Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds - page 66. (Read 276958 times)

Kudos to Btc-Arbs for posting here and making the repayments more public. And more importantly, EXCELLENT work to everyone on the forum for building and maintaining the repayment spreadsheet.

My advice to Btc-Arbs: Pay off the smallest accounts as soon as possible; certainly any that are less than 0.25 BTC to get them out of the way. Make your job easier. Stay in contact with your larger customers and keep a steady flow of coin back to them as well. Also, set up social media accounts (Twitter, Facebook, etc) and announce those accounts here so people know they are linked to you.

Everyone with larger balances: I would not expect all amounts to be repaid within a short time frame of a month or two. The admin at Btc-Arbs has already shown that he is over-optimistic with his promises. Based on the very limited information available, I believe he uses an arbitrage system that is sub-optimal. In other words, his system is inferior to the one I use - I have a good sense of my profitability, and the days that I make those profits. I would not expect to make 350 BTC within a month or two, so I do not think he can either.



If anyone is considering a future arbitrage program, please take this advice from someone who is doing the real thing:
1: They will not accept small deposits. As Btc-Arbs has discovered, managing several hundred customers can be a nightmare when all of them want a response at once.
2: They will not post daily profit reports, or at least will post a huge caveat with the report. Arbitrage profits are NOT simple arithmetic. A good system may use quantitative analysis in addition to arbitrage, and this complicates everything. Also, there are occasions when the buy and sell happen across midnight (thus they are on different days), so a daily profit does not exist for these trades.
3: They will have a system that provides security and separation of machines. The arbitrage platform will not be on the same computer that hosts the website, and another separate computer will be used for customer interaction. Overlapping these systems is pure insanity for any business, and suicidal for a bitcoin-based business, as Btc-Arbs has sadly discovered. A half-decent hacker can create a custom trojan and try to send it through the website or email - and very few (if any) antivirus programs will detect a new customized trojan because it is not in their dictionary.

If you see a program that does not satisfy these three basic conditions, then look somewhere else.

Three days since my last payment. Not sure how you are going to pay me in the agreed upon timeframe, at this rate.

Refunds continued today.

Currently pending

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

Today

4 full email refunds paid
4 full PM refunds paid

Reminder that all emails with attachments are deleted. Do not send an attachment.
Some emails replied to with timeframe until completion.

232 emails could be real.  I sent both an email and a PM on 5/29 GST+9.   Some people probably sent many emails.   You don't know if it is 232 emails from 232 different people.   

   

I just caught up with the status of the whole thing and I am very surprised how this is turning out.
I was really depressed about my loss(6.6BTC) and today I am glad to see that the admin is doing efforts to reimburse the people who invested in his site.
If I receive my funds back my faith in humanity will be restored.
Anyway PM and email sent today. I am hoping for the best.
 

Better than the feeling I had when the funds were locked away in a "legacy" wall, or when the site disappeared...at least we are seeing movement.


He isn't replying until you are paid.

No reply from admin yet even after i sent my PM...

Waiting for your BTC claims to be refunded is really, certainly not a nice feeling.

Thank you alani123 & yonce for your support

Congrats on the new baby! Yes, in this day and age, it's foolish for anyone to think that people can't find a way to track them down. There is always some point in the chain where your true identity and information had to be given to someone.

Personally, I would really like to know how much Bitcoin he is working with...but unfortunately, after all of the blatant lies we have been fed, I am having a real hard time believing any of the stories. The 232 email refunds really sticks in my craw, I don't believe that number at all...I believe it's just a way for him to slow payments to people we can track, to obscure how much is ACTUALLY being repaid.

Time will tell, though.

PM sent, Email Sent, add to the google doc.  a total of 7 accounts, and 1.1685 bitcoins deposited and not withdrawn. 

thank you for this information

Thanks I just saw this post.  Please ignore my last PM.

Hi FreeJack,

you're not the only one fool that send a lot to btc-arbs... Since the shutdown, I was just focused on my new baby child (3 weeks)... had begun to forget this disaster... then I came back and discovered happily that some investigation was done, the spreadsheet and that contact has been made by btc-arbs. Happy to see that some refunds are arriving.
To me, it seems to mean that the investigation was quite efficient and that the direction was right. Have we done enough for now ? shouldn't we investigate a bit deeper just to make sure nobody can cover the tracks ? It means also that our btc-arbs "friend" is not the pure hyip "take the money and run" type of guy. At least some BTC were really refunded.  Now, I see only 8.4 btc refunded on 349 owed... not much at this point.
The refund "plan" that was communicated today add some clarity. At this point, with so much lies, and so much BTC vaporised, I really think we deserve more. The plan should include some % related to time. X% refund in X days. How much of the remaining 340 BTC in the spreadsheet will be refunded at 30th of june ? how much at 31st of July, etc...

Have a nice day,

Btc-Arbs : Keep up with the refunds. Keep us updated.

BTC ARBS ADMIN! IF YOU READ THIS...I HAVE SEND YOU 2 EMAILS BUT NO RESPONSE....
PLEASE SEND MY LOST 3 BTC BACK TO MY BTC-E ACCOUNT(KEEP THE 0.2 EARNINGS)

[email protected]
1MtTrTKzBcmAznr9Lionx1Wqqq7TNeAiqV

My friend just tell me that he got refounded tonight ( 0.4998 BTC  on  6/8/14 1:43 AM  ) he wrote an email to [email protected], some days ago. There was not replay until this night when he was refounded and replayed that the paymant was send! He is really greatfull! So seems like btc arbs is doing his best to pay us back! This is a great hearin! Hepe that he will do his bes and wil try to repay what we lost to all! nice keep doing like this!

How much money have you made from using our BitCoin to trade?

We want a full report so we can be assured that you will be able to pay us back.

I got my refund today- 0.36958524 BTC. Will enter in spreadsheet as well.
Thanks!

got paid 0.1btc

Man it's like politics, the rich get some payments, the poor gets most of the entitlements (at least first), and the middle are just stuck in a "who got in line first" type of mentality.