Is Bitconnect Legit ? YES and NO
Yes and no.
Yes->There are some genius things they did, that looks like they are making a killing and sharing the profit with lenders.
- Proof of stake and making interest on holding BCC. Since they hold the majority of the supply, they make a lot of profit. I bet did a lot of pre minin in advance.
- They only let you money into it by BCC and get $$$ back. Essentially you are dumping your stash and locking it for 300 days reducing the supply and this makes demand higher and drive the prices up. By the time they want to pay you back, they give less BCC.
- The BCC to BTC exchange happens in their website for the most part. They make a killing on the fees.
Now why No, it's not legit, there is no transparency.
- They claim there is a BOT that makes them profit, If there is a bot, where is it trading, what's the wallet address? Show us the proof that you Bot is nailing it.
- How can a BOT makes money all the time. Seems to good to be true.
- Lack of transparency to show they are cash flow positive when making money on fees, bot, exchange and increase of the price.
My strategy :
I did my homework and decided to throw money into it. I started with a $1,300 loan last week.
https://www.youtube.com/dashboard?o=U
I am putting another $10k in it, $5k in buying BCC and holding on to it, $5k in lending 🤑.
Video's coming soon. Please follow and subscribe to my channel.
Thats a pretty big first investment! I put in $1010 for my first go and I have been documenting it on my blog.
I am curious as to why you decided to hold 5k of BCC instead of investing it all? Following!
My first investment was $1,300 loan that I did last week,
https://www.youtube.com/dashboard?o=U
The more you put, the shorter the Capital release. The sweetest deal is >$10k investment. Originally I was going to put all of it into lending but I thought if people keep pushing it, BCC price won't stop increasing. So I decided to split into two $5k to see which one makes me more money.
Yeah I was wondering cause this may be a smarter play then fully committing all the funds to lending.
Thought about mining BCC?
I stopped mining in 2013. Is it profitable ? Tell me more about mining these days.
Bitcoin may be now that it is shooting up so fast, but I have not tried BCC mining yet.
Will be setting up something simple to mine BCC from my gaming rig and then do a post about it next week.
if you mine BCC can you then loan it back to them?.... PS rumor is that bitconnect uses haasbot
it could certainly make money most days (i dont think they even claim EVERY day) if they are trading a ton of pairs and have a huge bankroll.
I have not invested but contemplating my first loan
I just wonder how well it works in a Bear market? I think it is a good investment right now for sure. We are only heading up long term.
That's a legit question that I didn't think of! I have seen them in super bearish days, they were giving 0.1% returns rather than their 1%.
To be discovered.
would not hold. this is a very speculative site. it is not meant for banking. the idea is to make a fast gain. after all isn't this the reason you joined it?
(if it is so legit, why is it not accepting credit cards??)
I make 8% per month by holding BCC only based on proof of stake, plus the value of BCC goes up.
Credit card is a different topic in my opinion, charge backs and other hassles. Plus they want you to trade Bitcoin to BCC to pump BCC price up. Whoever came up with this model is a genius.
i wish you well and lots of gains
me too. I wish myself a lot of gains. lol
after loan terms are complete do they give you back the bcc you loaned or the cash equivalent?
dang, if you followed through, you are killing it!! @cryptoliving