I figured this belongs here too.
How doess BTCjam compare to the new Bitlend.io P2P trading platform?
Bitlend.io is headed by D. Allen Shinners , the leader of the 400+ person GAW suit AND at the same time he is partnered up with some of the GAW staff that implemented that fraud scheme. I am NOT making this up. Seriously. He says that it is fine because they have "not been convicted of anything". In relation to the comments about the bad investments the borrowers on BTCjam make, Bitlend is taking that a step further and steering the loans specifically at the Paycoiners. So, they are taking
BTC from people who have some and lending it to people who are likely to buy Paycoins, which the guys running Bitlend including central figures of the Paycoin scam operation: Joe Mordica & Adam Matlack, ( I kid you not!) own the vast majority of (got for free) and also have control of most of the Fraud Controllers , so they can shit out some Paycoins real fast after they line up a loan to some dumbass Paycoiner and "fill his order". HA HAHHHA HA! Woooo!
This is what Bitlend has lined up. Not that this would be all of their loans, but this chain below does exist, and the fact is that they are shilling this thing hardcore on the Paycoiner forums and pretty much nowhere else.
Step 1 : Find people with
BTC (here mostly).
Step 2 : Find Paycoiners on the forums you run: Paycointalk GetHashing and Hashclub, who are mezmerized by the fraudcoin you own an infinite supply of, all gotten for free of course.
Step 3 : Bring these two together and arrange a loan. Take a nice fat cut up front! Crack a fucking beer and smile!
Step 4 : Wait for the Paycoined borrower to gleefully take his borrowed
BTC over to Cryptsy. Dump free Paycons into his Buy Bid the moment it pops up, or perhaps steer him into a HYIP or other operation that you are running or have a big cut of.
Step 5 : A month later, the value of Paycoin or the other "investment" has tanked, and loan is defaulted upon.
Step 6 : Turn real world collection agencies loose on the dumbass Paycoiner that got conned into a loan. Snicker heartily!
Step 7 : Act like you're sorry for steering the
BTC holder into a bad (rigged!) loan where he lost most or all of his
BTC, which of course went into YOUR POCKET!!!
Step 8 : Do the Homero Garza Scam Dance!
Disclaimer : It is not being suggested that Josh Garza is part of Bitlend, just some of the guys that worked for him and "somehow" ended up with all of the Paycoins for free and run all of the little shitstain "services" for Paycoin are.
Yeeeeee HAW! Quite the fucking dealio , eh? BTCLend (Carmelo Milian John Tuberosi and Josh Garza operation) was similar to this, except it's first use was to lock up Paycoin bags so good dumpage could continue , paying like 20%/year stake when their dumpage was tanking the price of Paycoin 50-70% per MONTH! And then they started targeting
BTC loans at the
Paycoined and of course giving prference to those that say they will buy either Paycoins or "invest" in the ScryptCC Ponzi, which was rumored to have the garza stench on it. Whatever the case was with their cut of ScytCC is unknown,but the fact is a large amount of the BTCLend loans (now ALL tanking en masse with the collapse of ScryptCC) were steered to this obvious Ponzi. The Paycoiners were all giddy and sure that by doubling down in the ScryptCC Ponzi after getting hardcore ripped off with the Paycoin scam they would be RICH!. Shocking that it didn't work out...
Is there anything of this sort going on with BTCjam? With BTCLend and now Bitlend it is slap you HARD in the face obvious what they are doing. At least Carmelo Milian was smart enough to not strap Joe Mordica (devd for BTCLend) to the hood of his operation !