For those of you that don't know. I started my BitConnect experiment nearly a month ago, I made my first deposit from proceeds that I had made from a lock screen app on my phone. In a way I'm playing with house money so if BitConnect does turn out to be scam I haven't really lost anything.
If you have been following BitConnect, you will know that a lot of money can be made through referral links. But for the purposes of this experiment I will not be making use of them, until I haven proven to myself that I can make back my original stake through interest payments only. In the spirit of only playing with house money,I will continue to pool my lock screen earnings, as well as my earnings from Instagram shoutouts and reinvest when possible.
Ok lets get into it after day 35 I have made $49.67 in interest payments or just over 49% ROI. Since my last update I have reinvested just the once. So I now have $140 dollars in lending funds.
Reinvesting vs Buying BCC
After posting my last update my post received a comment by @hotsauceislethal, and he opened my eyes to an alternative bitcoin strategy. If you look at the progress of BCC, the BitConnect house coin it has been on a constant winning streak against the dollar. With some days outpacing the returns of actually investing in the lending product. I could see the wisdom in his argument so for the next 5 days after instead of storing up my interest payments ready to reinvest I diverted them to my BCC wallet.
But I quickly found two things wrong with my new strategy. The first being that BCC is a refloating currency and therefore what goes up can obviously go down. By putting all my eggs into this strategy I ran the risk of the market turning against me, I've been there and done that before and is the reason why I stopped doing day trading with fiat currencies.
The other issue I have with it, is that I like the idea of being able to see progress. I can see progress for every $10 that I earn, but if I divert all my money into BCC, I can only create a new lending contract every $100, so it will take me a longer time to see the progress.
So if diverting all my interest payments into BCC isn't a good fit for me, and reinvesting alone could mean that I lose out in the gains of a rising market. I decided to settle on what I like to call a compromise, one where I don't get all the cake to eat but enjoy a sizable chunk. From now on my plan is to reinvest at the earliest opportunity then if there's any remainder left in my lending wallet, I will transfer it into my BCC wallet. This way I get to see progress, whilst at he same time I get to use my spare change to help me grow my BCC holding.
That’s it, catch you on the next update!!
Once again thanks for reading! As always if you think you received some value out of this post, please hit the upvote button, drop comment or follow me. ✌✌