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Bitsolives was privately registered in the month of March 2017 by an anonymous owner. On their website, there is no information concerning who owns and runs Bitsolives. Their promotion material, however, lists down someone called Mohsin Jameel whom they claim is the CEO of this operation.
Jameel has a history of operating scams in India. This is something that was reported by the Tribune India some time ago. This guy is being accused of scamming people to the tune of $1.5 billion dollars. So this proves that his scamming activities have been lucrative so far. His earlier activities were focused on Forex. But now he seems to have changed tact and is focusing on Cryptocurrency fraud.
Last year, the Times of India revealed a number of arrests associated with Jameel’s Zuflo Coin Ponzi. Many investors who were pushing this ponzi scheme to the public found themselves in hot soup. Jameel is currently at large. His favorite hobby is promoting scams in third world countries. However, when he is not promoting any scam, he is believed to be operating out of the United Kingdom.
As of February 2018, the owner of Bitsolives, Jameel remained at large. He is still in the radar of Indian authorities. So you should expect his arrest soonest. If you want to know what Bitsolives is all about, read this review. But you have also already understood that nothing good is going to come out of this scam.
Note: You can mine Bitcoins instead.
The one thing to know is that Bitsolives has no real products. It only focuses on promoting affiliate memberships. A recruiter will try to recruit others in order to expand the network.
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ROIs and commissions which are paid by this website are split in this way: Bitcoin is 70% and 30% in Buxcoin points. Buxcoins are supposed to be held by Bisolives for 180 days before they can be issued to investors together with a 25% bonus. The site operates a binary compensation structure.
On the website of Bitsolives, they state that they are a marketing partner of Buxcoin. They claim that their aim is to make buying and selling of Buxcoin cheap and pain-free. But first, it is important to note that Buxcoin is not a publicly traded coin. However, there is only one exchange that is trading this coin. It’s known as Cashfinex. The tagline of the site claims that coins can be transferred from one wallet to another in seconds and that people can buy Buxcoin at the best rate.
On the other hand, Bitsolives is presenting itself like a typical multi-level marketing scheme. There is also an element of pump and dump.
It appears that Buxcoin is the job of Mohsin Jameel and his associates. Cashfinex appears to be an internal exchange that was setup exclusively for the purpose of trading buxcoin. To be honest, these 3 – Bitsolives, Buxcoin and Cashfinex are literally the same business.
Jameel is basically using Bitsolives as a platform for offloading pre-generated buxcoin through. He sets values for this coin and sells them for real money. Bitsolives appears to be serving as a ROI withdrawal platform as well. As an affiliate, people can place withdrawal requests through the platform to be able to steal from those who will invest after they do.
Bitsolives claims that their main source of revenue is Cryptocurrency trading. However, there is no evidence that any form of trading is taking place here. The site does not give any proof and yet they are expecting affiliates to think that some sort of trading is happening. So this leaves new deposits as the only source of income for this website.
Also, since this site is basically using newly invested funds to pay out ROIs, this makes it a qualified ponzi scheme and a scam to some extent. The rest of the payment structure focuses on affiliate recruitment, thus adding an extra layer of to the scam ponzi scheme.
Meanwhile, the owner of this website has a history of running scams. The first scam he launched was called Capital Consultant back in 2010. It has since collapsed. Bitsolives is just a new platform for him to continue in his scamming ways. The fundamentals of this operation are the same as those of Capital Consultant. The thing is this. When you sign up, and deposit some money, those who signed up before you will steal your money. And as long as new depositors sign up after you, you can steal their money as well. When depositors stop coming in, you lose your entire deposits plus any commissions that you may have earned.
Jameel is indeed a smart person because migrating to the so-called internal exchange only serves his interest. Eventually when Bitsolives collapses, he will just convert the value of Buxcoin to zero dollars. On the backend of the website, most of the cash invested in this pyramid scheme winds up in his pockets. He gets to keep almost everything that lands on this website.
The eventual collapse of Bitsolives is a sure thing. Don’t expect that this is a stable income generating business model. We have already seen that the person behind it has a history of running ponzi scams. So when this one eventually collapses, it will result in widespread losses. There is no doubt.
Also, no sane investor can put their money into a scheme whose owner has a tainted history and is always hiding from authorities. What happens when he gets arrested? The authorities will most likely pull down the website and those who had initially invested in the scheme will lose money. On the other hand, Jameel and his associates will be locked up in jail. It is as simple as that.
After looking at the operation model of Bitsolives, we are fully convinced that this is a Cryptocurrency scam. That means the inevitable will happen at some point. If you don’t want to be disappointed, just invest with these platforms instead.
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8 Replies to “Bitsolives Review: Scam Owned by a Fugitive, Jameel”
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I bought silver package of buxcoin from my neighbour who forced me to purchase it. But i believe its a scam because coin isn”t in market. i want to ask that are you sure is it a scam??
yes, it is
I jst rcently regstred as slver pckge too bt as too excited i transfered my other BTC funds to their trading system. It was pretty quick but then as i trade and do exchange, amount wont be credited and i already lost lots of btcs but for sure not only me. So i decided to withdraw out from their sytem but they wont approve it. Now as i canceled all my traded balance it didnt revert back and my BTC balance are all gone. I already contacted and created ticket but no response at all. I am very sad and felt sory to myself that it happen to me. So therefore, stop invsting to them. All of you guyz please be fully aware and open your eyes that they are scam, nothing but scam. D**n! Lot of people from differnt countries are being victimized and soon will regret too. Now, how many more people will exprience this hyip. Too good to be true.
We lost more money with bitsolives. We should go for legal action against them. They are just cheating with people in the name of crypto business. They manipulated everything in their favour.
Buxcoin is not a scam but i certainly believe Bali who was a promoter was a scammer.After he is gone company is in a good shape…any by the way before u write anything make sure u have right credentials….
Bux Coin is just MLM marketing with fake features and just nothing.
Bitsolives cashfinex bux coin is 1000% scam . They make false promise to the members to creat hope and take time to forget by them . Dear go back to 2017 when Bali Ganesh started this scam after one coin and eagle gate to compansate old account to bux . Million euro they both and Jamil collected . Three starts ( scammer) still together . Always creat new story to take simpthy from innocent people. Even they don’t have account people / Support team / Crypto expert / Forex trader not even though software team . Let me ask them do they show any pictures of there so called office in UK or new one in South Korea .
Moshin Jamil CEO
Nitin Chauhan / Ganesh sagar
Is the main team of scam . Still trying to make story
Anything can be said to cover up for their crimes. Moshin Jameel, Ganesh Sagar, Prashant, Bali are criminals