Topic: [FLAGGED] [scam] BetKing.io broke ICO promise and dropped token value 99% - page 10. (Read 4047 times)

Yes it is very amusing to see scammer Dean Nolan chatting to a newbie about plenty of things but not addressing the key allegations against him.

And when the questions along with evidence stacked up against him he decided to go quiet again.

Really funny how Betking/Dean came here once to explain, and is suddenly silent after the precisions provided.

Will add my neg pretty soon to the collection

Now I understand: The 30 million tokens retained for ICO bounties, testing bounties, advisors, hiring, future marketing and development are his profit!

I thought Dean left this forum:

Dean screwed investors more than a year ago, it was pointed in this thread https://bitcointalk.org/index.php?topic=4751127.0;all
http://archive.is/9opwz#selection-6385.0-6387.1

ICO terms:
http://archive.is/tdcWr

Anyway, for this thread:
http://archive.is/9opwz#selection-6393.0-6393.198

http://archive.is/yxKBo#selection-849.0-851.102

Scammer Dean Nolan wrote: "All the trust comes from me and the fact that I ran BetKing for 3.5 years without any issues and returned 6000 Bitcoin to investors when I closed instead of doing an exit scam or running with the funds. No resume or profile pic can give that kind of trust": https://bitcointalksearch.org/topic/m.20700042

Scammer Dean Nolan wrote: "Token Price - The total funds raised will determine the price per BetKing Bankroll token.We will take the total value of all funds at the current exchange rate at the end of the crowdsale to determine the total raised funds.E.g. If we raised $1,000,000 then the price per token would be $0.014 (1,000,000 / 70,000,000).

The buy back price offered by BetKing will be based on the current total bankroll profit.So for example if the price of the token at the end of the crowdsale was $0.014 and the bankroll profit was $1,000,000 then the buy back price would be $0.024 (1,000,000/100,000,000 + 0.014).

Every quarter BetKing will offer to buy back up to 10% of a holders tokens at the current buy back price": https://bitcointalksearch.org/topic/m.20470774

What a pathetic liar scammer Dean Nolan is. BKB Tokens were supposed to have a minimum value of $0.09286 as calculated after the ICO and then on top of that any profit as stated above in the pre-ICO example and below in the post-ICO comment on December 03, 2017 that scammer Dean Nolan posted:

"The token price was $0.09286 after the ICO. The token value is calcualted as $0.09286 + ((total bankroll profit of eth, btc, ltc in $ at current exchange price) / 100,000,000) Which is now $0.0966. A profit of $0.00374 per token": https://bitcointalksearch.org/topic/m.25690525

The value of BKB held by LoyceV should have been 7278 BKB x $0.09286 (+profits) = $675.84 minimum flat rate without any profits to take in to consideration. If the site made no profit it should guarantee a buy-back of BKB at $0.09286. Simple.

So why did scammer Dean Nolan allegedly use 600 BTC of bankroll assets (nearly 50% of the ICO income) to fund buy-backs when it was not necessary?

How many of the tokens bought back were owned by scammer Dean Nolan? There is a massive conflict of interest there

Why did he damage the bankroll to buy-back BKB tokens when he clearly should have not touched it and if necessary should have used the remaining 50% of the ICO funds allegedly kept for "marketing, promotions, seo, design, development, server costs and legal" instead?

All evidence suggests embezzlement and siphing-off funds. An audit should prove beyond doubt where the funds went and where the remaining funds are but scammer Dean Nolan will not release that information because it will prove his guilt.

Oh, I see. If the site suffered losses, the token value would fall, but the site did not suffer major losses. Thanks for explaining.

Dean, can you elucidate why the token value fell below ICO prices, then? It does look like you weren't buying back responsibly (as disclosed).

The value wasn't exactly quaranteed, the guarantee was that buybacks would happen quarterly.

The value (in dollars) was supposed to be based on the formula I posted above. For the token value to fall a lot, the bankroll must have suffered huge losses (which means players winning hundreds of Bitcoins). That didn't happen.
Any other expenses shouldn't have influenced the token price.

This post that shows the BKB value at that time:
The latest value I've seen was $0.099, and I've never read about a large drop in value due to tremendous bankroll losses. That's not even debated here, the value dropped because the quarterly buybacks ended.

No, scam artist Dean Nolan did not benefit by pegging the token to USD!

The terms of the fantasy token ICO clearly stated that the profit from currencies will be added to the token value:    

He simply scammed the investors with not adding the profit from all currencies to the token value!

If he would not have stated in the fantasy token ICO that the currencies profit will be added to the token value, then he could have legally benefited from the value increase of the currencies.

It would be still a scam because he did not fulfill the buyback assurance and investors were unjustifiably bound too long and could not participate in the value increasement of the crypto currencies.

LoyceV, it seems like he didn't guarantee anything: it appears to me that BetKing just didn't make profit, and thus the token fell. Has he stated anywhere that the token can't fall that low? I can't find where he said that. I obviously trust you more than him; I just don't see the evidence.

I like to think my red trust means something. There's a reason I'm the second most included user on DT1 Trust lists.

It could have worked out, of BetKing would have used the funds as promised and kept a dollar amount. I guess I was slightly naive there.

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So you're saying you don't lose money at all if something drops 99% in value, as long as you don't sell the worthless token? With the same logic you can create 100 million tokens out of thin air, and say it's worth millions! O wait, you did

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This is correct, I used the wrong term. I should have said "pegged in dollar" instead of "fixed dollar price". I've changed it in my OP.
The dollar-value of BKB-tokens varied slightly depending on the site's profit. However, the latest value I've seen was $0.099 per BKB token, which is what should have been used for the quarterly buybacks at that point.
Because the evidence is scattered over several long topics, it's a lot of work to cover all the details. Let me quote this:
Since the site didn't have many players, bankroll profit was small compared to the total ICO amount. Note that any expenses other thank bankroll profit (or loss) shouldn't influence the token value.

Alright, I apologize for coming off as aggressive. From Loyce's post, I ascertained that you promised that the token would not fall below the ICO price. I guess that statement from his original thread is wrong. Thanks for the clarification, once again.

a) no. I gave an equation that calculated the price based on site profit. If the site had a big loss then the token price would have been lower than the ICO price.
b) there was no price floor

Thank you for the clarification. I have two questions:

a) Is it true that you claimed that there is a price floor, ie. a minimum price for the token that the value would never fall below?
b) Has the price of your token fallen below this alleged price floor, if it exists?

No one lost money in this (except me).
They claim to know people who say they have lost money but none of them have posted and none of them have been in contact with me which I'm sure if they did actually lose money or felt they had they would be in contact.

If he has the BKB he can't have lost money. If he sells or trades it and sells at a low price now then he would lose money but that would be his decision and I have explained how the new system works and that he should wait.
Instead he wants attention and just shouts scam (note Loyce didn't even buy tokens in the ico, he got them from bounty)
But it is not the concern of anyone in this forum who didn't own BKB from the original ICO.

What Dean did is obviously horrible. Loyce, thank you for the write-up. However, the way I see it, a part of the blame also falls into the hands of the victim. This wasn't a very clever or well thought out scam at all... any person, especially in the crypto world, who guarantees that a token won't fall below a certain point is probably scamming. I mean, the very idea is ridiculous. I feel very sorry for the people who lost money in this... although it was obvious, let it be a lesson to everyone not to fall for such blatant lies.

Yet scammer Dean Nolan offers useless and worthless EOS BKT tokens bounty to fools that are encouraged to post betking propaganda in the very same "cesspit of a forum full of scammers, liars and trolls"

It was thanks to this forum that scammer Dean Nolan promoted his betking 2017 ICO scam that raked in over $6.5 million that he never accounted for or allowed audits on (so nobody but himself knows exactly where the money went) but thankfully it is this very same forum that exposed his scam and brought the negative reviews that betking deserves.

Scammer Dean Nolan is an imbecile, always contradicting himself.

Oh no, red trust that means nothing on a cesspit of a forum full of scammers, liars and trolls.

@Loyce - I didn't respond because your post has so many lies (posting jolly goods posts as evidence?) and assumptions you made wrongly (last buy back was a year ago?). You all twist my words every time I reply to anything and then use some random ambiguous claim as the start of your next smear campaign.

You can give me -9999 trust all you want. Doesn't make a difference.

If you had have stuck to a civil discussion by email then I could have easily explained everything to you and point our where you were wrong and how things worked and helped you but guess you needed the attention here.

So scammer Dean Nolan continues to leave negative feedback as revenge for those that expose his betking scam or those that review the evidence and tag him?

Pathetic immature fool scammer Dean Nolan is.

Instead of apologising to the people he scammed using his betking website he sends out retaliatory feedback/Trust.

Thanks, I've tagged the accounts too.

Thanks

Well, there you have it:

I have tagged the 4 accounts related to this ICO, with all these information provided, it's only fair that they are tagged, i will personally be open to whatever BetKing team has to say on this.