In the world of online trading and investments, there are a lot of scams and then there are even more scams. Matter of fact, the scams outnumber the legit sites at a ratio of ten to one. Over the years, we have profiled and exposed hundreds of scam sites and still, there are tens of thousands more to go. That said, this article is about exposing yet another scam in the name of MyBitMine.co and hopefully saving a lot of people from being scammed.
Now, MyBitMine, as you can guess from the name, is a Bitcoin mining site that uses a quite unorthodox way to generate the coins. Unlike other mining platforms that openly sell hashing power and/or ready bitcoins, MyBitMine is packaged as a game that you can play and earn bitcoins at select stages. Hence, MyBitMine.co can be referred to as a Bitcoin Faucet, which is a name for a website that periodically rewards users with bitcoins, just like a water faucet releases water in periodical spurts.
Basically, the game takes miners on a journey to St Bernard Lake as they try to find and unlock gold. New miners get one gold bar and a mine worker each to jump-start their experience. The aim is generally to increase the number of gold in their possession and expand the mines as well as gain new mine workers. After collecting enough gold and other rewards, you can exchange them for their worth in Bitcoin or cash and withdraw to your wallet or via PayPal. Simply put, MyBitMine.co gives out bitcoins for free, and you don’t even sweat for it. How wonderful!
As it were, the current version of MyBitMine is only a beta version of the game with the official version not yet released. The developer, who remains anonymous, claims that the current version is only a test for what features work and which don’t and promises to improve in the next game. It is worth noting that MyBitMine was first announced in 2014 with an official version, called MyBitMine V.2 set to be released soon after. Unfortunately, that never materialized and we are still waiting. Well, we actually aren’t because we know it’s all crap but you get the drift.
That said, it doesn’t take away from the fact that MyBitMine.co website still claims that real bitcoins can be acquired by playing the game and collecting various resources. However, we found this to not be the case. The developer, in a thread on BitcoinTalk.org, claims that the site does not currently have enough funds to pay all miners and only the top 10 players will be rewarded with actual bitcoins. He also requests for donations from philanthropic people allegedly to help him pay all the top players. Top donors are listed on the Credits section in MyBitMine.co presumably as some sort of reward. Unfortunately, we haven’t seen any evidence of any successful withdrawal from the site, which could mean that the developer pockets all the donations and ad money.
Worse still, players are required to provide their Bitcoin wallet addresses “just in case” they winsome coins. This is very risky as it gives the site owners access to private information and they might even hack the wallet and steal bitcoins, which won’t be much of a challenge to them.
Under the lens
Scams are very easy to identify as long as you know what aspects to look at. And we certainly know what to look at and what to ask. Check out the questions below, which make up our own scam test, and which guide us in determining the trustworthiness and credibility of a website.
How popular is the site?
How popular a website is a factor its ranking on Alexa.com, which ranks millions of sites based on their daily page views. At the time of writing, MyBitMine.co had a global rank of 719,184, which means it’s enjoying a moderate amount of daily traffic. Most visitors came from the US, Kazakhstan, Russia and Ukraine.
How long has the site been online?
The first recorded activities of MyBitMine.co were in September 2016 which makes it slightly under a year old. It is worth noting that sites that are more than 6 months old are, on average more trustworthy as, from experience, scams hardly last more than 5 months. However, that doesn’t mean we trust MyBitMine.co yet because, as we said earlier, it is marketed as “just a game” and has no recorded payouts.
Does MyBitMine.co have a physical address?
MyBitMine.co does not have any contact address whatsoever, let alone a physical address. The only way to get in touch with the developer is via a BitcoinTalk.org thread – no email or even contact form on the website. But of course, the site has a complete Bitcoin wallet address to facilitate donations and/or contributions from naive, albeit generous philanthropists.
Does MyBitMine.co promise unreasonable returns?
Not really. See, MyBitMine.co is a very cleverly disguised scam. So cleverly disguised that they don’t quote the exact returns to expect. Instead, they give the illusion of “earning” Bitcoin by progressing through the game. Hence, here we have a scam that instead of claiming to give out crazy returns, has an even crazier way of bringing about the BTC returns. Which leads to the next, and final question…
What exactly does the site do?
Simply put, MyBitMine.co lets you play a free game then gives you free bitcoins. That’s it, no investments, no actual mining – just playing a virtual mining game will give you Bitcoin. If that is not the most ridiculous thing I have ever seen or heard, I don’t know what is.
MyBitMine Review Conclusion
As the above review proves, MyBitMine.co is a fraud disguised as a profitable game. The developer doesn’t even give his real name or address, meaning there’s no way to track him if he runs away with your coins. We know you value your time and money, and that is why we advise you to stay away from this scam and others like it.
Verdit: MyBitMine is a SCAM!
Blacklisted site: mybitmine.co
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