Review Inequalities is a Scam Bitcoin Exchange (BEWARE)

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Is Bitcoin Wealth a Scam? Know The Whole Truth About Bitcoin Trading Bot

Trading cryptocurrencies is big business. And where the money is, you can always expect to find scam artists lurking and waiting to pounce on unsuspecting investors.

The latest cryptocurrencies trading scam is bitcoin wealth. It’s being marketed as an automated binary options trading software that will make you thousands in profits per day.

Since its launch late September, there’s no doubt that it has received a lot of interest. But every wary trader is asking one question. Is bitcoin wealth a scam? This bitcoin wealth scam review will expose all the details that make this system one you should totally avoid.

Its “free” Very few options traders can overlook a free opportunity to make money. Bitcoin wealth is marketed as a free to join the system.

However, it comes at a price. You’ll be expected to deposit at least $250 with the broker you’re assigned to enjoy the benefits that come with this system. And that leads me to the next red flag Bitcoin wealth will only link to unregulated brokers.

This means that your money will be held by a business that might decide to disappear and have no one to answer to. When this scam is finally exposed and goes under, anyone who invested their cash will lose it.

Two brokers this software is linked with are ArgusFX and Pure Market. Trying to link the software to a regulated broker account will simply fail.

The claims made are unrealistic

The promo video makes a bold claim that you can earn a minimum of 0.3 bitcoins per day on autopilot. Calculating based on the current bitcoin value, that’s at least $1000 per day.

This claim is based on the software’s programming. According to its creator, it uses artificial intelligence algorithms which make it almost impossible to lose on a trade.

Regardless of how any options trading bot is programmed, the possibility of losing on trades is always there.

You cannot see how this software works

After dishing out several hundred dollars with an unregulated broker, you can expect to earn thousands of dollars per day on autopilot. Without knowing how this software does it.

While I wouldn’t mind making money this way, I don’t believe that the bitcoin wealth app is the way to do it. There’s too much risk involved and there’s no way of knowing whether any trades entered have ended ITM or OTM.

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Fake owner and testimonials

The bitcoin wealth scam was purportedly created by Max Carney. After conducting some research, I found the same person being the creator of a similar cryptocurrency scam system called Crypto Wealth. Besides both systems’ creators having similar names, they’re quite similar in design.

The system’s marketing involves the use of video testimonials. None of them sound convincing. In fact, I suspect that these are paid actors reading off scripts meant to paint a rosy picture about this scam.

That’s not all. The earnings disclaimer used in the promo video explains that all messages are meant to demonstrate what the app can do. You won’t find a clip of the software actually placing trades or making any user some money.

Final verdict

There’s no doubt that bitcoin wealth is a scam. It’s designed to lure in unsuspecting traders by being packaged as a free to join the system. Once you’ve invested your money with one of their unregulated brokers, you will be expected to trust a bot whose working you cannot understand to make you thousands of dollars each day. There’s no doubt that there’s a lot of money to be made trading cryptocurrencies. However, it’s not worth it to invest your time or money with the bitcoin wealth scam.

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Bitcoin Exchange Igot Challenges Scam Allegations

Yessi Bello Perez

Bitcoin Exchange Igot Challenges Scam Allegations

UPDATE (30th July 16:54 BST): This article has been updated with additional comment from igot users.

The founder of Australia-based bitcoin exchange igot has refuted claims his business is a scam.

Igot recently came under fire, with many of its users complaining about delays to their withdrawals, branding the company “untrustworthy” and claiming they’d been robbed.

Rick Day, igot’s founder told CoinDesk the delays particularly affected fiat withdrawals, attributing them to a number of factors.

“They [the issues] are as not as big as they appear from the outside … one of the biggest issues that we have with delays is banking relationships.”

Strained banking relations

Day said the exchange had received a few incoming fraudulent transactions into one of its bank accounts in Australia.

“The person sending the funds basically used stolen bank accounts to fund igot wallets and withdraw bitcoin and [then] disappeared,” he explained.

This particular igot user, Day added, had a verified account, which raises questions around the company’s verification procedure. Day explained:

“Their account got verified by providing legitimate documents. Problem is, it was not that person’s ID. We’ve seen this many times and enforce video calls for many of our users to prove they are who they say they are. By the time we got to that point with this account, it was too late. The bank had already restricted the account and funds frozen.”

To overcome this issue, Day said, igot will require users making deposits over a certain amount to engage in mandatory video calls in the future.

The founder said progress had been made and he expected account restrictions to be removed by mid-August. “We’re certain that we will be able to resolve all the withdrawal issues in the next one to two weeks. Banks have so far been very cooperative and we’ve assisted them with their investigations.”

In order to prevent these kind of issues from happening again, Day noted his company was looking to procure additional banking partners.

“We’ve established a more solid relationship with other banks internationally … We’ve opened multiple accounts in multiple countries so we do not depend on any one bank and be in this situation again.”

Although, CoinDesk has not seen evidence of these relationships.

DDoS attacks

In addition to its strained banking relationship, Day claimed igot had also been subjected to a series of “very sophisticated” DDoS attacks in the past weeks.

The attacks, Day said, were not targeting the site itself, but the wallet addresses by sending ‘dust’ transactions.

This, he said, has been mostly contained. “We have started rerouting such transactions, removing such addresses and suspending such accounts. We’ve made some good progress here and are going to resume normal services soon.”

One Reddit user, who goes by the name of fernetbreakfast, voiced his dissatisfaction with the company:

“Excuse after excuse, now 30 days missing $12,000USD. DDOS excuse for last tw weeks – these guys are about go under. Buyer beware.[sic]”

Others took to Twitter to note the inconvenience caused by the ongoing delays:

@iGotcom Very very worst service I have ever seen my life. Small businessman like me can’t afford this type of delay.

Damage control

Day sympathised with users, but calling igot untrustworthy or feeling that they have been robbed was not, he said, a fair assessment.

“Were withdrawals delayed? Absolutely. At the same time, we were able to make many payments.”

The intention of the business was not to rob people, he said. “Our business model works great. We have some really big potential and are not one bit interested in robbing users.”

One user, who is owed $400, told CoinDesk: “I am not sure it is a scam, however, what is ridiculous is the support shown to every customer who is as nervous as I am about the status of my money.”

Previous issues

The recent events aren’t the first to cause people to criticise igot’s services. In May this year, users also complained of delayed withdrawals. At the time, igot assured its customers the issues were due to a “major upgrade” to its system.

Nevertheless, Day said people should not “write off” his company, stating that it has been running for 18 months and has many satisfied customers.

“We provided great customer service to our customers and will continue to do so,” he concluded.

In the meantime, many igot customers are still awaiting access to their funds. A user who is owed over $15,000 told CoinDesk:

“Rick … constantly promises payment ‘shortly’, but never delivers. I have learnt the painful lesson of never trusting him with my money. He uses convenient but difficult to verify excuses such as bank issues, upgrades and external attacks.”

This article should not be viewed as an endorsement by CoinDesk. Users should do their own research before trusting their funds to any company.

Read more about.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Inequality in a Bitcoin World

So let’s assume at some point in the future bitcoin has replaced fiat currencies and we thus have a fixed money supply. Let’s also assume we have increasing production and therefore deflation.

It seems that wealth could then be preserved simply by holding onto it without even taking some investment risk as one has to do today.

Wouldn’t the effect of this be to make the wealthy extremely risk-averse? Wouldn’t this increase wealth inequality and make social mobility more difficult?

Footnote: Defending Some Premises

As one can see below, there is an extensive discussion below with @david-schwartz on whether the premise is correct in the first place. To keep this a bit more readable I’ll update this post with what I think are his main arguments and my view on these.

Is (predictable) deflation even possible?

He argues that no such thing as predictable deflation can exist. I think that is incorrect. If you have constant monetary base and increasing productivity (e.g. technological innovation), you will have deflation. There is nothing contradictory about that.

Investment & Deflation

He also argues that if you don’t invest you become poorer thus if the wealthy don’t invest they won’t remain so. But let’s say you have 10% deflation and spend 8% of your money, then you are becoming richer every year (i.e. your purchasing power increases). This massively diminishes incentives to invest and it seems that would reduce social mobility (all else being equal).

2 Answers 2

As Bitcoin is a digital-specie currency, if it replaced all fiat currencies it would be the equivalent of reverting to a (digital) gold standard and can be answered in much the same way.

Firstly, a gold standard is deflationary. Explaining this again and again is tedious, so I’ll summarise:

  • People provide goods or services to others and receive IOUs for other goods and services, redeemable on the rest of the world; this is the essence of money.
  • As more people interact and do so faster and faster, the money supply must expand to reflect the transaction volume; otherwise earlier unredeemed IOUs are worth more than new IOUs for the same goods and services.
  • A currency with a fixed limit (be it Satoshis or Gold atoms) will either not expand (everything has been mined) or will expand slower than the rate required by the economy for its money supply 1 .
  • Hence, either society cheats and detaches their promissory notes from an exact gold amount (fractional reserve banking and the like) and thus moves towards a fiat currency; or suffers the acute boom and bust cycles of purchasing power and liquidity depending on when hoarders hoard vs sell their stockpile. If you are that lucky. Strictly speaking, hoarders as rational actors would hoard forever and the entire economy would need to bootstrap from barter or a different currency.

Secondly, possession of a deflationary currency encourages hoarding if the society is forced to use only that currency.

A person with a large amount of deflationary currency will consider it an investment as its purchasing power will increase the longer they don’t spend it (sell the IOU for goods and services). Everyone receiving the currency will do the same 2 . The economy slows down both directly through forgone purchases and indirectly through no investment in endeavours with a risk greater than zero.

Wouldn’t the effect of this be to make the wealthy extremely risk-averse?

The wealthy are already extremely risk-averse. This isn’t as apparent in a fiat currency as those currencies reflect (however poorly due to manipulation) the underlying economy 3 where inflation driven by productivity growth, population growth and the price/wage spiral requires equity to be put into risky investments that outpace inflation. Indeed this relentless hunt by the wealthy for places to park money without the risks of normal productive investment created the sub-prime mortgage and financial derivatives market. And the counter-reaction of deflationary cryptocurrencies, when in practice honest propagation of risk information would have prevented the same crash.

So yes, a deflationary currency would allow the wealthy to better express their existing risk aversion.

Wouldn’t this increase wealth inequality and make social mobility more difficult?

Both inflation and deflation entrench existing wealth inequality as the countermeasures require discretionary wealth to begin with. But while inflation forces the rich to continuously re-inject their wealth into society to keep it 4 , deflation requires them to hoard their money unless they just want to give it away. A lower and middle classes (i.e. those without sufficient assets to thrive without working) must spend what they earn and thus are essentially subsidising the rich in a deflationary economy; at the cost of their own social mobility.

1. A true post-growth society wouldn’t need an expanding money supply. But then the key differences between specie and fiat currency would be irrelevant to an “economically static” society anyway. Money itself would simply be a token of energy or entropic appraisal with culturally-specific multipliers.
2. Except poor people living hand to mouth. Which is why widespread poverty is considered to be an excellent way to keep money circulating in an economy that would otherwise be deflating.
3. As more accurate currency price signals out-compete inaccurate signals over time due to exchange velocity and trustworthiness of face value; hence the slow and often belated but forward progression towards currencies that better reflect the global economy.
4. This doesn’t make them any poorer as they own, to use a trite Marxist phrase, the means of production. But it does circulate the money which is a good thing. Consider it the objective of lending the serfs ploughs to work their allotment instead of hoarding the ploughs uselessly in the castle.

There is no hard fixed requirement that Bitcoin remain a deflationary currency.

It is possible – though perhaps not likely – that exchanges and mining consortiums will transform into (or be purchased as) off-blockchain central banks with the capacity to manage Bitcoins as a fractional reserve or outright fiat currency.

How can Bitcoin Reduce Economic Inequality

Economic inequality is a highly debatable topic, yet it is frequently misunderstood.
Economic inequality refers to “income inequality distribution” and “wealth inequality distribution”.
What Is Income Inequality?

According to investopedia, Income inequality is an extreme concentration of wealth or income in the hands of a small percentage of a population. It has been described as the gap between the richest and the rest.

When we speak about economic inequality in this article we are speaking about countries with democratic systems because those with totalitarian regimes are equally poor except their leaders and oligarchs.

Yet when speaking about income inequality in democratic countries usually the blame is on factors like the labor market, education, growth in technology creates more income gap, economic neoliberalism, globalization, race, gender, etc.
But there is another factor that affects the income distribution on the first place and it is the inflationary monetary system we have.

But what is inflation?

According to Wikipedia: In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy.

Basically, our fiat monetary system is designed in a way that enriches the wealthy more while impoverishing the poor more.

Of course, someone can argue with this thesis, saying that in this monetary system all the players are equal and the same rules apply to the rich and the poor, so why would the inflation be a cause of economic inequality?

The answer is simple because not the same rules apply to the rich and the poor.

To explain why we need to take an example:

Let say Bob works 40 hours a week and at the end of the month he gets $2,500. He has 3 children and after removing taxes and expenses he is able to save $200. After a year he has in his saving account $2,400 and after 5 years he will be able to have accumulated in his saving account $12,000.

Being able to save just a small amount monthly Bod decides to leave the money in cash instead of investing it, but without an adjusted wage contracts after a while Bob is not able anymore to save the same amount anymore because of the inflation rate increase and at some point he may need to spend from his savings to maintain the same lifestyle.

This is an example of why people feel that they can never get ahead.

But why did inflation has such a big impact on Bobs ability to save money? Like Bob millions of people work with contracts that are unadjusted annually for inflation rates. While Bob’s wage is table his purchasing power decreases.

On the other side, while Bob is being stolen systematically, the already wealthy people are benefiting from inflation.

Inflation is the main cause why real asset prices constantly go up and the wealthy are those who hold such assets, like real estates for example.

This is why the inflationary Fiat system helps the increase of the income inequality gap.

Before 1968 the U.S. had the gold standard which prevented the money printing without gold back up, but then they decided to break the gold standard. This gave the government the ability to manipulate the economy and the result was levels of inequality never seen before.

So how can Bitcoin reduce economic inequality?

Bitcoin is a decentralized currency with a limited supply. Emission of new coins is halved every few years. What bitcoin simply does is removing inflation. The bitcoin monetary system is transparent, based on open source software code and immune from any government intervention that might print easy money.

If bitcoin takes over the world becoming a global currency, it would have a big impact of reducing the economic inequality and we would see for the first time people under the average income levels starting to see a rise in their purchasing power.

Bitcoin might be the best way to reduce economic inequality. This doesn’t mean that education, labor equality, etc are less important, but bitcoin attacks the problem from the source, making possible the change of the monetary system bringing back the sound money.

About Author

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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