A Tale about Bitconnect ( or should you invest ? Spoiler : NO! )
Once upon a time almost no one remembers anymore, an unnamed hero bought his first Bitcoin.
It was summer 2017, a dark age...
Snake knights in form of youtubers were roaming the cryptoland telling stories of unimaginable treasures that could be found in the dungeons of the Bitconnect-Pyramide.
The rumors said there was no dragon to be slayed or riddle to solve you just have to handover your valuable coin and you shall receive a part of this treasure every day and after the end you get even your gold back. If you find mighty adventurer you will be given a reward by the creatures who live in the Pyramide.
Our unnamed hero, lets call him Flipstar, was young and stupid. Always on the lookout for the next treasure hunt and have not learned the power of HODLing yet.
He hands over some of his coins and out of the dark chambers of the Bitconnect-Pyramide a little bit of treasure is hand over to him daily.
He knows that his mission is dangerous into the dark lands of the Pyramid so he travels by himself and doesnt give out his affilation link to find others to help him. He is sceptical but full of greed and curiousity.
The troll handling all this Bitcoin and BCC Tokens is called "Trading Bot".
Many rumors are told about him as no one ever saw him with his own eyes and lived to tell about it.
After many moons our hero will be reunited with his beloved Bitcoin he had to pay to enter. But he is sad to see that he will only receive a smaller amount of Bitcoin than he gave to the Troll even when the Troll kept his word and payed this stupid stupid Flipstar everyday.
Our hero had a problem once so he send several ravens to the helpers of the Troll, the Goblins but they never replied to him.
The Snake knights of youtube also getting a bit more quiet about the Bitconnect-Pyramide.
When the Pyramide collapses, you will hear it in the whole cryptoland and it will shatter the earth and take a lot of peoples homes and coins with it.
This will be dark times...
Songs will be played by the bardes with the same melody they used to play for the mt gox song.
Wait I actually have Bitconnect :/ are u saying I’ll never get my money back ? How ?
You will get it back but you get probably less bitcoin back than you invested
Will I get the $1010 I put in , after the year period is over ?
yes.
But you should calculate it in Bitcoin. Because you will need to cash out in Bitcoin also.
If Bitcoin will be for example 60k you probably get less Bitcoin back as you invested which means you would make more with just holding BTC without the risk that Bitconnect might go broke or just disapear or something.
I am not sure if I got this math right.
I made in the last few days also many researchers about bitconnect and let us say that yes, it's a Ponzi for example. If you have many referrals you get a huge bonus.
But on one thing I am not quite with or maybe I don't get it right.
If the price goes up, of course, you don't get the same amount of Bitcoin back, but this amount is nevertheless more worth than before compare ton the fiat value.
The fiat amount is up that is right.
The btc amount though way down. If there is a trading bot or not is still unclear though.
It gives you a feeling of earning when everything is red which is probably one upside.
Interesting would it be to see how it works if btc goes on a longer bear run.
I lost around 2 btc with it will making over 10k in $.
Ok, will say from that perspective it would not be losing money(fiat) rather than increasing your money (fiat) if the price rises.
But yes, compared to Btc you will get less.
But i think that many people count in the fiat currency instead of the pure btc value
You’re right this would be really interesting.
You lost 2 btc? How is that and compared to which term? Could you explain it to me in more detail :) what was the actual btc price at that moment?
As long as they are around you will probably not be loosing fiat.
Compared to what I could buy back. You have to buy there token first called BCC and then you can buy BTC. All in their own exchange.
BTC price was between 4 and 5k$
I just recalculated but it all depends on how the BTC price will be in January as I will be able to buy back then as my capitla will get released by then. BTC has to drop around 40% so I get even in BTC value.
I hate to be the bearer of Bad News but I started with 1 BTC in bitconnect in june of this year, and I am now so sad that I have accumulated 1.3 btc from those daily payments, oh well.
Even sadder is that I have yet to receive my seed money of around $2800 which will happen sometime in Feb. of '18. It is so tragic that in total, I have over $5000 of outstanding loans there. 2018 is going to be just so tragic......hehehehe
ps, deep in my blogs are some interesting posts on all this tragedy, but be careful it could be a trap!
lol just like every ponzi scam. A few do alright, believe in the rubbish and the rest get burnt in time.
@btcmillionaire My account of success on Bitconnect is actually quite weak compare to how others have done. Remember, the platform is fairly new, and the same argument of "ponzi" was made of Bitcoin as well.
And I would wouldn't a "few" have done "alright" on Bitconnect, but rather MANY have done quite EXCELLENT with the Bitconnect platform from just staking their BCC coin while others have done well using different aspects of the platform.
how many refs you got?
not enough @flipstar ..... only about $1k in referrals And I DO NOT FEEL BAD FOR THEM because a few have also already ROI'd their original Bitcoin seed money. The weakest or latest to join has received about 50% of their BTC, although now 2 new members joined within the last few weeks, so they are just starting their experience and I am not referencing them.
I used to use my referral link here for Bitconnect but since there is so much hate and FUD and misinformation that I no longer use it. The unspoken Rule here on Steemit is referral links are ok so long as it is NOT Bitconnect.
I will redo my math when I can pull out my investment. Maybe it will not as bad as I think.
Pure scam.. How do people always fall for this shit?! It's onecoin all over again, albeit a bit more clever but still. People are retarded for falling for this, no sympathy at all.
I am ashamed to be a part of and happy when I am out of it.
Hilarious story 😂 hodl no matter what, if you want to increase your portfolio invest in altcoins with a good project behind instead.
Bitconnect is FOR REAL pure gambling, too risky.
Bitconnect seems like a rigged game.
Solid Altcoins are enough gamble too me now.
This was well done. Me likey! I almost invested in bitconnect ...almost pulled the trigger on it.......... sometimes I still wonder but I'm glad I hung onto my stack. Nothing better than a bird in hand..............
Depends when this was you did probably better holding BTC.
I'm not trying to sell BitConnect in anyway, I think it should always be on the individual to do their research and decide for themselves.
I did just that in July this year with my initial loan of $100 that has grown to $500. I have had my money back several times over. I only have one person in my down line who also invested $100.
Now you can argue that I would have profited more if I had invested directly in bitcoin. But hindsight is a wonderful thing, the fact is when you invest in BitConnect you forgo the option of profiting directly from bitcoin but you also insulate yourself from incurring losses when the price moves against you.
It's a great hedge on these red days. People seem to be missing this.
Bitcoin will conquer the world 2018, think you will agree! @flipstar
I approve :-)
good to know before i put money in bitconnect!
good story my friend :-) Yeah, there are some lessons, thanks for sharing with us
I would say my pleasure but it it not really my pleasure ;-)
You are an amazing writer i must say. It is a bit out of context to say that. but oh well... It had to be said.
So you did actually get tricked by bitconnect? Im sorry to hear that... Well you win some you loose some, i guess that is the law of crypto land
Thanks a lot :-)
Yes I invested a bit. Will be able to pull my money out in January and never look back and we shall never talk about that again ;-). $ wise I am up but we also dont want to speak about the BTC value
Haha deal lets focus on the price of Steem instead :)