Topic: SCAM: MinexPay crypto debit card by minexpay.com / Minexcoin - page 16. (Read 30700 times)

Theirs "super fast" blockchain technology is actually ETH blockchain on steroids. They push down time between blocks from 15 sec for ETH to 1 sec and put unlimited block size.Also they want to add additional apps to make some kind of rudimentary social network. So, with time between blocks of 1 sec and block size of just 1MB,they will have network 750x more powerful than ETH. In theory it is great,but in reality picture is quite different.

To make such huge and powerful network you have to invest enormous amount of money in hardware to support it. Such network cant rely on ordinary people to maintain nodes network. They have to make supernodes ,so all costs of making and maintaining such network will be on its operator and consequently costs of transaction will be much higher than it is a case with other coins whose rely on network made of ordinary computer users.

Yes the $50 million investment was a joke that made me laugh but they continue to lie.

All that Paxnet did was to  give office space to Republia scammers so their team could oversee and work alongside the Republia scammers to see if they can actually create the super fast blockchain technology.

I think Republia are telling a big lie, there is no super fast blockchain technology.

MNX market is so thin now. With higher daily limit ,they would accelerate even more price decline and that means they have to sell more coins to cover expenses and so on... It is one spiral fall which becomes faster and faster until the bitter end.

Probably, Republia was backup plan. You can see that even Koreans are not interesting for economic part,including RPB coin( they will launch Paxnet coin) ,they are still trying to show like they are,lying people how Koreans invested $50 millions in it. I wont be suprised when Minexpay soon facing Instabuy exaustion, that we will see ,out of nowhere launch of RPB coin as a last stage of this double scam show.

I think the writing has been on the wall a long time. Minex is on the verge of shutting down.

How could they limit daily selling of MNX to just $25? That was a bad move.

They made so many mistakes, one after another but the inner circle scammer alliance consisting of Temhuk and Racquemis1 along with paid trolls such as Jedgar, Yurii Pohrebniak / yurez83, akira128 and a few others did not put forward views to challenge Boris and Co. Instead they went along with the scam and the downfall of MNX.

Minexpay is company on the verge of bankruptcy.They are between 2 fires. They had to limit daily selling of MNXs to only $25 ,because they are afraid that more selling will push down price of coin even faster and cut-off life-line income from selling premined coins on Instabuy.

For 1.5 month,price of MNX went down 60% and speed of falling is accelerating. With present rate of falling , till April price will reach $0.16 and it is highly unlikely that selling via Instabuy which is fueling it, will stop to accelerate.

No announcements have been made about the Upaycards being stopped though. Having said that they have gone seriously quiet on their censored Minex scam thread.

I wonder really is going on with the Minex scammers.

Boris should have kept the AML laws in mind before he embarked on this pathetic scam. Instead of going through proper channels and getting VISA accreditation via a Program Manager and launching their card, the scammers have used free Upaycards to charge their users and scam them.

Pathetic

They certainly will not mention it. We have to wait until investigation is over. It is not just simple contract breaking. Because they are hiding its involvment behind other,shell company it is also major breach of AML laws. This case is much more serious than unjustified use/sell of Upaycard payment cards,so investigation is also much more thorough.

The scammers have all gone quiet but there is no mention about cards being cancelled by Upaycard or Mastercard as mentioned in the post: https://bitcointalksearch.org/topic/m.49744019

He got this special card from Boris: 

yurez83 gone missing from the thread.

come back yurez.

We miss you.

 

Cant say for sure,they are under investigation. Though, they severely diminished their activities and limited exchange working time only to business days and regular worktime,trying to keep low profile and to mimick themselves as regular company.

https://bitcointalksearch.org/topic/m.49744019

Is it true the cards have been blocked by Upaycard and Mastercard?

They spent money and lies. With 50% rate of deleted posts they are by far the worst censored thread. With more and more scarce financing,theirs trolls are staying more and more silent,because they wont post if not paid for it. Yurez83 admitted that in one of his posts.

At the current rate I do not see them being active for longer than a few weeks at most. The whole thing has turned so sour that even the inner circle scammer alliance consisting of Temhuk and Racquemis1 along with paid trolls such as Jedgar, Yurii Pohrebniak / yurez83, akira128 and a few others have stopped posting in their censored thread and in the Republia scam thread.

Since 28th December 2018 which was 50 days ago when they launched their censored thread. The header shows this:

This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (124 posts by 19 users with 2 merit deleted.)

They have deleted 124 posts in 50 days so that is around 2.48 posts a day !

They are desperate to suppress all voices that challenge them and expose them that they have resorted to deleting the most important posts in that censored Minex scam thread.

Minexbank paid today 50000 MNX coins for parking and 138340 coins left in it (or only 9.2% from original 1.5 million coins).With present rate Minexbank has coins just for next 2.5 months.







What is more alarming is a rate of selling MNXs via Instabuy.For just 4 days 47000 coins were sold. Now,there are just 14408 coins left in ICO fund ( only 0.5% from original 2.7 millions coins) from where coins are going to sell on Instabuy. All premined coins were spent except 981000 in so called Developpers fund.

Till February ,Minexcoins was selling about 100.000 coins via Instabuy per month in 2 batches with 50000 coins in each of them.But due to constant price decline and that Instabuy is now only income source of Minexcoin today, selling rate accelerated in February by 50% (75000 MNX batch) and consequently price of MNX coin fell from $0.68 (30th.January) to $0.38 now ,which is drop of 44%.

No doubt any more, how coins selling via Instabuy has devastating effect on the market price. For covering expenses ( about $75000 per month) and due to price decline, they are selling more and more coins ,creating a cycle of progressing inflation and accelerating price coin decline.Minexcoin,without any other source of income except selling coins on Instabuy is facing a bankruptcy in very near future.

Yes it is clear to see the reasons why you stated the Minex project is nearly over.

It will not be lasting too long before Boris and Co wind the company off and run off with whatever little amount of money then can for their exit strategy.

ty all for keeping this up to date. i did not have the time to help here recently.

They didnt hear about the law of conservation of energy -  that the total energy of an isolated system remains constant. It also applies to finance - if you remove buying potential to Instabuy it will create lack of it on the exchanges.

Today current value of $1.9 millions is also overestimated. If you look at buying orderbooks,it is clear that you cant sell coins for more than $150K.

You are right,incompetence of Boris Shulayev is enormous. He is trying to lead business about he didnt know nothing before. If he sticked to original whitelist and made an exchange which could be longterm and viable source of income for the project,it would be different situation. His greed also contributed a lot to present situation. He was selling MNXs mercilessly while he still had a lot of collected BTC for running a project and made a significant acceleration to price declining. He truly demolished project to pieces and it is really a great irony that he has a company registred for demolitions

This scam is slowly going to it's logical end.

1. The price of the coin and 24/H volume are almost nothing (Much more lower than ICO price)

2. Cards are blocked by Upay and mastercard.

3. All investors are ripped off.

4. Boris and affiliates will face criminal charges for illegal financial operations, online fraud and card fraud.

5. Some Russian dudes who lost money in this scam are actively looking for Boris&Co   

I see your point. You are probably right, I was generous in my calculation. Maybe Minex will be dead within the next 90 days at most.

How exactly they thought selling via Instabuy would be a great success when all it did was reduce the exchange figures being sent to CMC as trading statistics.

I questioned this at the time and made it clear that it would be a bad idea because it was not show trades in exchanges. It was at that point I was told the Instabuy wallet was linked to "the exchange" and any buying and selling was going to be done via an API from that exchange so the statistics would be visible and available for scrutiny.

These scammers are liars through and through. Their incompetence has made a company worth over $169 million just 14 months ago, to its current value of under $1.9 million.

Any CEO with dignity would resign after a calamitous decline of the company fortunes but not Boris.The demolition man CEO Boris Shulyaev wants to truly destroy whats left of Minexcoin/Minexpay/Minexsystems