Topic: Will it be considered as Ponzi (Strange Bank) (Read 380 times)

Given the accussed was online yesterday and still no response to address the concerns raised on this thread, I will leave negative feedback for the time being until everything proven and said differently than the initial suspicion.

Now I remembered one of our local attorneys saying "if there's no investor that will bite the bait, there will be no more victims". This was way back when Axie is a trend, although he phrased it very differently, the message is clear that don't bite the bait if you don't want to regret in the end. As I was reading the posts here, it seems clear to me that there is something shady going on, it's already a big NO that they're offering big returns as a form of a printable token, while this issue of changing domains is a way to avoid getting caught at the same time so many unanswered questions which only make it more complicated.

The answer is that their www.strangebank.io domain has been suspended by the registrar. If you look at the domain status on Who.is, you will find that its status is clientHold, clientTransferProhibited, so they registered a .org domain to move their shit on it.  

These scammers do not stop and back down from their actions that may cause people to lose their funds, it is good that you alerted us of their new domain so that we can report it on NameCheap and even if they create more domains, we'll be like their nightmares.



[1] https://247livesupport.biz/ticket/index.php?/Knowledgebase/Article/View/644/0/how-to-check-if-my-domain-is-suspended-gtld-domain

Updating this thread as I recalled they still have some questions that is yet to be answered. I saw that their last online date --as per this post was made-- was on 5th of March and still no response on this thread. Upon trying to see if they were active or give any update on their other channels --ANN thread, telegram, website, etc.-- I realized that they changed their domain --is it considered as changing a domain if we change the ".io" to ".org"?-- and updated their thread to reflect this change of address on the 26th of February, they're now on strangebank.org



Given they seemed to evading my question on whether they have access to the total supply --as they went AWOL after that-- and choose to update their domain while still ignoring this accusation against them, I personally feel the suspicion grow bigger. I wonder why they changed their address from .io to .org

You are here to change the financial world with a 10000x return project! Have you really thought about it? Or think everyone else is stupid and you are the only smart one? It is easy to guess what is the purpose of your project, as we are aware of many such projects. So none of your analysis can reconcile this huge mess. Because there is nothing to analyze about this project, it is nothing but a machine to steal investor's money.

That does not exactly answered my question, if I understand your statement correctly. Allow me to make it more specific, I am aware that you said team didn't have any allocation from the tokenomy, but do they have access to that nearly-100%-supply? I see from etherscan that the 21Q is already minted to these three ^{1 2 3} addresses. Do you have the private key for these wallet?

"We can get 100 free pat through the free pat button, but that won't count towards the deposit. The only way to progress through this investment project is through buying pat on uniswap --and presumably other platform as we progressed-- store them on the wallet we connected to your platform, type in the amount we want to deposit, click the button, and that amount will be taken from our address to a burn address. Am I correct?"
If you get 100 free PAT, you can choose to (or not to) deposit them in the Strange Bank.

"1. What's the burn address? I assume its the universal ETH burn address?"
The burn address the the null address. You can check this deposit:
here

"2. Who control of the current total --and continuously growing-- supply before anyone buy them on uniswap?"
The first three clickers were awarded nearly 100% supply. The supply will not exceed 21,000,000,000,100,000,000 until first withdraw (at least four years from now)

I consider this project created by a greedy for a greedy the title alone or the catchword entices or calls out greedy people to participate, the guy is telling us that they are changing the financial world, I wonder what's his level of knowledge about financial matters, telling us about changing financial matters.
It's hard to defend this project because there's no value it can and will give to the community, he has a wrong definition of value, but make people greedy.

Instead of changing the financial world, you can change your Strange bank logo it will cost you some bucks if you hire a designer to design a logo instead of this crap  



Please do not underestimate people's minds; whoever has an iota of sense will believe that there is a 10,000X return on his deposits; you do not have a work team, you do not have sufficient information on your website pages, you do not have communities on social media other than four subscribers on your channel in Telegram, you do not have a whitepaper, add that your domain is new. You do not have any goals other than stealing money and deposits of investors; your Ponzi project is 100% SCAM; thank you to the OP for his warning against using your platform; I will now put a link to report the domain of your strange, funny, suspicious bank until it is down.

[1] https://www.namecheap.com/support/knowledgebase/article.aspx/9196/5/how-and-where-can-i-file-abuse-complaints/

This bank is truly strange. First of all, when it comes to paying interest on deposits banks typically make the best decisions. Banks offer low rates that are frequently lower than annual inflation. Before we can label this Strange Bank a fraud, we need not conduct extensive research. It is clear that this project is a scam. Even if they were able to pay for it with the tokens of this project, the rate of return is just too high for the market to consider it valuable. Its inflation is higher than that of any nation that prints its own paper money.

Ok so, basically this is your total token supply:

21 quintillions from first three clicks, that's 21 x 10¹⁸, or if we want to be specific, 21,000,000,000,000,000,000
100 millions from the next 100th clicks, so 100,000,000

That'll bring us to 21,000,000,000,100,000,000

We can get 100 free pat through the free pat button, but that won't count towards the deposit. The only way to progress through this investment project is through buying pat on uniswap --and presumably other platform as we progressed-- store them on the wallet we connected to your platform, type in the amount we want to deposit, click the button, and that amount will be taken from our address to a burn address. Am I correct?

Two questions if I'm good so far:
1. What's the burn address? I assume its the universal ETH burn address?
2. Who control of the current total --and continuously growing-- supply before anyone buy them on uniswap?

Changing the financial world with a platform like this, you still have not addressed the value of this platform

so playing with time will change the financial world, I think you better invent a time machine so your token will have good usage.
Honestly, your project sounds strange but I've been through a lot on the altcoin, I even stumble one project here when I was a newbie where you get paid to fart or a token created for bottled oxygen   

Ok, it is fair. Anyway, our purpose is not to bait investors but to change financial world. We will keep delivering products like this. Time will tell.

"free pat" button is a giveaway and will simply give you 100 PAT. If you want to deposit to earn 10,000x profits, you click "deposit" button, which will burn your PAT tokens and document your deposit on blockchain.

No, you're tagged and reported not because your project sounds crazy but because there are a lot of things missing in your project, like the people running your project, and transparency on the supply audited smart contract to name a few, we have already seen so many crazy projects in the community and yours is not different but the scheme is quite unique but in the end investors and supporters will eventually lose money.

Just by reading the informations on their main website you can easily spot multiple red flags first of it it’s  the promised returns which are incredibly high and not realistic 10,000x so it’s is highly unlikely that a legitimate investment can generate such returns without even introducing their plan. Secondly they seem to be focused on recruiting more people to join and deposit money instead of introducing their business. Finally there’s absolutely no transparency about how the returns are generated and how the investment works is also a concerning factor because  if an investment opportunity is legitimate in my opinion and logically talking they should be able to provide clear and detailed information about how it generates returns.
New created account is promoting what he calls a strange bank i suggest calling it a Ponzi scam that will make your money disappear 

I'm sorry, what?

Do I understand this correctly, we connect our wallet to your platform through MM --or whatever-- when we click "free pat" button, we paid an ETH fee to have 100 PAT sent to a burn address instead to our wallet?

In that case I think that you might wanna read LoyceV's Beginners guide to correct use of the Trust system so you have a full understanding on how it works before you start sharing feedbacks and adding/removing people on your Trust list.

Okay thank you for the hint, I never knew how to become a DT member though I was thinking is due to your availability and activeness on the forum or that automatically makes one a DT member. I think I have got an insight of how it works now.

Just because you are not on DT yet doesn't mean that you shouldn't leave feedback. The only way to end up there is by DT member adding you on his Trust list and that won't happen until you start leaving feedbacks. So, if you think that someone is scammer, leave appropriate feedback.


They offer return in their tokens (and they can mint those as much as needed) not in other currency that they don't control. Whether those kind of shitcoins can have any value is another question, to which answer is quite obvious.

It is unfair to tag a project because it sounds like crazy. If you find vulnerabilities of the smart contract, we are very happy to deal with them. If it is unclear about the design and methods used in the project, we are also very happy to explain.

Well I would have done that but due to I am not a DT member I can't just give tag. So if there's anything that needs to be tag I will request those DT members to tag them.
The returns is obviously noticable, how can a project offers promise to offer 10k return of investment how does it sound to your hearing. Legit or fake?

To be fair there are a lot projects offer insane return which we can easily find on altcoins announcement section, but since they're offer the return on their coin/token, it's possible since they can just create their coin/token out of thin air. If the project offer the return in USD, then it doesn't make sense because it's impossible to happen.

There's no way to blacklist them, however if you think it's correct to leave negative feedback, you can do it yourself.

If this project deserve negative feedback, +80% of projects in altcoins section should be painted as well.

Thank you for questions. We answer them below.

What value will it offer to the community?
You can see this project as a web3 game. Unlike traditional games, a web3 game can play with another asset: time. In this project, only people fulfill all the tasks will be rewarded. In traditional games, a task cannot last a long time because game servers may be down, or game may be discontinued. In web3 games, a task can last over years because codes are always running on blockchain.

Therefore, the token is named “Patience”. We are playing with time.

Who are the developers of this project?
The developers of this project plan to be anonymous at this moment.

Token percentage of the developers?
Zero. ~100% PAT tokens are minted to the first three clicks on “FREE PAT” button in app.

Since you offer this kind of scheme you need to have your smart contract audited by a third party do you have one?
We will but we have not. Now we are in very early stage. As shown in this topic, the website was registered a few days ago, as well as the contract and bitcointalk account. However, the contract has been verified on Etherscan, so capable developers can read the contract before we audit.

Thank you for coming down I'm sure you notice the tag I place on your account for you to come down here and answer all our questions about your project.
Such a long post, unfortunately, you did not answer my question and those that came from the others and what I'm trying to point out.

What value will it offer to the community, who are the developers of this project, the token percentage of the developers, since you offer this kind of scheme you need to have your smart contract audited by a third party do you have one?

I've seen the risk but have not seen the value and potential of this project.

Because of the lack of transparency, my tag remains.

We explain the design and answer the questions below.

What is “FREE TOKEN” bottom in app?
PAT is minted only through “FREE TOKEN” bottom. After the first three clicks, the clicks generate 100 PAT per click. When you click the bottom, you will be charged the Ethereum network transaction fee for around 2 dollars. Therefore, the cost per PAT is around 0.02 dollars by clicking. This mechanism sets an upper bar of PAT price, 0.02 dollars, in smart contract: a welcome offer until March 31, 2024.

Will people dump PAT after a while?
Maybe. Who can guarantee not dump? However, based on our observation over the ten years in crypto, if a token is not huge inflationary, the price will not be dumped 99.9999%. Even if a token is concentrated in a few hands, they will not ruin their own fortunes. Refer to Coase Theorem for more explanation. If the price is not dumped 99.9999%, you are profitable by depositing in Strange Bank.  

Is PAT huge inflationary?
First, PAT is not inflationary in the first four years. There are around 21 quintillion PAT (from the first three clicks of “FREE TOKEN” bottom). The following clicks generate 100 million PAT at most, which reflects 4.76 * (10 ** (-9)) percent of the total supply.

Second, the inflation rate when you withdraw your 10,000x PAT depends on when you start depositing. If you deposit earlier than others, you will withdraw earlier than others.

Third, many people may miss deposits. A person needs to deposit only once per month, which discourages automated depositing by code. Every person has chance to miss a deposit. If miss a deposit, you will lose all your deposits and have to reset your account to start over again. Therefore “RESET” bottom is here. (answer to PX-Z’s question: )

(holydarkness)

When you deposit, PAT will be burned, while the time and amount of your deposit will be documented on blockchain. When you withdraw, PAT will be minted based on your records on blockchain.

Is Strange Bank a scam?
We doubt whether we are in the same crypto world. There are many scams here. Some project may promise a huge plan but deliver nothing. Some project may copy codes from other projects and have a new name. Are they scams?

Strange Bank has a unique design and originality and delivers the product in the first place. We also keep telling the truth.

Will Strange Bank be considered as Ponzi?
Again, if you do not understand the value, potential, and risk, we advise you not to participate in the project.

Investors are wiser now, a project with a scheme like this has proven to not last long or scam people because they don't have anything to offer to the community but just being deflationary, we are passed over this scheme, so many scammers used this scheme to scam people, the big difference is it has a twist that is very much different from all the other deflationary with high return schemes, but it will eventually scam people.   

Only those who are greedy of higher returns that would likely fall into victim. Naturally I wouldn't think any reasonable investors will want to venture into this scamming project in the name of offering them 10k x return of investment.
They should be blacklisted and tag immediately.

Ahh, sorry, I was multitasking of forcing myself for a quite-late-dinner, typing the post above, and listening to my housemate rambling about his work, I added 1 too much zero.

I'm not good at reading contract, but I dont don't think this project has a smart contract that lock everybody's PAT and the LP? I can't find this info on their very minimalist website, but if I'm correct, then I'll say it's more of a money-grab than a ponzi.

All investors need 4 years before they can earn anything, and if the dev has total control of the LP and or at one point within the 4 years period they got listed on a CEX, it is not impossible for the dev to dump the entire supply they controlled and vanished, especially as during that 4 years, the price have a good chance to move upward, as the dev themselves predicted this,

It will be 10,000X.
You can buy from uniswap
https://app.uniswap.org/#/swap?exactField=input&exactAmount=1&inputCurrency=ETH&outputCurrency=0x9834200065B9D499de94957eE31568FC8605172b

Unless I missed some points, I don't think I understand this project correctly. They promised their user 100,000x of what's deposited on their account, but the only way to deposit PAT is through clicking the free button. Wouldn't that means we didn't invest anything --aside from time for clicking the button-- for the project? How would they make income and --when the first person finally managed their 48th month-- how exactly would the price be determined? There's no market for their token.

---

By the way, welcome to Legendary

This is something new I tagged the developer to come down here to explain his project I hope he sees the tag in his account, he might as well answer what it will bring to the community it is only these x10000 returns I noticed that the site has warning, about investing on this project, there's risk investing in this project because it has nothing to offer to the community besides collecting their token, I also consider this a useless token or shit token.

I'll consider it as ponzi in their^(PAT) currency form.  Their app/account is also strange why would they put a reset button just to clear the whole account balance such feature is unnecessary and useless. Then there's a free pat button where you can get tons of its tokens. It may look like a free money but it will be useless and worth nothing.

This looks to me like another version of those DeFi projects that offered crazy high APY.

The key thing here is that they guarantee 10,000x return in their own shitcoin (and not dollars or bitcoin) that they can mint as much as possible, so in the end you may get return as advertised. The only problem here is that those shitcoins will be of course worthless.

Imo that is the way they distribute their custom tokens apart from giving them out for free on the faucet, they can also take all of your deposit due to delays isn't it (1st risk)? I think this is definitely a new kind of game over an investment scheme. They explain the game and how you risk losing.
Of course with their own token they can guarantee as much as they can even with 100k returns, for example by adopting a stable (printable) token way. After all, they acknowledge that their token is inflationary (2nd risk).

Reserve

What happened:: Offering 10000x returns

Scammers Profile Link: https://bitcointalksearch.org/user/strangebank-3535798

Reference Link: https://bitcointalksearch.org/topic/ann-strange-bank-the-only-bank-guarantees-10000x-return-5440397
Additional Notes: Website: https://www.strangebank.io/
Whois information