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RE: BitConnect Review Revisited - Has My Opinion Changed On This Platform and Do I Think It Is A Scam?

in #bitcoin • 7 years ago

Sean Walt, I am impressed about your video! You are absolutely right to warn people about HYIP like Bitconnect and all your arguments are strong and very reasonable to think about.

7 years ago in #bitcoin by
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     7 years ago 

    Anyway, even with all these doubts I had and still have about Bitconnect being a ponzi scheme, I also invested some money in Bitconnect. Here is why and how I see it:

    1. The Bitconnect platform with all its features (iOS (!) & Android App and the Q-Wallet where you earn interest by staking after 15 days) is very professionally done!
    2. The platform is fairly new and started in December 2016. With all the afford they put into it, my bet is (and this is my opinion, I don't know for sure) they will last I while.
    3. The ROI for lending and it does not matter how much you really lend out, is easily 30% a month (based on my experience and interest paid only). If you hold a little to your Bitconnect you even participate of the price increase which increases the ROI much higher.
    4. Having said that and just sticking by the ROI of 30% my math before I have my money back is as follows:
      As an example we do a 1010 USD loan:
      Your receive around 1% (more or less) every single day + bonus of 0.1%.
      This means in one month you have roughly 300 USD back. In other word in a little more than 3 months (if not earlier depending on bonus level and price increase of Bitconnect) you have earned your investment!
    5. So it does not really matter, if your initial investement is vested for 239 days or longer.
    6. Here is the most important part: Be disciplined and pull your money out of Bitconnect at least once a week (this is how I am trying to reduce the risk)
    7. After probably 3 months you are risk-free because your pulled out your initial investment. Now is the time to think about reinvesting and playing the game.
    8. The longer Bitconnect survives the more money you can make.
    9. Warning: NOBODY knows if Bitconnect will survive long enough before you have your initial investment back.
      But by pulling out the interest continously you reduce your risk within the first 3 month.
    10. That is my point of view and risk management. If your like my take on it and you want to give it a try knowing about all the risks, I would be happy if you use my referal code when signing up at Bitconnect:
      https://bitconnect.co/?ref=Chuck2014
      Looking forward to your comments.
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     7 years ago 

    One more thing:
    DO NOT INVEST MONEY, YOU CAN NOT AFFORD TO LOOSE!!!
    In particular when you participate in High Yield Interest Programs (HYIP).

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     7 years ago 

    @buildyourdreams I hear you loud and clear on that and luckily for me all of my money is tied up in long term projects which would prevent me from investing in something like BitConnect which protects me from myself if I was to ever get the itch to go back into the HYIP game.

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       7 years ago 

      Agree with your statement...its better to gain less than lose more... bitconnect is still new (too new) and too good to be truth to invest significant amounts $ IMO.

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         7 years ago 

        @buildyourdreams I appreciate your feedback and that is what others in BitConnect have pretty much shared with me as well. If I had not run a few HYIP's myself in the past and did not know what I know about them I would be tempted to invest. However, as good as the program looks and based on my past experience with them when I used to participate in them very frequently you just never see when the end is near which is why I could not invest in it even if I wanted to.

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           7 years ago 

          Thanks for this info as I was searching for different perspectives on this, so i can make an 'informed' decision

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             7 years ago 

            @buildyourdreams I'm glad that you see this as many others do not agree, but only time will tell.

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