Please Explain How BitConnect IS NOT a Ponzi Scheme
Earlier today, I posed the following question to person hyping BitConnect (obviously fishing for referrals):
To paraphrase their response, they said:
".....their auto bot uses your money to trade it daily and that's how it's able to pay you.... "
It sounds more like a Decepticon to me!!!
I hate to be the one to ask the terribly obvious question, but....
If I were a super-smart programmer and I wrote a "bot" that could trade bitcoins on the price swings for a profit everytime, WHY WOULD I NEED OTHER PEOPLE'S MONEY TO DO SO????? I would just quietly go about my business and make money hand over fist.
A while back, there was several variations of the Double Your Bitcoins in 4 Days scan going around. It claimed to use the same scheme....sophisticated programs would trade the swings in BTC and you were lending the money to allow them to do so. The scam was that the first two transactions would pay off as promised. After that, the site went unresponsive and eventually folded. The hook was greed. With two seemingly successful transactions, you became more brave and risked more bitcoins. By the time you realized you were swindled, the con-men were long gone.
I see NO difference between "Double My Bitcoin" and "BitConnect".
Please show me how I'm wrong.
.
When this thing fails, it will fail hard! Much money will be lost.
It will be Bernie Madoff all over again.
No doubt about it. Scam!
When this scam goes down, it will be a black eye for all crypto.
Definitely a scheme.
Norton categorizes it as malicious.
Yeah, but Norton still categorized cgminer as malicious as well.
valid point
This is a masterpiece.
How safe do other virus scanners rank cgminer?
Also bitconnect domain is malivious, it takes a higher scrutiny to label a domain as malicious
nice observation thou
I also got the same thing stuck in my mind for so long, there is something wrong or big in it.. something not right or big going on behind the stage
check my vlogs where I talked about it, I am sure you'll find some clue.. I tried to explain the hows and whys and the questions we all should think of about this crypto-currency stuff
https://steemit.com/bitcoins/@iamzainshahbaz/bitcoin-has-a-fundamental-design-flaw-like-all-bubbles-it-will-pop-dont-treat-bitcoin-as-a-stable-long-term-investment
and
https://steemit.com/bitcoins/@iamzainshahbaz/bitcoins-are-not-real-is-it-going-to-survive-some-whys-and-hows-about-bitcoins-every-investor-should-think-of
I stick to the if it sounds to good to be true philosophy..
I have the same question. I cannot believe someone down voted you for a simple question.
I wouldn't mind the down-vote if they had bothered to respond to my question.
The same guy is down-voting my other non-related posts as well.
I must have struck a nerve.
Supposedly they take half of the money you "lend" their trading bot and use it to trade the daily volatility. The other half they hold in the form of their token which pretty much always goes up as people invest and re-invest, not to mention all of the referrals. The money making scheme can go on for quite some time until it is shut down by the cops or they run out of new investors. Right now its seems as if they are at their peak since EVERYONE is talking about them and spamming their referral links.
Even Bernie Madoff was able to keep the wheels on for over 20 years. But his collapse was inevitable.
This is definitely a PONZI. There are so many of these out there right now and just as there are many that have collapsed in the last few months. (gladiacoin, ecoinplus, walletpllus, jetcoin, betrobot etc.) Thank you for making this post, hopefully people will see this and think twice about the "double your bitcoin/ethereum" scams.
its a scam for sure
That's what I'm thinking as well. I was hoping someone could prove me wrong.
The fact that it locks your money away for at least 3 months is also suspect. The whole thing just feels off.
I guess it's my fault. I've been watching CNBC's American Greed for over 7 years.
They lock up most of the investments up for 299 days. SO once the cascade of investments are due they might fold like a house of cards unless BTC is SUPER high by that time. Their token could sustain such dramatic monetary drain if it is 3x the price in a year. EASY to pay someone back once their token is sky high since they will be holding so many of them.