Karatbars International’s V999 Ponzi rebooted as MineBase
Back in June Karatbars International investors were being funnelled into an Acua Wellington branded recovery scam.
Whatever Acua Wellington was it’s come and gone. Harald Seiz has now rebooted Karatbars International as MineBase.
I haven’t seen the email myself but, as I understand it, Karatbars International investors received an email sometime in the last few days.
The email advised them their V999 token balance had been converted to MBASE tokens.
Karatbars affiliates were then further instructed to log in to MineBase’s website, using their Karatbars International credentials..
MineBase has been set up on the domain “minebase.com”, first registered in 2014.
The private registration was last updated on July 2nd, 2022. MineBase’s website went live on or around August 11th, so Seiz appears to have acquired the domain in July itself.
Update 16th August 2022 – MineBase also operates from “minebase.io”, registered by Karatbars International GmbH on May 1st, 2022. /end update
In the “our team” section of MineBase’s website, Seiz is listed as “Dr. H.C. H.K. Seiz”.
“Project generator”, really? I don’t know if this is an attempt to mask Seiz’s involvement, make him feel more important… or both.
I’m not an expert on names but the rest of MineBase’s team looks like they all come from the same region.
As to what MineBase is, despite only existing for a few days, the company falsely represents it has been around since 2017.
Welcome to Minebase. This project comes from a situation that originated in the past. It started in 2017 when there was no regulation for cryptocurrencies.
The goal at that time was to create a coin and back it with gold. In 2018 the law was changed by the regulator.
There were new regulations to list a Stabel token. As a result, the project could not continue. It was crucial to me as an entrepreneur to find a solution.
I have been working on it for more than three years now. I hired some specialists, and we analyzed the whole crypto market.
If that sounds familiar, it’s because it’s Harald Seiz’s sob story to explain away Karatbars’ KGC crypto Ponzi collapsing.
After Karatbars Charman of the Board Josip Heit went off to launch his own G999 shitcoin Ponzi, Seiz attempted to reboot Karatbars’ crypto Ponzi with V999.
Yeah, as dumb as all this sounds that’s what happened.
V999 went nowhere and, other than a meltdown in late 2020, two failed reboots (Lifebase and some unnamed project), Seiz lay low.
Seems Seiz might be short of cash, and so now we have MineBase.
Since the tokens are created from the various fees already incurred, no profit is made here on the CTP.
The most important reason for me to make this project successful is to reward the people who trusted me.
Therefore, a total of 45,000,000 bonus tokens were awarded.
From what I can gather, MBASE is an algorithmic stablecoin (*crypto jargon trigger warning*).
After the MBASE is listed on an exchange, the following tool is used six months after listing.
The market is analyzed with a smart contract. If the token falls 10% or more, 0.025% of the tokens yet to be activated are burned.
Since the tokens that are burned by the CTP will be the most expensive ones (see algorithm list) the reduction of the token value is enormous.
In the end, one token through the CTP costs $793,041.08. When these are burned, reduction in total supply is very high.
The price of the MBASE falls from ten euros to nine euros. On the Exchange. There are still 100 million tokens in the CTP system. 100,000,000 – 0.025% = 25,000 tokens.
The CTP value of the token is 793,041.08. These tokens are irrevocably burned. The new maximum number of MBASE is 249,975,000 MBASE tokens.
Following Terra and Luna collapsing back in May, it’s universally accepted that any algorithmically manipulated token/coin is ultimately doomed to collapse.
Beyond that I don’t want to get into it because (a) it’s boring and (b) it has nothing to do with Karatbars investors wondering how they can cash out.
MineBase’s website mentons etherscan a lot, so I’m assuming MBASE is an ERC-20 shit token. MBASE is attached to a smart-contract, the marketing for which makes no sense.
(*crypto bullshit trigger warning*)
So you have MBASE right, which apparently is generated by exchange fees that have nothing to do with MBASE.
No tokens are sold but created by the fees in Etherscan, the Bitcoin network, from the decentralized top 20 exchanges and by an app with which one can produce these tokens.
This bullshit is called “Creative Token Production”, or CTP.
The user is supposed to deposit at least ten Minebase tokens. It will automatically assign the user a wallet address for 72 hours.
All fees incurred by this wallet will be credited to the user. When this wallet reaches a total of $6.50 (the current price for token creation), the user will receive a Minebase token. In 72 hours, the wallet address is automatically replaced with a new one.
Depending on how much tokens you deposit, you can get up to 20 wallet addresses from the entire crypto market.
When the CTP price increases, you will receive up to 45 times the value of your wallet address fee as shown in the table.
“The table” is MineBase’s “CTP Algorithm Table”. It details an MBASE token’s starting price of $6.50, something something algorithm and it turns into $793,041.08.
Oh and if all that didn’t put you to sleep, you can also install some app on your phone and it’ll give you MBASE for every 6 km travelled:
If you walk six kilometers (3.728 miles) with your smartphone, you will generate one MBASE token.
The faster you walk (or maybe you even jog), the faster you generate the MBASE token.
As soon as you reach $6.50, you will receive a code. Once you enter this code in your back office, you receive the MBASE token.
And if you don’t want to
walk get in a car and travel 6km, you can also install some other bullshit app that’ll just generate MBASE over time:
With this app, you can create the MBASE.
The MBASE CTP starting fee is $6.50. 4% out of these $6.50, which is $0.26, are credited per hour in the MBASE Wallet.
When one MBASE is reached, the process of CTP creation stops. A code is displayed. This code must be transferred to the wallet at Minebase. Done.
So how does this nonsense fit into Karatbars International?
The idea is that Karatbars victim’s V999 is converted to MBASE. They can participate in MBASE or just cash out.
Cash out what?
Yeah, that’s where all this falls apart. You can program some algorithm bullshit to manipulate MBASE’s internal value. Once MBASE is inevitably dumped on public exchanges, it’s not going to last long.
The Terra/Luna algo Ponzi scheme lasted about a year and a half. That was with billions invested by gullibles who mostly lost it all.
Some shitty MLM Ponzi coin that nobody outside the Ponzi cares about, pre-loaded with victim bagholders… I’d tell you to do the math but the math makes no sense to begin with.
How quickly MBASE collapses isn’t possible to accurately predict.
What I do know is MineBase is one of the dumbest crypto projects I’ve seen. Talk about a solution without a problem.
Honestly, why the fuck does a token who’s imaginary value is pegged to transaction fees that have nothing to do with it, need to exist anyway?
If you’re reading this having received the Karatbars email, let us know how it’s going in the comments below. I know a lot of you are going to sign up because V999 is dead anyway, and really so long as you don’t hand over any more money, there’s nothing to lose.
There is mention of staking on MineBase’s website so this might eventually just devolve into your typical shitcoin staking Ponzi (what Terra/Luna was).
No idea if there’s an MLM component to MineBase, none is mentioned on the website.
Update 16th August 2022 – Looks like MineBase has seen Karatbars’ MLM business model reduce to single-level commissions.
This is from MineBase’s user-agreement:
Minebase has created a compensation system in which everyone who passes on a recommendation receives tokens.
This means for every new token created, the referrer receives a 10% fee in tokens.
These are credited directly to the referrer’s Minebase account. To receive the token there are certain requirements.
This would mark the end of Karatbars International operating as an MLM company.
Update #2 16th August 2022 – Till we see evidence to the contrary, MineBase is probably a Russian Karatbars recovery scam.
Update 17th August 2022 – Through an August 17th Instagram post, Harald Seiz has confirmed his involvement in MineBase.
Many questions still remain. Primarily where the money Karatbars victims are going to want to withdraw will come from.
Update 13th June 2023 – BehindMLM has published a MineBase review.