Bitconnect, is it legit? I guess we will find out.
Bitconnect, scam or not? Bitconnect, this is how it works, you put in x amount fixed for 299 days, you will get paid interest on daily basis. If you decide to reinvest the interest you will get interest on interest. I believe they call it compound interest.
That means if you invest 1010 dollars, you will end up with 25.000 dollars and and a payout of 223 dollar on a daily basis.
Eehhm okay? sounds almost too good to be true.
Many people thought it was a scam, however they have come a long way and the bitconnect altcoin is currency number 12 on bittrex.
So who knows.
Let’s see if they are legit, I will put in 1010 dollars and let you know whether I will be rich in a year from now.
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It is likely that it will be around for quite some time. The haters do not understand the economic principles behind it and keep screaming "Ponzi! Scam! Unsustainable!" They may be right in the longest term (5-10 years) but if you understand how much liquidity, ability to stake their tokens, etc. that Bitconnect has, you will conclude that they will likely be around for at least 2 more years. Why? They currently hold around 6.5 million BCC from loans, worth about $1.5 Billion at current prices. They can stake all these tokens as well, and make huge amount of capital. Also, only 8.5 million BCC have been minted thus far, out of a total 26 million coin supply.
As absurd as it sounds to logicians, BCC can potentially grow into a market cap of the trillions, and easily pay back the very high compound interest rates. Believe it or not, this will happen with many cryptos (growing to market cap of trillions) given enough time. They will absorb the entire capital of the world and fiat will be a blip on the radar, value-wise.
People always compare Bitconnect to the likes of Control Finance, Bitpetite, etc. (other HYIP) but those comparisons are fundamentally flawed because BCC is the only one that has a REAL, functioning cryptocurrency blockchain. It is absurd that you can't even post anything on Steemit about Bitconnect without getting attacked by @steemcleaners and other forms of censorship. (@craig-grant has been fully censored and driven off the platform because of his promotion of Bitconnect.) Could Bitconnect fail soon? (within the next 24 months) Absolutely. What would cause it? If everyone stops doing loans all at once, or if people try to withdraw over 1.5 BILLION dollars worth of payouts at the same time. Will it fail longer term (2-10 years)? It is hard to fathom it sustaining more than 5 years if you calculate the compounding. But more than that, it is likely that better designed lending programs will eventually replace it.
People better prepare themselves though, these lending platforms will be around for a LONG time (until fiat currency is completely obsolete) and people calling them scams and ponzis without doing much deeper investigation are only hurting themselves and the general community by coming to conclusions based on what has been possible in the past, without realizing that due to the logarithmic nature of cryptocurrency growth, EVERYTHING is changed. There is so much ignorance surrounding Bitconnect on both sides of the equation it is staggering. There are people that I highly respect that are on both sides of the coin, as well as many that are neutral.
You say they have this stack but don't forget that they pay back using their coin BCC of course.
All the power of their system is there, they CONTROL the price and the SUPPLY as you can only trade it on their platform. Why didn't they list it on free markets as Kraken, Poloniex or Bitfinex? Because it would destroy their BCC price instantly.
Then I would like to ask you what is the economic objective of BCC except making some artifical Ponzi Scheme Returns? Do they have a purpose? a Goal?
With my calculation if you invested 10K in the beginning. You are now 3 quarters after the launch and should have 92k. in 5 quarters you will have $10mn. (I am not even taking into consideration the referral bonuses).
Truly, it can be around for years but one thing is sure, it will explode some day.
Here is my full explanation with facts:
https://steemit.com/bitconnect/@vlemon/warning-do-not-invest-in-bitconnect-it-is-a-ponzi-scam-read-these-10-reasons-why
Thanks for the clarification. I think you are right. People do make money on there and they have been around for some time.
have recently skipped U.K on criminal tax evasion of millions i think is enough proof if all the red flags weren't enough
https://steemit.com/bitconnect/@isacoin/bitconnect-ltd-to-be-dissolved-transfers-ownership-to-the-queen
It's seems like the UK seized Bitconnect and they will need to shut down in 2 months if they can't prove they are not a pyramid scheme
Really? hmmm we'll see. Any links?
Bugger! What do you think , will they pull through? (I guess I'll wait a little before I put that 1010 dollar in. ).
To be honest bro, I stayed away from it and this info just confirmed why lol
It is a Ponzi scheme, but then it seems to work out for people.
It is a scam yes and no .. Yes because it could hurt people if its shut down (high risk because it's a Ponzi scheme) but No because it works and it's been here for a while.
For me, I still don't invest in it =)
It sounds too good to be true, then again bittrex seem to think they are legit
Let's try it out with a small amount, no pain no gain right?
Up to you boss =)
Life is a gambling
Precisely! besides if I leave it at the bank it wont do shit and they make money with my money through fractional banking, I rather take a risk. It's only money,. ;)
Just saw a youtube, there are 2 bitconnect companies in that register. The real bitconnect is called bitconnect int. PLC and is fine.
Indeed you're right I just checked it out
Well, you went in anyway right? haha
Yep not much I can do about it now. ;) Ever heard of lisk btw?
Lisk? What's Lisk? Sounds like Risk
Yes sure I invest in it
Great project to me
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If you really are human, please convince me with a real female human name.
It's a fraud and it will affect more people than madoff.
If you win money before it crash, it's money stealing from people
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LOL, of course this is a scam. You are so late to the game.
A year? Good fucking luck.
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