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Showing 15 of 15 results by jmalec
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Re: MakeBTC.org is the best passive BTC income invest
by
jmalec
on 12/03/2014, 13:52:46 UTC
makebtc.org : "This Account Has Been Suspended"

That is not good, let's hope it will come back soon


I found this in another thread about makebtc

Btcweb.com stopped hosting makebtc.org on my request.

So thank that member for your lost BTC ;(

I also commented in that other thread, but I'll follow up the thoughts here. Exactly who appointed ndr525 the morality police or anyone's Mommy and/or Daddy? I know I wasn't asked and would have declined had I been. Perhaps he is just trying to take credit but in reality did nothing. Regardless, nrd525 has now signed up as the poster boy and lightning rod for those who have potentially lost BTC. Either way, bright move and thank you very little, ndr525.

Tell me, ndr525, how are you going warrant your (alleged) actions? Yup, that's what I thought, you aren't. You are just an anonymous voice creating trouble for others where you simply should have chosen to not participate. The site performed as advertised from my seat. That is all I can ask as a participant. As for those, such as ndr525, who are not aligned or otherwise disapproved with the  program, you missed a perfect opportunity to move past it, on to the next opportunity and butt out of other people's affairs.
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Re: MakeBTC.org Pyramid Scheme
by
jmalec
on 12/03/2014, 02:20:29 UTC
I got it suspended for falsely presenting itself as an investment website. It is a gambling website.

The question I have is who exactly appointed the apparently sanctimonious nrd525 judge, jury and arbiter? I certainly wasn't queried. Were any other participants?

Will ndr525 take responsibility for any and all bitcoin lost by his/her actions to get them refunded? Refund them him/herself out of his/her pocket? Where do we file the claim to you, ndr525? Right, an anonymous voice simply causing trouble to cause trouble and walking away. Enjoy your laugh while I thank you very little.

I would suggest, nrd525, your action should have been to not participate, not potentially cost others their bitcoin. But that is my opinion as a live and let live type. You have your own mirror test to pass. I can pass mine just fine, thank you.
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Re: MakeBTC.org Pyramid Scheme
by
jmalec
on 03/03/2014, 16:09:54 UTC
Bank 17 finally cycled this morning along with Banks 18 and 19 shortly after 17. It looks like there were no withdrawals on any of the 3 banks, approximately 3.84 of new deposits were made this morning and all sells have processed so there are no current bonuses. This leaves us at 19.14 of 20 BTC as I'm writing this.

Definitely an interesting ride!

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Re: MakeBTC.org Pyramid Scheme
by
jmalec
on 01/03/2014, 16:28:00 UTC
Since we know the cycle takes some manual intervention, perhaps the large deposit to put the bank over the top caught Mr MakeBTC by surprise and he is out of pocket? Another thought.
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Re: MakeBTC.org Pyramid Scheme
by
jmalec
on 01/03/2014, 15:13:54 UTC
I have noticed since the Mt Gox situation gained steam then blew up that confirmations are taking longer in the Bitcoin system in general. This has slowed payouts from many sites.

Keeping a positive thought on MakeBTC.org, here's hoping the site is simply waiting for the appropriate number of confirmations before it cycles. That would be a standard precaution. Most sites show the deposit after 1-2 of 3 or more confirmations though don't allow access until all are received.

Though I have no other insight, I thought I'd share my observations and analysis. Mr BTC, please clarify if you kindly would when you have a moment. I'm thinking/hoping at the moment you are overseeing the cycle itself. As would be appropriate.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 07/02/2014, 20:56:46 UTC
Your update is good news indeed, beetje2007, at least to my eyes. It confirms my faith in our collective honor.

And MakeBTC, I like the refinements to the logs. They do indeed add to the transparency the site has strived for. Thank you for those efforts.

Here's to our mutual success!
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 05/02/2014, 13:55:45 UTC
Beetj2007, this is a most disappointing response from MakeBTC. I'll choose to believe in two fairy tales for now, you get made right as well as the premise of Mr. MakeBTC trying to help people. To me they go hand in hand.

In any business, mistakes and accidents happen. They are ultimately human endeavors. The true tell is how they are handled when they happen. The best businesses handle them with honor. And I still want to believe MakeBTC is honorable. We'll see.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 04/02/2014, 22:35:03 UTC
For what it is worth, I've noticed the pay to address for my account disappears from time to time, usually around changes in the code. It goes from populated to blank. When I see this, I promptly repopulate the field and save it so as not to get caught. And I tend to remain conscious of pay cycles to monitor that. Again, from my IT background I'm conscious of things like that and look for it.

It would be horrible if something along that line happened during your large payment cycle, beetje2007, and the timing of your similar monitoring was off a bit. But the site's internal, non-public logs should demonstrate if and where the payment was sent. MakeBTC probably has already checked along these lines, but I offer it from my experience in case he hadn't audited it that way.

From how it effects me, personally, it is a simple bug, irritating nothing malicious. However, if it caught beetje2007's funds, I can see a much different interpretation. Regardless, I expect MakeBTC to find the root cause and make it right beetje2007 as well as for everyone's success.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 04/02/2014, 14:57:52 UTC
You should be receiving a little more, I just bought a little with you,  beetje, the source. Nothng large, but another transaction to track.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 02/02/2014, 21:27:35 UTC
"Fact is that IF Makebtc has a problem with our accounts they should tell us that they investigate and correct."

Absolutely agree, beetje2007, absolutely agree. You have distilled it perfectly in that statement. Proper and timely communication is the key. Without it, distrust builds quickly and hurts all.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 02/02/2014, 21:08:38 UTC
After your last post, opnoskatt, I picked up on one common thread looking at the your public logs: Both you and beetje2007 made a purchase where you paid yourself a bonus. After that, things went awry.

From your posts I can very well see MakeBTC did not anticipate this and probably did not allow for it in their programming until after the fact, simplistically figuring when people cashiered they would not buy back in right away or at all. Oops, bad business analysis and testing for new code. It happens, seen too much of that in my career. Tidying it up properly is MakeBTC's problem, agreed, along with proper private communication to those involved.

I personally don't think there was an attempt to cheat as much as you stumbled upon a possibility they simply missed. Good user testing but testing that should have happened before the code was put in production. However, I can also see where they may not see it that way.  In any case, I hope this gets straightened out to everyone's honorable satisfaction.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 02/02/2014, 20:44:29 UTC
For kicks, beetje2007, I pulled your log into Excel and ran some totals. It concerns me that your actual sales to not add to 5.012 as they should. They are short and not by the amount you paid yourself on that one transaction. It took little effort other than summations and formatting to find this. So it appears MakeBTC has at least two issues with your account.

Perhaps boumalo's thought is correct and they are holding up payment until they complete an audit to sort this all out accurately. If that is the case, good business suggests they should answer your inquiries privately, simply to acknowledge they are looking into things for accuracy along with a time estimate for completion. For you as well as the rest of us, I hope this is the case. Silence is not good, I agree with you on that.

Here's to all of our mutual success. I'll be watching with interest.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 02/02/2014, 19:30:10 UTC
An additional thought on the subject, more a rephrase: I refer to investments as the website does in my comments. In retrospect, the theme of the forum is gambling, so perhaps wager is the more appropriate word. In those terms, the risk we've all been managing at bank 15 is the new payout method. In that respect, I'll submit the sell, being the newest code change, was the risk to manage, not the level up which is more proven. MY point is proven out in that is where the issues occurred. And it remains to be seen if and how MakeBTC will correct that.

So in gambling terms, it is now to the pit boss to correct things and make the right. We very much agree on that point.
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Re: MakeBTC.org Pyramid Scheme - VERIFIED SCAM
by
jmalec
on 02/02/2014, 18:57:30 UTC
I assure you, I am not Mr. MakeBTC. If you check the records, you will see am an investor along with you, not even hiding behind an alternate name as I could. Different motivations and different strategy, as do we all.

I have been following this thread for about 2 weeks, but truth be told, today was the first time I had something to say, so I'll readily admit to signing up to say my peace. No sinister motive there, challenge all you want. I know what I am saying and why I am saying it. Disbelieve as you wish, I cannot control that, only be true to myself. I trust you are doing the same. I am new to the Bitcoin world, maybe 45 days in. So I am still learning as well as assimilating this world to that I already know. I come in very much the cynic with a cynical nature to begin with.

I see you follow much of my logic. Agreed, nowhere in the rules did it state not to pull out all at once. Yet I stand by my analysis that doing so with so large an amount was a significant risk. Reading your reply, it sounds like you agree it was as well. With the benefit of your reply I've extended my analysis to include the idea you were testing and probing to see what would happen. From your relative position of strength, I can see that, even the large amounts. At the same time, I might have done so with smaller amounts first. That's my risk management speaking. You can see my tests in the logs along side yours. I have not tried a sale yet as I wish to hit a specific threshold before I do. Based on your experience, that caution appears all the more appropriate.

I have an IT background and see all of this is automated. That combination alone causes me to react with an abundance caution. I've seen enough code slip streamed in my career to beware of the law of unintended consequences. And it appears that has tripped up MakeBTC, opnoskatt and you, in no special order, in Banks 15 and 16.

I hope that you get the 4BTC that is outstanding. That is very significant and I am very much interested in how MakeBTC responds to that as well as makes it right. That point is important to the future of the project as well as my faith in it. Of course, I have nothing invested in it I can't afford to lose. As I stated I am playing with the house's money at this point, so all I can lose are paper profits. I believe both opnoskatt and you are in similar positions, albeit with more paper profits on the line.

Collectively, we'll know more if and when the 16th bank is hit. I want to see us all whole. You have much more to gain than I.

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Re: MakeBTC.org Pyramid Scheme
by
jmalec
on 02/02/2014, 16:51:52 UTC
Speaking solely for myself, a small, early investor, all of my actions have been recorded properly and I have received my withdrawals as advertised. I have recouped my initial investment and am playing with the house's money, again public record.

I read with concern with beetje2207 and opnoskatt's comments about receipt of shares sold. That said, I wait with interest to read MakeBTC's response, if any. There is usually more to the story and my analysis needs the depth to go along with the length and width. Experience tells me plenty is missing from this specific discussion.

Personally, I find it of concern that beetje2207 and opnoskatt cashiered the bulk of their positions all at immediately as a new process was instituted. In fairness, more so beetje2207 as he had the larger position, thus more to lose. While they are entitled to their analysis and investing style as am I, collectively redistributing over than 13 of a 15 BTC bank in a matched pair of moves is a dicey move especially with new changes in the production software. Using the same percentages would close most hedge funds much less a small project like this. In perspective, 2 of 175 investors made the biggest move. That is a red flag to me.

My personal style would have been 1 or 2 BTC the first bank increasing over the next several banks, spreading the hit out a bit while more importantly ensuring proper operation of the new process prior to entrusting a larger sum to it. But that's my caution speaking.

I also watched with amusement where beetje2207 subsequently reinvested and received a bonus from himself, a move I'm sure was not contemplated by the developers. An easy enough fix  when thought about but easily not anticipated in advance. C'est la vie. At the time, my analysis was he wanted to stop out his liquidation and remain at a lower level. Comments in this thread change that analysis with additional information.

As for me, I plan to monitor the project for potential future profits as well as this board for entertainment along the way.