Cryptocurrency, Horror Story

Coinmama is way too inexperience to handle real money

I recently purchased over two thousand dollars worth of btc with my credit card via Coinmama. The payment was processed, but I never received my btc and my order was still being “processed” for hours.

I reached out to Coinmama customer service and they told me that they would definitely check on the issue.

Haven’t heard back from them yet, and don’t have any new btc on my wallet. Sent them even more emails, no reply. I then contacted their payment system Simplex and I got an answer stating that my payment was being verified and it would take a little bit of time, like two days. Say what?

I get a customer service email after two days stating that my payment has not been verified and that the team is working hard to resolve my issue.

After reading about other people’s feedback on the same issue with Coinmama and Simplex, I went to my own bank for advice. They advised me to contact Coinmama and cancel the btc order so that I wouldn’t lose any money.

Fortunately they did, and my funds are now safe in my bank.

However, some people weren’t so lucky and ended up losing their btc and money.  To be honest, this whole situation seemed to be that Coinmama is just way too inexperience rather than some kind of payment fraud. I had to went through some unnecessary, legacy banking system procedures to get this done. There is absolute no coordination nor communication between Coinmama and Simplex.

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Cryptocurrency, Horror Story

Genesis mining subscription plans are overpriced and a ripoff

I’m sure every crypto-enthusiast has heard of cloud mining. Honestly, I saw it as a great opportunity to make some cash without too much headache. Well guess what, I got a ton of headache from cloud mining.

I got hooked up with a platform called Genesis mining that supposedly sold lifetime subscription contracts to cloud mining.

They aren’t really life time subscriptions.

The plan costs about $150 upfront, and it allows you to mine a small sum of bitcoins totaling about $20-30 a month (not counting the transaction fees that the platform takes). Well, I realized that the concept of bitcoin mining is becoming more and more competitive. Which means that returns on investment will be less and less as time goes on. Currently, it would take about 6 months to make a return on a $150 investment, definitely not worth it in my opinion.

You won’t even know if they are really selling hashing power to you in the first place. They could just be deceiving you and giving a small amount of money to be claimed as “profits” from the so call “cloud mining”, but actually nothing was done. They just credited your account with a few bucks.

Pretty much the user contracts will become so unprofitable that people will pretty much cancel themselves and they get to run away with all the BTC investment. And guess what? They won’t owe a single refund and no one will get any of their money back. It’s a win-win for them.

So pretty much this platform is selling cloud based mining contracts that they know will never make any money.

Ultimately users will eventually get discouraged and abandon the platform while Genesis gets to end up keeping all of the money from subscription plans without actually doing anything.

This is a warning for you guys. Don’t be a fool like I was and throw money at cloud mining. And definitely, definitely do your due diligence and research.

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Cryptocurrency, Horror Story

Use 2-Factor Authentication, Not SMS Code, for Coinsbank cards

My friend told me to check out Reddit and a couple of forums to find an exchange service that I liked. I wasn’t too familiar with cryptocurrencies and whatever. For some reason, I decided to go with Coinsbank. I looked at their website, it was clean and has a nice design. The authentication process was pretty headache free, and everything seemed pretty secure. For about two weeks everything was working fine, the security authentications that I had set in place as well as the login text message code worked all the time.

At one point in time I decided to buy their card, it was about $100.

I transferred $100 to my Coinsbank account for that specific card. After making the transfer, I’m barred from logging in to my account, for some reason my verification processes isn’t working and I’m not getting a text message login verification code anymore. I tried to contact their support service. I soon realized that there wasn’t any contact information anywhere on the site, not even a single info. No email, no terms and no conditions. So, after I sent Coinsbank some money, I was unable to log in to my account, but when I make a new account, their website and text message verification system seems to work fine.

Coinsbank started encouraging its users to enable 2-factor authentication in order to login properly. But my predicament didn’t change because I still needed to login to enable it and I don’t have that option anymore. I don’t really know what to do now. Guess I’m out of $100…

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Cryptocurrency, Horror Story

Coinbase misled me and never filed for my wire return

I use my business account for cryptocurrency investment purposes. I also frequented Coinbase to satisfy all of my trading needs. Recently, I made a wire transfer from my business account to Coinbase, the sum was quite large. However, I got an email from Coinbase referring to suspicious activity.

Apparently, the wire transfer I sent didn’t match the name of my account on their platform.

Keep in mind that I have done this before a few times and have never run in to any problems before. Previous wire transfers involved significantly more funds as well too, so, I am still kind of shocked as to the fact that I ran into problems with this transfer.

Coinbase notified me that the wire transfer would be returned to the bank account.  

A few days go by and I decide to visit my local bank and ask about the return wire transfer. The teller tells me that they didn’t receive anything and that it’s quite odd that it’s taking so long. The teller actually told me that Coinbase never filed for a wire return. I went through the whole shindig of writing to their support team, and communicating with their support team. No solid answers, nothing of value from their support team. I’m trying to draw more attention to my situation and have even gone on twitter to talk about it. Still nothing, hopefully I get my money back. This is just insane.

 

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Cryptocurrency, Scam

No site can “magically” double up on the amount of bitcoins.

I saw this Google ad, BitcoinBanking, it offered a chance to wager bitcoins and gain interest on the loans. It even offered to double the amount of bitcoins I wagered. Sounded pretty good, looked through some reviews (guess they were fake).

What happened was that I already deposited the minimum amount of bitcoins required and gone through the whole signup process. But then they locked my account and kept demanding me to send even more bitcoins to in order access anywhere on their site or do anything at all.

What nonsense, these guys just gimped me for some BTC, a small amount but still, I feel kind of stupid.

I tried to speak with the BitcoinBanking support crew, but I only got nonsensical answers in return. People beware, just because there’s an ad on Google, doesn’t mean it comes from a legitimate company. Anyone can advertise on Google, even the scammers from BitcoinBanking!

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Cryptocurrency, Scam

BroCoin is a shitcoin and CryptoDAO has a monopoly of them.

For those of you out there who didn’t have a clue, there’s actually cryptocurrency called the BroCoin. It so happens that the exchange CryptoDAO happens to be the only exchange that lists it.

How did I come into possession of awesome BroCoins? Well, I participated in their crowd sale event!

Shortly after I realized that the coins were completely useless and I wanted to get rid of them. So, I sold my BroCoins on the website and decided to withdraw some sweet bitcoins into my account.

I submitted a withdrawal request on CryptoDAO, and waited for a confirmation. Over a day passed and CryptoDAO cancelled my request for some reason and sent the BTC back to the wallet on their exchange site.

Okay, I waited a little bit longer, sold some more awesome BroCoins, and decided to withdraw everything in one day. All of the transactions were showing as complete on CryptoDAO’s sleek page. But here’s the issue, out of the three withdrawal requests that I have submitted, ONLY funds from the third one have been delivered to my wallet, while the others have been completely lost.

I double checked everything to make sure that there weren’t any issues on my end, and there weren’t. I have been trying to contact CryptoDAO’s support team for over a week now and have not gotten any response, my conclusion is that CryptoDAO is just a piece of hot, steamy garbage.

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Cryptocurrency, Horror Story

My butterfingers deposited the money to the wrong wallet on LocalBitcoins.

I played around on Betcoin for a while and accumulated some Bitcoins that I decided to withdraw into my wallet on LocalBitcoins. I don’t know why, but I always use LocalBitcoins to store my stuff for some reason. So I transfered the 0.2 btc, but I accidentally chose BitcoinCash instead of Bitcoin.

Who would have thought having very similar names and logo design would not lead to mass confusing. (Sarcasm.)

I was hoping that LocalBitcoins would help me resolve my issue because I have been a loyal client for a few years now. I contacted their customer support to ask if it was possible for me get my Bitcoins back. They told me a bunch of stuff about some private keys, and that they won’t be able to reverse the transaction and get my BitcoinCash back if they don’t have these private keys.

It’s kinda weird how they don’t have private keys for wallets THEY own on THEIR website. I mean if they don’t have their private keys, who has it?

Ultimately, it’s my fault for not being careful enough, nevertheless I am still pissed that 0.2 worth of Bitcoins simply went for a walk out of my wallet.

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Cryptocurrency, Horror Story

pool.bitcoin.com is like Comcast. Pay them or they will throttle you.

I wanted to use pool.bitcoin.com for a little while now, and I finally set out to do it. I purchased a small cloud mining package from them, however the network speed was extremely slow. I wanted it to be faster, and, that’s when they revealed their true business model. I contacted their support service and they told me that I needed to pay more bitcoins to boost the speed. Okay, I kind of didn’t want to but it was already part of my bundle, and, they offered me a “discount” for a better package and more speed, so I sent them some more btc in the end.

Speeds went up for about a week, after which they dropped down drastically, again and have stayed low ever since.

I also recently noticed that all of their cloud mining contracts were pretty much conveniently sold out except for their most expensive plan.

Well… not that surprising since Bitcoin.com is owned by Roger Ver, a convicted felon and former politician.

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