Topic: [IPO] CoinPal - Crypto-Currency Exchange & Profit Switching Mining Pool {NEW} - page 26. (Read 79989 times)

Theres no hard proof that Mark Karpeles was a scammer, nor that TradeFortress was.

There is no dispute that he is the registered owner, what we can't confirm is whether his reasons for delaying the launch are legitimate or not.  But that's all we have; unsubstantiated suspicions.  There is no hard proof of anything.

That is scary. You should know exactly where every penny goes if you are a major investor...

It's in black and white, he is the registered owner. How many times does he need to put back launch because of X reason until you realise that you are being lied to yet again.


From our emails alone, I could tell he was a total, for lack of better phrase - 'Drama Queen'. That is what gave him away to begin with.


I wrote to him letting him know that I was the guy who had just bought a huge chunk of his business. Immediately I was bombarded by 3 or 4 emails in what seemed like a frantic ADHD type manner. When all I expected was a 'Welcome to coinpal. Here's how your investment will be used....'

While there has certainly been some interesting information uncovered, there is not a single smoking gun amongst them.  All we have is a bunch of facts which possibly relate to CoinPal's legitimacy in some way, but which, at the moment, can't be used to draw any kind of concrete conclusion with IMO.

Pretty much every scam in the history of bitcoin appeared trustworthy

This is why you need to be able to read psychology in people in the investment world sometimes.

I invested knowing little about the investor, after a week - look at what I did. Exposed that he is at the least a massive let down and a plain liar.

I was ridiculed for it... Now, I have PM's of gratitude and thanks for what I did. You can't hide triggers when someone can push your buttons even over the internet. Things shine through. Ryan Gays were easy to pick up on. BadPeanut did the detective work to pull real evidence for you all, and you still trust Ryan Gay?


Why? Cause he pays you dividends? Dividends that should be much larger. I was given the 22nd as the date the debt collectors would get back to me on a paper trail of money from me to him to its then location from that point. Please have bought mining gear Ryan, I'd like to have  it seized and already have plans in place for someone in the same state to mine with what you told us you bought. I pay electricity, he takes 15%, I would supply everyone with 1000 shares at least there money back within two weeks and then I would continue the mining as he is probably making a good few thousand a day just now if he actually knows how to mine and if he used our investment for the mining equipment.


Had I not done this, he would walk away $$$$$$$ up and you would be left sulking. This isn't a guy you can trust. EVEN if its launched; EVEN if it becomes the biggest exchange in the world.

Corporations like that are trustworthy... Does anyone remember MtGox??

Heh, yup, that was one of my lessons actually!

I've faced bigger losses, so yes not too bad.

Always establish what the funding is for, why they need that much and make sure you know who it is.

Absolutely!  Whether this all turns to crap or not, the day all the scam accusations started I immediately realised that I had failed on many points of the due diligence that I should have undertaken.  I immediately started writing them all down and the result was a very good lesson in investing!  At the time I actually came to the conclusion that the 1BTC 'fee' that I had paid for my lesson was money well spent!

I have since developed a very robust investment evaluation strategy and have applied it liberally to all subsequent investments.

I'm glad you have learnt from this, even if that is all you can take away.

We can't say for sure whether his failure to provide details was because he didn't think it was important or because he's a poor communicator, and there's no real way to prove this either way unfortunately.

I'll be honest with you, I invested in CoinPal without knowing all the pertinent facts beforehand.  It was one of my first BTC investments and I didn't really know what I was doing   Plus I was too eager to invest the excess BTC I had which I didn't want to sell at the time due to the price dropping.  Knowing what I know now, would I have invested?  Probably not, at least not until the exchange went live and I could see how it was all setup.  This has been a steep learning curve for me, but despite all the drama, I am currently pretty comfortable with my investment, and mildly optimistic that I'll see at least some return from it.  Again, time will tell

I believe that he has some good ideas for the exchange and there are some very interesting aspects to it that appeal to me.

A lot of that isn't communication, its just lack of intelligence pure and simple. Communication is how not what.

Also you just send we didn't have all the information, why would you invest in something that you don't have all the information for?

As for benefits, I mean why would you use his exchange over any of the others.

I can point out how he is incompetent in several ways.

• Firstly communication. That is something rather simple, here is a lesson on how to be transparent. https://www.mimex.co.uk/wp/
• No details for developers, or any real specifications for the exchange.
• Original logo was not only awful, but infringing on trademarks. Either have no logo, or have a good one.
• Taking on far too many products, better to do one thing properly.
• Tried launching another alt-coin exchange without any real explanation of its benefits.
• Trying to raise far more money than would ever be needed for the exchange and multipool. Then decided to get mining equipment.
• Didn't even give any information on energy costs/power capabilities for the mining.
• Didn't reveal things like identity from the get go.
• No idea as to what he actually does/his abilities. Thats kind of painful.

Thats a start.

What evidence do you have to support your lack of competency theory?  Don't confuse lack of competency to normal project delays, virtually ALL projects have delays and unforeseen issues which can sometimes be difficult to work around.

Agreed on the anonymous comment, but again, poor people skills might explain that.  In any case, he is no longer anonymous so we'll never know if he was intending to reveal his identity in time or not.

He doesn't seem particularly competent to myself, also communication is not difficult.

"Update #2, server is up and running, test site looking good so far. On target for one month release"

Also he seemed to try to be anonymous. You cannot run a bitcoin business anonymously. People need recourse.

Well, this is the debate isn't it, and has been from about page 2.  Personally, I see a typical skilled person who is not good with people (as is the case with many, many skilled people that I have known over the years).  To me Ryan G is not acting like a typical scammer.  Does he have atrocious communication?  Without a doubt.  Does this alone prove that he is a scammer?  Of course not.

At the end of the day, as far as I can see, his lack of communication is the ONLY 'evidence' we have against him.

I'm fairly sure of it.

I feel a little guilty though, when this was first posted I wrote a lengthy two page tear down of this business and then decided against posting it. It quite possibly would have prevented other people from getting dragged into this mess.

Sure, I guess you could possibly argue that, only time will tell for sure