Dynadot

alert The fund can't be withdrawal from Epik.com via Masterbucks wallet

Spaceship Spaceship
Watch

enamebroker

Top Member
Impact
493
It happened on 23rd Aug 2022 and this matter lasted almost one month without any process. Masterbucks.com declined my fund withdrawal and disabled the button of fund withdrawal. And I contacted Epik.com and got no further action even if Rob Monster got involved in it for two weeks. All the time I was told in email by management review.

What is wrong with Epik.com? Do you think it is normal to disable fund withdrawal? How can I get back my fund from Epik.com? Thanks for your suggestion.

Capture4.JPG
 
85
•••
The views expressed on this page by users and staff are their own, not those of NamePros.
I noticed Rob Monster disappeared for so long time in NP. And It never happened before.
He bought another forum and since is rarely here. He has mentioned many times he isn’t treated fairly here. What’s amazing is the 30 Epik employees have nothing to say on the biggest domaining forum that is frequented by all.

New CEO doesn’t say boo for a month, people can’t withdraw money— Houston there is definitely something wrong at Epik.
 
6
•••
Last edited:
0
•••
7
•••
If Epik stopped paying the bills, then we will see more facts pretty soon. They have to pay for hosting, they have to pay salaries (30+ employees), etc... In the meantime, we can only speculate. Epik-registered domains are safe, as this part is regulated by ICANN. Unsure what entity can actually assist with masterbucks withdrawals - / (non)payment of obligations, commercial contracts/. Police? But is it their job to deal with delayed withdrawals? BBB an similar entities? Moreover, since Epik has a complicated business structure - such as mentioned Irish company which runs masterbucks - what jurisdiction would be the relevant one for complaints and disputes? Questions, questions...
In any case, even on this stage it would be better to stay positive imo. Epik is not a small mom and pop shop so if the problem can be solved it will be. Crossing fingers.
 
8
•••
Last edited:
1
•••
If Epik stopped paying the bills, then we will see more facts pretty soon. They have to pay for hosting, they have to pay salaries (30+ employees), etc... In the meantime, we can only speculate. Epik-registered domains are safe, as this part is regulated by ICANN. Unsure what entity can actually assist with masterbucks withdrawals - / (non)payment of obligations, commercial contracts/. Police? But is it their job to deal with delayed withdrawals? BBB an similar entities? Moreover, since Epik has a complicated business structure - such as mentioned Irish company which runs masterbucks - what jurisdiction would be the relevant one for complaints and disputes? Questions, questions...
In any case, even on this stage it would be better to stay positive imo. Epik is not a small mom and pop shop so if the problem can be solved it will be. Crossing fingers.
If this indeed turns out to be the case, then the billionaire's funding as mentioned by Monster has dried up very quickly. Maybe due to the many acquisitions, or perhaps due to risky crypto adventures? I'm as curious as anyone.
 
Last edited:
6
•••
Amplify.io was already mentioned last year, in the historic Monster interview.

Monster, YT0:08:00: [reading chat. Full comment in chat was from Mikael Thalen: "I saw unhashed credit card data stored in plain text"] "...unhashed credit card data..." I am a bit mystified by that, because we actually store just the last four digits. We don't actually store a full card. So I don't know what that was, unless possibly there was some caching going on in which case, you know, bad form, shouldn't happen. And yeah, I mean, our team... we've done like eleven acquisitions in the last three years and we raised a significant amount of money not that long ago, from a billionaire, freedom-minded guy. No board seat, common stock, and so in other words he just wants to empower people to basically have the opportunity to search for truth and to do the right thing. I'm the sole board director, founder, CEO. But in the process of doing those acquisitions and raising that capital, what we assembled was really capable people, and some of the different business units that we've acquired came with really really talented technologists, and we're working on basically retooling the development organization. In fact, because of this incident we formed a technical core team. I've been kind of the acting CTO if you look at the org chart, well, it's not public. But we have like 80 people and not all of them are staff, some of them are like overseas contractors and whatnot, but there's about 80 staff in various capacities across our various business units. And so the outcome of what we saw here, where really not many people... This will sound strange, so the Russian dev team historically was very guarded about the code base for the legacy core registrar, and up until like six months ago, right? I mean we did an acquisition of Amplify.io, so a licensed crypto exchange, and we acquired a company called Substratum and both of those acquisitions came with [noise from some other participant, Monster mutes himself but continues speaking]

Monster: Nothing, nope, no Caymans, no islands. We acquired an Irish crypto exchange, you can check it out. It’s called Amplify.io. I’m told it’s pretty secure. You guys can try and hack it. Amplify.io. And it’s domiciled in Ireland. It’s licensed as a crypto exchange. We ended up acquiring that company in April of this year.
It looks like the founder of Amplify left a few months ago, and the company site is dead. Take a look at the Blog page, for example:

https://www.linkedin.com/in/justintabb/
https://blog.amplifyexchange.com/
 
6
•••
If Epik stopped paying the bills, then we will see more facts pretty soon. They have to pay for hosting, they have to pay salaries (30+ employees), etc... In the meantime, we can only speculate. Epik-registered domains are safe, as this part is regulated by ICANN. Unsure what entity can actually assist with masterbucks withdrawals - / (non)payment of obligations, commercial contracts/. Police? But is it their job to deal with delayed withdrawals? BBB an similar entities? Moreover, since Epik has a complicated business structure - such as mentioned Irish company which runs masterbucks - what jurisdiction would be the relevant one for complaints and disputes? Questions, questions...
In any case, even on this stage it would be better to stay positive imo. Epik is not a small mom and pop shop so if the problem can be solved it will be. Crossing fingers.
If there are indeed serious problems at Epik, then I have a a problem. I am currently only using Epik to purchase a few domains in installments because this is the only place where the sellers had them listed for sale. If Epik goes down, I guess the domains would be returned to the sellers, and I can wave goodbye to the money I have already paid (about 50 percent).

I even had an Epik broker approach me on Friday regarding selling one of the names that I am still purchasing in a payment plan, so I have a feeling their own employees have no idea what is going on.

Epik management - if there is one - really needs to clarify immediately.
 
Last edited:
11
•••
I also initiated a (very) small masterbucks withdrawal a while ago which hasn't been processed.

It seems possible Epik ran into financial problems. @tonyk2000 is right on this. There is also the jacking up of renewal prices which hasn't been mentioned in this thread. Renewals of .com went to $35 (!). At the very beginning, I saw a post from Rob on the "other forum" stating domainers would get a special pricing around $10. They just needed to ask support. That post was deleted rather quickly, it seems. And it also seems new domainers asking for the special pricing are only getting $15 .com renewals.

Or it's just some organizational troubles they will sort out. IDK.

the only thing propping up the value of alternative currencies is trust.
My understanding is that Masterbucks is indeed kind of internal credit funds, which can be used to pay. But they are supposed to be withdrawable, and equivalent to the underlying currency. Sure, with the caveat they may change rules along the way. t's basically the "same" as long as it works (yes, I understand that was kind of your point). Maybe it's also a bit different in case of bankruptcy.

Masterbucks isn't something you will park your money into long term or anything. You receive it and spend it, or withdraw actual currency (the problem being with the latter, lately).

There is one possible thing to do for people fearing to not be able to get their money (if you anticipate Epik's BK. I'm not saying it is what's going to happen. IDK): Cancel the withdrawal and spend it. On renewals. Or buy domains on their marketplace or on NameLiquidate. You will pass the masterbucks hot potato to the sellers (they didn't remove their name either).
 
11
•••
10
•••
I also initiated a (very) small masterbucks withdrawal a while ago which hasn't been processed.

It seems possible Epik ran into financial problems. @tonyk2000 is right on this. There is also the jacking up of renewal prices which hasn't been mentioned in this thread. Renewals of .com went to $35 (!). At the very beginning, I saw a post from Rob on the "other forum" stating domainers would get a special pricing around $10. They just needed to ask support. That post was deleted rather quickly, it seems. And it also seems new domainers asking for the special pricing are only getting $15 .com renewals.

Or it's just some organizational troubles they will sort out. IDK.

Well, whatever is going on is not real confidence inspiring from a registrar that holds people's domains, and in some cases money as well.

My understanding is that Masterbucks is indeed kind of internal credit funds, which can be used to pay. But they are supposed to be withdrawable, and equivalent to the underlying currency. Sure, with the caveat they may change rules along the way. t's basically the "same" as long as it works (yes, I understand that was kind of your point). Maybe it's also a bit different in case of bankruptcy.

Has anyone actually seen the TOS for Masterbucks?
I went looking earlier for a few minutes and didn't find it.

An internal "currency" has limited value if the company can just block withdrawals for whatever reason based on nothing more than their own whims.

Masterbucks isn't something you will park your money into long term or anything. You receive it and spend it, or withdraw actual currency (the problem being with the latter, lately).

There is one possible thing to do for people fearing to not be able to get their money (if you anticipate Epik's BK. I'm not saying it is what's going to happen. IDK): Cancel the withdrawal and spend it. On renewals. Or buy domains on their marketplace or on NameLiquidate. You will pass the masterbucks hot potato to the sellers (they didn't remove their name either).

Right now all we can do is speculate, however if it is some type of liquidity issue I am not sure that would work.

If you are buying a domain from another party, renewing domains, registering domains, etc. at some point the money is actually going to have to go to another party.

I saw some posts either in this thread or another that implied a registration with Masterbucks was not working.

Could someone with a domain @ Epik try renewing it with Masterbucks, and see if it actually works?

Brad
 
Last edited:
3
•••
Last edited:
6
•••
1
•••
5
•••
Last edited:
5
•••
7
•••
Last edited:
3
•••
An internal "currency" has limited value if the company can just block withdrawals for whatever reason based on nothing more than their own whims.
The point was: Exactly the same can happen with USD or EUR. Doesn't change much, there.
It can change things in case of litigation or in case of the company going bankrupt, that's true.
No, I didn't see Masterbucks TOS. And yes, I agree with you, all this is clearly not good to inspire confidence.

if it is some type of liquidity issue I am not sure that would work.
[..]
If you are buying a domain from another party
It's only some entries in the company accounting system. There is no real "money" transfer involved.
That's what you're pointing out otherwise.

The company owes you some money, you buy a domain from someone else on their marketplace, and now the company owes money to the seller instead of you. Just accounting. If the company doesn't pay in the end, all that changes is who doesn't get paid.

The trick you might have missed is that sellers on Epik marketplace are selling against the credit of Masterbucks on their account, not against a direct USD payment. It is implied they will be able to withdraw USD afterwards. Well, that's the core of the matter, here. But sellers won't wait for the payout to transfer ownership of the domain, especially not if it's registered with Epik, as the transfer will be quite immediate (It would even be the same with Dan for example, as sellers are only paid AFTER they transferred the domain. Dan is paid before, not the seller).

There is little reason for Epik to not honor transactions on their marketplace (paid in Masterbucks).
And they get a 9% cut. This is that much less money they now have to pay out (which comes out of the seller). Maybe renewals would stop working, you're right there.

Maybe all this will be resolved, and it's not a money problem at all. We sure don't know. Only suppositions and speculation. Nothing else.
 
Last edited:
2
•••
The point was: Exactly the same can happen with USD or EUR. Doesn't change much, there.
It can change things in case of litigation or in case of the company going bankrupt, that's true.

There is a major difference between USD or other fiat currencies and internal tokens.

When it comes to USD, people generally have money in a bank. Banks come with heavy regulations and protections for your money. Internal tokens do not.

Masterbucks is not regulated anymore than Dave & Buster's tokens are.

It appears that no Masterbucks TOS even exists. If it does, I have not seen it.

Brad
 
Last edited:
10
•••
Banks come with heavy regulation and protections for your money
RIght. But Dan, Sedo or any other intermediate isn't a bank. You almost have the same risks if USD is involved.
 
0
•••
Going the way of the "good old" EpikBucks?
 
4
•••
It's only some entries in the company accounting system. There is no real "money" transfer involved.
That's what you're pointing out otherwise.

The company owes you some money, you buy a domain from someone else on their marketplace, and now the company owes money to the seller instead of you. Just accounting. If the company doesn't pay in the end, all that changes is who doesn't get paid.

The trick you might have missed is that sellers on Epik marketplace are selling against the credit of Masterbucks on their account, not against a direct USD payment. It is implied they will be able to withdraw USD afterwards. Well, that's the core of the matter, here. But sellers won't wait for the payout to transfer ownership of the domain, especially not if it's registered with Epik, as the transfer will be quite immediate (It would even be the same with Dan for example, as sellers are only paid AFTER they transferred the domain. Dan is paid before, not the seller).

There is little reason for Epik to not honor transactions on their marketplace (paid in Masterbucks).
And they get a 9% cut. This is that much less money they now have to pay out (which comes out of the seller). Maybe renewals would stop working, you're right there.

Maybe all this will be resolved, and it's not a money problem at all. We sure don't know. Only suppositions and speculation. Nothing else.

I am thinking more about bulk renewals or registrations. That is not an internal transaction.

If someone renews say 1000 .COM. That would be $8,970 (1000 x $8.97) leaving their internal system and going to Verisign.

There would also be another $180 (1000x $0.18) going to ICANN.

Brad
 
1
•••
3
•••
I am old enough to remember them. :)

Brad
I did another search. It seems they simply changed the name to Masterbucks about 10 years ago.
 
5
•••
RIght. But Dan, Sedo or any other intermediate isn't a bank. You almost have the same risks if USD is involved.

Being paid via internal token and being paid via fiat currency are not the same thing.
The risks are not the same.

Dan, SEDO, GoDaddy and virtually ever other company make direct payments in a timely manner.
They are not holding your money in an internal token.

In theory, I guess, they both have a risk of not being paid.

With internal tokens you have the additional risk of being at the whim of the company.
If something happens to the company your internal tokens could end up worthless.

That is not a risk with fiat currency.

Brad
 
Last edited:
14
•••
  • The sidebar remains visible by scrolling at a speed relative to the page’s height.
Back