Originally, the article was titled “Is jetco.in Bitcoin faucet a scam or not?”…
Yes it is a scam. A scam, which still makes money for its owner.
A more correct way of putting it would be “a faucet that dried out”, but the past is irrelevant. An even more correct way of putting it would be “a faucet designed to “dry out” after scamming its users off 10 Bitcoin… so far …and counting“.
If you were one of the unfortunate users who fell for the generous payout scheme, without questioning, how exactly a faucet will pay out BTC (accumulating up to 750 satoshi) based on a revenue from a few adverts, focus your attention elsewhere.
Jetco.in offered its users an accumulating, moon-like structure of payments; the users could close the website and open it days later, claiming the full reward of 750 satoshi. Perhaps, in 2015, when the website went online, it was somehow economically viable; since then the river has dried out.
The minimum payout was first advertised as 25000 satoshi; once a user reached anywhere close to that, the minimum payout jumped up to 35000 satoshi (years’-long trick), giving the users some false hope. Nothng, compared to Coinpot’s partners’ minimum withdrawal of 10000 satoshi (from three faucets combined). Naturally, it is safe to assume that in between waiting to claim satoshi, users were expected to browse through the adverts, – the list included advertising actual, legitimate faucets (e. g. Moondash) with the faucet owner making a profit from referral income.
According to Bitcointalk, payment problems started as early as 2016.
You could login to Jetco.in with your Bitcoin wallet address, however, the website presented no option to change it. Or change anything, for that matter. There simply was no equivalent of My Account. It goes without saying, that no “contact us” forms, emails, terms of service, proof of transactions or references to a legal entity were mentioned.
A massive red flag? No matter how massive or how red, most flags will fail in separating a multitude of users from a resource which offers something for free.
About the faucet owner (more information, such as up-to-date contact details, FaucetHub profile etc. would be appreciated):
Have you noticed how Dmitry is based in Ukraine, the lega system of which is far from perfect, but markets his products much further from home?
– The owner of the website is using a service to hide their identity
– Registered contact email address is a free one
– Technical contact email address is a free one
– Administrative contact email address is a free one
– Possibly related to a high risk country
– High Number Of Suspicous Websites On This Server (check the server tab)
-This website setup involves countries known to be high risk
– This website is likely to be operating from a high risk country
– This website is deemed to be popular by Alexa with a ranking of 231243
This site is using an anonymous service – which prevents us from identifying the site owner. This can sometimes be just so that the owner does not receive spam, but be aware that many scam sites use this as a method to hide their identify. If this is an ecommerce site – we would suggest you confirm the business address with the website owners.
This site has a high risk country associated with it. This may be as you expect but care should be taken if purchasing an item from a site that you didn’t expect to be associated with the countries listed above. Certain countries are listed as being high risk because of the high percentage of online fraud or tendency to send fake/replica items.
Free email addresses have been used in the setup of this website. This is not necessarily worrying, depending on the site. For online shops, this can be a sign that the site has some risk.
Q: Ok, we get it, people have been scammed. What’s the big deal?
A: What we find unfair is that, according to the transaction levels traceable on Blockchain.info, the faucet owner stopped payouts in 2016… Yet continues receiving revenue generated by an obviously scam website steadily in 2018. With no intention to even provide an update on what is going on, or issue a formal apology.
And, considering the website ranking and statistics, these profits-out-of-air will keep on accumulating.
Unless something is done about it, of course.
Faucets are not the main focus of this website, but the faucets which we do mention and recommend, offer high, regular and guaranteed payouts without injecting a mining script into your browser, or infecting your device with malware, ransomware, or a virus.
Since advertisements are some of the main sources of income for faucets and faucet owners often do not discriminate as to who offers them ad revenue, despite a huge amount of faucets appearing daily, we recommend researching methods to maximise income from a few selected faucets, rather than sign up everywhere, hoping for the best. Sometimes, less is more.
The cryptocurrency market specifications are founded upon the peer-to-peer trust. The press and the establishment are already doing their best to give the market a bad name. Exchanges go out of business. Most of faucets are not trustworthy. We believe that the less people are scared off investing in the somewhat modern financial Wild West by low-life crooks, the more we will benefit as a community. Many crypto enthusiasts are strong opponents of government regulation. Doesn’t that mean that the community should offer an alternative by offering tools of self-regulation?..
…to be continued.