The Whole Story - From BTC-Arbs ADMIN

I am aware that this post may fall upon deaf ears, given the mob mentality that seems to have developed as a fallout from BTC-Arbs, however I am here with the ultimate goal of resolving the issues that currently face everyone involved. Before I get into my future plans I feel it is necessary to share a bit of background information on BTC-Arbs.

Scam Allegations

BTC Arbs was not created to be a scam, and was never intended to rip off investors. Bitcoin arbitrage is possible and many Bitcoin users have realized this and have started arbitrage trading on their own. Bitcoin arbitrage trading took place and earnings were made. Anyone who has ever looked at bitcoinaverage dot com can confirm this. The prices vary greatly from exchange to exchange, and there are always variations on the price. Even today, you can buy Bitcoin on BTCE for $556 and then sell it immediately on Bitstamp for $572. That produces a 2.7% profit, which is closer to 2% after exchange fees and transfer costs.

BTC-Arbs was not created to scam users.

Hacking

In early April, the BTC Arbs website was hacked. Numerous members can corroborate this fact. Many accounts were accessed and large amounts of Bitcoin were withdrawn. When this first started occurring, we were under the impression that it was due to users who had failed to secure their accounts with 2-factor authentication and who had been infected with a virus. It then became apparent that the website was not secure and the issue was impacting hundreds of accounts. HUNDREDS of Bitcoins were paid out that should not have been. To make matters worse, our incoming Bitcoin addresses were changed and hackers stole all of the incoming coins. When we tried to fix the issue, we just kept getting hacked over and over. Finally the problem was solved, but it was too late.

After the hacking, the plan was to use profits to re-liquidate the program, however people continued to withdraw, which ultimately lead to the overall failure and "reset". This can be referred to as a run on the bank.

100,000 Bitcoin Address

Those who believe that the 100,000 Bitcoin address belongs to BTC-Arbs are crazy. The total value of ALL BTC-Arbs accounts is more or less 500 Bitcoins. We weren't some billion dollar scam. The average user had less than 1 Bitcoin in their account. There are only 7 users with balances over 20 Bitcoins. There were less than 1000 accounts with Bitcoins in them.

Re-Incarnation

Upon resetting the program, the plan was to pay back all users using future profits. The plan was going well and members of Bitcoin Talk can attest that withdrawals were being paid and that many users had begun receiving a good portion of their investments back. The plan was going well until angry users decided to:
- Hack the website further
- Initiate a prolonged DDOS attack against the server
- File a trademark complaint for the domain (WTF???)
- Freeze fiat accounts (preventing refunds)

Apology

I am VERY VERY VERY SORRY that the outcome of BTC-Arbs was what it was. I had dreams of running the first large and legitimate Bitcoin Arbitrage investment company that could have one day competed with banks and other global investment institutions. Instead, my dreams were destroyed and I now receive threats on a daily basis.

Moving Forward

I have created a plan to help us move forward. I would appreciate everyone's help in fulfilling it. If you have any suggestions on how to improve my plan please tell me.

The Plan
1 - I have some Bitcoins left and I am still doing arbitrage with them.
2 - I want nothing more than to repay everyone. This won't be instant, but I want to do my best.
3 - I will continue paying refunds to everyone who lost money. In the interest of fairness, I think it is reasonable that until everyone is repaid their initial investments, that everyone only request the amount that was lost, not including profits.
4 - Please send your username, amount lost, Bitcoin address, username here (optional), details of your deposits, and any other information you can think of to btcarbsrefunds@safe-mail.net or by PM here.
5 - I will be using this thread to keep track of everything that I do, including refunds.

BTC Arbs is NOT a scam. It was a failed investment that is now trying to make good on past promises.

Hi all!

I finally got my rigs stable with 5 GPUs and I am going to give up trying to get them running with 6. I just think as I am using 2 PSUs and add2psu module I can not balance well the load between the 2 PSUs.
The only one problem I am haing now is that when I connected to one of my rigs trough TeamViewer and closed the session after, mining has stopped. Any advises on this welcome, however, it's not a major issue if I keep the TV constanly opened it is not a problem for me.
Regarding bounty: no one helped me to the end with the solving of the problem, however, lots of guys tried to help, especially pguerrerox from litecointalk and I appreciate that! No one has won the bounty solely, however, I want to thank to all guys who tried to help, even if it very small amount for each one. I am quite sure everyone will be OK with sending the money in BTC instead if LTC. Please, the following post your BTC address here:

From Bitcointalk:
Jabba
koldshot
aminkorea
notlist3d

From Litecointalk:
ltecoinfan
pguerrerox
madnod

Total: 7 guys tried to help, 0,428571429 LTC equivalent in BTC to be sent to each one.
Thanks again.

I stated that just 3 of the GPUs are using molex connectors to the first PSU.
What do you mean by " PCI connectors from the power supplies"? Arent PCI slots just on the mobo?

I just wanted to chime in here about the long polling/restarting issue some people have been having. My cube worked fine on one network. When I moved it to a different location/network, I started having the same problem. This is a network problem. I haven't been able to determine what exactly the problem is or how to correct it in my situation, but I do have a kludgie work around that got my cube up and mining again by using two different proxy machines as primary and backup.

The cube mines for a little while, gets stuck on the one proxy, fails over to the other proxy, mines for a little while, and back and forth. It takes a bit of a performance hit this way, but it's currently the only way I can get the thing to mine on the network it's currently on. Hope this helps...

Houston we have a problem.
My Blade is tossing up XXXXXXXX
I wont get into too many details but this blade was sold working, user couldnt get it to work sent back and now its showing me all XXXXX.

Its a V2
Anything I can do / test.
I am using a PS setup that works with another V2 blade.

Now i have two cubes, and both have the same symptoms: shutdown with the fuse, no leds w/o fuse, the v700 is NEW and as mentioned before, has 58a on the 12v

it's really worthy open the cube to remove ALL the blades?

At least you enjoyed some payments since September.
I registered 2 weeks ago and therefore was stolen more than 0.8 BTC.
I hope they will use this stolen money for medicine.

Won't let you change what IP? of the router?

The router IP address is the gateway IP address. They are the same... your router is acting as a gateway to the network.

If you can't change it to 192.168.1.1, change it to 192.168.1.2 or 192.168.1.3.  It doesn't matter, as long as it has the same subset as the Cube's.

After you change the router IP address to 192.168.1.1, your PC or laptop will temporarily loose connection with the router.  As long as the PC/Lap are set for DHCP, you should be able to disconnect, then reconnect to the router.  If you are wired, try unplugging the ethernet cable, then reconnecting.  If you are wireless, try disconnecting the connection, then reconnect.

After you get connected again with your router, try typing the IP address of the Cube into your browser: 192.168.1.254:8000

Hopefully you can configure the cube with a new IP address (ideally use the other Cube's IP address plus one, 192.168.10.201 if your other cube is 192.168.19.200, for example). Also set your pool address, port #, username, pass, etc.

After all of the cube setting are correct, go back into your router setup page (it has changed to the new IP address that you temporarily set, 192.168.1.1).  Now change the router IP address back to the old 192.168.10.1.  Reconnect your PC/laptop to the router and then you should see the second cube on the network.

Right. I am in the admin of my wifi router. 

The information is

IP address: 192.168.10.1
Default gateway is also 192.168.10.1

The IP should be the computer you are using to run the proxy miner, the Gateway should be the router.  They should not be the same IP, nor should they be able to be the same IP.

What address do you type in to connect to your router?

If I recall correctly, your router's (gateway's) IP address is 192.168.10.1. Try to type this into your browser.

I wish I could help you, but I don't know why you cannot connect.  You currently are running one Cube without any issues right?

The only thing that I think could be effecting it is that your router and your computer are not on the same subnet, one is on 10 and the other 1...

How did you get your first Cube running correctly?  How come you cannot replicate that course of action?

How is your LAN setup?  Do you have a DSL or cable modem connected to a wireless router?