Profitcoins.io - very interesting idea but... by cicbar

cryptocurrency · @cicbar · Aug 5 '18

$5.83

Profitcoins.io - very interesting idea but...

![FireShot Pro Screen Capture #021 - 'Profitcoins_io' - profitcoins_io.png](https://cdn.steemitimages.com/DQmZKhtEmAnYy644KhUx7k33NkFGaUYXNcZ1PFoYd2oR8WV/FireShot%20Pro%20Screen%20Capture%20#021%20-%20'Profitcoins_io'%20-%20profitcoins_io.png)

Profitcoins is a new, very interesting investing idea. Basically, they are claiming that they are using price difference of cryptocurrencies at different crypto exchanges to make profit out of that. This business model sounds very possible because there really is price difference at crypto exchanges. That price difference is usually very small but still maybe that can be exploit...

Everything on this website looks so Bitconnect for me so I have tried to find out more info about Profitcoins. These are founders from their website.

![FireShot Pro Screen Capture #022 - 'Profitcoins_io' - profitcoins_io.png](https://cdn.steemitimages.com/DQmdLM7Cw92Gej4k1NeorGTwvaWGLfSvt2rbQ6SnTvGSMcb/FireShot%20Pro%20Screen%20Capture%20#022%20-%20'Profitcoins_io'%20-%20profitcoins_io.png)

CTO David McCoy has LinkedIn profile https://www.linkedin.com/in/david-mccoy-373003123 but with same and only picture like on Proficoins website. He claims to be Professor at University of Cambridge but I couldn't find verification for that.

Founder Rocio Knight has also LinkedIn account https://www.linkedin.com/in/rocio-knight-44b802111 but again with only one picture from Profitcoins website. Looks very SCAMMY but on the other side if you are preparing some SCAM, there is big chance that this kind of mistakes wouldn't happen if you are not stupid...

This is info about company from their website:

PROFITCOINS TRADING LTD
United Kingdom, London, W1U 6TU
3rd Floor 120 Baker Street
Company registration number: 10845293
Nature of business (SIC) 64991 – Security dealing
Office phone number: +441830570566

I have tried to verify this info and there really is company registered in UK by the data of https://www.onlinefilings.co.uk/company/search/10845293

![FireShot Pro Screen Capture #023 - 'Profitcoins Trading Ltd Free Company Search Report' - www_onlinefilings_co_uk_company_search_10845293.png](https://cdn.steemitimages.com/DQmbPDoKoUvt2C32K4aK5dbJD3cDr2vcxojjhp8eTaTFW96/FireShot%20Pro%20Screen%20Capture%20#023%20-%20'Profitcoins%20Trading%20Ltd%20Free%20Company%20Search%20Report'%20-%20www_onlinefilings_co_uk_company_search_10845293.png)

At the END, I really DON'T KNOW IF THIS IS LEGIT BUSINESS. There is big chance that this is SCAM and it looks so Bitconnect to me. On the other side, gambler in me decided to put small amount into it to try how it works, dough there is HUGE chance that I will lose my investment. If someone wants to try this also, here is my referral link: https://profitcoins.io/ref/31369

This is NOT investment advice. Whenever you decide to invest, YOU SHOULD DO YOUR OWN RESEARCH...

Regards,

👍 newhope, mangos, cicbar, sbi5, sbi4, sbi2, sbi3, sbi6, pi500, steembasicincome, olegw, mindtrap, sbi7, lighteye, investorsclub, sames, fullcoverbetting, topcoach, colinbrazendale, lionsuit, magnat, anonimous, percygeorge, ontheverge, cryptkeeper17, anthrovegan, tammizzle, zorank, alexsteemiter, v3r, spartageo, kisantaulani, arifmunandar05, fauzantaulani, black-horse, remon95, irina7, milan1948, niknikola, saryus, nafees126, hunny100dev, rishi-sayz, wave.beads, jamiliafidan, terminallyill, luli1, rsmartt777, alts, smylie2005, gracefavour, alimuddin97, khayziljoy, stockpicker, rafaturik, crob

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@black-horse · Aug 5 '18

New information that is very inspired to keep learning before acting ... 

Thanks for sharing referral link @cicbar!

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@moniroy · Aug 5 '18

आपकी सभी पोस्ट बहुत बेहतर हैं...प्रत्येक पोस्ट से सीखने के लिए बहुत सी चीजें हैं.

.बहुत बहुत धन्यवाद

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@lighteye · Aug 5 '18

$0.12

Опрез је мајка мудрости, @cicbar :)

Узгред, ни за онај БигОне нисам нашао документацију нити изворни код. Имаш ли ти те линкове негде?

👍 cicbar

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@cicbar · Aug 5 '18 (edited)

$0.04

Za BigONE mi je neka vrsta garancije InBlockchain fond, na čijem websajtu piše da podržavaju BigONE. Najveći su investicioni fond u Kini koji ulaže u kripto. Verovatno su dobro istražili pre nego što su investirali u BigONE...

👍 lighteye

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@crypto-econom1st · Aug 5 '18

$0.12

I agree that this looks scammy. Normally I would also try to contact them. Preferably by phone or even visiting their address. But a visit is most of the time impossible. Cause I wouldn't travel hours and spend a few hundred of dollars.

About arbitrage possibilities, I have seen a few of those based on CMC data. Sometimes the data was incorrect at CMC. And most of the time I didn't know how to benefit as I could not register an account in Korea. Or once your money is in Korea or such a country I can't get it back into the Netherlands. At least not with my private bank account.

👍 cicbar

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@cicbar · Aug 5 '18

You can transfer back your money from Korea through crypto...

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@crypto-econom1st · Aug 9 '18

$0.04

That's right, but it does mean a risk. Especially when you only earned like 10% profit on the first trade. That whole profit could disappear again. I'm actually quite certain you can't benefit from arbitrage by trading with only $50 or similar small amounts.

👍 cicbar

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@remon95 · Aug 5 '18

Looks very informative. I think this is not scammy. Hope it would be better idea.

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@chesatochi · Aug 5 '18

$0.09

Right on the main page, the minimum to invest is 150 Euro!

👍 cicbar

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@cicbar · Aug 5 '18

Good luck if you invest something 😃

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@arifmunandar05 · Aug 5 '18

thank you for the information @cicbar
I will try to learn it :)

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@fullcoverbetting · Aug 5 '18

$0.13

Good luck with it. I will stay away from it big time!
But if it is legit you can really make some bucks!

👍 cicbar

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@cicbar · Aug 5 '18

Thanks mate. You have much more chance to earn with your bets than I with this :-)

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@fauzantaulani · Aug 5 '18

Very good new investment. It's very interesting, I really agree.

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@everyoung · Aug 6 '18 (edited)

Wish you success with it... At least with  This people are gonna be self dependant

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@sames · Aug 5 '18

$0.09

Registering a business in the UK is easy in fact it a common thing ponzi scheme brag about.  Anyway glad you are just gambling the money, that way it hurts less.

👍 cicbar

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@cicbar · Aug 5 '18

There is 99% that this is ponzi. At least they have idea that could work if exchanges would not have withdrawal fee...

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@sames · Aug 5 '18

$0.06

it would of made more sense if the liquid sidechain was mass released-that way the tx fee wouldn't matter

👍 cicbar

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1 reply

@junior77 · Aug 6 '18

Nice analysis... 

I think it will be legit

👍 thompson2

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@mubarikahmad · Aug 6 '18

Good information about this.......thanks for sharing it......God bless u

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@irina7 · Aug 7 '18

The idea is very interesting!

👍 irina7

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@topcoach · Aug 8 '18

The principle "If it looks too good to be real..." should be applied. 

Case closed!

👍 topcoach

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@hunny100dev · Aug 8 '18

@cicbar good luck, may your gamble goes best for you always. Thanks for sharing.

👍 hunny100dev

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@crob · Jun 29 '19

Any updates? Did you get your investment back?

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