There has always been a certain demand for Bitcoin mixing services. Given the fact that Bitcoin lacks privacy or anonymity, there are always people who wish to remove any traces associated with their coin balances. Bitpetite is one of the more recent Bitcoin mixers to have gained in popularity. However, it also offers an investment service which raises a lot more questions than it does answers. In fact, it has a lot of signs of being a Ponzi scheme.
BitPetite Investment Option is Controversial
While we covered the Bitpetite Bitcoin mixer not long ago, there are some things about this site which are raising a lot of questions right now. It turns out the team – or operator – has added an investment feature to this platform which guarantees returns of 3.60% every day. While no one doubts this mixer is popular, such returns are a clear sign of a Ponzi scheme waiting to collapse.
To put this into perspective, a Bitcoin mixer is always looking for additional funding, for obvious reasons. There are plenty of people looking to “mix” very large amounts of Bitcoin these days. If a particular mixer can’t support a large amount of coins, its transactions can’t go through. Without additional funding, missing out on such large transfers would be the only course of action. The Bitpetite team certainly isn’t looking forward to that by any means.
That being said, there is no real reason as to why the mixing service provider should offer an investment program that will attract a lot of negative attention. By offering fixed daily rewards – or even more than the projected 3.60% – this is evidently not something people with knowledge in this space will invest in. The mixer claims to use investors’ money to improve the overall service, although it remains to be seen if that is actually the case.
It is true Bitpetite charges a service fee to anyone looking to make use of its Bitcoin mixer. Then again, that still doesn’t warrant this high ROI investment structure whatsoever. There are some interesting aspects to this investment structure that warrant a second look. For example, users can invest with cryptocurrency directly or have their funds converted to USD. That’s a very unusual turn of events, to say the least.
Moreover, the program provides a choice of investment terms and currently projects returns of 147% within six weeks. A lot of people will like these numbers, even though most educated users should be well aware that this is nothing more than a pure scam. With guaranteed daily interest rates ranging from 3.6% to 4.5%, it is evident this scheme can’t be legitimate whatsoever. Even if the company’s mixer were to become overly successful, it can’t guarantee that people who invest 750 Bitcoin today will earn 1,102.5 BTC within six weeks.
Moreover, this dubious investment scheme also raises a lot of questions regarding the legitimacy of the Bitpetite mixer itself. Although users seem to be more than happy with the service for now, one has to wonder what would happen if the funding ever dried up. Based on this investment scheme, the team is more than willing to take people’s money without problems. That’s not the most appealing approach by any means.
Can’t agree with you more based purely on the math… Ponzi in the making … my fear is those thousands of guys who don’t have time to read beyond the headlines will fall in… hoping for “fixed returns” in an industry that hasn’t even started walking needs a prayer all 24 hours !!
Without a shadow of doubt the maths just doesn’t add up and there is no realistic long term operation to be seen here. However, with that said there are plenty of people running in these companies and moving them for some while. With that said I have personally invested some $ that I’m not afraid to loose, because of the ridiculous return. Also, you can get your funds out as soon as you hit break even (up till today) and keep playing with “profits” at least in this way safeguarding your own pocket with some possible gain from other “smart” investors.
their website is down now
It is maintenance
If you come to your senses and realize bitpetite has an innovative and sustainable business model, feel free to sign up using “bearface” as your referral.
Not a scam – pays well, already added new features including monero loans, and lots of new features planned for 2018.
What maths are you working on –
144% after 6 weeks
44% divided by 42 days = 1.04% not 3.6%
If they charge 2% for their mixing service they can easily pay out investors whilst sustaining a profitable business model
There’s no praying involved if you do your maths correctly S K
144% after 6 weeks
44% divided by 42 days = 1.04% not 3.6%
If they charge 2% for their mixing service they can easily pay out investors whilst sustaining a profitable business model
Scared money dont make money
how scared are u now?
The ones that make money have something to back it. The site is down since monday(10-30-17) I wasn’t in it for more than a little to “test the waters” I feel bad for the ones who dumped thousands in looking for a quick turnover. I’m making more in trades on the exchanges, their 4.5% roi is too slow
they are gone now
they are gone now with lots of funds 🙁
hahahahah