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.
👉 Want to make money automatically with Bitcoin and Cryptocurrencies without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! ETBOT is for you! With the ETBOT software, only YOU are in control of your investment funds. The software works using API Key connections that only YOU set up and control. The ETBOT service and mother company EndoTech has been making investors hundreds of percent a year in proven gains since 2012! They use the volatility of the Crypto market to trade long and short using breakout techniques and strategies powered by real Artificial Intelligence. This year so far ETBOT has made over 75% for clients since January 1st, 2020. If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to ETBOT now and buy your subscription to get started. PS: ETBOT is a Profitable Forex/Crypto Trading Bot. 100% Verified and Recommended by Valforex.com.
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.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More