Why Bitcoin Vault is NOT a scam, exit scam, Ponzi scheme or another Bitconnect?

A lot of FUD has been spread since we started working on Bitcoin Vault. So before someone blames us for causing world hunger, pandemic escalation and a new global crisis, we’d like to clear the air.

Bitcoin Vault (BTCV) is an independent project

There are various allegations, some we understand and some we do not. Here we go:

Bitcoin Vault is a scam because SEC Philippines said so!

No, they didn’t.

You can read the full SEC Philippines advisory here:

https://www.sec.gov.ph/advisories-2020/mining-city/

The advisory concerns Prophetek, the company that owns Mining City platform.

Bitcoin Vault was used as an example only, with screenshots of the Mining City offer available on their website. Therefore, the advisory did not concern Bitcoin Vault.

The Mining City platform has a similar offer for Bitcoin, but it was not mentioned in the SEC document.

So, where does this confusion come from?

For example, from articles like this one:

Philippines SEC warns of ‘cloud mining’ Ponzi related to Bitcoin Vault

The Philippines SEC has released an official warning about Bitcoin ( BTC) “cloud mining” company Mining City, advising…

cointelegraph.com

A Ponzi scheme and Bitcoin Vault are mixed in the title, yet the lead refers to Mining City. Subsequently, many other crypto-related news sites repeated those allegations. Most of them mentioned that BTCV was a scam or a Ponzi scheme, which is not true. Bitcoin Vault is developed by an independent team of experts. We do not accept money from investors or sell any products or services related to BTCV so we cannot be considered a Ponzi scheme even by definition. A Ponzi scheme occurs when early investors’ rewards are covered by late investors’ money. Pretty simple.

We would like to encourage everyone to check and verify the sources of information. Many articles that followed the SEC Philippines advisory from September last year, falsely alleged that BTCV was a Ponzi scheme or scam and quoted each other. This way, one after another, they were repeating the false accusations against BTCV. We are still shocked that with all the FUD and dozens of articles, not a single journalist, blogger or anyone has contacted us directly to get the full picture.

Bitcoin Vault is a scam because it is centralized!

Yes, the coin is centralized. But how is this evidence of a scam?

There are many coins that are centralized. We won’t name them, because for some time now, saying that a coin is centralized is like insulting one’s family. Only few coin development teams in cryptospace admit that their projects are centralized. Most of them have a reason for that, just like us.

The truth is that centralized mining can solve certain issues, especially in the early stages of project development. Those interested in this topic can explore “The Blockchain Trillema” described some time ago by Vitalik Buterin.

Source: https://www.seba.swiss/research/the-blockchain-trilemma

Would you like to know why we are centralized?

Bitcoin Vault launched as a 100% decentralized coin, its genesis block was generated in October 2019.

In mid-2020, when we were focused on coding, struggled to meet deadlines set in the first roadmap, the Bitcoin Vault blockchain fell victim to a 51% coordinated attack from Europe and China. The situation was bad to say the least, so we had a choice — go to hashwar or centralize and focus on the code. The choice was simple.

After the attack, we centralized mining of BTCV to strengthen the security of the chain. We plan to gradually decentralize to a certain degree as we see a lot of benefits of such a solution. But first, like any responsible developer, we want to mitigate the risks.

You are not listed on … (CoinMarketCap, Coingecko or any other listing site of your preference) so you are a scam!

Not true, we are listed in all directories that we know of. You can find the full list in our Medium article: https://medium.com/bitcoin-vault-btcv/btcv-blockchain-data-7a4b56b81844

On some sites, like CMC or Coingecko, the market cap data is missing. We have already applied to the above mentioned to get market cap listed and we are waiting for it to be entered. We believe it’s just a formality (as at March 2021).

Some listing sites have already included market cap in the BTCV listings:

https://coinpaprika.com/coin/btcv-bitcoin-vault/

https://coinranking.com/coin/h0XuVJXY+bitcoinvault-btcv

and more will follow .

Bitcoin Vault is a scam because it is Mining City!

No, it is not.

Mining City is an independent brand owned by Prophetek.

The Electric Vault company is the development house behind Bitcoin Vault.

As developers, we have no affiliation with Mining City. We value and appreciate the huge and dedicated community which helped us to shape up Bitcoin Vault to what it is now in terms of technology, usability and adoption.

But we know where this one really comes from. Mining City was one of the first entities to introduce Bitcoin Vault to their offer by selling mining plans for it. They did it well before we established our own communication channels. So, the narrative around BTCV was taken away from the developers. Since the full product was launched in November 2020, we are doing whatever we can to bring back the narrative.

To make it clear for everyone — Mining City is Mining City and Bitcoin Vault is Bitcoin Vault. Don’t confuse the two. Electric Vault is the only company responsible for development, market adoption and communication when it comes to Bitcoin Vault.

Bitcoin vault is a scam because it is a Ponzi scheme!

No, it is totally not.

A Ponzi scheme occurs when early investors’ gains are covered by late investors’ inflows.

We are developers, working on code, development, adoption. We do not collect money from individuals, and we do not sell anything or pay out any commissions to anyone.

You are blocking comments on YouTube so you are a scam!

Yes, we turned off comments under the YouTube videos we publish. We use YouTube only as a video content repository.

You can still contact us, comment, share feedback or call us names on Twitter, Facebook, Instagram, in PM or publicly and we will do our best to respond.

Bitcoin Vault is a scam because Eyal Avramovich created it!

Nope.

Eyal Avramovich is not a coder, he hasn’t CREATED IT. He came up with the initial idea which, after some research and adaptation, was shaped into Bitcoin Vault. He came up with the name though.

Bitcoin Vault was created by a team of blockchain experts, coders, people knowledgeable in tokenomics and so on. It is a huge initiative that cannot be tied to just one person, no matter how business oriented that person is.

Bitcoin Vault is a scam because Eyal Avramovich is Mining City and Mining City is a scam!

Again, no.

Eyal Avramovich is the CEO of MineBest. MineBest operates several mining farms and sells part of their hash power to Mining City.

At times Eyal Avramovich is being mistaken for the CEO of Mining City, which he is not. He did not create it. Sometimes, as a counter argument, people say that he attended Mining City events and show photos or videos as a proof. Yes, this is true. Eyal Avramovich did attend and he will attend Mining City events as a guest. As the CEO of MineBest, operator of mining farms or the CEO of Electric Vault, a blockchain development company. Period.

And our favourite, the absolute winner:

Bitcoin Vault is a scam because I said so! Sue me if you want! In fact, if you don’t sue me, it’s a proof that you are a scam and a Ponzi scheme and another Bitconnect!

Well… you can check this thread: https://twitter.com/VaultBitcoin/status/1357446389932851200

And this one: https://twitter.com/VaultBitcoin/status/1357460474246365188

So, Jon… no, we won’t sue you, and at least not right away. One of the things that makes this world such an interesting place is freedom of expression. But let’s remind ourselves that freedom of speech is not equal to defaming or speaking untruth. Repeating all over false and ungrounded claims at some point may leave us no choice but to finally be the bad guys and take legal steps to defend. By lying publicly, you attack not only us, but also people who trusted us. We will defend our values.

If you can’t be bothered with checking out our whitepaper or you are new to the space and do not understand what we are doing, just ask. Via social media — publicly, in a private message or via email. You can even send a freaking pigeon. Just reach out. And we will respond.

Peace!

For more information about Bitcoin Vault BTCV, please visit our website: btcv.com

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