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Merits 26 from 12 users
Re: Have you seen Yobit's new signature design?
by
DarkStar_
on 24/12/2019, 05:29:58 UTC
⭐ Merited by suchmoon (7) ,LoyceV (4) ,malevolent (4) ,o_e_l_e_o (2) ,marlboroza (2) ,Coolcryptovator (1) ,Vispilio (1) ,kotwica666 (1) ,Welsh (1) ,taikuri13 (1) ,DireWolfM14 (1) ,qwk (1)
How InvestBox works is basically this:
1. There's a "special fund" that people are paid from. This comes from Yobit printing tokens in the case of their own tokens, usually coin developers/makers for some other coins, and from Yobit's operating profit for the rest.
2. People deposit their coins, and collect interest until the "special" fund runs out of money. Once the special fund runs out of money, people simply stop getting paid interest. You won't lose your investment, you just won't make profit off of it.

Sounds good, right? Well, Yobit creates a random token every so often, and offers a very high interest rate to try to get people to buy. This week's token is X10 token, which literally has no information and AFAIK doesn't even have a blockchain. People buy the token, invest, get paid 10% interest daily. This lasts for a few days, until Yobit sees enough profit to be made and basically prints tokens to fill all buy orders. They end up with some nice profit in BTC, even after paying 10% interest to early investors who divested. The token then gets stuck with a ton of sell orders at 1 satoshi since all bagholders want to get out and almost no one wants to buy anymore.

Some time later, Yobit moves onto their next worthless token and repeats the process.