My experience with HYIPs, part 5: Bitconnect and Bitpetite updates

Time for a brief update on my experience with two remaining HYIP programs: Bitconnect and Bitpètite.

BITCONNECT

I classify Bitconnect as a high yield investment program (HYIP), because it shares many aspects with more traditional HYIPs -- namely, offering daily interest payments of up to 2% and referral bonuses. Fans of Bitconnect may disagree, but the description fits.

Anyway, I started with Bitconnect on May 27 with a $120 investment. At first, I withdrew about half my original investment and did not reinvest. Then I changed my strategy and began reinvesting, withdrawing funds after every three or four reinvestments of $10.

(NOTE: Bitconnect's minimum initial investment is $100 and minimum reinvestment is $10. The minimum withdrawal allowed is 0.005 Bitcoin.)

Now my total investment is $190 (in other words, I've reinvested $70). I have withdrawn $119 (at today's Bitcoin Coinbase market price), so I've got my initial investment back in my pocket. I would recommend this tactic for anyone investing in these kind of programs -- make sure you get your initial investment out as soon as possible, in case the program's operators fold tents and disappear.

My total earnings are $156 -- 130% of my initial investment in just four months. Remarkable returns, but I still have my doubts how long Bitconnect can continue paying such returns. [For a more detailed discussion, please visit my new blog, Wheat-dogg's Crypto-Info Pages.]

A couple of clarifications are needed here. Since Bitconnect denominates all investments in US dollars, but pays out in Bitcoin, the dollar amounts I've quoted will not add up. Also, I have no one in my downline, so I have no referral bonuses. The income I have made has come only from the platform's daily payouts to lenders.

I'm going to hold to my new strategy of reinvesting three times, withdrawing once, as I would like to increase the principal but ensure I have some of that money in my own wallet, in case Bitconnect should suddenly cease operations.

BITPÈTITE

This program is more of a traditional HYIP. It has no cryptocurrency of its own, unlike Bitconnect. Bitpètite promises daily payouts of 4.5% on weekdays, and 1% on weekends. Why? I have no idea.

As you can see from the image above, I've supposedly earned a little over $18 on my initial $26 (0.006 BTC) investment. Since Bitpètite's minimum withdrawal is 0.005 BTC, like Bitconnect's, I cannot withdraw any funds yet. Soon, though.

There have been some rumors that Bitpètite is run by the same people as another HYIP that has since closed down. It's certainly a riskier investment than Bitconnect, so I plan to get my initial deposit back as soon as possible.

The last time I included my Bitconnect referral code, my post was flagged by cheetah bot and hidden away. If you want it, please ask me in a comment. Same with Bitpètite. I don't recommend either unless you can afford to lose whatever you invest in them. Invest with great caution.