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Bitminer, Bitprominer there are about 5 of them all scams.

…only if you put money in…

So my investment in Bitminer has paid back about 40% of the initial capital but now I’m trapped by IPV – Instant Payout Value which is never fully explained on the website, so they are saying 10 days till payout at least, so every day I’m now just withdrawing what it makes and I’ll update you in 10 days or more if I don’t receive payments.

If no payment comes by 20 days they will be reported to trading standards as they are a UK based business. Although the owner seems to be a Spanish resident. Although they have a payout list I can’t see one large payment to anyone which makes me think they have no top level investors.

My verdict at the moment is it’s probably a scam of misinformation, where they give you enough information to get hooked, but not enough to actually work out what is going on, I expect they have thousands of free users and hardly any paid users – I’m at 1.2. So at the moment, do the free thing, yes, get some BTC for nothing but I would keep away from putting more than the basic amount of money in, at least until I’ve confirmed there are regular payments out.

Bitminer you have 20 days, after that it’s going to UK trading standards and if you are in Europe (we’ve not quite left yet), I’m sure they’ll be VERY interested in seeing just how much money you are fleecing!

What’s clear is I am pretty sure no mining is going on, there are quite a few mining calculators on the web and none of them based on my investment would return that amount of money. When I’ve built up financially enough rewards to make it worthwhile I’ll go visit their offices in London and see if we can track anyone down.

So new things in testing NewWorld-Bank with it’s smart CTO who seems pretty friendly and another site which was really quite boring has already paid out on my investment but I want to see it through for a few days before I report it on here.

Note that I actually put money into these sites (not a lot!) to see if they reward people who pay!

Here are my pending payments, basically whenever I hit 0.0050000 their base level I withdraw.

Here’s the current queue so I’m expecting payment after the 26th but remembering I’m continuing to add to this list every day it could get quite long!!!!

There’s nothing a Bitcoin person hates more than the word PENDING

Yeah, it’s got the scam award

10 Comments

  1. Ovu Ovu May 14, 2017

    Autobotcoin builder is also a scam site

    • Paul C Paul C Post author | May 14, 2017

      Thanks for the info – will do a report on it tomorrow! 🙂

  2. Braz Braz July 28, 2017

    So 20 days later they still didn’t pay? What’s the outcome of the story?

    • Paul C Paul C Post author | August 1, 2017

      Hi Braz

      IT’s been a whole lot longer for me. They won’t pay it’s a huge scam.

  3. Ejiro Samuel Idolor Ejiro Samuel Idolor August 2, 2017

    So in the end, bitminer.io never paid?
    Cos I kinda upgraded to the v1.1 and I’m seeing this message

    Increase your IPV for instant withdrawals, or wait 20+ days until your withdrawal is processed manually.

    Your IPV (Instant Payout Value) is Normal (0.00700000 BTC) | What is IPV?

    IPV allows you to withdraw instantly without waiting days for manual processing.
    – Upgrading BitMiner will greatly increase IPV and make withdrawals process faster.
    – IPV increases every time your referrals upgrade their BitMiner. We strongly recommend to invite referrals.
    – You can upgrade to V1.4, this is the highest version and have infinite IPV. All V1.4 withdrawals are instant.

    • Paul C Paul C Post author | August 2, 2017

      That’s part of the scam, having a term no one really understands – if you do pay them money they still don’t pay out. DO NOT pay them any money.

    • Paul C Paul C Post author | August 2, 2017

      This is a complete scam trust me upgraded and that was about a year ago.

  4. Homer Homer September 26, 2017

    what they do is,
    showing they will payout clients who bought an upgrade and this is true,
    but what you cannot see here is that,
    the IPV ,
    instant payout value is only a small part of the payment for the upgrade,
    so, after receiving a small part of the payment,
    it stops paying out,
    for instance, buying the 0.1 bitcoin upgrade you can cashout 0.015 bitcoins which is about 1/6.65 part of the payment,
    then the website shows:
    “look, clients are receiving bitcoin!”,
    but, in fact, it is just part of their deposit.
    They receive the part of their deposit that is within the limit of the IPV instant payout value.
    The IPV instant payout value increases after each upgrade, which is probably about 1/6 or 1/7 part of the deposit in bitcoins, however, after withdrawing the bitcoins, then, the IPV decreases,
    resulting in being unable to withdrawing money,
    so clients never get more back then the IPV value, which needs an upgrade to increase, or ,
    as the site says, it needs a manual withdrawal that takes more then 10+ days,
    which is correct, becouse, it could take forever.

    Maybe they think this is legally correct to say,
    getting you bitcoins/money back,
    it takes more then 10 days,
    if you intent to never give anything.

    So this is how this fraud works,
    they keep believing this,
    and oftenly they upgrade, also more then once,
    then to become stuck with waiting
    “more then 10+ days”
    becouse of the IPV instant payout value that decreases after withdrawals,
    you can upgrade the IPV value by upgrading to a higher version miner for 0.1, 0.9 or 5 btc.

    This results in the screens as oftenly seen on other websites also,
    in the tab “accout”
    with withdrawals that are
    “pending”
    they dont have the txid transaction details,
    so typically on this website you see:
    withdrawals payed
    (the part that is part of the IPV instant payout value, that is about 1/6th or 1/7 of the deposited bitcoins)
    then many withdrawals “pending”,
    with the IPV value spend after the upgrade, now the transactions become pending, it means you cannot
    achieve any profit.

    apart from all this,
    you can also see that a rate of return / rate of interest (ROR / ROI) on such a product
    of about 1 week for each upgrade, is not possible becouse with such a profit,
    why would anyone sell this? they could just keep the profit,
    such offers don’t really exist,
    but with bitcoin mining, it appears more plausible perhaps,
    becouse of how this technology works,
    if a mining module produces an amount of btc and has a certain value to invest in,
    if the mining difficulty is that easy / fast,
    in principle one could buy a mining module for 5 bitcoins that can mine 2 bitcoins a week,
    but the difficulty would increase quickly.

    In practice this never happened apart from the period when the bitcoin became to exist,
    if you mined bitcoins when the price of one bitcoin was below $50, then you could earn much much more then the investment in miners per week, but perhaps you would have to sell the bitcoins a few weeks or months later.

    On the internet you can see many of these crimes, and , oftenly they look plausible,
    you can also find many online “cloud miners”, but , as you can guess,
    if they sell you mining capacity that brings profit,
    then they are basically selling you profit or money,
    now one could think, is it not an investment in the risk I take seeing the bitcoin price could go down? Yeah it sounds logical to many, but in fact these mining cloud websites,
    they usually just give a message there is some kind of error or the bitcoin is send and the transactions remain pending forever.

    And about trying to figure out these companies,
    when people look for a way to get back their money,
    usually they figure out they are running a virtual office,
    and the bitcoins are send to various addresses,
    the persons behind this could be Africans or Indians maybe,
    perhaps they split the money with villagers, all they need is an internet connection to make this kind of scam, there is no authority they registered to.

    This type of profit looks to easy and you people should be able to guess there is something wrong with it, also if it is about mining bitcoins on someone else’s bitcoin miner paying a rent that is basically a money ther are making themselves.

    So this bitcoin mining cloud website, also many others,
    they don’t give any bitcoins as a profit, they just make you pay their service,
    then, if you want to complain or ask your money back or receive the profit,
    there appears to be no way to ask for help of authorities, which is why they keep doing this, probably , they are just trying to put it on someone’s account and then split it maybe authorities never come or they just don’t know who is behind it exactly.

    So what about you guys, did you pay much for receiving bitcoins for free on the internet?
    Did anyone file a report at the authorities?
    What did they say?
    Can you get any money / bitcoins back?

    see also:

    bitcoin cloud mining,
    you can use a search engine,
    many of these websites,
    they either say they never received any deposits
    or
    they payout part of the investment,
    this is perhaps easy for them as many clients don’t ask for any payouts at the beginning,
    looking at the websites profit in the account overviews,
    people can upgrade many times,
    and with a payback period of >4 weeks,
    they could still cash in some bitcoins or dollars / euros in the first 2 weeks.
    It is somewhat strange they manage to operate such businesses seeing the scale and profits they are making, but apparently, in the last couple of years ,
    they are, and they keep doing it.

    Did any of you ever bought something at bitcoin mining cloud companies?
    Did they ever pay you more then you invested???
    Some of these companies raise suspicion as soon as you see them,
    with things like:
    rent a miner for 10 years
    or
    receive mining capacity forever

    It looks almost funny when you look at that,
    How is such a company supposed to keep a miner active for 10 years,
    it would yield nothing and waste electricity after more then 3 years.

    Anyway,
    On the internet,
    apparently, the western governments in Europe and USA decided to do absolutely nothing about this sites and they must have thought nobody was willing to believe this is true, but looking at the crowds at these websites and members, assuming they exist,
    they are actually kind of numerous.

    Feel free to comment on this topic

    • Paul C Paul C Post author | September 26, 2017

      Exactly, it’s a classic honey pot scam, make people think they are getting paid out so the promote it only to discover they don’t eve get their money back.

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