Its funny, I have not got a single response from the support tickets and my funds are stuck in the legacy fund. I hope this is legit!
Are you kidding? This isn't legit, it's a total scam.
Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds - page 96. (Read 276958 times)
May 10, 2014, 10:14:08 AM
Are you kidding? This isn't legit, it's a total scam.
May 10, 2014, 08:50:44 AM
I asked a few days ago (with a support ticket), (as someone else has done before and reported here in the forum) to give me back 50% of my legacy funds and let btc-arb keep the remaining funds (the 50% ammount is basically what i invested in), and to send to an address i've specified in the ticket, they acceppted the deal and refund me 50% of the legacy funds, so i had back my capital, pratically without interests...
Better than nothing, looking at the situation in witch we fall in the last month !!!
Better than nothing, looking at the situation in witch we fall in the last month !!!
May 10, 2014, 08:31:10 AM
Its funny, I have not got a single response from the support tickets and my funds are stuck in the legacy fund. I hope this is legit!
May 10, 2014, 06:06:34 AM
I´ve requested 2 days ago a refund of 0.22, i got it in 40 hours in my wallet.
Hope all you can get your funds too.
Best regards
Hope all you can get your funds too.
Best regards
May 10, 2014, 01:24:19 AM
I successfully got my initial investment back (2 BTC) but it takes 10 days.
Wow, that's the largest I have heard of yet. Maybe I have some hope.
May 10, 2014, 01:20:44 AM
I successfully got my initial investment back (2 BTC) but it takes 10 days.
May 10, 2014, 01:12:37 AM
This is sad story. I will never see my money.
I should have my money back in 933 days at the current rate of transfers.
May 10, 2014, 12:31:14 AM
This is sad story. I will never see my money.
I found a interesting btc-arbs.com review, http://beggarblogger.com/btc-arbs-com-took-an-unexpected-turn-my-experience-with-them/, another person lost some his moey.
I found a interesting btc-arbs.com review, http://beggarblogger.com/btc-arbs-com-took-an-unexpected-turn-my-experience-with-them/, another person lost some his moey.
May 09, 2014, 11:30:00 PM
Ugh...this slow trickle of Bitcoin out of my legacy account is killin' me...it's like watching grass grow. Maybe they're hoping I'll just get bored and go away? lol...
I didn't realize watching grass grow was this boring.
May 09, 2014, 10:42:59 PM
Really sad here. Hope they are brought to justice.
May 09, 2014, 10:18:59 PM
Got this message today after about 129043781468 million support cases:
Your patience is appreciated. We have made multiple legacy transfers today and more are coming soon.
It has become clear that the BTC-Arbs system was hacked at the beginning of April, and a portion of the funds were stolen.
Account balances were also manipulated, and incoming Bitcoin deposit addresses were changed.
The plan at this time is to continue making Legacy payments, while recuperating any losses.
Our staff is manually reviewing accounts to ensure accuracy, at which point many accounts are having their full legacy balance transferred at once.
Your ongoing cooperation is important if we are to continue with this process.
Ron James & The Global Capital Alliance
Your patience is appreciated. We have made multiple legacy transfers today and more are coming soon.
It has become clear that the BTC-Arbs system was hacked at the beginning of April, and a portion of the funds were stolen.
Account balances were also manipulated, and incoming Bitcoin deposit addresses were changed.
The plan at this time is to continue making Legacy payments, while recuperating any losses.
Our staff is manually reviewing accounts to ensure accuracy, at which point many accounts are having their full legacy balance transferred at once.
Your ongoing cooperation is important if we are to continue with this process.
Ron James & The Global Capital Alliance
May 09, 2014, 05:02:44 PM
Ugh...this slow trickle of Bitcoin out of my legacy account is killin' me...it's like watching grass grow. Maybe they're hoping I'll just get bored and go away? lol...
I agree ... they are trying to kill us with boredom. May 09, 2014, 03:47:23 PM
Ugh...this slow trickle of Bitcoin out of my legacy account is killin' me...it's like watching grass grow. Maybe they're hoping I'll just get bored and go away? lol...
May 09, 2014, 02:30:28 PM
You know, I wonder if btc-arbs started out as a legit arbitrage but their wire transfers got blocked and delayed so they made up bullshit to cover for it. I've read that often scams start off legit, but then there are problems and they go rogue.
No, they were never legit. The results they claimed were way too high to be realistic arbitrage-results for the simple reason that during the arbitrage-process, you need to have the vast majority of funds as fiat (since that transfers so slowly) and on a given day most of your funds will be in transit from one place to the other. Every day, only a small fraction of the total funds is used for actual trading, yet the profits are spread over the entire balance.In addition, it is extremely likely that they collected far more in BTC deposits than in USD, which means that if they would actually do arbitrage they either had almost all the BTC sitting idle or they had to sell deposited BTC for USD, in which case the results should have strongly reflected the BTC/USD exchange rate fluctuations. After the "acquisition", USD deposits aren't even possible anymore.
Then there's the additional bullshit about having an office in Geneva with 10 employees and such.
It's a decent coverstory. I've certainly seen Ponzis with a weaker coverstory, but the signs were obvious from the start and I've pointed them out repeatedly in this thread, with my first post already on page 1.
I believe the idea was to actually do arbitrage, they did pay for drawn pictures of both "profits" and "loss's", but I believe that was on paper before they started. Probably not far into the planning stages did they realize they couldn't give out the increase they were thinking of and by then too much money had been spent on the site and pictures and what not..... by the time they opened it was just a scam and stayed that way.
PEOPLE!! It's a SCRIPT! Look at goldcoders dot com. It's automated BS. Do we really need to analyse this?
Unfortunately you are wrong! Its not the 'famous' goldcoders script, its a custom one.
Does the fact that it is a custom script make it any less of a typical HYIP operation? It's a script! It's still automated BS no matter how you look at it. It's cool. I'm just being a cynic. It's just funny that people are getting all analytic about trying to legitimize the inconsistencies.
May 09, 2014, 02:14:37 PM
You know, I wonder if btc-arbs started out as a legit arbitrage but their wire transfers got blocked and delayed so they made up bullshit to cover for it. I've read that often scams start off legit, but then there are problems and they go rogue.
No, they were never legit. The results they claimed were way too high to be realistic arbitrage-results for the simple reason that during the arbitrage-process, you need to have the vast majority of funds as fiat (since that transfers so slowly) and on a given day most of your funds will be in transit from one place to the other. Every day, only a small fraction of the total funds is used for actual trading, yet the profits are spread over the entire balance.In addition, it is extremely likely that they collected far more in BTC deposits than in USD, which means that if they would actually do arbitrage they either had almost all the BTC sitting idle or they had to sell deposited BTC for USD, in which case the results should have strongly reflected the BTC/USD exchange rate fluctuations. After the "acquisition", USD deposits aren't even possible anymore.
Then there's the additional bullshit about having an office in Geneva with 10 employees and such.
It's a decent coverstory. I've certainly seen Ponzis with a weaker coverstory, but the signs were obvious from the start and I've pointed them out repeatedly in this thread, with my first post already on page 1.
I believe the idea was to actually do arbitrage, they did pay for drawn pictures of both "profits" and "loss's", but I believe that was on paper before they started. Probably not far into the planning stages did they realize they couldn't give out the increase they were thinking of and by then too much money had been spent on the site and pictures and what not..... by the time they opened it was just a scam and stayed that way.
PEOPLE!! It's a SCRIPT! Look at goldcoders dot com. It's automated BS. Do we really need to analyse this?
Unfortunately you are wrong! Its not the 'famous' goldcoders script, its a custom one.
May 09, 2014, 12:08:41 PM
This is some more food for thought, which I started considering toward the end as I prepared to start withdrawing my money (right before Easter and the big lockdown).
If they WERE doing arbitrage with the method I describe, every deposit a user made in bitcoin was instantly converted to fiat at the current market price. If you deposited at $450/BTC for instance, and withdrew at $350/BTC, they were going to be gaining $100 per Bitcoin. If, however, you were to deposit at $450 and withdraw everything at say $600, they lose $150/Bitcoin...because they're buying the Bitcoin you withdraw using their fiat reserves, to satisfy your withdrawal request (unless they were able to do it with new deposits before they were converted).
So the method of having people deposit BTC and have their balance reflected in BTC works out great when Bitcoin is in a downtrend...but if suddenly it spikes up and people start withdrawing at the higher price, you're going to be bleeding profits...so if you were thinking of doing this as a side-line income with other peoples' investments, only take money in fiat...not Bitcoin.
I will be doing it with my own money, at some point.
If they WERE doing arbitrage with the method I describe, every deposit a user made in bitcoin was instantly converted to fiat at the current market price. If you deposited at $450/BTC for instance, and withdrew at $350/BTC, they were going to be gaining $100 per Bitcoin. If, however, you were to deposit at $450 and withdraw everything at say $600, they lose $150/Bitcoin...because they're buying the Bitcoin you withdraw using their fiat reserves, to satisfy your withdrawal request (unless they were able to do it with new deposits before they were converted).
So the method of having people deposit BTC and have their balance reflected in BTC works out great when Bitcoin is in a downtrend...but if suddenly it spikes up and people start withdrawing at the higher price, you're going to be bleeding profits...so if you were thinking of doing this as a side-line income with other peoples' investments, only take money in fiat...not Bitcoin.
I will be doing it with my own money, at some point.
May 09, 2014, 12:04:12 PM
Btc-e is always cheaper. What is the benefit of keeping fiat on the more expensive one?
BTC-e isn't always cheaper, that's the thing. Many times when there's high volatility, the roles reverse and BTC-e actually has the more expensive price. It doesn't usually last very long, as I think a lot of arbitrageurs use that chance to rebalance from their usual selling exchange...but it does happen. When volatility is low, though, you're right...BTC-e is normally the lower price.
May 09, 2014, 10:57:52 AM
You know, I wonder if btc-arbs started out as a legit arbitrage but their wire transfers got blocked and delayed so they made up bullshit to cover for it. I've read that often scams start off legit, but then there are problems and they go rogue.
No, they were never legit. The results they claimed were way too high to be realistic arbitrage-results for the simple reason that during the arbitrage-process, you need to have the vast majority of funds as fiat (since that transfers so slowly) and on a given day most of your funds will be in transit from one place to the other. Every day, only a small fraction of the total funds is used for actual trading, yet the profits are spread over the entire balance.In addition, it is extremely likely that they collected far more in BTC deposits than in USD, which means that if they would actually do arbitrage they either had almost all the BTC sitting idle or they had to sell deposited BTC for USD, in which case the results should have strongly reflected the BTC/USD exchange rate fluctuations. After the "acquisition", USD deposits aren't even possible anymore.
Then there's the additional bullshit about having an office in Geneva with 10 employees and such.
It's a decent coverstory. I've certainly seen Ponzis with a weaker coverstory, but the signs were obvious from the start and I've pointed them out repeatedly in this thread, with my first post already on page 1.
I believe the idea was to actually do arbitrage, they did pay for drawn pictures of both "profits" and "loss's", but I believe that was on paper before they started. Probably not far into the planning stages did they realize they couldn't give out the increase they were thinking of and by then too much money had been spent on the site and pictures and what not..... by the time they opened it was just a scam and stayed that way.
PEOPLE!! It's a SCRIPT! Look at goldcoders dot com. It's automated BS. Do we really need to analyse this?
May 09, 2014, 10:19:09 AM
You know, I wonder if btc-arbs started out as a legit arbitrage but their wire transfers got blocked and delayed so they made up bullshit to cover for it. I've read that often scams start off legit, but then there are problems and they go rogue.
No, they were never legit. The results they claimed were way too high to be realistic arbitrage-results for the simple reason that during the arbitrage-process, you need to have the vast majority of funds as fiat (since that transfers so slowly) and on a given day most of your funds will be in transit from one place to the other. Every day, only a small fraction of the total funds is used for actual trading, yet the profits are spread over the entire balance.In addition, it is extremely likely that they collected far more in BTC deposits than in USD, which means that if they would actually do arbitrage they either had almost all the BTC sitting idle or they had to sell deposited BTC for USD, in which case the results should have strongly reflected the BTC/USD exchange rate fluctuations. After the "acquisition", USD deposits aren't even possible anymore.
Then there's the additional bullshit about having an office in Geneva with 10 employees and such.
It's a decent coverstory. I've certainly seen Ponzis with a weaker coverstory, but the signs were obvious from the start and I've pointed them out repeatedly in this thread, with my first post already on page 1.
I believe the idea was to actually do arbitrage, they did pay for drawn pictures of both "profits" and "loss's", but I believe that was on paper before they started. Probably not far into the planning stages did they realize they couldn't give out the increase they were thinking of and by then too much money had been spent on the site and pictures and what not..... by the time they opened it was just a scam and stayed that way.
May 09, 2014, 08:54:47 AM
3700% per year if that rate continues. I somehow rationalized that it wasn't sustainable because it would impact the market. While it was small, that the arbitrage was possible. I also rationalized that they kept most of the profits for themselves. I also rationalized that they needed significant funds from others to overcome wire fees - why they didn't do this themselves.
I made mistakes. I won't do anything like this again. Anyway, I hear people talking about some penny stock going for 4 cents. There is much more upside than downside so I think it is a sure thing.
I made mistakes. I won't do anything like this again. Anyway, I hear people talking about some penny stock going for 4 cents. There is much more upside than downside so I think it is a sure thing.
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