Over 11 BTC Invested in LifeBit!
LifeBit (reviewed here) just published a very brief news release. For our German readers, the good news is that you can now read the LifeBit website in your native tongue. For our English-speaking readers, there is still a problem with the introductory remarks about the company in the English version of the website (maybe all translations have this problem?). I pointed this out in the review and I’m surprised that it hasn’t been corrected yet. Who would want to invest with a company that maximizes your RISK?
Lifebit is a Limited Liability Corporation formed by two of Wall Street’s finest financial advisers. We formed Lifebit to provide an platform for people who see Bitcoin as the investment vehicle that is a reliable source of stable income; not as a mere unit of money. To maximize that potential, Lifebit utilizes the most modern, efficient and productive hardware and software to mine the Bitcoins; which are then traded on the most secure markets in order to maximize your risk and maximize your ROI.
The release also noted that the total investment in LifeBit is now over 11 BTC. A quick look at the home page of the website indicates that the total now stands at 13.13 BTC with a total of 717 “members.” I’m not certain is this means paying members or simply people that have registered. If it’s paying members, the average investment per member is around only 0.018 BTC per member. Placing the value of one BTC at $7,000, that’s roughly equivalent to a little over $100 per member. However, I suspect that some of these are non-paying members. So, there really is no way of knowing how much the average investment is. If it’s only in the neighborhood of $100, the implication is that the majority of investors are in the lowest interest range of the investment plan (1.5%) for which the maximum investment is 0.03 BTC or around $200.
In the way of a review, LifeBit offers a single investment plan that pays interest “perpetually.” The interest that you receive depends on your deposit as the following chart indicates:
0.0010 – 0.0300 BTC: 1.50%/day
0.0301 – 0.1500 BTC: 3.50%/day
0.1501 – 0.3000 BTC: 5.50%/day
0.3001 – 1.0000 BTC: 6.25%/day
1.0010 – 10.0000 BTC: 6.50%/day
10.0010 – 30.0000 BTC: 7.00%/day
Given that the total invested in the company now stands at around 13 BTC, it’s obvious that there have been no investors at the 7% level and, likely, none at the 6.5% level either. As we suggested in our review, there are probably none at the 6.25% level either. As I’ve indicated already, the great majority of investors might be in the lowest level of the program. In case the number of paying members is lower than the number of members given in the website, the average investment per member will be slightly higher. However, I still suspect that investments will be confined to the lower levels of the plan.
This is a long-winded discussion of this issue. However, it’s very important as it has a strong bearing on the survivability of the program. In our review, we pointed out that the daily net interest (DNI) paid for even the 5.5% level of the investment plan is probably too high to be sustainable. For the three higher levels we might even call the returns that are offered “obscene” (see HYIP Insights #14 for a discussion of “Obscene Programs” here). So, it is GOOD that most investment is in the lower levels of the investment plan as, in our opinion, this is the only way the program has a chance to survive for a while. In the review, we pointed out that the highest level of the program that pays 7% per day is equivalent to around 50% per week. That cannot possibly be sustainable and is obviously a fishing expedition to attract a big investor (10 BTC is required to earn at this level) after which there is a very very high probability that the program will close.
We always hate to make these sorts of predictions. However, they must be said as we have an obligation to our readers to alert them to investment plans that have obvious questions.
There is a simple solution to this problem. LifeBit should ELIMINATE the last three levels of their investment plan. In addition, even in the lower levels of the investment plan, consideration should be given to making the interest rates more sensible from the point of view of long term survival. After all, the program is supposedly perpetual. Why give the impression that it’s a fraud?
Well, enough said about all this. Following is the brief news release from LifeBit:
German translation & new partners
We are proud to say that we reached over 11 BTC total investments from all of our investors. Today we launched our German translation, feel free to test it if you are from Germany! For this week we have several things planned: We will start our advertisement on some of the biggest sites, coinmarketcap.com & mmgp.ru. A new video is coming soon as well! Stay tuned!
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