of victims that those here, who have been "fighting for justice", will gladly turn their backs on when they get paid in full. "No our problem anymore". When I think about all this, I really don't know who is scummier.

deathdefyer2002

newbie

Activity: 30

Merit: 0

BTC-ARBS

Might I propose yet again a possible solution.

1) Make a copy of our current GDocs Sheet
2) Make it READ/ONLY
3) Add the requested information here.

You have to confirm all of the accounts anyways - why not make it public so people have some idea whats happening. A priority payment list isn't a bad idea either. This way people will know what to expect and when.

I personally like the idea of paying everyone a small amount first, before the 2nd payment. I'd say a percentage is better then a set number. 1% of 500 coins is 5 coins (Very doable I think). This way larger inverters still maintain a fair amount paid back while small investors still see something as well.

hongo

newbie

Activity: 14

Merit: 0

If he pays what he gets through daily profit with 65 BTC it will take that long as you said gise87 but if he keeps the profit and reinvests it every day he will be able to pay all back in 6 months. The best thing he can do is reopen a secure btc-arbs page accept new investments and hold the legacy funds for 6 months at most and he will be able to pay everyone back in less that 6 months. I would do that. Is the fastest way to fix this problem. I offered BTC-Arbs my collaboration with some ideas but he never replied. He could get together with other people doing efficient arbitrage and with people with experience doing secure web pages and make that happen. I am not sure which are the real intentions behind all these.

Quote from: gise87 on June 17, 2014, 01:12:14 PM

If he has 65 BTC, he will need to gather 379 for the people currently listed (444-65=379)

With 0,65BTC per day, he will need 583 days to gather the 379BTC.
583 days = 1,59 years

The time to refund everyone can decrease dramatically depending on how many coins he actually has.

If he has:
100BTC = 1,44 yrs
200BTC = 1,02 yrs
300BTC = 0,6 yrs

But, without real figures we can only guess how long it will take

FreeJack2k2

sr. member

Activity: 364

Merit: 250

Quote from: btclemming on June 17, 2014, 01:50:54 PM

IMHO, After nearly 3 weeks, and with people touched where it hurts (money), I would say, that we have around 7-80% of the victims on the spreadsheet... It would make sense, statistically.
And it would confirm what BTC-ARBS saying that

Quote

... The total value of ALL BTC-Arbs accounts is more or less 500 Bitcoins. ...There are only 7 users with balances over 20 Bitcoins. ...

True, and given that I assume a couple of the sub-20 BTC people on the spreadsheet WERE above 20 before refunds from the legacy balance (as I was originally 27), we probably have six of those seven already represented in the spreadsheet.

btclemming

newbie

Activity: 29

Merit: 0

Quote from: FreeJack2k2 on June 17, 2014, 01:07:11 PM

Although he also claims to have a LOT of requests that were sent via e-mail, outside of the forums (and presumably not represented by the spreadsheet). So it's difficult to say with any certainty.

I think he wrote that emails and PM numbers *included* duplicates.

Quote

Currently pending

221 pending refund emails (including duplicates/spam)
98 pending refund PMs (including duplicates)

IMHO, After nearly 3 weeks, and with people touched where it hurts (money), I would say, that we have around 7-80% of the victims on the spreadsheet... It would make sense, statistically.
And it would confirm what BTC-ARBS saying that

Quote

... The total value of ALL BTC-Arbs accounts is more or less 500 Bitcoins. ...There are only 7 users with balances over 20 Bitcoins. ...

indublinca

newbie

Activity: 5

Merit: 0

I can't log into the site - how are you getting in touch with the admin to send refund details? If there is an email address, could you please PM or post? I have added my details to the shared google doc.

Thanks!

gise87

member

Activity: 102

Merit: 10

Quote from: hongo on June 17, 2014, 12:56:51 PM

I would say that according to the 1% average he was doing per day if he is making 0.65 BTC a day, he has only 65BTC. He owes 444.48 BTC.
So according to my calculations he will be able to repay all back in 194 days. x=log(444.48/65)/log(1.01)
So sit down and wait till January 2015. Not that bad.

Quote from: btclemming on June 16, 2014, 09:52:39 AM

Based on the refund rate (on average 0,65 BTC / day) and the amounts we were receiving on the btc-arbs platform during march and beginning of april, I would bet our friend will say he's playing with around less than 100 btc... looooong way to recover.

If he has 65 BTC, he will need to gather 379 for the people currently listed (444-65=379)

With 0,65BTC per day, he will need 583 days to gather the 379BTC.
583 days = 1,59 years

The time to refund everyone can decrease dramatically depending on how many coins he actually has.

If he has:
100BTC = 1,44 yrs
200BTC = 1,02 yrs
300BTC = 0,6 yrs

But, without real figures we can only guess how long it will take

FreeJack2k2

sr. member

Activity: 364

Merit: 250

Quote from: causis on June 17, 2014, 12:47:41 PM

I thank the ones that gathered information to reach Ron/Adam. I was proposing a repayment scheme in which everybody would get something relatively fast. You think you have more priority because you contributed to find this guy. I don't want to argue about this, but like you have your 20/40 days deadline, I'd like at least a priority list or something like that to know approx. when will we get the refunds.
Let's be clear: I don't want to discuss with you, I just want BTC-Arbs to give some more information, and I think everyone wants that.

I agree, I think a priority list is something he should definitely post and would be helpful in letting people know A) he's aware of what they are owed and B) where they are in the queue. Whether he'll do that, I don't know...but it has been suggested. Right now, we have our spreadsheet and we can get a lot of information by tracking the payments there.

Quote from: hongo on June 17, 2014, 12:56:51 PM

I would say that according to the 1% average he was doing per day if he is making 0.65 BTC a day, he has only 65BTC. He owes 444.48 BTC.
So according to my calculations he will be able to repay all back in 194 days. x=log(444.48/65)/log(1.01)
So sit down and wait till January 2015. Not that bad.

Although he also claims to have a LOT of requests that were sent via e-mail, outside of the forums (and presumably not represented by the spreadsheet). So it's difficult to say with any certainty.

hongo

newbie

Activity: 14

Merit: 0

I would say that according to the 1% average he was doing per day if he is making 0.65 BTC a day, he has only 65BTC. He owes 444.48 BTC.
So according to my calculations he will be able to repay all back in 194 days. x=log(444.48/65)/log(1.01)
So sit down and wait till January 2015. Not that bad.

Quote from: btclemming on June 16, 2014, 09:52:39 AM

Based on the refund rate (on average 0,65 BTC / day) and the amounts we were receiving on the btc-arbs platform during march and beginning of april, I would bet our friend will say he's playing with around less than 100 btc... looooong way to recover.

causis

newbie

Activity: 14

Merit: 0

Quote from: FreeJack2k2 on June 17, 2014, 11:51:49 AM

As a result of being active and participating in the sleuthing that took place, I was here when the admin appeared to start taking names and amounts. I was probably the second post after his and one of the first 5-6 people to contact him. Because I have been here from the beginning, I have been PM'd a ton of information, in the hopes that I would organize something. It's my opinion that letting him make restitution is a better option at the moment...that may change but until it does, I am content to stay the course. So I'm sorry if you found out late and are going to have to wait longer than others who contributed information to the thread and investigation...but in my view, your primary interest is in changing the repayment scheme to best serve you, in the guise of creating "fairness" where none can exist. it is what it is and you have this thread, and the regular posters in it, to thank for even having the possibility of being repaid. One or two in particular who I won't name. So just be thankful that repayment is happening at all, because if not for these guys who are being paid first, nobody would be getting a dime back, in all likelihood.

I thank the ones that gathered information to reach Ron/Adam. I was proposing a repayment scheme in which everybody would get something relatively fast. You think you have more priority because you contributed to find this guy. I don't want to argue about this, but like you have your 20/40 days deadline, I'd like at least a priority list or something like that to know approx. when will we get the refunds.
Let's be clear: I don't want to discuss with you, I just want BTC-Arbs to give some more information, and I think everyone wants that.

yonce

full member

Activity: 182

Merit: 100

Quote from: FreeJack2k2 on June 17, 2014, 12:10:31 PM

Quote from: yonce on June 17, 2014, 12:02:14 PM

The fact that I haven't posted any information yet here in public that I have so far collected is because I feel if I do post it here now, the admin will use it as an excuse to stop his refund program.

It won't necessarily just be that he uses it as an excuse. There are all kinds of people out there who are owed money and he's already received threats, as has his family. To use the information we have means a criminal investigation, prosecution and jail time...and that doesn't include restitution. Look at what has happened to all of the people who lost money in Mt. Gox - they have a ton of coin left, yet that coin is frozen and will be for the foreseeable future, due to the investigation, bankruptcy, etc...

At the moment, he is paying people back...I don't know how great his means are for paying it back, but apparently not real great considering the current pace. So we're going to be waiting...but in the end, waiting a while is better than not having any chance of getting paid back at all.

I pm'd him (btc-arbs) back, so I'll see what he tells me in his response. I really could care less about anything other than seeing people get their coins back.

FreeJack2k2

sr. member

Activity: 364

Merit: 250

Quote from: yonce on June 17, 2014, 12:02:14 PM

The fact that I haven't posted any information yet here in public that I have so far collected is because I feel if I do post it here now, the admin will use it as an excuse to stop his refund program.

It won't necessarily just be that he uses it as an excuse. There are all kinds of people out there who are owed money and he's already received threats, as has his family. To use the information we have means a criminal investigation, prosecution and jail time...and that doesn't include restitution. Look at what has happened to all of the people who lost money in Mt. Gox - they have a ton of coin left, yet that coin is frozen and will be for the foreseeable future, due to the investigation, bankruptcy, etc...

At the moment, he is paying people back...I don't know how great his means are for paying it back, but apparently not real great considering the current pace. So we're going to be waiting...but in the end, waiting a while is better than not having any chance of getting paid back at all.

yonce

full member

Activity: 182

Merit: 100

Quote from: btclemming on June 17, 2014, 03:35:58 AM

Quote from: gise87 on June 17, 2014, 02:58:56 AM

yonce, why do you actually keep posting in this thread? you did not invest in BTC-Arbs and have been mocking people who did. What's in it for you to gain information on the BTC-Arbs admin? I do not believe you care if we get our BTC back or not.

Your intentions are not clear to me and other users in this forum, along with your reputation which is questioned many times.

+1 - agreed.

Yonce : more/full transparency would be much appreciated. Apart being a bit ridiculous, & childish, any hiding looks very suspicious.

I think I just answered this in my previous post, but I have long time members of my downline who unfortunately made the mistake of getting into btc-arbs and now have lost. These are members I made a lot of money with in HYIP's and down the drain many of their profits went with btc-arbs. I don't think posting the information thus far in public will do any good and would probably be used as an excuse for the admin to stop refunds. At the end, if it comes down to it, the information collected will be used to get my downline members money back and hopefully others as well.

yonce

full member

Activity: 182

Merit: 100

Quote from: FreeJack2k2 on June 17, 2014, 10:20:40 AM

He has said he is going mostly in order of requests received, along with some random (small amounts he can pay in full). I was the first of the large investors to request a refund, so he is tackling mine first. When I'M paid, I am sure he will then go to the next large investor on his list of requests. I was also one of his earliest large investors, having opened my account in late February.

I know everyone is anxious about this but look at how much needs to be repaid, and how much he is paying out. It makes no sense to make micro-payments to everyone, so that you feel like you are being repaid. The best method is to pay debts in full as you can.

As for Yonce attempting to collect information, the reason more info is not public is because we have idiots out there who will call family, make threats and take measures that may result in nobody being paid. Fraud charges come with jail time, not a repayment strategy. It should be a last resort, only if he stops paying people back. I also question Yonce's motives a little bit, as he doesn't have any money at stake here.

I have members of my downline with money at stake in btc-arbs, and the btc-arbs admin did reach out to me via PM here.

The fact that I haven't posted any information yet here in public that I have so far collected is because I feel if I do post it here now, the admin will use it as an excuse to stop his refund program.

With that, any information I have collected and any other people send me via PM, I am organizing it and if the time comes it will be then publicly put out there.

FreeJack2k2

sr. member

Activity: 364

Merit: 250

Quote from: causis on June 17, 2014, 10:48:38 AM

Let's say you should be refunded first because you were "active". You should be refunded fully before any other large investor sees a penny? That way this guy can pay the ones that know his personal data and then stop paying and get away with the rest of the funds.
What about paying everybody 0,5 BTC, then 1BTC and so on until everyone gets their full investment?
I'm just proposing alternatives because I don't see this ending well without some planning.

As a result of being active and participating in the sleuthing that took place, I was here when the admin appeared to start taking names and amounts. I was probably the second post after his and one of the first 5-6 people to contact him. Because I have been here from the beginning, I have been PM'd a ton of information, in the hopes that I would organize something. It's my opinion that letting him make restitution is a better option at the moment...that may change but until it does, I am content to stay the course. So I'm sorry if you found out late and are going to have to wait longer than others who contributed information to the thread and investigation...but in my view, your primary interest is in changing the repayment scheme to best serve you, in the guise of creating "fairness" where none can exist. it is what it is and you have this thread, and the regular posters in it, to thank for even having the possibility of being repaid. One or two in particular who I won't name. So just be thankful that repayment is happening at all, because if not for these guys who are being paid first, nobody would be getting a dime back, in all likelihood.

causis

newbie

Activity: 14

Merit: 0

Quote from: FreeJack2k2 on June 17, 2014, 10:35:54 AM

Yes, actually those of us who have been in this thread discussing it the entire time, who spent the time and energy to attempt to track him down, who have been active, DO actually deserve to be paid before those who passively waited for something to happen and then piled in. If he waited until he had the full amount, as you suggest, who knows how long he would take and since you have no idea how much he has, how much he earns, or pretty much anything at all, you would have everyone wait potentially a year or more just so you could feel satisfied that it was "fair" and that is ridiculous.

I much prefer seeing actual payments being made to people, that we can track and confirm. What he SHOULD do is post a list of everyone he has on his repayment list in order of priority so they know where they stand.

Let's say you should be refunded first because you were "active". You should be refunded fully before any other large investor sees a penny? That way this guy can pay the ones that know his personal data and then stop paying and get away with the rest of the funds.
What about paying everybody 0,5 BTC, then 1BTC and so on until everyone gets their full investment?
I'm just proposing alternatives because I don't see this ending well without some planning.

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: causis on June 17, 2014, 10:27:30 AM

Quote from: FreeJack2k2 on June 17, 2014, 10:20:40 AM

He has said he is going mostly in order of requests received, along with some random (small amounts he can pay in full). I was the first of the large investors to request a refund, so he is tackling mine first. When I'M paid, I am sure he will then go to the next large investor on his list of requests. I was also one of his earliest large investors, having opened my account in late February.

I know everyone is anxious about this but look at how much needs to be repaid, and how much he is paying out. It makes no sense to make micro-payments to everyone, so that you feel like you are being repaid. The best method is to pay debts in full as you can.

The best method for who? For the ones that are receving some payments. Definitely not the best for the last person in the queue. The best for all would be stopping any payments until BTC-Arbs gets to the amount owed. That way is the fastest to get everyone's full investment because he can trade more.
You suggest you should be refunded completely before the next large investor gets hist first partial payment? That's not very fair, is it?

He isn't going to be able to trade that much more with a big amount of coins to start with. . You can't always scale up arbitrage. Just because you can selll a coin one place for 600 and buy another one for 575 doesn't mean you can do that with 2 coins, never mind 10, 100, or 1000 coins at the same time.

Plus, the problem isn't his trading (according to his story) he just lost a bunch of coins, so why give him a big bunch that he can lose again. that said, No one should believe anything until you get a total amount owed, and you start getting told how much is getting earned/paid back each day. The number of accounts is useless information, and the happiness confidence in a guy who you gave a bunch of bitcoins and he is slowly paying back tiny portions of that amount is insane.

FreeJack2k2

sr. member

Activity: 364

Merit: 250

Yes, actually those of us who have been in this thread discussing it the entire time, who spent the time and energy to attempt to track him down, who have been active, DO actually deserve to be paid before those who passively waited for something to happen and then piled in. If he waited until he had the full amount, as you suggest, who knows how long he would take and since you have no idea how much he has, how much he earns, or pretty much anything at all, you would have everyone wait potentially a year or more just so you could feel satisfied that it was "fair" and that is ridiculous.

I much prefer seeing actual payments being made to people, that we can track and confirm. What he SHOULD do is post a list of everyone he has on his repayment list in order of priority so they know where they stand.

causis

newbie

Activity: 14

Merit: 0

Quote from: FreeJack2k2 on June 17, 2014, 10:20:40 AM

He has said he is going mostly in order of requests received, along with some random (small amounts he can pay in full). I was the first of the large investors to request a refund, so he is tackling mine first. When I'M paid, I am sure he will then go to the next large investor on his list of requests. I was also one of his earliest large investors, having opened my account in late February.

I know everyone is anxious about this but look at how much needs to be repaid, and how much he is paying out. It makes no sense to make micro-payments to everyone, so that you feel like you are being repaid. The best method is to pay debts in full as you can.

The best method for who? For the ones that are receving some payments. Definitely not the best for the last person in the queue. The best for all would be stopping any payments until BTC-Arbs gets to the amount owed. That way is the fastest to get everyone's full investment because he can trade more.
You suggest you should be refunded completely before the next large investor gets hist first partial payment? That's not very fair, is it?

Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds - page 55. (Read 277012 times)