Here's the first payout from mybitcoin.city
https://www.blockchain.com/btc/tx/311f7b7e23de165954d12fa7e0a2a1b0a2ba423c91f9227fa2a6ecc944c22b42
And an update on the most recent promotion:
Any deposit will be automatically doubled!!
Topic: MyBitcoin.City - page 2. (Read 758 times)
They can coexist. I do both so I’m sure others will too!!
But yeah- design is great! I used to be a huge simcity fan so I particularly like the concept.
But yeah- design is great! I used to be a huge simcity fan so I particularly like the concept.
Idea is cool and design is stunning!
Before I respond to your point, you flagged my post and attacked my credentials with the site? That’s messed up! Sorry I’m new to Bitcointalk...
Is it a Ponzi scheme? I guess we have different ideas of what a Ponzi scheme is. And I guess what a faucet is too!
My understanding was that a Ponzi scheme has no way of generating revenue, so they have to use new signups to pay generate money for its users. MyBitcoin.city wouldn’t be a Ponzi scheme then because they generate revenue through deposits. Although the site is new, when it gains traction I’m sure they could also generate revenue from advertising. Also as I said in the original post, the referral bonus is small compared to many other sites.
Your evidence of a Ponzi scheme was quoting a line that said 200% return. How is that a Ponzi scheme??? ROI seems different from how the company generates money to pay its users.
Now, is it a faucet? Yes, absolutely. If you first building is free, and generates 60 satoshi an hour regardless of your investment, it’s a faucet. It’s not the highest paying Faucet I’ve seen. But it’s also not the lowest either. By my estimate it pays about $3-4 a month even if you stick to the free plan. It also requires you to claim less compared to other faucets.
Is it a Ponzi scheme? I guess we have different ideas of what a Ponzi scheme is. And I guess what a faucet is too!
My understanding was that a Ponzi scheme has no way of generating revenue, so they have to use new signups to pay generate money for its users. MyBitcoin.city wouldn’t be a Ponzi scheme then because they generate revenue through deposits. Although the site is new, when it gains traction I’m sure they could also generate revenue from advertising. Also as I said in the original post, the referral bonus is small compared to many other sites.
Your evidence of a Ponzi scheme was quoting a line that said 200% return. How is that a Ponzi scheme??? ROI seems different from how the company generates money to pay its users.
Now, is it a faucet? Yes, absolutely. If you first building is free, and generates 60 satoshi an hour regardless of your investment, it’s a faucet. It’s not the highest paying Faucet I’ve seen. But it’s also not the lowest either. By my estimate it pays about $3-4 a month even if you stick to the free plan. It also requires you to claim less compared to other faucets.
Why do you call it faucet? There is investment option:
So it is nothing but a ponzi scam.
Quote
7. If you want you can make a deposit and wait for 1 confirmation, then your deposit will be added to your balance in your user area;
8. Buildings generate incomes until double of their cost (200%), after this, the building will be disabled and it will be available to buy again;
8. Buildings generate incomes until double of their cost (200%), after this, the building will be disabled and it will be available to buy again;
So it is nothing but a ponzi scam.
MyBitcoin.city is a new faucet/investment based gamification site that displays like SimCity.
As a relatively new site that less than a week old it seemed like a good topic to discuss!!
Users begin their city with a bank, which functions as your base faucet that earns 50 satoshi an hour and lasts forever. Unlike many other faucets, you don’t need to claim rewards every 30 minutes or an hour. Your bank stores the satoshi which you can then transfer to your in game wallet every 8 hours! This is a definite plus.
If you want to upgrade your city you can invest bitcoin to get more buildings. You can have up to three of the same buildings running at once. Each building only lasts until you double your profit. It adds something like 5% of the investment to your hourly total and then a small hourly bonus on top.
The first level building for your bitcoin city is the vape shop. It costs 0.001 Btc. I bought 2 and it added 110 satoshi to my hourly claim.
Second level building is the coffee bar. It costs 0.002 and adds 100 sat+ 10 bonus to your hourly claim.
Third level is the pizzeria. Cost 0.004. Adds 220 per hour.
Fourth level is the kebab. Cost 0.006. Adds 330 per hour.
Fifth level is a pet shop. Cost 0.01. Adds 605 per hour.
Sixth level is the pharmacy. Cost 0.015. Adds 908 per hour.
Seventh level is an exchange. Cost 0.02. adds 1320 per hour.
Eighth is a restaurant. Cost 0.04. adds 2640 per hour.
Ninth is a hotel. Cost 0.06. Adds 3960 per hour.
Tenth is a casino. Cost 0.1. Adds 7,150 per hour.
Eleventh is a tennis stadium. Cost 0.15. Adds 10725 per hour.
Last and final level is the football stadium. Cost is 0.25. Adds 19,250 per hour.
So clearly there are a number of options for investing and quite a range in price.
But does it pay?!? To be honest, it’s so new that we really don’t know. No one has reached the minimum 0.001 level yet. That being said, I’m hopeful. Here’s why...
If you read their terms of service it says that money from deposits will be allocated in the following manner: 85% to cash out, 5% affiliate, 5% marketing and 5% profit. The fact that they thought that out and put it in the TOS I view as a positive. Although it might not be the best for some, a 5% affiliate referral is probably more sustainable in the kind run than other sites. According to the terms, they only take 5% profit. Not bad considering each investment will double over time.
Overall I think it’s a pretty clever spin to a faucet with a decent return on investments.
As a relatively new site that less than a week old it seemed like a good topic to discuss!!
Users begin their city with a bank, which functions as your base faucet that earns 50 satoshi an hour and lasts forever. Unlike many other faucets, you don’t need to claim rewards every 30 minutes or an hour. Your bank stores the satoshi which you can then transfer to your in game wallet every 8 hours! This is a definite plus.
If you want to upgrade your city you can invest bitcoin to get more buildings. You can have up to three of the same buildings running at once. Each building only lasts until you double your profit. It adds something like 5% of the investment to your hourly total and then a small hourly bonus on top.
The first level building for your bitcoin city is the vape shop. It costs 0.001 Btc. I bought 2 and it added 110 satoshi to my hourly claim.
Second level building is the coffee bar. It costs 0.002 and adds 100 sat+ 10 bonus to your hourly claim.
Third level is the pizzeria. Cost 0.004. Adds 220 per hour.
Fourth level is the kebab. Cost 0.006. Adds 330 per hour.
Fifth level is a pet shop. Cost 0.01. Adds 605 per hour.
Sixth level is the pharmacy. Cost 0.015. Adds 908 per hour.
Seventh level is an exchange. Cost 0.02. adds 1320 per hour.
Eighth is a restaurant. Cost 0.04. adds 2640 per hour.
Ninth is a hotel. Cost 0.06. Adds 3960 per hour.
Tenth is a casino. Cost 0.1. Adds 7,150 per hour.
Eleventh is a tennis stadium. Cost 0.15. Adds 10725 per hour.
Last and final level is the football stadium. Cost is 0.25. Adds 19,250 per hour.
So clearly there are a number of options for investing and quite a range in price.
But does it pay?!? To be honest, it’s so new that we really don’t know. No one has reached the minimum 0.001 level yet. That being said, I’m hopeful. Here’s why...
If you read their terms of service it says that money from deposits will be allocated in the following manner: 85% to cash out, 5% affiliate, 5% marketing and 5% profit. The fact that they thought that out and put it in the TOS I view as a positive. Although it might not be the best for some, a 5% affiliate referral is probably more sustainable in the kind run than other sites. According to the terms, they only take 5% profit. Not bad considering each investment will double over time.
Overall I think it’s a pretty clever spin to a faucet with a decent return on investments.
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