Topic: Is BitCoinPlus a scam? - page 6. (Read 24831 times)

I like the BitCoinPlus set up, however, I will continue to use Bitp.it until I see changes on their end.

opticbit,

I received a quick response to my emails. It was comforting, however nothing changed. Still today, you can not easily find out about these hidden fees.

It reminds me of one of the greatest swindler of all time. He was so good, that people still remember him today even after his death in 1946. Some people may not know of Charles Ponzi, however many have heard of a Ponzi scheme. See http://en.wikipedia.org/wiki/Charles_Ponzi

I remember reading that even when it was revealed that he was scamming people, he stilled convinced some people that all is right with the world.

Since I have stopped mining with them, they will say (my guess) that I should have continued.
If I continue, I assume something like this would happen when I get to the magically .02 transfer amount.    

I'm sorry, the moon was not aligned with Mars and this has caused a problem with the transfer. This is not our problem, we can not control the planets. This problem should be resolved by Dec 21, 2012. Please be patient and keep mining. To make up for this, we will eat the .01 transfer fee as the cost of doing business (Which is what I think they should have done, since these conditions were not disclosed).

I have almost .015 btc.

I have messaged admin a few times bout features and other issues and have gotten quick responses.

just tried to withdraw some, need to wait till .02 btc, I'll wait till .0005 transaction fee update.

It is some sort of scam. At least it's extremly SHADY!

Like you said - there is no information provided on the site, that firstly you have to collect at least 0.01 BTC to make a transfer.
(you get this info once you got a payout to your BitcoinPlus account and try to make a transfer)

Secondly, they don't say anything about a transfer fee (not until you have more then 0.01 collected and try to transfer them to your wallet).

Thirdly, once you have enough to make a payout they tell you that you can only transfer multiples of 0.01 BTC (so all the fractional BTCs from third to eighth digit stay with BitcoinPlus).

Since this info is only revealed in steps and not upfront, the result is, that a lot of people who eagerly started "mining" there will be so frustrated that they stop and BitcoinPlus can keep the VERY HARD EARNED BTC-Fractions. But if many people do this - this is a nice extra income for the creator of the site.

In order to redeem himself I suggest, that he reduces the transfer fee according to the current minimum fee of 0.0005 BTC, offers anyone who has a positive balance to transfer all, which can be transfered (I don't know if the client already supports transfers for all eight digits) to his or hers wallet AND to ANNOUNCE any Fees and other restrictions in the FAQ.

Otherwise this site should be immediatly BLACKLISTED. (I don't know how many people have already fried ther precious laptops trying to get some BTC there!)

- happy mining elswhere

Murray that is what it has been doing to me as well..

i tried it. it either stops or keeps logging me out.

The minimun transaction size the default client will process is in the process of being changed. You may just have to wait a few days.

[ANN] Bitcoin version 0.3.23 released


If bitcoinplus does not allow smaller transactions, you may want to ask them to change their policy in light of this.

EpicFail,

Scam may be a bit strong. I think it is not strong enough, however that is me... (being the scammed one)

What would you call it?

Yes it is a very inefficient way to get BitCoins.  I knew that coming in.
What I didn't know is that you have to collect payouts up to at least 0.02 (with a 0.01 fee).
If I knew that coming in, then I would not have started this thread.

It is not listed on the site. I could be in error (would not be the first time).
Could you locate that information for me and direct me to it? I assume it would be in a FAQ, however I could not find it.

For the can't be bothered to figure it out comment. Well, you are correct (in my case). 
I tried, however It was a bit much for me. Hopefully, you (or someone else) could direct me to a link (that would help me and has instructions).

My computer skills are not where they should be. I am using Ubuntu 11.04 (forced from Windows because of BestBuy [longer story]) with the Unity interface. Unity doesn't seem to like the bitcoin client. While researching, I stumbled onto BCP and decided to go the easy (i.e., inefficient) route. Silly me.

Help anyone?

I have been trying that to and the generating program stops a lot when I am not looking...
So far no luck to getting to a single bitcoin .. but if there fees are that high then it is worthless for me.. none of my friends trust the bitcoin mining so a pool is out of the question for me .. - Casey

I've used bitcoinplus and thought it was a friendly entry point into mining. Their Java client gave me about 1/3 the speed of a windows command line client. So I know it's not the most efficient.
I was able to withdraw 0.01 but that was weeks ago... from your story it sounds like things have changed...

Post the email here, I'd like to take a read.

There isn't yet, but maybe this would be a good start

Yankee,

It is true. As proof, I can forward my email to them and their response. 
I could even copy and paste them here if anyone wants.

For their response, I hope it is different from their response to me.

Also, do you (or anyone) know if there is there a watch list of some sort that I can put BitCoinPlus on?

I don't think it is a "scam", per se. Just a very inefficient way to get Bitcoins. Maybe it appeals to people who can't be bothered to figure out how to set up a CPU miner and join a pool?

I would just suggest using a desktop mining client such as Ufasoft and connecting to a pool such as Deepbit, you'll make more money and you won't get scammed.

The philosophy behind Bitcoin Plus seems to be that it should be difficult to become wealthy. That if it is hard for some, it should be hard for all.

WOW. If this is true, its really bad business ethics on their part, possibly some legal ramifications

I'm eager to see BitCoinPlus's response to this...

Maybe.... ?

To All,

Is BitCoinPlus (BCP)* a scam? 
I think it is. What is your thoughts?

Before I list my reasons why I believe it to be so, I want to write the following:

--Yes, I know that for bitcoin mining, BCP is not the best (that is if you think of BCP as mining). 

I choose this method because I wanted to do something and this seemed to fit.
I do not have the cash to get a GPU mining rig. I do not have a powerful computer (it is a laptop), and solo mining with a CPU will take some time (i.e., possible years). From my understanding, solo mining with a CPU has been took away from the latest version of bitcoin (or if it is still there, you will have to do a little work through CLI to make it do it).

I understand that even with BCP, I was only going to get a small amount.   
If I was to add up the cost of electricity and wear and tear on my computer, then I would have realized that it would have been easier and less costly to buy some bitcoins. 

Luckily, I can't add. 
 
--I have some other reasons, however this is enough.

Why do I think it is a scam? After I receive my first payout (that is what it is called on the site) with BCP, I tried to transfer this amount 0.00011152 to my bitcoin address.

On their Send Money page, it says the the minimum is 0.01 to send. This is the only place on the site that states this.
I should have stopped then, however...

To get up to 0.01, it took me at least 80 payouts. The payout amount dropped to 0.00008549 during this.

Well now it was time to get my bitcoins (Ok, a small piece of one bitcoin). Right?
Wrong. I tried to send 0.01004777 and was told that I did not have enough to make that payment because of a transaction fee of 0.01. Huh??

As before, this information is only available to me until I try to transfer bitcoins.

As long as I don't try to transfer, then I guess the site is good.

I contacted the site through e-mail.

Short answer. The minimum to transfer is 0.02 with a 0.01 fee (as of the time of this write, it does not say this on the site). 
0.02 - 0.01 = 0.01  That is half. My math is not that bad.
There is not an amount that would wavier the fee.

Also from their email response. They "...should make it easier find out about the fee...Sorry..."
Sorry? Yea, I have been had.

* BTC can be found at http://www.bitcoinplus.com/