Still with bitcoin price skyrocketing, bitconnect will thrive. I don't trust anything from bitconnect, but it's amazing how they could survive this long. The events that are happening right now are simply irrational exuberance. I have been holding crypto for the past 2 years and always been comfortable. Never worried about price or anything, now its first time i started to get worried. Price can shoot up like crazy, or it can crash so bad, hard to predict its simply crazy.
Look at this i got from zerohedge, how long did it take bitcoin to reach every 1k.
$0000 - $1000: 1789 days
$1000- $2000: 1271 days
$2000- $3000: 23 days
$3000- $4000: 62 days
$4000- $5000: 61 days
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: 1 day
Yeah the bitcoin price rising ads an interesting element to BitConnect. I would add one thing, it does not at all surprise me to see them last a little longer than 6 months (the minimum holding period for full return on $10,000+ loan) or even 270 days (the return period for a smaller investment. It will be right after those periods expire I would expect a high probability of failure. Based on search it seems to have gotten popular in june/july so we are just entering the first period of redemptions. Time will tell.
I agree a bear market could expose them. We don't exactly know how they are doing the accounting (Dollars or BTC) but it took the 2008 subprime financial crisis to expose the Bernie Madoff investment scam. Expectation that there is a greater chance of it failing in a bear BTC market is well reasoned (note: a scam might still be able to survive BTC bear market.)(if they are smart, and indications are they are, they have likely thought of this.)
Still with bitcoin price skyrocketing, bitconnect will thrive. I don't trust anything from bitconnect, but it's amazing how they could survive this long. The events that are happening right now are simply irrational exuberance. I have been holding crypto for the past 2 years and always been comfortable. Never worried about price or anything, now its first time i started to get worried. Price can shoot up like crazy, or it can crash so bad, hard to predict its simply crazy.
Look at this i got from zerohedge, how long did it take bitcoin to reach every 1k.
$0000 - $1000: 1789 days
$1000- $2000: 1271 days
$2000- $3000: 23 days
$3000- $4000: 62 days
$4000- $5000: 61 days
$5000- $6000: 8 days
$6000- $7000: 13 days
$7000- $8000: 14 days
$8000- $9000: 9 days
$9000-$10000: 2 days
$10000-$11000: 1 day
Yeah the bitcoin price rising ads an interesting element to BitConnect. I would add one thing, it does not at all surprise me to see them last a little longer than 6 months (the minimum holding period for full return on $10,000+ loan) or even 270 days (the return period for a smaller investment. It will be right after those periods expire I would expect a high probability of failure. Based on search it seems to have gotten popular in june/july so we are just entering the first period of redemptions. Time will tell.
If there is a bitcoin bear market for one month, they will be gone. The problem was, bitcoin was heavily bid every single dip. We will wait and see.
I agree a bear market could expose them. We don't exactly know how they are doing the accounting (Dollars or BTC) but it took the 2008 subprime financial crisis to expose the Bernie Madoff investment scam. Expectation that there is a greater chance of it failing in a bear BTC market is well reasoned (note: a scam might still be able to survive BTC bear market.)(if they are smart, and indications are they are, they have likely thought of this.)
I found a few data which I think will interest you. What do you think?
https://steemit.com/bitconnect/@ctyptouniverse/bitconnect-counting-the-last-days-of-a-ponzi-scheme