Again in June Karatbars Worldwide buyers 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 buyers obtained an electronic mail someday in the previous few days.
The e-mail suggested them their V999 token steadiness 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.
Replace sixteenth August 2022 – MineBase additionally operates from “minebase.io”, registered by Karatbars Worldwide GmbH on Might 1st, 2022. /finish replace
Within the “our workforce” part of MineBase’s web site, Seiz is listed as “Dr. H.C. H.Okay. Seiz”.
“Mission generator”, actually? I don’t know if that is an try and masks Seiz’s involvement, make him really feel extra necessary… or each.
I’m not an skilled on names however the remainder of MineBase’s workforce seems to be like all of them come from the identical area.
As to what MineBase is, regardless of solely present for a number of days, the corporate falsely represents it has been round since 2017.
Welcome to Minebase. This venture comes from a state of affairs that originated prior 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 legislation was modified by the regulator.
There have been new laws to checklist a Stabel token. In consequence, the venture 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 venture), Seiz lay low.
Appears Seiz could be wanting 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.
An important motive for me to make this venture 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 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 are burned by the CTP would be the costliest ones (see algorithm checklist) 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 Change. 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 Might, 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 buyers questioning how they will 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 senseless.
(*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 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 named “Artistic Token Manufacturing”, or CTP.
The person is meant to deposit at the least ten Minebase tokens. It’ll routinely assign the person a pockets handle for 72 hours.
All charges incurred by this pockets can be credited to the person. When this pockets reaches a complete of $6.50 (the present worth for token creation), the person will obtain a Minebase token. In 72 hours, the pockets handle is routinely changed with a brand new one.
Relying on how a lot tokens you deposit, you may rise up to twenty pockets addresses from your complete crypto market.
When the CTP worth will increase, you’ll obtain as much as 45 occasions the worth of your pockets handle payment 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 can even set up some app in your telephone and it’ll offer you MBASE for each 6 km travelled:
In the event you 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 need to stroll get in a automobile and journey 6km, you can even set up another bullshit app that’ll simply generate MBASE over time:
With this app, you may create the MBASE.
The MBASE CTP beginning payment 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. Completed.
So how does this nonsense match into Karatbars Worldwide?
The concept is that Karatbars sufferer’s V999 is transformed to MBASE. They’ll take part in MBASE or simply money out.
Money out what?
Yeah, that’s the place all this falls aside. You possibly can 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 few 12 months 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 senseless to start with.
How shortly MBASE collapses isn’t attainable to precisely predict.
What I do know is MineBase is among the dumbest crypto initiatives I’ve seen. Speak about an answer with no 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, must exist anyway?
In the event you’re studying this having obtained the Karatbars electronic mail, tell us the way it’s going within the feedback under. I do know a number of you’ll join as a result of V999 is lifeless anyway, and actually as long as you don’t hand over any more cash, there’s nothing to lose.
There’s point out of staking on MineBase’s web site so this would possibly ultimately 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.
Replace sixteenth August 2022 – Seems to be like MineBase has seen Karatbars’ MLM enterprise mannequin scale back to single-level commissions.
That is from MineBase’s user-agreement:
Minebase has created a compensation system wherein everybody who passes on a suggestion receives tokens.
This implies for each new token created, the referrer receives a ten% payment in tokens.
These are credited on to the referrer’s Minebase account. To obtain the token there are specific necessities.
This is able to mark the tip of Karatbars Worldwide working as an MLM firm.
