An Open Letter to Pipcoin founder, Ref Wayne

To: Pipcoin founder, Ref Wayne – An Open Letter

From the Desk of Bit-Media

Zug, Switzerland

To: Pipcoin Founder, Ref Wayne

South Africa

6 August 2016

Dear Mr. Wayne

There has been an incredible response to our previous post: – PIPCOIN / PIPCHAIN… IS IT REAL OR IS IT A SCAM?

Most of these responses were emotional rants from people who feel threatened because of our efforts to expose the facts. You yourself responded on our Facebook page but you did not really give us any real answers to our questions.

The purpose of this letter is to give Pipcoin / Pipchain / Yourself the opportunity  to respond the the concerns and discrepancies we have uncovered. Let us make clear that our intention is solely to report the facts to our followers. We are big supporters of the new digital economy and digital currencies and it would be fantastic if South Africa developed a cryptocurrency of their own.

Unfortunately we are not currently convinced about the merits of Pipcoin / Pipchain but in an effort to give you a fair opportunity to state your case we have a series of questions below and our invitation to you is to answer them, refuting what we believe to have uncovered. If you can give us factual answers that answer our concerns, we will publish an apology to Pipcoin and yourself.



Here are our questions: – Please respond in the comments below this post.

1. On the Pipcoin website it mentions that Pipcoin was founded by yourself and David Schwartz. We could not find any information on David Schwartz, could you please tell us who he is and if he is still involved with Pipcoin?


2. You have claimed on several occasions [ refer to your e-tv interview ] that you are a billionaire. Can you proof this by publishing your tax returns?


3. Pipcoin claims to give 35% returns per month. How are these returns achieved? See the image below:




4. The pipcoin website states that Pipcoin has some similarities with Bitcoin, but it is unique and better than Bitcoin because pipcoin serves as a payment getaway for ecommerce websites. Can you please provide us with a list of websites / companies that accept Pipcoin?


5. You have recently launched the Pipcoin “blockchain” – This website is a verbatim copy of [ readers please compare these sites. ] .. Did you get permission from to copy their entire website? We contacted them about this and they seemed unaware of granting you permission to infringe on their copyright. Can you please clarify?


6.On the Pipchain site you show a market cap for Pipcoin of USD 10.5 Billion. This and the trading volumes are actually those of Bitcoin. Please explain…


pipcoin chain


7. The website claims [ again these are actually ] numbers. –  that the wallet has more than 7 Millions users. Can you please clarify?


my Wallet


8. In the terms of service  [ ] (no longer available) – we found the following clause:

2.1. All references to the ‘company,’ ‘us,’ ‘our,’ ‘we’ or ‘Pipchain’ means Pipchain South Africa
S.a.r.l., a company registered under the laws of South Africa, with a share capital of EUR 55,222.08,
having its registered address at L-2340 South Africa, 1, rue Philippe II, registered with the South
Africa Trade and Companies Register under number B 190.078 (Business License number


We have a number of questions on this.

8.(a). The company is Pipchain South Africa S.a.r.l. a company registered under the laws of South Africa. However, an S.a.r.l. is not a company format available in South Africa. It is actually a Luxembourg type of company. Can you please explain?

8.(b) Share capital of EUR 55,222.08. South African companies does not have share capital in Euro. Please clarify.

8. (c) Address Rue Phillipe II. Can you please enlighten us in which city in South Africa this street is?

8. (d) Business License number B190078.  This is not a South African number but actually the registration number of in Luxembourg. Can you explain why Pipchain falsified this information?


These are some of the most important questions that we would appreciate an answer on in the comments below…



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