Magic-Vault: Dissapointed, Interview asked
March 27, 2007
Today, I was reading in High Yield Weekly Digest (One of my favorites sites) and read about Tony’s new “In focus” program. It is about Magic-Vault. You can read the whole article here:
I was impressed when I read the whole article and also the way Pedro the admin of magic-vault allowed Tony’s to verify his program. I decided to contact Pedro and asked about an interview with us today. No answer till now but hope to get an answer from Pedro.
After that, I was researching about this program and went to various forum and sites. But was disappointed when I saw this at MMG:
“Caution: The administrator of this program has been found to have been using multiple ID’s on MMG.” So the admin “Pedro” registered many usernames and posted about his program. There are the replies:
Username: Panathi
I’m in, too! [paid for 3 days now]
I am very satisfied with the administrators and the program itself. The private forum seems to be a very good means of communication, and I enjoy being able to see the forex results.
Go on Magic!
Username: Mystic
I’m in with a test spend (in daily plan) and i’m goin’ to put a bigger amount in the monthly plan. Administrators are vry helpful (they took just 1 minute to get back to me in the forum!) and the private forum is very good too. i’ve already chated with one of the admiiinistrators through phone, and i really appreciated the conversation. I got faith on this one
And Pedro Username is Magic-Vault. All the three members was banned and then he again registered with a new username called MagicVault. He replied to this issue:
We do not know what might have happened, but I and two of our members have been banned from the forum. We have promptly contacted both of them and we concluded that we share the same ISP (in Portugal). That may have originated the similarities between the IPs of the three users and this misunderstanding. In order to avoid further problems, the members have been asked not to come to this forum again. One of our administrators will come here from time to time to answer questions about the program; extended daily updated information will be available on our private forum.
All the best,
Administrators of Magic-Vault (http://www.magic-vault.com)
All of those 3 nicknames was banned. Panathi username was created 12-dec-2005 with just 9 post (2 of them in Magic-Vault thread), Mystic was created 21-march-2007 (with 1 post and was in Magic-Vault thread) and Magic-Vault (Admin) was created in 20-March-2007. It is really suspicious, and some question arise here:
1. How pedro knew about MMG? may be because he is an old member in MMG with Panathi nickname?
2. How Mystic was created a day after and have just one post in the Magic-Vault thread?
3. Another thing (may be I am wrong and that’s why we asked Pedro with an interview) Pedro has a good English writing and with Mystic username has a very bad english writing but this makes things more suspicious.
We can’t say that this is a scam before doing some more research about this program, it seems that they are really doing forex trading but a negative point what Pedro mentioned on HYWD:
I suppose it is quite obvious that the whole project involves much more than $300.00 USD. We have our money distributed among three brokerage agencies (NorthFinance, Forex.com and Alpari).”
Ok, if that is the reason why they accept e-gold? If the only broker that accepts e-gold (That he mentioned) is Northfinance and they only have $300 on it. Which is nothing in a forex trading. Their results are great that’s true but still the capital is nothing. How they can distribute the money from those 3 brokers? let’s make an example: If Investors deposit in e-gold, what they should do to distribute to the others brokers.
Exchange from e-gold to cash (Fees included)
From Cash to their bank and then Bank wire them to the broker (A lot of fees and time!)
So they have daily and Monthly plan, Let’s see with e-gold they can withdraw everyday! that’s totally right, but with the other brokers? To make all the process mentioned above it will need at least 10-15 business days to hit for example Forex.com and to withdraw it will take 3-4 days and then exchange cash-to-egold will need 5-9 days (if they are lucky).
I will ask Tony if he still has access to their account, to see the withdraw history (as I think they have daily plan no? so they need to withdraw daily). Another issue that Tony’s mentioned is about the domain registered by Registerfly which will be closed soon and they need to move their domain to another registrant (or will be deleted).
If Pedro accepts the interview (Which will be nice to clear the doubts) we will try to ask those issues. Nowadays, this industry is creating new ways to “Scam” people. Again we are not saying this is a scam (Yet) but I am sure many have doubts about it and those that don’t know we are trying to help. Hope Pedro will cooperate in this issue.
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March 27th, 2007 at 5:37 am
Ahh, that’s really unpleasant thing. I wish Pedro explains, he seems to be quite busy so he’ll probably answer your interview request
March 27th, 2007 at 12:06 pm
Hey Tony,
Let’s hope to clear this up, we really need a real program those days.
March 27th, 2007 at 4:15 pm
Hello everyone,
I will try to point out simple answers for the questions and doubts posted above. I thank you very much for investigating our program, because that is the only way to verify we are acting honestly. We also appreciate your feedback, because that is the best way for us to improve.
So, regarding doubt number:
1) MoneyMakerGroup is one of the biggest forums about investments available on the web, and we knew about it while browsing the Internet (there are advertisements to MMG and Talkgold everywhere). We found it interesting to make a new topic about us there, and our members (identified with the nicknames “Mystic” and “Panathi”, the same they used to register in our program) have followed the link (on “Ratings” page in our website) to it. We have promptly contacted both of them after this confusion arose, and it seems that the similarities between my connection and theirs may have caused the whole trouble (we share the same ISP). However, I want to emphasize that none of the administrators of Magic-Vault is “Panathi” or “Mystic”.
2) “Mystic” has been our member right after the website was put online. AS you can check by reading our SSL Certificate details, that happened in the beggining of February (although the website had its official start in 14th March). So, as soon as we put the button in our website (linking to our MMG post), “Mystic” followed it and posted his/her opinion about us.
3) Not really a question. I admit I have a good command of the English language.
4) As I have already explained to Tony Cliffon in HYWD website, both me and the other administrator have already traded in the past (using our personal trading accounts). However, when we decided to start this investment program online, we realized that the most widely used currency online is e-gold (because it is cheap, available from anywhere in the globe, safe, fast). This is why we signed up for an account at NorthFinance (which has got over $1,000.00 at the moment), and found it to be the best place for for storing/trading members funds.
We do not need to withdraw money for the daily plan, because it stands for very little amounts of money. So, we simply leave the needed amount to pay the daily ROI in our e-gold account, and put the rest of the money in the brokerage account. This is why the delay must be expected when withdrawing your principal (we have to take it out from our account in NorthFinance).
5) “If Pedro accepts the interview(…)”
Of course I do.
6) “Hope Pedro will cooperate in this issue.”
I will obviously do.
Best regards,
Administrator of Magic-Vault
March 27th, 2007 at 6:59 pm
This is real good due diligence and I appreciate.
March 27th, 2007 at 8:47 pm
Pedro,
I will thanks for the time you make to clear some points out. I would like you to understand that this is not an attack. Those days we really need a good program that have an income resource (In this case Forex). We emailed you about the interview but it seems no reply from you. Can you email us to: etalkmoney@gmail.com may be we can make this done?
March 27th, 2007 at 9:12 pm
Ok, received the email was in the Spam folder sorry.
March 27th, 2007 at 9:22 pm
it will be nice to have this issue resolved because I am interested in a forex program that is legit and no scam
March 27th, 2007 at 9:23 pm
“I would like you to understand that this is not an attack.” by “money”.
“To escape criticism do nothing, say nothing, be nothing.” by Elbert Hubbard, American author & publisher (1856-1915)
March 27th, 2007 at 9:24 pm
what mmg told you about this situation?
and what about the domain name registered by registerfly? you will move it? (you have!)
March 27th, 2007 at 9:29 pm
Nice comment Pedro
March 27th, 2007 at 9:34 pm
MMG did not tell me anything else but the red statement that you can read on the top of our topic (in their forum).
I am talking with my hosting manager to solve the situation regarding the domain name. We did not know (at all) about all the problems concerning RegisterFly (thank you for warning me!) and I am trying to get a new registrant as soon as possible.
However, I must tell you that the domain name will never be a significant problem for our members. We have a dedicated IP address (it has been necessary for the GeoTrust SSL certificate to be issued), so if the website is down for some reason, members will always be able to access our website through http://72.9.240.37 until we correct the situation.
March 27th, 2007 at 9:36 pm
There has been a writing mistake (my fault):
“so if the website is down for some reason” —> “so if the domain is down for some reason”
March 27th, 2007 at 9:40 pm
Yes, Registerfly has problems and ICANN will not give them any authority to sell domain names.
March 28th, 2007 at 10:11 pm
Magic-Vault is moving its domain (magic-vault.com) to a new registrar. Our new registrar will be Dynadot (check its details in http://www.dynadot.com/company/about.html). Depending on the DNS server your ISP is using, the change of registrar may make our website unavailable during a certain period of time. If that happens, you can access Magic-Vault by following the URL: https://72.9.240.37.
March 28th, 2007 at 10:51 pm
Pedro, thanks for coming here and updating our readers, we have announce it here:
http://www.etalkmoney.com/hyip/magic-vault-moving-to-a-new-registrar/