Hey guys! Before I start explaining to you guys why Bitpetite is a scam let me tell you more about this account and it's purpose. @scamnotifier is an account that will well... notify users of a scam site and why they should avoid them.
If you have any sites that you think may be a scam leave the link in the comments!Do NOT post referral links. I will NOT put any $$$ into these sites.
Now that is over lets expose our first site!
SCAM SITE #1 - Bitpetite.com
So BitPetite offer users "contracts" to lend their BTC or many other ALT coins to their system for 6 - 9 weeks at a time to gain "compound interest" similar to site such as Bitconnect (Now a $1.5 B scam). They are offering anywhere between 3.6% - 4.5% DAILY.
Now unlike Bitconnect who CLAIM they have a trading bot BitPetite claim they pay you from the fees they charge on their Bitcoin Tumbler. This simply cannot be true, let me tell you why. So imagine I deposited $10,000 into BitPetite, they offer us to lend our money out for 6- 9 weeks with the Interest rate at 4.5% for the 6 weeks loan and 3.5% for the 9 weeks loan
If I went with the 6 weeks loan let's say I would be receiving $450 per day for 42 days. That leaves us at $18,900. That is $8,900 profit for only a $10,000 investment in such a short period of time.
Now let's say we x10 that deposit and put in $100,000. That would be $4500 per day for 42 days. That now leaves us at $189,000. That is $89,000 profit for a $100,000 investment. Now keep in mind they DO NOT have a limit to as how much you can invest so you could also x10 that!
Now I am no expert but I don't think any Bitcoin tumbler makes $89,000 profit in one and a half months.This is simply unrealistic and a shitty scam.
Hey Man, check this out and see if you think bitsolid is a real scam!
https://steemit.com/bitsolid/@johnlubb/i-opened-a-bitsolid-account
https://bitsolid.io/?aff=johnlubb
ENJOY!
I think you're completely correct and I do believe Bitpetite/Bitconnect etc will all exit eventually.
I've actually wrote an article on why I'm still investing regardless of the very obvious risk, and why you may still want to consider it:
https://steemit.com/cryptocurrency/@lemmithree/why-i-m-investing-in-bitpetite-regardless-of-obvious-risk
Long story short; if you exercise caution you can get in and out with a good chunk of money then leave forever with your profit, as I have done.
All the best and good luck with any and all future investments!
I have actually invested $250 of my money into BitPetite. I just do not encourage it to other people (Hence no referral link). I can afford to lose this money and have actually made some good money from ponzis.
I put $40 into it. I put some money into bitconnect as well. I'm not too sure about Bitpetite but I am believing that bitconnect is more legit especially since they have a debit card coming out.
I have a post about their card if you care to check it out.
Excellent that point out. These kind of confusion always be present on discutions about SteemIt. Great!
Great information! and you are right it sounds fishy to me as well, if it sounds like a pig and smells like a pig then its probably a pig, kind regards Gez...
ok thanks..
img credz: pixabay.com
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STOPBitpetite high compound interest rate sounds too good to be true, but the site give you dividends daily which you can withdraw any time you want.
So you can't say that the site is Scam just out of speculation and with no evidence in hand, a lot of people used it and got their money back or they reinvested it.
I agree with you the concept seems fishy and is a potential scam and i don't recommend people to go there unless the can afford the amount of the money they want to invest, other than that for me it's a scam only when someone lose their money or unable to withdraw after investing there.
Here is what I have been doing with some success. Invest in Bitconnect and Regal, and then invest the daily payouts in Bitpetite. Then, reinvest the Bitpetite profit for 2 weeks, and then take the hourly withdraws for 6 weeks after your last investment. This way, you can minimize your risk to Bitpetite, and not cry too much if they disappear since you did not put your own BTC or LTC into it.
It sure smells and looks like a Ponzi Scheme. And you know how these things go, the higher the returns, the sooner it collapses.
For those who want to set up a Ponzi Scheme, don't be amateurs like these guys. Take lessons from the Master of Ponzi Schemes: Herbalife. Over 40 years and still going.