When we created the Bitcoin Sucker video, we did so as a joke. It was based on all of the idiot Bitcoin scams that were around at the time back in 2017 and we decided to poke a bit of fun at the whole thing as, well what other way is there to deal with scammers.
The idea was also to see how the scammer affiliate networks would react. Would they dare show their real identity (some of them did) in order to try and sue us? Would they write fake reviews of Bitcoin Sucker in a very negative light? Well actually, what they did was to make their own Bitcoin Sucker website and give it lots of positive reviews.
Now this did seem a little odd to us, as Bitcoin Sucker really isn't a good product name and it kind of implies that anyone clicking on it would have to be an idiot, so what does it tell us that the scammer affiliates used it anyway? Does it mean
- The scammers can't really read English?
- They have no idea what a 'sucker' is?
- They have such a low opinion of the rest of us they just assume we'll click it anyway?
- They are so insanely greedy that they do not really think like normal people?
- Being a scammer really screws you up somehow and you just can't register humour?
Well, we think it is all of the above, and so we are going to go through what makes a scammer review here by using a review of our own fabricated, non-existent product, Bitcoin Sucker. This particular review is currently on coinlib.io as of October 2023 and was supposedly written in December 2022:
So first of all we begin with pretty much the same opening as every one of the scammer affiliate sites:
Bitcoin Sucker is a mobile-friendly bitcoin trading app that uses powerful AI algorithms to foresee market movements and assist traders in getting lucrative deals with a feature called "AI Predict." Only a few bitcoin trading platforms can compete with Bitcoin Sucker's current offerings. Bitcoin Sucker claims to be an alternative to today's reality, in which only 1% of the population owns more than 98% of all wealth.
It is a very interesting premise, that 'Bitcoin Sucker claims to be an alternative to today's reality' which presumably means it is either a time travelling device, or some sort of drug. The opening paragraph also states that 'Bitcoin Sucker is a mobile-friendly bitcoin trading app' when under the FAQs it plainly says that
Is There a Bitcoin Sucker App?
Right now, there isn't a Bitcoin Sucker app available. On the other hand, Bitcoin Sucker can be accessed over the web on any browser-compatible device.
So presumably they are calling the website an 'app' so we will assume that is what they mean.
But then, in the FAQs it also says:
Is there a way to get Bitcoin Sucker for free?
Yes, there are no additional fees associated with opening a Bitcoin Sucker account.
Where Can I Buy Bitcoin Sucker?
Bitcoin Sucker may be found almost anywhere! Europe (Austria (AT) / Germany (DE) / Switzerland (CH) / Holland (NL) / Poland (PL) / Belgium (BE) / Spain (ES), South & Central America (BR, PE, MX), and Africa (AF) are all represented (ZA). You can still join up for Bitcoin Sucker on our website if your address isn't listed above.
So is it free or do you buy it? What is this stupid site?
It also states, in the FAQs section:
What Can I Expect From Bitcoin Sucker in Terms of Profit?
Bitcoin Sucker has a proven track record of 85 precent trade success, even when using leverage. If you have at least EUR 250 in your account, you can leverage your ETF earnings up to 4x; higher leverage means larger returns, but also a higher risk of losing money! It's common sense to never trade anything you're not ready for.
Which seems pretty unlikely given that we made up Bitcoin Sucker just to see what the scammer affiliate sites would do; they didn't disappoint.
So let's have a look at the section that says 'about Bitcoin Sucker'
Bitcoin Sucker is a cutting-edge trading strategy that aims to help traders, especially beginners, make a passive income from the bitcoin market. The trading systems' main goal is to make trading bitcoin and other cryptocurrencies (including odd coins) easier and more rewarding.
Bitcoin Sucker uses a set of complex algorithms to analyse the volatile bitcoin market in search of profitable trading opportunities. Scanning the market for relevant data, extracting key insights, and identifying opportunities where the trader might profit are all classic instances.
Bitcoin Sucker is a fully automated machine that mines bitcoins. You can work a full-time job while also earning some passive income. The trading system has partnered with CySEC-certified brokers to give credibility and transparency to your trading journey. You may create an account in less than 20 minutes. Don't worry, the system is really simple and user-friendly.
Now the problem with the above is that none of this is even remotely true. They are knowingly writing absolute nonsense with the intention of misleading their readers into signing up for something that is not real only for them to be defrauded (and if coinlib.io deny that is what is going to happen, why are they lying in the first place?) by boiler room scammers using offshore, unlicensed fake broker accounts and CFD trading. This is not a possibility, it is a fact, and the only explanation as to why anyone would make up such nonsense about a website that claims it's product was invented in outer-space by an alien race.
Having established that coinlib.io is a scammer site beyond any doubt, it is time to review them the way they are reviewing these boiler room scams, with a little set of questions...
Is CoinLib.io Trustworthy?
How Does CoinLib.io Execute Its trade?
How to Begin Using CoinLib.io
Step 1: Creating an Account
Step 2: Fund Your Account
Step 3: Investing in CoinLib.ios (Demo or Live)
CoinLib.io's Key Features
Licensing is completely free.
The commissions are minimal.
CoinLib.io does not charge excessive fees. Your brokers will be paid a commission of 0.01%.
The Bottom Line
Is there a way to get CoinLib.io for free?
Is There a CoinLib.io App?
Where Can I Buy CoinLib.io?
What Can I Expect From CoinLib.io in Terms of Profit?
Coinlib.io claims to be a site that 'Coinlib provides live and historic cryptocurrency prices, portfolio, alerts, news, charts and detailed coin data. ... Trading is very risky. Consult a financial advisor' so it is a littler unclear as to what this site is. Firstly it claims that they provide 'live and historic cryptocurrency prices' but as far as we can see this is untrue. If we take a live look alongside coingecko, which is a pricing provider we use, it seems ot have totally different figures or they are not up-to-date on coinlib.io.
They don't even have a similar opinion about what has happened in the last 24-hours which seems very strange. There is more to this site than crypto-curreny prices, but we are not sure what the whole truth is just yet...
Is CoinLib.io Trustworthy?
As well as the prices on the home page, there is also the option to start trading in BTC. We thought it only prudent to test this feature as it would obviously be a temptation for anyone visiting the site to press on the Trade button. The home page does explain that they will be putting you in touch with a broker, which is a little odd as buying Bitcoin online is pretty simple, the thing is though, that they are talking about buying BTC, they are talking about speculating on it with CFDs (Contracts for Differences) which has been outlawed by the FCA. They have not just outlawed CFD brokers from operating, but also the soliciting of such brokers and their services. In short, conlib.io is completely illegal in the UK, US, Israel and Canada.
CFD trading is very complicated and your stake can be dissolved for many different reasons without warning. If you are leveraging your money (multiplying your stake with money you do not have) then you can lose huge amounts of money you cannot repay very quickly. This is why CFD brokerages have been outlawed in the UK, US and Canada. This is a sure sign that CoinLib.io is not trustworthy!
As soon as we click the newsroom link at the top of the page, we see the dreaded phrase: Crypto Trading Bots.
Now there are ways to use AI and other trading robots (automated trading systems) that can be useful if you know what you are doing, but the reviews here need to be investigated before any opinion can be drawn from them. Let's see which products they are reviewing or recommending and how they are describing them..
Firstly, let's see which auto-trading systems they are describing and whether they are reputable:
Oh dear, they seem to have every single scam going on their pages. This really is not a good sign. The site appears to be 'reviewing' sites that any idiot, whether they run a crypto-currency website or not, would instantly be able to identify as a scam. No one in their right mind would review Bitcoin Union as if it were real as the claims it makes are completely ridiculous. Bitcoin Union is a website that is often associated with fake news in that they will post ridiculous articles about Bitcoin Union being the real source of Jeremy Clarkson's wealth and other nonsense. Bitcoin Union is as obvious as a scammer affiliate pushing boiler room scams can get!
How Does CoinLib.io Execute Its trade?
Perhaps a better question is how do they execute their readers? The answer is using CFDs.
As far as we can tell, ConLib.io has no trading capability whatsoever. They are simply a site that uses good information to try and persuade the unfortunate reader to take very bad information. Their crypto trading bot reviews are beyond meaningless, they are downright criminal and the rest of their site is simply written by poor quality journalists who cannot tell scammers from their own backside.
Anyone submitting an article for a website without checking it's content is asking for trouble and these journalists are the definite article.
Looking into the coinlib.io website to ensure it is not ridden with scams takes but a moment, as you can soon see the scams as you open the home page.
How to Begin Using CoinLib.io