The very name is suddenly a lightning rod. What the hell happened? I don’t know any details, I am not privy to them. I am in not involved with either party. I know what everybody else knows.
I do have a respected source in the PTC industry. This report will lean heavily on his experience and insight. I will not name him, but I tell you that I trust him and ask you to trust me on that. I also know that he took a much larger hit when Nerdbux folded than I did.
Here’s what I know absolutely: Late Sunday night Tim Tech agreed to the sale of Nerdbux to Jeffery Johnson. The result of a short series of negotiations, I presume that both parties got what they wanted out of the deal. TT got the price they wanted and JJ got a top 1000 website with some known issues.
It was fairly widely known that TimTech had a couple of problems with Nerdbux. They had a ‘run on the bank’ that was principally caused by rumor and innuendo, driven by a massive cheat ring in Nerdbux. It is also widely known that TimTech made money at Nerdbux, even with those problems.
TimTech is a well known corporation with a reputation for honesty, transparency and paying their bills. All of their bills, on time, every time.
Jeffery Johnson. Much more shadowy, JJ owns multiple PTC sites. According to my source, this is not the first one that has folded without funding on his watch. My source says that the number of sites is in excess of 100. Some had impossible requirements to be paid, some didn’t last long enough to pay the high minimum to many if any. Some are legit.
So What DID happen?
Sometime during the dark hours Sunday money transferred from Jeffery Johnson to Tim Tech. The site was sold, and JJ owns it. Sometime fairly shortly after that JJ started changing the site to his. Included some cosmetic changes as well as transfer of the financial innards. It came completely unraveled when Pay Pal refused to play with Jeffery Johnson.
Paypal obviously has a history with Jeffery Johnson, and that history is not good. PayPal completely refused to have any dealings with the new owner of Nerdbux.
If PayPal had any issue with TimTech, any of the players in TimTech, or TTs Nerdbux they would suspend operations with them. PayPal is a trusted source of money transfer worldwide. They protect that reputation fiercely and just will not expose themselves to any shady or suspect dealings.
Looks to me like any assets (money or referrals) that anyone had in Nerdbux is gone. My personal loss is very small, but some losses were significant. Very significant.
I personally will never, ever deal with any site owned by Jeffery Johnson.
The Blame Game
There is a ‘spin machine’ that is taking the opportunity to vilify TimTech. I suspect where you stand on that is where you stood with TimTech prior to the Nerdbux fiasco.
Is TimTech without blame? No. They made a couple of significant errors in their operation of Nerdbux.
1. They reacted slowly and poorly to what I suspect to be a massive cheat ring that cost them tens of thousands if not hundreds of thousands of dollars.
2. They tried to make Nerdbux friendly and open with their forum. It turned out to be a handy dandy place for rumor and vilification, and I strongly suspect that if you turned a translator loose in the foreign language chats you would find that the cheaters used their site as a headquarters for their cheat ring.
TimTech sold Nerdbux in a straightforward business deal to a known player in the PTC world. I have no idea how carefully they vetted Jeffery Johnson, anything that happened after the sale is strictly on Jeffery Johnson. I am certain that they DID NOT anticipate the consequences. Is simply not their style and there is no possible scenario that would make any of this be part of their doing. None.
And in the End
I started last week as a friend and known supporter of TimTech. Nothing, not one thing, in this fiasco has made me change one iota on that.
I’m just sayin’