Sunday, May 25

Still using STP? Drop it!

Hello everyone,

Solid Trust Pay (STP) community in this year has shrink till minimum, almost zero people use it, but sadly I still see that there is few misguided people who deposit with STP what in my mind is one of the worst payment processor in the HYIP market today.

The reason why I said that STP is one of the worst payment processor in the market is because there is just one payment processor what is even worse then STP - EGO Pay, difference between them is just 5 cents, so actually you can put both of them in the same corner. The problem with STP is that it is made to serve both for HYIP admin's and STP owner's needs, the main problem of STP is relatively high fees and stupid system how they are calculated. Maybe the 1.5% + $0.20 fee is not industry's worst if it would be paid by sender (HYIP admin for example), but since it is paid by receiver it is pity because STP just rips off the clients who is using it. People, I understand that it might be easy to load the money on the STP account, but if you are investor who plays HYIPs with small amounts like majority of us then STP is absolutely not for you.

I'm happy that this year I see less and less people who are using this "pseudo-currency" and I guess people is just getting more educated and care about every single cent. If you do not want to feed STP owners and you want to earn more then drop STP right now by switching to some other e-currency where you are not ripped off by fees who are "stolen" from you.


Some calculations:

Let's take one long term program what is listed on DavidNews.com monitor - FinMutual. Lets say you are the statistically average investor and you want to invest $100. FinMutual for you will pay 1.8% daily for 160 business days, so basically you will receive $1.80 daily what in the end you theoretically will make 288% return with nice 188% pure profit. You are smart investor, you minimize the risk and you withdraw your money every day.

If you withdraw this amount daily actually you will receive $1.57 and if you multiply that with 160 you get $251.20 what actually is not bad becasue your pure profit still will be 151.20%, but if I would say you that you can earn way better if you switch for example to Perfect Money.

So, when you invest $100 with Perfect Money actually you pay $100.50, because this time you pay 0.5% one time fee. Again program pays you $1.80 daily, you withdraw daily, but the big difference here is that you get exactly $1.80 on your account and if you multiply it with 160 you get $288. $288 minus $100.50 gets you $187.50 what is 187.50% pure profit from your investment, I think that you already can smell the difference, in pure profit the difference is close to 20% and there is no doubt that 20% is quite a lot for everyone of us.


Some myths about STP:

There is some people who is rumoring that it is safer to invest STP because if you lose money in HYIP then STP will refund the money to you. This is very wrong rumor - there has been 0 cases when I have heard that this happened. Yes, if your account is hacked and your money is stolen it is possible that your money will be refunded, but sorry me - even Perfect Money in such cases refund the money. There is one more myth - programs that accept STP will run longer or have better chance to run longer - somehow this "pseudo-myth" comes from one popular blog and it is totally false because behind a HYIP is admin, if he will want to scam fast he will do it with STP accepted on his program or without, this does not make any difference.


Why some HYIPs still accept STP?

I know that HYIP admins can't exchange the funds what they have received on STP account, so there is no real point to use it. Yes, in reality for admins there is no point for such "useless-for-them" payment processor because they can't get  the funds "out", but there is one thing what they do with this money. They pay for advertisements in some big forums and some monitors in case for a hope that visitor who will see advertisements and will deposit with some other payment processor. This is the reality, this payment processor is used to fund mostly all the advertisements around the HYIP industry.


Bonus paragraph:

For old HYIP players this paragraph will be well know fact, but for others it might be something new;  The reason why one popular blogger is pleasing the STP so much is because HYIP admin's dump (pay for high priced ads) the money in his website in case to get more referrals or attention. He is such a money lover and for him it is very easy to withdraw the money from STP card in any ATM around the world when he is traveling. Don't be blindly fooled by STP lobby in his blog, he just likes an easy way how to get his "hardly earned" money out an easy way :)




In the end I just want to say that I suggest to drop STP account right away, basically if you will not loose the money in the HYIP you will loose money when you pay fees. In the market where HYIPs die faster then ever you are in the need to reach break-even point faster, but with STP you just extend this period, save the money and drop STP today. On big anti-STP argument is that with STP you can't take part in majority of HYIPs. Some of the biggest success stories of this year where people made 300+% profit did not had STP accepted. What I suggest to use? It is up to you, but I think that Perfect Money with verified account is the best choice because of low fees what are paid by sender. If you come from US where Perfect Money is not available I suggest to use Payeer (0.95% fee) or widely growing cryptocurrency Bitcoin, read articles about them here and here.

David
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7 comments:

  1. Hello guys, let me complement the excellent matter.
    I'm avoiding using the Solid Trust Pay because of a robbery that occurred in my account 1 month ago, from $144. After much searching, I found MANY cases of theft. First you receive email from the STP that secondary password change was successfully carried, and before you can act, then immediately you receive another email of successful transfer (theft), by then it is too late.
    I scanned my computer with all it's antivirus, anti-spyware, anti-malware, anti-phishing, anti-rootkits etc and nothing was found, and concluded that the problem was on the side of the STP, and not on my side.

    Searching over, I find several evidences that the bug discovered by google HEARTBLEED 2 months ago, which leaves web-servers vulnerable in logins/passwords/security tokens was not corrected by SolidTrustPay (there fix for the bug).

    The LastPass site that checks a particular site by the vulnerability of HEARTBLEED accuses STP as vulnerable:
    https://lastpass.com/heartbleed/?h=www.solidtrustpay.com

    This other site about the HEARTBLEED explicitly cites the STP as vulnerable too, and say it : " ...Solidtrustpay.com. This is an e-wallet site that allows people to pay for goods on the internet, but some cursory probing by our lab allowed us to retrieve security tokens and passwords, enough to hijack a user's account..."
    http://www.cmcm.com/blog/2014-04-24/68.html

    On my firefox, I installed the extensions FXBLEED 0.2 and HEARTBLEED NOTIFIER 0.1.1 and they also accuse the STP as vulnerable, when I enter the STP.

    And finally, after intense email exchange with the support of SolidTrustPay, I convinced them, and they gave me back the stolen money.
    Another person who also suffered theft (and also refunded), said the support admitted that THEY HAD TROUBLE WITH HEARTBLEED (to me did not tell me anything).

    ie, they have a serious security problem, and it seems that the general public is unaware. I sent several tickets on this subject (HEARTBLEED), but was ignored .
    I do not understand how the STP has not fixed the problem, and do not say anything about it (several sites show EXPLICITLY on their main page that they have fixed this vulnerability), but nothing of STP ...

    I would like that DAVIDNEWS examine further about this, as it is much more serious than the rates charged by them...
    (sorry my english)

    ReplyDelete
  2. Thanks for your comment, but the SSL Heartbleed bug was not the point about the article, point was that it is useless to use something what charge that much on the fees.

    ReplyDelete
  3. Hi David, I have to say that my experiences with Solidtrustpay are very positive.

    1.Maybe for small investors the fees (transfer between accounts) are a little bit high. But for me it is also very important to get the money out of the payment processor. And with Solidtrustpay it is much cheaper and easier.

    2.The night Bitcofinancial scammed I was able to withdraw the whole deposit because the programme continued paying to STP accounts. If I had had a PM account my money would have been gone...

    So I think everybody has to see advantages and disadvantages of the payment processors and choose the one that suits better. Maybe using PM for small and STP for bigger deposits.
    But I think it is not fair to say that nobody should use STP.

    ReplyDelete
  4. Hello upsgirl84, thank you for your comment,

    1. I can agree that getting in and out is quite easy and it is important for a lot of us, but majority of us are small players and they can't afford to play with $1000 in one project.

    2. Yes, I know this kind of "fact" it happens sometimes because admin just can't exchange the funds, but I did not included this in the article because it would be something like "Feast in Time of Plague" if you understand what I mean by that.

    3. Why I say that almost one one is using it - I just see it from referral commissions what I receive, I was quite shocked that after few months months without seeing anyone who deposited with STP I received few STP referral commissions in Eazzy, but although from two members. But I guess on some popular blog it is very used payment processor.


    4. Actually many admins ask me to open STP account to pay for ads, but the reason why I do not do it is - on that moment DavidNews.com would become another one place where admin's would just "dump" the money and it is important not to allow such thing.

    ReplyDelete
  5. I think the largest transaction fee I've ever had to pay with bitcoin is 12 cents. And the sender pays the fee

    ReplyDelete
  6. Totally agree. And after what happened with BitcoFinancial I will from now on ONLY use STP and invest ONLY in HYIP's that accept it. At least the scumbag POS Admins cannot run away with the money thats in the STP account when they scam.

    ReplyDelete
  7. Solid Trust Pay accepts Visa and MasterCard though so for their higher fee you gain peace of mind and security. You get scammed in a HYIP, call up your credit card company and file a dispute. They will refund your money.

    ReplyDelete

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