Quote from: Ronaldinho10 on Today at 03:17:34 PM

Quote from: GinnyBanzz on Today at 03:00:41 PM

This thread has piqued my interest because I have often wondered about the sustainability of freebitco.in.

They' been going a long long time, so its apparent they were either mining heavily back in 2012 onwards, or invested in Bitcoin when the price was very very low, so I have no doubt they have cold wallets with amounts of Bitcoin that would make the average persons mouth water. Their business model is questionable though, they get pounded by bots and people trying to cheat their referral system and despite their best efforts, I imagine some of the more sophisticated ones are flying under the radar and bleeding sats from them.

The main concern for me was that they are a tiny operation (2 or 3 people at most) and have absolutely NO contingency plan if shit was to hit the fan. I questioned the Quinn a while back about this, and his arrogance about it was quite amusing. They have no backup plan if something bad was to happen to them. They were absolutely no interested in putting my mind at rest in regards to the safety of our Coins on their platform. In other words, if shit does hit the fan (god forbid, something was to happen to the only 2 guys running the site), then most likely you can kiss your Bit[Suspicious link removed]dbye.

When I found this out I withdraw 90% of my balance on there. I was never a high roller, but I had a fair bit over 1 Bitcoin on their platform and earnt interest daily, but after what the Quinn said, I knew that their operation was fragile and could crumble at any moment.

I'd urge people to consider how much they leave on freebitco.in. The free interest sure is tempting, but there is absolutely no insurance or backup plan that your coins are safe on there. By now means am I calling these guys scammers, but considering they now probably have potentially hundreds of millions of dollars in Bitcoin in cold wallets, at the end of the day they are just 2 guys, with very very very little information about them. They are not a legitimate business, they have no real customer support, their registered address is most likely just a PO box offshore somewhere.

is it known where are they from ?? Only 2 people it seems impossible to me . I don t call them scammer but i would like to see more transparency by thei side .

I believe the Quinn is from the UK. I'm sure the website itself is registered to an address in Panama or somewhere like that. I'm not sure about Wetsuit, and I think there might be 1 other guy at most. But again, this is the problem with them - 0 transparency about who they are, where they operate from etc.