I am writing this review to warn anyone interested in doing business with this company.
They sold me a straightforward deal where I buy bitcoins at a discount and get reimbursed after waiting 6 months. I was going to be totally repaid in 18 months after the 6 months waiting time.
They made few payments and sent me a change of contract. I signed because I never thought they would change the terms of the repayment. It turns out they did and as a result, they are not reimbursing me.
I am currently looking for a consumer protection lawyer. This is a nightmare!
Topic: Buying Bitcoins from bitvestmint.com (Read 11861 times)
FYI,
Bitvest mint has been paying every month as promised, and because of the price increase I've already received more than I spent and I have another years worth of payments coming.
Bitvest mint has been paying every month as promised, and because of the price increase I've already received more than I spent and I have another years worth of payments coming.
It has come to our attention that our company has become the subject of some discussion on this board.
Please review the frequently asked questions below for the answers you seek.
Feel free to call the company directly with any additional questions.
Thank you
BitVest Mint CEO D.L. Hahn
Who are we?
BitVest Inc. d/b/a Bitvest Digital Mining, a Delaware Corporation. Founded in Feb. 2014 (as Bitvest LLC) by early entrant Bitcoin Miners, who not only understood the great potential of Bitcoin as a technology, but also as an outstanding business opportunity. BitVest has deployed thousands of mining computers on two continents, which mine bitcoins 24 hours day, 7 days a week and have generated over 16,000 coins to date. We are offering you the opportunity to buy bitcoins direct from our mine at substantial discounts in order to finance the acquisition of additional mining computers.
How does it work?
The proceeds from our forward sales will go primarily to the acquisition of additional mining computers. As the Company produces bitcoins at our established mining operations, a percentage of the Bitcoin production is allocated to fulfilling the Bitcoin forward sales purchase agreements. This is a win-win scenario, whereby you benefit by purchasing Bitcoin at a locked-in discounted price in return for agreeing to a predetermined future delivery schedule.
How do we benefit?
We use the proceeds from the Bitcoin forward sales to buy additional mining equipment, thereby expanding our current mining capacity, which increases the number of bitcoins mined each day. This is a strategy employed for years by the Asian Bitcoin mining industry, in lieu of debt financing or dilutive equity sales. It has proven to be beneficial to both the mine and its customers.
What is buying Bitcoin forward?
Simply put, buying Bitcoin forward consists of an agreement between yourself and BitVest Digital Mining www.bitvestmint.com to purchase a portion of our Bitcoin production at a discounted price, to be delivered at a predetermined schedule in the near future. In this case Bitcoin transfers begin after 180 days from the date of your purchase. Forwards offer downside protection from short-term price manipulation and increased profitability for those who have an eye towards the future of Bitcoin.
What is a forward contract?
Forward Contract: A cash transaction common in many industries, including commodity merchandising, in which a commercial buyer and seller agree upon delivery of a specified quality and quantity of goods at a specified future date. Terms may be more “personalized” than is the case with standardized futures contracts (i.e., delivery time and amount are as determined between seller and buyer). A price may be agreed upon in advance or there may be agreement that the price will be determined at the time of delivery.
www.cftc.gov/ConsumerProtection/EducationCenter/CFTCGlossary/glossary_f
What is the discount rate?
The current discount rate is 20% below the spot price as established on the US-based exchange operated by Coinbase at the time of purchase.
How can we afford to offer you bitcoins at such a large discount?
A simple mathematical formula is used by all Bitcoin miners to extrapolate the cost of producing each newly minted Bitcoin. Based upon the network hash rate, cost of mining equipment, and the electricity used in the "mining" process, we know how much it costs to produce each bitcoin. As such, we only sell a fraction of our projected overall Bitcoin production, which is then sent to a cold storage wallet held off the Blockchain until customer payments are due. A percentage of the remaining bitcoins are sold, in order to cover our capital costs for hosting and the electricity to run our mining equipment.
Eligibility
You should purchase Bitcoin forwards if:
• You believe that the long-term trend for the price is bullish and your chosen strategy is to “buy and hold" bitcoins for the long term.
• You see Bitcoin as Gold 2.0 and want to add it as a hedge against inflation or as a safe haven to protect against government's excessive printing of fiat currency and price manipulation.
• You want to add Bitcoin as a new asset class to your investment portfolio.
• You have a deep understanding of the technology and how world events could have a positive impact on the Bitcoin price.
• You are content with a predetermined schedule for future delivery of your bitcoin(s).
• You want to take advantage of the deep discount to maximize profit potential and protect against price volatility.
Who should buy Bitcoin forwards?
As long as you are interested in holding any bitcoins you intend to purchase for at least six months, then buying Bitcoins at a 20% discount makes sense. However the long-term “buy and hold” speculator is best suited to be a buyer of Bitcoin deferred delivery forward contracts.
Who should not buy Bitcoin forwards?
Day traders, people who are uncertain as to whether or not Bitcoin the currency, as a unit of transfer, will continue to be a viable store of wealth. Those that are primarily interested in short term gains or selling their coins within a six-month period. People who don't understand the inherent risks involved with buying crypto currencies in general. People who cannot afford to lose the money they intend to use to buy their bitcoins.
When will my bitcoins be delivered?
Your first 1/18th of your purchase will be delivered after 180 days has elapsed and another 1/18th will be delivered each and every month until you have received your entire purchase. Note: disbursements are sent the first and third Thursday of each month to the Bitcoin wallet address provided by the customer.
How can I pay for my bitcoin(s)?
We accept major credit cards, PayPal, E-checks, bank wires, and cashier's checks. Simply press the "Buy Bitcoins Now" button to make your purchase.
How can I contact Bitvest?
By Mail - Bitvest Inc - 1860 N. Pine Island Rd. Plantation Fl 33322
By Phone - Toll free 1-844-248-8378 (1-844-Bit-Vest) - Outside of the US. 1-561-693-2103
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Please review the frequently asked questions below for the answers you seek.
Feel free to call the company directly with any additional questions.
Thank you
BitVest Mint CEO D.L. Hahn
Who are we?
BitVest Inc. d/b/a Bitvest Digital Mining, a Delaware Corporation. Founded in Feb. 2014 (as Bitvest LLC) by early entrant Bitcoin Miners, who not only understood the great potential of Bitcoin as a technology, but also as an outstanding business opportunity. BitVest has deployed thousands of mining computers on two continents, which mine bitcoins 24 hours day, 7 days a week and have generated over 16,000 coins to date. We are offering you the opportunity to buy bitcoins direct from our mine at substantial discounts in order to finance the acquisition of additional mining computers.
How does it work?
The proceeds from our forward sales will go primarily to the acquisition of additional mining computers. As the Company produces bitcoins at our established mining operations, a percentage of the Bitcoin production is allocated to fulfilling the Bitcoin forward sales purchase agreements. This is a win-win scenario, whereby you benefit by purchasing Bitcoin at a locked-in discounted price in return for agreeing to a predetermined future delivery schedule.
How do we benefit?
We use the proceeds from the Bitcoin forward sales to buy additional mining equipment, thereby expanding our current mining capacity, which increases the number of bitcoins mined each day. This is a strategy employed for years by the Asian Bitcoin mining industry, in lieu of debt financing or dilutive equity sales. It has proven to be beneficial to both the mine and its customers.
What is buying Bitcoin forward?
Simply put, buying Bitcoin forward consists of an agreement between yourself and BitVest Digital Mining www.bitvestmint.com to purchase a portion of our Bitcoin production at a discounted price, to be delivered at a predetermined schedule in the near future. In this case Bitcoin transfers begin after 180 days from the date of your purchase. Forwards offer downside protection from short-term price manipulation and increased profitability for those who have an eye towards the future of Bitcoin.
What is a forward contract?
Forward Contract: A cash transaction common in many industries, including commodity merchandising, in which a commercial buyer and seller agree upon delivery of a specified quality and quantity of goods at a specified future date. Terms may be more “personalized” than is the case with standardized futures contracts (i.e., delivery time and amount are as determined between seller and buyer). A price may be agreed upon in advance or there may be agreement that the price will be determined at the time of delivery.
www.cftc.gov/ConsumerProtection/EducationCenter/CFTCGlossary/glossary_f
What is the discount rate?
The current discount rate is 20% below the spot price as established on the US-based exchange operated by Coinbase at the time of purchase.
How can we afford to offer you bitcoins at such a large discount?
A simple mathematical formula is used by all Bitcoin miners to extrapolate the cost of producing each newly minted Bitcoin. Based upon the network hash rate, cost of mining equipment, and the electricity used in the "mining" process, we know how much it costs to produce each bitcoin. As such, we only sell a fraction of our projected overall Bitcoin production, which is then sent to a cold storage wallet held off the Blockchain until customer payments are due. A percentage of the remaining bitcoins are sold, in order to cover our capital costs for hosting and the electricity to run our mining equipment.
Eligibility
You should purchase Bitcoin forwards if:
• You believe that the long-term trend for the price is bullish and your chosen strategy is to “buy and hold" bitcoins for the long term.
• You see Bitcoin as Gold 2.0 and want to add it as a hedge against inflation or as a safe haven to protect against government's excessive printing of fiat currency and price manipulation.
• You want to add Bitcoin as a new asset class to your investment portfolio.
• You have a deep understanding of the technology and how world events could have a positive impact on the Bitcoin price.
• You are content with a predetermined schedule for future delivery of your bitcoin(s).
• You want to take advantage of the deep discount to maximize profit potential and protect against price volatility.
Who should buy Bitcoin forwards?
As long as you are interested in holding any bitcoins you intend to purchase for at least six months, then buying Bitcoins at a 20% discount makes sense. However the long-term “buy and hold” speculator is best suited to be a buyer of Bitcoin deferred delivery forward contracts.
Who should not buy Bitcoin forwards?
Day traders, people who are uncertain as to whether or not Bitcoin the currency, as a unit of transfer, will continue to be a viable store of wealth. Those that are primarily interested in short term gains or selling their coins within a six-month period. People who don't understand the inherent risks involved with buying crypto currencies in general. People who cannot afford to lose the money they intend to use to buy their bitcoins.
When will my bitcoins be delivered?
Your first 1/18th of your purchase will be delivered after 180 days has elapsed and another 1/18th will be delivered each and every month until you have received your entire purchase. Note: disbursements are sent the first and third Thursday of each month to the Bitcoin wallet address provided by the customer.
How can I pay for my bitcoin(s)?
We accept major credit cards, PayPal, E-checks, bank wires, and cashier's checks. Simply press the "Buy Bitcoins Now" button to make your purchase.
How can I contact Bitvest?
By Mail - Bitvest Inc - 1860 N. Pine Island Rd. Plantation Fl 33322
By Phone - Toll free 1-844-248-8378 (1-844-Bit-Vest) - Outside of the US. 1-561-693-2103
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
This site is frustrating, how do u reply directly to the post that you want to?? and how do you get the post to appear on the post without copy pasting?? Arghhh lol
From orobtc, -
"Yep. Almost always something that appears to be too good usually is a scam. This applies not only to Bitcoin, but to almost anything you can think of."
"There is no such thing as a free lunch."
That's what you seem to not understand, it's not to good to be true. It's a fair exchange. They take the $ now and buy miners, they get 6 months to mine before paying anything.
Then they pay you back over 18 payments, getting a full 2 years with the money to mine with. For them its cheap money in essence a loan with no payments for 6 months and they pay with the proceeds from the miners they bought with my money.
From my point of view, since I intended all along to buy bitcoins now and hold them for at least 2 years (probably (5-10 really), then I get to buy at the 20% discounted price and still get all my coins long before i had planned to sell them anyway.
The big question is, will they be around long enough to honor my entire payout.
That's the gamble, and I won't know for sure until 6 months from now and further even to 2 years down the road.
So if you're going to comment on this at least do some research as to what the deal they are offering really is.
The too good to be true line does not fit this offer, neither does free lunch quote...
"Yep. Almost always something that appears to be too good usually is a scam. This applies not only to Bitcoin, but to almost anything you can think of."
"There is no such thing as a free lunch."
That's what you seem to not understand, it's not to good to be true. It's a fair exchange. They take the $ now and buy miners, they get 6 months to mine before paying anything.
Then they pay you back over 18 payments, getting a full 2 years with the money to mine with. For them its cheap money in essence a loan with no payments for 6 months and they pay with the proceeds from the miners they bought with my money.
From my point of view, since I intended all along to buy bitcoins now and hold them for at least 2 years (probably (5-10 really), then I get to buy at the 20% discounted price and still get all my coins long before i had planned to sell them anyway.
The big question is, will they be around long enough to honor my entire payout.
That's the gamble, and I won't know for sure until 6 months from now and further even to 2 years down the road.
So if you're going to comment on this at least do some research as to what the deal they are offering really is.
The too good to be true line does not fit this offer, neither does free lunch quote...
Actually the price per bitcoin is only $361 after applying 20% discount off spot price.
And I checked out their parent company www.bitvestinc.com they've been in business 2.5 yrs mining and I found old PR's on Coindesk about them too.
They seem legit or i wouldn't be going this far to check em out.
$361? If it seems too good to be true, it probably is.And I checked out their parent company www.bitvestinc.com they've been in business 2.5 yrs mining and I found old PR's on Coindesk about them too.
They seem legit or i wouldn't be going this far to check em out.
Investors alert. If something is too good to be true, it probably is. Just wait a few months and letter others be a guinea pig for you. If it's worth it you can wait right. Why put your money at risk when it's so insecure?
Yep. Almost always something that appears to be too good usually is a scam. This applies not only to Bitcoin, but to almost anything you can think of.
"There is no such thing as a free lunch."
* * *
Also, yes to letting fairly senior members pass along reviews of services.
Actually the price per bitcoin is only $361 after applying 20% discount off spot price.
And I checked out their parent company www.bitvestinc.com they've been in business 2.5 yrs mining and I found old PR's on Coindesk about them too.
They seem legit or i wouldn't be going this far to check em out.
$361? If it seems too good to be true, it probably is.And I checked out their parent company www.bitvestinc.com they've been in business 2.5 yrs mining and I found old PR's on Coindesk about them too.
They seem legit or i wouldn't be going this far to check em out.
Investors alert. If something is too good to be true, it probably is. Just wait a few months and letter others be a guinea pig for you. If it's worth it you can wait right. Why put your money at risk when it's so insecure?
Actually the price per bitcoin is only $361 after applying 20% discount off spot price.
And I checked out their parent company www.bitvestinc.com they've been in business 2.5 yrs mining and I found old PR's on Coindesk about them too.
They seem legit or i wouldn't be going this far to check em out.
$361? If it seems too good to be true, it probably is. And I checked out their parent company www.bitvestinc.com they've been in business 2.5 yrs mining and I found old PR's on Coindesk about them too.
They seem legit or i wouldn't be going this far to check em out.
Are they selling cheap coins ?
Not exactly coins, but like the lays chips sell you air, this website sells Time, A Waste of Time (Like in James Bond 007 - Bond, James Bond).
You pay them and wait forever for them to send you coins. Still you won't get your bitcoins even when the aliens visit us.
For me it works cause I have no plans on selling for at least a couple years. & a $90 discount per coin is a lot, so it doesn't matter that i don't get to hold them in my wallet for the 1st. 6 months.
You are newbie without any previous trust record and you are trying to lure members to buy bitcoin from the site which is just poped up. I beleive you have been paid either to promote and give fake review about this site or you are the one who opened this site. 90$ discount per coin is purely a scam man.
from bittraffic said-
"Funny because you've been in bitciontalk.org for 2 years and never learned how users react to new sites that seem to be scammy and yet you still bought from them?"
Yes but only looking at bitcoin to learn about them and the potential for them to go up in value way back when they were supposed to be going to the moon.
I've been using Coinbase for years. I never contemplated buying elsewhere and frankly speaking this site is really hard to use it makes u wait like 360 seconds here before posting, 60 more for searching, jeez its as if they don't want ppl to use it.
"Funny because you've been in bitciontalk.org for 2 years and never learned how users react to new sites that seem to be scammy and yet you still bought from them?"
Yes but only looking at bitcoin to learn about them and the potential for them to go up in value way back when they were supposed to be going to the moon.
I've been using Coinbase for years. I never contemplated buying elsewhere and frankly speaking this site is really hard to use it makes u wait like 360 seconds here before posting, 60 more for searching, jeez its as if they don't want ppl to use it.
For me it works cause I have no plans on selling for at least a couple years. & a $90 discount per coin is a lot, so it doesn't matter that i don't get to hold them in my wallet for the 1st. 6 months.
I will strongly recommend that you stick to localbitcoins.com, or your country specific's reputable Bitcoin trading platform. The deferred delivery model used by bitvestmint doesn't make sense. Why should it be done that way?
!!! WARNING: This user is a newbie. If you are expecting a message from a more veteran member, then this is an imposter !!!
I don't appreciate your accusatory tone.
I came here to ask a lil advice, i'm not selling anything or asking for money.
I'm not the one to defending this company, but i feel i have to defend myself as someone who bought from them just to prove i'm not stupid.
if i lose $350 its not gonna break me anỳway, i think they're legit and i made a decision, u can think whatever you want..
I don't appreciate your accusatory tone.
I came here to ask a lil advice, i'm not selling anything or asking for money.
I'm not the one to defending this company, but i feel i have to defend myself as someone who bought from them just to prove i'm not stupid.
if i lose $350 its not gonna break me anỳway, i think they're legit and i made a decision, u can think whatever you want..
My statement is just a hunch so I didn't accused you of anything, at least not yet. what i said and i quote:
Quote
Well, I won't be surprise if OP owns the site. just my hunch!
I'm sorry though. whether its yours or not this thread will still appear to warn users not to trust new sites.
Funny because you've been in bitciontalk.org for 2 years and never learned how users react to new sites that seem to be scammy and yet you still bought from them?
2.5 years actually
bitvestmint is url owned by bitvest llc
"And their domain is only one and half years old then how they are in this business for over 2 years ?
Seems to be the account of that site"
WHOIS search results for:
BITVESTINC.COM
(Registered)
Is this your domain?
Add hosting, email and more.
Want to buy this domain?
Get it with our Domain Buy service.
Domain Name: bitvestinc.com
Registry Domain ID: 1844740617_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.register.com
Registrar URL: http://www.register.com
Updated Date: 2014-01-29T22:53:30Z
Creation Date: 2014-01-29T22:53:30Z
Registrar Registration Expiration Date: 2017-01-29T22:53:30Z
Registrar: Register.com, Inc.
Registrar IANA ID: 9
Registrar Abuse Contact Email: [email protected]
Registrar Abuse Contact Phone: +1.8773812449
Reseller:
Domain Status: clientTransferProhibited http://icann.org/epp#clientTransferProhibited
Registry Registrant ID:
Registrant Name: Devin Hahn
Registrant Organization:
Registrant Street: 1820 nw 103rd ave
Registrant City: plantation
Registrant State/Province: FL
Registrant Postal Code: 33322
Registrant Country: US
bitvestmint is url owned by bitvest llc
"And their domain is only one and half years old then how they are in this business for over 2 years ?
Seems to be the account of that site"
WHOIS search results for:
BITVESTINC.COM
(Registered)
Is this your domain?
Add hosting, email and more.
Want to buy this domain?
Get it with our Domain Buy service.
Domain Name: bitvestinc.com
Registry Domain ID: 1844740617_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.register.com
Registrar URL: http://www.register.com
Updated Date: 2014-01-29T22:53:30Z
Creation Date: 2014-01-29T22:53:30Z
Registrar Registration Expiration Date: 2017-01-29T22:53:30Z
Registrar: Register.com, Inc.
Registrar IANA ID: 9
Registrar Abuse Contact Email: [email protected]
Registrar Abuse Contact Phone: +1.8773812449
Reseller:
Domain Status: clientTransferProhibited http://icann.org/epp#clientTransferProhibited
Registry Registrant ID:
Registrant Name: Devin Hahn
Registrant Organization:
Registrant Street: 1820 nw 103rd ave
Registrant City: plantation
Registrant State/Province: FL
Registrant Postal Code: 33322
Registrant Country: US
Wow, seems you guys are pretty down on this company and me.
I don't know how to reply to individual posts on this blog, so i'm replying en-masse.
I am not a complete newbie here, i just have never posted, only read stuff here, I may have another user name that i forgot too, because i thought i made comments a few times about a year & half ago.
PPl. asked why not buy from exchanges or local bitcoins.. For me, i'm buying to hold for years, at least 2 maybe 10-20 or for my retirement. So 20% discount is big to me since im not a short term trader.
and I'm not stupid either, I've called the company read about them on reddit and checked out the who is and verified that their corp. was in good standing with State too. I read their press releases from bitvest inc about their mining going back to 2014.
Plus i used my Amex and if something happens i can get refund. plus i only bought one coin.
one of u asked why they're offering discount, they use the proceeds to buy more mining computers. Makes sense to me, they get 2 years to pay in full, 6 months no payments with 18 payments monthly, payments from the miners producing bitcoins all along. Anyway i'm not trying to convince anyone here to buy anything i was just asking if anyone knew them..
I'm emailing them a link to this blog, i think they're the ones that should be talking to u guys from here..
I don't know how to reply to individual posts on this blog, so i'm replying en-masse.
I am not a complete newbie here, i just have never posted, only read stuff here, I may have another user name that i forgot too, because i thought i made comments a few times about a year & half ago.
PPl. asked why not buy from exchanges or local bitcoins.. For me, i'm buying to hold for years, at least 2 maybe 10-20 or for my retirement. So 20% discount is big to me since im not a short term trader.
and I'm not stupid either, I've called the company read about them on reddit and checked out the who is and verified that their corp. was in good standing with State too. I read their press releases from bitvest inc about their mining going back to 2014.
Plus i used my Amex and if something happens i can get refund. plus i only bought one coin.
one of u asked why they're offering discount, they use the proceeds to buy more mining computers. Makes sense to me, they get 2 years to pay in full, 6 months no payments with 18 payments monthly, payments from the miners producing bitcoins all along. Anyway i'm not trying to convince anyone here to buy anything i was just asking if anyone knew them..
I'm emailing them a link to this blog, i think they're the ones that should be talking to u guys from here..
if the website has a contact us page ask them about buying bitcoins from there and maybe you can find out if it is a 100% scam or not. If it is then just report the site so it gets taken down or go to scamadvisor and post details and a review about the site.
Well they have an office, I am going to have to my cousin go check it out.
if the website has a contact us page ask them about buying bitcoins from there and maybe you can find out if it is a 100% scam or not. If it is then just report the site so it gets taken down or go to scamadvisor and post details and a review about the site.
Are they selling cheap coins ?
No they are not. Seems to be more of a scammy investment scheme.
Why don't you simply buy Bitcoins from a trustworthy exchange?
It would be much safer & easier for you.
It would be much safer & easier for you.
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