Again in June Karatbars Worldwide traders had been being funnelled into an Acua Wellington branded restoration rip-off.
No matter Acua Wellington was it’s come and gone. Harald Seiz has now rebooted Karatbars Worldwide as MineBase.
I haven’t seen the e-mail myself however, as I perceive it, Karatbars Worldwide traders acquired an e-mail someday in the previous few days.
The e-mail suggested them their V999 token stability had been transformed to MBASE tokens.
Karatbars associates had been then additional instructed to log in to MineBase’s web site, utilizing their Karatbars Worldwide credentials..
MineBase has been arrange on the area “minebase.com”, first registered in 2014.
The personal registration was final up to date on July 2nd, 2022. MineBase’s web site went stay on or round August eleventh, so Seiz seems to have acquired the area in July itself.
Within the “our crew” part of MineBase’s web site, Seiz is listed as “Dr. H.C. H.Ok. Seiz”.
“Venture generator”, actually? I don’t know if that is an try to masks Seiz’s involvement, make him really feel extra vital… or each.
I’m not an professional on names however the remainder of MineBase’s crew appears like all of them come from the identical area.
As to what MineBase is, regardless of solely current for a couple of days, the corporate falsely represents it has been round since 2017.
Welcome to Minebase. This mission comes from a state of affairs that originated up to now. It began in 2017 when there was no regulation for cryptocurrencies.
The purpose at the moment was to create a coin and again it with gold. In 2018 the regulation was modified by the regulator.
There have been new rules to listing a Stabel token. Consequently, the mission couldn’t proceed. It was essential to me as an entrepreneur to discover a answer.
I’ve been engaged on it for greater than three years now. I employed some specialists, and we analyzed the entire crypto market.
If that sounds acquainted, it’s as a result of it’s Harald Seiz’s sob story to elucidate away Karatbars’ KGC crypto Ponzi collapsing.
After Karatbars Charman of the Board Josip Heit went off to launch his personal G999 shitcoin Ponzi, Seiz tried to reboot Karatbars’ crypto Ponzi with V999.
Yeah, as dumb as all this sounds that’s what occurred.
V999 went nowhere and, aside from a meltdown in late 2020, two failed reboots (Lifebase and a few unnamed mission), Seiz lay low.
Appears Seiz may be in need of money, and so now we now have MineBase.
For the reason that tokens are created from the varied charges already incurred, no revenue is made right here on the CTP.
Crucial motive for me to make this mission profitable is to reward the individuals who trusted me.
Due to this fact, a complete of 45,000,000 bonus tokens had been awarded.
From what I can collect, MBASE is an algorithmic stablecoin (*crypto jargon set off warning*).
After the MBASE is listed on an change, the next device is used six months after itemizing.
The market is analyzed with a wise contract. If the token falls 10% or extra, 0.025% of the tokens but to be activated are burned.
For the reason that tokens which can be burned by the CTP would be the most costly ones (see algorithm listing) the discount of the token worth is big.
In the long run, one token by the CTP prices $793,041.08. When these are burned, discount in complete provide may be very excessive.
Instance:
The value of the MBASE falls from ten euros to 9 euros. On the Trade. There are nonetheless 100 million tokens within the CTP system. 100,000,000 – 0.025% = 25,000 tokens.
The CTP worth of the token is 793,041.08. These tokens are irrevocably burned. The brand new most variety of MBASE is 249,975,000 MBASE tokens.
Following Terra and Luna collapsing again in Could, it’s universally accepted that any algorithmically manipulated token/coin is finally doomed to break down.
Past that I don’t wish to get into it as a result of (a) it’s boring and (b) it has nothing to do with Karatbars traders questioning how they’ll money out.
MineBase’s web site mentons etherscan quite a bit, so I’m assuming MBASE is an ERC-20 shit token. MBASE is connected to a smart-contract, the advertising and marketing for which is mindless.
(*crypto bullshit set off warning*)
So you could have MBASE proper, which apparently is generated by change charges that don’t have anything to do with MBASE.
No tokens are bought however created by the charges in Etherscan, the Bitcoin community, from the decentralized high 20 exchanges and by an app with which one can produce these tokens.
This bullshit is known as “Inventive Token Manufacturing”, or CTP.
The consumer is meant to deposit at the least ten Minebase tokens. It can routinely assign the consumer a pockets tackle for 72 hours.
All charges incurred by this pockets can be credited to the consumer. When this pockets reaches a complete of $6.50 (the present value for token creation), the consumer will obtain a Minebase token. In 72 hours, the pockets tackle is routinely changed with a brand new one.
Relying on how a lot tokens you deposit, you possibly can stand up to twenty pockets addresses from all the crypto market.
When the CTP value will increase, you’ll obtain as much as 45 instances the worth of your pockets tackle price as proven within the desk.
“The desk” is MineBase’s “CTP Algorithm Desk”. It particulars an MBASE token’s beginning value of $6.50, one thing one thing algorithm and it turns into $793,041.08.
Oh and if all that didn’t put you to sleep, you may as well set up some app in your telephone and it’ll provide you with MBASE for each 6 km travelled:
If you happen to stroll six kilometers (3.728 miles) together with your smartphone, you’ll generate one MBASE token.
The quicker you stroll (or perhaps you even jog), the quicker you generate the MBASE token.
As quickly as you attain $6.50, you’ll obtain a code. When you enter this code in your again workplace, you obtain the MBASE token.
And in the event you don’t wish to stroll get in a automobile and journey 6km, you may as well set up another bullshit app that’ll simply generate MBASE over time:
With this app, you possibly can create the MBASE.
The MBASE CTP beginning price is $6.50. 4% out of those $6.50, which is $0.26, are credited per hour within the MBASE Pockets.
When one MBASE is reached, the method of CTP creation stops. A code is displayed. This code have to be transferred to the pockets at Minebase. Finished.
So how does this nonsense match into Karatbars Worldwide?
The thought is that Karatbars sufferer’s V999 is transformed to MBASE. They will take part in MBASE or simply money out.
Money out what?
Yeah, that’s the place all this falls aside. You’ll be able to program some algorithm bullshit to govern MBASE’s inner worth. As soon as MBASE is inevitably dumped on public exchanges, it’s not going to final lengthy.
The Terra/Luna algo Ponzi scheme lasted a few yr and a half. That was with billions invested by gullibles who principally misplaced all of it.
Some shitty MLM Ponzi coin that no one outdoors the Ponzi cares about, pre-loaded with sufferer bagholders… I’d let you know to do the mathematics however the math is mindless to start with.
How rapidly MBASE collapses isn’t doable to precisely predict.
What I do know is MineBase is without doubt one of the dumbest crypto tasks I’ve seen. Speak about an answer with out a drawback.
Actually, why the fuck does a token who’s imaginary worth is pegged to transaction charges that don’t have anything to do with it, have to exist anyway?
If you happen to’re studying this having acquired the Karatbars e-mail, tell us the way it’s going within the feedback beneath. I do know quite a lot of you’ll enroll as a result of V999 is useless anyway, and actually as long as you don’t hand over any more cash, there’s nothing to lose.
There may be point out of staking on MineBase’s web site so this would possibly finally simply devolve into your typical shitcoin staking Ponzi (what Terra/Luna was).
No thought if there’s an MLM part to MineBase, none is talked about on the web site.