I had an interesting conversation with someone concerning the Munsbit scam. The fellow said that the high yield investment program is paying but I tried making him understand that scammers pay a few early sign-ups because their intention is to lure in more people but he thought I was joking.
It wasn’t long before another person involved in the program reported that his money is stuck. Considering that these are people that have been recruiting new investors for the scheme, I wonder how it feels being taking for a ride by scammer.
Site Still Live
However, I decided to check on the site and saw that it was still online. It is obvious that the scammers are still getting new sign ups and so eager to mop up all the funds they can steal from ill-fated investors before packing up the site.
The essence of this review is to let those investors who may want to check up some reviews before sending their bitcoins to Munsbit.io. This scam is near its terminal point and anyone that sends their would never get it back. Neither would they get any expected profits promised on the website.
Nevertheless, it is important that we analyze the scheme to learn why we should never entrust our cryptocurrencies to sites with no reputation to protect.
What is Munsbit?
Munsbit is a clever scam because anyone can afford to get involved in it due to the little money required to join ($0.1). When I came across the site, I actually thought it was 0.1 BTC and wondered how they got any losers to sign up.
On a closer look I realized it was just $0.1 in bitcoins, a witty move by the scammers knowing that nearly anyone could afford that. However, their target was something bigger knowing how greedy people are.
Daily 20 Percent
The site promised their sign-ups a tremendous 20 percent daily return on investment. Say who would invest $0.1 knowing they could invest $100 or even $1000 and earn big in 24 hours?
It is obvious that they paid the early investors who tested the waters with smaller amounts before considering investing more.
15 Percent Affiliate Commission
Munsbit promised its affiliate a massive 15 percent commission from all deposits made by their recruits – enough incentive to have an army of affiliate recruiting hundreds of suckers for the scammers.
A closer look at the site history shows that it has been online less than 2 weeks. This should have been enough red sign to the losers signing up but expectedly they wouldn’t care to check up anything because there’s easy money to be made.
I sometimes wonder why none of these people that fall for this scam never ask themselves where all the free money is coming from. I mean do just pick money off a site like that the way they pick berries off the shelf of a supermarket?
MunsBit’s Claims On How It Makes Money?
Let us analyze some claims made by this project with which they have fooled many. According to the MunsBit site:
“MunsBit is an online trading platform specializing in providing profitable cryptocurrency investment and bitcoin mining solutions.”
What trader earns 20 percent daily? Assuming he does, would he give it away to random strangers? In any case for him to give away 20 percent daily would mean that he earns 40 percent. That they are willing to pay extra 15 percent to their affiliates means they are giving away 35 percent to investors.
Where is all that money coming from with Bitcoin hovering between $3,300 and $3,600 for weeks?
Mining…Miners Never Need Affiliates
Not even during the 2017 bull-run did any miners make such offers because miners never ever need affiliates. They keep all the money because it’s business and not some charity.
I wouldn’t want to bother elaborating on the other claims by the scammers. They were just targeted at people who are too greedy to pass their funds to scammers without thinking. For the benefit of those who’d like to read the sort of things these scammer use in fooling people.
They continued the on the Munsbit web copy by writing:
“Our investment platform which is a product of careful preparation, fruitful work and vigorous activity in this area has allowed the company to generate an effective team of technical and financial experts in the field of bitcoin mining and cryptocurrencies trading and get a practical experience on a larger scale.”
How about that for a scam?
A whois search shows that the scammers behind MunsBit used privacy protection service to hide the host identity. A simple search such as this would have shown any investor that this is a project that has something to hide, even if commonsense never showed them that if it’s too good to be true then it isn’t.
At What Stage is this Scam?
I think the MunsBit scam would still be around for weeks until the scammers are certain there are no more losers to receive money from. In the meantime, they’ll keep on paying the small depositors to encourage them to keep spreading the news about the scam.
However, whenever someone deposits some substantial amount, that investor won’t get anything back. The affiliates also who are due significant payments won’t receive them.
The focus would be on getting more of the uninformed to make deposits hoping that “It’s paying” would spread faster than “It’s no longer paying”.
What many people within the crypto circles do not realize is that there are better ways of earning than sending coins to scammers. Maybe they do know that these are scams but in hope look forward in anticipation that somehow they’ll get lucky.
The MunsBit site stat shows that 13,726 investors have deposited 158 BTC while the scheme has paid out 105 BTC. If that is accurate, the scammers have made 53 BTC. That’s $180, 200 in 11 days of operation.
Scammers thrive and feed fat on losers because of greed. If you need a genuine cloudmining platform, check here.
What experience have you had with MunsBit? Send in your views in the comment box below.