Topic: StakeMiners: restricted withdrawals, falsified stats, insolvent. Do not invest! - page 3. (Read 12234 times)

You don't have self-moderated locked threads over there... just saying 

Leroy, if you're still actively defending your fraud on Bitcoin forums, could you come back and continue your nonsense on Get Hashing at some point?  It's nice to pop over here and laugh at you but it'd be easier and more comfortable to do it from the place I consider my Crypto Home.

Ta.

Actually, they're pricing based on current market buy even if it is only <= 1 coin order...  That's the major issue I see... If they value 11k ZEB @ .8btc (.2btc loss) but there only a buy order for 100 ZEB @ 0.00007272btc per coin and then a buy order for 100,000 ZEB @ 0.00003000 per then that 11k will only bring in .334272btc selling all 11k ZEB...

That's what ol Leroy doesn't seem to understand...

I think what stakeminers is doing is even worse.

You give them 1 BTC, they buy 10k of zebracoin, turn them into 11k of zebracoin worth 0.8 BTC but tell you that your investment is now worth 1.1 BTC (because if 10k ZEB is worth 1 BTC then 11k must be worth 1.1 BTC, right? Prices go up and down but that shouldn't concern us).

When you come to withdraw they let you withdraw 1.1 BTC (minus fees, of course), apparently not realising that this leaves them insolvent (they had to sell someone else's coins in addition to your 11k ZEB to get the 1.1 BTC they sent you).

I'd love to be wrong about this, and for there to be a rational explanation for the mismatching numbers we see on the site.

Perhaps you could start by sharing your business registration number. Since you're a "law abiding citizen" I'd assume that StakeMiners i fully incorporated under local law and paying tax etc... or maybe not...

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Cyberpinoy knows all of that. He's been trading BTC ever since it was roughly at 6 cents / coin and he also has "years" of experience as a Forex trader... at least that what he reckons / said in the past but maybe his timeline, history and experience has changed again...

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As for the "massive" loss on the staking basket, what was StakeMiners thinking when the customer funds were invested (mainly) in "hyper-staking" coins. Anyone with an F in economics would have known that those coins and their inflation would kill the investments. That's why those coins are (at best) proof-of-concept coins or, as we like to call them, "funny money".

You claim you have 126 BTC invested. Why does the math add up to less than ~40 BTC when you are quoting 126 BTC ?

But... But... Butt... Butts... winning?

No matter what there will always be someone to show glittery shiny stuff to get at least one moron to give their money/coin/possessions away for "investment"...

You'll never get rid of the pure idiots... they reproduce too quickly... and greed drives all of us to do stupid things every once in a while... it's the idiot in us from previous idiots in our gene pool...

The problem with all of this leroy is that's it's trivially simple to do this thing right, and we have been telling how/asking you to do it the entire time.

You should only be dealing with alt-coins. Accepting and paying out BTC at all can set everyone up for failure because then they have to rely on somebody to make the correct decision on what coins to buy, when to buy them, when to sell them, and how to do the accounting. I know it makes you feel better to say 128 btc than 700 million zebracoins or whatever, but the step of switching from BTC to alt is a major point of failure.

I'm going to use made up numbers and an imaginary to prove my point, so don't' harp on the actual math, just the point of the example. If someone gave you 10k of zebracoin worth 1 btc, and you turned it into 11k zebracoin worth .8 btc, that's their fault for thinking zebracoin was a good investment. But if they gave you 1 btc, and YOU turned it into 10k zebracoin, and then you turned it into 11k zebracoin worth .8 btc, YOU cost them .2 BTC because they would have had .2 more btc by literally doing nothing.

If staking is the future and you are the superstaking master get rid of all the BTC and just start staking, because moving from BTC to various alt coins adds an additional point of failure, and one that is very likely to happen because the price of altcoins almost always goes down.

The only thing that matters when assessing solvency is whether your liabilities exceed your assets.

You write on your site that your liabilities are 126 BTC, and it appears that your assets are less than 40 BTC. That means that you are insolvent.

What am I missing? Some of your depositors deposited altcoins, and so you owe them altcoins? If so, why not list your liabilities as X BTC + Y NET or whatever?


Maybe that's true, but why does it matter? People are questioning your solvency. Whether it is harder to manage 12 wallets than to manage 1 doesn't seem relevant to this question.


It isn't, but again I don't think this is relevant. The most important question is whether stakeminers is solvent or not. It appears from the numbers you have published yourself that it is far from it. Is that the case?

You know what I loved for a moment in time. Garza's and Milian's (BTClend) politicizing and deflecting diatribes. They were much better at it than you and used some monies to put up a decent front.
I'm not interested in a hangout with you ponzi group. I've yet to see anyone from your group, other than Huskypower2015, talk about your group. Only the neglect as a "business owner" to trustee's.
I asked you for your business registration number and suite number to your office, you know the one your faking on the website. Which is easily available if you were a real business.

Your not a real business and not a real CEO of anything. Your just a ponzi group that registered a site, setup weak social media, and a Filipino call center line.

It is fucking insane to invest in shits like this with bad liquidity of PoS coins. If StakeMiners try to cash out everything they would get maybe 10 BTC total and crash all markets. Stupid investors!

Do you or do you not have 126 BTC or an equivalent amount of altcoins at today's exchange rates?

Have you had this amount AT ANY POINT during the last 3 months? Last 6 months?

If part of your deposits is in altcoins how do you value those coins in BTC? Since your "advertised" total of ~126 BTC doesn't appear to move in sync with the market it would appear that you are overvaluing those altcoin-only deposits as well?

I hate to come back in here but I need to help you guys clear a few things up.

You guys are forgetting a really important factor in your assessment of insolvency.

You guys do understand that not everyone in our service are BTC depositors right? When we have a withdraw from a person who has invested any alt coins to our service he gets those coins back, we do not give him the BTC value of his coins. We are not an exchange, nor a savings bank, we are a Mining Service and a very good one.

We use a very fair depositing policy for direct deposits, as a matter of fact everything we do uses a very strict Fair to Everyone policy. And we are revamping the new direct deposit system to make it easier for those clients who want to use our service.

StakeMiners was set up as an income opportunity for people. This would include BTC investors as well. The "Cloud" Mining part is the fact that we do the work for the users, work that Stakers who are invested with us understand. A lot of POW biased people do not understand the work involved in Staking a basket of coins at the same time. Its easy to run 1 wallet and stake, or do a POW service, you plug and go, switch out as new hardware becomes available. Staking one cin is very easy especially if you pick a passive coin like Netcoin or Tekcoin. Setting Tekcoin up for daily stakes would be a bit more time consuming, but once completed its all easy from there. But staking 12 cons is a bit more work, and a lot more knowledge. Becasue things that work for one coin will not work for another.

Why should a service that offers people recurring weekly income with no work involved on their part be limited to altcoin users? Users also do not have to deposit BTC they can easily go and buy one of the coins we stake and deposit with that instead. I would even allow a depositor buying a sufficient amount of a Staking coin we do not stake and add that coin for him to our portfolio if he so wishes.

@ pixelpowered

I love how some people like to say things like:



Or "I proved" something, when in fact they did nothing of the sort.

Please understand YOUR opinion is not fact, and facebook is not the only resource about what people do and who they are.

But with any problem there is always a solution, Get a hangout up, or we can invite you to one of the many skype groups we are all in where you can talk to us via video to see we are all not the same person, and we will all gladly tell you to your face we are involved in StakeMiners.

All those people exist, and no matter if you like it or not we all meet and discuss the policies of StakeMiners

That is all we needed to know.

Thank you now we better understand your point and your agenda.

Get it now?

[/quote]

I'm curious who this "we" is?
I showed on https://forum.gethashing.com/t/ponzi-pos-coin-staking-stakeminers-com/3925/1298 that the majority of your "team" is fictional when you were trying to push this game out in May 2015.

Tai Bui (CFO) - No longer shows any affiliation to your business. (Showed previously CFO of Stakeminers.com on FB)
Michael Wilterdink (Chairman/BOI) - Shows the only affiliation to your business. Conveniently one of the Core Engineers for NET. (Doesn't have an active FB page anymore though)
Michael Zinck (Vice Chairman) - No affiliation to your business. (Nice FB review for stakeminers)
Nigel Dollentas (Social Media Officer) - Shows no affiliation, doesn't reply to ANY inquiries about it, and also is a writer at Bitcoinist.net . You would think he would reply to clear anything up. But maybe the fact he was UNDERAGE might have something to do with that.
Graham Smith (Secretary) - Hid himself wisely from being affiliated to you.

None of these people, except Michael Wilterdink, seems to be part of your group. None of your customers or personal seem to help sort out the same questions, each forum has for you and your operations.

Huskypower2015 (trustee) eventually did come on the GH thread after he was awoken to a lot of the news we were pointing out about your ponzi system. He made it blatantly aware none of the personal were ever informed about your decisions and had a nasty fall out to retrieve the monies he invested. Then you tried to blame the lack of communications on him. Which is a joke if you knew anything about business and being a CEO.

Who's left, you and MZ? You can tell us because you don't make anyone sign a NDA about your operations or even a good contract or agreement for BOI's/Trustee's to establish fundamental business operations.

We're still waiting to play pretend with you on what office suite you have at Pryce Business Park J.P. Laurel Ave Davao City, 8000. Lemme guess you own the building and don't need to list your office like the rest of the businesses there?

Where is stakeminers registered or incorporated at by the way? It seems like you collected a bunch of aliases at one time and made up a group, then called it a business.

Payouts are just one detail about how transparent this ponzi is.
I look forward to your ramblings.

Don't forget "...any balance owning will be paid next month..."

But I really like this one:


In other news... If everyone heads for the door only the first person will get out...

It's Cryptsy, of course you would end up with -0.15 BTC  


That's why he has this in the TOS:

https://stakeminers.com/terms.php

BTW the TOS has been updated with new spelling errors ("PRINCIPLAL") and other funnies (new altcoin policy takes effect "01 January 2015" and section numbering goes 24, 25, 26, 25).

Cryptsy's no trade fees most likely caused the negative... either that or they are stating through indirect means they don't have the coin to trade?  I guess there's a third option... Cryptsy truly is Craptsy...

I checked the market depth for NET on cryptopia. Selling 20 million NET would get you 0.20913306 BTC. There's no demand for it apparently.

I tried the same on cryptsy, but something's wrong there - selling 89k NET would get me MINUS 0.15 BTC?



I can't see how to find the total buy depth, but it isn't very much.

The next withdrawal from stakeminers could bankrupt them.

Absolutely... there's no way to trade even 40 btc at advertised rates... market depth just isn't there... he'd have to dig into the bottom of the offers to get back into btc...

I did the same thing yesterday. To my knowledge StakeMiners uses Cryptonator for the exchange rates (at least the widget on the dashboard page does). NET was showing 113 sat then (edit: shows 108 now so apparently it uses Cryptsy rates).

The Cryptsy issue highlights another problem - there is no way cyberpinoy could liquidate any substantial amount of coins anywhere near those published rates. Yobit and Cryptopia don't have the volume. So if we tried to verify those rates - should we consider the order depth?