Mining City Review: Bitcoin mining securities fraud investment scheme
Mining City provides no information about who owns or runs the company on their website.
The Mining City website domain (“miningcity.com”) was first registered back in 2003.
The domain registration was last updated on December 20th, 2018, which is likely when the current owner(s) took possession of it.
“Prophetek” is listed as the domain owner, through an incomplete address in Cyprus.
Considering Cyprus is a scam-friendly jurisdiction, there’s a good chance these details are fake.
A video titled “Founder MINING CITY at Investment Seminar (Vietnamese Translator) 05/2019”, was uploaded to Mining City’s official YouTube channel on May 17th, 2019.
The video depicts a man with a distinctly eastern European accent presenting Mining City to a Vietnamese audience:
As you can see, the individual is named in the backdrop but it’s blurry.
With a bit of poking around I was able to find a higher resolution shot of the backdrop:
The founder and CEO of Mining City is Grzegorz Rogowski.
On LinkedIn Rogowski (right) goes by Gregory. I’ve also seen him credited as Greg Strong.
According to Rogowski’s LinkedIn profile he’s based out of Poland. This is presumably where Mining City is being operated from.
Prophetek started up late last year and appears to be a shell company through attached to Mining City.
Based on his LinkedIn profile, Mining City is Rogowski’s first MLM venture as an executive.
Despite being run from Europe, Mining City is primarily targeting Asia in their marketing efforts.
At the time of publication Alexa ranks Japan (50%), South Korea (26%) and Vietnam (13%) as top traffic sources to Mining City’s website.
Read on for a full review of the Mining City MLM opportunity.
Mining City Products
Mining City has no retailable products or services, with affiliates only able to market Mining City affiliate membership itself.
The Mining City Compensation Plan
Mining City affiliates invest funds on the promise of a ROI paid over 1100 days.
- Standard – $500
- Bronze – $1000
- Silver – $2000
- Gold – $3500
Mining City represents the more an affiliate invests, the higher their daily return rate.
City Mining Affiliate Ranks
There are five affiliate ranks within City Mining’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Citizen – sign up as a City Mining affiliate and invest
- City Builder – recruit at least five Citizens and generate $10,000 in total downline investment volume
- City Developer – maintain five personally recruited affiliates with an active investment (three must be City Builders), and generate $50,000 in total downline investment volume
- City Manager – maintain at least five personally recruited affiliates with an active investment (three must be City Managers), and generate at least $250,000 in total downline investment volume
- Chief Manager – maintain at least five personally recruited affiliates with an active investment (three must be City Managers), and generate at least $2,000,000 in total downline investment volume
- City Mayor – maintain at least five personally recruited affiliates with an active investment (three must be Chief Managers), and generate at least $10,000,000 in total downline investment volume
Mining City pays referral commissions via a hybrid unilevel model.
In this model, affiliates you recruit are placed under you. Affiliates they recruit are placed on level 2 of your unilevel team and so on.
The hybrid nature of the model sees a Mining City affiliate paid 5% of funds invested by their first five recruited affiliates.
From the sixth recruited affiliate onward who invests, 10% is paid out.
From the sixth recruited affiliate the unilevel team kicks in, and multiple levels can be earned on.
- Citizens receive a 5% referral commission on up to ten unilevel team levels
- City Builders receive a 5% referral commission on up to fifteen unilevel team levels
- City Developers receive a 5% referral commission on up to twenty unilevel team levels
- City Managers receive a 5% referral commission on up to thirty unilevel team levels
- Chief Managers and higher receive a 5% referral commission on all unilevel team levels
Note that this is a coded bonus, so if a Mining City is not qualified to receive 5% on funds invested by their unilevel team, that commission is passed upline to the first appropriate level-qualified affiliate.
Joining Mining City
Mining City affiliate membership is tied to a $500 to $3500 initial investment.
The Mining City affiliate backoffice suggests that while investment amounts are quoted in USD, actual investment is made in bitcoin.
Mining City is your typical cloud mining unregistered securities investment fraud scheme.
Once again you’ve got eastern European scammers targeting gullible Asian investors out of their money.
The nature of Mining City’s investment scheme is passive, which qualifies it as a security.
Securities in Poland are regulated by the Polish Financial Supervision Authority. In Japan it’s the Securities Exchange Surveillance Commission (part of the FSA).
South Korea has its own Financial Services Commission and in Vietnam its the State Securities Commission.
Mining City provides no evidence it has registered its securities offering with any of these regulators. Or indeed with any securities regulator in any jurisdiction it solicits investment in.
This alone means Mining City is operating illegally in any country securities are regulated in (pretty much all of them).
Reflective of investor awareness in the countries they are targeting, Mining City instead feigns legitimacy through third-parties.
To that end Mining City publicize partnerships with third-parties, namely BTC.com and MineBest.
Prophetek Ltd. – the operator of Mining City is proud to announce that we have procured most valued services of MineBest Sp. z o.o. as our mining provider.
MineBest will be constructing an entire set of mining containers for exclusive use of MiningCity in Kazakhstan.
We will be posting information about the construction and the equipment on our social media channels.
I can’t stress this strongly enough: social media marketing is not a substitute for legally required regulatory registration.
One of the key reasons for this is because regulatory registration requires companies offering passive investment opportunities to file evidence (typically audited accounting), proving they are using external revenue to pay their investors.
To be clear: I’m not disputing any partnerships Mining City claims it has. I’m stating that from a regulatory and due-diligence perspective, they are irrelevant.
Signing a contract with a third-party is not evidence of external revenue (from any source) being used to pay returns.
Mining City might very well generate some revenue from mining, but there’s no way of verifying whether this revenue is being used to pay returns.
As it stands the only verifiable source of revenue entering Mining City is new investment.
Using new investment to pay existing investors in any capacity would make Mining City a Ponzi scheme.
On top of that they’re also running a pyramid scheme, by way of nothing being marketed to or sold to retail customers.
As with all MLM Ponzi and pyramid schemes, once affiliate recruitment slows down so too will new investment.
This will starve Mining City of ROI revenue, eventually prompting a collapse.
The math behind Ponzi and pyramid schemes guarantees that when they collapse, the majority of participants lose money.
One final point I want to touch on is is that according to his LinkedIn profile, Grzegorz Rogowski worked as Vice President of Marketing for MineBest from August to October 2018.
One month later he launched Prophetek and presumably set about putting together Mining City.
MineBest is run by owner and CEO Eyal Avramovich (right).
MineBest’s website domain was for sale up until a few months ago. It was purchased by Avramovich on or around April 2019.
I’m not sure what’s up with Rogowski’s LinkedIn profile, but MineBest as it exists today only came into existence a few months ago.
To summarize; We have a new cloud mining company nobody has ever heard of, making a bunch of promises about setting up mining facilities in Kazakhstan.
Before any of that actually exists though, we have Mining City already soliciting investment 1100 day returns, purportedly from mining activity.
Update 13th July 2020 – Following changes to Mining City’s compensation plan and the launch of BitCoin Vault (BTCV), BehindMLM published an updated Mining City review on July 12th, 2020.
My name is Eyal Avramovich, CEO of MineBest LLC.
The legitimate company who hosts miners for MiningCity.com
This artical is made by a well known MLM marketer and probably a jealous competitor or so. This artical states a personal opinion without any proofs that MiningCity is a scam.
MiningCity.com is not a scam and is not a security investment. Its a cloud mining system which rents out hash power.
MiningCity clearly states that the visualizations are of a site under build. See Instagram account for real images. Also the names of owners are not hidden and published online.
There are many scams in the market and its always good to be careful. But claming a site is a scam without proofs just points that author is not objective and try to damage the competition buy missleading his readers.
MiningCity offers one of the best mining packages in the market due to low electricity costs. Latest mining machines and hard work. We constantly build new farms and we welcome anyone who wants to visit the farms.
I am personally in contact with the author of this page trying to exchange information and prove him that MiningCity is not a scam in order to clean this post by his free will.
If this page is not removed, its a sign this artical is made by a competition and it missleads the readers.
Do not believe articals who claim that miningCity is a scam without showing proofs back to you.
(Ozedit: attempt to take discussion offsite removed)
Good luck everyone and safe mining! 🙂
Anyone who’s been read BehindMLM for more than five minutes can take this as confirmation our review is accurate.
This is a lie. As I write this BehindMLM has received no correspondence from Eyal Avramovich or anyone else associated with Mining City.
-Mining City is offering a passive investment opportunity, which is a security.
-Mining City is not registered to offer securities in any jurisdiction on the planet.
-Mining City is committing securities fraud.
-Mining City does not market products or services to retail customers.
-Mining City is operating as a pyramid scheme.
You can’t pseudo-compliance your way out of securities fraud.
I dump money into Mining City on the expectation of a represented passive return. I.e. my return is derived via the efforts of others (Mining City).
That’s the definition of a securities offering.
I have provided evidence Mining City is operating illegally and is therefore a scam. The onus is on Mining City to register itself with financial regulators and operate legally.
Posting marketing bullshit on social media is not a substitute for registering with financial regulators and providing legally required investor disclosures.
Dear OZ which is hiding your identity.
If you would register into miningCity.com and check for your self, MiningCity rents out hash power and does not promise any profit. Hash power is a demanding product. It is not regulated and its not a security nor a fraud.
Also permaid scheme on unregulated service is not a scam nor iligal. MLM on unregulated service is not iligal. You misslead other people. For what reason?
I am in contact with a person writing similar things on other page. I thought it is you or related to you. If we are not in contact already, I welcome you to contact me personally and i will provide information proving that our customer MiningCity is not a scam.
Also note that not registering a cloud mining company in every country in the world does not mean its a scam or iligal.
Cloud mining is a very common business in the industry. And miningCity pays direct hash power to renters of equipment on their own risk.
Due to the fact that we simply one of the best in the market, our mining performance is great. And we understand your confusal between miningCity and a scam.
But claiming its a scam without proofs, is iligal bad word by its self. Please contact me if you are really looking for the truth!
Whether you promise profit or not is irrelevant.
Investors are investing in Mining City on the expectation of a passive return, as represented by Mining City itself:
Passive investment opportunities are securities and are very much regulated. Offering unregistered securities is illegal.
Pyramid schemes are illegal the world over. There are no exemptions for cryptocurrency mining companies.
Offering securities in any country that regulates it (pretty much all of them) without registering with the appropriate financial regulator is illegal.
There’s one reason an MLM company wouldn’t operate legally – they’re not doing what they say they are.
Passive cloud mining and/or hash power investment opportunities are not exempt from securities regulation, so I don’t know why you keep going on about not being regulated.
The passive investment opportunity is the securities offering. How you generate passive returns is irrelevant.
As for contacting you, I’m fine with pointing out your commitment to securities fraud here for anyone to read.
If you can’t defend securities fraud here in the comments you’re not going to be able to elsewhere.
(Ozedit: Offtopic derail attempt removed)
To your way of thinking, “my return is derived via the efforts of others (Mining City).
That’s the definition of a securities offering.”
Its pretty much covers all crypto currency market. Bitcoin and digital mining work in the same way of miningCity. I would be waiting for your next article saying: new securities fraud – Bitcoin and Bitcoin mining. Hahaha 😀
You can continue argue with regulators on that. Its not related to the fact that mining city is providing the service it promises on the best way possible. Saying its a scam is wrong!
I wish you find your happiness and stop write negative articals on Bitcoin cloudMining!
Nope. “Crypto currency market” isn’t an MLM company soliciting investment on the expectation of a passive return.
Mining City is. By offering unregistered securities, it is thus operating illegally.
I am happy that with every post you are narrowing down your claims. You started with accusing east europeans are scammers to claiming mlm on cloud mining is iligal.
Well, you can try license mlm cloud mining by your self and find out the reaction from legal authorties will be: sorry can’t help you. Your business is impossible to license or enforce by law at this point. Good luck!
Please get a dictionary or translator if English isn’t your native language.
I never said eastern Europeans were scammers. I correctly identified the scammers behind Mining City as eastern Europeans.
And I never said cloud mining is illegal. I stated correctly that passive MLM investment opportunities are securities offerings.
Offering unregistered securities is illegal.
Any business can register a passive investment opportunity with financial regulators. All they need is the proper documentation.
Seeing as you want to be a disingenuous dumbass about it, your example is akin to McDonalds trying to register a hamburger. Please don’t waste my time.
(Ozedit: derails removed)
In practicle, miningCity customers rent mining plans on their on risk, but they safe due to none interest of law to enfornce businesses like this. I write this with confidence and experience.
(Ozedit: more derails removed)
“Renting mining plans” is not the problem. Offering a passive investment opportunity to consumers (i.e. a securities offering) is the problem.
The sooner you acknowledge this and stop coming up with strawmans (“renting mining plans”, “crypto currency market”, “cloud mining”, “hash power”, “bitcoin” etc.), the sooner we can move on.
Thanks for your last comment. In reality miningCity rents out hash power not offering a passive investment. They will be asked to change the marketing materials accordinagly.
Eventually your comments are not half bad ! Thanks! 😉
Yeah see, that’s pseudo-compliance.
The point made in quoting Mining City on its own investment opportunity is that they acknowledge its one. So you coming on here claiming otherwise looks silly.
If the quoted paragraph from Mining City’s website is removed, that doesn’t affect the business model – which is still a securities offering.
It’s like a guy filming himself stealing an apple off a card every day, and then uploading the videos to YouTube.
Someone points out he’s stealing, and his response is “Oh I know, I’ll just delete the videos.”
As long as he continues to steal he’s still committing a crime, whether it’s on film or not.
Similarly as long as Mining City solicits investment on the representation of a passive return (give us your money and we’ll turn it into more than you give us), it’s a securities offering.
Mining City could have a blank website with nothing on it except an affiliate login form but, as long as the current business model doesn’t change, it’d still be a securities offering.
Every coin has two sides.
You try make mining looks like a security business. But in reality renting Hash power is a safe demanding service.
Show me one case SEC was chasing after cloud mining companies where they run a honest and fair business.
Securities fraud has one side.
You’ve either registered your investment opportunity and are operating legally, or you aren’t.
Cloud mining isn’t illegal, offering unregistered securities is.
Here are some examples of MLM companies offering passive returns through cloud mining being issued securities fraud cease and desists in the US:
–Power Mining Pool
–My Crypto Mine
Note that with respect to MLM related securities regulation, there is no difference between federal (SEC jurisdiction) and state-level securities law.
Offering unregistered securities is also illegal in every country securities are regulated (pretty much any modern country).
These other businesses might be real scams or run a real investment pool and someone got cheated had another interest to bring SEC to them if any.
MiningCity is a transparent cloud mining system. You rent Hash power and you know exactly how much TH/s you buy and your daily costs.
Anyways, miningCity registration and purchase is blocked in USA. Only landing page is not blocked, but you cannot buy anything there.
No need to speculate when the facts are known.
Each company offered a passive investment opportunity, paying returns purportedly derived via cloud mining. Exactly the same as Mining City.
Putting aside the fact securities fraud is illegal the world over, why wouldn’t you just register with the SEC and provide evidence you aren’t recycling newly invested funds to pay existing investors?
Neither cloud mining or offering a passive investment opportunity is illegal in the US. The only reason Mining City would choose not to operate in the US is if it isn’t doing what it claims it’s doing.
Why it is not registered to SEC is a question to the legal team and maybe it is not possible for this type of MLM business, but if a claim should be changed, it will be changed.
Thank you for your kind comment!
Any business offering a passive investment opportunity can register with the SEC. Ditto with the equivalent financial regulator in any other country securities are regulated in.
A passive investment business opportunity has to be able to register with the SEC etc., because it’s required by law.
Any competent lawyer familiar with securities law should have advised you committing securities fraud is illegal.
Your opening comments however suggest you’re operating ass-backwards. That is now running to the lawyers after Mining City has launched.
MiningCity is not a security fraud. There is a billion dollar industry of producing hash power and miningCity just rents out hash power.
There is a possibility to program the machines to pay directly to each user. Making it 100% clear its not a pool or passive income service.
Anyway, checking out things with lawyers is better than never. Not sure that your comments will even make any difference due to mlm regulations on renting hash power service is not clear.
wrong. it’s already too late. you really have no idea how actual mining works. but you’re just in it to mine other people’s money from them and the truth prevents you from doing that.
Again with the strawmans. Regulators don’t care how you offer securities, only that they are being offered.
As long as I can dump money in Mining City, do nothing and get back more than I invested – you’re offering a security. Securities law is that clear and it’s as simple as that.
Most cloud mining companies do not register with SEC. To call all of these companies a security fraud is not the interest of the public if they provide the service they claim.
Also miningCity is blocked in USA. The discussion here is more about general legality if cloud mining and not related to a scam.
When you write scam most people think about ponzi scam or cheating the customers stealing their money directly.
This is not the case with MiningCity and spreading a bad word claiming its a scam is a felony by its self!
And if you continue delete my messeges they will be published outside of this blog anyway pointing this blog. Cheers!
Everybody else is committing securities fraud, so we can too.
Doesn’t change the fact that Mining City is committing securities fraud and operating illegally.
Blocking your illegal scheme in the US also doesn’t change the fact that securities fraud is illegal pretty much everywhere else in the world too.
Had you of been operating legally, you’d be able to point to filed financial reports proving you aren’t recycling invested funds.
By choosing to operate illegally, you can’t provide your investors with any meaningful reassurance.
Nope, that’s a strawman.
Offering investors a passive investment opportunity is a security. With respect to securities regulation, how you generate (or don’t generate) the passive return is neither here nor there.
It could see you on the hook for wire fraud though if 100% of returns paid out aren’t attributable to whatever ruse you come up with (cloud mining in this instance).
This isn’t Facebook. If you want to offtopic rant and rave I wholly encourage you to do it elsewhere.
Undersatood your point.
MineBest focuses on hosting miners for MiningCity and others.
If trying to go to a more legitimate path, one direction MiningCity could potentially go is moving from renting hash power to hosting miners of customers.
Its 100% not cloud mining. Its just members paying miningCity for hosting fees. And machines need to be connected directly to members wallets. It does not require to register hosting service to SEC as far as I know.
I will explore this direction with Greg of MiningCity.
Thanks for your comments!
If I can dump money into Mining City and collect a passive return, it’s a security (in any jurisdiction).
Undersatood your point. MineBest focuses on hosting miners for MiningCity and others.
If trying to go to a more legitimate path, one direction MiningCity could potentially go is moving from renting hash power to hosting miners of customers.
Its 100% not cloud mining. Its just members paying miningCity for hosting fees. And machines need to be connected directly to members wallets. It does not require to register hosting service to SEC as far as I know.
I will explore this direction with Greg of MiningCity.
Thanks for your comments!
There is only one legitimate path if you’re going to offer a passive investment opportunity, registering with financial regulators.
For the umpteenth time, how you dress up the passive return is irrelevant (renting hash power, hosting miners etc. etc.).
If I hand your MLM company money and you pay me a passive return, that’s a security.
Actually hosting does not work like that.
You dump electricity fee to hosting company and get Bitcoin directly from Blockchain pools such as BTC.COM
Are you suggesting BTC.COM is a security fraud ?
BTC.com isn’t an MLM company offering a passive investment opportunity. If you wish to discuss it do it elsewhere.
As long as Mining City’s business model sees affiliates invest funds with it and later receive more than they invested through their Mining City account, it’s a securities offering.
For the umpteenth + 1 time, what you do with the funds after they’ve been invested is irrelevant. Passive returns = security.
In the suggested new business model, affiliates just buy miners and later they see more than they invested through BTC.COM account directly.
Two different systems. Then MiningCity is not a pool and not a cloud mining. Just a MLM computing power product reseller. In this case MiningCity is not responsible for passive return = not security.
So are affiliates investing in BTC.com or Mining City?
If Mining City isn’t collecting funds and paying out, why does it even exist? Why don’t affiliates just invest with BTC.com?
And how is Mining City going to fund its MLM business if it’s not collecting money from affiliates?
Affiliates buy equipment from Mining City.
BTC.COM is just a software tool to connect machines to the Blockchain network.
MiningCity just resells mining machines with enough margin to operate the referal plan and gives the option to host the machines with MineBest.
MiningCity or MineBest are not involved in the earning of the machines. MineBest just provides cheap electricity and internet. Affiliates need to cover the hosting cost at end of each hosting month. This is a standard hosting service MineBest provides today.
lmfao! no……no they do not. you can’t buy something that doesn’t exist.
So the money is deposited with Mining City. Affiliates do nothing but continue to deposit funds with Mining City, and eventually more than was deposited is also paid out by Mining City?
Yeah, still a security.
MiningCity behaves as a reseller of miners from China. Of course miners are purchased.
Eventually more than was deposited is paid directly from Bitcoin blockchain to affiliate. Not from MiningCity.
Its not a security from miningCity. Maybe from the Bitcoin blockchain network. Now you can write: be careful from a new security fraud: Bitcoin blockchain ha ha 🙂
Guys, lets stop here before it gets out of topic. Thanks!
You can try to justify it however you want.
If I dump money into Mining City and Mining City pays me more than I initially deposited, that’s a securities offering by Mining City.
There is no cryptocurrency mining exemption in the Securities and Exchange Act. Nor am I aware of a cryptocurrency exemption by a securities regulator in any other country.
For the umpteenth time +2, how you generate returns is irrelevant with respect to securities law. The mere offering of an unregistered security is illegal the world over.
Assuming you don’t know how mining works, (Ozedit: Snip, how mining does or doesn’t work has nothing to do with securities law.)
Again, there is no exemption for mining in the Securities and Exchange Act. Nor is there a country on the planet that has exempted mining from securities regulation.
How mining does or doesn’t work has no bearing on Mining City offering unregistered securities.
(Ozedit: derails removed) You don’t even know how scheme of miners work. I propose you will learn this first before writing wrong things.
Miners pay directly to wallets of affiliates from BTC.COM. miningCity cannot be a security. Its only selling one time equipment.
Last time I’m saying this:
How you generate passive returns is irrelevant with respect to securities law.
I deposit funds into Mining City, for no other reason than I do nothing and Mining City will pay me more than I initially invested. That’s a securities offering by Mining City.
Unless you can point to a crypto mining exemption in the Securities and Exchange Act, or by a financial regulator in any other jurisdiction, I’ll be marking anything further on crpyto mining as spam.
MiningCity pays you nothing after you buy an equipmeny. Yes. Its your blog.
You can write that miningCity pays back when it is paid from the blockchain. Not from miningCity. Take care!
So the returns paid to affiliates are not transferred through Mining City at all? They don’t appear in the Mining City back office?
Neither Mining City or Mine Best touch return funds paid to affiliates? Mining City or Mine Best have nothing to do with the crypto wallet accounts returns are transferred to Mining City affiliates?
Of course not.
Affiliates dump money into Mining City and Mining City pays them a return. That’s a securities offering.
So the returns paid to affiliates are not transferred through Mining City at all?
They don’t appear in the Mining City back office?
Neither Mining City or Mine Best touch return funds paid to affiliates?
Mining City or Mine Best have nothing to do with the crypto wallet accounts returns are transferred to Mining City affiliates?
You write “of course not” on what base?
You are wrong!
Learn how mining work first please
On the basis of you writing…
So anyway, if what you’re typing is accurate, why does Mining City and MineBest exist?
You claim affiliates are investing directly into a third-party and are then being paid returns directly by a third-party.
If no affiliate funds are transferred through Mining City or MineBest (investment or returns), why does it exist?
Also as per Mining City’s compensation plan, only one deposit is made to sign up. So if people are investing directly in a company that has nothing to do with Mining City or MineBest, how does Mining City even know who has invested what?
why does Mining City and MineBest exist?
In that case Mining City resells miners only using a referal plan.
MineBest is the prefered option for low cost and reliable hosting.
Pay back is the responsibility of the affiliates. They can instruct MineBest which third party mining pool to connect thier miners to. Such as BTC.COM. Its a one time software configuration inside the miner.
The connection between affiliates/hosting clients to MineBest is through a CRM software just to manage hosting customers and to charge electricity and other hosting fees. But not to manage their pay back.
The relationship to MiningCity ends after they pay for the miner only. MiningCity does not track pay back because its not under its responsibility after it got paid for the equipment.
Does this make sense to you or you want a money flow drawing ? 😀
So affiliate funds are in fact deposited with Mining City/MineBest.
Who owns the account with the mining pool (i.e. how does the equipment MineBest attaches to a pool correspond with a Mining City affiliate account)?
affiliate funds are in fact deposited with Mining City. To buy mining equipment only
Who owns the account with the mining pool:
The end user.
how does the equipment MineBest attaches to a pool correspond with a Mining City affiliate account?
There is no relationship between the parties in this case.
MiningCity recommends the end user to host with its trusted hosting partners. It could be MineBest today. It could be another farm tomorrow. From that point, affiliate account in MiningCity has no function anymore.
BTC.COM manages the mining pool account of the affiliate
MineBest manages hosting only. No managament of affiliate pay back from BTC.COM. Its completely two different systems.
This is how it works today in every hosting farm. There are no news here.
So who’s lying, you or MiningCity?
This is what’s on MiningCity’s website and is the opportunity I reviewed:
Mining City == MineBest, so if your whole song and dance hinges on pretending they’re separate companies – you’re not fooling anyone.
Also let’s just stop and analyze this “new” business model.
Why does Mining City need affiliates for if it can just hook up mining equipment and run it at profit?
Use that profit to buy more equipment and… why aren’t you and Gregory Rogowski swimming in infinity money yet?
No one is lying. You just try to justify your article with zero knowledge in mining as you proved here.
Me and you discussed a new model of work could be better and be shifted to it easily.
Need to discuss this with Greg. He is on holiday. I will ask his opinion on this later.
Greg owns MiningCity which runs the website and marketing and I own MineBest and provide Mining solutions to MiningCity and other clients.
I am sorry do you want to be the accountant? Reveal your self first before asking financial information in public…
So in other words this is all hypothetical and Mining City is and has been committing securities fraud since launch.
No, I’m just pointing out that your hypothetical business model is bullshit. If it was profitable to plug your hardware in and generate infinity money you’d have done so.
There’s no need to sell the hardware to affiliates and only collect electricity fees.
Anyway considering this is all hypothetical and Mining City is currently committing securities fraud, we’ll leave it there.
Feel free to let me know if the business model does change, otherwise Mining City is and continues to operate illegally.
I’ll be nuking any more hypothetical arguments from you because it’s a waste of my time discussing what doesn’t even exist.
The reason the business did not operate in this model is because of historical reasons and not financials. And if this is the legal direction to go, the financial element will not be a problem.
Obviously you know zero about financial of mining then you have no right to call it bullshit. I just had to explain to you a few times how mining hosting work and it seems like you know zero about it.
(Ozedit: derails removed)
I know it makes no sense to offer people hardware on the promise of a return, over just running the hardware yourself and collecting a return.
Unless the returns are garbage and the real money is in selling people the promise of a return.
Anyway like I said, no point in any further discussion because this isn’t Mining City’s business model.
The business model is correct as reviewed, which means Mining City is indeed committing securities fraud and operating illegally.
Pool BTC.com; MineBest and Kazashtan government does not sell their souls for Scam.
Nobody needs to sell their souls to scam people. They just need to run a scam, which by committing securities fraud, Mining City does.
Got it? (probably not)
With regard to the above conversations each other, just want to be clarified on the followings;
1.Prophetek in Cyprus: think it’s paper company and somewhat suspicious,but it’s O.K for me regarding as SPC for business setup due to difficulties in registering business in Poland or other reasons. Would it be right? (still doutful, anyway..)
2. Affiliates invest their money to Miningcity thru Miningcity website and buy the miner and get the hash powers.
The invested amount would be used for buying miners (made in China), while Minebest operates the facilities (miner, electricity and cooling) in Kazakhstan. Is that right?
I just wonder how many capacities(numbers of mining computer)are there currently and future plans. I heard there are three sites in kazakhstan, one of which was finished but the others under construction.
Considering being in short supply from China due to increasing demand recently,I’m worried as an invester.
3.Understand BTC.com is simply managing mining pool accounts of affilates, and Miningcity who’s bought or rented out the miners of Minebest is connected to BTC.com for software transactions only. Am I correct?
Is Miningcity investing any other mining pools besides Minebest? The reason I ask is that there would be a lot of money invested to Miningcity so far,most of which should be used for buying miners but supply-demand problem at present.
I don’t think Miningcity is scam,but to gain a trust Miningcity and Minebest should provide information on the current status to investors, number of miners hosting or renting, operating and etc.
Understand also Miningcity is one of Minebest clients. not exclusively. Is that right.
I look forward to any comments of the aboves
Mining City == MineBest. It’s all part of the same scheme.
Cyprus is a scam-friendly jurisdiction. Unless the owner lives there and is operating a company from there, there’s no legitimate reason for an MLM company to shell incorporate there.
Without independently verified audits, you can be fed anything on social media.
Social media marketing is not a substitute for regulatory filings and actual due-diligence.
Thanks for your comments.
I,of course,understand there have been so many scams in crypto currency market. I’ve given it a lot of thought when investing to Miningcity.
Hoping Miningcity project trustworthy as an investor, I’d like to get information on my previous inquiries (numbers of mining computer…….) from Mr.Eyal (Minebest) or Mr.Greg (Miningcity).
Hoping to hear from them.
I don’t have a problem with them answering your queries.
Any pivot into a marketing pitch however will be marked as spam.
as i saw in the beginning the company registered as mining city.com on 2003 and updated on 2018. is there continuity through out the year or kink or fragmentation?
on current days what the world think about mining city?? in the feed back i read so many harmful comments, is it real??
Uhm..there has been no reply so far from Mr.Eyal (MInebest)or Mr.Greg (Miningcity). Still hope to get information.
Well,what I like to point out is as follows;
How many mining computers are being currently operated in Kazakhstan?
When investing thru miningcity website, I got the hash powers like many other investors, which would be, I thnk, obtainable by operating computers.
I Suppose the total invested amount from Japan, Korea and Vietnam would be more than 300million in US dollar till now, 63% of which should be used for buying mining computers, 35% of which for marketing(referral..), 2% of which management expense as far as I know.
At the recent business information session held by Miningcity, I heard of diversifying mining computers (S9:antminer,M21:MicroBT..) because of short supply problem in China.
Considering the price as Us$400/computer (regardless discounting on a quantity purchase), the numbers of mining computer should reach about 470,000 whereas indicating the numbers of hosting computer just more than 20,000 in the Miningcity website.
Even upper level person of our team doesn’t seem to know in detail, either.
To make this project for the long term, more transparency is needed. It takes for granted all the investors have right to know if their money is properly used or not and companies have their duty to provide information related.
As an investor, hope ardently this project trustworthy.
Hoping Mr. Eyal or Mr.Greg visit this site again, I look foward to information including future plans.
Uh Mining City definately didn’t register the domain back in 2003. The company only recently came about and thus only recently bought the domain off someone else.
The comments are real in that they exist.
Wow…very interesting to read!!!!!! OZ you know your story hey!!!!!
If that’s a polite way of stating I know my shit, well yeah you’d want to hope so! 😀
I found an article on your website:
If you haven’t followed the story, (Ozedit: Snip, we have. See below.)
When Genesis-mining case and desist have been resolved they can sell theirs cloud mining passive investment in US? And what is the diffrence between Genesis-mining (fully legal operating in US) and MiningCity (That you claim is illegal?)
Waiting for your reply
I wanted to know more about what is Security. I found a definition of security on Investopedia.
I don’t think that renting out hash power can be taken as a consideration of a financial instrument. It doesn’t represent ownership in a publicly traded corporation neither. Also, renting out hash power cannot be traded or negotiated.
I found an information about Genesis-mining being involved in Cease and Desist letter from the South Carolina Securities Commission
If you haven’t followed the story, (Ozedit: Snip, we have. See Below.)
So from what I understand cloudmining is not security and is fully legal?
That’s one definition. With respect to MLM regulation any passive investment opportunity is a securities offering.
If you want to verify this go over any of the SEC’s cases against MLM investment schemes.
With respect to Genesis Mining, it’s not an MLM company. The MLM company it got in bed with is Swiss Gold Global, which to this day remains an illegal unregistered security.
Not withstanding Swiss Gold Global has since collapsed and rebooted as Utopian Global.
If you want to know more about how South Carolina applies securities law to MLM and non-MLM companies, you’ll have to contact them.
In any event cloud mining offered as a passive investment opportunity, as Mining City markets, is a security. This is where Mining City falls short of securities laws globally.
(Ozedit: If you’re not going to engage our readers and answer their legitimate questions you don’t get to dummy spit)
^^ Eyal doesn’t want to answer any of your questions. Make of that what you will.
Very interesting to learn about all these things about Bitcoin mining.
I will be joining soon through the person who recruited me and also is sending me more material to read.
Hopefully there’s something in that material on how to deal with Ponzi losses.
Hi, There is something that OZ didn´t know and I think it is relevant.
Mine Best was a mining company contacted and hired by a Bitclub Netowork Korean High Rank promoter who became millionaire with Bitclub to create a clone of Bitclub and compete with it so, that’s why Mining city appears… that´s the company Mine Best created to clone Bitclub Network.
Gregory Rogowski the CEO of Mining City has not experience at all about network marketing they are relaying on Bitclub high rank promoters experience who betrayed Russ Medlin Bitclub Founder who help them in the near past to become millionairs.
With that being said…the questions & Possible answers are:
Why Mine Best create a separate company to handle the MLM?
Answer: Because they are collecting lots of money from mining city that go to mine best…when they acquire to make Mine Best one oh the biggest Worls Mining company..they can close Mining City with any excuse and protect their mining company….but how about investor?
Fuck them all..Mining city and Mine Best are 2 different and separated companies.
Why Mining City suddenly reduce the Hash power offered for example on the 3500 plan that offered 70 TH was reduce to 35 TH if they are mining experts?
Answer: Because Mine Best is not as big as they say they are and while mining city is growing in customers they adjust their plan conveniently.
Mining city offers specific hash rate plans and we all already know that MLM grows exponentially so , what is going to happen when mining city won´t be able to fulfill exponential hash rate orders?
Answer: It doesn´t matter by them Mine best will be multimillionaire and there are 2 possible options to Mining City.
Option one: pay the last first members with the money who paid new members ( ponzi).
Option two: Close Mining City.
We all know that there is not a clear regulation for mining business, that´s why transparency is the only way to trust in a legit mining operation.
Bitclub show us their main bitcoin address where they receive Bitcoin mining compensation (155fzsEBHy9Ri2bMQ8uuuR3tv1YzcDywd4).
why Mine Best doesn´t have the same level of transparency if they created Mining City to compete with Bitclub?
MiningCity and MineBest are probably two of the most transparent and honest companies in the mining industry.
When we provided all the electricity sources and mining proofs, do you know what happened?
Jealous companies tried to spread false news, (Ozedit: feel free to provide supporting evidence. Spam removed.)
Mining City is still committing securities fraud. There has been zero regulatory disclosure filings.
Eyal Avramovich Hi,
I´m not a judge and by law I have to presume that you are an honest person and not a scamer.
I understand that there are not clear regulation for crypto o mining projects. I also understand what you said…that if you reveal information like electricity source, that could affect your company…but we are within Blockchain time…and Blockchain means transparency…
Bitclub the Mining Farm that you cloned with mining city is no perfect but they did show us their main address where they received mining earnings…and nobody has used that public information against them, so that´s my concern…why do you hide it?.
I know main Bitclub “Leaders” joined Mining City pursuing commissions not mining earnings and they today bet their lives for Mining City…but they did the same for Bitclub…
ok is their problem but in my case I joined Bitclub because they were not perfect, but they proof me, they were legit.
Your main Hispanic leader says…Javier Rodríguez has too much good questions…but I (Your Hispanic leader) all I care about is money…tell me Eyal….I have to be a cold money mentality promoter to join MC…and fuck the rest of the people?…
or there is a place in MC for people who wants to make money without forgetting about the people who trusted you and get to join what you ( me) promote?
If you answer to this question is affirmative you need to proof that you are mining what you say are mining…otherwise only money care people will join MC but those …tomorrow will betray you…
why?… remember…they only care about money.
Did you all get it…
the all of things need to find out is that they… MiningCity said that the mining contract is used to mining “Bitcoin Project X” (Nano X), it wasn’t for mining Bitcoin.
based on the “Bitcoin Project X” case… mean that MiningCity get the money, buy more mining hardware, then they used to mining the real “BITCOIN”, then they keep its profit in BTC……. while, their customer rent a hardware for mining Shitcoin which is no need to be mining… since they were “CENTRALIZED”.
MININGCITY ->> get the real Bitcoin
USER –>>> get SHITCOIN
That’s the clue how to solved WTF MiningCity is.
So it’s all clear.
1. MineBest dint care about Shitcoin “Bitcoin Project X”. Since MiningCity used their equipment to mining the real Bitcoin. But they sell mining contract its customer for mining a fake Bitcoin (aka Bitcoin Project X).
2. BTC.COM also didn’t care about “Bitcoin Project X”. Related with MiningCity is their Customer, which is joined in their pool for mining Bitcoin.
How about miningcity’s customer contract?
User mining the fake bitcoin, not the real one. So user will get the fake bitcoin.
If you want to get answers contact MiningCity.
If you are looking to spread lies. Continue write about what you don’t know.
Pointing out the Bitclub Network legal case published today. this is exactly the reason why we agreed to mine for customers as MiningCity. Because of real transparency. The company garuantees hashrate and hosting costs.
Also its on the way to be compliant to SEC.
Either Mining City is registered with the SEC, you’ve filed audited accounting reports and you aren’t committing securities fraud.
Or Mining City is not registered with the SEC and you are committing securities fraud.
By your own admission it’s the latter.
Mining City == BitClub Network as far as securities regulation goes. Not withstanding Mining City is not registered to offer securities in any other country either.
But uh yeah, by all means reach out to Mining City to receive bullshit alternative facts on securities regulation. Worked out great for BitClub Network.
One clue that this is truly a scam, is that ARI MACCABI is pimping this con!
Please highlight me, i was recruited in july and since i did not know this mining city, the guy who recruited me gave me his business account to deposit and promised to register the accounts for us.
now i see a different story about this nining city, how do i report this issue to mining city, because some of my money is gone and he is still scamming people in the name of mining city.
So uh you gave your money to some random, who kept it.
What is Mining City going to do about it? And if you do really want to get in contact, surely Mining City’s website would be the first port of call?
Kindly assist with the website of mining city.
They (Mining City) started offering Bitcoin mining…then suddenly started offering a new coin that is going to be better than Bitcoin .. first they called it Project X… then last 21st Of December announced its name… Bitcoin Vault and it´s symbol is BTCV…
But when you search for this coin on CoinMarket … there is another coin with the same symbol BTCV that´s older and different than this new Bitcoin Vault…
So is this Bitcoin Vault Real? …y asked some promoters and they said..it is real you can see this new coin listed on Coineal exchange…
So, I started to investigate it and I realized that this Bitcoin Vaul is not a real crypto, it is a IEO ( Initial Exchange offer) promoted by Coineal exchange, that is the worst IEO Exchange according to this article …
A mining opportunity doesn’t need its own shitcoin. This is just another layer of fraud (pump and dump token exit-scam).
Also where are you getting this info from? There’s nothing about Bitcoin Vault on Mining City’s social media accounts (their news section hasn’t been updated since March).
I was scammed by Bitclub and the same Scammer Dorte Winther Hansen tried to convince me to spend my money in to this SCAM to compensate my Loss in Bitclub!!
I am so done with people like this!
Darren Little is pimping this one also after Dunamis (aka Dunamis Mining aka Dunamis Global Tech) collapse.
Dunamis also announced it’s ”merger” with something called Onyx Lifestyle just before Bitclub Network was busted.
Coincidence? I don’t think so… Also, what could possibly go wrong with this one…
ARI MACCABI is pimping this crap heavily. That alone makes it a huge red flag.
Ari never does “legit”. Stay away from this and everything he promotes 😉
Hi, is mine best mining city scam or not??
Read the review.
What is the relationship between Mining City and Bitcoin Vault?
Do Not invest, you will loose your Bitcoins! Hodle them is my advice! Do Not invest in mining! This is a Ponzi!
For me is easy to know if Bitcoin Vault is a shitcoin or altcoin. Just visit coinmarketcapt and if it is not listed, is a shit one, even if it’s listed but there’s no data.
BTCV is listed in coinranking but it has neither total supply nor circulating supply.
Coineal has not phisic address where you can check if it’s veridic exchanger or not.
Personally I don’t need more info to know Mining City is an scam.
PS: here in Spain, the mlm law don’t allow to pay any commission for joining other people.
All CLOUD Mining systems died in 2017, CLOUD mining never invesment will got ROI in 1000 days, you (MineBest & MiningCIty) KNOWs this facts very well… and you know that PHYSICAL MINING (without MLM), ROI oscilate between 3 and 18 months.
BitClub Network are issue as fraud / scam, and MiningCity will goes SCAM in a future…..
At starting you offer GOLD Pack (70th) at 3500$…..
GOLD Pack (35Th) at 3500$……
In the next 2-6 month (after halving) you will offer GOLD Pack (17,5Th) at 3500$…. right ? you are scamming to the people.
Hi, and this is the proof that are you (MiningCity) scamming to the people
People send real money to you > MC > you send real money to MB (Minebest) to financing S19Pro, selling 3500$ and offering 35Th (S19Pro cost 2950 $ at 110Th), so you are getting +500$ and 75Th for free & lying to the people with a piramid scheme & offering lower “hashrate plans”…
Some users comments here, are saying that this blockchain project is completed centralized (all asic machines own MineBest) and dont exists a PUBLIC POOL to connect via Stratum, so in fact its a potential RISK for abuse attack (51%) or manipulates the prices.
here its linked a video-explanation in spanish about these points!
hi, I have been in touch with guy trying to recruit me and joined some online meetings, they claims establish a new project with name 100 country project, but the head of it is mining city.
there was abvious lack of info about how the mekanisme of profitting, just promises with revenue and I received a discount for brownse package.
i have not participated yet so thanks guys for all usful info.
I was about to invest in this shit.. R11 000.00
Thanks to Oz.. You’re an eye opener and I hope others will stop being so ignorant about this criminals mining city.
There are not open PUBLIC POOL to mine this shitcoin. Its CENTRALIZED & MANIPULATED Blockchain & shitcoin value.
Marketcap is 0, price is totally manipulated, now its working cuz still people is entering to the pyramid scheme.
With 35Th and 2 halving per year your “mining reward”, will be ridiculuos.
Price its 100$ per Th , the REAL price for Th in the INDUSTRY its 26/27$ per Th for new-gen miner.
Pd. We are serious & professional miners and have real operations in others countries.
Hi, a question for @Eyal Avramovich , why your shitcoin has no OPEN PUBLIC POOL ?
i will tell to you the answer, cuz, Hashpower its CENTRALIZED and MANIPULATED by you MINEBEST, your shitcoin is only supported by your PONZI SCHEME VICTIMS.
Hi, you are saying in public video, its DECENTRALIZED: youtu.be/-mpblGcDIMU?t=2303
Where are the PUBLIC POOL for your Shitcoin? Where is the STRATUM protocol in order to connect to your pool?
While its keep in Private & Manipulated way (Hashpower & Price), your shitcoin will be a scammer investment fraud pyramid ponzi scheme @Eyal Avramovich
Hello, here its the PROOF OF THE TRUTH……………
You MC/MB , MANIPUTALTED BLOCKS i.ibb.co/Fsbsvtd/MC-2.png (Proof of Blocks manipulations)
As you can CHECK you was Hacked 3 weeks ago, and yo closed door to MINE YOUR SHITCOIN……. So you are in CONTROL more than 51% , we can check here only 1 miner (MINEBEST) in the blockchain , i.ibb.co/pXrN1Vx/MC-3.png (proof of blockchain centralized)
also the PRICE its linked to COINEAL (+80% market) & LIQUID so your shitcoin is not supported by MARKET , just only your private partner and you can MANIPULATED the prices…. your VICTIMS that enter the PYRAMID….
Oh my GOD, they remove OUT the pair BTVCUSD, i.ibb.co/rfwn9pd/MC-6.png, hacked again? hahahaha.
Mining city vault and bitcoin network is just a ponze scheme and worst scam of our time.
The officials operating in Kenya was arrested for operating ilegaly.
Source on that arrest claim?
MiningCity is not a scam as far as I know.
Those who claim it a scam will know in the future that what you’ve been thinking is wrong. Sick and tired of listening to those false remarks. Let’s see who’s right and wrong.
Pls don’t ever try to judge a book by it’s cover. It’s quite different from what you know and understand.
To be clear, I’m not one of the members of MC nor an investor. Mining City is a company that sells hash rate to mine BTC in other words.For me, I don’t understand why this is a scam.
You don’t have to “solicit” people to invest. You can just invest and earn from mining.
There is no point at arguing that MC is a scam. I already know that it isn’t and you will also know in the future.
Securities fraud is fraud. An MLM business operating with a fraudulent model is a scam. Time has no bearing on fraud.
So where are the legally required audited financial reports proving as much? Oh, turn out you “know” dick.
Just a question, why the market CAP of their coin is appear to be zero?
As I see Bitcoin Vault has a price of approximately 60$ and Has 0$ market cap.
can someone explain it to me? Thank you.
Marketcap 0 and price increasing its a unrealistic or manipulated market, that its the short-answer… the large asnwer…
There 2 variables that they never will show…… 1) Market Cap…. and 2) Circulating Supply
Why ? simple…. they want keep marketcap hide and “manipulated” in few exchanges (COINEAL has +80%) , cuz, once the PYRAMID goes down, they will DUMP the price.
2) Circulating they can’t show, also the offer is manipulated, its a private blockchain , they got hacked before (at early weeks, external people could mine BTCV with hashrate, and in recent days also offen, but they are making “ophan blocks”).
So the coin-offer surpluss the “sell-packs” of offer it self. They cannot show the truth because will discover the scam at early-stage.
@Mr.S.Nakamoto: Can you explain for me about that? Here I see 4k workers?
@c3c3c3 , yes because its a MANIPULATED blockchain (that workers are the OWN MineBest miners), as you can see… its not a regular hashrate power (sometimes appear 1/0 miners other 3000/4000), NO PUBLIC (neither Stratum URL), for connect to the people.
MineBest can MANIPULATE the coin-offer (mining it themselves) and reducing the “mining-coin-offer” for the PONZI VICTIMS
Its example for MANIPUTALTED BLOCKS i.ibb.co/Fsbsvtd/MC-2.png (Proof of Blocks manipulations) as you can see the “Ophan” means, someone mined the block and they rewrite the blocks.
@Mr.S.Nakamoto: Is that you? So supprise :D. I see your name when read the Bitcoin vault whitepaper :)!
By the way, there are many evidences so that MC/MB and BTCV is a big scam?
– Manipulated blocks: i.ibb.co/Fsbsvtd/MC-2.png
– They can’t show: 1) Market Cap…. and 2) Circulating Supply. I- ‘ve already ask they and receive the answer that “We will show them after list on ten exchanges” ==> Can you believe that?
– They can’t show STRATUM protocol for people can connect to their pool. There are not open PUBLIC POOL to mine this shitcoin – BTCV. Its CENTRALIZED & MANIPULATED Blockchain & shitcoin value.
– The PRICE its linked to COINEAL (+80% market) & LIQUID so BTCV is not supported by MARKET , just only MC/MB’s private partner and MC/MB can MANIPULATED the prices
– BTCV is hacked at least one time in the past: i.ibb.co/rfwn9pd/MC-6.png
– Bitcoin Vault is not a real crypto, it is a IEO ( Initial Exchange offer) promoted by Coineal exchange, that is the worst IEO Exchange according to this article:
MB is not scam themselve Minebest its a real infraestructure mining company.
Scams its the Fraud Ponzi Systen (MC), they are generated its illegal its most EU countries & USA.
The Promoters also promise “millions profit” to you (FAKE) they use emotionals skills for selling a rational biz / industry.
Right now, the BTCV/USD is unavailable in Liquid Exchange because Circuit Breaker Alert. I have just talk with them!
@Mr.Nakamoto: Is this a hacked again? An 51% attack? Can you check that?
Is it an evidence for the manipulate the price of BTCV:
Yes, its simple…. MINING HASHPOWER is CENTRALIZED & MANIPULATED by MINEBEST, this kind of graphs its the evidence, i.ibb.co/pXrN1Vx/MC-3.png, for a PUBLIC Crypto like BTC, its a regular & increasing number of miners & hashpower
For other part…. price is MANIPULATED in COINEAL Exchange ( That Exchange could be connected with the PYRAMID-Korean friend for MINEBEST , i have not absolute proof of ownership friends connections but, weird that +80% market is only in 1 Korean Exchange…)
Right Now……. @Eyal Avramovich is in silence…. because we are showing the TRUTH and he cannot refute the EVIDENCES related to his SHITCOIN (BTCV) … right , Eyal ? @Eyal Avramovich
If this SHITCOIN will goes to more & multiple exchanges, the professional traders & MINERS, will dump to 0$ the value… its a PYRAMID SCHEME that STEAL your MONEY with TERAHASH PRICE x4 MORE EXPENSIVE than Industry price.
They said 5 millions BTCV circulating right now, with 350 millions USD market cap… yes, in a MANIPULATED POOL , HASHPOWER & PRICE.
Yes, these exchange list 86% transaccions are MANIPULATED.
MC know perfectly if release his SHITCOIN in serious exchanges, the market will dump to 0$ the SHITCOIN – BTCV value, so they will work in 10 or 20 exchange manipulated, right?
@Eyal Avramovich, once you release up in 10 exchange you will manipulated price to 200 or 300$ right? So ….. @Eyal is not refuting the TRUTH, weird….
Quoting Mr Nakamoto:
Is there a proof that MC is selling a ponzi system? I’m not a Tech savvy when it comes to crypto-currency nor blockchain and I’m being recruited to join MC and I need to understand more.. any advise?
Blockchain PRIVATE & MANIPULATED HASHPOWER
Markets Not Serious & MANIPULATED PRICE
Introducing people for receiving commission, its a PYRAMID FRAUD SYSTEM, in most EU & USA country its illegal and reported to authorities.
Users not have contract with MINEBEST the only REAL part, MC its only Virtual not real service or product.
You are warned !!
What would be the legit alternatives for someone who wants to invest in BTC?
MC is acting illegally by selling a passive investment scheme to the public without being registered with the relevant regulators.
Everything MC says about where they get the money from to pay investors is therefore bullshit until proven otherwise. By operating illegally you forfeit the benefit of the doubt.
The only proven source of money MC has to pay investors is money from other investors. That makes them a Ponzi scheme.
Ignore people trying to steal your money who say “you can’t prove they’re blah blah” – you know, as a matter of verifiable objective fact, that MC is ilegally selling unregistered securities. Everything else flows from that.
Why do you want to invest in BTC when by your own admission you’re not tech-savvy?
It’s no different from me saying I don’t know much about horses and a day later asking how I can invest in a stud farm. What answer do you expect other than “don’t”?
There is no investment, whether in BTC or otherwise, that will get you rich quick.
I might not be a tech-savvy in BTC related matters as I said but I’m a fast learner and if cloud mining is a thing I’d want to learn about it and invest in it.
I guess that’s true, sadly. But I’m not too worried about how fast an investment is but how reliable.
BTCV market is called in the industry “Pump & Dump Exit-Scam” not exist real demand, totally artificial price increased absolutelly manipulated, also in tech-part its a private & manipulated blockchain, some external miners have been hacked and stolen his coins.
This is a SHITCOIN, not approved by market neither big miners in the industry.
If you want invest in POW crypto i only recommend one…. BTC!
Here again another proof of Blockchain 100% MANIPULATED
Here from page 1 to 10…. only appear 2 miners….
WDMO – Organization created by MINEBEST
KnoxPool – MINEBEST themselves…
WDMO Payout Add: explorer.bitcoinvault.global/address/YhZ5F3s9GJZBg1URrLyyGH7YuLAScLFuqK
KnoxPool Payout Add:
From page 10 and ahead, all is hidding information
Conclusion. 100% MANIPULATED HASHPOWER
It’s not manipulated lol. This is how an ignorance affect your thought.
It’s soooo frustrating that you are just so stereotyped. Just stay tuned and see what happens.
Stay tuned for what exactly? You and your fellow scammers stealing more money from victims?
Time doesn’t legitimize fraud.
Hello, @Converter , all people says ” its Not Manipulated” , just are tech-brainless that works like stupid sheeps, following “Leaders” that manipulates to you with emotional skills
25% people over the world are stupids like you.
As Albert Einstein said human stupity is infinite.
Hi, Oz, yes they are stay tuned to being Dumps and Leaders execute Exit-Scam in his stupids faces… hahaha.
Can you please explain what is stereotyped, or ask your bosses to explain this.
What is false about Hash Power manipulation screenshots?
How long this can last, is there an estimate? BM/MC did serious job about creating real mining sites, hiring people to run mlm, they will all earn a bit of this dirty money.
BTCV Coin price rises drastically in recent times. Friend of mine met some people that promote this company, and wants to invest. So I did a bit of research when I heard it from him.
Same as any MLM Ponzi scheme:
1. Until withdrawals exceed new investment; or
2. the owners prematurely exit-scam.
Yes , its not possible to know the date for collapse.., just only for reference BTCV is a copy BitClub Network ( officially owners arrested )
BitClub worked during 5yr in total, but the main Pyramid is produced between 1-3 yr, in the most cases these kinds Pump & Dump Exit Scam.
Hi,open your FUCKING eyes
Minebest is the only REAL part, they are offering TH at PRICE x4 EXPENSIVE at normal industry prices
You ( Ponzi Victims – Stupid Sheep) are FINANCING , real MB operations with BTC
And they offer to you a SHITCOIN (BTCV)
Absolutelly manipulated in Hashrate & Price
Once major BTCV holders (MineBest) execute exit- scam, you will see price fall down drastically in your stupid-sheep-face.
That its the Facts…
Check this thread or google ” conieal 86% manipulates ” read the manipulation evidences BTCV has only 2 workers in the Pool ( KnoxPool & WDMO = MINEBEST)
anyone has any inside news if mining city will shut down this month soon?
It seems now they are promoting bitcoin vault sales, is it possible the token price just got dumped dead soon?
Trying to predict a Ponzi collapse without knowing how much money is left inside is folly.
You can get an idea if regulators close in and/or withdrawals stop but Mining City isn’t there yet.
looking at coinmarketcap, just a month the Bitcoin Vault moves from 20$ to 90$ in one month! how is that freaking possible??
And there’s no market cap and circulating supply at all.
Its possible with only one explanation….. PRICE MANIPULATION
Price can be easily manipulated….. if this SHITCOIN will be listed in Binance or another Big & Serious Exchange…. it will be dumped to 0$.
Yes, maybe in 1 – 2 months could be forced to closed operations…. i have strong connections in the industry & i dont like these kinds fraud practices.
Hi, mining city has been around for so long. Its weird why they haven’t shut down.
If bitcoin vault is a “non” mlm coin, why does it attach to Mine Best.
1-2 months will be too long to collapse. I think maybe this month may?
There are 1,800,000 BTCVs in circulation. Information passed by Coineal.
I think it is clear that there is risk … but the prediction about when and how it will end is personal speculation, because there are still 23,000,000.
Considering that WDMO is launching the DDMS and MB is promoting the launch of the currency on other exchanges until the third quarter … I am afraid that it will still take this time of “manipulation” suggested …
Anyway, thanks to everyone for the topic and alerts … I think the market gains a lot from these discussions about market advantages and disadvantages, involving personal risks and responsibilities.
Can they easily liquidate their Bitcoin Vault from coineal out to USDT? or it’s locked? If everyone liquidate and swap it to USDT now since the price is 100$, then it will crash
I think any IEO will be like that … mainly because it was just released.
At Coineal, you can exchange for BTC.
Hello, you are wrong following official BTCV explorer at, explorer.bitcoinvault.global/
There are 30,344 blocks at 175/150 BTCV per blocks its around 5.310.200 coins mined , however that its irrelevant.
the most relevant its…. NOT real demands (if major tenant execute exit-scam price will drop drastically) or when withdrawals exceed new investment.
Exchange listed COINEAL & Liquid, manipulates the prices.
Also the blockchain its absolutelly private & manipulated.
Its BTCV/BTC, so if massive selloff occur price will crash drop in collapse.
Curious why is the CEO still not under arrested. Since Bitclub founders did mining has been arrested.
BitClub = US operators and a few years old.
Mining City = European operators and less than a year old.
It seems in some country in Africa, was Leaders arrested, do you have official evidence for it ?
If you’re going to make the claim you provide evidence for it.
There are not solid/legal evidences at this moment in order to claim or take legal actions againts them, cuz they are in PUMP stage yet….. and everything is “working like a dream”.
But i think somone here says …. ” Was arrested for promoting in any country in Africa ” …
Wrong Wrong Wrong. It seems like you are thinking you are someone omniscient. lol.
How do you know that it’s been manipulated? How can you back up your opinion? What you are saying is just called “assumption”.
Pls get some soild, specific evidence that MC is a scam.
There were rumors last year that Mining city will shut down by December last year yet it’s working properly and the company is running. You just don’t know.
You better scrutinize and research about MC/MB before you speak with your “ASSUMPTIONS”
What if MC doesn’t shut down? What would you say then? Will you keep saying it until it “SHUT DOWN” ?
I think that will take MANY YEARS to happen, hope you are not gone until then. This is my “ASSUMPTION” LOL.
Mining City isn’t registered to offer securities in any jurisdiction it solicits investment in.
Mining City therefore commits securities fraud in every jurisdiction is solicits investment in.
Securities fraud = scam. No assumptions, 100% fact. You’re welcome.
HASHPOWER is absolutelly manipulated, could you MINE that shitcoin with your ASIC ? the answer is NO
The fact is Minebest HOLD + than 51% Hashrate for that shitcoin, that mean they had manipulate whole blockchain (with +51% hashpower you can guard your-self for externals), you understand ?
if you are a stupid-sheep emotionated that dont understand tech-part, don’t enter to this business / industry, ok?
In other hand…. Prices are totally manipulated also….. google ” coineal 86% manipulated “….
Totally agreed !
MANIPULATION HASHPOWER EVIDENCES … to show to all stupid-sheeps with facts…..
you only see 2 workers ” WDMO ” & “KnoxPool” both workers are MINBEST, they control +51% Hashrate so they control absolutelly over the blockchain, … that means if you try mining BTCV from external hashpower…. they will rewrite the blocks to you and stole your coins….
They are listed in COINEAL & LIQUID, 2 minor-exchanged and low reputable exchanges that manipulates the market with false trading volume…
Conclusion…. they are running a model called in the industry….
PUMP & DUMP EXIT SCAM …. not real demand for this SHITCOIN, everything is dirty manipulated !
I think it’s easier to get the securities fraud across.
The reality of the MLM crypto niche is it’s full of gullible investors who know fuck all about cryptocurrency.
Ask them about haterz and paid competitors though, and they’ll bore you to death with arduous conspiracy theories.
Guys am really sicked of my neighbor, cuz he invested in mining city and everyday he post about bitcoinvault and the rising of it everyday.
i want the end of btcv if it will collapse or continue rising and when it will happen.
Same as any other Ponzi scheme, when people stop investing.
Or when BTCV-whales execute Exit-Scam
Wrong Wrong Wrong. You don’t just don’t know. (Ozedit: etc. etc. waffle removed)
You asked for facts pertaining to Mining City being a scam, you got facts (#152).
If you’re going to ignore the facts and carry on like a pork chop, we’re done here.
Wrong, wrong, wrong, you are a stupid-emotionated-sheep that dont understand the tech-part, the facts all clearly showed here.
They are executing a PUMP & DUMP EXIT SCAM model in a 100% dirty manipulated enviroment ….. there some Lawyer here ? would like to know lawyer point of view…
do you have a forecast for when this could happen?
If we consider that they have 21,000,000 BTCV … and they are “mining” the currency themselves, through WDMO and KnoxPool (undoubtedly)
Eyal has a physical structure and is one of the most cited people in bockchain events (my research) … why would he create a coin (project X) to take a hit if he has so many thousands of dollars invested in mining machines?
Yep, same as any other Ponzi scheme – when withdrawals exceed new investment.
Same reason anyone starts a Ponzi scheme – money.
Hi, the only crypto that no has ownership its BITCOIN
Other altcoin (or shitcoin like BTCV as its 100% dirty manipulated) have a owner single or company
Check…. LTC, Charlie Lee, he sold all his LTC on the high-price mark…. the biz for creating a crypto is only 1 reason….. money !
digitalmining.org/about-wdmo/ its funded by Eyal Avramovich in USA, and its supporting BTCV (Ponzi Scheme) , some Lawyer here from USA ?
World Digital Mining Organization is offering support in the USA for the manipulated fraud securities scheme BTCV (Mining City).
What does it mean? Now the price went over 130$ its crazy
They (Minebest) created recently World Digital Mining Organization, a ” legal support organization ” it seems, to make ” legal ” coverage in USA, for his Fraud Securities Scheme ( Mining City), trying to join other miners in order to mine his manipulated shitcoin (meanwhile they are the whales of his own shitcoin).
Bitconnnnnnnnnnn … Net (Vault)!
Oh that’s definitely a cringe vote from me.
Hello, I have dedicated myself to reading all the responses to this article, I have seen that they have been on the subject from last year to date.
What do you advise the person who has already invested in MC and has not yet collected his investment? Someone who only takes 2 weeks.
@OZ, @S.nakamoto and others are showing the difference between what is real and what is not,
How we can get benefit from the situation, if you are already wasted your money with ’em. I’m asking a way out plan. totally newbie, but I’ll manage to understand it all
Y’all invested in a Ponzi scheme. Your money was gone the second you handed it over.
There is no magic reverse button.
Hello, i didn’t wasted any money with them, cuz i know very well the market and the tech-part (most important)…. in case you got BTCV coin….. i suggest to you sell it by BTC, and run away.
Hello, I was looking and in some of the comments it said that it was not listed in CoinMarcketCap and if the currency is listed there. It is in three “Exchange”, Coineal, Liquid and MXC, in Coineal there is BTCV / USDT.
Can you explain in detail why they consider it to be a scam, it really is important and I would like you to detail it point by point.
It’s a scam because the business model says so. There is no source of income other than invested funds; that’s a Ponzi scheme.
You want point by point analysis? Read the fucking review.
To be listed in CoinMarketCap is not guaranteed for nothing… Bitconnect was listed in CoinMarketCap also listed un Binance…. Bitconnect reach 400 $USD per coin, before collapse to 0,1$ USD…
Coineal, Liquid , MXC, are low reputable & manipulates prices & market trading volumes…
Check report here: bitcointalk.org/index.php?topic=5222265.msg54405456#msg54405456
Doesn’t Satoshi Nakamoto (the real one) still own most of the Bitcoin in existence, but they’ve been dormant since 2009?
If he ever remembers the password to his wallet and decides to cash out as much as he can, kablooie.
Yes, if i sell the 1,000,000 BTC obviously the price will drop, but dont worry, i am not a fool to make such as it ….. hahaha.
So we’re on common ground that all cryptocurrencies have an owner – the difference with Bitcoin is that the owner lost his password. Or so all the players hope.
Blockchain Bitcoin is safe from 51% attack, (at this moment), it’s only possible if all big pools join hashpower together, but that scenario will not happen, or it’ll kill Bitcoin…
Other POW crypto has a 100% full centralized owner, in this case, BTCV its a shitcoin , where the owner (Mining City) is his own whale.
Big players in the industry will not accept that risk neither his rules.
They are starting blocking some countries
Mining city doesn’t sell investments. They sell hash rate just like genesis mining who just won a massive law suit. I’ve done my research.
If you’re not comfortable with it i understand. Things are changing. Selling hash rate is not deemed a securities fraud in all cases. Their hosting and their DSM are separate companies.
Its uses the same system as BitClub Ponzi Scheme, its illegal in the US and most EU countries.
In tech part, you can’t avoid BTCV whales (Mining City / Minebest) could execute exit-scam, its simply and the facts.
I invest $x and Mining City pays me a passive ROI over 1100 days.
MLM + passive investment = security. What Genesis Mining is or isn’t is irrelevant, they aren’t an MLM company.
“Hash rate” is not exempt from securities law in any country. BitClub Network securities fraud says hi.
You’re welcome to provide evidence to the contrary.
Failing which you’re full of shit regarding having done your research.
If it walks like a duck, quacks like a duck and looks like a duck it MUST be a duck.
Hi, another proof of MANIPULATION…..
They said have 4 EH/s…. or 4,000,000 TH/s, that means more than 71,000 ASIC M21s-56T… more than 235 MW consumption/power….. MINEBEST has only 140MW working right now…..
Conclusion…. Totally FAKE & Pool Hashrate manipulation , Scamers !
Who exactly was arrested? Spreading lies. I know all of them and none has ever been arrested.
For someone who claims to do accurate reviews you have a lot of missing information. You only need to reach out to the relevant people, one of them is on this thread, and very approachable. You are misleading people, no idea what you gain from that.
(Ozedit: derail removed)
Word of advise, when doing reviews look for information, factual information that can be substantiated not just copies from the internet, which is what you have provided.
1)Mining city is Legit, you can take that to the bank,I am a member, I know that and have personally been to the mining facility.
2) BTCV, the new coin has achieved what Bitcoin achieved in four years, in less then three months.
3)The leaders are reachable and approachable, (for all related companies)they have regular meetings with the members.
I author every review published on BehindMLM from scratch. No idea what you’re talking about.
Seeing some hardware doesn’t make Mining City “legit”. Registering their passive investment opportunity with financial regulators and providing legally required third party auditing does.
Couldn’t care less.
Thank you for failing to address Mining City continuing to commit securities fraud and operate illegally.
Just as before, no new information, I am referring to the snippets from different websites that are in your post.
I will not engage further, lets check after three years.
You need to do your checks on this. I will not provide it.
You appear to have very limited knowledge on Crypto currencies and their regulation. You are welcome for a free class.
Cryptocurrency is not exempt from securoties regulation in any country.
Thank you for confirming Mining City is not registered to offer securities and operates illegally.
What is so hilarious is that on this site you can find lots of comments exactly like yours, going back less than a year, but about BitClub Network. Including personal visits to the mining facility being offered as proof of how legit they were.
Those visits, and the mining facility, were quite real: you can still find lots of videos of them on Youtube, just search for “bitclub network iceland”.
When watching them remember that the happy investors in those videos, terribly impressed by all that wonderful mining machinery that was making them rich while they slept, are the dupes who were being robbed by their wonderfully friendly hosts.
Again, it’s as if you’re coming to us through a timewarp from about a year ago, and talking about BitClub Network.
You can see their reachable and approachable leaders meeting with the “members”, as such people like to call the dupes whose money they’ve stolen, in those same videos. Except for the one who’s a fugitive from justice, they’re now being extremely reachable and approachable in jail.
One problem with people like you is that you have no idea how unoriginal you are. Absolutely everything you say has been said, in almost word-for-word identical form, by too many people like you to count, about too many past scams to count.
The comments sections on this site can often seem like they’re stuck in an endless loop. That’s because scammers, and the people who fall for scams, are mostly stunningly unoriginal, and keep playing out the same predictable scenario, over and over again.
1) Yes Mining City, business is introducing people into a Ponzi Scheme (illegal is most countries), of course, we have no doubts about it…
2) BTCV is 100% price manipulated , do you know why price only goes up ? i will say to you. MANIPULATION (PUMP & DUMP SCHEME)
Ask to you Leaders-Gurus… why this shitcoin is not listed in BINANCE or other major exchange ?, the answer is simply, the market will dump to 0$ this shitcoin.
3) The leaders are reachable…. and ? that is not guarantee.. the guarantee is not the people, its the system, (tech-part)…. you simply are a emotinated-stupid-sheep, that do not understad tech part….
Hi all. A friend of mine joined mining city last year April and i am considering investing (hence i googled to check authenticity).
One thing i get through these comments is that “Mining City is not registered to offer securities and is illegal”. I wish this could be addressed to convince me before i lose my hard earned pennies, but then again who is legit?
Because it seems like everyone is defending their shit and wants to make people see the other as scam.
Sounds like all of them at one point would collapse. (but boy i envy the lavish life my friend lives and i would probably blindly and stupidly “invest” and hope to rip benefits “while the sun shines” before Mining City “collapses”). So long folks.
If you want to verify that Mining City isn’t registered with the financial regulator in your country, run a search on their website or ask them if that feature isn’t available.
It’s not hard to verify Mining City isn’t registered to offer securities in any jurisdiction it solicits investment in.
BTCV listed in a new SCAMER EXCHANGE = HOTBIT
BTCV is the King of Scamer Exchange
I’m just reading all the forum, and to my best understanding MC and BTCV seem a Pump and dump exit, controlled by the owners of the thing, selled in a Ponzi way.
It seems accepted by the fact that they dissapear from the forum.
However there is a fact that doesn’t match with the rest. If the idea is to make a Ponzi scam, why are they so silly to expose the name of the owners and have such a starring role (like answering to this forum in the earliest part)?
That means they are ready to be identified and in jail in very few years… why did they make that instead of having a more organizational approach? It just looks silly.
Same as any other Ponzi scheme, because money.
There’s a sub-section of the MLM underbelly that’ll still invest in a Ponzi scheme if they see company owners.
Don’t forget… many of these scams are “directed” and “owned” by a kind of disposable figurehead CEOs and leaders.
Real masterminds controlling the scams can remain behind the scene, unseen.
EYAL AVRAMOVICH, HAS DISSAPEAR HERE DUE TO ONE REASON…. HE IS A SCAMMER …. S C A M M E R …. once BTCV will reach 1000 $USD they will execute EXIT-SCAM , be careful (This is INTERNAL info)
Now, Eyal, come here and answer this thread…. SCAMMER, CHEATER, LIAR.
CEO Eyal disappear? He was doing zoom meetings still.
Is BTCV exit scam now?
Could you interfere with Mining City and BTCV somehow?
Yes, BTCV its a PUMP & DUMP EXIT SCAM model (same as BitClub), Eyal knows it… nobody in the big-industry & professional miners will buy his SHITCOIN….
he knows its perfectly….. BTCV only has a stupid excited sheep herd unwary buyers that dont know the Internal/Tech part……..
Non-real market envolved there… only its a false-volume market data, (Eyal is buying false market data to Minor-suspicious exchanges)….
Do you know why this Shitcoin is not listed in BINANCE ? ask to Eyal…
Coin Market Cap is now from Binance. I do not understand how the BTCV information is listed knowing that they are manipulating the information in those exchanges any explanations?
These days you can get your shitcoin listed on a dodgy exchange. Scammers run exchanges and don’t care.
New Ponzi plan (Bitcoin Vault):
They’ve updated the affiliate ranks. That it?
edit: Ah I see it’s not just unilevel anymore. OK I’ve added Mining City for a review update. Thanks!
MC mining plan is hit up in Korea. I realized four months ago that it was a fraud. So i changed BTCV to BTC immediately when i got BTCV from MC.
I invested about 4000$ and i got 6000$ now, but i certainly believe that MC is a fraud.
In Korea, MC is popular mainly among older people who have no knowledge of cryptography.
I don’t know when but it will end up as a fraud and I will continue to change BTCV to BTC and run away.
I am sorry that I left a comment by turning the translator because I am not good at English. But through this blog, I hope many people realize that it is a fraud.
In Korea, more and more people are investing in MC. Please hope they get out.
Hey. Before i say, sorry about my bad English. I just wonder if you guys know, the Korean guy who opens Mining city seminar(CEO of IDAM) is from BCN (BitClub Network)?
Based on my research on Korean websites, he was “mega monster” class at BCN and somehow he betrayed CEO of BCN and working with MC which copied every single system of BCN.
I went to Mining City seminar at Vietnam (2018) because my best friend was deeply into this and actually worked for them (gathering investers).
That Korean CEO (Park Han il- his name) sounds just like a scammer when i went to his seminar. I did some research based on my friends who is actually in MC and also hardly asked me to join.
Its pure mlm. If i find one invester of 500$ plan (minimum), i receive reward about 100$ amount of bitcoin. And there is something called “boundary system” that I’m not sure what it means but in Korea its well-known terminology in mlm based business.
Hey Oz I was confused about this and almost bought this, but i saw your post and i could start research about this business before i decide to join.
I failed to get my friend out of MC but you got me out. So im writing this with my poor English if i could help you even a tiny bit.
I’m not familiar with Park Han il but I’m not surprised BitClub Network scammers are in Mining City. It’s the same Ponzi business model.
Boundary system = binary. It’s in the new comp plan which is on my list for a review update when it comes up.
Since I do not understand English, I will post it as a machine translation, so please forgive me if it is difficult to read.
Thank you all for your valuable information.
I started speculating on the $35 plan for MC about a year ago, but it was too late by the time I got to this article.
I support this article. I also understand that it is a matter of time.
I think that dividends may approach zero as a sign that the bad mining cloud mining service will collapse. So until then, we think BTCV is safe.
Is this idea like that of an excited, stupid, dirty sheep?
The math behind a Ponzi scheme guarantees the majority of investors lose money.
As an investor, by the time you realize your Ponzi is collapsing it’s too late.
Thank you Oz for this article, I was just contemplating whether to invest on Mining City or not until i found this educative article.
To be candid, I have completed my $500 and planing to buy a plan tomorrow but with the look of things, I’m sure I will just sell my bitcoin still with the crypto exchanger and keep my fingers crossed waiting for MC to crash.
Im a Cryptocurrency trader based in Florida. Since 2016, i trade in Bittrex and Poloniex when most people only recognized Bitcoin.
I did not join Mining City but i trade their coin in (removed), a south korean exchanger. For traders like us, as long as the coin, gives profits, we trade.
I bought a month ago $100, it reach $294.50 and gosh thats a lot of legitimate trading, no mining. So i think, it is not manipulated because i spent two days trying to buy 700 pcs of this shitcoin that gives huge profits.
If it is a scamcoin, when i placed the 700 bid, eyal or who manipulates it akready eat up my BTC in exchange for BTCV. Its not manipulated.
Im all day monitoringcthe coin, there’s real trading. I dont know about the mining part but this coin is good for trading.
Yeah uh you trading a shitcoin has nothing to do with Mining City committing securities fraud because it’s a BitClub Network Ponzi clone.
I would like to buy hash power in Mining City. I found this blog very detailed but i don’t find proofs that Mining City is a Ponzi scheme.
They sell hash power for almost two years. They also changed their plan prices recently. Which is uncommon for Ponzi Schemes. This blog is outdated.
Do you have proofs Mining City is a Ponzi Scheme? No assumption please. Only proofs! LOL. Thank you!!!!
Seeing as you’re all about proof, you’re welcome to provide proof that Mining City is using “hash power” to pay returns.
You’re also welcome to provide proof Mining City has registered its passive investment opportunity with securities regulators.
You don’t get to make unsubstantiated claims and then demand proof of negatives.
I got a suggestion to join BTCV investment and became to know Mining City and Idam Korea. But many things seems to be so strange.
One of the strange thing is that I heard BTCV is only mineable at the Mining City. What is it? If it is true why they should mine BTCV using hash power? It would be more reasonable just to sell BTCV instead of mining BTCV.
At the CoinMarketCap site I noticed that BTCV is “not mineable”. What does that mean?
It means Mining City is a BitClub Network Ponzi clone. Here we go again!
The coin is also mined at WDMO and Knoxpool, it is not just mined by Minebest.
So how do you explain that bitcoin vault is being exchanged in different platforms specifically in Coineal, liquid pro, mxc, bkex and Coinbene?
And bitcoin vault was also featured in Yahoo Finance article saying that it is a safe haven for crypto? See the article link below
How do you explain that?
These days you get your shitcoin listed on some dodgy exchange and go from there. It’s not hard.
Yahoo Finance = press-release spam. You can scroll down and see the press-release was uploaded by Anna Tutova from Bitcoin Vault.
Dear OZ, Mining Best is now here in the PHILIPPINES, and now scamming and promising people false ROI..
Is COINEAL a fake exchanger and manipulates the value of BTCV? thanks your expose on PAYASIAN SCAM derailed their scamming antics here in the Philippines.
Most of the scammers however switch to mining best offering again this new “smart contract”..thanks sir..
I haven’t looked into BTCV or Mining City since publishing this review. It’s queued for a review update, third in queue as I write this.
It seems like the price stuck at $280 and didn’t go up anymore
We will wait for your review regarding the bitcoin vault and mining city. Thank you for the infos!
This BTCV is a sh!tcoin.
If you can see the price between BTC, ETH, ETC, DASH and other coins against BTCV, we can see that the value of the BTCV are NOT decrease at ALL.
If Eyal Avramovich have the value and courage to tell the truth for all of us, we shall know the truth about BTCV.
Oz has the reason. I’m a Cryptocurrency miner since 2018 and I’m looking good sites to claim some coins.
I almost tried to signup in Mining City (it was recommended by a friend), but when i saw the bad reviews, I thought that I saved my money and time.
Yes, WDMO are Eyal Party (MineBest) and KnoxPool are Mining City Leaders & “Mega Monsters”, they are the unique buyers of his shitcoin …. one professional miner or big player in the industry will buy this shitcoin.
Non external miners can Join, if you are a stupid-emotionated sheep that not understand the tech part, we suggest get out there.
Eyal Avramovich its a BIG SCAMMER, he will not come here anymore… he is EXPOSED… right EYAL ?
You only can scam , non-tech & stupid-financial skills people, right ?
Mining city is a scam. dont waste your money guys. its a Ponzi scam.
So funny. There are so many blindfolded people here. I’m sorry but assumptions can’t be a fact.
I just want you to think and have a thorough or proper reasearch before you speak. It’s so frustrating that many people think negatively about what they don’t even exactly know.
I’d agree if that “S.Nakamoto” or “OZ” at least identify how professional they are in this field or they reach Eyal or one of the executives in MC to prove that what they are saying is correct logically. Let’s think on our own nottaught by assumptions.
I agree. The fact is Mining City is a passive investment opportunity, which constitutes a securities offering.
Mining City isn’t registered to offer securities in any jurisdiction.
Unregistered securities = illegal.
Eyal couldn’t explain away Mining City’s fraud in the comments of this review. He won’t be able to now.
Now BTCV over $300! Crazy.
why they need miner to mine there own coin!!!!!
and why they buy a lot off miner and just use 1 miner and sell there hash as mh/s etc ..
Will someone here enlighten me is this LINK legit? Which states or claims that BTCV is currently rank 10th and 11th and the coin market cap as well as coieal token which is at the 17th spot?
But when I search further this two COIN MARKET LINKS says otherwise
Both the BTCV VAULT and COINEAL TOKEN are nowhere to be found?
FEELIN CONFUSE..hope you can help..a lot of bitcoin scammers here in the PHILIPPINES..THANKS OZ and company..
Almost 2 million shitcoins with only 6 million in circulation:
That first link pertains to Coineal only. It’s not global rankings.
We have people going around in South Africa selling this plans and I was right to suspect it to be a Ponzi scheme that works by recruiting more people to join for others to be paid.
Yes, MC only recruit non-tech people or stupid-emotionated sheeps , BTCV its dirty manipulated, following the same Ponzi Scheme as BitClub, PUMP & DUMP EXIT SCAM
Eyal will not come back here anymore to answer all this…. he knows perfectly its a SCAM, right Eyal ?, he is a swindling liar and a coward.
I got this reply to my question: “Has it registered its securities with any securities regulator in any jurisdiction it solicits investment in?”
The response is as follows. Mining City is not a passive income deal at all.
Remember SEC vs Genesis Mining. Genesis Mining won. They proved buying hashpower isn’t against SEC rules. You earn mining rewards. Not money.
The SEC never sued Genesis Mining. Feel free to point me to the case number.
MC is not a scam. It may be a risk, but not a scam. I have had 3 accounts open for 4 months and already got all my original investment back.
I have not sold packages to anyone, no inviting other people. Just bought my accounts and collected daily returns.
Yeah, it operates like a ponzi but there is an importance difference, they are producing something, crypto. Your investment goes into mining.
If that’s the case then why not register with financial regulators and operate legally?
Why commit securities fraud? BitClub Neeeeeeeeeeeeetwork. That’s why.
My friend gained his money double in four months
BTCV is now 371 !!
U just keep talking and its almost one year and nothing has changed MC still performing and getting bigger and bigger while u still talking and saying its a scam !!
Offer a proof !!
MC is soon on binance !!
Its a 1 Billion now !!!
I have bought 12400 package
Plz dont spread lies u can join us oz 😉
I’m sorry what lies? Mining City is committing securities fraud and the majority of investors in Ponzi schemes lose money.
Numbers on a screen != doubling your money.
Who said majority of investors lose money ??
I read all the comments in this forum from 2019 till now for a while i was believing you but now am sorry oz !!
Its been a whole year and nothing happened more people gained a lotof money .
U said its a scam but is not maybe its commetting a security fraud but its not a scam.
Btcv is in bininace soon !! What r u gonna say !!
Btcv is soon on binance !!! What do u say !!
Lose money !!! U r the only one who said that.
All my friend took the original investment and now they are gambling with the extra money.
U will keep tallking for extra year and we will all make more money. Seee you in 2021.
But i will be more rich and you will be more fruad.
When a Ponzi scheme collapses is irrelevant. Math guarantees the majority of participants lose money.
Putting aside committing securities fraud makes Mining City a scam in and of itself, there’s only one reason a passive investment MLM opportunity would opt to operate illegally – they aren’t doing what they say they are.
Mining City == BitClub Network. You can read up on how that wound up.
I say it has nothing to do with Mining City committing securities fraud and running a Ponzi scheme.
I’m sure they are. Best of luck to your scamming friends and yourself.
See you when Mining City inevitably collapses or is shut down by authorities. I won’t be sorry for your loss.
You keep saying it’s committing securities fraud, how is it though as Mining City is not a passive income deal? You earn mining rewards, not money.
With regard to Genesis Mining, They must of won if they are functioning in the USA, right? Otherwise they would have been shut down.
I dump money into Mining City, do nothing and Mining City pays me a passive ROI. That’s not a passive investment opportunity how?
There’s no exemption for “mining rewards” in the Securities and Exchange Act.
Still waiting on someone to show me this fictional SEC vs. Genesis Mining case.
Genesis Mining is operating legally in the USA because they obey US laws. Duh.
Contrary to what so many crypto evangelists annoyingly proclaim, there is nothing about cryptocurrencies that puts them beyond the reach of pre-existing laws, or that makes it difficult for companies dealing with them to comply with those laws.
If a company selling cryptocurrency-based securities gets into trouble with the SEC, it’s because they chose to break the law. Not because the SEC is part of an evil gubmint conspiracy to suppress cryptocurrencies.
Are you another stupid emotionated sheep ?
check, and investigate…… PUMP & DUMP EXIT SCAM.
BTCV/Mining City its like BitClub…. Mining City (Bitcoin Vault) its now in PUMP stage…… when EYAL and his scammers party wants, DUMP the price, they will do.
I’ve read this whole article with all the comments, I would like to share my thoughts, firstly, in my eyes, Mr. Oz speaks some sense various times throughout this whole comments section, but from what I noticed, the only point Oz keeps going back to is ” committing securities fraud”, below is the definition of “Securities Fraud”
From my research and experience with Mining City, I did not see any deceptive practice, they did not mislead me or hide any information from me, I also have not seen any false information and this is not a stock or commodity market.
Oz keeps mentioned they are not registered in SEC, but their business plan does not need to be registered, firstly because they payout with crypto and not fiat, secondly, is that they did not deceive or hide any information that should be available to the public.
They do not operate fully in the US because of this, the hassle and the effort they needed to get registered is not worth the US region at the moment.
They are currently working and are operational in all other regions of the world. So, I’m not entirely sure why OZ keeps mentioning securities, also it would be nice to mention something else that might be a red flag.
I know around 30 different people that have invested in Mining City, Not including the ones I referred to the platform, and 20 of those 30 have already got back their capital invested, and the remaining 10 are getting close, the majority of them withdrew these amounts and cashed out, literally the capital they put in was in their hands.
I have contacted lawyers and friends both in Poland and Kazakhstan to validate my research and information and it was positive.
I have pin pointed their farms in Kazakhstan, which I also verified through trusted sources, that is indeed operational, but this is in regards to MineBest operations, which is 100% legal in every aspect there is, as there are many contradictions to laws regarding crypto mining, but in Poland and Kazakhstan, MineBest has no question marks.
Mr. Oz seems like a decent person and is mostly professional with his words, but, Mr. S.Nakamoto, is indeed a very, rude, unprofessional and an uninformed person, especially the countless use of the following phrases, “Stupid-Emotionated Sheeps”, “Pump & Dump” & “Manipulated”, it seems these are the only terms he knows.
I’m a neutral person, and have read every single comment on here, including Oz’s, and regardless of the whole point of Mining City being legit or not, S.Nakamoto, Literally almost made me punch my monitor, the way he thinks and speaks, shows a very pathetic person sitting behind a screen, god help you with your self-anger and toxicity issues.
Also, my personal opinion to why Mr. Eyal stopped commenting here is as follows, He was commenting at the start because of emotions and the believe of his project and was probably not satisfied with what he was reading, the reason he stopped is “Professionalism”.
the fact that he stopped commenting made me actually join Mining City, because in what world a successful CEO, inventor and entrepreneur would come to a website like this, to comment and argue his business or over something he believes in, it’s very unprofessional.
I think his advisors/lawyers told him to stop this as it would show signs of weakness, I fully understand and support that thought, it is the most logical and professional way to act.
Please note, that the market cap is hidden because it should be, for the safety of the coin, understand that because it’s a relatively new crypto coin, its not advisable to place it in a large exchange, it would gain more attention that it should which would hinder the performance of it.
There are some cases where coins have a “Hidden Cap”, Check the definition on CoinMarketCap if you have to, but they can’t provide Market Cap information without the authorization of the Coins management team.
And in this case, BTCV’s management took a wise decision not to show the market cap, because as soon as they do, it will become in the top 10 coins instantly, and gain worldwide attention from the media.
The “Hidden Cap” is a tactical implementation of strategic approach for the future of the coin. I hope people understand this point.
In conclusion, I have not provided any evidence, and I don’t need to, because I simply don’t care what others think, comparing Mining City to other scammer websites is just illogical at this point.
I have researched and reviewed this platform from every angle, every employee, address, person of interest, legality of anything and everything, Eyal, Greg and all parties involved in this project believe in their vision, so when you say it’s a matter of time before they dump the coin, then that won’t happen.
The only way for the coin to get destroyed is for it to appear on a reputable exchange such as Binance in an early stage as this, and one billionaire buys a huge amount and then affect the coin negatively.
At this point, in my opinion, I don’t even know why this page is still in an “Investigation” state on this website, Its nice and thoughtful that BehindMLM is trying to help people be wise and avoid scams and indeed they have saved countless amount of people, but unfortunately, not in this case.
Please be sure not to think I work with or for them in any way, because I do not. I have no boss; I have my mind and my eyes.
This is all my opinion, also, If it wasn’t for S. Nakamoto I would have not commented this or shared anything, but this persons only explanation is “TOXIC” and “AMATEUR”, Mr. Oz, you are respected with you opinions, so please don’t let the likes of S. Nakamoto destroy your reviews…
One last point, if you are not ready to lose the amount you invest then just don’t do it, don’t research about it, don’t risk a penny, because as far as I have experienced, every investment has a risk.
Even going to the market next to my home is a risk, buying a laptop is a risk, trading is a risk, I take so many risks with my investments and life on a daily basis, this is definitely no different.
Mining City, Mine Best and BitcoinVault is a vision, it’s a second chance for missing out on Bitcoin Profits and gains 10 years earlier, and in 10 years from now, we will be chatting with a friend and say “Oh, I wish I invested in BTCV, a friend told me about it 10 years ago but I didn’t believe it at that time”.
This is what people that do not take risks think, they take no risk and then regret their decisions.
The whole point of Mining City is not the daily profits, it’s the game of waiting, getting rewarded with coins that you can sell for a higher price in the near or far future, also the marketing and referral system is impressive.
They have also declared how they spend their revenue, in percentages and details. All numbers and information count up correctly and are true.
Good Luck making the right choice, following S.Nakamoto’s advice…
The Securities Act of 1933 is 73 pages long. You reduced it to one selective paragraph. Good one.
If you want to see how securities law applies to MLM mining schemes, look no further than the DOJ’s takedown of BitClub Network scammers.
With respect to business models, BitClub Network == Mining City.
The act of committing securities fraud is a deceptive practice in and of itself.
1. All securities must be registered with financial regulators.
2. There is no exemption for cryptocurrency securities offerings in the Securities and Exchange Act. MLM + passive investment opportunity = securities offering.
3. Mining City has not provided regulators and the public with legally required financial audits.
Securities are regulated the world over. Every jurisdiction is the same.
Either you’re registered with the national financial regulator and providing audited reports or you’re committing securities fraud and operating illegally.
There is no hassle. You simply register your passive investment opportunity with the SEC and provide periodic audited financial reports.
Passive crypto mining investment opportunities aren’t illegal in the US. But Mining City won’t register with the SEC (or any securities regulator) because it can’t provide required disclosures.
Why? Because it’s a Ponzi scheme.
Rogowski and Avramovich have no doubt seen what happened to BitClub Network. Why make it easier for authorities to shut them down?
Feed the investors bullshit and steal money for as long as they can. That’s the business model Mining City has chosen.
Whether you know Ponzi scammers or not is irrelevant to Mining City being a Ponzi scheme.
Securities law > lawyers.
irrelevant to the fact Mining City is committing securities fraud and operating a Ponzi scheme.
So much for “they did not deceive or hide any information that should be available to the public”.
Like hell you are. You’re an investor in a Ponzi scheme trotting out the same old cliche bullshit scammers have been trying to justify fraud with for years.
And that’s what it comes down to. Spare us the waffle. You don’t give a fuck so long as there’s money to steal.
You could have saved us both some time by just commenting that one sentence. Best of luck with the scamming.
You don’t seem to understand capitalism.
Increasing value in a legitimate product requires demand. Demand requires one or more legitimate markets. The only demand for “BTCV” is the people gullible enough to purchase an imaginary product from Mining City that they claim is worth something.
See my response above about capitalism. Mining City is not listing their coin on legitimate markets because they know it would immediately crash to worth nothing. “Worldwide attention” is what every legitimate company with a legitimate product WANTS.
I am glad you understand that listing the “BTCV” coin on legitimate markets would destroy its value. In legitimate markets featuring legitimate products that are worth something, a “billionaire buying a huge amount” decreases supply and drives up prices.
I can spare you the wait: in much less than ten years, the so-called “investors” will be calling this for what it was, a SCAM.
Sorry, you can’t sell something for a higher price if there is no legitimate market. The only people making making money on this SCAM are the sleazy scammers who are marketing it from the referral fees they are pocketing.
I reduced the definition of securities fraud to one simple paragraph, because as an average person, this is what I need to know.
–> You obviously have more knowledge than most of us regarding Security offering, so please clear up the following,
Is this mentioned in The Securities Act of 1933? and are all MLM’s frauds (Ozedit: derails removed)
This is different than with BitClub Network, especially that Rogowski and Avramovich have seen the consequences, and yet they proceed with this knowing they will be spending their time in Jail when they dump this?
If what your saying is indeed true, then it is not logic that they know they are breaking the law, literally in front of the whole world and are continuing to do so.
If you want to provide valuable information, then tell us exactly how will they avoid the consequences?
The 30 people I mentioned are all respectable and decent people, which you are referring to as Ponzi scammers, although most of them are not marketing/promoting this.
Why are you labeling them like this, they simply invested without getting promised anything and at their own risk, and within months, they had covered their capital and are currently profiting, this is an important point for you to address, I also mentioned that they have not hidden any information and after that I put a note of the only hidden information which is the market cap.
SD –> Purchasing an imaginary product would not cover your investment and make you profits, and yes they want the worldwide attention, you are right, but not at the moment, maybe in several months when the reward per block decreases and hashrate increases, yes it will be on large exchanges, but not before then.
“The so called investors” which I am one, so if this project goes to the ground, like many legitimate businesses do, then I will just simply think it failed because of several factors that could have happened, I wouldn’t even think it was a scam, like any company I had bought shares in which then failed and went bankrupt.
You also mentioned if a billionaire bought a huge amount as I mentioned before that it would decrease supply and drives up the price, yes you are right, but decreasing the supply is the problem in this case, the more spread it is across different exchanges, the better it is for the coin. It will slowly with time, reach the more reputable exchanges.
You say the only people making money are the sleazy scammers who are marketing, but you can actually trade this coin on several exchanges and not even have to do anything with Mining City, which many people already did, they saw potential in the coin, bought some, had to wait for some time and then sold with profit, like what we see in the stock market, so these people technically might not even know Mining City, and yet they made profits.
I would like to mention that if this is a scam as you are suggesting, then it would definitely not end anytime soon, because the mining side is still profitable for them until the block reward reaches the likes of BTC for 6.25 per block.
I doubt they will dump this coin, the potential of growth is high, the price per coin is now $415, and it has the potential to reach the thousand and more, so even if it is a scam as you say, it is still the beginning levels/stages of the scam, until November 2023 when the block reward reaches 6.25, the equivalent to BTC, only then the scam will be fulfilled.
Usually scammers hide behind their screens, this is not the case with Rogowski and Avramovich, their information and past are all over the internet, with photos of their families and friends. People who know are committing a crime as you suggest who might have enemies would not be as public as those guys.
how is this the case here?
As I told you, the majority of people have recouped their initial investment and are currently profiting, those people your referring to as “Scammers” are hardworking, decent and knowledgeable individuals, it is not fair or respectable for you to call/label them as scammers.
If what you say is true and Mining City are scammers then those people are just victims and definitely not scammers, even if they decide to promote the project.
Oz, Is the securities offering part your only concern? Are there any other red flags you think there is?
You are just concentrating on this since the beginning of this page and comment section and I understand that it is your job to cover the legal aspects of this, but all I see is speculation, predictions and personal opinions.
This page has been up for more than a year now and the comments are still going.
I also have not seen anyone provide neither positive or negative information/proof regarding this company, usually in your other reviews, the flow is one sided, and things are clear, I also have learned from BehindMLM several facts regarding other sites that are scammers, but here, for Mining City, I see that it’s not one sided, this is like a non-ending debate/argument that is not backed up by any solid facts/proofs.
If you have something that could prove to your audience that this is indeed a scam, please do share it and put an end to this page.
Cherry picking one paragraph out of a seventy-two page law, and then basing the legitimacy of an MLM company on that paragraph isn’t what you need to know, it’s enough for you to convince yourself to turn a blind eye to securities fraud.
Again, if you want to see how MLM crypto mining schemes are considered securities, refer to the DOJ’s BitClub Network case.
Mining City being MLM isn’t the issue, Mining City offering a passive investment scheme (security) is the issue. I’m not wasting my time addressing shifting goalposts.
I don’t make the claim Ponzi scammers are intelligent. It is what it is.
Being a silent investor in a Ponzi scheme and taking out more than you invested still makes you a scammer. You are literally stealing people’s money.
Apologies to any of your buddies who are still at a loss.
Read up on what happened to BCC when BitConnect collapsed. It went down with no notice.
Because math is math. In order for a few to make money the majority of Mining City investors have to lose it.
Feel free to provide legally required audited financial reports confirming this. Otherwise you’re full of shit.
MLM + passive investment = security.
Securities offering without registering with financial regulators = securities fraud.
Securities fraud = illegal.
Only reason an MLM company intentionally chooses to operate illegally is if they aren’t doing what they say they are.
No speculation. No prediction. No opinion. 100% fact.
I couldn’t care less how long Mining City runs for. BitClub Network went on for half a decade.
We’ll still be here to report on Mining City when it’s eventually shut down or collapses. By then you and the rest of your friends will be long gone with whatever you’ve stolen.
No one is still at loss, and you avoided my most important questions, again, just speaking about securities, this is a waste of time, Im not even sure who you think im stealing from, if every member is benefiting, i also dont understand why are you putting in effort to prove something that cant be proven, (Ozedit: derails removed)
Regardless, if you think im stealing, then let it be, they are not registered with SEC then heck, let it be.
Making money for average people such as me is what counts in my head, the amount of businesses out there that have avoided legality matters and found gaps within the legal form are countless, yet they benefit their customers and themselves…
I wont be commenting no more, i said what i wanted to say, clearly and politely, if someone is worried about BTCV then they can transfer their daily returns to BTC, its like buying a car from an unauthorized dealership and not getting a free repair once in a while.
Anyways, if and when it crashes, as i said, even then i wouldnt thik its a scam…
(Ozedit: derail removed)
And S. Nakamto is a literal garbage bag…. 🙂 🙂
Good Luck Oz….
Legally required audited financial reports please. Otherwise as stated, you’re full of shit.
This is what happens when scammers are confronted with facts. Best of luck with the scamming.
Good day Oz BTCV price has been soaring high about 424 dollars.Is this manipulated or this is the so called washed trading.
And they are in 6 crypto exchangers, mainly COINEAL, are all them manipulated and controlled of some sort..
BTCV’s trading value is irrelevant. It has no value outside of Mining City.
If Mining City collapsed tomorrow BTCV would disappear (see BitConnect and BCC).
“D” thinking clearly shows how most of the people that invest in these kind of things are thinking and are ignorant, if you do not see fraud directly, it is easier to steel money and sleep well at night. Just because you do not understand and feel it, does not make it moral/legal.
I am very sensitive to scams of any kind, because of some friends, I was close to investing, but I did research (this site and OZ helped the most) – common sense and logic clearly showed how this operates.
I knew I would make money (it was March, early stage, below 100$ price as I remember), I just did not want to be part of it.
You can still buy coin/trade, it will go up for sure for some time. But trading it , is the same thing…
Yes, BTCV , Mining City its a PUMP & DUMP Exit Scam… the Clone of BitClub Network, only time will say, but this is the facts….. Eyal not come back here anymore… only 1 reason…. the professional miners (like us), dont trust in Shitcoin projects, “Private PoW projects non-minable with external Hashpower”.
Conclusión: BTCV its a Big Scam , BitClub brother Scam scheme.
What’s in common between a doctor and a murderer is that both of them may hold a knife. However, the main difference is that the doctor uses the knife for an operation to save people but the murderer uses the knife to kill or harm people.
In my opinion, what’s important is the intention of the company whether they intend to become a murderer or a doctor.
As far as I know, there is no will or intention this company has to become a killer, but rather a doctor.
Of course a lousy doctor may put the patient to death due to his incapability at first, but the doctor will become an expert in his field in the future and will be saving a lot of people.
If many would blame him for his incompetence for not saving the patient, he will never be able to grow and become an excellent doctor to save a lot in the future.
MC may be incompetent yet in many aspects, but their intention on operating this business is be proper. This is what highly appreciate.
MC is on a process of becoming an excellent doctor I believe and I’m sure that is what they persue as well.
Many doubts,claims, and suspect, may there be, yet they never think to become a scam, a murderer. No.
Yeah that’s not how securities regulation works. Either you’re registered with financial regulators or you’re not and are operating illegally.
Mining City is not registered with financial regulators and is operating illegally.
Stop making excuses for scammers.
I’m not making excuses. I’m just sharing my opinion.
You can’t just say that they are scam in a way that they are not just registered yet.
At least, they don’t intend to scam people but just not perfect enough yet I’d say.
Stigmatizing them merely as scam just by the fact that they are not registered is just kind of funny.
You don’t know and I don’t know neither what is true but since you and I don’t know what’s the truth, you or I can’t just conclude that they are “SCAM”.
Considering how they are running their business, it seems ok except the registeration thing you keep mentioning.
Stop being stuck with your narrow sight of thought. Thank you.
Your opinion doesn’t matter in light of Mining City committing securities fraud. In that sense you very much are making excuses for scammers.
Sure you can. Securities fraud = illegal. The only reason an MLM company would opt to commit securities fraud is if they aren’t doing what they claim to be.
In this case it’s paying withdrawals with external revenue.
Let’s not pretend Mining City started yesterday, I wrote this review over a year ago and nothing has changed from a regulatory perspective.
Mining City has been knowingly committing securities fraud for over a year.
Whether you find financial fraud funny is neither here nor there. It is what it is.
PS. If you change your comment details again I’ll be permanently adding you to the spambin.
OZ & Nakamoto if you so believe in your story, why cant you guys just get the next taxi and go report them to the relevant authorities or give us the contacts we will do.
if you dont see the need then you got to stop making this noise.
Something tells me you guys are hired by the Competitors to tarnish the name of these 2 Companies (MineBest and Mining City), haha just saying.
I leave regulation up to the regulators.
You want to turn a blind eye to securities fraud? Fine. We don’t do that here.
OZ do you mind sharing contacts of the those Regulators. I will personally contact them myself and come back here to back your allegations.
I don’t know specifically who “those” regulators are. If you wish to contact securities regulators, look them up in whatever country you’re wishing to contact them in.
Contact details are always available on regulatory websites.
OZ Mine Best and Mining City are Global, they have footprints and members almost everywhere in the world so just give me any contacts from anywhere in the world, i will contact them.
A person who listened much to you missed out on this opportunity.
Look a person could have used $1k to buy 1000 BTCV in December 2019 and that will worth more than $460 000 today. That is massive. How much is that in your local currency.
You are missing out too because a rise in any cryptocurrency means demand is higher than supply (adoption).
OZ and S.Nakamoto since it seems like you don’t have proof (Ozedit: snip, see below)
Like I said, pick any jurisdiction you want, look up the financial regulator and contact them via their website.
I’m not here to do your homework for you.
Ah so that’s what this is about, you couldn’t scam someone. Good.
Numbers on a screen != money. There is zero interest in BTCV outside of Mining City, so who are you going to scam out of $460,000?
Mining City itself can only honor withdrawal requests as long as new victims are recruited.
The second Mining City inevitably collapses it’ll be BCC all over again.
There is no supply and demand or even adoption when it comes to Ponzi scams. You have a scam running on scam points, creating an entirely artificial ecosystem.
Seriously, go read up on BitConnect’s collapse and what happened with BCC.
You cannot prove a negative. The onus is on Mining City/MineBest to provide legally required evidence it is not committing securities fraud and running a Ponzi scheme.
I.e. the party making claims to get you to invest has to provide evidence to back up those claims.
Feel free to provide legally required audited financial reports showing Mining City is not committing securities fraud and running yet another MLM crypto Ponzi scheme.
Failing which thank you for confirming Mining City is a Ponzi scheme. I believe we’re done here.
Sorry not sorry you weren’t able to scam someone out of their money. Maybe next time.
That there is no interest on BTCV outside of Mining City is entirely NOT true, and i believe you know it and deliberately choosing to be ignorant.
There are people who are holding this BTCV coin without necessarily being Members of Mining City, even myself i bought the coin and held for sometime before deciding to buy plans.
BTCV is actually Bitcoin and more as it comes with more security features (3rd key for reversal of the transaction within 24 hrs, somethimg that Bitcoin doesnt have) and i saw this feature as game changer.
Well about the collapse, let us just agree that it can happen to any company, like what happened now admist Covid pandemic, there isn’t much we can do than just taking calculated risks just like in any other business.
Should it happen, we would just have to dust ourselves and move on. For your information, BTCV is already listed in Liquid, Coineal, MXC, BKEX, CoinBene and Lbank and will be listed in 2 more exchanges this coming week, we are also told by the Mine Best team that they are working on being listed in bigger exchanges like Binance most probably next year.
There will also be cards this year where you will just be able to load the cards with BTCVs and go and swipe anywhere
Note that Mining City is not the brain behind the coin, they don’t even own any mining hardware, what they bring is people who rent out the hash power from Mine Best.
Mine Best are basically the technology provider and cooperates with the best suppliers in the market, including MicroBT (Whatsminer M21S), Innosilicon (T3+57T) and Canaan Creative.
But since you seem to be more focused on Mining City committing security fraud, lets factor them out for now and assume people decide to rent hash power directly from Mine Best without the involvement of Mining City. What would you say about (Ozedit: snip, derails removed)
You kind of played yourself there. BTCV literally has no value or use outside of Mining City Ponzi investment.
I know you haven’t, so again I’ll strongly suggest you go read up on BitConnect and BCC and how that went. BTCV is literally a repeat.
Mining City == Mine Best.
I’m not interested in derail hypotheticals that have nothing to do with Mining City. Thanks.
Thanks for your time OZ. I will take your advice/caution into consideration and do what i believe is best.
Only time will tell, if it doesn’t work out, hardluck and if it does then cool. Bye OZ and say hi to S.Nakamoto.
Math doesn’t care about time. Math guarantees the majority of investors in a Ponzi scheme lose money.
If you don’t lose money in Mining City, you scammed others out of theirs.
Oh and thank you for confirming you don’t have the requested external ROI revenue evidence. Reader beware.
OZ just for clarity, what is your take on the Decentralized Digital Mining Standard – DDMS (digitalmining.org/ddms/).
Word is that Bitcoin Vault (BTCV) is the first blockchain to adapt to the Decentralized Digital Mining Standard (DDMS) of World Digital Mining Organization Inc. (WDMO).
Has nothing to do with Mining City committing securities fraud. Couldn’t care less.
OZ don’t avoid the question. I will come to the “securities fraud” aspect later. Let’s first deal with the below.
My question was since you referred to BTCV as a shitcoin then what is your take on the Decentralized Digital Mining Standard – DDMS.
I understand Bitcoin Vault (BTCV) is the first blockchain to adapt to the Decentralized Digital Mining Standard (DDMS) of World Digital Mining Organization Inc.
I didn’t avoid the question, I answered I couldn’t care less.
“BUH MUH BLOCKCHAIN!” is neither a justification or excuse for securities fraud.
BTCV is a shitcoin launched to run a Ponzi scheme through, that’s all it will ever be.
If you want to discuss DDMS or anything else that has nothing to do with Mining City committing securities fraud, do it somewhere else. I’ll be marking anything further on DDMS as spam.
Seems some people read way too much into a supposed new standard (that nobody cares about) from a new organization (nobody’s ever heard of, ran by unnamed people) that some shitcoin claims to support (but again, with minimal proof), and asks how it supposedly leigitimizes some OTHER mining scam…
Ok OZ I have noted all your deliberations or should i say concerns/fears, they are all noted so case closed from my side.
Wish you guys a great year. Thank you and bye.
Mining City committing securities fraud is fact and fact only.
Best of luck with the scamming.
mining city is too good to be true and i read the conversation above .
Eyal Avramovich doing good with his words until he lied and said that returns paid to affiliates are not transferred through Mining City at all and They don’t appear in the Mining City back office.
you are lying mining city have data about the money being transferred to each affiliates and even control it.
I believe mining city to be legit.
LOL you are missing out big, no one’s getting scammed here, we are making cash in Mining city.
Real talk. Mining City is legit, do your research kid.
Hi, BITCOIN mining Opex in the current market its around 50%, that means with cost around 4,5 cent kWh $USD, your ROI its similar 6/7% per month (BITCOIN mining)
BTCV its around 25% month/ROI.. wooooow! … how BTCV bet ROI against BTC ?, easy with a Piramid Scheme involved, and growing UP shitcoin price in artificial way, a price…. Pumping it from 10$ to 400$ in 8 months….
You are a stupid… with 1000 BTCV, do you think someone will BUY your shitcoin at 460.000 $USD ? hahaha, poor stupid sheep…..
1) you will NOT found buyer counterparty for liquidate your “sell” position…
2) Exchange will scam to you, and retain that “whitdrawal”, (remember that BTCV marketlisted are low rep & scammers exchanges…) …. you dont understand how markets works…. you only have “magic numbers” growing up in a backoffice….. all artificial… not real demand on BTCV, not real buyer involved in that shitcoin.
Yes, you are paying BTC purchasing TH/s at price 4x times higher and normal industry price…… and you are receiving a shitcoin (BTCV) as compensation…. you are legit scammed !
“Kevin” which has a full name of Kevin Miranda is one of the GRAND UPLINES once in EMGOLDEX 2015 almost 38,000 FILIPINOS have been scammed by these syndicate.. and again now they are trying it to entice people to join MINING CITY through hyping and MINDSETTING..
Thanks OZ I have used the LINKS of your EXPOSE of MINING CITY to somehow hamper their wicked ways.. that is why they are attacking your expose.. and many of their supposed investors have backdown in joining Mining City.. Thanks OZ..
Thanks for the support. Can you do me a favor and stick to one name though?
ok sir..i’ll take of that..
Whether you’re making money or not is irrelevant to the fact Mining City is committing securities fraud.
There’s no reason for a legit company to commit securities fraud.
Sure, Mining City is registered in Cyprus ( Prophetek LTD. ), that country is well-known in the industry, in favour scammers.
The only way MC become legit, will be they issue a Security Token and fill in the regulation in one country, unfortunately that its not that case. so MC ( Prophetek LTD.) become commmitting securities fraud.
Actually Mining City would have to register their passive investment opportunity in every jurisdiction they solicit investment in.
How securities fraud is committed (through cryptocurrency in this instance) is irrelevant.
I’ve lost money in Bitclub Network..
I see Mining City is using almost the same business model as bitclub. And its owners has since been arrested in USA.
Meanwhile bctv price starts to plunge and miningcity website cannot be reached.
Check this BTCV Dump executed !!! hahahahaha
Wow! I guess it’s dumping time now! Scam coin! The founder is running soon!
If what has just happened is what you were referring to as PUMP and DUMP then you are weak S. Nakamoto, very very weak [case closed].
Now let’s hear what OZ has to say about what has just happened.
Someone towards the top of Mining City cashed out. Dump happened.
Either new Ponzi victims will be recruited to pump it back up again or Mining City and BTCV will collapse ala BitConnect.
This is how Ponzi schemes work. I’m not going to document every Mining City scammer cashing out, but if the whole thing goes under I’ll probably do a write-up.
If for nothing else then when the next “wE hAvE a PuBlIc ShItCoIn!” Ponzi comes along we’ll have two examples to point at.
Good day OZ will you kindly give a checked on this so called update of Mr.Hanil Park of MINING CITY,I have this feeling its executing the pumped and dumped exit..am I right?
“hAy GuYs, KeEp HoDlInG wHiLe We QuIeTlY cOnTiNuE tO cAsH oUt!”
Anyone at the top of Mining City knows exactly who cashed out and why.
It has nothing to do with security or external manipulation. Remember, BTCV is a shitcoin that has no value outside of Mining City’s Ponzi scheme.
It is expected that top promoters of Mining City will urge their downlines not to cash out. They know exactly what Mining City is.
Same thing happened in BitConnect, right to the bitter end.
shitcoin!!! since beginning.
Hi, as i repeat a lot of times….. these kind of schemes (Bitcoin Vault are clone for BitClub), that its Pump & Dump Exit-Scam , it seem BTCV is during only 10 month!
The only reason for create a “Bitcoin _XXXXX (insert name)”, crypto, its money.
The big whales of the own shitcoin (Eyal, and his Top “Guru” Leaders), needed make cash-out in order to getting his reveneue, that means they sold big part of his own shitcoins.
Ari Maccabi, who most recently has been falsely proclaiming that “I have only been wrong about ONE program”, responded to the price crash and exchange freeze of Mining City’s BTCV coin by starting a thread on his personal Facebook page featuring a “There is No Need To Panic” meme.
His working excuse for the chaos is that a lot of big investors sold all at once “to purposely drive the price down so that they could buy it back cheap.
So far Ari has deleted 80 of the 90 responses in the thread in the last 12 hours.
From Ari Maccabi
(Ozedit: removed, see below)
This is the second time in as many days you’ve copypasted. Feel free to relate what you want to share to the review/discussion.
Copypasting with no context or commentary in relation to an article/discussion = spam.
To OZ, Nakamoto and others i very well understand your point on dismissing BTCV as a scam as much as i understand Micheal O’Leary — the CEO of (Ozedit: snip, see below)
Nobody is dismissing anything, Mining City is a securities fraud Ponzi scheme. That’s a fact.
Also legitimacy via association isn’t a thing. Michael O’Leary has nothing to do with Mining City committing securities fraud and operating illegally.
I am just saying Michael O’Leary is dismissing Bitcoin (BTC) as a scam and you guys are dismissing Bitcoin Vault (BTCV) as a scam.
I don’t give a fuck what Michael O’Leary is or isn’t dismissing. It has nothing to do with Mining City committing securities fraud and being a blatant Ponzi scheme.
Mining City is a scam because of it’s fraudulent business model. Last warning.
OZ, interesting how you now choose to focus on Mining City committing Security fraud when (Ozedit: derails removed)
This is a Mining City review. If you wish to discuss other topics do it elsewhere.
bitcoin vault’s price is getting low. However, it will shortly rise when the company shows the 3 keys or something(but I think it will make the situation worse). But it will suddenly disappear in the market.
Because mining city is 100% scam. My friend boasted that he get money almost 10 thousand dollars by investing(?), and he wanted to me to join the mining city. And he still argues it is not a scam.
So I want to ask something. I can understand that miningcity is illegal, but why many Asian country are not restraining those?
Mining City might be spreading across Asia but it’s not run from there. It’s a Euro scam.
Regulation in Asia (outside of China) doesn’t typically extend beyond warnings. This is similar to Europe and one part of the equation as to why MLM Ponzi schemes flourish.
Good day Oz,currently BTCV price is plunging in 232 and dropping continously..I think the end is near.
@Jun Kintanar, do you know what determines the price of any cryptocurrency? The instrument of Demand and Supply and in between there is what we call “correction”.
Are you aware that at some point Bitcoin reached $20k, Ethereum was also over $1000 at some point. This is common and for it to be still sitting at over $200 when its after just 8 months is impressive, be fair.
This concept, as you’re representing it, doesn’t apply to Ponzi coins such as BTCV.
The only supply and demand for BTCV comes from within Mining City’s illegal business operations (unregistered securities).
If Mining City shut down tomorrow BTCV would dump to $0 (ala BitConnect).
Attempting to legitimize a Ponzi coin by comparing it to BTC or ETH is disingenuous.
the same ponzi company is creating a new scam currency with the name of ethereum vault.
Doesn’t surprise me. All you need is a script and a few minutes to create a shitcoin.
Bitcoin vault, ethereum vault, tron vault, litecoin vault, yo mamma’s vault… every time your Ponzi coin starts to collapse, fire up the script and create a new one.
Please always respect OZ on any bullsh*t program he commented on. I have followed him for 3years now and I can see most of the projects or investment he raised eyebrow against eventually collapsed.
I understand our pressing need and daily critical desire to our ends meet. A peer friend of mine was mounting pressure on me 2-3 months ago to buy this BTCV, I just come to behindmlm and search, lo and behold I found OZ comments.
I can’t laugh but I picked my race and tell my guy that he is still lucky he entered early but he need to rush out.
Unfortunately disbelieve won’t let my people listen. Now his $24000 – 3 package or so is stocked with some daily BTCV profit he stored that are now -75% worthless.
There is one thing I want OZ to do for US as well, can you please make another section that says possible and genuine investment with a disclaimer as well to protect yourself?
I escaped swisscoin ponzi sh*t also in 2016-17 due to this page.!
Thank You Always.
BTCV is here to stay, it is just following the normal trend in market psychology, if you have been in the crypto space for long you will realize that even Bitcoin dropped by 93% in 2011.
Let it drop to zero so any one can purchase for free.
It is beyond absurd to suggest that the current dump phase of this Ponzi shitcoin soundalike is, in any way, comparable to the events of 2011 and the hacking of McCaleb’s Mt. Gox account.
How’s that research holding up, broke-assed old man?
Not to waste too much time on this scam, but I lolololed at fantasist conman Avramovich’s “exclusive” recent revelation that he is about to become Elon Musk 2.0, with an electric “Luxury Urban Vehicle”….
I trust miningcity and minebest.
Mein Gott. You must believe in the Easter Bunny.
It’s all over now but months of excuses,”security measures”, and the crying of the rubes.
Oh Sorry Issu, may God replenish your broke ass.
It clearly show your level of knowledge in this space. kid referring to mouth to mouth history of Btc.
The Philippines’ SEC warned the public against investing in Mining City. sec.gov.ph/advisories-2020/mining-city/
Thanks for that, all aboard the popcorn train!
Eeeey boys shitcoin became 69$, anyone still claiming he is profiting from that shit.
As i said from several month ago, BTCV / Mining City its a PUMP & DUMP Exit-Scam scheme.
people is blind like a emotionated sheep… BTCV born as shitcoin and fraud piramid system.
The coin is now over $100. Check with The Philippines’ SEC, Mining City is now registered.
Wait for the news, the coin is listing in the number 1 exchange and more than 10 more exchanges
The trading value of a Ponzi coin doesn’t matter.
Scammers cash out = Ponzi coin goes down
New investors recruited = Ponzi coin goes up
Prove it with legally required audited filed financial reports.
Also what about South Africa, Japan and Vietnam? Mining City is just as illegal there as it is in the Philippines.
And? Legitimacy via association isn’t a thing.
Read the news guys, (Ozedit: snip, see below.)
If you want to make claims you provide the evidence.
Proof of Mining City registering with financial regulators, audited financial reports or GTFO.
Oz, What is your rationale for claiming that BTCV is Ponzi?
Mining City is a Ponzi scheme. Rationale: see review.
BTCV is just the investment vehicle, i.e. irrelevant.
Classic PUMP and DUMP scheme, i purchesed the primary plan for 300$ a while ago when it peaked @471$, it has been terrible so far.
When I ask these questions they treat me like a rebel here in Kenya, and I no longer get invited to seminars as before.
It has the makings of BitConnect as I have read. but since in our country we did not experience the BitConnect Ponzi as the rest of the world, this is relatively new and mostly sold to the older guys and appeal to their sense of a sunny retirement plan.
Groups are full of “Don’t cash out” “You’ll regret it”. Let’s not even talk of the “mining rewards”. AVOID!
I can prove that they are not registered in Philipines. An official document from the government dated on Oct. 20.
Could you sent me the this document, please?
I will forward it to the CEO of mining city. I hate this ponzi shit. Everybody have to know that they are liar.
Why is there no market capitalization date on BTCV analysis in coinmarketcap
Because mkt cap is based on circulating supply.
CMC want verifiable proof before they accept any circulation figures. Scammers like these are unable to supply them, or the ones that they could supply will be so much smaller than they pretend that the scam will be even more obvious.
The fact that you, presumably an “investor”, have to ask basic questions like this, but have already parted with your money, is music to all scammers’ ears.
BTCV is the first crypto project to introduce a reversible transaction option on the Blockchain.
The 3 key security solution is meant to give the highest possible safety and security of the assets. Save the date – 17th November 2020, it will be a Tuesday so choose BTCV, hahaha poor OZ.
So given up pretending Mining City isn’t committing securities fraud and running a Ponzi scheme then? Cool cool.
izuu is nothing but a lowlife scammer
The usual legitimacy via association attempts.
At the end of the day “buh muh blockchain!” doesn’t legitimize or justify securities fraud.
That’s an insurmountable regulatory obstacle.
I can tell you who cashed out. Yeal, ari maccabi and darren little. And maybe couple others toward top in their team.
Ari and darren pushed marketing hard and then cashed out. Just like with dunamis mining scam they were apart of too!
Ari maccabi has page on facebook “is it a scam”. He builds trust with people pretending he is exposing scams and then uses that to push pump and dump coins like btcv.
After first dump i got another email from ari pushing it again to the same list about a month ago with same video presentation where are explains his sob stories and how he got scammed and thats what forced him to more research and discover this new super coin that can reverse funds to your account in case it gets stolen (main btcv selling point of improved utility).
But on second launch price didnt go up anymore significantly! People who got scammed on first launch learned the lesson. And there werent enough dummies left to run price up again for them to cash out big!
Second run was done october 18th.
Email said invest in theft proof crypto currency that. Has already made me 250k! Cheers.
Canada Securities Commission issued a securities warning as recently as Dec 14th on Mining City and it’s activities.
IVE BOUGHT A SILVERCOIN OF 67000 DOES THAT MEAN IVE BEEN SCAMED?
Dunno what silvercoin is but if you invested in Mining City then yes, you’ve been scammed.
How long does a scam last?
This thread was created on Jul.03, 2019.
2.5+ years later, today, with all the KYC they did, its still a scam?
Mining City collapsed last year. It’s been rebooted as iMine.
A Ponzi scheme “lasts” as long as there’s new investment coming in.
Mining City’s KYC was part of the exit-scam. It’s a common tactic.