moolah.io = SCAM!!! - https://bitcointalksearch.org/topic/moolahio-scam-680854
Here are all the transactions of my Dogecoin-wallet: https://chain.so/address/DOGE/DK3EfuKSHTRQT6WeycTkAHbTj6bTq7zcX7
Here is my assessment of thieves site: https://www.mywot.com/ru/scorecard/v2.moolah.io/comment-82203609, https://www.mywot.com/ru/scorecard/moolah.io/comment- 88615817
Topic: Is Moolah.io a ponzi-scheme? (Read 8710 times)
I posted this in the other thread,
After reading this (http://pastebin.com/VYpQ5CWA) I think I have a pretty good idea what this Ryan guy is trying to do.
From everything that I got he was interested in developing a payment system/atm system similar to paypal for crypto currencies. A few things stuck out to me when I read the conversations.
1) Payment system (moo pay or w/e you wanna call it at this point)
2) ATM Machines
3) Copy of Bitcoin made in another language (red flag)
From my experience in technology and business this is my take on what he has done and is trying to do in the future. What reason would someone need a clone of Bitcoin? Especially if they are running a payment company? This is a huge red flag. It looks like he is trying to setup a fraudulent payment company where people buy fake BTC that exist only in this payment system. Any BTC or $ that is transferred into the system gets deposited directly into his pocket and the victim is given a fake balance that only is reflected in the payment system. Wouldn't people be able to tell? If done right not at all. If a payment is made from one account to another that use the same payment system then its virtually undetectable. If someone makes a payment to a real BTC address then that is paid out legitimately as to go undetected same with withdrawals. Eventually if the company grows big enough more and more of the BTC will be logged in the fake BTC system while all the real BTC has been taken out (stolen).
This is a very complex con, similar to a bank to a degree.
I believe the mintpal transition was a test run if not a complete switch over to a fake BTC system. This would explain why people have balances but can't withdrawal them. The mintpal transition should have realistically only taken a few hours not days which would explain that there were probably bugs in the fake system that had to be addressed.
My warning would be to be very cautious about any new payment systems of any sorts popping up within the next year. It will more than likely be him implementing above plan.
After reading this (http://pastebin.com/VYpQ5CWA) I think I have a pretty good idea what this Ryan guy is trying to do.
From everything that I got he was interested in developing a payment system/atm system similar to paypal for crypto currencies. A few things stuck out to me when I read the conversations.
1) Payment system (moo pay or w/e you wanna call it at this point)
2) ATM Machines
3) Copy of Bitcoin made in another language (red flag)
From my experience in technology and business this is my take on what he has done and is trying to do in the future. What reason would someone need a clone of Bitcoin? Especially if they are running a payment company? This is a huge red flag. It looks like he is trying to setup a fraudulent payment company where people buy fake BTC that exist only in this payment system. Any BTC or $ that is transferred into the system gets deposited directly into his pocket and the victim is given a fake balance that only is reflected in the payment system. Wouldn't people be able to tell? If done right not at all. If a payment is made from one account to another that use the same payment system then its virtually undetectable. If someone makes a payment to a real BTC address then that is paid out legitimately as to go undetected same with withdrawals. Eventually if the company grows big enough more and more of the BTC will be logged in the fake BTC system while all the real BTC has been taken out (stolen).
This is a very complex con, similar to a bank to a degree.
I believe the mintpal transition was a test run if not a complete switch over to a fake BTC system. This would explain why people have balances but can't withdrawal them. The mintpal transition should have realistically only taken a few hours not days which would explain that there were probably bugs in the fake system that had to be addressed.
My warning would be to be very cautious about any new payment systems of any sorts popping up within the next year. It will more than likely be him implementing above plan.
Yup its ponzi, same goes to mintpal..
Well Mintpal was fine at first, it just went downhill when Moolah took over the management in August.
Yup its ponzi, same goes to mintpal..
Last week, I can see through Peercoin's block explorer that the coins moved somewhere, probably to Alex Green's personal wallet...
You mean Ryan Gentle's personal wallet.
And/or Ryan Kennedy.
Last week, I can see through Peercoin's block explorer that the coins moved somewhere, probably to Alex Green's personal wallet...
You mean Ryan Gentle's personal wallet.
Moolah had enough money because they are scammers and stealing from their customers - sent about 17k DGB from my desktop wallet to moolah and they have never appeared. Customer service is a disaster as well. Glad I have only sent small amount to try it for the first time - not to costly lesson. Don''t do same mistake...
I've sent PPC to my wallets on Moolah and they never appeared either, despite about 10 e-mails sent to support which always said "We'll notify the tech team, the problem should be solved in a few days".
Last week, I can see through Peercoin's block explorer that the coins moved somewhere, probably to Alex Green's personal wallet...
Hmm, it did strike me as odd that they were making a V2 remake of things.
Promising fee-less until end of the year, along with other incentives, and trying to increasingly say "the platform is done tomorrow! all coins will be integrated by then" to me, although I didnt want to say it, it seemed more like they were trying to get people to deposit on to the site, and when people start having trouble withdrawing their coins, or moving them freely, you know by default something is not right as in running a possible scheme. Having some insight of the costs of running an exchange I know they are not nearly as high as they say, and they need not as many employers as they had/have.
That being said, I believe their earlier business on Mintpal when it was thriving was to buy a lot of coins before they hit the exchange because coins always reached high volumes there and dumping would've gone unnoticed. Now that they could no longer operate as such, they had to take other means to do so
I think Mintpal is up to something, although not sure what, I'm sure they won't be held accountable for it either. They say people have until the last of October to withdraw their coins, but give them no option to do so.
I feel bad for everybody with coins there, I am not sure how it will turn out for them but hope for the best.
Promising fee-less until end of the year, along with other incentives, and trying to increasingly say "the platform is done tomorrow! all coins will be integrated by then" to me, although I didnt want to say it, it seemed more like they were trying to get people to deposit on to the site, and when people start having trouble withdrawing their coins, or moving them freely, you know by default something is not right as in running a possible scheme. Having some insight of the costs of running an exchange I know they are not nearly as high as they say, and they need not as many employers as they had/have.
That being said, I believe their earlier business on Mintpal when it was thriving was to buy a lot of coins before they hit the exchange because coins always reached high volumes there and dumping would've gone unnoticed. Now that they could no longer operate as such, they had to take other means to do so
I think Mintpal is up to something, although not sure what, I'm sure they won't be held accountable for it either. They say people have until the last of October to withdraw their coins, but give them no option to do so.
I feel bad for everybody with coins there, I am not sure how it will turn out for them but hope for the best.
The Quark Community has had a fair bit of contact and honestly these accusations seem pretty far fetched. The fact that there is a 1.5 week delay in delivering ATMs is irrelevant considering the speed with which these guys have been growing and adding services and the fact that they are moving to Ireland. There are more than enough legitimate reasons to account for minor delays, and their actions have spoken volumes about their integrity.
Vic
Vic
Trust your gut...
Its obvious that its a ponzi-scheme, sad that it works out for him 
Moolah had enough money to by Mintpal. That must have been an expensive deal.
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
Oh, so people still think that Mintpal & Moolah weren't always operated by the same group from the get go? Interesting.
Are people getting their money back?
Moolah had enough money to by Mintpal. That must have been an expensive deal.
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
Oh, so people still think that Mintpal & Moolah weren't always operated by the same group from the get go? Interesting.
Moolah had enough money to by Mintpal. That must have been an expensive deal.
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
And now they are filling for bankruptcy.
looks like you were right. Good call OP
Moolah had enough money because they are scammers and stealing from their customers - sent about 17k DGB from my desktop wallet to moolah and they have never appeared. Customer service is a disaster as well. Glad I have only sent small amount to try it for the first time - not to costly lesson. Don''t do same mistake...
Moolah had enough money to by Mintpal. That must have been an expensive deal.
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/
let see ...
750 BTC from ATM scheme in Spring 2014
but that BTC could possibly have been used to say fund a buyout of an actual exchange
and also kickstart the SYS 1500 BTC fund raiser.
Whats the theme on all 3? (no products thus delivered)
750 BTC from ATM scheme in Spring 2014
but that BTC could possibly have been used to say fund a buyout of an actual exchange
and also kickstart the SYS 1500 BTC fund raiser.
Whats the theme on all 3? (no products thus delivered)
750 BTC? Where the hell are you pulling that figure from?
14 units at $550 a piece is $7700. Right now that is 16.32 BTC - not enough to kickstart anything.
If Alex Green isn't his real name, why people have to trust him with their coins? For example, Paul Vernon of Cryptsy is a public person.
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