Bitstrades: The New BitConnect
Bitstrades: The New Bitconnect
After Bitconnect fell, many other similar scams popped up. Many are familiar with Davor Coin and I recently did an article on Zouk Coin, but I recently found a new one: Bitstrades.
There are some interesting similarities between the Bitstrades and Bitconnect logo... (RED FLAG!)
What is Bitstrades?
Bitstrades calls itself revolutionized digital banking. All it really is is a 'bot' lending platform like Bitconnect. Just like Bitconnect, it's payments are insanely high. For large investments, it garuntees almost 250% returns yearly. The only way to keep up these types of loans are to have payouts be propped up by new users joining the system, which is an unsustainable system and will surely collapse in the future, just like BitConnect did. (RED FLAG)
Exchange
There is only one way to exchange Bitstrades: through the Bitstrades company. This is a problem because now the company can easily manipulate the price of Bitstrades (BSS). The company can pump up BSS and give investors insane returns on investment. This is obviously not stable and is a big red flag.
Whitepaper
Bitstrades literally has no whitepaper which is obviously a big red flag. We don't know how their system works, if the company can just mint Bitstrades, etc. This is the same as BitConnect. If a cryptocurrency has no whitepaper, there is no telling what could be in its code.
Conclusion
In total, everything about Bitstrades is a red flag. Their website looks fairly similar to BitConnect (red flag). Having only one exchange, such a high ROI, no whitepaper, similar logo as BitConnect, etc. These are all red flags! I advise you to stay away from Bitstrades. It is a scam like BitConnect and will steal your money!
I just saw an advertisement for BitsTrades on coinmarketcap.com. It's a total scam and is virtually identical to Bitconnect. We must warn everyone about this BitsTrades. Scam Alert!
Upvoted and ReSteemed!
I’ll add the same warning for Thorncoin and pretty much anyone else who has a pyramid like structure to their Blockchain or a technology which exists for the sole purpose of making its investors wealthy. I recently watched another company USI Tech fall from a similar scheme.
Upvoted ☝ Have a great day!
Thanks.