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 obtained an electronic 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 reside on or round August eleventh, so Seiz seems to have acquired the area in July itself.
Replace sixteenth August 2022 – MineBase additionally operates from “minebase.io”, registered by Karatbars Worldwide GmbH on Could 1st, 2022. /finish replace
Within the “our crew” part of MineBase’s web site, Seiz is listed as “Dr. H.C. H.Ok. Seiz”.
“Challenge generator”, actually? I don’t know if that is an try to masks Seiz’s involvement, make him really feel extra essential… or each.
I’m not an skilled on names however the remainder of MineBase’s crew appears to be like like all of them come from the identical area.
As to what MineBase is, regardless of solely current for just a few days, the corporate falsely represents it has been round since 2017.
Welcome to Minebase. This undertaking comes from a scenario that originated previously. 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 legislation was modified by the regulator.
There have been new laws to record a Stabel token. Because of this, the undertaking 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 clarify 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 undertaking), Seiz lay low.
Appears Seiz could be wanting money, and so now we’ve got MineBase.
Because the tokens are created from the varied charges already incurred, no revenue is made right here on the CTP.
An important motive for me to make this undertaking profitable is to reward the individuals who trusted me.
Subsequently, 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 alternate, the next instrument is used six months after itemizing.
The market is analyzed with a sensible contract. If the token falls 10% or extra, 0.025% of the tokens but to be activated are burned.
Because the tokens which are burned by the CTP would be the costliest ones (see algorithm record) the discount of the token worth is big.
Ultimately, one token via the CTP prices $793,041.08. When these are burned, discount in complete provide could be very excessive.
Instance:
The worth of the MBASE falls from ten euros to 9 euros. On the Alternate. 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 need 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 for which is mindless.
(*crypto bullshit set off warning*)
So you will have MBASE proper, which apparently is generated by alternate charges that don’t have anything to do with MBASE.
No tokens are offered 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 not less than ten Minebase tokens. It’ll mechanically assign the consumer a pockets tackle for 72 hours.
All charges incurred by this pockets will likely be credited to the consumer. When this pockets reaches a complete of $6.50 (the present worth for token creation), the consumer will obtain a Minebase token. In 72 hours, the pockets tackle is mechanically changed with a brand new one.
Relying on how a lot tokens you deposit, you’ll be able to rise up to twenty pockets addresses from the complete crypto market.
When the CTP worth will increase, you’ll obtain as much as 45 occasions 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 worth 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 cellphone and it’ll offer you MBASE for each 6 km travelled:
Should you stroll six kilometers (3.728 miles) along with your smartphone, you’ll generate one MBASE token.
The quicker you stroll (or possibly 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 case you don’t need 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’ll be able to 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 should be transferred to the pockets at Minebase. Performed.
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 control 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 couple of yr and a half. That was with billions invested by gullibles who largely misplaced all of it.
Some shitty MLM Ponzi coin that no person exterior the Ponzi cares about, pre-loaded with sufferer bagholders… I’d inform you to do the mathematics however the math is mindless to start with.
How rapidly MBASE collapses isn’t potential to precisely predict.
What I do know is MineBase is without doubt one of the dumbest crypto initiatives I’ve seen. Speak about an answer with out a downside.
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?
Should you’re studying this having obtained the Karatbars electronic mail, tell us the way it’s going within the feedback beneath. I do know a whole lot of you will join as a result of V999 is useless anyway, and actually as long as you don’t hand over any extra money, there’s nothing to lose.
There’s 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 concept if there’s an MLM part to MineBase, none is talked about on the web site.
Replace sixteenth August 2022 – Appears like MineBase has seen Karatbars’ MLM enterprise mannequin cut back to single-level commissions.
That is from MineBase’s user-agreement:
Minebase has created a compensation system during which everybody who passes on a advice receives tokens.
This implies for each new token created, the referrer receives a ten% price in tokens.
These are credited on to the referrer’s Minebase account. To obtain the token there are particular necessities.
This could mark the top of Karatbars Worldwide working as an MLM firm.
