ShineBit is a colorful and very convincing Crypto trading and mining scam. We just used the word ‘scam’ because the promised daily returns are too good to be true. Those figures suggest that ShineBit.io is a get-rich-quick scheme, yet we know very well that these schemes can’t and will never make you a penny, let alone riches.
We are talking of 12% daily returns, 7 days a week. The idea is that if you invest more, you will make more. If you invest a small amount, you’ll get a small amount.
But 12% a day is still a huge income to make from any Crypto trading activity on the internet. We’ve searched the whole web for evidence that people are earning this much. So far, we’ve not been successful.
And we don’t anticipate to find an investor earning 12% a day from Bitcoin trading/mining because it’s impossible. Anyone who says otherwise is definitely a scammer who is looking to steal your money and disappear.
So this realization puts ShineBit in a very bad position. Their promised don’t make any economic sense. Apart from that, it’s following a common trend that scams in this industry love very much. These include company registration status in the UK, payment in Bitcoin and many other scamming elements.
It’s suspicious, and it definitely leaves us asking more questions than they are willing to answer. Right now, we are asking who the owner of ShineBit is. Besides, we also want evidence that this company trades or mines Cryptos on behalf of investors.
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But so far, we haven’t been successful in our quest to find things that will legitimize this company’s operations.
Don’t think twice about it. There is nothing to think about here as evidence reveals that this is a get-rich quick project. We all know how those projects end.
ShineBit alleges that they’ve been in operation for the last 5 years, and that their success can be attributed to their team of experienced traders and financial analysts.
Well, everyone claims that they have experienced traders and financial analysts on board. If no proof if offered to verify these claims, then it becomes very suspicious.
ShineBit does the exact thing that we anticipated. It makes claims which can’t be verified, and thus we have to warn everyone to stay away from this website. If you send your Bitcoin, you’re more than likely to lose it.
Another thing that caught our attention was the affirmation that investors deposits were very safe with this website. When we talk of safety, there are two faces of security which must be discussed without ignoring the other.
For example, when the site claims that they are safe from DDOS attacks, that’s a true statement. When they claim that their website is protected from hacks, that’s absolutely true.
The second type of security that we are talking about here is related to the safety of your funds. Now that hackers literally can’t hack and steal your money from the site, what if the owner of the site turns out to be a scammer? We can’t rule out the possibly that this website is a scam, and is bound to disappear with your money without involved a third party such as a hacker.
The safety which they are talking about here is that which is related to the website. It can’t be hacked. But that does not guarantee total safety of your funds. The site can disappear with your coins as well, thanks to the fact that they are anonymous and are asking for payment in Bitcoin only. Nothing guarantees the safety of your funds in this kind of arrangement.
ShineBit is registered in the UK. Does that mean your money will be safe because you’re dealing with an incorporated company instead of a mere individual? Absolutely not.
80% of these high yield investment programs come from the UK. They are all registered as companies having their operation bases in the UK. But this does not prevent them from scamming victims. The mere fact that their site is hosted in the UK and are operating under the name of a UK company doesn’t mean that you’ll be safe.
Instead, it boils down to company’s reputation. If a company has worked hard to build a reputation, people can be guaranteed that their funds will be safe. On the other hand, if a company hasn’t built any reputation yet, then it doesn’t matter whether their site is protected from hacks or not. It doesn’t matter whether they have teamed up with major Bitcoin exchanges or not. Customers stand a chance of losing money through their hands.
The bottom line is that company registration details for ShineBit mean nothing. You will still lose money.
If this company claims that their main business is trading and mining Crypto currencies, there should be evidence that this is actually the truth.
To verify whether or not ShineBit trades Crypto currencies, one needs to see their trading statements. If they can produce clean trading records, we will believe them. But if no records are available for this purpose, we can rest assured that this company is only playing games, the same way ponzi schemes do.
Apparently, ShineBit doesn’t have one bit of proof that they trade Crypto currencies. We expected this anyway.
How about mining Cryptos? Do they have evidence that mining is happening?
Well, they didn’t mention anything to do with mining rigs or activities in general. Instead, more emphasis was put on how to invest, how to sign up and other less important details.
So why is it that ShineBit avoiding the fact that investors want assurance that they have mining hardware and that they will be using them to mine Cryptos?
The answer to this question should be very simple. ShineBit doesn’t have anything to do with Crypto currency mining. They are only collecting Bitcoin deposits for purposes of stealing it, not investing it to multiply it.
ShineBit has a page where payout activities are allegedly recorded. People are paid on a 24 hour basis. When a payout occurs, this information is recorded on the site for skeptics like us to see.
The problem is that these payout records cannot be verified. Is it even possible to verify those long Bitcoin addresses? The idea of using Bitcoin to make payments is to first, remain anonymous and second, save on transaction fees. So why is ShineBit presenting a list of Bitcoin addresses and pretending that this their payment proof?
The truth is that it is not easy to verify these details, and the guys at ShineBit know it very well.
It’s crystal clear that ShineBit has nothing to offer, only a shiny website with empty promises. Those who fall for such trickery will obviously lose money. And when people lose money to this website, they can’t recover it because no technique has ever been discovered for recovering Bitcoins that fall in the wrong hands.
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