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RE: BitConnect Explained: Is it a trading bot or a pyramid scheme?
Very good explaination. The thing that keeps their coin's price afloat is the fact that you have to buy it (with BTC) in order to "lend" it to their trading bot. Additionally you have to buy BCC when you cash out from USD, then back into BTC from the BCC. Its a classic pyramid ponzi scheme with some real elements of crypto worked in. Genius if you ask me!
The question is when/will it come crashing down. I'm betting I can get my money back before it does. I think with the time you have to leave your investment in, it may last for a while.